Forward Looking Information
|
|
- Basil Trevor Allison
- 5 years ago
- Views:
Transcription
1 April 2017
2 Forward Looking Information Advisory In the interests of providing Tidewater Midstream and Infrastructure Ltd. ( Tidewater or the Corporation ) shareholders and potential investors with information regarding Tidewater, including management s assessment of future plans and operations relating to the Corporation, this document contains certain statements and information that are forward-looking statements or information within the meaning of applicable securities legislation, and which are collectively referred to herein as forwardlooking statements. Forward-looking statements in this document include, but are not limited to statements and tables (collectively statements ) with respect to: the strategic acquisition and concurrent equity financing; subsequent acquisitions and strategies for acquisitions, capital projects and expenditures; strategic initiatives; anticipated producer activity and industry trends; and anticipated performance. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, as well as known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur and which may cause Tidewater s actual performance and financial results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by the forward-looking statements. These assumptions, risks and uncertainties include, among other things: receipt of third party, regulatory and governmental approvals and consents in respect of the strategic acquisition and concurrent equity financing; completion of the strategic acquisition and concurrent equity financing; Tidewater s ability to successfully implement strategic initiatives and whether such initiatives yield the expected benefits; future operating results; fluctuations in the supply and demand for natural gas, NGLs, and iso-octane; assumptions regarding commodity prices; activities of producers, competitors and others; the weather; assumptions around construction schedules and costs, including the availability and cost of materials and service providers; fluctuations in currency and interest rates; credit risks; marketing margins; potential disruption or unexpected technical difficulties in developing new facilities or projects; unexpected cost increases or technical difficulties in constructing or modifying processing facilities; Tidewater s ability to generate sufficient cash flow from operations to meet its current and future obligations; its ability to access external sources of debt and equity capital; changes in laws or regulations or the interpretations of such laws or regulations; political and economic conditions; and other risks and uncertainties described from time to time in the reports and filings made with securities regulatory authorities by Tidewater. Readers are cautioned that the foregoing list of important factors is not exhaustive. The forward-looking statements contained in this document are made as of the date of this document or the dates specifically referenced herein. For additional information please refer to Tidewater s public filings available on SEDAR at All forward-looking statements contained in this document are expressly qualified by this cautionary statement. Any financial outlook or future-oriented financial information, as defined by applicable securities legislation, has been approved by management of Tidewater as of March 29, Such financial outlook or future-oriented financial information is provided for the purpose of providing information about management's current expectations and goals relating to the future of Tidewater. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Non-GAAP Financial Measures: This presentation refers to EBITDA and cash available for distribution (CAFD), which do not have any standardized meaning prescribed by generally accepted accounting principles in Canada ( GAAP ). We define EBITDA as means earnings before interest, taxes, depreciation and amortization. We define cash available for distribution (CAFD) as the amount of cash generated from operations, before changes in working capital and after deducting sustaining capital expenditures, scheduled principal repayments of debt and distributions to non-controlling interests. 2
3 Tidewater Summary Track Record of Success Previous two companies generated 20x returns for shareholders (Predator Midstream Ltd. and Predator Oil Ltd.) High Growth, Pure Play NGL Infrastructure Business Pursuing Canadian natural gas liquids ( NGLs ) and natural gas market opportunities through the acquisition and optimization of strategic midstream, pipeline, storage, rail, downstream, and export assets Capitalizing on Management s strong producer and downstream market access relationships, Tidewater can guarantee producers improved pricing for their NGLs > 10 acquisitions announced/completed since IPO and continue to see opportunity to purchase key midstream assets in strategic locations at deeply discounted valuations Q3 to Q EBITDA/share growth of ~25% with continued EBITDA/share growth through 2018 EBITDA increased from zero at IPO to current run rate of ~$56 million with visibility to over $80 million in the next months while maintaining a strong balance sheet with Debt to EBITDA of 1-2x Current net debt of ~$25 MM with recently increased $180 MM credit facility Established three core areas in strategic locations (Deep Basin, Montney and Edmonton) Deep Basin currently Tidewater s largest core area where activity is at all time highs with 370 wells being licensed within 60 mile radius of Tidewater s largest deep cut gas plant (BRC) in past 6 months. Tidewater scoping an expansion of the gas processing facility due to demand Edmonton assets continue to increase cashflow with the successful reactivation of the Fort Saskatchewan Ethane Extraction Plant and the build out of Tidewater s first rail facility Tidewater continues to expand its Montney core area with a recent BC acquisition and its Pipestone Montney infrastructure/egress hub and is currently scoping its Pipestone Sour Gas Plant Proven Capital Project Execution 10,000 bbl/day fractionation facility and relocation of turbo expander to BRC remain on-time and onbudget on industry leading timeline of 8 months and capital cost of $25MM for 10,000 bbl/day fractionation facility Phase I of Pipestone Montney infrastructure/egress hub on-time and on-budget with execution of initial injections. Tidewater continues to advance toward a final investment decision on Phase II of the project and has received significant interest from several investment grade counterparties to contract available capacity on a five-year basis, further diversifying Tidewater s customer base Scoping Montney Pipestone sour gas plant with significant producer support Continue to See Significant Acquisition, Organic Growth Opportunities and Synergies with Acquired Assets 3
