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Antero Midstream Announces First Quarter 2021 Financial and Operational Results

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DENVER, April 28, 2021 /PRNewswire/ — Antero Midstream Corporation (NYSE: AM) (“Antero Midstream” or the “Company”) today announced its first quarter 2021 financial and operational results.  The relevant consolidated financial statements are included in Antero Midstream’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021.

First Quarter 2021 Earnings Highlights:

  • Net income was $83 million, or $0.17 per share, compared to an $0.81 per share net loss in the prior year quarter
  • Adjusted Net Income was $101 million, or $0.21 per share, compared to $0.23 per share in the prior year quarter (non-GAAP measure)
  • Adjusted EBITDA was $219 million, a 1% increase compared to the prior year quarter (non-GAAP measure)
  • Capital expenditures were $30 million, a 64% decrease compared to the prior year quarter
  • Net cash provided by operating activities was $166 million, a 13% increase compared to the prior year quarter
  • Free Cash Flow before dividends was $146 million, a 51% increase compared to the prior year quarter (non-GAAP measure)
  • Free Cash Flow after dividends was $39 million, compared to a $50 million deficit in the prior year quarter (non-GAAP measure)
  • Net Debt at quarter end was $3.1 billion and Net Debt to last twelve months Adjusted EBITDA was 3.7x, both consistent with December 31, 2020 (non-GAAP measure)

Paul Rady, Chairman and CEO said, “Antero Midstream delivered another strong operational quarter focused on cost reductions and capital discipline. This allowed us to generate $146 million of Free Cash Flow before dividends and for the second time in company history, generate Free Cash Flow after dividends. We believe this capital discipline and the ability to internally finance both our capital budget and return of capital to shareholders will serve Antero Midstream well going forward.”

Mr. Rady further added, “Antero Midstream’s primary customer, Antero Resources, made significant strides in improving its financial strength, generating over $400 million of Free Cash Flow during the first quarter. As a result of Antero Resources’ Free Cash Flow profile, Antero Resources’ leverage has significantly improved to 2.0x as of March 31, 2021. This improvement in financial strength at Antero Resources directly benefits Antero Midstream.”

For a discussion of the non-GAAP financial measures including Adjusted Net Income, Adjusted EBITDA, Free Cash Flow and Net Debt please see “Non-GAAP Financial Measures.”

First Quarter 2021 Financial Results

Low pressure gathering volumes for the first quarter of 2021 averaged 2,853 MMcf/d, a 5% increase as compared to the prior year quarter.  Compression volumes for the first quarter of 2021 averaged 2,706 MMcf/d, an 8% increase as compared to the first quarter of 2020.  High pressure gathering volumes for the first quarter of 2021 averaged 2,812 MMcf/d, a 4% increase compared to the first quarter of 2020. Fresh water delivery volumes averaged 104 MBbl/d during the quarter, a 43% decrease compared to the first quarter of 2020, due to a decrease in completion activities by Antero Resources.

Gross processing volumes from the Company’s processing and fractionation joint venture with MPLX (“Joint Venture”) averaged 1,428 MMcf/d for the first quarter of 2021, an 8% increase compared to the prior year quarter.  Joint Venture processing capacity was over 100% utilized during the quarter based on nameplate processing capacity of 1.4 Bcf/d.  Gross Joint Venture fractionation volumes averaged 38 MBbl/d, a 15% increase compared to the prior year quarter. Joint Venture fractionation capacity was 95% utilized during the quarter relative to fractionation capacity of 40 MBbl/d.



Three Months Ended

March 31,





Average Daily Volumes:


2020


2021


%
Change



Low Pressure Gathering (MMcf/d)


2,717


2,853


5%



Compression (MMcf/d)


2,516


2,706


8%



High Pressure Gathering (MMcf/d)


2,697


2,812


4%



Fresh Water Delivery (MBbl/d)


183


104


(43)%



Gross Joint Venture Processing (MMcf/d)


1,324


1,428


8%



Gross Joint Venture Fractionation (MBbl/d)


33


38


15%



For the three months ended March 31, 2021, revenues were $224 million, comprised of $185 million from the Gathering and Processing segment and $57 million from the Water Handling segment, net of $18 million of amortization of customer relationships.  Water Handling revenues included $19 million from wastewater handling and high rate water transfer services.

Direct operating expenses for the Gathering and Processing and Water Handling segments were $17 million and $22 million, respectively, for a total of $39 million, compared to $49 million in total direct operating expenses in the prior year quarter. Water Handling operating expenses included $18 million from wastewater handling and high rate water transfer services. The decrease in direct operating expenses was driven primarily by lower costs associated with flowback and produced water due to Antero Midstream’s blending operations. General and administrative expenses excluding equity-based compensation were $14 million during the first quarter of 2021.  Total operating expenses during the first quarter of 2021 included $4 million of equity compensation expense, a $1 million impairment, a $4 million loss on asset sale and $27 million of depreciation.  

Net income was $83 million, or $0.17 per share.  Net income adjusted for amortization of customer relationships, impairment expense and loss on asset sale, or Adjusted Net Income, was $101 million. Adjusted Net Income per share was $0.21 per share, a 9% decrease compared to the prior year quarter. 

The following table reconciles Net Income (Loss) to Adjusted Net Income:



Three Months Ended
March 31,




2020



2021


Net Income (Loss)


$

(392,933)



83,441


Amortization of customer relationships



17,605



17,668


Impairment expense



664,544



1,379


Loss on asset sale





3,763


Tax effect of reconciling items(1)



(179,963)



(5,680)


Adjusted Net Income


$

109,253



100,571


(1)

Statutory tax rate was approximately 24.7% for 2020 and 24.9% for 2021. Includes effective tax rate impact from net operating loss carryforward under CARES Act.

Adjusted EBITDA was $219 million, a 1% increase compared to the prior year quarter. Interest expense was $43 million, a 14% increase compared to the prior year quarter, driven by the issuance of the senior notes due 2026 that displaced lower cost borrowings on Antero Midstream’s credit facility. Capital expenditures were $30 million, a 64% decrease compared to the prior year quarter. Free Cash Flow before dividends was $146 million, a 51% increase compared to the prior year quarter and Free Cash Flow after dividends was $39 million compared to a deficit of $50 million in the prior year quarter.

