Initial Solar Projects Realize First Net-Zero Fuel Terminals in the US

FRANKLIN, Tenn.--(BUSINESS WIRE)--Today Eco-Energy LLC, an energy solutions and midstream company with a long history in renewable energy, announced the completion of the first two fuel terminals in the United States to achieve net-zero emissions for on-site operations, in Augusta and Cartersville, Georgia. The emission reductions were realized through the installation of solar arrays by Eco-Energy’s newly created Solar Division.

The Solar Division is a critical component of Eco-Energy’s Carbon Solutions platform, and is actively working on solar projects to realize emission reductions in its own supply chain and in the operations of the customers it serves. Eco’s Carbon Solutions platform is also involved in project development and trading in the voluntary and regulated carbon markets.

“As a leading integrated energy solutions company with more than 25 years of experience in the renewable space, Eco-Energy is uniquely positioned to offer renewable energy and low-carbon solutions to its upstream and downstream customers,” said Brian Simpson, Executive Vice President. “We view the current energy transition as an opportunity to deploy innovative solutions that make sense environmentally and financially.”

As companies face increased environmental scrutiny and ESG imperatives, solar provides an opportunity to reduce emission on an operational level. Together, the projects will offset 8,500 metric tons of CO2 emissions over their 25 year lifespan.

“No other fuel terminal in the United States had yet to achieve net zero status because doing so is a unique engineering challenge. With our new solar division at Eco-Energy, we were able to meet the challenge and are now able to help our customers do the same,” said Brandon Travis, Vice President, Solar at Eco-Energy.

Eco-Energy is an integrated energy marketer and midstream services company with $4 billion in annual revenue. Its core business is the marketing and transportation of ethanol and natural gas across the US, Canada, and abroad. In an evolving, climate-conscious economy, Eco-Energy is leveraging its platform to find solutions for emission reduction through low-carbon renewable energy. With more than 175 employees dedicated to delivering clean energy solutions to the world, Eco-Energy provides a complete portfolio of services that leads the industry, bringing a level of knowledge and expertise that its partners have come to rely on.

For more information, please contact Sarah Filus, Manager of Carbon Solutions, 615-487-8639, This email address is being protected from spambots. You need JavaScript enabled to view it..

Sarah Filus
Manager of Carbon Solutions
615-487-8639
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HOUSTON--(BUSINESS WIRE)--Black Stone Minerals, L.P. (NYSE: BSM) (“Black Stone,” “BSM,” or “the Company”) today declared the distribution attributable to the third quarter of 2021.

Common Distribution

The Board of Directors of the general partner (the “Board”) has approved a cash distribution for common units attributable to the third quarter of 2021 of $0.25 per unit. This distribution level is equal to the combined base distribution plus special distribution paid with respect to the second quarter of 2021, and is 25% greater than the Company’s previously communicated expectations for the third quarter 2021 distribution.

Distributions will be payable on November 19, 2021 to unitholders of record on November 12, 2021.

Earnings Conference Call

As previously announced, the Company is scheduled to release details regarding its results for the third quarter of 2021 after the close of trading on November 1, 2021. A conference call to discuss these results is scheduled for November 2, 2021 at 9:00 a.m. Central time (10:00 a.m. Eastern time). The conference call will be broadcast live in listen-only mode on the company’s investor relations website at www.blackstoneminerals.com. If you would like to ask a question, the dial-in number for the conference call is 877-447-4732 for domestic participants and 615-247-0077 for international participants. The conference ID for the call is 4659348. Call participants are advised to call in 10 minutes in advance of the call start time.

A telephonic replay of the conference call will be available approximately two hours after the call through December 2, 2021, at 855-859-2056 for domestic replay and 404-537-3406 for international replay. The conference ID for the replay is 4659348.

About Black Stone Minerals, L.P.

Black Stone Minerals is one of the largest owners of oil and natural gas mineral interests in the United States. The Company owns mineral interests and royalty interests in 41 states in the continental United States. Black Stone believes its large, diversified asset base and long-lived, non-cost-bearing mineral and royalty interests provide for stable to growing production and reserves over time, allowing the majority of generated cash flow to be distributed to unitholders.

Information for Non-U.S. Investors

This press release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Although a portion of Black Stone Minerals’ income may not be effectively connected income and may be subject to alternative withholding procedures, brokers and nominees should treat 100% of Black Stone Minerals’ distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, Black Stone Minerals’ distributions to non-U.S. investors are subject to federal income tax withholding at the highest marginal rate, currently 37.0% for individuals.

Forward-Looking Statements

This news release includes forward-looking statements. All statements, other than statements of historical facts, included in this news release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Terminology such as “will,” “may,” “should,” “expect,” “anticipate,” “plan,” “project,” “intend,” “estimate,” “believe,” “target,” “continue,” “potential,” the negative of such terms, or other comparable terminology often identify forward-looking statements. Except as required by law, Black Stone Minerals undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this news release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release. All forward-looking statements are qualified in their entirety by these cautionary statements. These forward-looking statements involve risks and uncertainties, many of which are beyond the control of Black Stone Minerals, which may cause the Company’s actual results to differ materially from those implied or expressed by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, those summarized below:

• the Company’s ability to execute its business strategies;
• the scope and duration of the COVID-19 pandemic and actions taken by governmental authorities and other parties in response to the pandemic;
• the volatility of realized oil and natural gas prices;
• the level of production on the Company’s properties;
• overall supply and demand for oil and natural gas, as well as regional supply and demand factors, delays, or interruptions of production;
• conservation measures, technological advances, and general concern about the environmental impact of the production and use of fossil fuels;
• the Company’s ability to replace its oil and natural gas reserves;
• the Company’s ability to identify, complete, and integrate acquisitions;
• general economic, business, or industry conditions;
• competition in the oil and natural gas industry; and
• the level of drilling activity by the Company's operators, particularly in areas such as the Shelby Trough where the Company has concentrated acreage positions.

Black Stone Minerals, L.P.
Jeff Wood
President and Chief Financial Officer

Evan Kiefer
Vice President, Finance and Investor Relations
Telephone: (713) 445-3200
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To Be One of the Largest Anaerobic Digestion-to-RNG Plants in the World

BURLINGTON, Ontario--(BUSINESS WIRE)--Anaergia Inc. (“Anaergia” or the “Company”) (TSX: ANRG) acquired two Danish subsidiaries that will build, own and operate (“BOO”) a new anaerobic digestion facility in Tønder, Denmark. This new facility will take in agricultural waste and convert it to renewable natural gas (“RNG”).

