New contracts in Q4 2020 include Rio Tinto, PG&E, bp, US. Army, US. Air Force, FDA and NHS

Our average revenue per customer was $ 79 million, 41% more than last year. Our average revenue with our top 20 customers was $ 332 million, up 34% from last year

The number of customers with annual sales greater than $ 1 million increased 32% year over year The number of customers with annual sales greater than $ 5 million increased year over year 54% The number of customers with annual sales of more than $ 10 million increased 50% year over year

We suffered an operating loss of $ 156 million, of which $ 241 million, 8 million share-based compensation and $ 18 million in income tax for employers

Our operating income was $ 1041 million after adjusting for stock-based pay and related employer’s income taxes

In the fourth quarter of 2020 we have 21 contracts with a total order value of 5 million each USD or more signed, including 12 contracts with a total value of 10 million each USD or more

A public webcast will be held at 6:00 a.m. MT / 8:00 a.m. ET today to review the results for our fourth quarter and December 31st Fiscal year ending December 2020, as well as the financial outlook to be discussed.The live public call can be accessed by registering online at https: // event on24com / wcc / r / 2947836 / 5C123DA27C8C4F9CBFBC27AC3FEABE81 After the call, a retry will be requested at (888) 869- 1189 or (706) 643-5902 until midnight (ET) on Jan. Available February 2021

A slide show with supplementary financial information and reconciliations of certain non-GAAP measures to the closest comparable GAAP measures will be available on Palantir’s Investor Relations website at https: // InvestorsPalantircom

This press release and the accompanying tables contain the non-GAAP financials (operating income) excluding stock-based compensation, related employer income taxes, and one-time direct listing fees (also known as “Adjusted Income”) Loss) from operating business “) and adjusted operating margin

We believe these non-GAAP financial metrics will help us evaluate our business, identify trends that will affect Palantir’s business, formulate business plans and financial projections, and make strategic decisions. We include stock-based compensation non-cash expenses, based on these non-GAAP financial measures, as we believe that the exclusion of this item provides meaningful supplemental information about operational performance and useful information for investors and others to understand and evaluate our operational performance delivers results the same way our management team does.In addition, we exclude expenses primarily related to direct listing as it is a one-time, one-time charge, as well as employer’s income taxes related to stock-based compensation as this is difficult to predict and is beyond Palantir’s control Our definitions may differ from those used by other companies and therefore comparability may be limited In addition, other companies may not publish these or similar metrics In addition, these metrics have certain limitations, because they do not include the effect of certain expenses that are reflected in our consolidated income statement. Therefore, our non-GAAP financial measures should be viewed in addition to, not as a substitute for or in isolation from, those prepared under GAAP

We compensate for these limitations by providing a reconciliation of each of these non-GAAP measures to the most comparable GAAP measures. We do not encourage investors and others to review our business, results of operations, and financial information in their entirety Basing on a single financial measure and viewing those non-GAAP measures in conjunction with the most directly comparable GAAP financial measure

A reconciliation table of the most closely comparable GAAP financial measures to each non-GAAP financial measure used in this press release is included at the end of this press release. A reconciliation from non-GAAP guidelines to corresponding GAAP measures is due to uncertainty and potential variability of reconciliation items that may arise in the future, e.g. B. share-based, not available in a forward-looking manner without unreasonable effort Compensation and related wage taxes of the employer, the effects of which can be significant

For the purposes of this press release, the total order value assumes the exercise of all contractual options and no termination of contracts However, the majority of our contracts can be terminated for convenience and there can be no guarantee that contracts will not be terminated or that contract options will be exercised

