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Tsakos Energy Navigation Ltd. reports developments tied to its international seaborne transportation of crude oil, petroleum products and LNG. The company operates as a diversified tanker owner and operator, with news commonly addressing fleet employment, charter extensions, vessel deliveries, tanker-rate conditions, contracted revenue and operating results.
Company updates also include quarterly and annual earnings releases, Form 20-F filing announcements, and cash dividends on its Series E and Series F preferred shares. Recurring coverage reflects TEN's role in liquid energy shipping, including crude tankers, product tankers, LNG carriers and DP2 shuttle tankers serving oil companies, refiners and energy customers.
Tenneco reported a strong fourth quarter 2020, with revenues hitting $4.7 billion, representing a 12% year-over-year increase. The company achieved a net income of $167 million, or $2.03 per diluted share. Fourth quarter EBIT rose to $260 million, an improvement of $404 million year-over-year. The company successfully reduced net debt by $460 million, finishing the year with $4.5 billion in net debt. Tenneco forecasts full-year 2021 revenue between $17.2 and $17.8 billion.
Tenneco will participate in the 2021 Wolfe Global Auto, Auto Tech, and Mobility Conference on February 25, 2021, starting at 1:05 p.m. Eastern. CEO Brian Kesseler, CFO Matti Masanovich, and COO Kevin Baird will provide a strategic overview and discuss factors influencing the company's outlook. The presentation will be accessible via the Investors section of Tenneco's website, with a replay available until March 25, 2021. Tenneco reported revenues of $17.5 billion in 2019 and operates in various automotive markets.
Tenneco (NYSE: TEN) will report its fourth quarter and full year 2020 financial results on February 24, 2021, before market opening. A conference call to discuss these results is scheduled for 9:00 a.m. ET the same day. The call will include insights on the company's financial performance and future outlook. Tenneco, a leading automotive product manufacturer with $17.5 billion revenues in 2019, operates across four business groups: Motorparts, Ride Performance, Clean Air, and Powertrain.
Tenneco Inc. (NYSE: TEN) announced the appointment of Thomas J. Sabatino as executive vice president, general counsel, and corporate secretary, starting February 15, 2021. With nearly three decades of experience in corporate law, Sabatino's background includes senior roles at major corporations like Aetna and Hertz. His hiring comes after Brandon Smith accepted a new position elsewhere. CEO Brian Kesseler expressed confidence in Sabatino's ability to support the company’s long-term strategic goals.
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Tenneco has successfully completed its offering of $500 million in 7.875% Senior Secured Notes due 2029. These notes are backed by guarantees from Tenneco's subsidiaries and secured by first priority interests in the company’s assets. The proceeds will be used to redeem all outstanding 4.875% Senior Secured Notes due 2022 on December 14, 2020. Notably, these notes are not registered under the Securities Act and were sold to qualified institutional buyers and non-U.S. persons. Tenneco reported $17.5 billion in revenue for 2019.
Tenneco Inc. announced the pricing of its offering of $500 million aggregate principal amount of 7.875% Senior Secured Notes, set to mature in 2029. The offering, which will close on November 30, 2020, is backed by guarantees from Tenneco's subsidiaries and secured by first-priority interests in nearly all assets. Proceeds will be utilized to redeem existing 4.875% Senior Secured Notes due 2022. The notes will only be offered to qualified institutional buyers and non-U.S. persons, in compliance with relevant securities laws.
Tenneco Inc. (NYSE: TEN) announced on November 13, 2020, its intention to redeem all outstanding 4.875% Senior Secured Notes due 2022, totaling €415 million, on December 14, 2020. The redemption price is set at 101.21875% of the principal, totaling €1,020.1771 per €1,000 of Notes. Funding for this redemption will come from a new offering of senior secured notes due 2029, contingent on its completion. Following the redemption date, interest on the Notes will cease, and all related rights will terminate except for the redemption payment.
Tenneco Inc. (NYSE: TEN) announced its intention to offer $500 million of Senior Secured Notes due 2029, subject to market conditions. The Notes will be guaranteed by Tenneco's subsidiaries and secured by first priority security interests in substantially all assets of Tenneco and its subsidiary guarantors. The net proceeds will be used to redeem outstanding 4.875% Senior Secured Notes due 2022. The offering is targeted towards qualified institutional buyers and non-U.S. persons outside the United States.
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