Construction on the new facility is set to begin before the end of this calendar year and is expected to be completed within two years. RNG production is anticipated to begin prior to December 31, 2022, in order to qualify for the Danish Energy Agency’s subsidy program that promotes the production of biogas by providing a guaranteed minimum price. Under the terms of this program, biogas that is upgraded to renewable natural gas for injection into the gas grid receives a subsidy for a period of 20 years. Anaergia expects the facility to produce 1.4 million MMBTU per year of RNG, which would make it one of the largest such plants in the world. It would produce approximately 40% more RNG than that of the Company’s facility in Rialto, California.

This plant is expected to generate sufficient RNG to meet the needs of around 29,000 homes, while reducing the amount of carbon dioxide released into the environment by about 70,000 tonnes per year.

The total cost of this project is expected to exceed C$100 million. The Company anticipates the new venture will produce a positive internal rate of return in the low-double digits on an unlevered pre-tax basis.

“Owing to the initial public offering, we were in a position to expand Anaergia’s operations into Scandinavia earlier than expected. This project dovetails with Denmark’s aspirations to become one of the most climate-friendly countries in the world. Denmark has a climate law that aims to reduce greenhouse gas emissions by 70% below 1990 levels by 2030, with net zero emissions targeted for 2050, and this project will help Denmark achieve these objectives. Our investment in this BOO project underscores our commitment to creating new large-scale facilities that will make a positive difference in the environment around the world,” said Andrew Benedek, Anaergia’s Chairman and CEO.

Update on Potential Projects in Kent County, Michigan; and in Deeside, Wales, UK

At its meeting on October 7, the Board of the Kent County Department of Public Works formally approved starting negotiations for a US$280 million landfill waste diversion facility with Anaergia and partner Continuus Materials. In addition, the State of Michigan allocated US$4 million to Kent County to “assist infrastructure necessary to develop” this project. The facility is expected to be a world-leading recovery facility, achieving the County’s ambitious landfill diversion targets, while supporting its visionary sustainability goals, by recovering RNG, fertilizer, and high value products from the County’s solid waste. The investment by Anaergia and Continuus Materials, in this venture would also serve to improve the economy of western Michigan, creating new jobs needed to produce a range of valuable products from the large quantity of materials to be diverted from the County’s landfill.

This morning, EQTEC plc (EQTEC) announced that it secured a resolution from the Flintshire County (Wales, UK) Council's Planning Committee to grant planning consent for an advanced gasification facility deploying EQTEC technology at its Deeside Refuse Derived Fuel project. This announcement also says that EQTEQ entered into a co-operation agreement with Anaergia to develop a proposal for the delivery of the multi-technology waste-to-energy project at Deeside. This project would include combining a 182,000 tonne waste reception and processing plant along with anaerobic digestion and EQTEC Advanced Gasification Technology.

About Anaergia

Anaergia was created to eliminate a major source of greenhouse gases (“GHGs”) by cost effectively turning organic waste into renewable natural gas (“RNG”), fertilizer and water, using proprietary technologies. With a proven track record from delivering world-leading projects on four continents, Anaergia is uniquely positioned to provide end-to-end solutions for extracting organics from waste, implementing high efficiency anaerobic digestion, upgrading biogas, producing fertilizer and cleaning water. Our customers are in the municipal solid waste, municipal wastewater, agriculture, and food processing industries. In each of these markets Anaergia has built many successful plants including some of the largest in the world. Anaergia owns and operates some of the plants it builds, and it also operates plants that are owned by its customers.

Forward-Looking Statements

This news release may contain forward-looking information within the meaning of applicable securities legislation, which reflects the Company’s current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company’s control. Actual results could differ materially from those projected herein. Anaergia does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required under applicable securities laws.

For further information please see: www.anaergia.com

For media relations please contact: Melissa Bailey, Director, Marketing & Corporate Communications, This email address is being protected from spambots. You need JavaScript enabled to view it.
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SAN ANTONIO--(BUSINESS WIRE)--The Board of Directors of Valero Energy Corporation (NYSE: VLO, “Valero”) has declared a regular quarterly cash dividend on common stock of $0.98 per share. The dividend is payable on December 9, 2021 to holders of record at the close of business on November 18, 2021.

About Valero

Valero Energy Corporation, through its subsidiaries (collectively, “Valero”), is an international manufacturer and marketer of transportation fuels and petrochemical products. Valero is a Fortune 500 company based in San Antonio, Texas, and owns 15 petroleum refineries with a combined throughput capacity of approximately 3.2 million barrels per day and 12 ethanol plants with a combined production capacity of approximately 1.6 billion gallons per year. The petroleum refineries are located in the United States (U.S.), Canada and the United Kingdom (U.K.), and the ethanol plants are located in the Mid-Continent region of the U.S. Valero is also a joint venture partner in Diamond Green Diesel, which owns and operates a renewable diesel plant in Norco, Louisiana. Diamond Green Diesel owns North America’s largest biomass-based diesel plant. Valero sells its products in the wholesale rack or bulk markets in the U.S., Canada, the U.K., Ireland and Latin America. Approximately 7,000 outlets carry Valero’s brand names. Please visit www.investorvalero.com for more information.

Investors:
Homer Bhullar, Vice President – Investor Relations and Finance, 210-345-1982
Eric Herbort, Senior Manager – Investor Relations, 210-345-3331
Gautam Srivastava, Senior Manager – Investor Relations, 210-345-3992

Media:
Lillian Riojas, Executive Director – Media Relations and Communications, 210-345-5002

Alkym® Platform’s Industry-Leading Capabilities to Advance Agency’s Digitization and Automation Initiatives

SEJONG-SI, Republic of Korea--(BUSINESS WIRE)--#AsiaPacific--Seabury Solutions, a subsidiary of New York-based Seabury Capital Group LLC and the market leader in delivering aircraft M&E and MRO software solutions for the aviation industry, announced a new client engagement with the Korean National Fire Agency (“KNFA”) to deploy the Alkym® Platform as the backbone of the agency’s "Fire Helicopter Operation Information System.”

The newly established system is intended to enable the KNFA’s 119 Air Traffic Control Center (119-ATC) to manage its fleet of 29 helicopters safely and efficiently, including facilitating the integration of operations, maintenance, and flight crew training and management, as well as ensuring the reliability, safety, and quality of helicopters.

