Permian Basin Drilling Report: May 31 – June 6

first_img Facebook Rattler Midstream: 4Q Earnings Snapshot Local NewsBusiness Permian Basin Drilling Report: May 31 – June 6 WhatsApp Twitter Pinterest Octopus Energy U.S. to Discount Customers’ Bills by as Much as 90% Home Local News Business Permian Basin Drilling Report: May 31 – June 6 Previous articleLETTER TO THE EDITOR: The Lady is weepingNext articleMATTER OF RECORD: June 1 through June. 8 admin RELATED ARTICLESMORE FROM AUTHOR Facebookcenter_img Permit applications approved by the Texas Railroad Commission for May 31 through June 6 for Districts 7C, 8 and 8A. Numbers in parentheses indicate the number of permits approved for that leasehold.Anadarko E&P Onshore, LLC, Silvertip 76-9 Unit E, Loving, new drill (4).BHP Billiton Petroleum (TxLa Operating) Co., State Willie Vee 56-T3-6, Reeves, new drill; State Aloha 55-T2-8×17 SA, Loving, new drill (3).Blackbeard Operating, LLC, Hornswoggle, Winkler, new drill (2); Walk the Plank, Winkler, new drill.Bluestone Natural Resources II, LLC, Huckleberry, Pecos, new drill.Callon Petroleum Operating Co., Rag Run 134 South, Ward, new drill.Carrizo Permian, LLC, Sandhu State Unit, Reeves, new drill; Fleming 13, Reeves, new drill.Centennial Resource Production, LLC, Mercedes, Reeves, new drill.Chevron U.S.A., Inc., DR State Wise Unit 1, Culberson, new drill.Cimarex Energy Co., Ruby North Unit 1-39, Reeves, new drill.Cinnabar Operating, LLC, Andrew, Glasscock, new drill.ConocoPhillips Company, Head Honcho State, Reeves, new drill (2).Covenant Operating, LLC, Springer, King, new drill.CrownQuest Operating, LLC, Foster 4344, Glasscock, new drill; Furqueron, Glasscock, new drill; Nickel FR 26, Midland, new drill.DE3 Operating, LLC, Fowler-Smith N 12-7, Glasscock, new drill; Fowler-Smith O 12-7, Glasscock, new drill (2).Diamondback E&P, LLC, UL Tawny Unit 8-12, Andrews, new drill (3); Mabee Breedlove, Martin, new drill (4); UL Mason East B, Andrews, new drill.Element Petroleum Operating III, LLC, Mischievous Badger Unit 80-85, Martin, new drill.Encana Oil & Gas USA, Inc., Powell 33A, Upton, new drill (4); Powell 33B, Upton, new drill (4); Powell 33C, Upton, new drill (4).Endeavor Energy Resources, LP, WTH 10-3 A, Midland, new drill (2); WTH 10-3 B, Midland, new drill; Hazlewood H 41-32, Martin, new drill; Perro Rojo 30, Midland, recompletion; Lane Trust B, Glasscock, new drill.Energen Resources Corporation, Longfellow Unit 3-13, Reeves, new drill (2).Energy Hunter Resources, Inc., Dean Unit B, Cochran, new drill.EOG Resources, Inc., State Coachman A Unit, Reeves, new drill; State Coachman A Unit, Reeves, new drill; State Coachman B Unit, Reeves, new drill (3); State Coachman C Unit, Reeves, new drill (2); State Mayfly Unit, Reeves, new drill (2).Fasken Oil and Ranch, Ltd., Manor Park, Midland, new drill (6); Fee BK, Ector, new drill.Felix Energy Holdings II, LLC, Booth Falls 2722-27, Winkler, new drill (2).Four Corners Petroleum II, LLC, Lucy Adams, Ward, new drill.Great Western Drilling Company, Wallace Ranch, Kent, new drill.Hunt Oil Company, Boone-Coffee 20, Midland, new drill; Boone-Coffee 50, Midland, new drill (2); Scharbauer, Martin, new drill (4).Impetro Operating, LLC, East Axis, Winkler, new drill.Jagged Peak Energy, LLC, UTL 1308B-17, Ward, new drill (2).Kinder Morgan Production Co., LLC, Sacroc Unit, Scurry, new drill.Lario Oil & Gas Company, Nimitz 6, Martin, new drill; Nimitz 8, Martin, new drill.Luxe Operating, LLC, Eagle Rare 4-3E Unit, Reeves, new drill.MDC Texas Operator, LLC, War Admiral 24, Reeves, new drill; Imperial Eagle 24, Reeves, new drill.Mercury Operating, LLC, Arco-University 213, Andrews, new drill; Marathon University 4, Andrews, new drill; Mobil University 4, Andrews, new drill; Texas University G, Andrews, new drill; Longhorn 213, Andrews, new drill; Texaco University 10, Andrews, new drill; Chi Mobil, Andrews, new drill.NGL Water Solutions Permian, LLC, Red Bluff SWD, Reeves, new drill.Occidental Permian, Ltd., Igoe-Smith Operating Area, Cochran, new drill; Slaughter Estate Unit, Hockley, recompletion.Oxy USA WTP, LP, Buzzard State 21 Unit, Reeves, new drill.Pacesetter Energy, LLC, University Frodo, Andrews, new drill; Mordor, Andrews, new drill.Parsley Energy Operations, LLC, Eleanor 35A-26-A, Upton, new drill (2); Trees State 51-54-E, Pecos, new drill.PDC Permian, Inc., Sunnyside State 2, Reeves, new drill (2).Pearl Resources Operating Co., LLC, Garnet State, Pecos, new drill (2).Permian Deep Rock Oil Co., LLC, Mustang, Midland, new drill.Petro Waste Environmental, LP, The Farm SWD, Howard, new drill.PRI Operating, LLC, Viper 14N2, Reeves, new drill.QEP Energy Company, John B, Martin, new drill; John C, Martin, new drill.Ridgemont Operating, LLC, Thunderstruck, Scurry, new drill.Riley Permian Operating Co., LLC, Hoodoo Brown 645, Yoakum, new drill.Rosehill Operating Company, LLC, Sid M. Kyle 26, Loving, new drill (2); Z&T 20 SWD, Loving, new drill; Z&T 32 SWD, Loving, new drill.Rosetta Resources Operating, LP, Cattle Kate 20-18 Unit, Reeves, new drill; Rose Dunn 14-23 Unit B, Reeves, new drill; Sky King 47-36-20 D, Reeves, new drill.RSP Permian, LLC, Taylor DC26-17, Loving, new drill.Shell Western E&P, Paluxy 54-2-35 Lov, Loving, new drill.Shenandoah Resources, LLC, LMT 167, Garza, new drill (2); LMT 1012, Garza, new drill (2).SM Energy Company, Waco Kid A, Howard, new drill; Waco Kid B, Howard, new drill; CVX Katie (SA) AI, Upton, new drill; Fletch B, Howard, new drill.Summit Petroleum, LLC, Cindy C, Upton, new drill.Surge Operating, LLC, Hamlin-Middleton Unit 16-21, Howard, new drill.Texland Petroleum, LP, Cox Estate, Andrews, recompletion.Three Span Oil & Gas, Inc., Thunder Valley 240 Unit, Scurry, recompletion.TOC Energy Resources, LLC, Lloyd 18, Schleicher, recompletion.UpCurve Energy, LLC, York State 33 1H, Reeves, new drill.Williams Oil Company, Rock House 5, Ward, new drill.Wishbone Texas Operating Co., LLC, Sooner 662 A, Yoakum, new drill.WPX Energy Permian, LLC, Pecos 39, Loving, new drill; Roadrunner State 2, Reeves, new drill (2); George 1, Reeves, new drill (3); Pecos 39 Pilot, Loving, new drill.XTO Energy, Inc., Mi Noche, Ward, new drill (3); Merrick Unit 2, Martin, new drill; Sherrod 16-0914, Reagan, new drill.Zarvona Energy, LLC, ULS 5-9 Unit, Andrews, recompletion.RAILROAD COMMISSION Congressman Mike Conaway talks to the Odessa American on Jan. 7, 2018. By admin – June 10, 2018 Pinterest Twitter Hawaiian Roll Ham SlidersSummer Spaghetti SaladSlap Your Mama It’s So Delicious Southern Squash CasserolePowered By 10 Sec Mama’s Deviled Eggs NextStay WhatsApp Snap Inc. to Participate in the Morgan Stanley Technology, Media & Telecom Conference 2021 last_img read more