The following table reconciles Net Income (Loss) to Adjusted EBITDA and Free Cash Flow before and after dividends:



Three Months Ended
March 31,




2020



2021


Net Income (Loss)


$

(392,933)



83,441


Interest expense, net



37,631



42,866


Provision for income tax expense (benefit)



(144,785)



28,024


Amortization of customer relationships



17,605



17,668


Depreciation expense



27,343



26,850


Impairment expense



664,544



1,379


Accretion of asset retirement obligation



42



119


Equity-based compensation



3,338



4,012


Equity in earnings of unconsolidated affiliates



(19,077)



(20,744)


Distributions from unconsolidated affiliates



23,628



31,910


Loss on asset sale





3,763


Adjusted EBITDA


$

217,336



219,288


Interest expense



(37,631)



(42,866)


Total capital expenditures (accrual-based)



(82,939)



(29,926)


Free Cash Flow before dividends


$

$96,766



146,496


Dividends declared (accrual-based)



(146,522)



(107,406)


Free Cash Flow after dividends


$

(49,756)



39,090


The following table reconciles net cash provided by operating activities to Free Cash Flow before dividends:



Three Months Ended
March 31,




2020



2021


Net cash provided by operating activities


$

146,986



165,701


Amortization of deferred financing costs



(1,090)



(1,388)


Settlement of asset retirement obligations





408


Payment of contingent consideration in excess of acquisition fair value



8,076




Income tax expense (benefit)



(144,785)



28,024


Deferred income taxes



88,328



(28,024)


Changes in working capital



82,190



11,701


Total capital expenditures (accrual-based)



(82,939)



(29,926)


Free Cash Flow before dividends


$

96,766



146,496


Dividends declared (accrual-based)



(146,522)



(107,406)


Free Cash Flow after dividends


$

(49,756)



39,090


First Quarter 2021 Operating Update

Gathering and Processing During the first quarter of 2021, Antero Midstream connected 14 wells to its gathering system. The Company’s 3.2 Bcf/d of compression capacity was approximately 85% utilized during the quarter. Joint Venture processing capacity of 1.4 Bcf/d was approximately 100% utilized during the quarter and Joint Venture fractionation capacity was 95% utilized during the quarter.

Water Handling Antero Midstream’s Marcellus water delivery systems serviced 24 well completions during the first quarter of 2021, a 44% decrease from the prior year quarter, driven by a reduction in completion activity by Antero Resources as it transitioned to a maintenance capital development program.

Balance Sheet and Liquidity

As of March 31, 2021, Antero Midstream had approximately $625 million drawn on its $2.13 billion bank credit facility, resulting in approximately $1.5 billion of liquidity. Antero Midstream’s Net Debt to trailing twelve months Adjusted EBITDA (“Leverage”) was 3.7x as of March 31, 2021.

Capital Investments

Total accrued capital expenditures including investments in the Joint Venture were $30 million during the first quarter of 2021. Gathering, compression, and water infrastructure capital investments totaled $29 million and investments in unconsolidated affiliates for the Joint Venture were $1 million. Of the $29 million invested in gathering, compression, and water infrastructure, $18 million was in gathering and compression assets and $11 million was in water handling assets.    

Michael Kennedy, CFO of Antero Midstream, said, “The first quarter of 2021 marked the low point in forecasted capital expenditures for 2021 as we begin construction on the infrastructure supporting the drilling partnership that is expected to generate future throughput growth on Antero Midstream dedicated acreage. As a result, we expect to invest approximately two-thirds of our $240 million to $260 million capital budget in the second and third quarter of 2021 combined, which results in an increase in quarterly capital expenditures compared to the first quarter of 2021. Importantly, during this period of increased capital expenditures we expect our leverage and net debt to remain stable at 3.7x and $3.1 billion, respectively.”

Conference Call

A conference call for Antero Midstream is scheduled on Thursday, April 29, 2021 at 10:00 am MT to discuss the financial and operational results.  A brief Q&A session for security analysts will immediately follow the discussion of the results for the quarter.  To participate in the call, dial in at 877-407-9126 (U.S.), or 201-493-6751 (International) and reference “Antero Midstream”.  A telephone replay of the call will be available until Thursday, May 6, 2021 at 10:00 am MT at 877-660-6853 (U.S.) or 201-612-7415 (International) using the conference ID: 13718719. To access the live webcast and view the related earnings conference call presentation, visit Antero Midstream’s website at www.anteromidstream.com.  The webcast will be archived for replay until Thursday, May 6, 2021 at 10:00 am MT.

Non-GAAP Financial Measures and Definitions

Antero Midstream uses certain non-GAAP financial measures. Antero Midstream defines Adjusted Net Income as net income (loss) plus amortization of customer contracts, impairment expense, and loss on asset sale, net of tax effect of reconciling items. Antero Midstream uses Adjusted Net Income to assess the operating performance of its assets. Antero Midstream defines Adjusted EBITDA as net income (loss) plus interest expense, provision for income tax expense (benefit), amortization of customer relationships, depreciation expense, impairment expense, accretion, equity-based compensation expense, excluding equity in earnings of unconsolidated affiliates, plus cash distributions from unconsolidated affiliates and loss on asset sale.

Antero Midstream uses Adjusted EBITDA to assess:

  • the financial performance of Antero Midstream’s assets, without regard to financing methods, capital structure or historical cost basis;
  • its operating performance and return on capital as compared to other publicly traded companies in the midstream energy sector, without regard to financing or capital structure; and
  • the viability of acquisitions and other capital expenditure projects.

Antero Midstream defines Free Cash Flow before dividends as Adjusted EBITDA less interest expense and accrued capital expenditures. Free Cash Flow after dividends is defined as Free Cash Flow before dividends less dividends declared for the quarter. Antero Midstream uses Free Cash Flow before and after dividends as a performance metric to compare the cash generating performance of Antero Midstream from period to period. 

Adjusted EBITDA, Adjusted Net Income, and Free Cash Flow before and after dividends are non-GAAP financial measures.  The GAAP measure most directly comparable to Adjusted EBITDA and Adjusted Net Income is Net Income. The GAAP measure most directly comparable to Free Cash Flow before and after dividends is cash flows provided by (used in) operating activities.  Such non-GAAP financial measures should not be considered as alternatives to the GAAP measures of Net Income and cash flows provided by (used in) operating activities.  The presentations of such measures are not made in accordance with GAAP and have important limitations as analytical tools because they include some, but not all, items that affect Net Income and cash flows provided by (used in) operating activities.  You should not consider any or all such measures in isolation or as a substitute for analyses of results as reported under GAAP.  Antero Midstream’s definitions of such measures may not be comparable to similarly titled measures of other companies.