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding our financial prospects, product development, and expected benefits and uses for our software platforms, business strategies and plans (including strategies and plans relating to our sales people and partnerships), market trends and size, opportunities (including growth opportunities) and positioning.These forward-looking statements are made as of the date of their first publication and are based on current expectations, estimates, projections and forecasts as well as the beliefs and assumptions of management Words such as “guidance”, “expect”, “anticipate”, “should”, “believe”, “hope”, “aim”, “project”, “plan”, “aim” , “estimate”, “potential”, “” predict “,” can “,” will “,” could “,” could “,” intend “,” should “and variations of these terms or the negative of these terms and similar expressions are intended to forward identify them Forward-Looking Statements Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances beyond our control. Our actual results could differ materially from those expressed or implied in any forward-looking statement, including but not limited to a number of factors limited to risks set forth in our filings with the Securities and Exchange Commission (the “SEC”), including our quarterly report on Form 10-Q for the period ended December 30th The quarter ended September 31, 2020, and other filings and reports that we may from time to time file with the SEC, including our Annual Report on Form 10-K for March 31, 2020 Fiscal Year Ending December 2020 In particular, the following factors, among other things, could cause results to differ materially from those expressed or implied in such forward-looking statements: our ability to successfully execute our business and growth strategy; the sufficient availability of our cash and cash equivalents to cover our liquidity needs; the demand for our platforms in general; our ability to grow our new customers and sales with customers; our ability to realize some or all of the total order value of customer contracts as revenue, including any contractual options available to customers or contract terms that must be terminated for convenience; our long and unpredictable sales cycle; our ability to retain and grow our customer base; the quarterly fluctuation in our results of operations and key business actions in future periods; the seasonality of our business; the complexity and lengthy implementation process for our platforms; our ability to successfully develop and deploy new technologies to meet the needs of our customers; our ability to make our platforms easier to install and use; our ability to maintain and improve our brand and reputation; Reporting about us via news or social media, including but not limited to reporting that contains or relies on inaccurate, misleading, incomplete or otherwise harmful information; and any breach or access to customer or third party data

The forward-looking statements contained in this press release reflect our views as of the date of this press release. We assume that subsequent events and developments will cause our views to change. We do not intend or undertake to revise any forward-looking statements based on new information, Update or revise future events or for any other reason. These forward-looking statements should not be taken as an expression of our views at any time after the date of this press release. Past performance is not necessarily an indication of future results

Palantir uses its investor relations website at https: // Investor Palantircom as a means of disclosing material non-public information and complying with its disclosure obligations under the FD Accordingly, investors should refer to Palantir’s investor relations website in addition to the following press releases, SEC – Monitor submissions, public conference calls, and webcasts

Palantir Technologies Inc creates and implements operating systems for the modern enterprise. For more information, visit https: // wwwPalantircom

Weighted average common shares outstanding used to calculate the net loss per share attributable to common stockholders, base

Weighted average common shares outstanding used to calculate the net loss per share attributable to common stockholders, diluted

Income (losses) from operations, excluding share-based compensation, related employer’s income taxes and one-time direct listing fees (“Adjusted Income (Loss) from Operations”)

Income (losses) from operations excluding share-based compensation, related employer’s wage taxes and one-time direct listing fees

(1) The employer’s wage taxes and the one-time direct listing fees were negligible and were therefore excluded in periods before and after the third quarter of 2020

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Palantir (PLTR) stocks declined more than 9% in early trading this morning after the data mining software company posted a surprise loss last quarter while sales beat expectations

The company, whose CEO Michael Saylor is one of the most vocal advocates of Bitcoin, has been amassing steadily more cash over the past year after its first investment in August, after appreciating in value, Bitcoin received its latest boost when Elon Musk’s Tesla Inc $ 1 bought5 billion of the currency earlier this month It was also recommended by business people and celebrities who have bet it will become an alternative to central bank-issued currencies

