1 Operating capacity includes only those facilities which are currently capable of operating, but excludes any portion of an asset that is underutilized due to a lack of natural gas feedstock over a prolonged period of time. The operating capacity of our production facilities may be higher than original nameplate capacity as, over time, these figures have been adjusted to reflect ongoing operating efficiencies at these facilities. Actual production for a facility in any given year may be higher or lower than operating capacity due to a number of factors, including natural gas composition or the age of the facility s catalyst. We review and update the operating capacity of our production facilities on a regular basis based on historical performance.
The impacts from the COVID-19 virus spread and stricter quarantine measures enforced by some countries continued to have a destabilizing effect on global economic activities, resulting in maintaining restricted production targets by the OPEC+ participants during the first quarter. These restrictions as well as an increase in hydrocarbons consumption due to the severe cold winter weather in Europe, Asia and North America has led to a significant increase in benchmark hydrocarbons prices in the first quarter 2021, which correspondingly impacted our hydrocarbons sales prices. Further developments surrounding the COVID-19 virus spread remain uncertain and are outside of the Group s management control, and the scale and duration of these developments are difficult to assess. Despite these uncertainties, the Group continues to demonstrate strong operating results and implement its investment projects in accordance with the Group s approved corporate strateg
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Tenaris S.A.: Tenaris Announces 2021 First Quarter Results
The financial and operational information contained in this press release is based on unaudited consolidated condensed interim financial statements presented in U.S. dollars and prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standard Board and adopted by the European Union, or IFRS. Additionally, this press release includes non-IFRS alternative performance measures i.e., EBITDA, Net cash / debt and Free Cash Flow. See exhibit I for more details on these alternative performance measures.
LUXEMBOURG, April 28, 2021 (GLOBE NEWSWIRE) Tenaris S.A. (NYSE and Mexico: TS and MTA Italy: TEN) ( Tenaris ) today announced its results for the quarter ended March 31, 2021 in comparison with its results for the quarter ended March 31, 2020.