Antero Midstream defines Net Debt as consolidated total debt less cash and cash equivalents. Antero Midstream views Net Debt as an important indicator in evaluating Antero Midstream’s financial leverage.

This release also includes certain non-GAAP financial information for Antero Resources. For a more information regarding those measures, please see Antero Resources’ press release dated today, a copy of which can be found on Antero Resources website, www.anteroresources.com. For additional information on the drilling partnership please see Antero Resources’ press release and Annual Report on Form 10-K, which can also be found at www.anteroresources.com.

The Company’s ability to pay future dividends is substantially dependent upon the development and drilling plan of Antero Resources, which itself is substantially dependent upon the review and approval by the Board of Directors of Antero Resources of its capital budget on an annual basis.  The Board of Directors of Antero Midstream will take into consideration many factors, including the capital budget of Antero Resources adopted by its Board of Directors and the capital resources and liquidity of Antero Midstream at the time, prior to approving future dividends.

The following table reconciles cash paid for capital expenditures and accrued capital expenditures during the period (in thousands):


Three Months Ended March 31




2020



2021


Capital expenditures (as reported on a cash basis)


$

79,673



29,146


Change in accrued capital costs



3,266



780


Capital expenditures (accrual basis)


$

82,939



29,926


The following table reconciles consolidated total debt to consolidated net debt, excluding debt premiums and issuance costs, (“Net Debt”) as used in this release (in thousands):



 

December 31,
2020


 

March 31,
2021


Bank credit facility

$

613,500


624,500



5.375% senior notes due 2024


650,000


650,000



7.875% senior notes due 2026


550,000


550,000



5.75% senior notes due 2027


650,000


650,000



5.75% senior notes due 2028


650,000


650,000



Consolidated total debt


3,113,500


3,124,500



Cash and cash equivalents


(640)


(261)



Consolidated net debt

$

3,112,860


3,124,239


The following table reconciles net loss to Adjusted EBITDA for the last twelve months as used in this release (in thousands):












12 months ended
December 31, 2020


12 months ended
March 31, 2021


Net Income (Loss)


$

(122,527)


353,847


Amortization of customer relationships



70,672


70,735


Impairment expense



673,640


10,475


Interest expense



147,007


152,242


Income tax expense (benefit)



(55,688)


117,121


Depreciation expense



108,790


108,297


Accretion of asset retirement obligation



180


257


Equity-based compensation



12,778


13,452


Loss on asset sale



2,929


6,692


Equity in earnings of unconsolidated affiliates



(86,430)


(88,097)


Distributions from unconsolidated affiliates



98,858


107,140


Adjusted EBITDA


$

850,209


852,161

















Antero Midstream Corporation is a Delaware corporation that owns, operates and develops midstream gathering, compression, processing and fractionation assets located in the Appalachian Basin, as well as integrated water assets that primarily service Antero Resources Corporation’s properties.

This release includes “forward-looking statements.” Such forward-looking statements are subject to a number of risks and uncertainties, many of which are not under Antero Midstream’s control. All statements, except for statements of historical fact, made in this release regarding activities, events or developments Antero Midstream expects, believes or anticipates will or may occur in the future, such as statements regarding Antero Midstream’s ability to execute its business plan and return capital to its stockholders, information regarding Antero Midstream’s return of capital policy, information regarding long-term financial and operating outlooks for Antero Midstream and Antero Resources, information regarding Antero Resources’ expected future growth and its ability to meet its drilling and development plan and the participation level of Antero Resources’ drilling partner and the impact on demand for Antero Midstream’s services as a result of incremental production by Antero Resources, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All forward-looking statements speak only as of the date of this release. Although Antero Midstream believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. Except as required by law, Antero Midstream expressly disclaims any obligation to and does not intend to publicly update or revise any forward-looking statements.

Antero Midstream cautions you that these forward-looking statements are subject to all of the risks and uncertainties incident to our business, most of which are difficult to predict and many of which are beyond Antero Midstream’s control. These risks include, but are not limited to, commodity price volatility, inflation, environmental risks, Antero Resources’ drilling and completion and other operating risks, regulatory changes, the uncertainty inherent in projecting Antero Resources’ future rates of production, cash flows and access to capital, the timing of development expenditures, impacts of world health events, including the COVID-19 pandemic, and the other risks described under the heading “Item 1A. Risk Factors” in Antero Midstream’s Annual Report on Form 10-K for the year ended December 31, 2020.

ANTERO MIDSTREAM CORPORATION

Condensed Consolidated Balance Sheets

 (In thousands)













(Unaudited)




December 31,


March 31,




2020


2021


Assets

Current assets:








Cash and cash equivalents


$

640



261


Accounts receivable–Antero Resources



73,722



88,773


Accounts receivable–third party



839



227


Income tax receivable



17,251



940


Other current assets



1,479



966


Total current assets



93,931



91,167










Property and equipment, net



3,254,044



3,249,726


Investments in unconsolidated affiliates



722,478



712,069


Deferred tax asset



103,402



75,378


Customer relationships



1,427,447



1,409,779


Other assets, net



9,610



8,641


Total assets


$

5,610,912



5,546,760










Liabilities and Stockholders’ Equity

Current liabilities:








Accounts payable–Antero Resources


$

3,862



2,927


Accounts payable–third party



9,495



14,898


Accrued liabilities



74,947



56,598


Other current liabilities



5,701



5,327


Total current liabilities



94,005



79,750


Long-term liabilities:








Long-term debt



3,091,626



3,103,428


Other



6,995



6,716


Total liabilities



3,192,626



3,189,894










Stockholders’ Equity:








Preferred stock, $0.01 par value: 100,000 authorized as of both December 31, 2020 and
March 31, 2021








Series A non-voting perpetual preferred stock; 12 designated and 10 issued and
     outstanding as of both December 31, 2020 and March 31, 2021






Common stock, $0.01 par value; 2,000,000 authorized; 476,639 and 476,907 issued and
    outstanding as of December 31, 2020 and March 31, 2021, respectively



4,766



4,769


Additional paid-in capital



2,877,612



2,732,748


Accumulated deficit



(464,092)



(380,651)


Total stockholders’ equity



2,418,286



2,356,866


Total liabilities and stockholders’ equity


$

5,610,912



5,546,760


ANTERO MIDSTREAM CORPORATION

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

(In thousands, except per share amounts)