(Bloomberg) – Citigroup Inc unexpectedly lost a lawsuit to win back half a billion dollars that Revlon Inc Lender after the embarrassing mistake forced it to respond to regulators and tighten its internal controlsS. New York District Judge Jesse Furman ruled Tuesday that 10 asset managers for lenders – including Brigade Capital Management, HPS Investment Partners, and Symphony Asset Management – were required to return no more than $ 500 million that Citibank mistakenly transferred to the August Attempting to make an interest paymentFurman noted that the money managers should not be expected the transfer to be a mistake, “Believing that Citibank, one of the most advanced financial institutions in the world, made an unprecedented error of nearly 1 billion US dollar would have been borderline irrational, “he wrote. Furman’s decision marks the latest blow to Citigroup, which is in the midst of years of efforts to update underlying controls and technology after regulators fined last year of 400 million US dollars for men gel in both areas. The company is also undergoing a change in management The new Chief Executive Officer, Jane Fraser, will be announced on Jan. March take the helmBessings to the creditors “We disagree with this decision and we intend to appeal,” said Danielle Romero-Apsilos, a Citigroup spokeswoman, in a statement. “We believe we are and continue to be entitled to the funds Robert Loigman of Quinn Emanuel, the law firm representing the investment firms, said the firm was “extremely pleased with Judge Furman’s detailed and thorough ruling. Revlon declined to comment Citigroup briefly cut profits on the news, but their stocks rose 12% to $ 6439 at 10:23 am in New YorkRead More: Citigroup Execs Tries To Ease the $ 900 Million Pain The decision, which Citibank will almost certainly appeal, is a blessing for the creditors who in May got into a battle with the struggling cosmeticsu Billionaire Ronald Perelman’s businesses were involved in restructuring They argued that the Aug 11 Payment – one of the biggest bank mistakes in recent history – paid Revlon’s debts to them on a 2016 loan, did not look like a mistake on arrival and was their job, with creditors suing Revlon the day after the flawed transfers and claimed the makeup company had collateral for a $ 200 million loan USD, which it had collateralized in 2019, withdrew as it lost market share, and they dropped the lawsuit in November and reserved the right to re-initiate them pending the outcome of the Citibank litigation with a lasting impact the ruling could also have a lasting impact on the role of administrative agents in the syndicated loan industry by exposing them to higher operational and regulatory risks, Furman said previous court decisions forced him to conclude that lenders were entitled to take the money because they did not know Citibank had made a mistake, when she submitted the fundsQuickTake: “Unfair Enrichment” and Citi’s Costly Mistake “The transfers were equal to the penny of the principal amount and the outstanding interest on the loan,” he said in his decision. “This was pointed out in the accompanying notices that interest is “due” and the only way chability as this would have been true would have been if Revlon had made a principal advance payment and it appears that there has never been a mistake about the size or type of Citibank before “Lenders can keep the money until Citibank appeal lodges, but does not spend, “the judge said. A representative from HPS declined to comment. Brigade and Symphony did not immediately comment on what appeared to be intentional looking at the study, which was conducted via videoconference, executives from asset managers said they had no reason to believe the transfers were a mistake, they said the amount was what they were owed, and although the loan agreement required three days’ notice to make an early full payment of the loan – cancellation not received by the recipients Revlon and the bank previously breached the treaty, the couple “had really agreed with the pact Fed up, “said Scott Caraher, director of lending at Symphony, as part of the May restructuring Read More: Revlon Receives Debt Deal Approval Caraher described the relationship between Symphony, Revlon and Citibank as controversial and complicated” It’s not like that “We only got money owed us by a borrower and agent who were involved in a major game of chess. Clear Error Citibank argued that the transfers were a clear mistake and that the companies were not.” When questioned with a bank attorney, a senior lending officer at Symphony testified that it was customary to review money transfers made without notice and return the money if it was sent in error, saying he had seen how before money was accidentally sent to his company or counterparties “We would call the Dra ht check, confirm it was a mistake “and if” money was not owed we would send it back, “he said from When asked if incorrect interest payments were common, he said that Citi’s attorney suggests suggested that paying Revlon loans was not a “rational” act The mistake was a painful lesson for the bank to explain to the Office of the Currency Auditor and the Federal Reserve. The judge closed the six-day trial on December 16 with a warning, “The industry should find a way to deal with these things, even if it does was an event with black swans, “he said.” Whatever my decision is on this case, I hope the world, the market takes note of what happened here and the uncertainties that have arisen from it”The case is Citibank NA v Brigade Capital Management, 20-cv-6539, US. District Court, Southern Borough of New York (Manhattan) Read More: Citi Trial Reveals Gaff Chain Resulting in $ 900 Million Error (updates with details and context from paragraph 7) For more articles like this, visit us Subscribe now on Bloombergcom to stay ahead of the game with the most trusted business news source © 2021 Bloomberg LP