Continue reading

Trinseo Reports Fourth Quarter and Full-Year 2020 Financial Results

first_img 26.8 80.9 Adjusted EPS ($)* Long-term debt, net (0.9 Impairment charges Provision for (benefit from) income taxes 62.9 Three Months Ended 497.2 Adjusted EBITDA to Adjusted Net Income: Total Net Sales (109.3 2020 Local NewsBusiness (0.2 2019 (82.3 299.5 67.0 33.9 (2.2 39.4 199.9 588.7 ) 219.0 Other assets 2020 6 (Unaudited) 2.6 (206.7 $ 0.20 $ $ December 31, 14 72 127 $ $ Operating income (loss) $ 2020 79 Other noncurrent obligations 145.4 — 341.7 (Unaudited) 352 — 2,719.9 Cash paid for cost method investment Adjusted EPS 11.9 Proceeds from the sale of businesses and other assets December 31, (In millions) Withholding taxes paid on restricted share units Synthetic Rubber $ Weighted average shares calculated for the purpose of forecasting EPS and Adjusted EPS do not forecast significant future share transactions or events, such as repurchases, significant share-based compensation award grants, and changes in the Company’s share price. These are all factors which could have a significant impact on the calculation of EPS and Adjusted EPS during actual future periods. 18.8 TRINSEO S.A. $ (53) – (70) 149.2 7.0 $ 280 (82.3 2020 39.3 13.7 Restructuring and other charges (a) 767.1 Depreciation and amortization Provision for income taxes – Adjusted (f) Previous articleOregon leads Pac-12 in recruiting for third straight yearNext articleHow major US stock indexes fared Wednesday Digital AIM Web Support (i) $ 33.5 Three Months Ended 194.8 Engineered Materials net sales of $60 million for the quarter increased 5% versus prior year due mainly to higher sales volume to consumer electronics applications in Asia and TPE applications in Europe. Adjusted EBITDA of $12 million was $2 million higher than prior year due mainly to higher sales volume. Sales volume increased 7% versus prior year in the fourth quarter and decreased 5% for the full year. 710.6 888.8 1.71 2,758.8 Gross profit 2020 $ ) 328.9 167 – 200 $ 92.0 Other items for the three months ended December 31, 2020 primarily relate to fees incurred in conjunction with certain of the Company’s strategic initiatives. Other items for the year ended December 31, 2020 and the three months and year ended December 31, 2019 primarily relate to advisory and professional fees incurred in conjunction with our initiative to transition business services from Dow, including certain administrative services such as accounts payable, logistics, and IT services, , which was substantially completed in 2020, as well as fees incurred in conjunction with certain of the Company’s strategic initiatives. Twitter 34.5 54.6 252.4 Repayments of 2022 Revolving Facility Inventories 888.8 $ $ 15.1 32.6 ) 2,845.2 (11.2 Net proceeds from draw on 2022 Revolving Facility $ Current liabilities 12.6 $ 2.05 $ (1.4 Noncurrent lease liabilities – operating ) 858.4 — 268.2 Free Cash Flow Adjusted EBITDA $ $ (25.0 351.8 Equity in earnings of unconsolidated affiliates 67.0 400 – 450 Proceeds from the settlement of hedging instruments Adjusted EBITDA $ *For a reconciliation of EBITDA, Adjusted EBITDA, and Adjusted Net Income, all of which are non-GAAP measures, to Net Income, as well as a reconciliation of Free Cash Flow and Adjusted EPS, see Notes 2 and 3 to the financial statements included below. 300.0 Cash provided by operating activities 2,845.2 3,035.5 149.2 5.7 65.7 92.0 $ 92.0 16.9 Effect of exchange rates on cash 39.2 38.3 47.6 Net income per share- basic Polystyrene 39.1 $ December 31, $ 78.3 2019 149 2019 134.3 39.0 (c) EBITDA* Net income per share- diluted Liabilities and shareholders’ equity * The results of this segment are comprised entirely of earnings from Americas Styrenics, our 50%-owned equity method investment. As such, we do not separately report net sales of Americas Styrenics within our condensed consolidated statements of operations. – 0.14 $ 0.20 100.0 Less: Restricted cash, included in “Other current assets” TRINSEO S.A. 149.6 Condensed Consolidated Statements of Operations Depreciation and amortization December 31, ) 1.84 $ ) Net Income $ (135) $ 104.6 (104.3 (In millions, except per share data) By Digital AIM Web Support – February 3, 2021 First quarter results are expected to benefit from a continuation of positive trends in both volume, such as in automotive and appliances, and margins, such as in ABS and polystyrene. Commenting on the outlook for 2021, Bozich said, “We look forward to 2021 as an exciting time for Trinseo. Despite the continued economic impact risk of COVID-19, which we are closely monitoring, we expect significant earnings improvement in 2021. We are starting the year with a very strong balance sheet on the heels of a solid quarter of earnings with the expectation of continued strong demand in the first quarter, particularly in tires, automotive and appliances.” Bozich continued, “We will continue to act on our strategy of growing the business in areas with higher margins and less cyclicality by investing in Engineered Materials and CASE applications, including the acquisition of Arkema’s MMA/PMMA business. We are still on track to close this transaction by mid-year, at which time we also hope to have concluded our efforts around the exploration of a potential sale of the Synthetic Rubber business. Our strategy, along with a continued focus on our 2030 sustainability goals, will position Trinseo as an advanced specialty and sustainable solutions provider.” Conference Call and Webcast Information Trinseo will host a conference call to discuss its fourth quarter and full year 2020 financial results on Thursday, February 4, 2021 at 10 a.m. Eastern Time. Commenting on results will be Frank Bozich, President and Chief Executive Officer, David Stasse, Executive Vice President and Chief Financial Officer, and Andy Myers, Director of Investor Relations. For those interested in asking questions during the Q&A session, please register using the following link:Conference Call Registration After registering for the conference call, you will receive a confirmation email with a meeting invitation and information for entry. Registration is open through the live call, but it is advised that you register in advance to ensure you are connected for the full call. For those interested in listening only, please register for the webcast using the following link:Webcast Registration (available 20 minutes before the call) Trinseo has posted its fourth quarter and full-year 2020 financial results on the Company’s Investor Relations website. The presentation slides will also be made available in the webcast player prior to the conference call. The Company will also furnish copies of the financial results press release and presentation slides to investors by means of a Form 8-K filing with the U.S. Securities and Exchange Commission. A replay of the conference call and transcript will be archived on the Company’s Investor Relations website shortly following the conference call. The replay will be available until February 4, 2022. About Trinseo Trinseo (NYSE:TSE) is a global materials solutions provider and manufacturer of plastics, latex binders, and synthetic rubber. We are focused on delivering innovative and sustainable solutions to help our customers create products that touch lives every day — products that are intrinsic to how we live our lives — across a wide range of end-markets, including automotive, consumer electronics, appliances, medical devices, lighting, electrical, carpet, paper and board, building and construction, and tires. Trinseo had approximately $3.0 billion in net sales in 2020, with 32 manufacturing sites around the world and approximately 2,600 employees. For more information visit www.trinseo.com. Use of non-GAAP measures In addition to using standard measures of performance and liquidity that are recognized in accordance with accounting principles generally accepted in the United States of America (“GAAP”), we use additional measures of income excluding certain GAAP items (“non-GAAP measures”), such as Adjusted Net Income, EBITDA, Adjusted EBITDA and Adjusted EPS and measures of liquidity excluding certain GAAP items, such as Free Cash Flow. We believe these measures are useful for investors and management in evaluating business trends and performance each period. These measures are also used to