Is Oil Setting Up for a Waterfall Decline?

Source: Clive Maund for Streetwise Reports   07/27/2020

Technical analyst Clive Maund charts oil and discusses what he sees lying ahead.

Compared to the wild volatility that we witnessed back in the spring, trading in oil has become very light and subdued, with volatility in it dropping to a very low level, and as a result many traders are losing interest in it. It is quiet—too quiet—and complacency towards it is now rife, but as we will see, there are signs that this may all be about to change, and fast.

We’ll start by looking at the year-to-date arithmetic chart for Light Crude on which we can see all of the dramatic developments this year. After deteriorating early in the year, the oil price accelerated to the downside, plunging early in March with a big gap down and then it continued to weaken into mid-April when a sudden huge drop left some contracts not just worthless, but actually having negative worth, meaning that if you took delivery you had to in effect pay someone to take it away, for an amount that exceeded what the oil was actually worth. Clearly, this was a situation that was untenable because so much depends on the oil price, so the Fed and the Military–Industrial complex worked all the levers at their disposal to get the price back up again, which of course included creating trillions of new dollars to throw at the problem, and to throw at the markets generally, especially the “window dressing” FAANG stocks. Up to now this has worked and we have seen a recovery rally of astounding proportions in the stock markets, especially the tech sector, and a respectable recovery in the oil price, and what makes all this even more astounding is that it has happened as the real world economy has been frozen by widespread lockdowns, the main purpose of which is to kill the velocity of money so that the Fed can print trillions and buy up everything without it feeding through immediately into hyperinflation—that will come later.

It is worth looking at the log chart for Light Crude for the same timeframe, as it makes starkly clear the enormous percentage swings in the oil price during the period of extreme crisis back in the spring, and the comparatively minuscule percentage price changes in recent weeks.

The two main factors that have driven the oil price back up from its April lows are a concerted and comprehensive campaign of manipulation and strategic support using trillions of dollars created for the purpose, coupled with the widespread and mistaken belief that the lockdowns will end and the world will start to return to normal, which is not going to happen – a return to the world as it was before is simply not going to be permitted. What this means is that the old fashioned daily commute to the office by millions in their vehicles is for many going to be a thing of the past, as they will either be jobless or working from home, and the same goes for mass travel—overseas trips will become an expensive hassle that will be out of reach of most people.

The result of these huge changes will be vastly reduced oil consumption, and once that reality sinks in the oil price could very well crash again, and that will be necessary to disincentivize producers from delivering product to the market that is surplus to requirement and cannot be stored. Many in the oil industry are now living in “cloud cuckoo land” mistakenly believing the old days of profligate consumption are coming back when they are not—our illustrious leaders have decided to tackle climate change head on, assisted by the super hyped virus hysteria—and that means a vast reduction in the consumption of oil. Given that most people are like children and won’t make sacrifices voluntarily, those in control have conspired to create a situation where they are forced to change.

Now we will zoom out to put recent moves in the oil price in perspective by means of a range of longer-term charts.

The 1-year chart is interesting as it makes clear where things started to unravel for oil. We can see the origins of the upper support level in the $49.50-$52 zone that once breached, set off the brutal cascading decline, and how, after it failed there was a brief pullback rally early in March towards the failed support that presented a “once in a blue moon” shorting opportunity, after which the price plunged. This chart also makes clearer that the current moving average alignment is very bearish, with the price advance fizzling out at heavy resistance beneath the steadily falling 200-day moving average, and the 50-day rising up towards it but in position to quickly rollover and drop in the event of the price turning lower as expected, without first breaking above the 200-day. If this is how it turns out it could set oil up for another waterfall decline.

The 5-year chart is useful as it enables us to see the origins of the strong resistance that has gradually brought the current advance to a dead stop and is now increasingly threatening to force oil back down again. It arises from the trading at and above the current price during the years 2015 through 2018.

Finally, on the 10-year chart, we see that oil takes major support and resistance levels seriously. As clear examples we see that oil’s advance in 2018 was capped by strong resistance at the underside of a large trading range that built out from 2011 through 2014, and then that support at or near to the lows in 2015, 2016 and 2017 later came into play to halt and reverse the sharp drop that occurred late in 2018. Therefore, as oil takes major support and resistance levels seriously, and it is right now stalled out at a major resistance level, we are going to take it seriously too, because it very likely means that a breakdown into a serious decline is going to occur soon.

Originally published on CliveMaund.com on July 25, 2020.

Clive Maund has been president of www.clivemaund.com, a successful resource sector website, since its inception in 2003. He has 30 years’ experience in technical analysis and has worked for banks, commodity brokers and stockbrokers in the City of London. He holds a Diploma in Technical Analysis from the UK Society of Technical Analysts.

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Disclosure:
1) Statements and opinions expressed are the opinions of Clive Maund and not of Streetwise Reports or its officers. Clive Maund is wholly responsible for the validity of the statements. Streetwise Reports was not involved in any aspect of the article preparation. Clive Maund was not paid by Streetwise Reports LLC for this article. Streetwise Reports was not paid by the author to publish or syndicate this article.
2) This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
3) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

Charts provided by the author.

CliveMaund.com Disclosure:
The above represents the opinion and analysis of Mr. Maund, based on data available to him, at the time of writing. Mr. Maund’s opinions are his own, and are not a recommendation or an offer to buy or sell securities. Mr. Maund is an independent analyst who receives no compensation of any kind from any groups, individuals or corporations mentioned in his reports. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified and experienced stock market analyst, Clive Maund is not a Registered Securities Advisor. Therefore Mr. Maund’s opinions on the market and stocks can only be construed as a solicitation to buy and sell securities when they are subject to the prior approval and endorsement of a Registered Securities Advisor operating in accordance with the appropriate regulations in your area of jurisdiction.

Source: Clive Maund for Streetwise Reports   07/27/2020

Technical analyst Clive Maund charts oil and discusses what he sees lying ahead.

Compared to the wild volatility that we witnessed back in the spring, trading in oil has become very light and subdued, with volatility in it dropping to a very low level, and as a result many traders are losing interest in it. It is quiet—too quiet—and complacency towards it is now rife, but as we will see, there are signs that this may all be about to change, and fast.

We'll start by looking at the year-to-date arithmetic chart for Light Crude on which we can see all of the dramatic developments this year. After deteriorating early in the year, the oil price accelerated to the downside, plunging early in March with a big gap down and then it continued to weaken into mid-April when a sudden huge drop left some contracts not just worthless, but actually having negative worth, meaning that if you took delivery you had to in effect pay someone to take it away, for an amount that exceeded what the oil was actually worth. Clearly, this was a situation that was untenable because so much depends on the oil price, so the Fed and the Military–Industrial complex worked all the levers at their disposal to get the price back up again, which of course included creating trillions of new dollars to throw at the problem, and to throw at the markets generally, especially the "window dressing" FAANG stocks. Up to now this has worked and we have seen a recovery rally of astounding proportions in the stock markets, especially the tech sector, and a respectable recovery in the oil price, and what makes all this even more astounding is that it has happened as the real world economy has been frozen by widespread lockdowns, the main purpose of which is to kill the velocity of money so that the Fed can print trillions and buy up everything without it feeding through immediately into hyperinflation—that will come later.


It is worth looking at the log chart for Light Crude for the same timeframe, as it makes starkly clear the enormous percentage swings in the oil price during the period of extreme crisis back in the spring, and the comparatively minuscule percentage price changes in recent weeks.


The two main factors that have driven the oil price back up from its April lows are a concerted and comprehensive campaign of manipulation and strategic support using trillions of dollars created for the purpose, coupled with the widespread and mistaken belief that the lockdowns will end and the world will start to return to normal, which is not going to happen – a return to the world as it was before is simply not going to be permitted. What this means is that the old fashioned daily commute to the office by millions in their vehicles is for many going to be a thing of the past, as they will either be jobless or working from home, and the same goes for mass travel—overseas trips will become an expensive hassle that will be out of reach of most people.

The result of these huge changes will be vastly reduced oil consumption, and once that reality sinks in the oil price could very well crash again, and that will be necessary to disincentivize producers from delivering product to the market that is surplus to requirement and cannot be stored. Many in the oil industry are now living in "cloud cuckoo land" mistakenly believing the old days of profligate consumption are coming back when they are not—our illustrious leaders have decided to tackle climate change head on, assisted by the super hyped virus hysteria—and that means a vast reduction in the consumption of oil. Given that most people are like children and won't make sacrifices voluntarily, those in control have conspired to create a situation where they are forced to change.

Now we will zoom out to put recent moves in the oil price in perspective by means of a range of longer-term charts.

The 1-year chart is interesting as it makes clear where things started to unravel for oil. We can see the origins of the upper support level in the $49.50-$52 zone that once breached, set off the brutal cascading decline, and how, after it failed there was a brief pullback rally early in March towards the failed support that presented a "once in a blue moon" shorting opportunity, after which the price plunged. This chart also makes clearer that the current moving average alignment is very bearish, with the price advance fizzling out at heavy resistance beneath the steadily falling 200-day moving average, and the 50-day rising up towards it but in position to quickly rollover and drop in the event of the price turning lower as expected, without first breaking above the 200-day. If this is how it turns out it could set oil up for another waterfall decline.


The 5-year chart is useful as it enables us to see the origins of the strong resistance that has gradually brought the current advance to a dead stop and is now increasingly threatening to force oil back down again. It arises from the trading at and above the current price during the years 2015 through 2018.