(Unaudited)











Three Months Ended March 31,




2020


2021


Revenue:








Gathering and compression–Antero Resources


$

163,129



185,161


Water handling–Antero Resources



98,184



56,603


Water handling–third party





25


Amortization of customer relationships



(17,605)



(17,668)


Total revenue



243,708



224,121


Operating expenses:








Direct operating



48,728



39,314


General and administrative (including $3,338 and $4,012 of equity-based compensation in
2020 and 2021, respectively)



13,537



17,930


Facility idling



8,678



1,179


Impairment of goodwill



575,461




Impairment of property and equipment



89,083



1,379


Depreciation



27,343



26,850


Accretion of asset retirement obligations



42



119


Loss on asset sale





3,763


Total operating expenses



762,872



90,534


Operating income (loss)



(519,164)



133,587


Interest expense, net



(37,631)



(42,866)


Equity in earnings of unconsolidated affiliates



19,077



20,744


Income (loss) before income taxes



(537,718)



111,465


Provision for income tax benefit (expense)



144,785



(28,024)


Net income (loss) and comprehensive income (loss)


$

(392,933)



83,441










Net income (loss) per share–basic


$

(0.81)



0.17


Net income (loss) per share–diluted



(0.81)



0.17










Weighted average common shares outstanding:








Basic



483,103



476,850


Diluted



483,103



479,272


ANTERO MIDSTREAM CORPORATION

Selected Operating Data

 (Unaudited)

















Three Months Ended


Amount of







March 31,


 Increase


Percentage



2020


2021


or Decrease


Change

Operating Data:














Gathering—low pressure (MMcf)



247,223



256,802



9,579



4

%

Gathering—high pressure (MMcf)



245,446



253,091



7,645



3

%

Compression (MMcf)



228,967



243,562



14,595



6

%

Fresh water delivery (MBbl)



16,620



9,400



(7,220)



(43)

%

Other fluid handling (MBbl)



5,600



3,951



(1,649)



(29)

%

Wells serviced by fresh water delivery



43



24



(19)



(44)

%

Gathering—low pressure (MMcf/d)



2,717



2,853



136



5

%

Gathering—high pressure (MMcf/d)



2,697



2,812



115



4

%

Compression (MMcf/d)



2,516



2,706



190



8

%

Fresh water delivery (MBbl/d)



183



104



(79)



(43)

%

Other fluid handling (MBbl/d)



61



44



(17)



(28)

%

Average realized fees:














Average gathering—low pressure fee ($/Mcf)


$

0.33



0.34



0.01



3

%

Average gathering—high pressure fee ($/Mcf)


$

0.20



0.20





*


Average compression fee ($/Mcf)


$

0.20



0.20





*


Average fresh water delivery fee ($/Bbl)


$

3.96



3.97



0.01



%

Joint Venture Operating Data:














Processing—Joint Venture (MMcf)



120,514



128,538



8,024



7

%

Fractionation—Joint Venture (MBbl)



2,984



3,431



447



15

%

Processing—Joint Venture (MMcf/d)



1,324



1,428



104



8

%

Fractionation—Joint Venture (MBbl/d)



33



38



5



15

%

ANTERO MIDSTREAM CORPORATION

Condensed Consolidated Results of Segment Operations

 (Unaudited)

















Three Months Ended March 31, 2021




Gathering and


Water




Consolidated


(in thousands)


Processing


Handling


Unallocated


Total


Revenues:














Revenue–Antero Resources


$

185,161



56,603





241,764


Revenue–third-party





25





25


Gathering—low pressure rebate










Amortization of customer relationships



(9,271)



(8,397)





(17,668)


Total revenues



175,890



48,231





224,121
















Operating expenses:














Direct operating



17,236



22,078





39,314


General and administrative (excluding equity-based compensation)



5,924



6,620



1,374



13,918


Equity-based compensation



2,725



1,060



227



4,012


Facility idling





1,179





1,179


Impairment of property and equipment



1,218



161





1,379


Depreciation



14,713



12,137





26,850


Accretion of asset retirement obligations





119





119


Loss on asset sale



3,763







3,763


Total operating expenses



45,579



43,354



1,601



90,534


Operating income (loss)



130,311



4,877



(1,601)



133,587


Other income (expenses):














Interest expense, net







(42,866)



(42,866)


Equity in earnings of unconsolidated affiliates



20,744







20,744


Income (loss) before taxes



151,055



4,877



(44,467)



111,465


Provision for income tax expense







(28,024)



(28,024)


Net income and comprehensive income


$

151,055



4,877



(72,491)



83,441
















Adjusted EBITDA











$

219,288


ANTERO MIDSTREAM CORPORATION

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)











Three Months Ended March 31,




2020


2021


Cash flows provided by (used in) operating activities:








Net income (loss)


$

(392,933)



83,441


Adjustments to reconcile net income (loss) to net cash provided by operating activities:








Depreciation



27,343



26,850


Payment of contingent consideration in excess of acquisition date fair value



(8,076)




Accretion of asset retirement obligations



42



119


Impairment



664,544



1,379


Deferred income tax expense (benefit)



(88,328)



28,024


Equity-based compensation



3,338



4,012


Equity in earnings of unconsolidated affiliates



(19,077)



(20,744)


Distributions from unconsolidated affiliates



23,628



31,910


Amortization of customer relationships



17,605



17,668


Amortization of deferred financing costs



1,090



1,388


Settlement of asset retirement obligations





(408)


Loss on asset sale





3,763


Changes in assets and liabilities:








Accounts receivable–Antero Resources



10,460



(15,051)


Accounts receivable–third party



998



808


Income tax receivable



(56,457)



16,311


Other current assets



517



593


Accounts payable–Antero Resources



(1,470)



(935)


Accounts payable–third party



6,614



4,786


Accrued liabilities



(42,852)



(18,213)


Net cash provided by operating activities



146,986



165,701


Cash flows provided by (used in) investing activities:








Additions to gathering systems and facilities



(54,659)



(15,059)


Additions to water handling systems



(13,324)



(13,330)


Investments in unconsolidated affiliates



(11,690)



(757)


Cash received in asset sale





1,493


Change in other assets



2,296




Net cash used in investing activities



(77,377)



(27,653)


Cash flows provided by (used in) financing activities:








Dividends to stockholders



(148,876)



(147,194)


Dividends to preferred stockholders



(138)



(138)


Repurchases of common stock



(15,824)




Payments of deferred financing costs





(543)