manage our business and assess current period profitability, as well as to provide an appropriate basis to evaluate the effectiveness of our pricing strategies. Such measures are not recognized in accordance with GAAP and should not be viewed as an alternative to GAAP measures of performance or liquidity, as applicable. The definitions of each of these measures, further discussion of usefulness, and reconciliations of non-GAAP measures to GAAP measures are provided in the Notes to Condensed Consolidated Financial Information presented herein. Cautionary Note on Forward-Looking Statements This press release may contain “forward-looking statements” including, without limitation, statements concerning plans, objectives, goals, projections, expectations, strategies, future events or performance, and underlying assumptions and other statements, which are not statements of historical facts. Forward-looking statements may be identified by the use of words like “expect,” “estimate,” “will,” “may,” or expressions of similar meaning. Forward-looking statements reflect management’s evaluation of information currently available and are based on the Company’s current expectations and assumptions regarding the Company’s business, the timing of the proposed acquisition of the Arkema MMA and PMMA business (the “Acquisition”); estimated and future results of operations, business strategies, competitive position, industry environment and potential growth opportunities and cost synergies relating to the Acquisition, the impact from the COVID-19 pandemic, the economy and other future conditions. Specific factors that could cause future results to differ from those expressed by the forward-looking statements include, but are not limited to, risks related to the occurrence of any event, change or other circumstances that could give rise to the termination of or failure to complete the Acquisition or the agreements and transactions contemplated thereby; the failure of the Company to meet the conditions to closing of the Acquisition, including those conditions related to antitrust, works council and other regulatory approvals; the failure to obtain the financing necessary, at terms acceptable to the Company to fund the Acquisition; costs related to the proposed Acquisition and the impact of the substantial indebtedness to be incurred to finance the Acquisition; the ability of the post-Acquisition company to meet its financial and strategic goals, due to, among other things, its ability to grow and manage growth profitability, maintain relationships with customers and retain its key employees; the possibility that the post-Acquisition Company may be adversely affected by other economic, business, and/or competitive factors; the Company’s ability to successfully integrate the acquired businesses or generate expected cost savings and synergies from the Acquisition; the ongoing impact of the COVID-19 pandemic and those factors discussed in the Company’s Annual Report for the year ended December 31, 2019 filed with the Securities and Exchange Commission (“SEC”), in subsequent Quarterly Reports on Form 10-Q and in other filings and furnishings made by the Company with the SEC from time to time. Other unknown or unpredictable factors could also have material adverse effects on the Company’s performance. As a result of these or other factors, the Company’s actual results may differ materially from those contemplated by the forward-looking statements. The forward-looking statements included in this press release are made only as of the date hereof and are not a guarantee of future performance. The Company undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law. December 31, (17.5 Other current assets Restructuring and other charges for the 2020 and 2019 periods presented above primarily relate to charges incurred in connection with the Company’s corporate and other restructuring programs. Additionally, a portion of the restructuring and other charges for the 2020 and 2019 periods presented above relate to decommissioning, contract termination, and employee termination benefit charges incurred in connection with the upgrade and replacement of our compounding facility in Terneuzen, The Netherlands as well as our decision to cease manufacturing activities at our latex binders manufacturing facility in Livorno, Italy. 9.1 71.4 Year Ended 4.0 25.5 (65.7 $ Right-of-use assets – operating, net $ $ 67 147.9 860 Reconciling items to Adjusted EBITDA and Adjusted Net Income are not typically forecasted by the Company based on their nature as being primarily driven by transactions that are not part of the core operations of the business and, as a result, cannot be estimated without unreasonable cost or uncertainty. As such, for the forecasted full year ended December 31, 2021, we have not included estimates for these items. 0.35 Twitter 149.2 Year Ended Net sales $ 533.3 $ EPS (Diluted) ($) — 351.8 Other expense (income), net 0.20 58.0 (110.1 ) 1.1 Shareholders’ equity $ 668.9 (In millions) $ Adjusted Net Income $ 11.6 34.3 $ — Cash flows from investing activities 16.4 11.6 ) 570.8 ) Adjusted EPS $ 5.3 Income (loss) before income taxes December 31, (45) December 31, Interest expense, net Investments in unconsolidated affiliates 2019 ) 176.1 58.9 299.5 71.6 ) 1.8 2019 ) 1.3 132.4 33.4 51.6 $ ) ) ) $millions, except per share data 3,776 918.2 Short-term borrowings, net Trinseo Reports Fourth Quarter and Full-Year 2020 Financial Results 322.5 Weighted average shares- diluted TAGS  0.9 Weighted average shares- diluted 127.6 860.2 Condensed Consolidated Statements of Cash Flows ) ) $ 209.9 WhatsApp 43.6 $ Adjusted EBITDA* 173.1 0.8 ) (4.6 — 0.1 Selling, general and administrative expenses 39.3 (7.0 ) 223.6 37.8 (23.2 123.2 4.4 0.14 103.6 Cash used in financing activities 279.9 ) The three months ended December 31, 2020 excludes $1.3 million of tax expense related to provision to return adjustments. The year ended December 31, 2020 excludes $4.0 million of tax expense, which primarily relates to provision to return adjustments. The three months ended December 31, 2019 excludes a net $24.1 million tax benefit, which primarily relates to a $32.7 million benefit recorded in connection with the remeasurement of the Company’s deferred tax assets and liabilities in Switzerland due to changes in the Swiss Cantonal and Federal tax rules enacted in 2019, partially offset by a $6.2 million charge recorded to increase the Company’s reserves for uncertain tax provisions. The year ended December 31, 2019 excludes a net $31.5 million tax benefit, which primarily relates to a $40.1 million tax benefit related to the remeasurement of the Company’s deferred tax assets and liabilities in Switzerland due to changes in the aforementioned Swiss tax rules in 2019, partially offset by a $6.2 million charge recorded to increase the Company’s reserves for uncertain tax provisions. ) 828.8 588.7 (2.2 ) 39.0 131.3 5.1 (b) 2020 The acquisition purchase price hedge gain for the 2020 periods relates to the change in fair value of the Company’s forward currency hedge arrangement that economically hedges the euro-denominated purchase price of the proposed acquisition of Arkema’s PMMA business, which is projected to close in mid-2021. Pinterest 145 Facebook 255.4 457.4 Cash flows from financing activities — 7.9 — Cash and cash equivalents—end of period Latex Binders ) (In millions) Acquisition transaction and integration net costs (benefit) (b) TRINSEO S.A. ) 92 Note 1: Net sales by Segment 590.3 Year Ended Acquisition purchase price hedge gain (c) Notes to Condensed Consolidated Financial Information 0.1 (f) 0.7 2020 529.2 1,158.7 37.8 110.5 (e) 3,035.5 36.5 256.1 136.8 Facebook December 31, 102.1 — Trinseo (NYSE: TSE), a global materials company and manufacturer of plastics, latex binders and synthetic rubber, today reported its fourth quarter and full-year 2020 financial results. Net sales in the fourth quarter decreased 3% versus prior year. Lower prices, mainly due to the pass through of lower raw material costs, resulted in a 10% sales decrease which was partially offset by higher volume across all segments with the exception of Feedstocks. Fourth quarter net income of $67 million was $61 million above prior year and fourth quarter Adjusted EBITDA of $149 million was $90 million above prior year. The increase