Finally, on the 10-year chart, we see that oil takes major support and resistance levels seriously. As clear examples we see that oil's advance in 2018 was capped by strong resistance at the underside of a large trading range that built out from 2011 through 2014, and then that support at or near to the lows in 2015, 2016 and 2017 later came into play to halt and reverse the sharp drop that occurred late in 2018. Therefore, as oil takes major support and resistance levels seriously, and it is right now stalled out at a major resistance level, we are going to take it seriously too, because it very likely means that a breakdown into a serious decline is going to occur soon.

Originally published on CliveMaund.com on July 25, 2020.

Clive Maund has been president of www.clivemaund.com, a successful resource sector website, since its inception in 2003. He has 30 years' experience in technical analysis and has worked for banks, commodity brokers and stockbrokers in the City of London. He holds a Diploma in Technical Analysis from the UK Society of Technical Analysts.

Sign up for our FREE newsletter at: www.streetwisereports.com/get-news

Disclosure:
1) Statements and opinions expressed are the opinions of Clive Maund and not of Streetwise Reports or its officers. Clive Maund is wholly responsible for the validity of the statements. Streetwise Reports was not involved in any aspect of the article preparation. Clive Maund was not paid by Streetwise Reports LLC for this article. Streetwise Reports was not paid by the author to publish or syndicate this article.
2) This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
3) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

Charts provided by the author.

CliveMaund.com Disclosure:
The above represents the opinion and analysis of Mr. Maund, based on data available to him, at the time of writing. Mr. Maund's opinions are his own, and are not a recommendation or an offer to buy or sell securities. Mr. Maund is an independent analyst who receives no compensation of any kind from any groups, individuals or corporations mentioned in his reports. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified and experienced stock market analyst, Clive Maund is not a Registered Securities Advisor. Therefore Mr. Maund's opinions on the market and stocks can only be construed as a solicitation to buy and sell securities when they are subject to the prior approval and endorsement of a Registered Securities Advisor operating in accordance with the appropriate regulations in your area of jurisdiction.

Noble Energy Agrees to $5 Billion Buyout Offer from Chevron

Source: Streetwise Reports   07/20/2020

Shares of Noble Energy traded higher after Chevron Corp. entered into a definitive agreement to acquire the company in an all-stock transaction valued at $5 billion, or $10.38 per sha…

Source: Streetwise Reports   07/20/2020

Shares of Noble Energy traded higher after Chevron Corp. entered into a definitive agreement to acquire the company in an all-stock transaction valued at $5 billion, or $10.38 per share.

Independent oil company Noble Energy Inc. (NBL:NASDAQ) announced today that it has entered into a definitive agreement with global integrated oil giant Chevron Corp. (CVX:NYSE) whereby Chevron has agreed to acquire 100% of Noble Energy's outstanding shares in an all-stock transaction valued at $5 billion, or $10.38 per share.

The company advised that "based on Chevron's closing price on July 17, 2020 and under the terms of the agreement, Noble Energy shareholders will receive 0.1191 shares of Chevron for each Noble Energy share and the total enterprise value, including debt, of the transaction is $13 billion."

Chevron believes that by acquiring Noble Energy it will add low-cost, proved reserves and attractive undeveloped resources to further enhance its upstream portfolio. The company pointed out that Noble Energy specifically brings low-capital, cash-generating offshore assets in Israel which will strengthen Chevron's Eastern Mediterranean presence. The firm mentioned that the Noble Energy purchase will also increase Chevron's position in the U.S. with additional de-risked acreage in the DJ and Permian Basins.

Chevron's Chairman and CEO Michael Wirth commented, "Our strong balance sheet and financial discipline gives us the flexibility to be a buyer of quality assets during these challenging times...This is a cost-effective opportunity for Chevron to acquire additional proved reserves and resources. Noble Energy's multi-asset, high-quality portfolio will enhance geographic diversity, increase capital flexibility, and improve our ability to generate strong cash flow. These assets play to Chevron's operational strengths, and the transaction underscores our commitment to capital discipline. We look forward to welcoming the Noble Energy team and shareholders to bring together the best of our organizations."

Wirth added, "This combination is expected to unlock value for shareholders, generating anticipated annual run-rate cost synergies of approximately $300 million before tax, and it is expected to be accretive to free cash flow, earnings, and book returns one year after close."

Noble Energy's Chairman and CEO David Stover remarked, "The combination with Chevron is a compelling opportunity to join an admired global, diversified energy leader with a top-tier balance sheet and strong shareholder returns...Over the last few years, we have made significant progress executing our strategic objectives, including driving capital efficiency gains onshore, advancing our offshore conventional gas developments and significantly reducing our cost structure. As we looked to build on this positive momentum, the Noble Energy Board of Directors and management team conducted a thorough process and concluded that this transaction is the best way to maximize value for all Noble Energy shareholders. We look forward to bringing together our highly complementary cultures and teams to realize the long-term value and benefits that this combination will deliver."

The acquisition is structured as an all stock transaction and upon completion of the transaction, Chevron noted that it plans to issue approximately 58 million shares of stock. According to the report, the transaction price represents a premium of nearly 12% on a 10-day basis based on the closing stock price on July 17, 2020, and that after the purchase is finalized, Noble Energy shareholders will own approximately 3% of the combined company.

The companies indicated that the transaction is expected to close in Q4/20 and that the deal has already been unanimously approved by both firm's Boards of Directors. The report noted that the acquisition remains subject to approval by Noble Energy shareholders as well as various regulatory approvals and customary closing conditions.

Chevron Corporation is headquartered in San Ramon, Calif., and is one of the world's largest integrated energy companies. The firm operates globally in just about every aspect of energy business including oil and gas exploration, production, transportation, refining and fuel distribution. The company also manufactures lubricants, additives and petrochemicals, and is engaged in power generation.

Noble Energy is an independent oil and natural gas exploration and production company based in Houston, Tex. The company operates both onshore in the U.S. and offshore off the west coast of Africa and in the Eastern Mediterranean.

Noble Energy began the day with a market capitalization of around $4.6 billion with approximately 479.7 million shares outstanding and a short interest of about 3.0%. NBL shares opened more than 10% higher today at $10.66 (+$1.005, +10.41%) over yesterday's $9.655 closing price. The stock has traded today between $10.09 and $10.66 per share and is currently trading at $10.24 (+$0.59, +6.11%).

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Disclosure:
1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

( Companies Mentioned: CVX:NYSE, NBL:NASDAQ, )

Clean Energy Fuels Shares Rise 30% on Partnership with Chevron’s Adopt-a-Port Initiative

Source: Streetwise Reports   07/08/2020

Shares of Clean Energy Fuels Corp. established a new 52-week high after the company reported it is teaming up with Chevron on its Adopt-a-Port renewable natural gas initiative to reduce emissions.

Clean Energy Fuels Corp. (CLNE:NASDAQ), which supplies compressed, liquefied and renewable natural gas for light-, medium- and heavy-duty vehicles, yesterday announced that it is partnering with Chevron Corp. (CVX:NYSE) on its Adopt-a-Port initiative. The firms stated that “the Adopt-a-Port program provides truck operators serving the ports of Los Angeles and Long Beach with cleaner, carbon-negative renewable natural gas (RNG) to reduce emissions.”

As part of the Adopt-a-Port program, Chevron will be responsible for providing funding to subsidize truck operators to cover the cost of buying new RNG-powered trucks and supplying RNG to Clean Energy stations located near the ports. Clean Energy is charged with offering fueling services to qualified truck operators and managing the program.

The companies claimed that the initiative will serve to eliminate climate pollutants and will result in the reduction of smog-forming NOx emissions by 98% compared to diesel trucks.

Chevron’s V.P. of Americas Products – West Mike Vomund, commented, “We are excited to be partnering with Clean Energy as we continue to innovate in the renewable, low-carbon fuel space…Along with other recent investments like CalBio, selling branded renewable diesel in San Diego County and piloting EV charging stations, Adopt-a-Port further demonstrates Chevron’s commitment to increasing renewables in support of our business, continuing our overall aim to provide the affordable, reliable and ever-cleaner energy.”

“Switching trucks to fuel with RNG is vital to improving air quality and fighting climate change in our country’s largest port complex,” said Greg Roche, vice president, Clean Energy. “We’re proud to partner with Chevron on the Adopt-a-Port initiative that will put additional clean, carbon-negative trucks on the road and lessen the environmental impact on operations in the region.”

Clean Energy Fuels Corp. is based in Newport Beach, Calif., and is a provider of clean fuel for the transportation market. The company’s Redeem™ renewable natural gas (RNG) is derived from captured biogenic methane that is produced from decomposing organic waste. The company’s RNG products help power commercial vehicle fleets, airport shuttles, city buses and waste and heavy-duty trucks. The firm indicates on its website that it has a network of approximately 540 fueling stations across the U.S. and Canada and can deliver Redeem through both compressed natural gas (CNG) and liquefied natural gas (LNG).

Clean Energy started the day with a market capitalization of around $444.0 million with approximately 200.9 million shares outstanding. CLNE shares opened higher today at $2.29 (+$0.08, +3.62%) over yesterday’s $2.21 closing price and reached a new 52-week high price this morning of $3.75. The stock has traded today between $2.28 and $3.75 per share and is currently trading at $2.87 (+$0.66, +29.81%).

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Disclosure:
1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

( Companies Mentioned: CLNE:NASDAQ,
)

Source: Streetwise Reports   07/08/2020

Shares of Clean Energy Fuels Corp. established a new 52-week high after the company reported it is teaming up with Chevron on its Adopt-a-Port renewable natural gas initiative to reduce emissions.