“We are honored to have been selected by the KNFA to deploy Alkym’s industry-leading capabilities to power their Fire Helicopter Operation Information System, which will ensure the smooth operation of helicopters in real-time, while supporting the center’s disaster-relief missions across the nation,” commented Kyungik An, Managing Director of Seabury Solutions’ Korean Office.

Seventeen air corps across the country currently perform maintenance individually, making it challenging to procure repair parts in bulk and perform maintenance that requires specialized equipment and capabilities. As a result, the efficiency of aircraft operations has decreased, and maintenance costs have increased. To address these challenges, the KNFA has set out to create a firefighting aviation maintenance division within the next 5 years that will perform MRO work in-house.

A new Maintenance Information System will enhance the equipment’s operational safety by establishing a systematic connection with the “Fire Helicopter Operation Information System.” Furthermore, the implementation of Alkym will enable the agency not only to deliver accurate maintenance-critical information, but also to respond to disasters in a timelier manner by providing immediate helicopter support.

“We look forward to growing our collaboration with the KNFA to support efforts in digitizing their firefighting aircraft maintenance operations and enhancing the agency’s helicopter maintenance management capabilities,” concluded Kyungik.

ABOUT THE KOREAN NATIONAL FIRE AGENCY

As an organization dedicated to comprehensively responding to any accidents or disasters on land, the Korean National Fire Agency (“KNFA”) focuses its efforts and capabilities on making the Republic of Korea a safer, more comfortable place to live. To better protect people from ever-more complicated, ever-larger accidents and disasters, the KNFA has strengthened the national disaster response system by supplementing the existing workforce, its equipment, and the teams working primarily on site. www.nfa.go.kr/eng

ABOUT SEABURY SOLUTIONS

Seabury Solutions is a leading global aviation software development and consultancy company. It was established in 2002 and is part of Seabury Capital Group LLC. Seabury Solutions has built its reputation in the market by delivering an industry-leading aviation suite of IT solutions that enhance the efficiency and decision-making process for airlines, regulators and MROs.

Seabury Solutions’ integrated aviation software portfolio encompasses the Alkym® Maintenance Systems for airlines & MROs, eAuthority® (a safety management software for aviation authorities), and a range of airline performance analysis tools within the Enterprise Performance Analysis System (EPAS). The EPAS® suite has models that include capabilities in determining current and future route profitability, maintenance performance, budget planning, fuel planning and distribution channel performance. Reference Seabury Solutions at www.seaburysolutions.com.

Media Contact:
Brian Walsh
+353 61 749010

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+1 612 263 6953

ALEXANDRIA, Va.--(BUSINESS WIRE)--VSE Corporation (NASDAQ: VSEC, "VSE", or the "Company"), a leading provider of aftermarket distribution and maintenance, repair and overhaul (MRO) services for land, sea and air transportation assets for government and commercial markets, today announced results for the third quarter 2021.

THIRD QUARTER 2021 RESULTS
(As compared to the Third Quarter 2020)

• Total Revenues of $200.6 million increased 21.2%
• GAAP Net Income of $9.0 million increased 11.3%
• Adjusted Net Income of $9.7 million increased 42.5%
• Adjusted EBITDA of $21.4 million increased 18.7%

For the three months ended September 30, 2021, the Company reported total revenue of $200.6 million, versus $165.5 million for the same period of 2020. Excluding a non-recurring order for pandemic-related personal protective equipment (PPE) in the third quarter 2020, total revenue increased 26.6% on a year-over-year basis in the third quarter 2021, the highest quarterly revenue run-rate since the fourth quarter 2016. The Company reported adjusted net income of $9.7 million or $0.76 per adjusted diluted share, compared to $6.8 million or $0.62 per adjusted diluted share in the prior-year period.

Adjusted EBITDA increased to $21.4 million in the third quarter 2021, versus $18.0 million for the same period in 2020. The Company generated total free cash flow, as defined by operating cash flow less total capital expenditures, of $21.0 million in the third quarter 2021, versus $11.3 million in the same period of 2020.

Aviation segment revenue increased 101.9% on a year-over-year basis, driven by organic growth within both distribution and MRO markets, initial contributions from program implementation of recent contract wins, and market share gains within the business and general aviation (B&GA) market, supported by the acquisition of Global Parts Group completed in July 2021. Aviation distribution and MRO revenue increased 187% and 8%, respectively, in the third quarter 2021 versus the prior-year period, with distribution revenue currently above pre-pandemic levels.

Fleet segment revenue increased 6.4% on a year-over-year basis, excluding a non-recurring order for pandemic-related PPE fulfilled in the prior-year period. Fleet segment growth was driven by higher commercial fleet and e-commerce fulfillment sales, while U.S. Postal Service-related revenue was flat in the period.

Federal & Defense segment revenue increased 2.5% on a year-over-year basis, given contributions from the March 2021 acquisition of HAECO Special Services and recent contract wins.

STRATEGIC UPDATE

VSE continued to successfully execute on its multi-year business transformation and organic and inorganic growth plans during the third quarter. The management team remains focused on accelerating the business transformation through new business wins, product line and service expansion, execution on new program awards, and accretive bolt-on acquisitions supporting and accelerating the strategy.

Aviation segment's B&GA focus driving sustained revenue growth and margin expansion. During the past twelve months, VSE Aviation expanded its base of small and medium sized business jet customers from approximately 100 to more than 3,000 through a combination of new contract wins and complementary, bolt-on acquisitions. These actions have contributed to significant sustaining growth in Aviation segment revenue, together with opportunity for margin expansion. VSE Aviation expects to gain further traction in this market as both new and existing business jet customers leverage the full breadth of the Company’s combined repair and distribution capabilities.

Aviation segment executing multiple program implementations in support of new contract wins. On a year-to-date basis, VSE Aviation has announced more than $100 million of new annualized contract revenue from multi-year distribution agreements with leading global OEMs. During June 2021, VSE Aviation commenced implementation of a 15-year, $1 billion engine accessories distribution agreement in support of B&GA engine operators and maintenance providers located throughout the United States. To date, program implementation and revenue are in line with initial expectations.

Aviation segment continues to secure multi-year contract extensions with OEM customers. In October 2021, VSE Aviation announced a 5-year extension of an existing distribution agreement valued at approximately $125 million with a global aircraft engine manufacturer. Under the terms of the agreement, VSE Aviation will remain the distributor of new fuel control systems and associated spare parts to the B&GA and rotorcraft markets for this leading global OEM. The agreement, which was initially scheduled to terminate in 2024, has been extended through 2029 and builds on VSE Aviation’s multi-year pipeline of higher-value contractual revenue with both new and existing partners.