Goldman Sachs is optimistic about the economic recovery and has offered a list of stocks that you should consider buying for

Stocks of Socket Mobile Inc exploded 2519% on very high volume towards a more than 13 year high on Tuesday morning trading to accelerate all winners to Major US Exchange after the mobile data capture company announced its new DuraSled offering, which is a barcode scanner for Apple Inc. tradingiPhone 12s trading volume rose to more than 75 million shares, compared to the daily average of around 256 for the last 30 days000 shares The company said employers can now support workers using the iPhone 12 series of cellphones “The DuraSled turns your iPhone into a one-handed solution that combines the versatility of the iPhone and the performance of a business scanner,” said Vanessa Lindsay, Senior Product Manager at SocketMobile latest data showed that short interest as a percentage of public free float was 0.9%, the stock, trading at its highest level since October 2007, is up 373% over the past three months during the S&P 500 8 has won 9%

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Tilray will announce fourth quarter results after the market closed on Wednesday Cantor Fitzgerald analyst Pablo Zuanic is neutral on marijuana stock but is overweight Aphria

We are indeed living in interesting times – and in many ways this is a good thing. Take the automotive industry for example. Technology is changing rapidly and when it comes the way we drive will be dramatic change In 2030, our concept of the “car” will probably become unrecognizable for drivers from 1980 onwards. The biggest changes will come from power systems and artificial intelligence AI will bring autonomous technology into our cars and make self-driving vehicles a reality. But the changes to power systems will meet us first In fact, EV vehicles are already on our roads and electric vehicle (EV) companies are growing rapidly There are several avenues to potential success in the EV market. Companies are working to become leaders in battery technology or in electric drive trains z u position or maximize their reach and performance per charge It’s a factual industry environment that offers investors both opportunity and excitement.Smart investors will look for companies that are able to scale requirements once they have settled on marketable models Investment firm Morgan Stanley has been watching the EV industry looking for innovative new design and manufacturing companies to position themselves for profit as the company’s automotive analyst Adam Jonas has selected two stocks that investors should seriously consider : “When examining the startup landscape for electric vehicles and batteries, we prioritize highly differentiated technologies and / or business models with a scaling path appropriate to risk” When opening the TipRanks database, we called up the details of both Jonas picks to determine whether they were good to your Fisker’s Portfolio Fit (FSR) First of all, Fisker is based in Southern California, the epicenter of so many of our groundbreaking technology industries. Fisker’s focus is on solid-state battery technology, a growing alternative to the lithium-ion batteries that most electric vehicles depend on while solid-state batteries are more expensive than older lithium-based systems but safer and offer higher energy densities Fisker was busy patenting its move to solid-state batteries, a solid strategy to back up its advances in this area for electric vehicles, solid-state batteries offer faster charge times, greater range per charge and more possibly lower battery weight – all important factors in vehicle performance Every auto company needs a flagship, and Fisker has the Ocean – a mid-price EV SUV ($ 37$ 499) and a long-range propulsion system (up to 300 miles) The vehicle has a stylish design and room-mounted solar panels to complement the charging system Series production for the markets is scheduled for 2022.The stylish design reflects the sensitivity of the company’s founder Henrik Fisker, who is known for his work on the BMW Z8 and the Aston Martin DB9.Fisker entered the public markets last fall through a SPAC merger agreement Since the conclusion of