Borrowings on bank credit facilities, net



211,000



11,000


Payment of contingent acquisition consideration



(116,924)




Employee tax withholding for settlement of equity compensation awards



(26)



(1,541)


Other



(56)



(11)


Net cash used in financing activities



(70,844)



(138,427)


Net decrease in cash and cash equivalents



(1,235)



(379)


Cash and cash equivalents, beginning of period



1,235



640


Cash and cash equivalents, end of period


$



261


Supplemental disclosure of cash flow information:








Cash paid during the period for interest


$

67,609



58,739


Cash received during the period for income taxes


$



16,913


Increase in accrued capital expenditures and accounts payable for property and equipment


$

3,266



780


  

SOURCE Antero Midstream Corporation

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www.anteromidstream.com

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Aris Gold Announces Q1 2021 Results and AGM Voting

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VANCOUVER, BC, May 11, 2021 /PRNewswire/ – Aris Gold Corporation (Aris Gold or the Company) (TSX: ARIS) (OTCQX: ALLXF) reports Q1 2021 financial and operating results and the voting results of its Annual General Meeting (AGM) held earlier today. All amounts are in US dollars, unless otherwise indicated.

Highlights of Financial and Operating Results

Aris Gold has continued to advance the Lower Mine project at the Marmato mine in Colombia, with notable developments including:

  • The Company successfully negotiated a 30-year extension of the mining title at the Marmato mine to October 2051, which included an agreement with the Agencia Nacional de Mineria (ANM) allowing Aris Gold to proceed with its expansion plans for the Lower Mine.
  • The escrow release conditions under the Aris Gold-led financing were satisfied and C$85 million of cash in escrow was released.
  • Following the completion of a competitive tender process, Aris Gold awarded the engineering, procurement and construction management (EPCM) contract to Wood, a global leader in consulting and engineering with extensive experience delivering mining projects across Latin America.
  • On April 15, 2021, Aris Gold received $34 million of the $110 million precious metals stream financing from Wheaton Precious Metals International Ltd. Under the terms of the precious metals purchase agreement, the remaining $76 million will be received in three installments as the development of the Lower Mine progresses.
  • Aris Gold strengthened its operating and construction teams at Marmato with the reorganization of management and the addition of two senior operations executives.
  • Aris Gold continued with the 35,000-metre drill program at Marmato which commenced in May 2020, with the principal objective of converting Inferred Mineral Resources to Indicated Mineral Resources while also testing several newly discovered areas. Consistent with previous results under the program, drilling during the first quarter of 2021 continued to show high-grade mineralization over broad widths demonstrating potential to extend the 13-year mine life outlined in the Marmato Technical Report. As of May 2021, this drill program is approximately 60% complete.
  • Aris Gold continued to advance its community projects. The Company completed construction of a new municipal park in the community of Marmato in March 2021, and expects to complete construction in May 2021 of a modern new community centre which will provide a central location for education and training.

Q1 2021 Financial and Operating Highlights

  • Revenue totalled $13.6 million in the first quarter of 2021, 29% higher than the first quarter of 2020, primarily due to the 14% increase in the average realized gold price to $1,802 per ounce and the 13% increase in gold ounces sold to 7,412 in the first quarter of 2021.
  • Aris Gold incurred a total of $7.1 million of capital expenditures for the three months ended March 31, 2021. This was comprised of the $4.3 million spent on the Lower Mine, including $2.0 million for the Lower Mine drilling campaign, and $2.8 million in the Marmato Upper Mine, including $1.1 million of non-sustaining and other capital relating to the modernization of the operations and $1.7 million of sustaining capital primarily related to underground mine development.
  • At March 31, 2021, Aris Gold had cash and cash equivalents of $143.4 million, representing an increase from $32.0 million at the end of 2020, primarily due to the receipt of funds from escrow related to the Gold-linked notes and the Aris Gold-led financing, partially offset by cash outflows from operating and investing activities. On April 15, 2021, Aris Gold received $34 million of the $110 million precious metals stream financing.
  • In the first quarter of 2021, Aris Gold reported a net loss of $8.4 million ($0.07 per share) (Q1 2020: $17.6 million ($0.47 per share)). This was primarily driven by the decrease in margin from mining operations and once-off acquisition and restructuring costs of $12.8 million (Q1 2020: nil).

Aris Gold’s Q1 2021 financial statements and related MD&A are available on SEDAR and in the Investors section of Aris Gold’s website here.

AGM Voting Results

Shareholders holding 102,742,026 shares or 74.54% of the outstanding shares of the Company participated directly or were represented by proxy at the AGM. The meeting voting results are as follows.

Election of Directors

The number of directors to be elected was fixed at eight and the following directors were elected to the Board:

Nominee

Votes for

% for

Votes withheld

% withheld

Ian Telfer

101,577,079

99.999%

665

0.001%

Neil Woodyer

101,575,179

99.997%

2,565

0.003%

Daniela Cambone

101,534,334

99.957%

43,410

0.043%

David Garofalo

101,318,716

99.745%

259,028

0.255%

Serafino Iacono

101,316,716

99.743%

261,028

0.257%

Peter Marrone

101,577,179

99.999%

565

0.001%

Hernan Martinez

101,577,244

100.000%

500

0.000%

Attie Roux

101,575,079

99.997%

2,665

0.003%

Appointment of Auditors

KPMG LLP were re-appointed as auditors of the Company for the ensuing year with their remuneration to be set by the Board.


Votes for

% for

Votes withheld

% withheld

KPMG LLP

102,119,070

99.959%

41,756

0.041%

About Aris Gold

Aris Gold is a Canadian mining company listed on the TSX under the symbol ARIS. The Company is led by an executive team with a demonstrated track record of creating value through building globally relevant gold mining companies. Aris Gold operates the Marmato mine in Colombia, where a modernization and expansion program is underway, and the Juby project, an advanced exploration stage gold project in the Abitibi greenstone belt of Ontario, Canada. Aris Gold plans to pursue acquisition and other growth opportunities to unlock value creation from scale and diversification.

Additional information on Aris Gold can be found at www.arisgold.com and www.sedar.com.

Forward-looking Information

This news release contains “forward-looking information” or forward-looking statements” within the meaning of Canadian securities legislation. All statements included herein, other than statements of historical fact, including without limitation statements relating to receipt of the remaining funds under the stream financing and advancement of community projects are forward-looking. Generally, the forward-looking information and forward looking statements can be identified by the use of forward looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, “will continue” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Statements concerning mineral resource estimates may also be deemed to constitute forward looking information to the extent that they involve estimates of the mineralization that will be encountered. The material factors or assumptions used to develop forward looking information or statements are disclosed throughout this presentation.