Fleet segment continues to generate strong revenue growth and diversification across commercial fleet and eCommerce fulfillment businesses. During a period of global supply chain disruption and part shortages, commercial fleets have increased their reliance on VSE's Wheeler Fleet Solutions subsidiary as a critical supplier of parts, including higher-margin private label brands. This dynamic, coupled with strong e-commerce demand, resulted in a 65.9% year-over-year increase in total Fleet segment commercial revenue during the third quarter 2021, as compared to the prior-year period. Commercial revenue represented 34.3% of total Fleet revenue in the third quarter 2021, versus 22.0% in the prior-year period when excluding the non-recurring PPE order, in line with the continued revenue diversification strategy.

Federal & Defense segment building funded backlog through new foreign military sales wins, contract extensions. In conjunction with a programmatic business development focus, Federal & Defense segment has expanded its bidding activity with both the U.S. armed forces and allied foreign militaries. These actions contributed to a 23% year-over-year increase in funded backlog during the third quarter 2021 and a strong qualified pipeline of new business opportunities.

MANAGEMENT COMMENTARY

“We continued to execute on our aftermarket distribution and MRO strategies during the third quarter, while positioning the business to generate above-market revenue growth in higher-margin, niche verticals that leverage our unique value proposition,” stated John Cuomo, President and CEO of VSE Corporation. “New contract wins, long-term program extensions, strong program execution, commercial e-commerce growth, together with contributions from recently completed acquisitions, have created a strong, recurring base of business driving continued growth and margin expansion opportunities for VSE.”

“Our Aviation segment had a strong third quarter, as revenue increased more than 100% versus the prior year period, while Adjusted EBITDA margins grew materially on both a sequential and year-over-year basis, driven by new program wins and improved demand across both our distribution and MRO businesses,” continued Cuomo. “In June, we commenced service under our 15-year, $1 billion engine accessories distribution agreement. This program is currently performing in line with our previously communicated forecasts, driven by strong B&GA customer demand and solid execution from the VSE Aviation team.”

“We remain committed to building upon existing, long-term customer relationships that align with our broader commercial strategy,” continued Cuomo. “In October, we announced VSE Aviation won a five-year extension to an existing distribution agreement valued at approximately $125 million with a global aircraft engine manufacturer. Our ability to both retain and expand upon decades-long partnerships that provide higher-value, multi-year contractual revenue streams is integral to the continued success of our long-term organic growth strategy.”

“Our Fleet segment generated strong revenue growth across commercial and e-commerce channels during the third quarter, serving as a reliable partner to customers during a period of global supply chain disruption,” continued Cuomo. “Fleet adjusted EBITDA margins increased 80 basis points sequentially. Within our Federal and Defense segment, revenue increased year-over-year on several new program awards and extensions, while funded backlog increased more than 20% versus the prior-year period. Our business development teams have built a strong qualified pipeline of high-margin, niche capability opportunities to support the future of this segment,” concluded Cuomo.

“VSE remains focused on improving profitability as we execute our strategic growth initiatives. Our EBITDA margin was 10.7% in the third quarter as the Aviation Segment margin rate grew to 10.0%, up 340 basis points versus the prior year period. VSE generated strong free cash flow in the third quarter of $21 million and ended the period with more than $117 million of liquidity,” stated Stephen Griffin, CFO of VSE Corporation. We remain focused on growing the business both organically and inorganically, and are pleased with the early progress made with the recently completed Global Parts acquisition. We continue to stay focused on achieving our net leverage target of 2.5x by year-end 2022 through meaningful growth in EBITDA as a result of the recent investments in working capital made throughout 2021.”

SEGMENT RESULTS

AVIATION
Distribution & MRO Services

VSE’s Aviation segment provides aftermarket MRO and distribution services to commercial, business and general aviation, cargo, military/defense and rotorcraft customers globally. Core services include parts distribution, component and engine accessory MRO services, rotable exchange and supply chain services.

VSE Aviation segment revenue increased 101.9% year-over-year to $73.1 million in the third quarter 2021. The year-over-year revenue improvement was attributable to contributions from recently announced contract wins and market share gains, specifically within the B&GA markets, as well as contributions from the acquisition of Global Parts. The Aviation segment reported operating income of $3.7 million in the third quarter, compared to $1.6 million in the same period of 2020. Segment Adjusted EBITDA more than doubled on a year-over-year basis to $7.3 million in the third quarter 2021, versus $2.4 million in the prior-year period. Aviation segment Adjusted EBITDA margins were 10.0%, up 340 basis points versus the period year period as the aviation industry recovers and new programs materialize into incremental revenue.

FLEET
Distribution & Fleet Services

VSE's Fleet segment provides parts, inventory management, e-commerce fulfillment, logistics, supply chain support and other services to the commercial aftermarket medium- and heavy-duty truck market, the United States Postal Service (USPS), and the United States Department of Defense. Core services include parts distribution, sourcing, IT solutions, customized fleet logistics, warehousing, kitting, just-in-time supply chain management, alternative product sourcing, engineering and technical support.

VSE Fleet segment revenue increased 6.4% year-over-year to $60.3 million in the third quarter 2021, excluding a $7.1 million non-recurring order for pandemic-related PPE fulfilled in the prior-year period. Revenues from commercial customers increased 66% on a year-over-year basis, driven by growth in commercial fleet demand and the e-commerce fulfillment business. Segment Adjusted EBITDA declined 13.8% year-over-year in the third quarter 2021 to $7.7 million, given lower contributions from USPS-related business, but increased by $0.7 million on a sequential, quarter-over-quarter basis. Fleet segment Adjusted EBITDA margins grew to 12.8%, up 70 basis points versus the second quarter 2021 as the business continues to scale for commercial growth.

FEDERAL & DEFENSE
Logistics & Sustainment Services

VSE's Federal & Defense segment provides aftermarket MRO and logistics services to improve operational readiness and extend the lifecycle of military vehicles, ships and aircraft for the U.S. Armed Forces, federal agencies and international defense customers. Core services include base operations support, procurement, supply chain management, vehicle, maritime and aircraft sustainment services, IT and data management services and energy consulting.

VSE Federal & Defense segment revenue increased 2.5% year-over-year to $67.2 million in the third quarter 2021, driven by contributions from the recent acquisition of HAECO Special Services, contract wins and successful recompetes. Segment Adjusted EBITDA declined 12.0% year-over-year to $6.5 million in the period, in line with previously communicated expectations, as a result of a favorable mix of fixed priced awards in the third quarter 2020. VSE Federal & Defense funded backlog increased 23.2% year-over-year to $218.0 million, as the business continues to execute and focus on higher margin, more technical services.