Clean Energy Fuels Corp. (CLNE:NASDAQ), which supplies compressed, liquefied and renewable natural gas for light-, medium- and heavy-duty vehicles, yesterday announced that it is partnering with Chevron Corp. (CVX:NYSE) on its Adopt-a-Port initiative. The firms stated that "the Adopt-a-Port program provides truck operators serving the ports of Los Angeles and Long Beach with cleaner, carbon-negative renewable natural gas (RNG) to reduce emissions."

As part of the Adopt-a-Port program, Chevron will be responsible for providing funding to subsidize truck operators to cover the cost of buying new RNG-powered trucks and supplying RNG to Clean Energy stations located near the ports. Clean Energy is charged with offering fueling services to qualified truck operators and managing the program.

The companies claimed that the initiative will serve to eliminate climate pollutants and will result in the reduction of smog-forming NOx emissions by 98% compared to diesel trucks.

Chevron's V.P. of Americas Products - West Mike Vomund, commented, "We are excited to be partnering with Clean Energy as we continue to innovate in the renewable, low-carbon fuel space...Along with other recent investments like CalBio, selling branded renewable diesel in San Diego County and piloting EV charging stations, Adopt-a-Port further demonstrates Chevron's commitment to increasing renewables in support of our business, continuing our overall aim to provide the affordable, reliable and ever-cleaner energy."

"Switching trucks to fuel with RNG is vital to improving air quality and fighting climate change in our country's largest port complex," said Greg Roche, vice president, Clean Energy. "We're proud to partner with Chevron on the Adopt-a-Port initiative that will put additional clean, carbon-negative trucks on the road and lessen the environmental impact on operations in the region."

Clean Energy Fuels Corp. is based in Newport Beach, Calif., and is a provider of clean fuel for the transportation market. The company's Redeem™ renewable natural gas (RNG) is derived from captured biogenic methane that is produced from decomposing organic waste. The company's RNG products help power commercial vehicle fleets, airport shuttles, city buses and waste and heavy-duty trucks. The firm indicates on its website that it has a network of approximately 540 fueling stations across the U.S. and Canada and can deliver Redeem through both compressed natural gas (CNG) and liquefied natural gas (LNG).

Clean Energy started the day with a market capitalization of around $444.0 million with approximately 200.9 million shares outstanding. CLNE shares opened higher today at $2.29 (+$0.08, +3.62%) over yesterday's $2.21 closing price and reached a new 52-week high price this morning of $3.75. The stock has traded today between $2.28 and $3.75 per share and is currently trading at $2.87 (+$0.66, +29.81%).

Sign up for our FREE newsletter at: www.streetwisereports.com/get-news

Disclosure:
1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

( Companies Mentioned: CLNE:NASDAQ, )

Natural Gas and Revenue Start Flowing for this Producer

Source: Streetwise Reports   07/08/2020

Alvopetro Energy’s “important milestone” and expansion potential are covered in a Mackie Research Capital Corp. report.

In a July 7 research note, Mackie Research Capital Corp. analyst Bill Newman reported that Alvopetro Energy Ltd. (ALV:TSX.V; ALVOF:OTCQX) “achieved an important milestone” by connecting Brazil’s Caburé to Bahiagás’ distribution network and commencing its first physical sales production from the natural gas field.

“This is an important milestone as the company is now generating free cash flow that can be reinvested into other growth opportunities. We expect the stock to trade up on the news,” Newman stated.

“Natural gas and revenue are flowing,” Newman added. “With the production facilities in place, new discoveries can be quickly monetized.”

The analyst noted that Alvopetro ramped up its natural gas production on July 6 to 10.6 million cubic feet per day (10.6 MMcf/d). For each million British thermal units of gas it sells, it will receive US$5.13 this month.

Revenue of US$5.9 million is expected in H2/20, Newman highlighted, with a near tripling to US$16.7 million in 2021. The Calgary-based firm is expected to use the cash flow for other growth opportunities its portfolio of assets presents.

Newman also pointed out that Alvopetro intends to expand production to 17.6 MMcf/d, the total capacity of its transfer pipeline and gas treatment facility. To do so, the company plans to start a drill program, perhaps in late 2020.

Mackie has a Speculative Buy rating and a CA$1.65 per share target price on Alvopetro. In comparison, the stock is now trading at CA$0.78 per share.

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Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Alvopetro Energy. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

Disclosures from Mackie Research, Alvopetro Energy Ltd., Update, July 6, 2020

RELEVANT DISCLOSURES APPLICABLE TO COMPANIES UNDER COVERAGE
1. None Applicable.
2. Relevant disclosures required under Rule 3400 applicable to companies under coverage discussed in this research report are available on our web site at www.mackieresearch.com.

ANALYST CERTIFICATION
Each analyst of Mackie Research Capital Corporation whose name appears in this report hereby certifies that (i) the recommendations and opinions expressed in this research report accurately reflect the analyst’s personal views and (ii) no part of the research analyst’s compensation was or will be directly or indirectly related to the specific conclusions or recommendations expressed in this research report.

( Companies Mentioned: ALV:TSX.V; ALVOF:OTCQX,
)

Source: Streetwise Reports   07/08/2020

Alvopetro Energy's "important milestone" and expansion potential are covered in a Mackie Research Capital Corp. report.

In a July 7 research note, Mackie Research Capital Corp. analyst Bill Newman reported that Alvopetro Energy Ltd. (ALV:TSX.V; ALVOF:OTCQX) "achieved an important milestone" by connecting Brazil's Caburé to Bahiagás' distribution network and commencing its first physical sales production from the natural gas field.

"This is an important milestone as the company is now generating free cash flow that can be reinvested into other growth opportunities. We expect the stock to trade up on the news," Newman stated.

"Natural gas and revenue are flowing," Newman added. "With the production facilities in place, new discoveries can be quickly monetized."

The analyst noted that Alvopetro ramped up its natural gas production on July 6 to 10.6 million cubic feet per day (10.6 MMcf/d). For each million British thermal units of gas it sells, it will receive US$5.13 this month.

Revenue of US$5.9 million is expected in H2/20, Newman highlighted, with a near tripling to US$16.7 million in 2021. The Calgary-based firm is expected to use the cash flow for other growth opportunities its portfolio of assets presents.

Newman also pointed out that Alvopetro intends to expand production to 17.6 MMcf/d, the total capacity of its transfer pipeline and gas treatment facility. To do so, the company plans to start a drill program, perhaps in late 2020.

Mackie has a Speculative Buy rating and a CA$1.65 per share target price on Alvopetro. In comparison, the stock is now trading at CA$0.78 per share.

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Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Alvopetro Energy. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

Disclosures from Mackie Research, Alvopetro Energy Ltd., Update, July 6, 2020

RELEVANT DISCLOSURES APPLICABLE TO COMPANIES UNDER COVERAGE
1. None Applicable. 2. Relevant disclosures required under Rule 3400 applicable to companies under coverage discussed in this research report are available on our web site at www.mackieresearch.com.

ANALYST CERTIFICATION
Each analyst of Mackie Research Capital Corporation whose name appears in this report hereby certifies that (i) the recommendations and opinions expressed in this research report accurately reflect the analyst's personal views and (ii) no part of the research analyst's compensation was or will be directly or indirectly related to the specific conclusions or recommendations expressed in this research report.

( Companies Mentioned: ALV:TSX.V; ALVOF:OTCQX, )

Sunrun to Acquire Vivint Solar for an Enterprise Value of $3.2 Billion

Source: Streetwise Reports   07/07/2020

Sunrun Inc. shares traded 25% higher and reached a new 52-week high after the company reported that it has signed a definitive agreement to acquire Vivint Solar in an all-stock merger…

Source: Streetwise Reports   07/07/2020

Sunrun Inc. shares traded 25% higher and reached a new 52-week high after the company reported that it has signed a definitive agreement to acquire Vivint Solar in an all-stock merger deal.

Residential solar, battery storage and energy services company Sunrun Inc. (RUN:NASDAQ) and full-service residential solar provider a Vivint Solar Inc. (VSLR:NYSE) yesterday evening announced that "the companies have entered into a definitive agreement under which Sunrun will acquire Vivint Solar in an all-stock transaction, pursuant to which each share of Vivint Solar common stock will be exchanged for 0.55 shares of Sunrun common stock, representing a combined Enterprise Value of $9.2 billion based on the closing price of Sunrun's shares on July 6, 2020."

The firms stated that after the transaction is completed, Vivint Solar and Sunrun shareholders will own approximately 36% and 64% respectively of the fully diluted shares of the combined company. The report pointed out that "the exchange ratio implies a 10% premium for Vivint Solar shares based on closing prices on July 6, 2020, and a 15% premium to the exchange ratio implied by the three month volume weighted average price of Vivint Solar and Sunrun shares."

Sunrun's CEO and co-founder Lynn Jurich commented, "Americans want clean and resilient energy. Vivint Solar adds an important and high-quality sales channel that enables our combined company to reach more households and raise awareness about the benefits of home solar and batteries...This transaction will increase our scale and grow our energy services network to help replace centralized, polluting power plants and accelerate the transition to a 100% clean energy future. We admire Vivint Solar and its employees, and look forward to working together as we integrate the two companies."

Vivint Solar's CEO David Bywater remarked, "Vivint Solar and Sunrun have long shared a common goal of bringing clean, affordable, resilient energy to homeowners. Joining forces with Sunrun will allow us to reach a broader set of customers and accelerate the pace of clean energy adoption and grid modernization. We believe this transaction will create value for our customers, our shareholders, and our partners."