4 Tidewater is a High Growth Midstream Company NGL Connectivity Strategy 1 Acquire Strategic Contracted Infrastructure Own key NGL/gas infrastructure and gas plants with proximity to multiple transportation options, coupled with take-or-pay and/or reserve dedication agreements Opportunities to acquire top-tier midstream assets in strategic locations at discounted valuations. Ongoing review of new opportunities to further enhance the NGL Connectivity Strategy 2 Optimize Through Organic Investments Enable Tidewater to own a strategic integrated value chain from well head to end market and/or tidewater Opportunities to invest organically to fill gaps in existing network Significant opportunities within acquired assets to continue to generate incremental EBITDA at > 20% IRR 3 Increase Capabilities of Infrastructure Increase third party throughput and/or improve liquids capture/pricing of NGLs for all related parties Nearing completion of construction of 10,000 bbl/d fractionation facility for $25- $27MM, generating $6-$7MM of annualized EBITDA in Q Relocation of existing acquired and idled turbo expander and now scoping expansion at BRC Commence construction of first NGL rail loading facility 4 Enhance Logistics Network & Market Access Infrastructure Various logistics infrastructure including rail, pipelines and trucking Various port and pipeline infrastructure to get us to export markets Focused on building out large scale Montney infrastructure and related egress Improve cost structure and realized pricing 4
5 ... That Currently Provides a Low-Risk Attractive Investment Opportunity Attractive Investment Opportunity 1 Very Conservative Capital Structure Maintaining a low-risk and highly flexible capital structure Current net debt ~$25 million on $180 million dollar credit facility Minimal debt vs. comparable average of 4.5x, payout ratio of ~25% vs. average of ~70% 2 Underlying Stable Cash Flow mproducing Infrastructure Assets Protection obtained from vendors, contracts, competitive positioning to ensure go forward cash flow > 60% of EBITDA backed by take-or-pay contracts, long term agreements and/or reserve dedications Continue to increase long term contracts and diversify to customers with strong balance sheets 3 Growing EBITDA, CFPS and Share Value Taking advantage of ongoing pipeline of acquisition and organic growth opportunities to increase per share value via creativity of management team Since the April 2015 IPO, EBITDA increased from zero to current proforma EBITDA of ~$56 million Visibility to over $80 million in the next months while maintaining a strong balance sheet with Debt to EBITDA of 1-2x through the execution and commissioning of capital program 4 Relatively Undervalued versus Comparable Companies Currently trading at an overly large discount to the comparables given more conservative capital structure and more easily achieved relative growth rates EV/EBITDA multiple of 6.5x vs. peer average of 12.0x 5
6 Tidewater Facilities and Connectivity 6
7 Overview of Deep Basin Assets Brazeau River Complex continues to be Tidewater s core asset where activity is at all-time highs with 370 wells being licensed in last 6 months Tidewater recently completed the acquisition of the remaining 37% working interest in the Brazeau River Complex ( BRC ) gas plant, the remaining 60% working interest in 105 km of gas gathering pipelines connected to the BRC and the remaining working interest in three proven natural gas storage reservoirs for $30 million Tidewater also recently acquired a ~50% working interest in 150 km of gas gathering pipelines connected to the BRC Tidewater has entered into a second processing agreement in principle with a customer who is a well capitalized, medium sized producer on a 10 year basis for the majority of the remaining capacity of the BRC Tidewater is also marketing all related NGLs for the producer, consistent with Tidewater s goal of working with producers to achieve improved NGL netback pricing, while also diversifying its customer base and strengthening its related contracts Includes a 3-4 well commitment and reserve dedication on 55,000 acres of highly prospective lands Tidewater near completion on 10,000 bbl/day fractionation facility at the BRC immediately at a significantly lower cost than it s peers and on a industry leading timeline and is ontime and on-budget Fractionation facility is expected to cost $25-$27 million and generate $6-$7 million of annualized EBITDA once commissioned in Q Tidewater is working on multiple egress/takeaway options on both natural gas and NGLs in and around the BRC to tie producers into Tidewater s own network at Edmonton Tidewater now scoping an expansion at BRC due to demand Tidewater recently expanded Alder Flats by 10 MMcf/day and Alder Flats is currently processing all-time high amounts of natural gas and NGLs Deep Basin Processing Facilities & Pipelines 7
8 Overview of Edmonton Assets Tidewater has over 500 km of key pipelines and valuable rights of ways at Edmonton, 600 acres of heavy industrial land at Edmonton/Fort Saskatchewan, and 3 key extraction plant licenses Edmonton assets provide egress/takeaway options for natural gas and NGL production throughout the Deep Basin and Tidewater is now tied into some of the largest industrial consumers of natural gas in Western Canada Over the next 2 to 3 years, Tidewater plans to build out its Edmonton Energy Hub on its 600 acres of heavy industrial land and improve connectivity to major hubs at Edmonton Includes the potential for propylene and polypropylene production and/or iso-octane production as Tidewater has received several expressions of interest from various off-take and joint venture parties who Tidewater management has worked with in the past for these products Tidewater is currently railing in NGLs from refiners through a third party rail facility and trucking the NGLs to the BRC. Tidewater anticipates a significant improvement in margins by eliminating third party rail transloading fees, eliminating trucking costs and reduced pipeline tariffs at the Acheson facility Fort Saskatchewan Ethane Extraction plant successfully reactivated and online and on-time and on-budget at > 100% IRR Edmonton Processing Facilities & Pipelines 8