Forward looking information and forward looking statements, while based on management’s best estimates and assumptions, are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Aris Gold to be materially different from those expressed or implied by such forward-looking information or forward looking statements, including but not limited to: the ability of the Aris Gold management team to successfully integrate with the current operations, risks related to international operations, risks related to general economic conditions, uncertainties relating to operations during the COVID-19 pandemic, actual results of current exploration activities, availability of quality assets that will add scale, diversification and complement Aris Gold’s growth trajectory; changes in project parameters as plans continue to be refined; fluctuations in prices of metals including gold; the ability to convert mineral resources to mineral reserves; fluctuations in foreign currency exchange rates, increases in market prices of mining consumables, risks associated with holding derivative instruments (such as credit risks, market liquidity risk and mark-to-market risk), possible variations in mineral reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; changes in national and local government legislation, taxation, controls, regulations, regulations and political or economic developments in Canada or Colombia, accidents and operations, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; delays in obtaining governmental approvals including obtaining required environmental and other licenses, or in the completion of development or construction activities, changes in national and local government regulation of mining operations, tax rules and regulations, and political and economic developments in countries in which the Company operates, as well as those factors discussed in the section entitled “Risk Factors” in Aris Gold’s most recent AIF available on SEDAR at www.sedar.com.

Although Aris Gold has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information and forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information or statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information or statements. The Company has and continues to disclose in its Management’s Discussion and Analysis and other publicly filed documents, changes to material factors or assumptions underlying the forward-looking information and forward-looking statements and to the validity of the information, in the period the changes occur. The forward-looking statements and forward-looking information are made as of the date hereof and Aris Gold disclaims any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements or forward-looking information contained herein to reflect future results. Accordingly, readers should not place undue reliance on forward-looking statements and information.

This announcement does not constitute an offer of securities for sale in the United States, nor may any securities referred to herein be offered or sold in the United States absent registration or an exemption from registration as provided in the U.S. Securities Act of 1933 as amended (the “Securities Act”) and the rules and regulations thereunder. The securities referred to herein have not been registered pursuant to the Securities Act and there is no intention to register any of the securities in the United States or to conduct a public offering of securities in the United States.

SOURCE Aris Gold Corporation

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Battle North Announces Results of its 2021 Annual General and Special Meeting of Shareholders

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Shareholders Approve Arrangement with Evolution Mining

TORONTO, May 11, 2021 /PRNewswire/ – Battle North Gold Corporation (TSX: BNAU) (OTCQX: BNAUF) (“Battle North” or the “Company“) announces that all resolutions were passed at the Annual General and Special Meeting of Shareholders (the “Meeting“) held by live audio webcast on Tuesday, May 11, 2021. The detailed voting results for the election of the directors are set out as below. At the Meeting, all director nominees listed in the Company’s management information circular dated April 9, 2021 (the “Circular“) were elected as directors of the Company.

Director

Votes FOR

% FOR

Votes Withheld

% Withheld

Julian Kemp

83,857,382

99.88

97,609

0.12

Sasha Bukacheva

83,846,268

99.87

108,723

0.13

Daniel Burns

82,904,766

98.75

1,050,225

1.25

Peter Jones

83,678,833

99.67

276,158

0.33

George Ogilvie

83,854,849

99.88

100,142

0.12

David Palmer

83,514,416

99.48

440,575

0.52

Voting results for the other items of business at the Meeting, all as more particularly described in the Circular were as follows:


Votes FOR

% FOR

Votes Withheld

% Withheld

Appointment of Auditors 
(PricewaterhouseCoopers LLP) and 
Auditors’ Remuneration

86,474,489

99.94

53,997

0.06


Votes FOR

% FOR

Votes Against

% Against

Approval of Arrangement





(a) all common shares duly represented 
and entitled to vote

83,808,877

99.83

146,113

0.17

(b) all common shares duly represented and 
entitled to vote, excluding the votes required 
to be excluded pursuant to MI 61-101

83,228,398

99.82

146,113

0.18

The formal report on voting results with respect to all matters voted upon at the Meeting will be filed under the Company’s profile on SEDAR at www.sedar.com.

Acquisition of Battle North by Evolution Mining Limited

At the Meeting, the shareholders approved the previously announced plan of arrangement pursuant to which Evolution Mining Limited (ASX: EVN) (“Evolution“), through its wholly-owned subsidiary Evolution Mining (Canada Holdings) Limited, has agreed to acquire all of the issued and outstanding shares of Battle North (the “Transaction“) at a price of C$2.65 per common share in cash, for total consideration for all issued and outstanding shares pursuant to the Transaction of approximately C$343 million, all as more particularly described in the Circular.

Subject to receipt of the final order of the Supreme Court of British Columbia approving the Transaction, as more particularly described in the Circular, which is anticipated to be received on or about May 17, 2021, the Transaction is expected to be completed on or about May 19, 2021. The Company will provide further details in due course.

About Battle North Gold Corporation
Battle North is developing the Bateman Gold Project to become the next gold producer in the renowned Red Lake Gold District in Ontario, Canada and controls the second largest exploration ground in the district. Battle North also owns a large gold exploration land package on the Long Canyon gold trend near the NevadaUtah border in the United States. Battle North’s shares are listed on the Toronto Stock Exchange (BNAU) and the OTCQX markets (BNAUF). For more information, please visit our website at www.battlenorthgold.com.

About Evolution Mining Limited
Evolution is a leading, growth-focused Australian gold miner. Evolution operates five wholly-owned mines – Cowal in New South Wales, Mt Carlton and Mt Rawdon in Queensland, Mungari in Western Australia, and Red Lake in Ontario, Canada. In addition, Evolution holds an economic interest in the Ernest Henry copper gold mine in Queensland.