After the merger is finalized, the combined entity will have a combined customer base of around 500,000 customers with over 3 gigawatts of solar assets on the balance sheet. The companies stated that residential solar has reached only about 3% penetration in the U.S. so the opportunity for future growth is still quite large. Sunrun also expects to benefit from significant cost synergies from the merger, which it estimates to total $90 million annually.

Under the terms of the definitive transaction agreement, each share of Vivint Solar common stock issued and outstanding immediately prior to the effective time of the merger will be converted automatically into the right to receive 0.55 shares of Sunrun common stock.

The report indicated that the Vivint acquisition by Solar has already been unanimously approved by the boards of directors of both companies and is expected to be completed during Q4/20 subject to subject to approval by Vivint Solar and Sunrun stockholders, regulatory approvals and other customary closing conditions.

Sunrun is headquartered in San Francisco and states that its Brightbox home battery solution offers affordable and reliable energy and that it has the capability to manage and share stored solar energy from the batteries providing benefits to households, utilities and the electric grid.

Vivint Solar is a full-service residential solar provider based in Lehi, Utah. The company designs, installs and finances solar energy systems for homeowners and offers related monitoring and maintenance services. In addition, the firm indicated that it offers solar plus storage systems with LG Chem home batteries and electric vehicle chargers with ChargePoint Home.

Sunrun began the day with a market capitalization of around $2.6 billion with approximately 120.3 million shares outstanding and a short interest of about 15.2%. RUN shares opened 12% higher today at $23.95 (+$2.61, +12.23%) over yesterday's $21.34 closing price and reached a new 52-week high price this morning of $27.59. The stock has traded today between $23.46 to $27.59 per share and is currently trading at $26.80 (+$5.46, +25.68%).

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Disclosure:
1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

( Companies Mentioned: RUN:NASDAQ, )

Coverage Initiated on Wind Farm Firm Poised for ‘Highly Profitable’ Growth

Source: Streetwise Reports   07/07/2020

The investment thesis for Ørsted A/S is presented in a Pareto Securities report.

In a July 2 research note, analyst Tom Erik Kristiansen reported that Pareto Securities initiated coverage on Ørsted A/S (ORSTED:NDAQ; DNNGY:OTCMKTS), “the world’s largest offshore wind operator” with a Buy rating and a DKK900 per share target price. Ørsted’s current share price is DKK803 in comparison.

Kristiansen made a case for why this Denmark-headquartered firm makes for a solid investment.

One, the renewable energy firm, which develops, constructs, owns and operates offshore wind farms, leads the industry. With its 24 producing assets and an existing pipeline, it holds 30% of the market share.

Ørsted is on track to grow 15% per year, to 15 gigawatts (15 GW) by 2025, and is ahead of schedule in that regard. Already, the company met its 15 GW by 2025 offshore goal but is about 3 GW shy of reaching its 5 GW onshore target.

Expected growth “is expected to be highly profitable” and the outlook “warrants higher pricing” for Ørsted, Kristiansen purported. The company guided to a 10% return on capital employed between 2019 and 2025 and 80%-plus of EBITDA between 2020 and 2040.

Further, those projections are protected by “fixed price contracts with government in developed markets or large corporations as counterparties,” which alone can support the current share price over time, noted Kristiansen and speaks to Ørsted’s compelling business model.

Also positive for the company, Kristiansen pointed out, is that the offshore wind market is expected to grow this decade at a compound annual growth rate of about 20%. Even with increased competition and saturation of certain markets in the future, Ørsted should realize additional value because of its strong development track record and experience.

Pareto estimates that each gigawatt that Ørsted adds will increase its valuation by more than DKK15 per share and that valuation could reach DK1000 per share over the next couple of years. As for 2021, it is forecast to be “a massive year for tender activity,” added Kristiansen.

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Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

( Companies Mentioned: ORSTED:NDAQ; DNNGY:OTCMKTS,
)

Source: Streetwise Reports   07/07/2020

The investment thesis for Ørsted A/S is presented in a Pareto Securities report.

In a July 2 research note, analyst Tom Erik Kristiansen reported that Pareto Securities initiated coverage on Ørsted A/S (ORSTED:NDAQ; DNNGY:OTCMKTS), "the world's largest offshore wind operator" with a Buy rating and a DKK900 per share target price. Ørsted's current share price is DKK803 in comparison.

Kristiansen made a case for why this Denmark-headquartered firm makes for a solid investment.

One, the renewable energy firm, which develops, constructs, owns and operates offshore wind farms, leads the industry. With its 24 producing assets and an existing pipeline, it holds 30% of the market share.

Ørsted is on track to grow 15% per year, to 15 gigawatts (15 GW) by 2025, and is ahead of schedule in that regard. Already, the company met its 15 GW by 2025 offshore goal but is about 3 GW shy of reaching its 5 GW onshore target.

Expected growth "is expected to be highly profitable" and the outlook "warrants higher pricing" for Ørsted, Kristiansen purported. The company guided to a 10% return on capital employed between 2019 and 2025 and 80%-plus of EBITDA between 2020 and 2040.

Further, those projections are protected by "fixed price contracts with government in developed markets or large corporations as counterparties," which alone can support the current share price over time, noted Kristiansen and speaks to Ørsted's compelling business model.

Also positive for the company, Kristiansen pointed out, is that the offshore wind market is expected to grow this decade at a compound annual growth rate of about 20%. Even with increased competition and saturation of certain markets in the future, Ørsted should realize additional value because of its strong development track record and experience.

Pareto estimates that each gigawatt that Ørsted adds will increase its valuation by more than DKK15 per share and that valuation could reach DK1000 per share over the next couple of years. As for 2021, it is forecast to be "a massive year for tender activity," added Kristiansen.

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Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

( Companies Mentioned: ORSTED:NDAQ; DNNGY:OTCMKTS, )

Bloom Energy Shares Charge Higher on Partnership with Samsung for Clean Powered Ships

Source: Streetwise Reports   06/30/2020

Shares of clean fuel cell technology company Bloom Energy traded 30% higher after the firm reported it is advancing plans for clean power ships in a joint development agreement with S…

Source: Streetwise Reports   06/30/2020

Shares of clean fuel cell technology company Bloom Energy traded 30% higher after the firm reported it is advancing plans for clean power ships in a joint development agreement with Samsung Heavy Industries.

Solid oxide fuel cell technology company Bloom Energy Corp. (BE:NYSE) and Samsung Heavy Industries Co. Ltd. (010140:KRX) (SHI), a part of Samsung Group, announced that they "have signed a joint development agreement (JDA) to design and develop fuel cell-powered ships." The two companies reported that they are partnering to work together toward achieving clean power for ships and creating a more sustainable vessels for the marine shipping industry.

Samsung Heavy Industries' VP of shipbuilding and drilling sales engineering Haeki Jang commented, "By signing this joint development agreement, SHI has a plan to develop eco-friendly ships that will lead the future of the industry...Our goal is to replace all existing main engines and generator engines with these highly efficient solid oxide fuel cells to align with the International Maritime Organization's 2030 and 2050 environmental targets."

The company indicated that SHI will be actively involved in the joint development from start to completion in order to achieve the task of building highly efficient fuel cell-powered ships. In turn, Bloom Energy will deploy its cross-functional engineering team to adapt its servers to the specific requirements relative to the marine environment.

The firm mentioned in the report that the companies are now proceeding with the next milestone in their joint development efforts and hope to be ready to present the design to potential customers in 2022. The company advised that "following commercialization, the two companies anticipate that the market for Bloom Energy Servers on SHI ships could grow to 300 megawatts annually."

The company noted that this joint project fits well with the International Maritime Organization's mandatory emissions reduction goals set for 2050.

KR Sridhar, founder, chairman and CEO of Bloom Energy, remarked, "The marine shipping industry has the ability to make a substantial impact on emissions and air quality at ports and across our planet...We see a collaboration with one of the world's largest shipbuilders, SHI, as a moment to make measurable strides in reducing emissions and extending our mission for clean, reliable energy to the seas."

Bloom Energy, which is headquartered in San Jose, Calif., stated that "its mission is to make clean, reliable energy affordable for everyone in the world." The firm stated its clients include several Fortune 100 companies and leaders in data centers, healthcare, higher education, manufacturing, retail, public utilities and other industries. The company explained that that "its product, the Bloom Energy Server, delivers highly reliable and resilient, always-on electric power that is clean, cost-effective, and ideal for microgrid applications."

Bloom Energy began the day with a market capitalization of around $1.0 billion with approximately 125.2 million shares outstanding. BE shares opened greater than 10% higher today at $9.08 (+$0.86, +10.46%) over yesterday's $8.22 closing price. The stock has traded today between $9.05 to $10.94 per share and is currently trading at $10.96 (+$2.74, +33.33%).

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Disclosure:
1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

( Companies Mentioned: BE:NYSE, )

Workhorse Group Shares Rise 40% Upon Joining Russell 3000 Index

Source: Streetwise Reports   06/29/2020

Shares of sustainable electric vehicles maker Workhorse Group reached a new 52-week high after company’s shares were added to the Russell 3000® Index beginning June 29, 2020.

Workhorse Group Inc. (WKHS:NASDAQ) today announced that “its shares were added to the broad-market Russell 3000® Index at the conclusion of the annual reconstitution of the Russell indexes, effective after the U.S. market opens today, June 29, according to the FTSE Russell website.”

The firm stated that “annual Russell indexes reconstitution captures the 4,000 largest U.S. stocks as of May 8, ranking them by total market capitalization. Membership in the U.S. all-cap Russell 3000® Index, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000® Index or small-cap Russell 2000® Index as well as the appropriate growth and value style indexes.”