9 Overview of Montney Assets Tidewater continues to receive interest to expand it s natural gas processing, NGL Marketing and various egress options at its core Montney area Tidewater finished construction of phase one of its TransCanada and Alliance connected infrastructure and related natural gas liquids hub and natural gas storage project on-time and on-budget and has commenced injections Tidewater has received significant support from multiple producers in the Pipestone area to license and construct a MMcf/d sour gas plant which would be backed by take-or-pay contracts and/or reserve dedications Tidewater has received multiple term sheets from investment grade counterparties and potential financial partners to develop a large scale Montney infrastructure/egress hub near Grande Prairie Tidewater closed NEBC Montney acquisition where it acquired 40% in an operating 30 MMcf/day sour plant in the heart of the Montney at Parkland as well as ~1,000 acres of surface land Tidewater has received significant producer support of other organic capital projects including material egress options for producers in the Deep Basin and Montney and expansion into the Montney in British Columbia. Over the next 2 to 3 years, Tidewater will attempt to tie in new British Columbia Montney NGL and station 2 natural gas infrastructure into its existing Pipestone Alliance and TransCanada connected Montney infrastructure Montney Processing Facilities & Pipelines 9
10 Tidewater has a Solid Infrastructure Business With a Strengthening Customer Base > 60% of EBITDA backed by take-or-pay contracts, long term agreements and/or reserve dedications with > 50 customers Interest from several new investment grade counter parties to backstop Tidewater infrastructure Tidewater continues to work hard to strengthen customer base and contracts Top Producers Utilizing the Core Facilities Core Facility Throughput (MMcf/d) Take-or-pay Reserve Dedication Take or Pay: Years Remaining Producer #1 90 Yes Yes 2 TCPL Extraction 65 Yes No 10+ Producer #2 Producer #3 Producer #4 Producer #5 Producer #6 Producer #7 Producer #8 Producer #9 Producer #10 Producer #11 Producer #12 Producer # Yes Yes n.a. Yes No 1 Yes Yes 5 Yes No 1 No Yes n.a. No Yes n.a. Yes Yes 4 Yes No 2 Yes No 5 Yes No 10 Yes Yes 7 Yes No
11 EBITDA ($MM) EBITDA Growth Since Inception Focused on per share EBITDA growth with 25% per share EBITDA growth from Q to Q Research analysts forecasting further EBITDA growth through 2017 EBITDA Growth 1 $20.0 $0.08 $16.2 $17.4 $15.0 $13.9 $14.7 $0.06 $11.8 $10.0 $5.0 $5.0 $7.1 $7.3 $9.3 $9.5 $0.04 $0.02 EBITDA per Share ($/sh.) ($0.2) 2015-Q Q Q Q Q Q Q Q Q Q Q4 ($5.0) ($0.02) EBITDA EBITDA per Share 1 Forward looking EBITDA estimates as per FactSet street consensus as at Mar. 29,
12 C$ Millions Positioned for Organic Growth Outperformance Balance sheet is well positioned to execute on un-risked organic growth opportunities Potential to add significant shareholder value over the next 2 years While maintaining a low risk capital structure with minimal debt EBITDA Growth $100 $90 $80 $70 $60 $50 $40 EBITDA from previously announced acquisitions Pro Forma EBITDA Current TWM Status Total EBITDA Net Debt 1 $55 $42 $42 $46 $49 $54 $54 $50 $56 $61 $69 $71 $71 $44 $44 $87 $98 $30 $20 $24 $24 $26 $28 $28 $20 $25 $20 $54 $38 $10 $0 - ($5) ($2) ($2) ($10) ($20) ($25) ($17) ($12) ($23) ($21) ($15) ($30) IPO BRC Acquisition & Financing Pipeline Acquisition Peace River Arch Gas Plant Acquisition Gas Plant & Propane Acquisitions Edmonton Area Infrastrucutre Acquisition AltaGas Acquisition $80.5 MM Financing Acheson Plant, Land and Pipeline Acquisition and Rail Facility BRC Infra. Acquisition Remaining BRC Interest, Gathering Pipelines, Nat Gas Storage $69 MM Financing NEBC Processing Plant / NGL Trucking Q4 Processing Agreement / Pembina Restrictions Lifted / Fort Saskatchewan Reactivation Fractionation Facility & Relocation of Turbo Expander TransCanada and Alliance Connected Infrastructure Total Remaining Capital Over Next Months Capital Spent/ Required Capital $180 $8 $12 $22 $10 $87 n.a. $17 $15 $30 n.a. $13 $2 $40 $6 $442 $80-$150 1 Cash flow for forward looking net debt calculated as EBITDA less growth capex, maintenance capex and dividends. 12
13 Tidewater Q Capital Budget Review Up to an additional $80-$150 MM to be spent over the next months generating similar returns Tidewater Capital Projects Project Capital EBITDA Description Acheson Facility and Rail Terminal BRC Infrastructure Acquisition Remaining BRC Interest, Gathering Pipelines, Natural Gas Storage $17 MM $4 MM $15 MM $3 MM $30 MM $4 MM Fractionation Facility $25-$27 MM $6-7 MM Relocation of Deep-cut Turbo Expander TransCanada and Alliance Connected Infrastructure $12-$15 MM $3 MM $6 MM $2 MM Total $105-$110 MM $22-$23 MM Acquisition of sour gas processing plant ($11 MM) and construction of operated rail facility ($6 MM) Acquisition of network of gathering lines connected to the BRC and Windfall processing facilities, related E&P assets and working interest in three EOR/storage pools Acquisition of remaining working interest in BRC facility and related upstream assets 10,000 bbl/d fractionation facility at the BRC backed by existing throughput commitments and take-or-pay contracts. Capable of producing premium HD2 and HD5 propane. Ontime and o- budget on industry leading timeline of 8 months Relocate the currently idled 40 MMcf/d deepcut turbo expander from the Edmonton area assets acquired in January On-time and on-budget. Completed construction of Phase 1 of TransCanada and Alliance connected infrastructure and related NGL hub and natural gas storage project on-time and onbudget 13
14 Tidewater Corporate Profile Stock Symbol Common Shares Outstanding TSXV: TWM ~328 million Insider Ownership (Fully Diluted) ~5.0% Market Capitalization 1 Net Debt Enterprise Value Total Midstream Processing Capacity (gross/net) and Length of Pipelines (gross/net) Replacement Value of Midstream Assets Annual Dividend $450 million $25 million $475 million ~1 Bcf/day / ~650 MMcf/day ~3,500 km / ~2,500 km > $1.5 billion $0.04/sh. Current Yield 1 ~2.9% 1 As at Mar. 29,