in earnings was due mainly to higher volume and margin, particularly within the Polystyrene and Base Plastics segments, as well as a favorable pre-tax net timing variance of $37 million. Net sales in the full year decreased 20% versus prior year from lower volume, due to COVID-19 impacts, and the pass through of lower raw material costs. Full-year net income of $8 million was $84 million below prior year and full-year Adjusted EBITDA of $299 million was $53 million below prior year. Lower earnings were due mainly to lower volume as a result of COVID-19 impacts as well as a $25 million unfavorable net timing variance. These impacts were partially offset by lower fixed costs as a result of restructuring and other cost reduction initiatives. Commenting on the Company’s fourth quarter and full-year performance, Frank Bozich, President and Chief Executive Officer of Trinseo, said, “2020 was a challenging year but I am extremely proud of how our team responded. During the peak of the COVID-19 pandemic in the second quarter we were able to meet all customer demand and we undertook cost and capital expenditure reduction initiatives to maximize liquidity. Demand recovery in end markets like appliances and automotive in the second half of the year, as well as commercial excellence initiatives, resulted in robust earnings in the third and fourth quarters. In fact, the fourth quarter Adjusted EBITDA was our highest result in over two years and we ended the year in a very strong liquidity position. In addition, we announced a transformative acquisition in December and continued to improve our position to compete in an increasingly sustainability-focused economy. All of this could not have been accomplished without the hard work and dedication of our employees.” Fourth Quarter Results and Commentary by Business Segment Effective October 1, 2020, the Company realigned its reporting segments to reflect the new model under which the business will be managed, which will provide increased clarity within the Performance Plastics segment. Following this change, the number of reporting segments has increased from six to seven. Five of the segments remain unchanged: Latex Binders, Synthetic Rubber, Feedstocks, Polystyrene, and Americas Styrenics. Performance Plastics has been reorganized into two separate reporting segments: Engineered Materials and Base Plastics. The new Engineered Materials segment includes the Company’s compounds and blends products sold into applications such as consumer electronics and medical, as well as thermoplastic elastomer products sold into a variety of applications including footwear and automotive. The new Base Plastics segment contains the results of the remaining product lines, including ABS, SAN and polycarbonate, as well as compounds and blends for automotive and other applications. This new structure is aligned with the Company’s strategy to invest its efforts and resources into product offerings serving applications that tend to be less cyclical and offer significantly higher growth and margin potential. In 2019 and 2020, Engineered Materials delivered margins that were more than two times the average of products serving all applications within the Company’s former Performance Plastics segment. Prior period amounts herein have been recast to reflect this new segmentation.Latex Binders net sales of $200 million for the quarter decreased 9% versus prior year due to the pass through of lower raw materials. Volumes were slightly higher than prior year as sales increases to CASE, textile, board and specialty paper applications were mostly offset by sales decreases to graphical paper applications. Adjusted EBITDA of $22 million was flat to prior year as higher sales volume was offset by net timing. In comparison to prior year, volume to CASE applications increased 13% in the fourth quarter and 5% in the full year. 131.9 2019 $ 55.4 Feedstocks $ $ 10.2 ) 2.26 $ (85.4 193.0 Three Months Ended $ $ Feedstocks Year Ended 40.3 Total liabilities and shareholders’ equity (Unaudited) 151.3 698.9 Cash provided by operating activities $ (3.7 38.6 Total assets Corporate unallocated 56.4 Proceeds from exercise of option awards $ 457.4 Asset impairment charges or write-offs for the 2020 periods presented above relate to the impairment of the Company’s styrene monomer assets in Boehlen, Germany and polybutadiene rubber (nickel and neodymium-PBR) assets in Schkopau, Germany. 3,446.9 ————————————————— $ Note 2: Reconciliation of Non-GAAP Performance Measures to Net Income EBITDA is a non-GAAP financial performance measure, which is defined as income from continuing operations before interest expense, net; income tax provision; depreciation and amortization expense. We refer to EBITDA in making operating decisions because we believe it provides our management as well as our investors with meaningful information regarding the Company’s operational performance. We believe the use of EBITDA as a metric assists our board of directors, management and investors in comparing our operating performance on a consistent basis. We also present Adjusted EBITDA as a non-GAAP financial performance measure, which we define as income from continuing operations before interest expense, net; income tax provision; depreciation and amortization expense; loss on extinguishment of long- term debt; asset impairment charges; gains or losses on the dispositions of businesses and assets; restructuring charges; acquisition related costs and benefits, and other items. In doing so, we are providing management, investors, and credit rating agencies with an indicator of our ongoing performance and business trends, removing the impact of transactions and events that we would not consider a part of our core operations. Lastly, we present Adjusted Net Income and Adjusted EPS as additional performance measures. Adjusted Net Income is calculated as Adjusted EBITDA (defined beginning with net income, above), less interest expense, less the provision for income taxes and depreciation and amortization, tax affected for various discrete items, as appropriate. Adjusted EPS is calculated as Adjusted Net Income per weighted average diluted shares outstanding for a given period. We believe that Adjusted Net Income and Adjusted EPS provide transparent and useful information to management, investors, analysts and other stakeholders in evaluating and assessing our operating results from period-to-period after removing the impact of certain transactions and activities that affect comparability and that are not considered part of our core operations. There are limitations to using the financial performance measures noted above. These performance measures are not intended to represent net income or other measures of financial performance. As such, they should not be used as alternatives to net income as indicators of operating performance. Other companies in our industry may define these performance measures differently than we do. As a result, it may be difficult to use these or similarly-named financial measures that other companies may use, to compare the performance of those companies to our performance. We compensate for these limitations by providing reconciliations of these performance measures to our net income, which is determined in accordance with GAAP. Impairment charges 66.7 456.2 (1.2 299.5 2020 167 – 200 December 31, 2019 Purchase of treasury shares $ Adjusted EBITDA $ Latex Binders ) 2019 40.7 0.14 384.1 Note 3: Reconciliation of Non-GAAP Liquidity Measures to Cash from Operations The Company uses certain measures, such as Free Cash Flow as non-GAAP measures, to evaluate and discuss its liquidity position and results. Free Cash Flow is defined as cash from operating activities, less capital expenditures. We believe that Free Cash Flow provides an indicator of the Company’s ongoing ability to generate cash through core operations, as it excludes the cash impacts of various financing transactions as well as cash flows from business combinations that are not considered organic in nature. We also believe that Free Cash Flow provides management and investors with useful analytical indicators of our ability to service our indebtedness, pay dividends (when declared), and meet our ongoing cash obligations. Free Cash Flow is not intended to represent cash flows from operations as defined by