The company’s CEO Duane Hughes commented, “Our inclusion into the Russell 3000 Index represents another milestone for Workhorse as a public company in a year where we expect to make additional landmark achievements in the electric vehicle industry…The Russell Indexes are a widely known and well-respected benchmarking standard. We appreciate being a part of this select group and will look to leverage this platform to generate further interest and awareness in our business within the investment community and beyond.”

The firm noted that Russell indexes are widely and frequently used by investment managers and institutional investors and that around $9 trillion in assets are benchmarked against Russell’s U.S. indexes.

Workhorse Group Inc. is a technology company based in Cincinnati, Ohio, that provides electric vehicles to the last-mile delivery sector. The firm is an original equipment manufacturer (OEM) that designs and builds high performance, battery-electric vehicles including vans, trucks, drones and aircraft. The company advised that “it also develops cloud-based, real-time telematics performance monitoring systems that are fully integrated with our vehicles and enable fleet operators to optimize energy and route efficiency.”

The firm stated that the FTSE Russell indexes cover 98% of the investable markets serving institutional and retail investors globally and that about $16 trillion is currently benchmarked to various FTSE Russell indexes.

Workhorse Group started off the day with a market capitalization of around $699.2 million with approximately 70.63 million shares outstanding and a short interest of about 14.1%. WKHS shares opened 23% higher today at $12.20 (+$2.30, +23.23%) over Friday’s $9.90 closing price and reached a new 52-week high price this morning of $15.41. The stock has traded today between $11.00 to $15.41 per share and is currently trading at $14.04 (+$4.14, +41.79%).

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Disclosure:
1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

( Companies Mentioned: WKHS:NASDAQ,
)

Source: Streetwise Reports   06/29/2020

Shares of sustainable electric vehicles maker Workhorse Group reached a new 52-week high after company's shares were added to the Russell 3000® Index beginning June 29, 2020.

Workhorse Group Inc. (WKHS:NASDAQ) today announced that "its shares were added to the broad-market Russell 3000® Index at the conclusion of the annual reconstitution of the Russell indexes, effective after the U.S. market opens today, June 29, according to the FTSE Russell website."

The firm stated that "annual Russell indexes reconstitution captures the 4,000 largest U.S. stocks as of May 8, ranking them by total market capitalization. Membership in the U.S. all-cap Russell 3000® Index, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000® Index or small-cap Russell 2000® Index as well as the appropriate growth and value style indexes."

The company's CEO Duane Hughes commented, "Our inclusion into the Russell 3000 Index represents another milestone for Workhorse as a public company in a year where we expect to make additional landmark achievements in the electric vehicle industry...The Russell Indexes are a widely known and well-respected benchmarking standard. We appreciate being a part of this select group and will look to leverage this platform to generate further interest and awareness in our business within the investment community and beyond."

The firm noted that Russell indexes are widely and frequently used by investment managers and institutional investors and that around $9 trillion in assets are benchmarked against Russell's U.S. indexes.

Workhorse Group Inc. is a technology company based in Cincinnati, Ohio, that provides electric vehicles to the last-mile delivery sector. The firm is an original equipment manufacturer (OEM) that designs and builds high performance, battery-electric vehicles including vans, trucks, drones and aircraft. The company advised that "it also develops cloud-based, real-time telematics performance monitoring systems that are fully integrated with our vehicles and enable fleet operators to optimize energy and route efficiency."

The firm stated that the FTSE Russell indexes cover 98% of the investable markets serving institutional and retail investors globally and that about $16 trillion is currently benchmarked to various FTSE Russell indexes.

Workhorse Group started off the day with a market capitalization of around $699.2 million with approximately 70.63 million shares outstanding and a short interest of about 14.1%. WKHS shares opened 23% higher today at $12.20 (+$2.30, +23.23%) over Friday's $9.90 closing price and reached a new 52-week high price this morning of $15.41. The stock has traded today between $11.00 to $15.41 per share and is currently trading at $14.04 (+$4.14, +41.79%).

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Disclosure:
1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

( Companies Mentioned: WKHS:NASDAQ, )

Amid Brightening Picture for Uranium, Explorer Finding the ‘Right Rocks’ at Western Athabasca Project

Source: Streetwise Reports   06/25/2020

Azincourt Energy is on the cusp of completing its 70% earn-in on the East Preston property.

Uranium, which has been in a bear market for most of the last decade, has been making a recovery, increasing about 32% since the beginning of the year. Against this backdrop, uranium explorer Azincourt Energy Corp. (AAZ:TSX.V; AZURF:OTC) has been progressing with exploration at the East Preston Project, where it is close to completing the requirements to earn a 70% interest in the project with joint venture partners Skyharbour Resources Ltd. (SYH:TSX.V; SYHBF:OTCQB) and Dixie Gold Inc. (DG:TSX.V; YWRLF:OTCMKTS).

East Preston is located in the western part of the Athabasca Basin, one of the world’s highest-grade uranium regions, and counts among its neighbors NexGen Energy’s Arrow deposit, Fission Uranium’s Triple R deposit and AREVA-Cameco-Purepoint’s joint venture, Spitfire.

Azincourt map

Drilling at East Preston takes place over the winter because it’s much easier to punch holes into the swampy terrain when it’s frozen, and the company recently announced results from this past winter’s 2,431-meter, nine-hole drill program. While the project totals more than 25,000 hectares, the drilling tested three areas in a 7 km by 2 km portion.

“We are very encouraged with the results from the 2020 winter drill program at East Preston,” said Ted O’Connor, Azincourt director and technical advisor for East Preston. “We continue to see the right basement unconformity uranium setting—rocks, structure and alteration—from drilling on the project.” O’Connor has more than 27 years of experience in the uranium-lithium industry, including 20 years with Cameco Corp., focused on acquisitions, new projects and strategic alliances.

O’Connor discussed the East Preston project’s geology. “The helicopter surveys that we did, followed up by ground geophysical surveys, got us into these long linear corridors of conductive rocks and that’s a first order criteria. Then we look at what else is going on over those corridors. Are there breaks in them that suggest it could be structural disruption or fault zones? We have no sandstone cover on this project because it’s right at the southern edge of the Athabasca Basin. We have uncovered this rare earth element enrichment that could be related to uranium mineralizing processes right in those conductive fault zones, and they’re all faults that have been reactivated at what we think is the right timing for uranium mineralization” O’Connor told Streetwise Reports.

“Drilling continues to show us we are on the right track at East Preston,” said Azincourt President and CEO Alex Klenman. The presence of rare earth element mineralization, potentially similar to Denison Mines’ Wheeler River uranium project, adds to the growing prospectivity of the project. This data is a positive development that demonstrates East Preston continues to reveal it has the necessary environment for uranium deposition.”

Azincourt Target Map

“My interpretation of this rare earth element mineralization is that this could be a basement expression of REE mineralization similar to that observed in sandstone-hosted systems associated with unconformity uranium deposits on the Wheeler River project—but we’re in the basement rocks below the Athabasca sandstone,” O’Connor explained.

O’Connor delved into the geology of the area. “We have essentially two end members of the uranium deposits in the Athabasca Basin and variations in between. If you look at the uranium deposits that are in the sandstone, at the unconformity—the place where the sandstone and the basement rock meet—or just above the unconformity, they tend to be what we call complex; they’re different. They often have cobalt and arsenic and nickel associated with the uranium mineralization.”

“The uranium deposits that are in the basement rocks are different, and they are called simple,” O’Connor continued. They are mostly uranium only with a few other, but different, elements. And so I’m looking at this rare earth element enrichment in these fault zones within these correct graphitic rocks and structures and my interpretation is it’s a basement analog. It’s mineralogically, and elementally chemically different, but it’s the same system style.”

“We think at the right time, the sandstone was there when the fault zone mineralization was introduced. What makes that significant is at the MAW Zone at Denison’s Wheeler River Project on the eastern Athabasca, 5 kilometers from the Phoenix uranium deposit, in the sandstone there’s uranium mineralization all around it associated to the same conductive trends, just with slightly different fluid chemistries at the mineralizing time. The MAW Zone being surrounded by multiple uranium mineralized zones and uranium deposits along strike and along sub-parallel graphitic-structural corridors is similar to the East Preston basement litho-tectonic setting,” O’Connor explained.”

“I believe it’s another piece of the puzzle that says not only do we have the right rocks, but also there’s actually been some post-sandstone mineralizing fluid systems going on in the right rocks,” he said. “We have the exact same rocks we had in the first year of drilling. And they are the right rocks that are known to host deposits further west in at Fission’s Triple R deposit and NextGen’s Arrow deposit.”

“So the rocks are right, the structures right and we have now we think we have evidence of mineralizing fluid systems,” O’Connor explained.

Jordan Trimble, CEO of Skyharbour Resources, noted, “If you look at the discoveries made in the last 20 to 30 years in the Athabasca Basin and the deposits, some of which are now being mined, there’s been a paradigm shift, particularly in the last decade or so, with sandstone versus basement hosted deposits; a lot more exploration is being carried out deeper into the basement rock or outside of the Basin margin. That was a big part of the discovery of the entire western side of the Basin with the high-grade boulders for Fission and looking at an area that was overlooked because it was outside or on the margin of the sandstone cover.”

“That’s what this project is,” Trimble continued. It’s south of the Basin margin. But there’s no reason that you can’t have major deposits that are in these basement rocks. As they are finding here at East Preston, if you are finding the right indicator minerals, the right structures, having a reactivation event and older rocks is key; you are finding all the right smoke.”