15 Tidewater Midstream Trading Comparables Tidewater s EV/EBITDA multiple of 6.5x trades at a large discount to its peer mean of 12.0x EV/EBITDA Tidewater Midstream Trading Comparables 18E / 17E Payout Net Debt / Share Market Enterprise EBITDA EV / EBITDA Ratio Dividend CAFD Yield EBITDA Debt/ Credit Company Price 1 Cap. 2 Value 2,3 Growth E E 4 Yield 2018E 4,5 2018E 4 Total Cap. 6 Rating ($/Sh.) ($MM) ($MM) (%) (x) (%) (%) (%) (x) (%) Enbridge Income Fund Holdings Inc. $33.20 $25,223 $39,690 10% 13.3x 74% 6.2% 8.4% 5.4x 51% Baa2 Pembina Pipeline Corp. $42.46 $17,180 $22,698 20% 12.4x 56% 4.5% 8.1% 2.6x 36% BBB Inter Pipeline Ltd. $28.37 $10,463 $16,248 3% 13.6x 65% 5.7% 8.8% 5.1x 65% BBB+ AltaGas Ltd. $31.04 $5,229 $10,117 40% 9.5x 95% 6.8% 7.1% 7.1x 44% BBB Keyera Corp. $39.15 $7,285 $9,001 17% 10.9x 47% 4.1% 8.7% 2.6x 48% n.a. Veresen Inc. $14.64 $4,592 $7,972 14% 12.3x 82% 6.8% 8.4% 4.3x 57% BBB Mean 18% 12.0x 70% 5.7% 8.2% 4.5x 50% Median 16% 12.4x 70% 5.9% 8.4% 4.7x 50% Tidewater Midstream $1.37 $450 $475 14% 6.5x 23% 2.9% 12.5% 0.3x 6% n.a. Tidewater is trading at a large discount to comparables despite a more conservative capital structure Source: Company reports and Bloomberg. Estimates based on consensus equity research; management estimate for 2017E EBITDA. 1 As at Mar. 29, Includes options and warrants using the Treasury Method. 3 EV includes non-recourse debt and preferred shares. TWM net debt includes produces from assumed exercise of over-allotment option. 4 Based on consensus equity research estimates. TWM 2017E EBITDA based on management estimates. 5 Cash available for distribution ( CAFD ) defined as cash from operations less maintenance capex, preferred dividend, non-controlling interest and amortization of debt payments. 6 Total capitalization value based on book value of equity plus net debt. 15
Forward Looking Information
May 2017 Forward Looking Information Advisory In the interests of providing Tidewater Midstream and Infrastructure Ltd. ( Tidewater or the Corporation ) shareholders and potential investors with information
More informationCommunity Update. Life in the Heartland Community Information Evening. Pembina Pipeline Corporation
Pembina Pipeline Corporation Community Update Life in the Heartland Community Information Evening Wayne Carey Manager, Field Projects, Redwater Facility October 23, 2017 Forward-Looking Statements This
More informationWeb.com Completes Acquisition of Yodle Deal strengthens Web.com s portfolio of products that help small businesses compete and succeed online
Web.com Group, Inc. 12808 Gran Bay Parkway West Jacksonville, FL 32258 T: (904) 680-6600 F: (904) 880-0350 NASDAQ: WEB Web.com Completes Acquisition of Yodle Deal strengthens Web.com s portfolio of products
More informationBrookfield Asset Management O AK T R E E ACQUISITION M A R C H 1 3,
Brookfield Asset Management O AK T R E E ACQUISITION M A R C H 1 3, 2 0 19 Transaction Summary On March 13, 2019, Brookfield Asset Management ( BAM ) and Oaktree Capital Group ( OAK ) announced an agreement
More informationXcel Energy (Baa3/BBB-)
January 28, 2004 Fixed Income Research Recommendation: Market Perform Credit Trend: Improving Jacob P. Mercer, CFA Senior Research Analyst 612-303-1609 jacob.p.mercer@pjc.com Mark D. Churchill Associate
More informationEurope June Craig Menear. Chairman, CEO & President. Diane Dayhoff. Vice President, Investor Relations
Europe June 2016 Craig Menear Chairman, CEO & President Diane Dayhoff Vice President, Investor Relations Forward Looking Statements and Non-GAAP Financial Measurements Certain statements contained in today
More informationHow to Explain Car Rental to Banks and Investors
How to Explain Car Rental to Banks and Investors Scott White Senior Managing Director, Head of Investment Banking C.L. King & Associates March 8-9, 2011 Las Vegas Hilton 1 My Background 18 Years Advising
More informationFORWARD LOOKING STATEMENTS
JANUARY 2019 FORWARD LOOKING STATEMENTS This document includes certain statements that constitute forward looking statements and forward-looking information within the meaning of applicable securities
More informationQ PRESENTATION 18 OCTOBER 2018
Q3 2018 PRESENTATION 18 OCTOBER 2018 Group Highlights Q3 2018 Very strong growth in revenue and operating profit outside of Denmark. In Denmark, acceptance of self-cleaning in September allows Atea to
More informationAnnual results Accell Group 2016
Annual results Accell Group 2016 Amsterdam, 10 March 2017 René J. Takens, CEO Hielke H. Sybesma, CFO Agenda 1. Key results 2016 2. Strategy 3. Outlook 10 March 2017 Accell Group N.V. presentation annual
More informationHalf year results Accell Group 2017
Half year results Accell Group 2017 Hielke Sybesma, Interim CEO & CFO Jeroen Snijders Blok, COO Jeroen Both, CSCO July 21, 2017 Agenda 1. Key results H1 2017 2. Strategy 3. Outlook July 21, 2017 Accell
More informationAnnual Meeting of Shareholders May 8, Oyu Tolgoi: world-class asset, development optionality, significant cash flow potential
Annual Meeting of Shareholders May 8, 2018 Oyu Tolgoi: world-class asset, development optionality, significant cash flow potential Forward-looking statements 2 This presentation includes certain forward-looking
More informationRaymond James Institutional Investors Conference March 8, 2016
Raymond James Institutional Investors Conference March 8, 2016 Notices Forward-Looking Statements & Non-IFRS Financial Information All financial references are expressed in US$ unless otherwise noted.
More informationHighlights of initial mapping and sampling completed by the Company on the La Chiva, Agua and the 5 Senores veins include:
September 20, 2018 KOOTENAY SILVER REPORTS CONTINUED EXPLORATION SUCCESS AT COPALITO SILVER-GOLD PROJECT, MEXICO Sample Results in Southern Area of the Property Include 1.0 Meter of 1,155 gpt Silver and
More informationFinning Canada Investor Tour
Finning Canada Investor Tour Mining, Construction and Forestry Dave Primrose, EVP, Mining, Construction and Forestry June 26, 2013 Forward Looking Information This report contains statements about the
More informationBMO Capital Markets Annual Infrastructure & Utilities Conference 407 International February 8, 2018
BMO Capital Markets Annual Infrastructure & Utilities Conference 407 International February 8, 2018 Disclaimer/Disclosure This presentation has been prepared by 407 ETR. The financial information presented
More information2018 Full Year Results Presentation. 31 August 2018
2018 Full Year Results Presentation 31 August 2018 Disclaimer Important Notice and Disclaimer Disclaimer The material in this presentation has been prepared by Reece Limited (ABN 49 004 313 133) ( Reece")
More information2005 EUROPEAN GAS LEADERS CONFERENCE- MERRILL LYNCH
G&P Business Trends Luciano Sgubini Chief Operating Officer Gas & Power Division London, June 23 rd 2005 EUROPEAN GAS LEADERS CONFERENCE- MERRILL LYNCH Disclaimer This presentation contains forward-looking
More informationRefining Industry Outlook
Refining Industry Outlook Ron Chittim Refining Issues Manager American Petroleum Institute Crude Oil Quality Group Houston September 27, 2001 Topics Overview of API & Major Activities Refining Industry
More informationAMERICAN GREEN INC INTERIM FINANCIAL STATEMENTS
AMERICAN GREEN INC INTERIM FINANCIAL STATEMENTS (UNAUDITED) For the nine months ended March 31, 2018 and 2017 AMERICAN GREEN INC. UNAUDITED CONSOLIDATED BALANCE SHEET AT MARCH 31, 2018 ASSETS CURRENT ASSETS:
More informationSPECIAL DIVIDEND OF MUELLER INDUSTRIES, INC.