the SPAC transaction on 29 October, FSR’s stake rose 112%. Jonas of Morgan Stanley is impressed with the company Describing the “Fisker Value Proposition” as “… design, time-to-market, clean sheet user experience and management know-how”, he says the schedule for the 4th Quarter 22 for the Ocean is likely to be complied with “Fisker is specifically targeting the home / car business as opposed to commercial end markets where emotional design and user experience play a bigger role. In addition, the company wants a fully digital experience from the Create the website via the app to the HMI in the car and continue customer loyalty through its flexible leasing product, ”added Jonas In line with his optimistic outlook on the company (and the car), Jonas rates Fisker as overweight (ie buying) and sets a price target of $ 27, which suggests an upward move of 42% for the coming year (To view Jonas’ track record, click hereOn the TipRanks data, we found Wall Street analysts had mixed views on Fisker The stock has a consensus analyst rating of moderate buy based on 7 reviews including 4 buy, 2 hold and 1 sell. The stocks currently cost $ 1899 and the $ 21 average target price of 20 implies a year-long upward movement of ~ 12% (See FSR stock analysis on TipRanks) QuantumScape (QS) While Fisker is working on solid-state batteries as part of vehicle manufacturing, QuantumScape is establishing itself as the leading supplier of EV battery technology and potential supplier of the next generation of batteries and power systems to the EV market, QuantumScape is a developer and manufacturer of solid-state lithium metal batteries The main advantages of the technology are safety, service life and charging times Solid-state batteries are non-flammable They last longer than lithium-ion batteries and have less capacity loss at the anode interface and their composition allows for faster charging of 15 minutes or less to reach 80% capacity. QuantumScape is confident that these benefits will outweigh the current higher cost of the technology and create a new standard for EV power systems, the company’s strongest bond with EV production is the link to Volkswagen, the German auto giant invested $ 100 million in QuantumScape in 2018 and another $ 200 million in 2020.The two companies are leveraging their partnership to prepare for mass development and production of solid-state batteries as Fisker went to QuantumScape At the end of last year through a SPAC agreement to the stock exchange Closing November 1st brought the QS ticker to the public markets – where it promptly surged above $ 130 per share. While the stock has slipped since then, it remains 47% up 47% from its NYSE opening for Jonas of Morgan Stanley, holding stake in QS stocks high risk but high potential reward too. In fact, the analyst calls it “The Biotech of Battery Development” “We believe their solid-state technology addresses a very big obstacle in battery science (energy density) that if successful , can create extremely high value for a wide range of customers in the auto industry and beyond”The risk of switching from a single-layer cell to a production car is high However, we feel that this is offset by Volkswagen’s commercial potential and role in taking over the early manufacturing ramp, “stated Jonas Jonas notes that QS is a stock for the long term and rates the stocks as overweight (ie Buy), and its target price of $ 70 shows confidence in an upward move of 28% over a one-year time horizon. Granted, not everyone is as excited about QS as Morgan Stanly QS’s hold consensus rating is based on an even split between buy- , Hold and Sell Ratings Stocks are priced at $ 5464 and their recent appreciation has pushed them well above the $ 4667 average price target (See QA stock analysis on TipRanks) To find great ideas for trading EV stocks at attractive ratings, visit TipRanks ‘Best Stocks to Buy, a newly launched tool that brings together all insights into TipRanks’ stocks Disclaimer: The opinions expressed in this article are for exclusive use those of the featured analyst The content is intended for informational purposes only. It is very important that you conduct your own analysis before making any investment