FINANCIAL RESOURCES AND LIQUIDITY

As of September 30, 2021, the Company had $116.5 million in cash and unused commitment availability under its $350 million revolving credit facility maturing in 2024. The business generated $21.0 million of free cash flow in the quarter and, on a year-to-date basis, has invested more than $50 million in new programs, primarily within the Aviation segment to support long-term growth. As of September 30, 2021, VSE had total net debt outstanding of $294 million and $73.1 million of trailing-twelve months Adjusted EBITDA, which excludes full-year contributions from the recently completed HAECO Special Services and Global Parts acquisitions.

THIRD QUARTER RESULTS

THIRD QUARTER SEGMENT RESULTS

The following is a summary of revenues and operating income (loss) for the three and nine months ended September 30, 2021 and September 30, 2020:

The Company reported $2.4 million and $7.6 million of total capital expenditures for three and nine months ended September 30, 2021, respectively.

NON-GAAP MEASURES

In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), this earnings release also contains Non-GAAP financial measures. These measures provide useful information to investors, and a reconciliation of these measures to the most directly comparable GAAP measures and other information relating to these Non-GAAP measures is included in the supplemental schedules attached.

NON-GAAP FINANCIAL INFORMATION

Reconciliation of Adjusted Net Income and Adjusted EPS to Net Income (Loss)

Reconciliation of Consolidated EBITDA and Adjusted EBITDA to Net Income (Loss)

Reconciliation of Segment EBITDA and Adjusted EBITDA to Operating Income (Loss)

Reconciliation of Operating Cash to Free Cash Flow

Reconciliation of Debt to Net Debt

The non-GAAP Financial Information set forth in this document is not calculated in accordance with GAAP under SEC Regulation G. We consider Adjusted Net Income, Adjusted EPS (Diluted), EBITDA, Adjusted EBITDA, net debt and free cash flow as non-GAAP financial measures and important indicators of performance and useful metrics for management and investors to evaluate our business' ongoing operating performance on a consistent basis across reporting periods. These non-GAAP financial measures, however, should not be considered in isolation or as a substitute for performance measures prepared in accordance with GAAP. Adjusted Net Income represents Net Income adjusted for acquisition-related costs including any earn-out adjustments, loss on sale of a business entity and certain assets, gain on sale of property, other discrete items, and related tax impact. Adjusted EPS (Diluted) is computed by dividing net income, adjusted for the discrete items as identified above and the related tax impacts, by the diluted weighted average number of common shares outstanding. EBITDA represents net income before interest expense, income taxes, amortization of intangible assets and depreciation and other amortization. Adjusted EBITDA represents EBITDA (as defined above) adjusted for discrete items as identified above. Net debt is defined as total debt less cash and cash equivalents. Free cash flow represents operating cash flow less capital expenditures.

CONFERENCE CALL

A conference call will be held Thursday, October 28, 2021 at 8:30 A.M. EST to review the Company’s financial results, discuss recent events and conduct a question-and-answer session.

A webcast of the conference call and accompanying presentation materials will be available in the Investor Relations section of VSE’s website at https://ir.vsecorp.com. To listen to the live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software.

To participate in the live teleconference:

To listen to a replay of the teleconference through November 11, 2021:

ABOUT VSE CORPORATION

VSE is a leading provider of aftermarket distribution and repair services for land, sea and air transportation assets for government and commercial markets. Core services include MRO services, parts distribution, supply chain management and logistics, engineering support, and consulting and training services for global commercial, federal, military and defense customers. VSE also provides information technology and energy consulting services.

INVESTOR CONTACT

Noel Ryan
(720) 778-2415
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DUBLIN--(BUSINESS WIRE)--The "Gas Engine Market in North America 2021-2025" report has been added to ResearchAndMarkets.com's offering.

The gas engine market in North America is poised to grow by $ 322.03 million during 2021-2025, progressing at a CAGR of almost 5%

The market is driven by the reduction in the price of natural gas and increasing demand for efficient heat and power generation in North America.

The report on gas engine market in North America provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors. The report offers an up-to-date analysis regarding the current North America market scenario, latest trends and drivers, and the overall market environment. The gas engine market in North America analysis includes end-user segment, application segment, and geographic landscape.

This study identifies the abundant availability of natural gas in North America as one of the prime reasons driving the gas engine market in North America growth during the next few years.

The robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading gas engine market in North America vendors that include Caterpillar Inc., Cummins Inc., Doosan Infracore Co. Ltd., Hyundai Heavy Industries Co. Ltd., INNIO Jenbacher GmbH & Co. OG, Kawasaki Heavy Industries Ltd., MAN SE, Mitsubishi Heavy Industries Ltd., Rolls-Royce Plc, and Siemens Energy AG.

Also, the gas engine market in North America analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage all forthcoming growth opportunities.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.

Key Topics Covered:

Executive Summary

• Market overview

Market Landscape

• Market ecosystem
• Value chain analysis

Market Sizing

• Market definition
• Market segment analysis
• Market size 2020
• Market outlook: Forecast for 2020 - 2025

Five Forces Analysis

• Five forces summary
• Bargaining power of buyers
• Bargaining power of suppliers
• Threat of new entrants
• Threat of substitutes
• Threat of rivalry
• Market condition

Market Segmentation by Application

• Market segments
• Comparison by Application
• Power generation - Market size and forecast 2020 - 2025
• Co-generation - Market size and forecast 2020 - 2025
• Others - Market size and forecast 2020 - 2025
• Market opportunity by application

Market Segmentation by End-user

• Market segments
• Comparison by end-user
• Power - Market size and forecast 2020 - 2025
• Industrial - Market size and forecast 2020 - 2025
• Residential - Market size and forecast 2020 - 2025
• Commercial - Market size and forecast 2020 - 2025
• Market opportunity by end-user

Customer landscape

• Market drivers
• Market challenges
• Market trends

Vendor Landscape

• Vendor landscape
• Landscape disruption
• Competitive Scenario

Vendor Analysis

• Vendors covered
• Market positioning of vendors
• Caterpillar Inc.
• Cummins Inc.
• Doosan Infracore Co. Ltd.
• Hyundai Heavy Industries Co. Ltd.
• INNIO Jenbacher GmbH & Co. OG
• Kawasaki Heavy Industries Ltd.
• MAN SE
• Mitsubishi Heavy Industries Ltd.
• Rolls-Royce Plc
• Siemens AG

Appendix

For more information about this report visit https://www.researchandmarkets.com/r/grr6e6

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• Munro & Associates becomes Co-creation consultant to FF and assist with the production-readiness process of Faraday Future’s flagship vehicle through comparative analysis and quality assessment.