MUELLER INDUSTRIES, INC. SPECIAL DIVIDEND OF MUELLER INDUSTRIES, INC. This document is being provided to stockholders of Mueller Industries, Inc. (a corporation that we refer to as Mueller, we, our or
More informationTerex Materials Processing & Mining
Terex Materials Processing & Mining MineExpo International 2008 September 22, 2008 Eric Nielsen President, Terex MP&M Forward Looking Statements & Non-GAAP Measures The following presentation contains
More informationCommodity Endowment Funds
Commodity Endowment Funds Moscow March 9-10 Roberts L. Grava Jennifer Johnson-Calari World Bank rgrava@worldbank.org jjohnsoncalari@worldbank.org Challenges of managing commodity revenues Macro issues
More informationHorizonte 2 Project Update May 31, 2016
Horizonte 2 Project Update May 31, 2016 1 2 3 4 5 6 7 Project schedule Production volumes Forestry base Logistics Capex Funding Financials and Conclusion Agenda 2 3 Project schedule on time, on budget
More information2010 Credit Suisse Holiday Conference December 7, 2010
2010 Credit Suisse Holiday Conference December 7, 2010 Forward Looking Statements The Company claims the protection of the safe-harbor for forward-looking statements within the meaning of the Private Securities
More informationAMERICAN GREEN INC INTERIM FINANCIAL STATEMENTS
AMERICAN GREEN INC INTERIM FINANCIAL STATEMENTS (UNAUDITED) For the three months ended September 30, 2017 and 2016 AMERICAN GREEN INC. UNAUDITED CONSOLIDATED BALANCE SHEET AT SEPTEMBER 30, 2017 ASSETS
More informationSPECIAL DIVIDEND OF MUELLER INDUSTRIES, INC.
MUELLER INDUSTRIES, INC. SPECIAL DIVIDEND OF MUELLER INDUSTRIES, INC. This document is being provided to stockholders of Mueller Industries, Inc. (a corporation that we refer to as Mueller, we, our or
More informationANNUAL MEETING OF SHAREHOLDERS. May 3, 2018
ANNUAL MEETING OF SHAREHOLDERS May 3, 2018 1 Agenda 1. Opening of the Meeting 2. Chairman, Secretary and Scrutineers 3. Notice of Meeting 4. Scrutineer s Report 5. Minutes of Previous Meeting 6. Annual
More informationINTERIM FINANCIAL STATEMENTS
AMERICAN GREEN INC INTERIM FINANCIAL STATEMENTS (UNAUDITED) For the three and nine months ended March 31, 2016 and 2015 AMERICAN GREEN INC. UNAUDITED CONSOLIDATED BALANCE SHEET AT MARCH 31, 2016 ASSETS
More informationWestern Energy Alliance
Western Energy Alliance Alliance Pipeline - Open for Business September 23, 2010 Jim Goldmann Vice President & Chief Development Officer Forward looking statements and information Certain information contained
More informationAnnual results 2017 and strategy update. 09 March 2018
Annual results 2017 and strategy update 09 March 2018 Agenda 1. Highlights & Group performance 2017 2. Strategy update 3. Outlook 2018 March 9, 2018 Accell Group N.V. presentation annual results 2017 1
More informationAMERICAN GREEN INC INTERIM FINANCIAL STATEMENTS (UNAUDITED)
AMERICAN GREEN INC INTERIM FINANCIAL STATEMENTS (UNAUDITED) For the six months ended December 31, 2017 and 2016 AMERICAN GREEN INC. UNAUDITED CONSOLIDATED BALANCE SHEET AT DECEMBER 31, 2017 ASSETS CURRENT
More informationProgress with the Road Investment Strategy
Report by the Comptroller and Auditor General Department for Transport and Highways England Progress with the Road Investment Strategy HC 1056 SESSION 2016-17 22 MARCH 2017 4 Key facts Progress with the
More informationWelcome to William Hill
1 Welcome to William Hill 2 Today s running order Highlights and year-to-date overview Ralph Topping Financial results Simon Lane Online overview Ralph Topping Henry Birch Current trading, summary and
More informationAcushnet Holdings Corp. Company Report
2017, Belle Chang & David Weber, CFA May 2, 2018 Acushnet Holdings Corp. Company Report We recommend an Overweight in Acushnet Holdings. Acushnet, the manufacturer of Titleist and FootJoy branded golf
More informationHALF-YEAR RESULTS 2018
HALF-YEAR RESULTS 2018 HALF-YEAR RESULTS 2018 07/25/2018 1 This presentation contains certain forward-looking statements based on current expectations, forecasts and assumptions that involve risks and
More informationANNUAL RESULTS PRESENTATION. 20 March, 2014 Hong Kong
ANNUAL RESULTS PRESENTATION 20 March, 2014 Hong Kong Content Ⅰ Ⅱ Financial Highlights Business Performance Ⅲ Trend and Objectives Ⅳ Outlook and Perspectives Financial Highlights Total Assets (RMB billion)
More informationPreliminary Unaudited Financial Results for 2016
REGULATORY ANNOUNCEMENT March 9 th, 2017 Fortuna Entertainment Group N.V. Preliminary Unaudited Financial Results for 2016 Amsterdam - Fortuna Entertainment Group N.V. announces its preliminary unaudited
More informationSINGAPORE edevelopment LIMITED (Incorporated in Singapore) (Company Registration No W)
SINGAPORE edevelopment LIMITED (Incorporated in Singapore) (Company Registration No. 200916763W) PROPOSED ACQUISITION OF HOTAPPS INTERNATIONAL PTE. LTD. BY AN OTCBB-BOUND U.S. COMPANY WHICH WILL BECOME
More informationMarket Update. Randy Tinseth Vice President, Marketing Boeing Commercial Airplanes. Copyright 2016 Boeing. All rights reserved.