GAAP, and therefore, should not be used as alternatives for that measure. Other companies in our industry may define Free Cash Flow differently than we do. As a result, it may be difficult to use this or similarly-named financial measures that other companies may use, to compare the liquidity and cash generation of those companies to our own. The Company compensates for these limitations by providing the following detail, which is determined in accordance with GAAP. 315.6 ————————————————— 1.71 $ Net Sales Engineered Materials Capital expenditures $ Three Months Ended Net income Feedstocks net sales of $36 million for the quarter were 47% below prior year due to lower styrene pricing as well as lower styrene-related sales volume. Adjusted EBITDA of $15 million was $25 million higher than prior year due to higher styrene margins in Europe as well as a $19 million favorable net timing variance. Note that the accelerated depreciation charges incurred as part of both the Company’s corporate restructuring program and the upgrade and replacement of the Company’s compounding facility in Terneuzen, The Netherlands are included within the “Depreciation and amortization” caption above, and therefore are not included as a separate adjustment within this caption. 2019 136.0 $ ————————————————— 3,775.8 Net income 11.6 ) $ December 31, Weighted average shares – diluted (i) Free Cash Flow 38.3 2021 2.05 Net cash received for asset and business acquisitions (5.5 EPS – diluted Cash used in investing activities $ Americas Styrenics Adjusted EBITDA of $25 million for the quarter was $4 million above prior year due mainly to higher styrene volume and margin in North America, partially due to industry outages in the region. 2021 Full-Year OutlookFull-year 2021 net income of $167 million to $200 million and Adjusted EBITDA* of $400 million to $450 million, excluding any impact from net timing, the announced acquisition of Arkema’s MMA/PMMA business or the potential Synthetic Rubber divestiture. Provision for income taxes Adjusted to remove the tax impact of the items noted in (a), (b), (c), (d), (e) and (g). For the three months and full year periods, the income tax expense (benefit) related to these items was determined utilizing the applicable rates in the taxing jurisdictions in which these adjustments occurred. 80.8 (9.7 119.0 Selling, general, and administrative expenses; Other expense (income), net (19.8 212.4 322.5 Amounts exclude accelerated depreciation of $2.5 million for the year ended December 31, 2020 and $0.4 million for the three months and year ended December 31, 2019 related to the shortening of the useful life of certain fixed assets related to the Company’s corporate restructuring program. The amounts also exclude $3.1 million for the year ended December 31, 2019 related to the shortening of the useful life of certain information technology assets related to the transition of business services from The Dow Chemical Company (noted in (e) above). 40.7 Provision for (benefit from) income taxes 34.8 $ (0.5 ) 21.7 106.2 December 31, Cash flows from operating activities 9.9 2.28 Asset impairment charges or write-offs (d) (12.6 7.9 Year Ended Interest expense, net 20.8 Other items (e) Americas Styrenics Engineered Materials 299 $ — 902.8 2020 45.0 Repayments of 2024 Term Loan B 34.4 860.2 Adjusted Net Income* $ 10.0 (38.9 Year Ended $ (7.3 Synthetic Rubber 1,162.6 ) 11.6 39.1 40.7 $ (0.4 — ) 269.2 Base Plastics Americas Styrenics* Adjusted EBITDA 438.2 32.6 Cash and cash equivalents Adjusted Net Income $ 2019 18.1 59 $ 79.0 $ 80.4 For the same reasons discussed above, we are providing the following reconciliation of forecasted net income to forecasted Adjusted EBITDA and Adjusted EPS for the full year ended December 31, 2021. See “Note on Forward-Looking Statements” above for a discussion of the limitations of these forecasts. ) 17.9 38.6 809.4 — $ (a) 10.0 (24.2 Interest expense, net 2.26 Other expense (income), net 2,758.8 4.33 – 5.18 ) $ 22.3 319.7 188.1 9.4 588.7 0.35 27 (0.6 ) 441.3 1.7 $ Reconciling items to Adjusted EBITDA (h) 351.8 14.5 ) Acquisition transaction and integration net costs for the 2020 periods presented above primarily relate to expenses incurred for the Company’s pending acquisition of the PMMA business from Arkema. Acquisition transaction and integration net benefit amounts for the 2019 periods presented above are primarily comprised of the bargain purchase gain recorded in conjunction with our acquisition of latex binders production assets and related site infrastructure in Rheinmünster, Germany, partially offset by certain jurisdictional asset transfer taxes and advisory and professional fees incurred related to this acquisition. Base Plastics ) 2020 1,156.3 224 Polystyrene 1.84 $ Other expense (income), net Synthetic Rubber net sales of $102 million for the quarter increased 2% versus prior year. Higher SSBR and ESBR sales volume and favorable currency increased sales by 16% and 7%, respectively. These impacts were mostly offset by lower pricing from the pass through of lower raw materials. Demand in the tire market was consistent with the third quarter. Adjusted EBITDA of $16 million, the strongest result since the second quarter of 2018, was $4 million higher than prior year as a favorable net timing variance of $4 million and higher sales volume were partially offset by lower fixed cost absorption. The Company continues to evaluate the potential divestiture of the segment. 52.8 $ 2020 December 31, Selling, general, and administrative expenses; Other expense (income), net $ 12.6 24.6 ) 5.6 December 31, $ (26.0 ) ) 1.74 (82.1 68.7 Cost of sales 58.9 Three Months Ended (61.8 (Unaudited) Net Income 58.9 $ Dividends paid 889 Capital expenditures 43.6 $ 101.2 TRINSEO S.A. Cash, cash equivalents, and restricted cash—beginning of period Weighted average shares- basic 91.1 Adjusted EBITDA by Segment: (d) (10.6 39.3 ————————————————— Net gain on disposition of businesses and assets $ $ (g) Interest expense, net 2019 8 3.13 (In millions, except per share data) 45.7 Reconciling items to Adjusted Net Income (h) (119.7 24.6 8.7 (100.0 20.8 31.5 Polystyrene net sales of $193 million for the quarter were 10% above prior year from higher sales volume as demand in applications like appliances, construction and packaging remained strong. Adjusted EBITDA of $34 million was $29 million higher than prior year due to higher margins, particularly in Asia, resulting from commercial excellence initiatives, higher sales volume, and a favorable net timing variance of $9 million. — 51.5 38.6 Property, plant, equipment, goodwill, and other intangible assets, net 5.7 25.9 Accounts receivable, net Condensed Consolidated Balance Sheets — Assets 240.1 (0.7 $ ) (7.3 3,775.8 111.2 12.4 2019 (In millions) 59.5 43.6 – ) $ 456.2 Cash, cash equivalents, and restricted cash—end of period 66.7 127.3 2020 3.13 BERWYN, Pa.–(BUSINESS WIRE)–Feb 3, 2021– Trinseo (NYSE: TSE): EBITDA 0.8 (h) Pinterest 527.6 4.33 – 5.18 255.4 885.0 $ Depreciation and amortization – Adjusted (g) Selling, general, and administrative expenses; Other expense (income), net (21.4 $ Year Ended ) 10.0 ) (110.1 — (In millions, except per share data) 119.0 — (6.9 (23.2 ) 60.0 Net change in cash, cash equivalents, and restricted cash 3,036 View source version on businesswire.com:https://www.businesswire.com/news/home/20210203005937/en/ CONTACT: Press Contact: Trinseo Dina Pokedoff Tel : +1 610-240-3307 Email:[email protected] Contact: Trinseo Andy Myers Tel : +1 610-240-3221 Email:[email protected] KEYWORD: PENNSYLVANIA UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: AUTOMOTIVE MANUFACTURING MANUFACTURING PACKAGING ENGINEERING CHEMICALS/PLASTICS SOURCE: Trinseo Copyright Business Wire 2021. PUB: 02/03/2021 04:24 PM/DISC: 02/03/2021 04:23 PM http://www.businesswire.com/news/home/20210203005937/en December 31, 100.4 452.3 39.4 WhatsApp Base Plastics net sales of $269 million for the quarter were essentially flat versus prior year as higher sales volume to automotive applications as well as favorable currency impacts were offset by lower pricing, which resulted from the pass through of lower raw materials. Adjusted EBITDA of $51 million was $32 million favorable versus prior year due to higher ABS, polycarbonate and compounding margins as well as higher sales volume.last_img read more