LOS ANGELES--(BUSINESS WIRE)--Faraday Future Intelligent Electric Inc. (“FF”) (NASDAQ: FFIE), a California-based global shared intelligent electric mobility ecosystem company, today announced its upcoming work with Munro & Associates, Inc., a world class engineering and manufacturing consulting firm, who will help to evaluate and co-create Faraday Future’s flagship vehicle, the FF 91 Futurist.

Over the next year, Faraday Future will host Munro & Associates at the Faraday Future headquarters and offer hands-on experiences with the intelligent techluxury FF 91 and create independent comparative analysis against the current ultra-luxury market. Having performed quality assessments for over 100 vehicles in the past decade, the Munro team will provide valuable feedback and outside perspective on Faraday’s flagship offering.

“We are excited to work with Munro & Associates, who has a tremendous amount of experience in the electric vehicle space and has a highly respected reputation within the industry,” said Faraday Future Global CEO Carsten Breitfeld. “We are grateful to be on the right track in our production of the FF 91 Futurist and to have the support and opportunity to co-create our products and technologies with this esteemed firm.”

For over 30 years, Munro & Associates has helped within manufacturing industries such as aerospace, defense, automotive, marine, medical, heavy industries, MTDM, consumer electronics and more. They have a successful track record of assisting companies to reduce their “time to market,” research and development, engineering and manufacturing costs while increasing the quality of the companies’ products, processes and systems. Munro & Associates is led by Sandy Munro who has provided even-handed assessments for every go-to market EV since 1991. He is an engineer by trade, a frequent speaker, senior advisor, and influencer with a strong presence on social media.

“We’re looking forward to being a part of history, and joining the process to help co-create the cutting-edge FF 91 Futurist vehicle with Faraday Future,” said Corey Stueben, President of Munro & Associates. “We’re confident that our expertise and assessments will help drive forward Faraday Future’s progress.”

Working with Munro & Associates is an important next step in bringing the FF 91 Futurist to market and understanding where it will compare within the EV and automotive industry. The FF 91 Futurist Alliance and FF 91 Futurist models represent the next generation of intelligent internet electric vehicle (EV) products. They are high-performance EVs, all-in-one all cars, and ultimate robotic vehicles, allowing users to “gain back their time” in the third internet living space. The models also encompass extreme technology, an ultimate user experience and a complete ecosystem.

Users can reserve an FF 91 Futurist model now via the FF intelligent APP or FF.com at: https://www.ff.com/us/reserve

Download the new FF intelligent APP at: https://apps.apple.com/us/app/id1454187098 or https://play.google.com/store/apps/details?id=com.faradayfuture.online

ABOUT FARADAY FUTURE

Established in May 2014, FF is a global shared intelligent electric mobility ecosystem company, headquartered in Los Angeles, California. Since its inception, FF has implemented numerous innovations relating to its products, technology, business model, profit model, user ecosystem, and governance structure. On July 22, 2021, FF was listed on NASDAQ with the new company name “Faraday Future Intelligent Electric Inc.”, and the ticker symbols “FFIE” for its Class A common stock and “FFIEW” for its warrants. FF aims to perpetually improve the way people move by creating a forward-thinking mobility ecosystem that integrates clean energy, AI, the Internet and new usership models. With the ultimate intelligent techluxury brand positioning, FF’s first flagship product FF 91 Futurist is equipped with unbeatable product power. It is not just a high-performance EV, an all-ability car, and an ultimate robotic vehicle, but also the third internet living space.

ABOUT MUNRO & ASSOCIATES, INC.

Founded in 1988, Munro & Associates Inc. is a world class engineering and manufacturing consulting firm based at a 47,000 sq. ft. headquarters and benchmarking center in Auburn Hills, Mich. With offices in Canada, Europe, Australia and Asia, the firm specializes in upfront, predictive methods to increase profitability by improving quality, reliability and value, while reducing total lifecycle costs.

Munro's unique Lean Design® methodology enables engineers to build accurate business cases for product design, and manufacturing process optimization. Using Munro's Design Profit® software, teams can create highly accurate predictive models that analyze quality, manufacturability, weight and cost reduction, labor and sustainability metrics. For more information, visit www.leandesign.com.

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NO OFFER OR SOLICITATION

This communication shall neither constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

FORWARD LOOKING STATEMENTS

This press release includes “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside FF’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include FF’s ability to execute on its plans to develop and market its vehicles and the timing of these development programs; FF’s estimates of the size of the markets for its vehicles and cost to bring those vehicles to market; the rate and degree of market acceptance of FF’s vehicles; the success of other competing manufacturers; the performance and security of FF’s vehicles; potential litigation involving FF; the result of future financing efforts and general economic and market conditions impacting demand for FF’s products. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the preliminary registration statement on Form S-1 recently filed by FF and other documents filed by FF from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and FF does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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Plan for Approximately 16,000 New Charging Ports Further Reduces a Common Barrier to EV Adoption

SAN FRANCISCO--(BUSINESS WIRE)--Today, Pacific Gas and Electric Company (PG&E) announced it has proposed the next major milestone in building the electric vehicle (EV) charging infrastructure for Northern and Central California. If approved by the California Public Utilities Commission (CPUC), the proposal would continue to drive customer EV adoption as PG&E works to support California’s bold climate and clean air goals.

PG&E’s proposal builds on the success of its recently completed EV Charge Network program by installing new infrastructure for 16,000 additional charging ports including Level 2 EV chargers, supporting multifamily housing residents in particular with onsite, workplace and public destination charging options.

Additionally, PG&E proposes installing both Level 2 EV chargers and fast chargers at publicly accessible locations including shopping centers, local government buildings, and park-and-ride lots. Public charging is critical to increasing EV adoption, as it builds driver confidence in their ability to charge away from home and provides access to drivers who do not have residential charging.

“Expanding the use of electric vehicles is essential for California to achieve its bold climate and clean-air goals. With this proposed program, we believe we can continue doing our part to expand EV charging infrastructure for our customers, which is a critical component of increasing EV adoption. We value our role as an active partner in helping make EVs an option for millions of Californians. Reducing vehicle emissions is good for our state and good for the environment,” said PG&E’s Aaron August, Vice President, Business Development and Customer Engagement.