BATTLE NORTH GOLD CORPORATION
George Ogilvie, P.Eng.
President, CEO, and Director

Cautionary Statement regarding Forward-Looking Statements
This news release contains statements that constitute “forward-looking statements” and “forward looking information” (collectively, “forward-looking statements”) within the meaning of applicable Canadian and United States securities legislation. Generally, these forward-looking statements can be identified by the use of words, expressions or statements that certain actions, events or results can, could, may, should, will (or not) be achieved or occur, or are expected, in the future including with respect to the closing of the Transaction and the timing thereof and the receipt of court approval and the timing thereof. In some cases, forward-looking information may be stated in the present tense, such as in respect of current matters that may be continuing, or that may have a future impact or effect. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and represent management’s best judgment based on facts and assumptions that management considers reasonable. If such opinions and estimates prove to be incorrect, actual and future results may be materially different than expressed in the forward- looking statements. Forward-looking statements involve known and unknown risks, uncertainties, contingencies and other factors which may cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by the forward-looking statements. Such risks, uncertainties, contingencies, assumptions and other factors include: the failure to, in a timely manner, or at all, obtain the required court approval for the Transaction; the failure of the parties to otherwise satisfy the conditions to complete the Transaction; the possibility that Battle North could terminate the Arrangement Agreement as a result of a superior proposal that is not matched by the other party; the effect of the announcement of the Transaction on Battle North’s strategic relationships, operating results and business generally; significant transaction costs or unknown liabilities; the risk of litigation that could prevent or hinder the completion of the Transaction; other customary risks associated with transactions of this nature; as well as the “Risk Factors” in the Circular, the “Risk Factors” in Battle North’s annual information form dated March 29, 2021 (“2021 AIF”) and the risks described in Battle North’s management’s discussion and analysis for the year ended December 31, 2020 (the “2020 MD& A”). In addition, if the Transaction is not completed, and Battle North continues as an independent entity, there are risks that the announcement of the Transaction and the dedication of substantial resources by Battle North to the completion of the Transaction could have an adverse impact on Battle North’s business and strategic relationships, operating results and business generally. The foregoing list of risks, uncertainties, contingencies, assumptions and other factors is not exhaustive; readers should consult the more complete discussion of Battle North’s business, financial condition and prospects that is provided in the 2021 AIF. As a consequence actual results in the future may differ materially from any forward-looking statement, whether expressed or implied. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws. The forward-looking statements contained herein are expressly qualified by this cautionary statement.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

SOURCE Battle North Gold Corporation

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http://www.battlenorthgold.com/

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Battle North Announces Results of its 2021 Annual General and Special Meeting of Shareholders

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Shareholders Approve Arrangement with Evolution Mining

TORONTO, May 11, 2021 /PRNewswire/ – Battle North Gold Corporation (TSX: BNAU) (OTCQX: BNAUF) (“Battle North” or the “Company“) announces that all resolutions were passed at the Annual General and Special Meeting of Shareholders (the “Meeting“) held by live audio webcast on Tuesday, May 11, 2021. The detailed voting results for the election of the directors are set out as below. At the Meeting, all director nominees listed in the Company’s management information circular dated April 9, 2021 (the “Circular“) were elected as directors of the Company.

Director

Votes FOR

% FOR

Votes Withheld

% Withheld

Julian Kemp

83,857,382

99.88

97,609

0.12

Sasha Bukacheva

83,846,268

99.87

108,723

0.13

Daniel Burns

82,904,766

98.75

1,050,225

1.25

Peter Jones

83,678,833

99.67

276,158

0.33

George Ogilvie

83,854,849

99.88

100,142

0.12

David Palmer

83,514,416

99.48

440,575

0.52

Voting results for the other items of business at the Meeting, all as more particularly described in the Circular were as follows:


Votes FOR

% FOR

Votes Withheld

% Withheld

Appointment of Auditors 
(PricewaterhouseCoopers LLP) and 
Auditors’ Remuneration

86,474,489

99.94

53,997

0.06


Votes FOR

% FOR

Votes Against

% Against

Approval of Arrangement





(a) all common shares duly represented 
and entitled to vote

83,808,877

99.83

146,113

0.17

(b) all common shares duly represented and 
entitled to vote, excluding the votes required 
to be excluded pursuant to MI 61-101

83,228,398

99.82

146,113

0.18

The formal report on voting results with respect to all matters voted upon at the Meeting will be filed under the Company’s profile on SEDAR at www.sedar.com.

Acquisition of Battle North by Evolution Mining Limited

At the Meeting, the shareholders approved the previously announced plan of arrangement pursuant to which Evolution Mining Limited (ASX: EVN) (“Evolution“), through its wholly-owned subsidiary Evolution Mining (Canada Holdings) Limited, has agreed to acquire all of the issued and outstanding shares of Battle North (the “Transaction“) at a price of C$2.65 per common share in cash, for total consideration for all issued and outstanding shares pursuant to the Transaction of approximately C$343 million, all as more particularly described in the Circular.

Subject to receipt of the final order of the Supreme Court of British Columbia approving the Transaction, as more particularly described in the Circular, which is anticipated to be received on or about May 17, 2021, the Transaction is expected to be completed on or about May 19, 2021. The Company will provide further details in due course.

About Battle North Gold Corporation
Battle North is developing the Bateman Gold Project to become the next gold producer in the renowned Red Lake Gold District in Ontario, Canada and controls the second largest exploration ground in the district. Battle North also owns a large gold exploration land package on the Long Canyon gold trend near the NevadaUtah border in the United States. Battle North’s shares are listed on the Toronto Stock Exchange (BNAU) and the OTCQX markets (BNAUF). For more information, please visit our website at www.battlenorthgold.com.

About Evolution Mining Limited
Evolution is a leading, growth-focused Australian gold miner. Evolution operates five wholly-owned mines – Cowal in New South Wales, Mt Carlton and Mt Rawdon in Queensland, Mungari in Western Australia, and Red Lake in Ontario, Canada. In addition, Evolution holds an economic interest in the Ernest Henry copper gold mine in Queensland.