Market Update The statements contained herein are based on good faith assumptions are to be used for general information purposes only. These statements do not constitute an offer, promise, warranty or
More informationFact Sheet for Q3 and January-September 2012 October 24, 2012
Fact Sheet for Q3 and January-September 2012 October 24, 2012 Contents Daimler Group Stock Market Information 3 Earnings and Financial Situation 4-13 Information for Divisions Mercedes-Benz Cars 14-17
More informationPresentation half-year results 2012
Presentation half-year results 2012 Okura Hotel, Amsterdam 26 July 2012 René J. Takens, CEO Hielke H. Sybesma, CFO Jeroen M. Snijders Blok, COO Agenda 1. Accell Group in H1 2012 2. Accell Group share 3.
More informationAccell Group. power in branding and distribution. Business profile. René Takens (CEO) Two segments: - Bicycles, Bicycle Parts & Accessories - Fitness
Accell Group power in branding and distribution Brussels/Antwerp, René Takens (CEO) Wouter de Vreeze (Manager M&A/IR) 1 Business profile Two segments: - Bicycles, Bicycle Parts & Accessories - Fitness
More informationRecommendation BRL BRL % + HOLD. Stock Chart SMALL UPSIDE Target Price. Current Price. Target Price (10/19) RENT3
TEAM K Recommendation Target Price BRL 44.40 Current Price Target Price BRL 41.00 +8.30% + HOLD (10/19) Stock Chart 50 43 RENT3 44.40 36 29 22 SMALL UPSIDE Sep 15 Dec 15 Mar 16 Jun 16 Sep 16 Source: Bloomberg,
More informationAcquisition of shares in Sferia S.A. 11 March 2009, Warsaw
Acquisition of shares in Sferia S.A. 11 March 2009, Warsaw Forward looking statements This presentation includes 'forward-looking statements'. These statements contain the words anticipate", "believe",
More informationPresentation first-half results 2010
Presentation first-half results 2010 Okura Hotel, Amsterdam 23 July 2010 René J. Takens, CEO Hielke H. Sybesma, CFO Jeroen M. Snijders Blok, COO Agenda 1. Accell Group in H1 2010 2. Segments and countries
More informationThe Merits of Diversification in Portfolio Management
The Merits of Diversification in Portfolio Management April 14, 2016 Ellis Phifer, CFA, CMT Managing Director (901) 579-4831 Ellis.Phifer@raymondjames.com Intended for Institutional Clients Only See Page
More informationThe Great Eastern Shipping Co. Ltd. Debt Investors Meet September 2016
The Great Eastern Shipping Co. Ltd. Debt Investors Meet September 2016 Corporate Profile The Great Eastern Shipping Company Shipping (Bulk) Offshore (Through wholly-owned subsidiary Greatship (India) Limited)
More informationROTH Capital Partners Infant, Juvenile & Toy Conference. December 14, 2010
ROTH Capital Partners Infant, Juvenile & Toy Conference December 14, 2010 MARTIN SCHWARTZ President & Chief Executive Officer 2 Forward Looking Statements Except for historical information provided herein,
More informationPacific Sunwear. 35th Annual Bank of America Consumer Conference
Pacific Sunwear 35th Annual Bank of America Consumer Conference Safe Harbor Disclaimer This presentation will include forward looking statements within the meaning of the safe harbor provisions of Federal
More informationInvestor Presentation Q4 FY 2018
Investor Presentation Q4 FY 2018 2 nd May, 2018 Content 1. India Business 4. Financials 2. Global Business 5. Recognitions 3. Infrastructure 2 nd May 2018 2 of 34 India Business 2 nd May 2018 3 of 34 India
More information$150,000, % Convertible Unsecured Subordinated Debentures
No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. This short form prospectus constitutes a public offering of these securities
More informationUBS Annual Nordic Financial Services Conference Lars Aa. Løddesøl Group CFO - Storebrand
UBS Annual Nordic Financial Services Conference 2013 Lars Aa. Løddesøl Group CFO - Storebrand 1 The Storebrand Group 100% of investments assessed by sustainability criteria 2.200 employees 40.000 corporate
More informationCONTACT GOLD EXTENDS STRIKE LENGTH OF THE WEST ZONE DISCOVERY AT PONY CREEK DRILLS METRES OXIDE GOLD FROM SURFACE IN STEP-OUT HOLE
Suite 1050, 400 Burrard Street Vancouver, British Columbia V6C 3A6 Canada e: info@contactgold.com p: +1 (604) 449-3361 w: contactgold.com CONTACT GOLD EXTENDS STRIKE LENGTH OF THE WEST ZONE DISCOVERY AT
More informationGeneral Meeting of Shareholders
General Meeting of Shareholders Heerenveen, 20 April 2006 1 Agenda Accell Group in 2005 Share price Financials Outlook 2 Further growth Turnover + 8%, organic turnover growth 5% Accell exceeded the top
More informationCanada s economy on track for a solid 2018 although policy uncertainty lingers
Canada s economy on track for a solid 2018 although policy uncertainty lingers Dawn Desjardins (Deputy Chief Economist) (416) 974-6919 dawn.desjardins@rbc.com March 2018 Canada is facing a challenging
More informationU.S. and Ohio Midstream Infrastructure Development
U.S. and Ohio Midstream Infrastructure Development Findings and Results from ICF s Study for American Petroleum Institute, April 2017, U.S. Oil and Gas Infrastructure Investment through 2035 An Engine
More informationExhibit #MH-156. ELECTRIC OPERATIONS (MH10-2) PROJECTED OPERATING STATEMENT (In Millions of Dollars) For the year ended March 31 REVENUES
PROJECTED OPERATING STATEMENT 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 REVENUES General Consumers at approved rates 1,194 1,223 1,235 1,254 1,265 1,279 1,296 1,307 1,320 1,336 additional * - 42
More informationFinancial results for Q4 and the full year 2016
Financial results for Q4 and the full year 2016 16 March 2017 Cyfrowy Polsat S.A. Capital Group Disclaimer This presentation may include forward-looking statements, understood as all statements (other
More informationCHAIRMAN S LETTER 1 INTRODUCTION 3 2 PROFILE AEGON PROFILE REPORT SCOPE 5
CONTENTS CHAIRMAN S LETTER 1 1 INTRODUCTION 3 2 PROFILE 4 2.1 AEGON PROFILE 4 2.2 REPORT SCOPE 5 3 ECONOMIC PERFORMANCE 6 3.1. POLICYHOLDERS 6 3.2. EMPLOYEES 6 3.3. CAPITAL PROVIDERS 7 3.4. SUPPLIERS AND