Continue reading

US Acute Care Solutions Physician-Owners to Buy Out Private Equity Partner WCAS

first_img Pinterest Facebook By Digital AIM Web Support – February 9, 2021 Facebook Local NewsBusiness Twitter WhatsApp Pinterest US Acute Care Solutions Physician-Owners to Buy Out Private Equity Partner WCAS TAGS  Twitter WhatsApp Previous articlePharmaJet Announces Appointment of Marian Wentworth to Board of DirectorsNext articleLeonardo’s ‘Last Supper’ reopens to public with short wait Digital AIM Web Supportlast_img read more

Continue reading

Takeaways from Congress’ first hearing on Capitol riot

first_imgLocal NewsUS News Pinterest Pinterest WASHINGTON (AP) — Security officials testifying at Congress’ first hearing on the deadly siege of the Capitol cast blame and pointed fingers on Tuesday but also acknowledged they were woefully unprepared for the violence. Senators drilled down on the stunning security failure and missed warning signs as rioters loyal to former President Donald Trump stormed the Capitol on Jan. 6, in a misguided attempt to stop lawmakers from certifying President Joe Biden’s election. Five people died in the attack, including a Capitol Police officer. The security officials lost their jobs, and Trump was impeached by the House on a charge of inciting the insurrection, the deadliest attack on Congress in 200 years. Trump was ultimately acquitted by the Senate. Here are some takeaways from the testimony: FAILURE TO COMMUNICATE Intelligence warnings of an armed uprising by extremist groups heading to the Capitol didn’t rise to the level of alarm — or even get passed up the chain of command — in time for the Jan. 6 attack. Crucially, a key warning flare from the FBI field office in Norfolk, Virginia, of a “war” on the Capitol was sent the night before to the Capitol Police’s intelligence division. But then-Capitol Police Chief Steven Sund testified that he only learned about it the day before Tuesday’s hearing. Instead, Sund said he was bracing for demonstrations on par with other armed protests by mobs of Trump’s supporters in the nation’s capital in November and December after the presidential election. “No entity, including the FBI, provided any intelligence indicating that there would be a coordinated violent attack on the United States Capitol by thousands of well-equipped armed insurrectionists,” he testified in written remarks about a conference call the day before the attack. The Democratic chair of the Senate Homeland Security Committee, Sen. Gary Peters of Michigan, said, “There was a failure to take this threat more seriously.” HE SAID, HE SAID As hundreds of rioters stormed the Capitol, breaking into the iconic building’s windows and doors, sometimes in hand-to-hand combat with police, there are conflicting accounts from the security officials over what happened next. Sund, who had raised the idea of calling on the National Guard for backup days earlier, specifically recounted a 1:09 p.m. phone call he made to the then-sergeant-at-arms of the House, Paul Irving, his superior, requesting National Guard troops. Sund said he was told they would run it up the chain of command . Irving said he has no recollection of the conversation at that time and instead recalls a conversation nearly 20 minutes later. He said the 1:09 p.m. call does not show up on his cellphone log. As the riot escalated, Sund was “pleading” with Army officials for Guard troops in another phone call, testified Robert Contee III, the acting chief of the Washington, D.C., Metropolitan Police Department, whose officers had arrived for backup. Contee said he was “stunned” at the delayed response from the military. Defense Department officials have said they offered National Guard troops days earlier but were rebuffed. Pentagon officials are scheduled to testify to the Senate next week. COMMON FACTS: ‘A PLANNED INSURRECTION’ At the start of the hearing, coming 10 days after Trump was acquitted by the Senate on the impeachment charge of inciting the insurrection, some common facts were agreed to. Democratic Sen. Amy Klobuchar of Minnesota, the chair of the Rules Committee, asked the security officials if there was any doubt the riot was a planned attack and carried out by white nationalist and extremist groups. None of the witnesses disputed the characterization of the facts of Jan. 6. Republican Sen. Ron Johnson of Wisconsin read an alternative account, of mostly peaceful protesters festive that day, that he encouraged colleagues to consider. But in closing, Klobuchar restated the testimony: “There was clear agreement this was a planned insurrection.” ONE OFFICER’S PERSONAL STORY The hearing opened with Capitol Police Capt. Carneysha Mendoza, a 19-year veteran of the force, delivering a compelling personal account of being called at home that day as she was spending time with her 10-year-old before the start of her shift. She rushed to the Capitol only to find “the worst of the worst” scene of her career. A former Army veteran, she recounted the deadly mayhem, fending off rioters inside the building’s stately Rotunda, inhaling gas and suffering chemical burns to her face she said still have not healed. Her Fitbit recorded four hours of sustained activity, she said. The next night and following day she spent at the hospital consoling the family of Officer Brian Sicknick, who died after the attack. “As an American, and as an Army veteran, it’s sad to see us attacked by our fellow citizens,” Mendoza told the senators. TRUMP’S SHADOW The former president was hardly a presence at the first hearing. Instead, senators largely set aside their sharply partisan ways to drill down on the facts of what happened that day — on how to prevent it from happening again. Sen. Alex Padilla, D-Calif., pointedly asked for the name of the commander in chief of the armed forces that day who was ultimately responsible for the military and security of the country. That drew out the former president’s name. Among the senators on the panels are two of Trump’s staunch allies who led the effort to overturn Biden’s election victory — Sen. Josh Hawley, R-Mo., and Sen. Ted Cruz, R-Texas. ——— Associated Press writers Mary Clare Jalonick, Michael Balsamo and Lolita Baldor in Washington and Nomaan Merchant in Houston contributed to this report. By Digital AIM Web Support – February 23, 2021 Takeaways from Congress’ first hearing on Capitol riot Twitter Twittercenter_img Facebook WhatsApp TAGS  Facebook WhatsApp Previous articleSquare, Inc. Announces Fourth Quarter and Full Year 2020 ResultsNext articleUpland Capital Group Launches New Excess Transportation Liability Program Digital AIM Web Supportlast_img read more

Continue reading

OC board to meet

first_img The Odessa College Board of Trustees will meet at 6:30 p.m. Tuesday to consider a tax abatement request from Origis Energy for solar projects in Ector County. Origis came before the Ector County ISD board of trustees in February to have two applications for appraised value limitations approved. The properties are south of interstate 20 and east of Farm to Market Road 1601. Some of the other items on the agenda are: >> An executive session on recommendations for administrative appointments. They include President Gregory Williams; Vice President for Instruction Aimee Callahan; Kim McKay, vice president for student services and enrollment management; Chief of Staff Robert Rivas; vice President for Information Technology Shawn Shreves; Vice President for Institutional Effectiveness Don Wood; Vice President for Administrative services Ken Zartner. >> Reappointment of the college attorney. >> Report on a bid for a 25-passenger bus. >> An executive session on a board self-evaluation. >> The president’s report from Williams will include the introduction of Jonathan Fuentes, executive dean of academic partnerships; OC graduation May 10 and 11 at the Ector County Coliseum; Drive to Success Mustang Giveaway April 25; Student Awards of Excellence April 29; Employee Service Awards May 3; a student letter; Odessa College Leadership Institute High Impact Strategies Workshop; and the Aspen Institute Rising Star Award. By Digital AIM Web Support – February 24, 2021 Facebook TAGS  Local News Twitter WhatsApp Pinterestcenter_img OC board to meet Pinterest WhatsApp Previous article040219_Permian_Midland_JF_07Next articleMan charged with choking girlfriend in 18-wheeler Digital AIM Web Support Twitter Facebooklast_img read more

Continue reading

Syngenta Crop Protection and Insilico Medicine to Harness Artificial Intelligence to Transform Sustainable Product…