BATTLE NORTH GOLD CORPORATION
George Ogilvie, P.Eng.
President, CEO, and Director

Cautionary Statement regarding Forward-Looking Statements
This news release contains statements that constitute “forward-looking statements” and “forward looking information” (collectively, “forward-looking statements”) within the meaning of applicable Canadian and United States securities legislation. Generally, these forward-looking statements can be identified by the use of words, expressions or statements that certain actions, events or results can, could, may, should, will (or not) be achieved or occur, or are expected, in the future including with respect to the closing of the Transaction and the timing thereof and the receipt of court approval and the timing thereof. In some cases, forward-looking information may be stated in the present tense, such as in respect of current matters that may be continuing, or that may have a future impact or effect. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and represent management’s best judgment based on facts and assumptions that management considers reasonable. If such opinions and estimates prove to be incorrect, actual and future results may be materially different than expressed in the forward- looking statements. Forward-looking statements involve known and unknown risks, uncertainties, contingencies and other factors which may cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by the forward-looking statements. Such risks, uncertainties, contingencies, assumptions and other factors include: the failure to, in a timely manner, or at all, obtain the required court approval for the Transaction; the failure of the parties to otherwise satisfy the conditions to complete the Transaction; the possibility that Battle North could terminate the Arrangement Agreement as a result of a superior proposal that is not matched by the other party; the effect of the announcement of the Transaction on Battle North’s strategic relationships, operating results and business generally; significant transaction costs or unknown liabilities; the risk of litigation that could prevent or hinder the completion of the Transaction; other customary risks associated with transactions of this nature; as well as the “Risk Factors” in the Circular, the “Risk Factors” in Battle North’s annual information form dated March 29, 2021 (“2021 AIF”) and the risks described in Battle North’s management’s discussion and analysis for the year ended December 31, 2020 (the “2020 MD& A”). In addition, if the Transaction is not completed, and Battle North continues as an independent entity, there are risks that the announcement of the Transaction and the dedication of substantial resources by Battle North to the completion of the Transaction could have an adverse impact on Battle North’s business and strategic relationships, operating results and business generally. The foregoing list of risks, uncertainties, contingencies, assumptions and other factors is not exhaustive; readers should consult the more complete discussion of Battle North’s business, financial condition and prospects that is provided in the 2021 AIF. As a consequence actual results in the future may differ materially from any forward-looking statement, whether expressed or implied. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws. The forward-looking statements contained herein are expressly qualified by this cautionary statement.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

SOURCE Battle North Gold Corporation

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http://www.battlenorthgold.com/

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Zhang Yuzhuo, presidente da Sinopec: acelerar a construção de uma marca de classe mundial para liderar melhor o desenvolvimento de alta qualidade da empresa

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No fórum sobre a construção de marcas corporativas da China, realizado em 10 de maio, o Sr. Zhang Yuzhuo, afirmou solenemente em seu discurso de abertura que a Sinopec acelerará para construir uma marca independente de classe mundial para liderar melhor o desenvolvimento de alta qualidade da empresa.

A capacidade de fabricação na China continua a crescer e a se desenvolver, mostrando vitalidade e criatividade vigorosas com um número maior de marcas chinesas indo para o exterior.

Por 38 anos, a Sinopec enfatizou o fortalecimento da construção da marca e se comprometeu a trazer para a sociedade produtos químicos e relacionados a energia superiores, mais limpos e mais diversificados. Cumprindo suas promessas de marca com ações e responsabilidades, a Sinopec continuará a atender às necessidades das pessoas para melhorar a vida e promover o valor, a reputação e a influência da marca da empresa.

“A Sinopec avançará na construção de uma marca de classe mundial, aderindo à proposta de valor da marca – “a inovação conduz o futuro da indústria, criando uma vida melhor com responsabilidade” – e também tornando o slogan da marca – “energia mais limpa, vida melhor” – profundamente enraizado no coração dos clientes, entrando em milhares e milhares de residências como uma empresa internacional responsável”, disse Zhang Yuzhuo, presidente da Sinopec.

No futuro, a Sinopec implementará a estratégia da marca vigorosamente e estabelecerá firmemente os conceitos de “a qualidade está sempre um passo à frente” e “cada gota de petróleo é uma promessa”, a fim de enfatizar o compromisso da Sinopec com a qualidade em primeiro lugar, acelerando a promoção da vitalidade da marca. Guiada pela implementação de uma estratégia de desenvolvimento líder mundial, a Sinopec fortalecerá sua gestão de operações e agilizará a melhoria do suporte à marca.

Ao aproveitar a oportunidade de construir uma empresa de tecnologia pioneira, a Sinopec também continuará a inovar e impulsionar a competitividade de sua marca, juntamente com a aceleração da transição verde e de baixas emissões de carbono, promovendo energia fóssil limpa, energia não fóssil escalada e processo de produção com baixas emissões de carbono, para garantir que atinja o pico de emissões de carbono antes da meta da China e se esforce para atingir a neutralidade de carbono até 2050.

Além disso, a Sinopec apoiará os principais projetos de revitalização rural, as Olimpíadas de Inverno de Pequim de 2022, a iniciativa Health Express, os Dias Abertos ao Grande Público, os postos de combustível filantrópicos para trabalhadores sanitários e muito mais, a fim de consolidar a responsabilidade social e elevar a influência da marca, tornando “responsável” uma palavra-chave da marca Sinopec.

Sobre a Sinopec

A Sinopec Corp. é uma das maiores empresas integradas de energia e produtos químicos da China. Suas principais operações incluem a exploração e produção, transporte de gasodutos e venda de petróleo e gás natural; a venda, o armazenamento e o transporte de produtos petrolíferos, produtos petroquímicos, produtos químicos de carvão, fibra sintética, fertilizantes e outros produtos químicos; a importação e exportação, incluindo uma agência de importação e exportação, de petróleo, gás natural, produtos petrolíferos, produtos petroquímicos e químicos e outras commodities e tecnologias; e pesquisa, desenvolvimento e aplicação de tecnologias e informação.

A Sinopec estabelece como sua missão corporativa, o “alimentar uma vida bonita”, coloca “as pessoas, a responsabilidade, a integridade, a precisão, a inovação e o ser bom para todos” como seus valores corporativos fundamentais, busca estratégias de desenvolvimento orientado por valor e voltado para a inovação, alocação integrada de recursos, cooperação aberta e crescimento verde e com baixas emissões de carbono, e se esforça para alcançar sua visão corporativa de construir uma empresa líder mundial em energia e produtos químicos.

Para mais informações, acesse: http://www.sinopecgroup.com/group/en/.

Foto – https://mma.prnewswire.com/media/1507664/image_1.jpg 
Foto – https://mma.prnewswire.com/media/1507665/image_2.jpg 
Logotipo – https://mma.prnewswire.com/media/960416/SINOPEC_Logo.jpg

FONTE Sinopec

Related Links

www.sinopecgroup.com/group

SOURCE Sinopec

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Source: https://www.prnewswire.com:443/news-releases/zhang-yuzhuo-presidente-da-sinopec-acelerar-a-construcao-de-uma-marca-de-classe-mundial-para-liderar-melhor-o-desenvolvimento-de-alta-qualidade-da-empresa-856004039.html

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