More informationHARVEST ONE CANNABIS INC. C$17,500, % Unsecured Convertible Debenture Units. Price: $1,000 per Convertible Debenture Unit
No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. This short form prospectus constitutes a public offering of these securities
More informationInvestor Presentation August 13, 2014
Investor Presentation August 13, 2014 Cautionary Statement Forward-Looking Statements Certain statements in this presentation may be considered forward-looking statements. Forward-looking statements generally
More informationRochester Area Bike Sharing Program Study
roc bike share Rochester Area Bike Sharing Program Study Executive Summary ~ January 2015 JANUARY 2015 8484 Georgia Avenue, Suite 800 Silver Spring, MD 20910 3495 Winton Pl., Bldg E, Suite 110 Rochester,
More informationCONFERENCE CALL HY AUGUST 2018
CONFERENCE CALL HY 2018 23 AUGUST 2018 DISCLAIMER This company presentation and the information contained are, unless noted separately, proprietary to Schoeller- Bleckmann Oilfield Equipment AG (SBO) and
More informationContainer Terminals Operations & Planning
Presentation Container Terminals Operations & Planning Long Beach, CA September 10, 2013 Copyright 2013 by CH2M HILL Inc. Reproduction and distribution in whole or in part beyond the intended scope of
More informationTrade Growth - Fundamental Driver of Port Operations and Development Strategies
Trade Growth - Fundamental Driver of Port Operations and Development Strategies Marine Terminal Management Training Program October 15, 2007 Long Beach, CA Paul Bingham Global Insight, Inc. 1 Agenda Economic
More informationNSI Preliminary results
NSI Preliminary results Full Year 2017 30 January 2018 NSI will be the leading specialist in the Dutch office market, with a strong and efficient platform that will drive returns through pro-active asset
More information$80,000, % Convertible Unsecured Subordinated Debentures
No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. This short form prospectus constitutes a public offering of these securities
More informationCarol Tomé CFO and Executive Vice President, Corporate Services
Carol Tomé CFO and Executive Vice President, Corporate Services Financial Overview December 6, 2017 1 Discussion Overview Fiscal 2017 Financial Guidance Our View of the Economy and State of the U.S. Housing
More informationLAKE BLUFF PARK DISTRICT BLAIR PARK SWIMMING POOL Questions and Answers OVERVIEW
LAKE BLUFF PARK DISTRICT BLAIR PARK SWIMMING POOL Questions and Answers www.lakebluffparks.org OVERVIEW Q: How did the community rate the pool on the Community Wide survey? A: The top three highest rated
More informationChanges in Financial Structure of Coal Companies
Changes in Financial Structure of Coal Companies Prepared for: 30th Professional Engineers in Mining Seminar Marriott Griffin Gate Resort, Lexington, Kentucky September 15, 2017 By: John E. Feddock, P.E.
More informationI N V E S T O R P R E S E N T A T I O N F I R S T Q U A R T E R E n d e d M a r c h 3 1,
I N V E S T O R P R E S E N T A T I O N F I R S T Q U A R T E R E n d e d M a r c h 3 1, 2 0 1 4 Forward-Looking Statement Except for historical information provided herein, this presentation may contain
More informationThe Merits of Diversification in Portfolio Management
The Merits of Diversification in Portfolio Management December 7, 2015 Hunter Meisenheimer, CFA Senior Vice President (901) 579-4578 Hunter.meisenheimer@raymondjames.com Intended for Institutional Clients
More informationBusiness Plan Presentation
2019 Department of Water Resources Business Plan Presentation Wednesday, August 29, 2018 Mission To Provide Superior Water Services at an Excellent Value Vision To be widely recognized as a leader in the
More informationSmart Parking Limited ASX:SPZ Full Year Results Presentation. Paul Gillespie, CEO Richard Ludbrook, CFO August 2016
Smart Parking Limited ASX:SPZ Full Year Results Presentation Paul Gillespie, CEO Richard Ludbrook, CFO August 2016 0 Smart Parking Limited (ASX:SPZ) Smart Parking is a global car parking business listed
More informationo2 going the distance o4 message from the CEO o7 well-connected o8 business at-a-glance FOLD business model
CORPORATE PROFILE 2012-2013 Pembina is a leading pipeline transportation and midstream service provider, serving North America for nearly 60 years. Our strategically located and integrated energy infrastructure
More informationSolid results first half year 2004 Accell Group
Solid results first half year 2004 Accell Group René Takens (CEO), Hielke Sybesma (CFO) Amsterdam, 21 July 2004 1 Business goes well Autonomous Strong positioning of Accell Group s brands Effective marketing
More informationSpring Press Conference February 23, Name of chairman
Spring Press Conference February 23, 2006 Disclaimer This presentation contains forward looking statements which reflect Management s current views and estimates. The forward looking statements involve
More informationSilverCrest Reports Best Drill Hole Intercept to Date, More High-Grades at Las Chispas
1.11.218-13:44 583372 SilverCrest Reports Best Drill Hole Intercept to Date, More High-Grades at Las Chispas SilverCrest Reports Best Drill Hole Intercept to Date, More High-Grades at Las Chispas; - 9.9
More informationFIBRE OPTIC BASED GAS LIFT SURVEILLANCE USING DISTRIBUTED TEMPERATURE SENSING & DISTRIBUTED ACOUSTIC SENSING
FIBRE OPTIC BASED GAS LIFT SURVEILLANCE USING DISTRIBUTED TEMPERATURE SENSING & DISTRIBUTED ACOUSTIC SENSING 39 TH GAS-LIFT WORKSHOP HOUSTON, TEXAS, USA MAY 16 20, 2016 Gijs Hemink Shell Global Solutions
More informationPROVINCE OF SASKATCHEWAN INVESTOR PRESENTATION
PROVINCE OF SASKATCHEWAN INVESTOR PRESENTATION May 2018 THE SASKATCHEWAN DIFFERENCE Economic Stability Diversified economy balances cyclicality of resources Growing population Majority government with
More informationCan copper mine supply keep pace with demand?