first_img Pinterest Twitter Twitter Facebook Local News Syngenta Crop Protection and Insilico Medicine to Harness Artificial Intelligence to Transform Sustainable Product Innovation Previous articleClosing prices for crude oil, gold and other commoditiesNext articleCity beats Burnley 2-0, restores 3-point lead in EPL Digital AIM Web Support BASEL, Switzerland–(BUSINESS WIRE)–Feb 3, 2021– Syngenta Crop Protection is collaborating with artificial intelligence (AI) and deep learning company Insilico Medicine to accelerate the invention and development of new, more effective crop protection solutions that protect crops from diseases, weeds and pests, while also protecting ecosystems. By bringing new solutions to farmers faster and more efficiently through innovation, Syngenta will help them meet the ongoing challenges they face, in order to enhance productivity and meet global demand for affordable, quality food. “This collaboration with Insilico Medicine means that Syngenta can harness the immense potential and scope of AI to develop the next generation of sustainable crop protection solutions as part of Syngenta’s $2bn commitment to innovation and sustainability,” said Camilla Corsi, Head Crop Protection Research at Syngenta. “This will further transform agriculture by providing farmers around the world with the tools they need to produce healthy, nutritious, affordable and sustainably grown food in the most efficient way, while also minimizing the environmental impact.” Insilico Medicine has a proven track record and has delivered significant advances in pharmaceutical research, using AI and deep learning to design, synthesize and validate new ingredients. The same approach also has the potential to transform the development of new crop protection solutions that help keep plants safe, from planting to harvesting. Working closely with Syngenta, Insilico Medicine will use their AI-powered small molecule generative chemistry technology not only to invent molecules for active ingredients faster, but also actively design molecules that are more sustainable and environmentally friendly. “We are very happy to collaborate with a company that is dedicated to developing safe and sustainable solutions for growers,” said Alex Zhavoronkov, PhD, founder, and CEO, Insilico Medicine. “Our artificial intelligence is designed from the ground up to produce very precise chemistry to protect human health, while ensuring short-term and long-term safety. This expertise is extremely valuable for crop sciences, and especially so for businesses whose top priority is the safety of their products. Syngenta is a progressive company with many brilliant scientists, and we will be working together to use artificial intelligence for the benefit of agriculture.” “Our reputation as a global leader in innovation is built on a foundation of collaboration and our understanding of the challenges faced by growers,” Camilla Corsi also noted. “Working together with Insilico Medicine, combining our skills, knowledge and technologies, will help ensure that new and more effective crop protection solutions will be in the hands of farmers sooner.” About Syngenta Syngenta is one of the world’s leading agriculture companies, comprising of Syngenta Crop Protection and Syngenta Seeds. Our ambition is to help safely feed the world while taking care of the planet. We aim to improve the sustainability, quality and safety of agriculture with world class science and innovative crop solutions. Our technologies enable millions of farmers around the world to make better use of limited agricultural resources. Syngenta Crop Protection and Syngenta Seeds are part of Syngenta Group with 49,000 people in more than 100 countries and is working to transform how crops are grown. Through partnerships, collaboration and The Good Growth Plan we are committed to accelerating innovation for farmers and nature, striving for carbon neutral agriculture, helping people stay safe and healthy and partnering for impact. To learn more visit www.syngenta.com and www.goodgrowthplan.com Follow us on Twitter at www.twitter.com/Syngenta and www.twitter.com/SyngentaUS About Insilico Medicine Insilico Medicine develops software that leverages generative models, reinforcement learning (RL), and other modern machine learning techniques for the generation of new molecular structures with specific properties. Insilico Medicine also develops software for the generation of synthetic biological data, target identification, and the prediction of clinical trials outcomes. The company integrates two business models; providing AI-powered drug discovery services and software through its Pharma.AI platform ( www.insilico.com/platform/ ) and developing its own pipeline of preclinical programs. The preclinical program is the result of pursuing novel drug targets and novel molecules discovered through its platforms. Since its inception in 2014, Insilico Medicine has raised over $52 million and received multiple industry awards. Insilico Medicine has also published over 100 peer-reviewed papers and has applied for over 25 patents. Website http://insilico.com/ Data protection is important to us. You are receiving this publication on the legal basis of Article 6 para 1 lit. f GDPR (“legitimate interest”). However, if you do not wish to receive further information about Syngenta, just send us a brief informal message and we will no longer process your details for this purpose. You can also find further details in our privacy statement. Cautionary Statement Regarding Forward-Looking Statements This document may contain forward-looking statements, which can be identified by terminology such as ‘expect’, ‘would’, ‘will’, ‘potential’, ‘plans’, ‘prospects’, ‘estimated’, ‘aiming’, ‘on track’ and similar expressions. Such statements may be subject to risks and uncertainties that could cause the actual results to differ materially from these statements. For Syngenta, such risks and uncertainties include risks relating to legal proceedings, regulatory approvals, new product development, increasing competition, customer credit risk, general economic and market conditions, compliance and remediation, intellectual property rights, implementation of organizational changes, impairment of intangible assets, consumer perceptions of genetically modified crops and organisms or crop protection chemicals, climatic variations, fluctuations in exchange rates and/or commodity prices, single source supply arrangements, political uncertainty, natural disasters, and breaches of data security or other disruptions of information technology. Syngenta assumes no obligation to update forward-looking statements to reflect actual results, changed assumptions or other factors. ©2021 Syngenta. Rosentalstrasse 67, 4002 Basel, Switzerland. The Syngenta logo are trademarks of a Syngenta Group Company. All other trademarks are the property of their respective owners. View source version on businesswire.com:https://www.businesswire.com/news/home/20210202006134/en/ CONTACT: SyngentaMedia Relations [email protected] Crop Protection External Communications Anna Bakola +32 488 43 94 85 [email protected] MedicinePolly Firs [email protected] KEYWORD: EUROPE SWITZERLAND UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: RESEARCH ENVIRONMENT TECHNOLOGY SOFTWARE BIOTECHNOLOGY HEALTH DATA MANAGEMENT AGRICULTURE NATURAL RESOURCES SCIENCE SOURCE: Syngenta Copyright Business Wire 2021. PUB: 02/03/2021 02:00 AM/DISC: 02/03/2021 02:00 AM http://www.businesswire.com/news/home/20210202006134/encenter_img By Digital AIM Web Support – March 4, 2021 WhatsApp WhatsApp Pinterest TAGS  Facebooklast_img read more

Continue reading

COVAXX’s COVID-19 Vaccine, UB-612, Induced Neutralizing Antibodies in 100% of Participants During Phase 1…

first_img Facebook TAGS  WhatsApp Pinterest COVAXX’s COVID-19 Vaccine, UB-612, Induced Neutralizing Antibodies in 100% of Participants During Phase 1 Clinical Trial Twitter Facebook Twittercenter_img Local NewsBusiness Pinterest By Digital AIM Web Support – March 23, 2021 WhatsApp DALLAS–(BUSINESS WIRE)–Feb 8, 2021– COVAXX, a U.S. company developing UB-612, a multitope protein/synthetic peptide-based vaccine to fight COVID-19, today announced positive interim Phase 1 data from its open-label COVID-19 clinical trial conducted in Taiwan. This study, which evaluated the safety, tolerability, and immunogenicity of UB-612, showed that the vaccine was generally well-tolerated and elicited robust antibody responses comparable to those seen in human convalescent sera. UB-612 was well-tolerated and had a reassuring safety profile Overall, the vaccine was well-tolerated and very few solicited and unsolicited adverse events (AEs) were observed. Minimal local or systemic AEs were observed after dose 1 and 2, with no increase in reactogenicity after the second dose. Almost all AEs were mild (Grade 1) and of <2-day duration and no Serious AEs (SAEs) were observed. The trial is ongoing and all participants are being followed up to day 196. UB-612 induced neutralizing antibodies in 100% of participants All subjects developed neutralizing antibodies after two doses of the vaccine. At the 100 ug dose level, anti-S1-RBD and viral neutralizing antibody responses compared favorably to responses observed in hospitalized patients who had recovered from COVID-19. Favorable product profile UB-612 is stable at temperature 2°C to 8°C, allowing for successful cold chain management with existing infrastructure. The vaccine candidate is designed to mimic a natural infection to activate both antibody (B-cell) and cellular (T-cell) arms of the immune system to generate protective neutralizing antibodies and cytotoxic T-cells against SARS-CoV-2. The UBI technology platform has been successful in commercializing vaccines for infectious disease in animal health and is currently in clinical trials for other indications. “These results are very promising,” said Gray Heppner, MD, FACP, FASTMH, Chief Medical Officer of COVAXX. ”We are encouraged by the data and are accelerating our Phase 2/3 program to deploy a safe and effective vaccine candidate to combat this pandemic.” COVAXX is currently in Phase 2 clinical trials of UB-612 in Taiwan with a grant from Taiwan’s Ministry of Health and Welfare, and will soon begin Phase 2/3 trials in India in partnership with Aurobindo. COVAXX has an agreement with Diagnosticos da America SA (DASA S.A.), the largest clinical diagnostic company in Brazil, to conduct Phase 2/3 clinical trials and distribute vaccines within Brazil. COVAXX also announced a global logistics partnership with Maersk, the world’s largest shipping and integrated logistics provider, that creates a framework for all transportation and supply chain services that will be needed to deliver COVAXX’s UB-612 around the world. COVAXX has advance purchase commitments and agreements for its UB-612 vaccine to deliver doses across multiple countries including low income countries. UB-612 Fact Sheet:www.covaxx.com/vaccine About COVAXX. COVAXX is a subsidiary of United Biomedical Inc (UBI), founded in 1985. The company is a scientific trailblazer creating technological firsts, including the manufacture and commercialization of more than 100 million antibody blood tests, and 5 billion vaccine doses against infectious diseases in animal health. With proprietary access to UBI’s core technology platforms, COVAXX can develop and commercialize high precision antibody tests and a promising COVID-19 vaccine that together would form a unique Differentiating Infected from Vaccinated Individuals (DIVI) system. COVAXX (not to be confused with single "x" COVAX) is developing UB-612, the first multitope peptide-based vaccine designed to activate both B and T-cell arms of the immune system to fight against SARS-CoV-2. COVAXX announced a global logistics partnership with Maersk, the world’s largest shipping and integrated logistics provider, that creates a framework for all transportation and supply chain services that will be needed to deliver COVAXX’s UB-612 vaccine around the world. For more information on the COVAXX/UBI antibody test and the synthetic, peptide-based vaccine against COVID-19, visit www.covaxx.com and follow us on social media @covaxxvaccine View source version on businesswire.com:https://www.businesswire.com/news/home/20210208005198/en/ CONTACT: Diane Murphy, COVAXX PR +1 (310) 658.8756;[email protected] Schull, Russo Partners +1 (212) 845.4271;[email protected] KEYWORD: UNITED STATES NORTH AMERICA TEXAS INDUSTRY KEYWORD: HEALTH INFECTIOUS DISEASES CLINICAL TRIALS RESEARCH SCIENCE PHARMACEUTICAL BIOTECHNOLOGY SOURCE: COVAXX Copyright Business Wire 2021. PUB: 02/08/2021 08:00 AM/DISC: 02/08/2021 08:01 AM http://www.businesswire.com/news/home/20210208005198/en Previous articleIntroducing Ring Video Doorbell Pro 2, Ring’s Most Advanced Wired Doorbell Featuring 3D Motion Detection and Bird’s Eye ViewNext articleNew pups hit the dog park; owners are nervous wrecks Digital AIM Web Supportlast_img read more