Details of the Proposal

Should the CPUC approve the program, PG&E would install or rebate the necessary electrical infrastructure to connect parking spaces to the electric grid and, in certain cases, also install the associated EV chargers. PG&E would pay for all or a portion of this work, depending on the customer type.

PG&E’s proposal focuses on supporting equitable EV adoption for all Californians including those who may not have had the option before. These efforts include, but are not limited to:

• Covering 100% of costs for certain multifamily housing customer sites;
• Collecting and incorporating community input on the location of chargers installed through the program;
• Pursuing EV car-share partnerships;
• Providing grants for community-based organizations with ideas for how to drive EV adoption; and
• Allocating at least 50% of infrastructure spending in communities prioritized by Assembly Bill 841 (Ting-2020), which established criteria for future transportation electrification programs in underserved communities.

Why Clean Transportation Matters

More than 360,000 EVs are currently registered in PG&E’s service area, representing nearly 20% of all EVs in the country. Increasing EV adoption is a critical component to making California’s clean air future a reality as transportation is the single largest source of greenhouse-gas emissions in California, contributing nearly 40%. Passenger vehicles alone account for nearly 29% of the state’s total emissions. The state aims to have 100% of California sales of new passenger cars and trucks be zero-emission by 2035.

The electricity fueling EVs in California comes from one of the cleanest energy mixes in the country—about 85% of the electricity PG&E delivers to customers is from greenhouse gas-free resources.

PG&E’s Support for EVs

As part of its first EV charging infrastructure program, EV Charge Network, PG&E installed 4,827 Level 2 EV charging ports at customer sites across Northern and Central California, which accounts for roughly 18% of the total number of Level 2 charging ports in the state. Through the program, PG&E partnered with customers at 192 locations and with 11 EV charging companies throughout its service area including in Bakersfield, Chico, Fresno, Red Bluff, and San Jose. Through September 2021, PG&E has enabled charging for 5.5 gigawatt-hours of electricity, equivalent to over 1,400 traditional cars being taken off the road for a year.

While the EV Charge Network program is complete, PG&E continues to bring EV charging options to customers across its service area.

• EV Fleet Program: Aims to install or rebate make-ready electrical infrastructure at 700 sites by 2024 to support the adoption of 6,500 medium- and heavy-duty electric vehicles.
• EV Fast Charge Program for Public Fast Chargers: Complements state and privately funded initiatives and aims to install more than 50 plazas for Direct Current (DC) fast charging in highway corridor and urban sites. Earlier this year, PG&E installed four fast chargers at its first site at a 7-Eleven convenience store in West Sacramento, California. PG&E has since seen high demand for the program, receiving three times the applications for available funding.
• EV Charge Schools and EV Charge Parks: Will provide charging infrastructure at school facilities and educational institutions, as well as California State Parks and Beaches in support of California’s electrification goals.
• Special Rates, Rebates and Tools: PG&E has electric rate plans tailored for customers who drive EVs and offers tools such as PG&E’s EV Savings Calculator and Fleet Calculator (ev.pge.com and fleets.pge.com) to help customers understand costs when adopting an EV.

For more information, visit pge.com/ev.

About PG&E

PG&E, a subsidiary of PG&E Corporation (NYSE:PCG), is a combined natural gas and electric utility serving more than 16 million people across 70,000 square miles in Northern and Central California. For more information, visit pge.com and pge.com/news.

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TOKYO--(BUSINESS WIRE)--Mitsubishi Electric Corporation (TOKYO:6503) announced today its consolidated financial results for the first half and second quarter, ended September 30, 2021, of the current fiscal year ending March 31, 2022 (fiscal 2022).

The full document on Mitsubishi Electric’s financial results can be viewed at the following link:
www.MitsubishiElectric.com/news

1. Consolidated Half-year Results (April 1, 2021 – September 30, 2021)

The economy in the first half of fiscal 2022, from April through September 2021, generally continued to see recovery in the corporate sector in the U.S., Europe and Japan. The household sector also recovered in the U.S. and Europe due to the progress in the novel coronavirus diseases (COVID-19) vaccinations, while the continuing impact of COVID-19 put downward pressure on recovery of the household sector in Japan. China continued to see recovery in export, while the paces of recovery in manufacturing and the household sector slowed down.

Revenue

Revenue in the first half increased by 236.3 billion yen from the same period of the previous fiscal year to 2,138.3 billion yen due primarily to increased revenue in Industrial Automation Systems, Home Appliances and Electronic Devices segments. Industrial Automation Systems segment saw an increase in the factory automation systems business due mainly to an increase in demand for capital expenditures relating to semiconductor, electronic components, smartphones and lithium-ion battery worldwide. The automotive equipment business also increased as demand for new cars recovered in all regions except for China. Home Appliances segment increased because demand for air conditioners remained buoyant particularly in Europe and North America. Electronic Devices segment increased due primarily to recovery in demand for power modules.

Operating Profit

Operating profit increased by 76.4 billion yen from the same period of the previous fiscal year to 137.8 billion yen due mainly to increased operating profit in Industrial Automation Systems and Home Appliances segments. Operating profit ratio improved by 3.2% from the same period of the previous fiscal year to 6.4%.

The cost ratio improved by 2.0% from the same period of the previous fiscal year due primarily to higher operating ratio caused by increased revenue of Industrial Automation Systems and Home Appliances segments in addition to the yen depreciating against other currencies. Selling, general and administrative expenses increased by 32.3 billion yen from the same period of the previous fiscal year, but selling, general and administrative expenses to revenue ratio improved by 1.1%. Other profit (loss) increased by 1.9 billion yen from the same period of the previous fiscal year, and other profit (loss) to revenue ratio improved by 0.1%.

Profit before income taxes

Profit before income taxes increased by 72.7 billion yen from the same period of the previous fiscal year to 148.3 billion yen due primarily to an increase in operating profit. Profit before income taxes to revenue ratio was 6.9%.

Net profit attributable to Mitsubishi Electric Corporation stockholders

Net profit attributable to Mitsubishi Electric Corporation stockholders increased by 56.6 billion yen from the same period of the previous fiscal year to 104.8 billion yen due mainly to increased profit before income taxes. Net profit attributable to Mitsubishi Electric Corporation stockholders to revenue ratio was 4.9%.

Forecast for Fiscal 2022

Mitsubishi Electric’s business performance for fiscal 2022 is expected to exceed the company’s previous forecast considering changes in exchange rates and latest orders received. As a result, the company’s consolidated earnings forecast for fiscal 2022, ending March 31, 2022, has been revised from the announcement on July 29, 2021 as stated below.