“This is a property that doesn’t have hundreds of thousands of meters drilled on it. This is an exploration property,” Trimble stressed. “And this was really the first meaningful drill program carried out on the project. There’s a little bit of drilling that was done back in 2014–2015, but not a lot. And then this was the first larger program carried out by Azincourt. So the fact that they’re finding what they’re finding with only a few thousand meters drilled is important, and additional exploration and drilling is going to continue to vector in on what we all believe to be a larger deposit sitting on the project.”

Looking ahead, O’Connor said, “Later this summer and into the fall, we are planning to conduct ground gravity and electromagnetic geophysics, in this case, probably a Horizontal Loop Electromagnetic (HLEM) survey. We previously conducted a property-wide helicopter airborne survey that basically got us these corridors. The idea is to go in on the ground, cut some lines, run these geophysical surveys overtop of them to essentially refine these corridors and see if are there one or two conductors side by side and more exactly locate them on the ground.”

Azincourt is also looking at gravity geophysics because “minute differences in gravity response over the rocks over the surface can tell you things like where there might be structural disruption, where there might be alteration and it’s another layer of information that could tell you if one part of the conductor is better than another,” O’Connor explained.

Of the 25,000 hectare property, the 7 km long area that has seen some drilling represents only about a quarter of the strike lengths. “There’s at least 20+ kilometers of conductive strike corridors on the project, and we’ve conducted initial tests on at the most about two areas out of seven,” O’Connor said.

“The project is certainly target rich and we’re just beginning to scratch those targets,” Azincourt CEO Klenman said. “It’s early in the game. The more data that we can glean, the more targets present themselves.”

Azincourt expects to meet the spend threshold of the joint venture agreement by the end of summer. After that there is a one-time CA$400,000 payment that is due by March 2021 to complete the 70% earn-in. After that, the project reverts to a joint venture, with each party paying a pro-rata share of the expenses.

In addition to East Preston, Azincourt holds the Escalera projects in Peru: the Lituania, Condorlit and Escalera concessions total 7,400 hectares. Rock grab sampling at the property in 2018 yielded assays as high as 8,061 ppm uranium (0.95% U3O8). The company plans to follow up when conditions allow.

Azincourt’s CEO, Alex Klenman, also serves as CEO of Nexus Gold Corp, and sits on the boards of Arbor Metals, Tisdale Resources and Leocor Ventures.

Azincourt has 192 million common shares outstanding. Institutions hold 18%, insiders and close associates 10%, and family and friends 15%.

Sign up for our FREE newsletter at: www.streetwisereports.com/get-news

Disclosure:
1) Patrice Fusillo compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Skyharbour Resources. Click here for important disclosures about sponsor fees. As of the date of this article, an affiliate of Streetwise Reports has a consulting relationship with Azincourt Energy. Please click here for more information.

3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Azincourt Energy, a company mentioned in this article.

( Companies Mentioned: AAZ:TSX.V; AZURF:OTC,
)

Source: Streetwise Reports   06/25/2020

Azincourt Energy is on the cusp of completing its 70% earn-in on the East Preston property.

Uranium, which has been in a bear market for most of the last decade, has been making a recovery, increasing about 32% since the beginning of the year. Against this backdrop, uranium explorer Azincourt Energy Corp. (AAZ:TSX.V; AZURF:OTC) has been progressing with exploration at the East Preston Project, where it is close to completing the requirements to earn a 70% interest in the project with joint venture partners Skyharbour Resources Ltd. (SYH:TSX.V; SYHBF:OTCQB) and Dixie Gold Inc. (DG:TSX.V; YWRLF:OTCMKTS).

East Preston is located in the western part of the Athabasca Basin, one of the world's highest-grade uranium regions, and counts among its neighbors NexGen Energy's Arrow deposit, Fission Uranium's Triple R deposit and AREVA-Cameco-Purepoint's joint venture, Spitfire.

Azincourt map

Drilling at East Preston takes place over the winter because it's much easier to punch holes into the swampy terrain when it's frozen, and the company recently announced results from this past winter's 2,431-meter, nine-hole drill program. While the project totals more than 25,000 hectares, the drilling tested three areas in a 7 km by 2 km portion.

"We are very encouraged with the results from the 2020 winter drill program at East Preston," said Ted O'Connor, Azincourt director and technical advisor for East Preston. "We continue to see the right basement unconformity uranium setting—rocks, structure and alteration—from drilling on the project." O'Connor has more than 27 years of experience in the uranium-lithium industry, including 20 years with Cameco Corp., focused on acquisitions, new projects and strategic alliances.

O'Connor discussed the East Preston project's geology. "The helicopter surveys that we did, followed up by ground geophysical surveys, got us into these long linear corridors of conductive rocks and that's a first order criteria. Then we look at what else is going on over those corridors. Are there breaks in them that suggest it could be structural disruption or fault zones? We have no sandstone cover on this project because it's right at the southern edge of the Athabasca Basin. We have uncovered this rare earth element enrichment that could be related to uranium mineralizing processes right in those conductive fault zones, and they're all faults that have been reactivated at what we think is the right timing for uranium mineralization" O'Connor told Streetwise Reports.

"Drilling continues to show us we are on the right track at East Preston," said Azincourt President and CEO Alex Klenman. The presence of rare earth element mineralization, potentially similar to Denison Mines' Wheeler River uranium project, adds to the growing prospectivity of the project. This data is a positive development that demonstrates East Preston continues to reveal it has the necessary environment for uranium deposition."

Azincourt Target Map

"My interpretation of this rare earth element mineralization is that this could be a basement expression of REE mineralization similar to that observed in sandstone-hosted systems associated with unconformity uranium deposits on the Wheeler River project—but we're in the basement rocks below the Athabasca sandstone," O'Connor explained.

O'Connor delved into the geology of the area. "We have essentially two end members of the uranium deposits in the Athabasca Basin and variations in between. If you look at the uranium deposits that are in the sandstone, at the unconformity—the place where the sandstone and the basement rock meet—or just above the unconformity, they tend to be what we call complex; they're different. They often have cobalt and arsenic and nickel associated with the uranium mineralization."

"The uranium deposits that are in the basement rocks are different, and they are called simple," O'Connor continued. They are mostly uranium only with a few other, but different, elements. And so I'm looking at this rare earth element enrichment in these fault zones within these correct graphitic rocks and structures and my interpretation is it's a basement analog. It's mineralogically, and elementally chemically different, but it's the same system style."

"We think at the right time, the sandstone was there when the fault zone mineralization was introduced. What makes that significant is at the MAW Zone at Denison's Wheeler River Project on the eastern Athabasca, 5 kilometers from the Phoenix uranium deposit, in the sandstone there's uranium mineralization all around it associated to the same conductive trends, just with slightly different fluid chemistries at the mineralizing time. The MAW Zone being surrounded by multiple uranium mineralized zones and uranium deposits along strike and along sub-parallel graphitic-structural corridors is similar to the East Preston basement litho-tectonic setting," O'Connor explained."

"I believe it's another piece of the puzzle that says not only do we have the right rocks, but also there's actually been some post-sandstone mineralizing fluid systems going on in the right rocks," he said. "We have the exact same rocks we had in the first year of drilling. And they are the right rocks that are known to host deposits further west in at Fission's Triple R deposit and NextGen's Arrow deposit."

"So the rocks are right, the structures right and we have now we think we have evidence of mineralizing fluid systems," O'Connor explained.

Jordan Trimble, CEO of Skyharbour Resources, noted, "If you look at the discoveries made in the last 20 to 30 years in the Athabasca Basin and the deposits, some of which are now being mined, there's been a paradigm shift, particularly in the last decade or so, with sandstone versus basement hosted deposits; a lot more exploration is being carried out deeper into the basement rock or outside of the Basin margin. That was a big part of the discovery of the entire western side of the Basin with the high-grade boulders for Fission and looking at an area that was overlooked because it was outside or on the margin of the sandstone cover."

"That's what this project is," Trimble continued. It's south of the Basin margin. But there's no reason that you can't have major deposits that are in these basement rocks. As they are finding here at East Preston, if you are finding the right indicator minerals, the right structures, having a reactivation event and older rocks is key; you are finding all the right smoke."

"This is a property that doesn't have hundreds of thousands of meters drilled on it. This is an exploration property," Trimble stressed. "And this was really the first meaningful drill program carried out on the project. There's a little bit of drilling that was done back in 2014–2015, but not a lot. And then this was the first larger program carried out by Azincourt. So the fact that they're finding what they're finding with only a few thousand meters drilled is important, and additional exploration and drilling is going to continue to vector in on what we all believe to be a larger deposit sitting on the project."

Looking ahead, O'Connor said, "Later this summer and into the fall, we are planning to conduct ground gravity and electromagnetic geophysics, in this case, probably a Horizontal Loop Electromagnetic (HLEM) survey. We previously conducted a property-wide helicopter airborne survey that basically got us these corridors. The idea is to go in on the ground, cut some lines, run these geophysical surveys overtop of them to essentially refine these corridors and see if are there one or two conductors side by side and more exactly locate them on the ground."

Azincourt is also looking at gravity geophysics because "minute differences in gravity response over the rocks over the surface can tell you things like where there might be structural disruption, where there might be alteration and it's another layer of information that could tell you if one part of the conductor is better than another," O'Connor explained.

Of the 25,000 hectare property, the 7 km long area that has seen some drilling represents only about a quarter of the strike lengths. "There's at least 20+ kilometers of conductive strike corridors on the project, and we've conducted initial tests on at the most about two areas out of seven," O'Connor said.

"The project is certainly target rich and we're just beginning to scratch those targets," Azincourt CEO Klenman said. "It's early in the game. The more data that we can glean, the more targets present themselves."