Continue reading

Fed Continues Cut Back Despite Possible Slowdown

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Fed Continues Cut Back Despite Possible Slowdown Demand Propels Home Prices Upward 2 days ago in Featured, Government, Headlines, News Servicers Navigate the Post-Pandemic World 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago  Print This Post Home / Featured / Fed Continues Cut Back Despite Possible Slowdown March 19, 2014 566 Views Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Subscribe Officials at the Federal Reserve voted this week to continue cutting back its stimulative monthly asset purchases despite signs of a slowdown in economic growth to start the year.Citing the “cumulative progress toward maximum employment and the improvement in the outlook for labor market conditions” since the start of the current stimulus program in 2012, the Federal Open Market Committee decided at its March meeting to reduce purchases of agency mortgage-backed securities to a pace of $25 billion per month and to dial back purchases of long-term Treasury securities to a pace of $30 billion each month, starting in April.The two cuts, made evenly, add up to another $10 billion reduction in monthly asset purchases.The decision was made despite a noted stumble in growth during the winter months, which the committee said “in part [reflects] adverse weather conditions.”Overall, the consensus opinion of the labor market was that indicators remained “mixed but on balance showed further improvement,” though the unemployment rate remains elevated. The unemployment rate ticked up to 6.7 percent in February despite a more promising showing in payrolls than in January and December.With the unemployment rate hovering just above the 6.5 percent threshold originally set by the Fed as one of its markers for holding down interest rates, the committee also updated its forward guidance to shift its goal to one more subjective: “maximum employment.”In a press conference following the release of the latest committee statement, Fed Chair Janet Yellen remarked that while the 6.5 percent mark “had a very useful impact in helping markets understand our expectations and shaping their own,” its use shrank as the economy approached that milestone so quickly.“The committee has never felt that the unemployment rate is a sufficient statistic to the labor market. In assessing the real state of slack in the labor market … it’s appropriate to look at many more things,” Yellen explained. “The closer we get as we narrow in on coming closer to the target we want to achieve, we will be carefully considering many indicators.”Among those indicators, she says: the share of the labor force working part-time involuntarily, the number of discouraged and marginally attached workers, the long-term unemployment rate, and overall labor force participation. While some of those negative factors are seeing “exceptionally high” numbers, “the dial on virtually all of those things is moving in a direction of improvement,” she said.The markets may take a little more convincing than that. In the minutes following the release of the FOMC statement, both the Dow Jones and NASDAQ saw declines—brought down even further by hints that the entire program could be finished as soon as October. Sign up for DS News Daily Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Previous: Nonprofits Sue California Governor Over Alleged Misused National Servicing Settlement Funds Next: Credit Loosens and Refinances Shrink in February Federal Reserve Janet Yellen 2014-03-19 Tory Barringer Tagged with: Federal Reserve Janet Yellen Share Savelast_img read more

Continue reading

Report: Justice Department Nears Settlement With Bank of America

first_img Bank of America and the Justice Department are close to completing a long-rumored and record-setting deal to resolve allegations of misconduct in the sales of mortgage-backed securities that went bad, according to a report from the Wall Street Journal.Citing “people familiar with the matter,” the Journal reported Wednesday afternoon that BofA has agreed to pay between $16 billion and $17 billion to clear itself of charges that it knowingly sold toxic securities in the run-up to the financial crisis. The allegations mostly revolve around Bank of America’s Merrill Lynch unit, which the bank acquired in 2008.According to the report, BofA will pay approximately $9 billion to the government, with the rest going toward consumer relief.Noting that the deal could still fall through, the Journal report says no announcement is likely to come this week as representatives on both sides meet to finalize the terms.If the latest rumored agreement is true, the deal would mark the largest-ever penalty in a civil settlement between the government and an institution, a record previously held by JPMorgan Chase after it agreed to a $13 billion settlement in a similar case last year.BofA and the Justice Department reportedly came to an agreement last week, only a day after a federal judge ruled the bank must pay nearly $1.3 billion over a fraud case brought on by alleged misconduct at Countrywide, another acquisition made in 2008. At the time that decision was publicized, a spokesperson for BofA said the bank plans to review the ruling and assess its options to appeal.In addition, the firm reported a legal expense of $4 billion in the second quarter, “substantially all” of which was related to mortgage matters. The case with the Justice Department stands as one of the bank’s last major legal hurdles. Previous: Survey: Agent/Client Relationship Key for First-Time Buyers Next: Alliant Hires Brasier as SVP Report: Justice Department Nears Settlement With Bank of America The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Tagged with: Bank of America Justice Department Settlement Sign up for DS News Daily About Author: Tory Barringer Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington’s student newspaper before joining the DS News team in 2012. In addition to contributing to DSNews.com, he is also the online editor for DS News’ sister publication, MReport, which focuses on mortgage banking news. in Daily Dose, Featured, Government, News The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img Share Save Home / Daily Dose / Report: Justice Department Nears Settlement With Bank of America  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago August 6, 2014 1,252 Views Bank of America Justice Department Settlement 2014-08-06 Tory Barringer Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Subscribelast_img read more

Continue reading

Lower Legal Costs Offset Headwinds for Banks’ Q4 Earnings

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Previous: CFPB’s Complaint Volume is Swelling Next: Fed Unveils Stress Test Criteria Lower Legal Costs Offset Headwinds for Banks’ Q4 Earnings January 28, 2016 994 Views Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Banks Earnings Statements Fitch Ratings Profits RMBS Settlements Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Subscribe Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Brian Honea Data Provider Black Knight to Acquire Top of Mind 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, News The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post Banks Earnings Statements Fitch Ratings Profits RMBS Settlements 2016-01-28 Brian Honea The Best Markets For Residential Property Investors 2 days ago Home / Daily Dose / Lower Legal Costs Offset Headwinds for Banks’ Q4 Earnings Related Articles More than half of the 17 largest banks or investment banking firms in the United States posted lower over-the quarter incomes in Q4 2015 due to such factors as market volatility, interest rate uncertainty, and pressures in oil and gas, according to a release from Fitch Ratings on Thursday.One of the factors that offset these factors was a moderation in litigation costs stemming from mortgage-backed securities, as was the case with Bank of America and Morgan Stanley—both of which reported substantial gains in their profits for Q4 with costs stemming from multi-billion dollar RMBS settlements largely in the rear view mirror. One notable exception to this was Goldman Sachs, which saw a decline of about 50 percent in net earnings over-the-quarter and about 67 percent year-over-year in Q4 due to a fresh $5.1 billion settlement reached in January 2016.Incremental income growth and very benign credit costs were other factors that offset the market volatility, interest rate uncertainty, and oil and gas pressures, according to Fitch. According to the Fitch report, 11 of the 17 largest financial institutions posted lower over-the-quarter net incomes in Q4.The precipitous drop in oil prices that has continued into 2016 has resulted in many of the banks reporting further loan loss reserve builds, because banks cited exposure to oilfield services and exploration and production companies as higher risk segments. Banks have benefited greatly from reserve releases in recent years, according to Fitch, but Q4 net earnings were affected by related provisioning even though the banks’ direct exposure to oil and gas pressures was fairly modest.Fitch noted that it expects to see some price recovery in the oil industry—specifically, the agency expects oil prices to jump from $30 a barrel to about $45 a barrel in 2016 and $55 a barrel in 2017. There is still a great deal of regulatory uncertainty regarding oil prices for the banking sector, according to Fitch. Share Savelast_img read more

Continue reading