501(c)(3) status is a federal designation awarded by the IRS, and there are around 1.5 million 501(c)(3) nonprofits in the US, including everything from libraries, community centers, and hospitals to places of worship, animal shelters, museums, youth sports leagues, food banks, and more.
Nonprofits employ the third-largest workforce in the US economy – more than 12.4 million people. They also operate more than 500,000 facilities, mostly in commercial spaces, where efficiency improvements could reduce energy use by up to 30%. Most nonprofits operate on annual budgets of less than $500,000, so energy savings could potentially build organizational and community resiliency and increase their service capacities.
The competitive grant program is a first-of-its-kind engagement between the US Department of Energy and the nonprofit sector, and it’s going to use an aggregation model to distribute and manage the grant money. DOE will award between 5 and 15 larger grants to nonprofits interested in serving as Prime Recipients or program leads. Prime Recipients will award grant funds and provide technical assistance to Subrecipients for energy efficiency upgrades. In other words, it’s a “nonprofits-supporting-nonprofits” model.
Ultimately, hundreds of nonprofit facilities are expected to be represented across these project bundles, and DOE’s program is particularly aiming to benefit historically disadvantaged communities.
US Secretary of Energy Jennifer Granholm said:
Nonprofits promote social cohesion, public health, creativity, and innovation — all of which are essential to strong and resilient communities.
With this funding, DOE is helping nonprofits amplify their impacts. Every dollar saved is a dollar that can be reinvested in crucial community services, all while helping us achieve President Biden’s goal of a net-zero emissions economy by 2050.
All nonprofits interested in participating in the Renew America’s Nonprofits grant are encouraged to join the Teaming List.
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Coterra Energy topped Wall Street expectations Thursday with first-quarter results that further proved the Club holding’s nimble production strategy is the right one for shareholders. Revenue in the three months ended March 31 fell 19% year over year to $1.43 billion, beating the consensus forecast of $1.39 billion, according to analyst estimates compiled by LSEG. Adjusted diluted earnings per share fell 41% versus the year-ago period to 51 cents, but still exceeded expectations of 41 cents, LSEG data showed. Coterra Energy Why we own it: Formed by the merger of Cabot Oil & Gas and Cimarex, Coterra Energy is an exploration-and-production company with a high-quality, diversified asset portfolio. The company practices capital discipline and is a low-cost operator. It’s committed to returning 50% or greater of annual free cash flow to shareholders. Our lone energy stock, Coterra also acts as a hedge on inflation and geopolitical risk. Competitors: EQT Corp ., Devon Energy , Marathon Oil Last buy: April 16, 2024 Initiation: April 14, 2022 Bottom line Coterra delivered a strong first quarter, fueled by clean execution. Getting more out of the ground without necessarily spending more is what makes energy producers capital efficient. Coterra provided exactly what we wanted in the January-to-March period: production above the midpoint of guidance, oil production above the high end and capital expenditures below the low end. In addition, we were pleased to see Coterra raise its full-year oil production outlook without moving its capex guidance. This momentum is the result of CEO Tom Jorden’s decision three months ago to shift its production strategy to focus on oil and liquid-rich plays away from natural gas, a prudent decision given the current economics of the two commodities. Since the start of the year, U.S. oil benchmark West Texas Intermediate crude has rallied more than 10% while natural gas prices have fallen 20%. Coterra’s mix of oil and natural gas acreage gives it the flexibility to adjust its drilling focus. It’s something we’ve longed touted as an attractive feature of the company. Shares of Coterra — which will hold its post-earnings conference call Friday morning — rose more than 2% in extended trading Thursday, to around $27.80 each. Following the report, we’re reiterating our buy-equivalent 1 rating on Coterra shares and a price target of $30. Capital allocation Coterra returned a total of $307 million to shareholders in the first quarter, with $157 million in declared dividends and $150 million coming from share repurchases. That buyback was an increase