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(Bloomberg) – Treasury Secretary Janet Yellen is giving Federal Reserve Chairman Jerome Powell a headache in managing money markets, short-term interest rates that are already low will continue to fall, possibly below zero, after the Treasury Department announced plans to reduce cash levels earlier this month that it amassed last year at the Fed to reduce the pandemic and the deep recession it caused, the move aimed at bringing the central bank’s cash position back to more normal levels is turning the financial system into liquidity Flood and Powell’s Efforts to Keep Money Market Rates Under Control “All of this money from the Treasury’s general account has to flow back into the market from the Fed,” said Manmohan Singh, chief economist at the International Monetary Fund. “It gets as far as short-term rates possible while the Fed is lowering its key rate day by day es money to near zero to support the pandemic-caused economy, a decline in short-term market rates into negative territory could prove disruptive, especially for money market funds that invest in short-term government bonds, and banks can also come under pressure if they do Forced To Hold Large Unwanted Cash With The Central Bank The Treasury Department’s decision, announced in its quarterly refund announcement, will contribute to what Credit Suisse Group AG analyst Zoltan Pozsar calls a “tsunami” of reserves to ushering in the Fed’s financial system and balance sheet, combined with the Fed’s asset purchases, reserves could rise from an already high $ 3 trillion to around $ 5 trillion by the end of June at the Fed n, which works like the government checking account, when the recipients deposit the money at their bank, the bank presents the check to the Fed, which debits the Treasury’s account and credits the bank’s Fed account, also known as the dollar pressure market Professionals try to analyze the impact of a potentially unprecedented surge in liquidity Some predict downward pressure on the dollar Others predict brisk stock and bond prices Still others see it mostly as a non-event – except when it comes to money markets than former Fed chair Yellen for Treasury Secretary, many analysts saw a very close connection between their department and the central bank, but given the institutional needs of any organization, there are limits to how far this can go in preparing to keep the central bank’s cash supply from around a gigantic US by the end of June -Dollars Now, $ 6 trillion, Treasury Department is merely reverting to a more normal mode. “The Treasury Department had just postponed reckoning for the Fed,” said Lou Crandall, chief economist at Wrightson ICAP LLC, most Fed officials are believes that they have the tools to deal with increasing reserves, as stated in their Nov. stating 4-5 meetings, but that doesn’t mean they don’t have to make tough decisions about the Fed’s rate instruments, bank leverage rules, and possibly even asset purchases. To provide a floor to the money markets, the central bank could optimize the Interest rate on excess reserves that banks parked with the Fed and their reverse repurchase agreements of 10 basis points and Raise Zero The Fed Has Adjusted These Managed Interest Rates Earlier “If the Fed decides that the overnight rates should deviate from zero, I believe the most effective approach would be to raise these two rates together,” said former New York Fed official Brian Sack, who is now Director of Global Economics for D E. Shaw & CoHowever, that decision, which could be made at next month’s policy-making meeting, would be made if officials tried to convince markets they weren’t going to reduce support to the economy, while a rate hike would be portrayed as a technical adjustment, there is a risk that investors will not see it that way “I’m not sure how well the market will digest this,” said Tom Porcelli, chief executive U.S. Economist at RBC Capital Markets in New York “It could be complicated” What to do about the additional leverage ratio that the Fed and other regulators are imposing on banks is also difficult To ease market stresses in March, the Fed has stocks of banks on government bonds and reserves are temporarily excluded from the calculation of the ratio March off, just as banks’ cash balances at the central bank will grow Fed policymakers say they don’t want the bailout, which has been in place for about a year, to be permanent if they choose to temporarily expand it They seek the approval of decision-makers appointed by President Joe Biden who may be less inclined to go along with Leverage Restrictions If the exemption instead expires, banks may run the risk of running into the leverage restrictions, particularly because they are required to hold ever more reserves, economists themselves are disagree on how disruptive that would be Jefferies LLC economist Tom Simons said banks haven’t taken advantage of the foreclosure as much as expected, so a reset shouldn’t have a material impact, “It’s going to be a band-aid that will have to be ripped off at some point “he said” Yes Now is probably a good time to see others see a potential decline in the bond market if the rule falls back when banks sell government bonds to meet leverage restrictions and make room on their balance sheets for the increasing number of reserves they need to hold. “The concern is that this would further undermine banks’ willingness to create government bond markets, hold government bonds and extend repo funding so others can hold government bonds, “said former Fed official Bill Nelson, now chief economist at the Bank Policy Institute, who represents The industry at its November meeting, Fed officials discussed another way to deal with the expansion of reserves: adjusting their asset purchase program, but economists see this as a last resort as investors are sensitive to changes on this front The imminent rise in the R Reserving when the government restricts its cash stacks will create a flood of liquidity already in the system from the Fed’s ongoing bond purchase. “This will turn the money markets on the money markets because of the dramatic increase in the Fed’s portfolio,” CrandallFür said For more articles like this, please join us on BloombergcomSubscribe now to stay ahead of the game with the most trusted business news source © 2021 Bloomberg LP

