As the COVID-19 pandemic continues to significantly alter our lives, both personally and professionally, we want to reach out to you, our valued clients, partners and friends. In addition to acknowledging the personal impact COVID-19 is having on us all, we wanted to share some quick thoughts on our business.
In the past few weeks STORH’s motto has become “safety and health first”.
Starting with our team based in United States, STORH has been enforcing best in class measures to ensure the safety of our team, our partners and our customers. Even though we are considered “Critical Infrastructure” and are exempt from quarantine, we have initiated a limited travel ban, a ‘work from home’ for most of the team, and strict safety and health rules at our factory... We are good and hope you are too!
As we confirm that everyone is safe, we can now ensure business continuity. We are making sure that your investments are producing and protected.
Business continuity for STORH’s Racoon Bend asset means that we have ongoing production throughout this crisis. As oil prices have touched an 18-year low, we can assure you that we have taken all measurements in these volatile markets to protect your investment. Months ago, we initiated hedges with BP (British Petroleum) to protect our future positions against market volatility and have protected the majority of our cash flow at a price of $50 per barrel.
Aside from protecting our cashflow from market volatility, we are also executing on our Plastic-to-Fuel initiative which has gained tremendous progress over the past few months. As our development of our technology continues, the number of interested partnerships and locations to deploy also expands. This is mainly driven by the significant returns that can be had by owning and operating one of our PolyStream plants integrated with our unique business model and supply chain.
As we execute our Business Continuity Plan, STORH remains OPEN FOR BUSINESS to serve our customers and focus on our growth plan.
Since one of my favorite things to do is to race cars, I’ll leave you with this analogy. Think of the entire world’s markets and businesses as a racecar, making it’s way into a curve and having to hit the brakes to slow down. At this point your focus needs to be on the line you’ll take and how much and when to accelerate out of the turn to make the most efficient exit of the curve. This is where we are today; This pandemic has made us all hit the brakes in major way, but now we are making our way out the other side. Things will begin to get back to a ‘new normal’, so make sure you are prepared to take advantage of it and don’t let others slide by. These are the times that draw a difference in those who work hard and those who don’t. Focus your time on real assets and areas that are sustainable and necessary for the economy to function.
If you are already a STORH customer – Thank You! Also, please note that our customer success team has a long ticket backlog and we are doing everything we can to answer each and every request as fast as possible.
Stay safe and stay tuned!