Azincourt expects to meet the spend threshold of the joint venture agreement by the end of summer. After that there is a one-time CA$400,000 payment that is due by March 2021 to complete the 70% earn-in. After that, the project reverts to a joint venture, with each party paying a pro-rata share of the expenses.

In addition to East Preston, Azincourt holds the Escalera projects in Peru: the Lituania, Condorlit and Escalera concessions total 7,400 hectares. Rock grab sampling at the property in 2018 yielded assays as high as 8,061 ppm uranium (0.95% U3O8). The company plans to follow up when conditions allow.

Azincourt's CEO, Alex Klenman, also serves as CEO of Nexus Gold Corp, and sits on the boards of Arbor Metals, Tisdale Resources and Leocor Ventures.

Azincourt has 192 million common shares outstanding. Institutions hold 18%, insiders and close associates 10%, and family and friends 15%.

Sign up for our FREE newsletter at: www.streetwisereports.com/get-news

Disclosure:
1) Patrice Fusillo compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Skyharbour Resources. Click here for important disclosures about sponsor fees. As of the date of this article, an affiliate of Streetwise Reports has a consulting relationship with Azincourt Energy. Please click here for more information.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Azincourt Energy, a company mentioned in this article.

( Companies Mentioned: AAZ:TSX.V; AZURF:OTC, )

Crude Prices on the Comeback as Producers Cut Supply and Upstream Investments

Source: McAlinden Research for Streetwise Reports   06/25/2020

As crude prices are pushing up against $40 per barrel, defying many bearish predictions from the first quarter, McAlinden Research outlines optimistic prospects for the market.

Crude prices are pushing up against $40 per barrel, defying many bearish predictions from the first quarter. Output cuts in nearly all major oil producing nations have been effective thus far and can be expected to continue through at least July. Even after the supply cut deals expire, however, crude producers are now forecast to cut hundreds of billions of dollars in spending on expansion for years to come, which should provide support to longer-term pricing prospects. It is important to note that U.S. production capacity from shale producers also remains vulnerable with many drillers still staring down the barrel of bankruptcy.

Crude Demand Digging Out of the Depths

In its monthly oil-market report Tuesday, the International Energy Agency (IEA) said that while the world’s demand for crude will drop by 8.1 million barrels per day (bpd) this year, slightly less than forecast in last month’s report, demand in 2021 will rebound by a record 5.7 million bpd. Stripping out jet-fuel demand, global oil demand should reach pre-crisis levels in mid-2021, the IEA’s executive director Fatih Birol said Tuesday. “The key issue is when people will start to fly,” he said, adding that “if there is a solution to the coronavirus problem and the economy rebounds as foreseen, we may well see in the near term oil demand go back to pre-crisis levels.”

To receive all of MRP’s insights in your inbox Monday–Friday, follow this link for a free 30-day trial. This content was delivered to McAlinden Research Partners clients on June 17.

This is huge news for the energy sector, which has already begun to see early signs of recovery. Not only have crude prices rebounded to their highest level since early March, now closing in on $40 per barrel, but gasoline prices are also climbing back up. Earlier this month, we highlighted rebounding traffic volume in the U.S., but some experts now say that the reopening of many states will lead to more cars being on the road than before the outbreak of COVID-19.

Fear of contagion from the virus is expected to push up the number of people forgoing public transit for their commute and other travels. A recent survey from research outfit Elucd found that 44% of New Yorkers, for example, will avoid public transit after quarantine ends, and that another 31.5% plan to use mass transit less by walking, driving or biking. Nationwide, the poll found that 45.8% of people will “avoid transit entirely.”

China, Europe and other areas around the globe are experiencing the same phenomenon, which should be a boon to gasoline sales for months to come.

Speaking of China, by far the world’s largest importer of oil, the country’s April crude demand was almost back at levels seen a year previously. In May, the Chinese imported a record amount of oil. Shipments to China surged to 47.97 million tons in May, or 11.34 million bpd. That’s a 15% jump from April and 160,000 bpd more than the previous record set in November. Shipping data indicates that China could import more than 14 million bpd in June, according to Sean Tan, an analyst with commodity research firm Kpler.

US Shale Cuts Drive Production to Multi-Year Low

Oil production from the seven most prolific U.S. shale basins will fall to 7.632 million bpd, the Energy Information Administration (EIA) said on Monday in its latest edition of the Drilling Productivity Report. That would be the lowest level of production in two years as all of the seven basins are expected to see some drop off in July.

Though the cuts have helped oil prices have rebound from their lows, reaching previously unthinkable negative levels in April, profitability is still hard to come by for struggling drillers. This means time and money are running out for a number facing insolvency.

Back in April, Rystad Energy had warned that, in a $20 oil environment, 533 U.S. oil exploration and production companies would file for bankruptcy by the end of 2021. At $10, there could have been more than 1,100 bankruptcies. Though it looks like shale drillers have avoided those worst-case scenarios, many still face an insurmountable amount of debt going forward. MRP previously noted that more than $200 billion of North American oil-and-gas debt will mature over the next four years, including $41 billion just this year. That total will increase to $45 billion next year and then balloon to $68 billion in 2022.

Per the latest Rystad data, if U.S. oil prices average about $30 this year, around 73 oil and gas producers in the U.S. will still face bankruptcy, with 170 more following in 2021. Oil is hovering safely above that mark for now, but the threat of bankruptcy, along with lack of financing options, should prevent many shale drillers from taking any measures to increase output in the near term.

MRP has highlighted the inability of U.S. shale producers lack of cash flow going all the way back to 2018. While plentiful capital injections were easy to come by back then, banks and other creditors continue to slash credit lines. Moody’s Corp. and JP Morgan Chase & Co. forecast a total reduction of as much as 30% to the asset-backed loans, or tens of billions of dollars.

As the Wall Street Journal writes, some are concerned that the cutback in lending could signal a permanent contraction in oil-and-gas lending, as financial institutions, already facing pressure from activists and governments to pull back from fossil fuels, retreat from a sector that has delivered underwhelming profits for most of the past decade.

Though Goldman Sachs is predicting a V-shaped bounce back in oil demand, supply will exhibit an L-shaped recovery. Effectively, the Investment Bank expects supply to be suppressed for some time as, not only does shutting in oil wells damage their output capacity and take work to get them back online, but declines in capital expenditure and access to capital will suppress new exploration and drilling for some time.

The IEA sees a similar struggle to regain potential capacity from before the pandemic. The agency now expects total energy investment to fall from $1.9 trillion to $1.5 trillion, a 20% decline in 2020 compared to last year—the largest decline on record. Upstream investment has been struck particularly hard, expected to drop from $483 billion last year to $347 billion this year; that’s a drop of almost one-third. If oil sector investment were to stay at these projected 2020 levels, this would reduce the previously expected level of supply in 2025 by almost 9 million bpd.

Last month, MRP noted that the potential of muted investment levels and new project activity could combine with the rebound in global oil demand once the coronavirus crisis is over to swing the global oil market into a potential oil supply deficit of some 5 million bpd, according to Rystad data. Oil prices would top $68 a barrel to balance the market, the consultancy said.

OPEC+ Cuts Deeper, Saudis Cut Exports to Asia

Saudi Arabia reduced the amount of crude it will supply next month to seven refiners in Asia after striking an extension on their OPEC+ deal, which will now be in effect through July. The volume of contracted oil the seven buyers will receive for July was cut by 10% to 40%, according to refinery officials who asked not to be identified as the information is private.

The OPEC+ syndicate, which is unofficially headed by the Saudi Kingdom and non-OPEC member Russia, will remain committed to maintaining production cutbacks amounting to about 10% of global supply.

Surprisingly, Venezuela’s collapsing oil industry, in a constant state of decline for years now, has largely flown under the radar as of late despite being at its absolute breaking point. As fields across the nation shut amid a relentless U.S. campaign to cut the country off from global oil markets, World Oil writes that the number of rigs drilling for crude fell to just one in May, according to data from Baker Hughes. Another lone rig was drilling for gas. That marks a 96% decline since January, when drilling fell to levels not seen since 1963. State-owned PDVSA’s total oil production decreased 16% to 645,700 bpd last month—that’s 57% lower than the company’s previously planned output.

We continue to believe early supply-side measures taken by oil producing nations has been effective in taming the global crude supply, holding the market over until sufficient demand can return. We also believe that the most well-positioned firms to withstand the intermediate period will be large-scale operators with diversified, productive assets.

MRP added LONG Crude Oil & U.S. Energy to our list of themes on April 7, 2020. We will continue to track these themes with the United States Oil Fund, LP (USO) and Energy Select Sector SPDR Fund (XLE). Since we launched the themes, the USO is has unsurprisingly declined a steep 32% in the aftermath of the April meltdown in the futures market. However, the XLE has actually garnered a 28% return over the same period, outperforming the S&P 500’s 18% gain.

oilgrowth1

oilgrowth2

 McAlinden Research Partners

McAlinden Research Partners (MRP) provides independent investment strategy research to investors worldwide. The firm’s mission is to identify alpha-generating investment themes early in their unfolding and bring them to its clients’ attention. MRP’s research process reflects founder Joe McAlinden’s 50 years of experience on Wall Street. The methodologies he developed as chief investment officer of Morgan Stanley Investment Management, where he oversaw more than $400 billion in assets, provide the foundation for the strategy research MRP now brings to hedge funds, pension funds, sovereign wealth funds and other asset managers around the globe.