President Joe Biden’s March 2019 revocation of approval allowing construction of the Keystone XL pipeline is likely to lead to more crude on the rail, industry observers say, but how much volume will increase will largely depend on the price of heavy crude “The cancellation of the Keystone Pipeline Project was inevitable when the government changed hands. Despite its merits or disadvantages, it is now a deflated political football,” said Barry Prentice, professor of supply chain management at the University of Manitoba and Former director of the local Transport Institute “This means that more crude oil has to be transported by rail The huge investments in the oil sands are not being abandoned and the oil has to go somewhere.” But crude oil by rail “was problematic because given the low oil price and of the relatively higher price for rail transport, nothing looks very attractive The P The problem is not the oil supply but the lower demand during the pandemic. Once this period is behind us, demand will return and so will $ 100 a barrel of oil, “said Prentice. Indeed, oil markets serve as a highly visible factor that determines how much crude oil is produced and shipped for the production and transportation of heavy crude oil from Western Canada and the USAS To be profitable, the price range between a heavy crude like Western Canadian Select (WCS) and a light, sweet crude like West Texas Intermediate (WTI) must be cheap because of its lower quality and greater distance from the U in the WCS crude Typically discounted to WTI crudeS Gulf Coast Refineries The COVID-19 pandemic was one of the factors that helped WTI crude prices sway in 2020 Why the interest in crude production and transportation? The oil market is not the only factor that determines crude oil production and subsequent transportation.Another reason is the enormous oil reserves and investments already invested in crude oil production, as well as the export prospects for crude oil, according to the government of Alberta, the province’s oil sands to Venezuela and Saudi Arabia represents the third largest oil reserves in the world.Its reserves are approximately 1,654 billion barrels and capital investments in the upstream sector were $ 283 billion in 2016 and $ 265 billion in 2017. In addition, according to Natural Resources Canada in In 2019, 98% of Canada’s crude oil exports to the USAS These investments and huge oil reserves have also resulted in significant investments in other areas of the energy sector, including investments in pipelines.The pipelines bring Canadian heavy crude south to U.S. Refineries because American refineries were built and optimized to primarily process heavy crude, according to Rob Benedict, senior director of petrochemicals, transportation, and infrastructure at the American Fuel and Petrochemical Manufacturers Association, Canada-to-U. Crude Oil PipelinesS. were seen as an efficient way to move large quantities of Canadian heavy fuel oil to US Gulf Coast Refineries The 1TC Energy’s 210-mile Keystone XL pipeline would have a capacity of 830000 barrels a day of crude oil from Hardisty, Alberta, and would be directed to Steele City, Nebraska, where it would then be shipped to US Gulf Coast Refineries Had construction continued, the pipeline would have been operational in 2023, but TC Energy abandoned the project after Biden revoked an existing presidential approval for the pipeline in January, “TC Energy will review the decision, assess its impact However, due to the expected revocation of the presidential permit, the further development of the project will be suspended. The company will activate the capitalization of costs, including interest during construction, with effect from Dec. Set January 2021 as the decision date and evaluate the book value of its investment in the pipeline minus project repayments, “TC Energy said in a press release last month. The Keystone XL pipeline” is an essential piece that Canada and the US would have allowed to continue the very good relationship they have with the transportation of energy products across the border, “said Benedict. However, according to Benedict, stopping pipeline construction does not necessarily mean a one-on-one increase in crude oil-on-rail volume.” The gist of the story is that it will have some impact on crude oil by rail – it won’t all be 830000 barrels a day