Can copper mine supply keep pace with demand? Metal Bulletin Copper Conference Milan March 11 th 2014 www.woodmac.com Disclaimer Wood Mackenzie Disclaimer This presentation has been prepared by Wood Mackenzie.
More informationTV1-SF-SET Australia Opportunity Overview
TV1-SF-SET Australia Opportunity Overview June 2013 [PRELIMINARY DRAFT] Executive Summary Sony Pictures Television ( SPT ) is seeking approval to buy-out NBC Universal s stake in the TV1 and Sci-Fi (SF)
More informationKey Appointments Made to Advance Citronen Project
Level 1 329 Hay Street Subiaco 6008 Western Australia PO Box 8187 Subiaco East WA 6008 T: +61 8 6461 6350 F: +61 8 6210 1872 www.ironbark.gl admin@ironbark.gl 7 March 2018 Company Announcements Australian
More informationRBC Global Mining and Materials Conference June 7-8, Oyu Tolgoi: world-class asset, development optionality, significant cash flow potential
RBC Global Mining and Materials Conference June 7-8, 2018 Oyu Tolgoi: world-class asset, development optionality, significant cash flow potential Forward-looking statements 2 This presentation includes
More informationDeutsche Bank. Consensus Report. 13 March 2018
Deutsche Bank Consensus Report 13 March 2018 Deutsche Bank Group P&L (in m) Average Minimum Maximum # est. Average Minimum Maximum # est. Average Minimum Maximum # est. Average Minimum Maximum # est. Revenues
More informationOPAP S.A. Corporate Presentation November Nikos Polymenakos Investor Relations
OPAP S.A. Corporate Presentation November 2006 Nikos Polymenakos Investor Relations 1 Agenda!Company Overview!Recent Developments!Financials!Stock Info!Investment Perspectives 2 Company Overview 3 Company
More informationSAFE HARBOR STATEMENT
SAFE HARBOR STATEMENT Except for the historical information contained herein, this presentation contains forward-looking statements that involve known and unknown risks, uncertainties and other unknown
More informationOverview of the Philippines Action Plan for AEC Emmanuel F. Esguerra Deputy Director-General National Economic and Development Authority
Overview of the Philippines Action Plan for AEC 2015 Emmanuel F. Esguerra Deputy Director-General National Economic and Development Authority Marriot Hotel, Newport City 8 October 2014 Outline AEC 2015
More informationDownstream & Chemicals
Downstream & Chemicals Mike Wirth Executive Vice President Themes Strategy Performance Growth 2 Strategy Focused on Improving Returns Improve returns and grow earnings across the value chain Operational
More information1. Executive summary Purpose Objectives Strategy: Specific priorities 4
HORSERACE BETTING LEVY BOARD BUSINESS PLAN 2018/2019 CONTENTS 1. Executive summary 1 2. Purpose 2 3. Objectives 3 4. Strategy: Specific priorities 4 5. Income 5.1 New Levy mechanism 5 5.2 Bank interest
More informationProgram Update. Relationship: RP, RTIP, Budget, POF. Board of Directors Item 16 February 22, Board of Directors Item 16 Feb 22,
Program Update Board of Directors Item 16 February 22, 2019 Relationship: RP, RTIP, Budget, POF 2019 2020 2025 2030 2035 2040 2045 2050 Contains ten-year capital program budget 2 Board of Directors Item
More informationThe U.S. Economy How Serious A Downturn? Nigel Gault Group Managing Director North American Macroeconomic Services
The U.S. Economy How Serious A Downturn? Nigel Gault Group Managing Director North American Macroeconomic Services Growth Is Cooling; But a Soft Landing Is Likely (Real GDP, annualized rate of growth)
More informationRelevance of Questions from past Level III Essay Exams
This document attempts to identify questions from past Level III essay exams which are still relevant in 2018. There is no guarantee that the information presented here is 100% accurate. If you have any
More informationSmart Parking Limited ASX:SPZ Investor Presentation Paul Gillespie, CEO November 2016
Smart Parking Limited ASX:SPZ Investor Presentation Paul Gillespie, CEO November 2016 Smart Parking Disclaimer The release, publication or distribution of this presentation in certain jurisdictions may
More informationEconomic Outlook for Canada: Economy Confronting Capacity Limits
ECONOMICS I RESEARCH Economic Outlook for Canada: Economy Confronting Capacity Limits Presentation to the Responsible Distribution Canada 32 nd Annual General Meeting May 29, 2018 Paul Ferley (Assistant
More informationPareto Securities Oil & Offshore Conference 2018
Pareto Securities Oil & Offshore Conference 2018 John Rynd Chief Executive Officer September 13, 2018 FORWARD-LOOKING STATEMENTS In accordance with the safe harbor provisions of the Private Securities
More informationDOREL REPORTS FIRST QUARTER 2018 RESULTS
DOREL JUVENILE Maxi-Cosi Quinny Safety 1st Tiny Love Bébé Confort Cosco Infanti Mother s Choice Voyage BabyArt DOREL SPORTS Cannondale Schwinn Mongoose GT Caloi SUGOI DOREL HOME Ameriwood Altra Furniture
More informationDeutsche Bank. Consensus Report. 14 August 2018
Deutsche Bank Consensus Report 14 August 2018 Deutsche Bank Group P&L (in m) Average Minimum Maximum # est. Average Minimum Maximum # est. Average Minimum Maximum # est. Average Minimum Maximum # est.
More informationAgriculture and the Economy: A View from the Chicago Fed
Agriculture and the Economy: A View from the Chicago Fed March 3, 2016 Riverside, Iowa David Oppedahl Senior Business Economist 312-322-6122 david.oppedahl@chi.frb.org Federal Reserve System Twelve District
More information