Sign up for our FREE newsletter at: www.streetwisereports.com/get-news

Disclosure:
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2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
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5) From time to time, Streetwise Reports and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

McAlinden Research Partners:
This report has been prepared solely for informational purposes and is not an offer to buy/sell/endorse or a solicitation of an offer to buy/sell/endorse Interests or any other security or instrument or to participate in any trading or investment strategy. No representation or warranty (express or implied) is made or can be given with respect to the sequence, accuracy, completeness, or timeliness of the information in this Report. Unless otherwise noted, all information is sourced from public data.

McAlinden Research Partners is a division of Catalpa Capital Advisors, LLC (CCA), a Registered Investment Advisor. References to specific securities, asset classes and financial markets discussed herein are for illustrative purposes only and should not be interpreted as recommendations to purchase or sell such securities. CCA, MRP, employees and direct affiliates of the firm may or may not own any of the securities mentioned in the report at the time of publication.

Source: McAlinden Research for Streetwise Reports   06/25/2020

As crude prices are pushing up against $40 per barrel, defying many bearish predictions from the first quarter, McAlinden Research outlines optimistic prospects for the market.

Crude prices are pushing up against $40 per barrel, defying many bearish predictions from the first quarter. Output cuts in nearly all major oil producing nations have been effective thus far and can be expected to continue through at least July. Even after the supply cut deals expire, however, crude producers are now forecast to cut hundreds of billions of dollars in spending on expansion for years to come, which should provide support to longer-term pricing prospects. It is important to note that U.S. production capacity from shale producers also remains vulnerable with many drillers still staring down the barrel of bankruptcy.

Crude Demand Digging Out of the Depths

In its monthly oil-market report Tuesday, the International Energy Agency (IEA) said that while the world's demand for crude will drop by 8.1 million barrels per day (bpd) this year, slightly less than forecast in last month's report, demand in 2021 will rebound by a record 5.7 million bpd. Stripping out jet-fuel demand, global oil demand should reach pre-crisis levels in mid-2021, the IEA's executive director Fatih Birol said Tuesday. "The key issue is when people will start to fly," he said, adding that "if there is a solution to the coronavirus problem and the economy rebounds as foreseen, we may well see in the near term oil demand go back to pre-crisis levels."

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This is huge news for the energy sector, which has already begun to see early signs of recovery. Not only have crude prices rebounded to their highest level since early March, now closing in on $40 per barrel, but gasoline prices are also climbing back up. Earlier this month, we highlighted rebounding traffic volume in the U.S., but some experts now say that the reopening of many states will lead to more cars being on the road than before the outbreak of COVID-19.

Fear of contagion from the virus is expected to push up the number of people forgoing public transit for their commute and other travels. A recent survey from research outfit Elucd found that 44% of New Yorkers, for example, will avoid public transit after quarantine ends, and that another 31.5% plan to use mass transit less by walking, driving or biking. Nationwide, the poll found that 45.8% of people will "avoid transit entirely."

China, Europe and other areas around the globe are experiencing the same phenomenon, which should be a boon to gasoline sales for months to come.

Speaking of China, by far the world's largest importer of oil, the country's April crude demand was almost back at levels seen a year previously. In May, the Chinese imported a record amount of oil. Shipments to China surged to 47.97 million tons in May, or 11.34 million bpd. That's a 15% jump from April and 160,000 bpd more than the previous record set in November. Shipping data indicates that China could import more than 14 million bpd in June, according to Sean Tan, an analyst with commodity research firm Kpler.

US Shale Cuts Drive Production to Multi-Year Low

Oil production from the seven most prolific U.S. shale basins will fall to 7.632 million bpd, the Energy Information Administration (EIA) said on Monday in its latest edition of the Drilling Productivity Report. That would be the lowest level of production in two years as all of the seven basins are expected to see some drop off in July.

Though the cuts have helped oil prices have rebound from their lows, reaching previously unthinkable negative levels in April, profitability is still hard to come by for struggling drillers. This means time and money are running out for a number facing insolvency.

Back in April, Rystad Energy had warned that, in a $20 oil environment, 533 U.S. oil exploration and production companies would file for bankruptcy by the end of 2021. At $10, there could have been more than 1,100 bankruptcies. Though it looks like shale drillers have avoided those worst-case scenarios, many still face an insurmountable amount of debt going forward. MRP previously noted that more than $200 billion of North American oil-and-gas debt will mature over the next four years, including $41 billion just this year. That total will increase to $45 billion next year and then balloon to $68 billion in 2022.

Per the latest Rystad data, if U.S. oil prices average about $30 this year, around 73 oil and gas producers in the U.S. will still face bankruptcy, with 170 more following in 2021. Oil is hovering safely above that mark for now, but the threat of bankruptcy, along with lack of financing options, should prevent many shale drillers from taking any measures to increase output in the near term.

MRP has highlighted the inability of U.S. shale producers lack of cash flow going all the way back to 2018. While plentiful capital injections were easy to come by back then, banks and other creditors continue to slash credit lines. Moody's Corp. and JP Morgan Chase & Co. forecast a total reduction of as much as 30% to the asset-backed loans, or tens of billions of dollars.

As the Wall Street Journal writes, some are concerned that the cutback in lending could signal a permanent contraction in oil-and-gas lending, as financial institutions, already facing pressure from activists and governments to pull back from fossil fuels, retreat from a sector that has delivered underwhelming profits for most of the past decade.

Though Goldman Sachs is predicting a V-shaped bounce back in oil demand, supply will exhibit an L-shaped recovery. Effectively, the Investment Bank expects supply to be suppressed for some time as, not only does shutting in oil wells damage their output capacity and take work to get them back online, but declines in capital expenditure and access to capital will suppress new exploration and drilling for some time.

The IEA sees a similar struggle to regain potential capacity from before the pandemic. The agency now expects total energy investment to fall from $1.9 trillion to $1.5 trillion, a 20% decline in 2020 compared to last year—the largest decline on record. Upstream investment has been struck particularly hard, expected to drop from $483 billion last year to $347 billion this year; that's a drop of almost one-third. If oil sector investment were to stay at these projected 2020 levels, this would reduce the previously expected level of supply in 2025 by almost 9 million bpd.

Last month, MRP noted that the potential of muted investment levels and new project activity could combine with the rebound in global oil demand once the coronavirus crisis is over to swing the global oil market into a potential oil supply deficit of some 5 million bpd, according to Rystad data. Oil prices would top $68 a barrel to balance the market, the consultancy said.

OPEC+ Cuts Deeper, Saudis Cut Exports to Asia

Saudi Arabia reduced the amount of crude it will supply next month to seven refiners in Asia after striking an extension on their OPEC+ deal, which will now be in effect through July. The volume of contracted oil the seven buyers will receive for July was cut by 10% to 40%, according to refinery officials who asked not to be identified as the information is private.

The OPEC+ syndicate, which is unofficially headed by the Saudi Kingdom and non-OPEC member Russia, will remain committed to maintaining production cutbacks amounting to about 10% of global supply.

Surprisingly, Venezuela's collapsing oil industry, in a constant state of decline for years now, has largely flown under the radar as of late despite being at its absolute breaking point. As fields across the nation shut amid a relentless U.S. campaign to cut the country off from global oil markets, World Oil writes that the number of rigs drilling for crude fell to just one in May, according to data from Baker Hughes. Another lone rig was drilling for gas. That marks a 96% decline since January, when drilling fell to levels not seen since 1963. State-owned PDVSA's total oil production decreased 16% to 645,700 bpd last month—that's 57% lower than the company's previously planned output.

We continue to believe early supply-side measures taken by oil producing nations has been effective in taming the global crude supply, holding the market over until sufficient demand can return. We also believe that the most well-positioned firms to withstand the intermediate period will be large-scale operators with diversified, productive assets.

MRP added LONG Crude Oil & U.S. Energy to our list of themes on April 7, 2020. We will continue to track these themes with the United States Oil Fund, LP (USO) and Energy Select Sector SPDR Fund (XLE). Since we launched the themes, the USO is has unsurprisingly declined a steep 32% in the aftermath of the April meltdown in the futures market. However, the XLE has actually garnered a 28% return over the same period, outperforming the S&P 500's 18% gain.

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 McAlinden Research Partners McAlinden Research Partners (MRP) provides independent investment strategy research to investors worldwide. The firm's mission is to identify alpha-generating investment themes early in their unfolding and bring them to its clients' attention. MRP's research process reflects founder Joe McAlinden's 50 years of experience on Wall Street. The methodologies he developed as chief investment officer of Morgan Stanley Investment Management, where he oversaw more than $400 billion in assets, provide the foundation for the strategy research MRP now brings to hedge funds, pension funds, sovereign wealth funds and other asset managers around the globe.

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Disclosure:
1) McAlinden Research Partners disclosures are below.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
3) Statements and opinions expressed are the opinions of the author and not of Streetwise Reports or its officers. The author is wholly responsible for the validity of the statements. The author was not paid by Streetwise Reports for this article. Streetwise Reports was not paid by the author to publish or syndicate this article. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy.
4) This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

McAlinden Research Partners:
This report has been prepared solely for informational purposes and is not an offer to buy/sell/endorse or a solicitation of an offer to buy/sell/endorse Interests or any other security or instrument or to participate in any trading or investment strategy. No representation or warranty (express or implied) is made or can be given with respect to the sequence, accuracy, completeness, or timeliness of the information in this Report. Unless otherwise noted, all information is sourced from public data.

McAlinden Research Partners is a division of Catalpa Capital Advisors, LLC (CCA), a Registered Investment Advisor. References to specific securities, asset classes and financial markets discussed herein are for illustrative purposes only and should not be interpreted as recommendations to purchase or sell such securities. CCA, MRP, employees and direct affiliates of the firm may or may not own any of the securities mentioned in the report at the time of publication.