shifted onto the rails, but any additional amount will potentially have an impact, “said Benedict Various factors will affect how much crude oil moves on the rails. In addition to the WCS / WTI price range, the railways’ ability to deliver crude oil on the rails Handling rail is critically important Not only are raw train speed restrictions and potential social implications, but also capacity issues Canadian railways have reported record amounts of grain in recent months, and crude oil volumes have to compete with grain and other commodities for the same rail line as there are other pipelines between Canada and the USAS That could take up some of the volumes that would have been processed by the Keystone XL pipeline, Benedict said.This includes Endbridge (NYSE: ENB) Pipeline 3, which runs from Canada to Wisconsin Endbridge’s Pipeline on Line 5, which runs under the Straits of Mackinac and Lake Michigan to the Michigan Peninsula; and the Trans Mountain Pipeline, which is being developed in Canada, would run from Alberta to Canada’s west coast and then possibly south to the U.S Refineries Another factor that could affect crude oil on the rail is the storage of crude oil, Benedict said, “It’s not just a simple question of whether a pipeline that is shut down will be delivered entirely on the rails It is complex as it takes into account all the different hubs in the supply chain, including storage, which would come into play, “Benedict told Canadian Railways’ Views on Crude Oil by the Canadian Pacific (NYSE: CP) and CN (NYSE: CNI) ) both announced they would deliver more volumes of crude oil, but neither indicated how much volume will grow, CP said during its fourth quarter earnings call on Jan 27 that activity has increased as price ranges become cheap The railroad also expects to move volumes of crude oil from a DRU (Diluent Recovery Unit) near Hardisty, Alberta, where the US Development Group and Gibson Energy had agreed to run the DRU to be erected and operated in December 2019 Under this agreement, ConocoPhillips Canada will process the inlet bitumen mixture from the DRU and ship it to the US via CP and Kansas City Southern (NYSE: KSU) Gulf Coast “These amounts of DRU provide shippers with a safer option to compete in the pipeline and help stabilize our crude oil business going forward,” said John Brooks, CP chief marketing officer, during the earnings statement to Keith Creel, president and CEO from CP also said he saw US. Measures on Keystone Pipeline to Benefit Crude Oil and DRU Volume Measures “represent more strength and more potential demand for crude oil We believe this will create more support for the DRU to scale and expand so we are optimistic about it That opportunity, “Creel said. He continued,” We’re still seeing short term, not long term. Pipeline capacity is catching up [eventually] [but] we just think there’s a longer tail right now, so we believe it’s in both “In the meantime in a Jan Interview with Bloomberg, CN President and CEO JJ Ruest called crude oil a “question mark” on rail’s energy outlook for 2021 Ruest said low oil prices, reduced travel and the cancellation of the Keystone pipeline were among the factors That Will Affect CN’s Energy Forecasts However, crude oil by rail could be a “slight positive drag on rail industry,” Bloomberg quoted Ruest CP as saying that CN declined to provide FreightWaves with further comments on crude oil by rail and CN dismissed FreightWaves Click Here For More FreightWaves Articles By Joanna Marsh Related Articles: Social Risk Trumps Financial Risk For Canadian Crude Oil Shipping. Subscribe to the FreightWaves e-newsletters and get the latest freight information delivered to your inbox Canada issues new speed restrictions for trains, i e transporting dangerous goods Construction of crude oil facility in Alberta expected to begin in April Comment: Rail tank wagons suffer a hit For more information from BenzingaClick, click here for Benzinga option dealsForward Air doubles amid increased interest from activistsDrilling Deep: fourth quarter review review; How did Werner do so well? © 2021 Benzingacom Benzinga does not offer investment advice. All rights reserved

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World news – USA – Palantir reports sales growth of 47% for full year 2020 and expects sales growth of 45% for the first quarter of 2021