from the $29 million in repurchased in the fourth quarter of 2023. At the end of March, the Houston-based company had $1.4 billion remaining under its previous $2 billion authorization. Guidance Coterra largely maintained its capital-efficient outlook for 2024 — with a notable tweak that makes it even sweeter. The company reiterated its full-year capital expenditure outlook of $1.75 billion to $1.95 billion but raised its oil production guidance to 102 to 107 thousand barrels of oil per day (MBopd), an increase of 2.5% at the midpoint versus prior guidance. This is capital efficient because capex is down 12% year over year at the midpoint — driven by cost reductions, deflation and lower activity in the Marcellus Shale — and yet its barrel of oil equivalent production is expected to be roughly flat, with 9% higher oil volumes. For the second quarter, Coterra expects total equivalent production of 624 to 655 thousand barrels of oil equivalent per day (MBoepd); oil production of 103 to 107 MBopd; natural gas production of 2,600 to 2,7000 million cubic feet per day; and capital expenditures of $470 million to $550 million. The total production guide is a little lighter than the 668 MBoepd expected, according to Factset. However, the oil guide was higher and natural gas production was lighter than anticipated. We’ll gladly take the more oily mix given the more favorable economics it currently has. The capex guide is elevated relative to Wall Street estimates, but combined spending over the first two quarters of the year is line. (Jim Cramer’s Charitable Trust is long CTRA. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
Permian Basin rigs in 2020, when U.S. crude oil production dropped by 3 million a day as Wall Street pressure forced cuts.
Paul Ratje | Afp | Getty Images
Coterra Energy topped Wall Street expectations Thursday with first-quarter results that further proved the Club holding’s nimble production strategy is the right one for shareholders.
Chinese state-owned company COSCO Shipping has launched what it calls the “world’s largest” river-to-sea electric container ship. The Green Water 01 is a 10,000-ton+ fully electric vessel that sets a new benchmark in sustainability in the marine logistics industry.
China Ocean Shipping (Group) Company, or COSCO for short, is a state-owned multinational conglomerate headquartered in Shanghai specializing in marine transport. Not to be confused with Costco, COSCO Shipping was founded as a subsidiary in 2016 following an approved merger between COSCO and China Shipping.
The COSCO Group is the largest liner carrier in China, transporting hundreds of container vessels daily while also providing ships to Chinese automakers to help them export their electric vehicles to new markets overseas, including Europe.
To adapt to the times, COSCO has developed a massive, fully electric container ship, which has now officially begun service in China.
COSCO’s electric container ship begins service in China
According to a WeChat post from COSCO Shipping, which features reports from China’s CCTV, the company’s Green Water 01 electric container ship arrived safely and was berthed in the Port of Yangshan by the local maritime safety administration.
The Green Water 01 sails at a total length of 119.8 meters, a molded width of 23.6 meters, a molded depth of 9 meters, a design draft of 5.5 meters, and a maximum speed of 19.4 km/h (12 mph). COSCO Shipping says the Green Water 01 electric container ship presents multiple firsts for the marine industry, including total length, width, container capacity, deadweight tonnage (10,0000 tons), and battery capacity (50,000+ kWh).
Speaking of batteries, the electric container ship is powered by a large-capacity battery combining for over 50,000 kWh. However, COSCO says the number of battery modules can be configured depending on the length of the voyage at sea. For example, additional 20-foot battery boxes offering 1,600 kWh of electricity can be loaded onto the container for extra range.
This ship’s captain, Wang Jun, told CCTV that when the Green Water 01 is equipped with 24 battery boxes, the electric container ship can complete trips that consume 80,000 kWh of energy, equivalent to approximately 15 tons of fuel for a similar journey in a traditional container ship.
COSCO Shipping also shared that the new Green Water 01 can save 3,900 kg (8,600 pounds) of fuel for every 100 nautical miles traveled, cutting carbon dioxide emissions by 12.4 tons. Following the successful launch, the Green Water 01 has commenced weekly service between Shanghai and Nanjing.
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