Based on a certain premise, the company has taken into consideration the impact of improper testing, including costs for additional inspections and strengthening the quality control system. Depending on the progress of future discussions with customers and investigations, the Group may incur losses exceeding its premise or relating to the discovery of any other improper quality-related conduct. If any potential impact comes to light, it will be disclosed promptly. For more information regarding improper testing, please see “Relevant documents” of “Restoring trust: Our roadmap for reform.”
https://reform.mitsubishielectric.com/relevant-documents/

Consolidated forecast for fiscal 2022

Exchange rates in and after the third quarter of fiscal 2022 is 110 yen to the U.S. dollar, which is 5 yen weaker from the company’s previous announcement; 125 yen to the euro, which is unchanged from the company’s previous announcement; and 17.0 yen to the Chinese yuan, which is 0.5 yen weaker from the company’s previous announcement.

About Mitsubishi Electric Corporation

With 100 years of experience in providing reliable, high-quality products, Mitsubishi Electric Corporation (TOKYO: 6503) is a recognized world leader in the manufacture, marketing and sales of electrical and electronic equipment used in information processing and communications, space development and satellite communications, consumer electronics, industrial technology, energy, transportation and building equipment. Mitsubishi Electric enriches society with technology in the spirit of its “Changes for the Better.” The company recorded a revenue of 4,191.4 billion yen (U.S.$ 37.8 billion*) in the fiscal year ended March 31, 2021. For more information, please visit www.MitsubishiElectric.com
*U.S. dollar amounts are translated from yen at the rate of ¥111=U.S.$1, the approximate rate on the Tokyo Foreign Exchange Market on March 31, 2021

Investor Relations Inquiries
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WALTHAM, Mass.--(BUSINESS WIRE)--The Board of Directors of PerkinElmer, Inc. (NYSE: PKI), declared a regular quarterly dividend of $0.07 per share of common stock October 27, 2021. This dividend is payable on February 11, 2022 to all shareholders of record at the close of business on January 21, 2022.

About PerkinElmer

PerkinElmer, Inc. is a global leader focused on innovating for a healthier world. The Company reported revenue of approximately $3.8 billion in 2020, has about 15,000 employees serving customers in 190 countries, and is a component of the S&P 500 Index. Additional information is available at www.perkinelmer.com.

Investor Relations:
Steve Willoughby
(781) 663-5677
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Media Relations:
Chet Murray
(781) 663-5719
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LOS ANGELES--(BUSINESS WIRE)--EVgo Inc. (“EVgo”), the nation’s largest public fast charging network for electric vehicles (EVs) and first powered by 100% renewable electricity, today announced that it will release its third quarter 2021 financial results before market open on Wednesday, November 10^th, 2021. This release will be followed by a conference call hosted by members of the EVgo management team at 11:00 AM Eastern Time.

Interested investors and other parties may access a live webcast of the conference available on the Events & Presentations page in the Investor Relations section of EVgo’s website at https://investors.evgo.com/events-and-presentations. The call can also be accessed live over the telephone by dialing (877) 407-4018 or for international callers, (201) 689-8471 and referencing EVgo. Please log in to the webcast or dial in to the call at a minimum 10 minutes before the start of the event.

An archive of the webcast will be available for a period of time shortly after the call on the Events & Presentations page in the Investor Relations section of EVgo’s website.

About EVgo

EVgo is the nation’s largest public fast charging network for electric vehicles, and the first to be powered by 100% renewable energy. With more than 800 fast charging locations, EVgo’s owned and operated charging network serves over 68 metropolitan areas across 35 states and more than 300,000 customers. Founded in 2010, EVgo leads the way on transportation electrification, partnering with automakers; fleet and rideshare operators; retail hosts such as hotels, shopping centers, gas stations and parking lot operators; and other stakeholders to deploy advanced charging technology to expand network availability and make it easier for drivers across the U.S. to enjoy the benefits of driving an EV. As a charging technology first mover, EVgo works closely with business and government leaders to accelerate the ubiquitous adoption of EVs by providing a reliable and convenient charging experience close to where drivers live, work and play, whether for a daily commute or a commercial fleet.

For Investors:
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EL DORADO, Ark.--(BUSINESS WIRE)--The Board of Directors of Murphy USA Inc. (NYSE: MUSA) today declared a quarterly cash dividend on the Common Stock of Murphy USA Inc. of $0.29 per share, or $1.16 per share on an annualized basis. The dividend is payable on December 1, 2021, to stockholders of record as of November 8, 2021.

“With our advantaged business model delivering record financial performance, we will remain disciplined in allocating capital to our highest-return opportunities, which remain new store growth and targeted investments in business improvement initiatives,” said President and CEO Andrew Clyde. “However, with rising free cash flow and a strong balance sheet, in conjunction with our active share repurchase program, we are excited to continue supporting our track record of shareholder returns through a higher dividend.”

“When considering future distributions, we are committed to increasing the dividend, both at an absolute, and per-share level. As business conditions allow, our goal is to increase the cash allocation to dividend distributions by roughly 10% annually for at least the next five years. Consequently, when coupled with ongoing share repurchase, we would expect to deliver a double-digit rate of per-share dividend growth, which maintains our modest yield and aligns more closely with our historical rate of annual share performance since spin.”

About Murphy USA

Murphy USA (NYSE: MUSA) is a leading retailer of gasoline and convenience merchandise with more than 1,650 stations located primarily in the Southwest, Southeast, Midwest, and Northeast United States. The company and its team of nearly 15,000 employees serve an estimated 2.0 million customers each day through its network of retail gasoline and convenience stations in 27 states. The majority of Murphy USA's sites are located in close proximity to Walmart stores. The company also markets gasoline and other products at standalone stores under the Murphy Express and QuickChek brands. Murphy USA ranks 262 among Fortune 500 companies.

Forward-Looking Statements

Certain statements in this news release contain or may suggest “forward-looking” information (as defined in the Private Securities Litigation Reform Act of 1995) that involve risk and uncertainties, including, but not limited to our M&A activity, anticipated store openings, fuel margins, merchandise margins, sales of RINs, trends in the Company’s operations, dividends and share repurchases. Such statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual future results may differ materially from historical results or current expectations depending upon factors including, but not limited to: the Company’s ability to realize projected synergies from the acquisition of QuickChek and successfully expand our food and beverage offerings; the Company’s ability to continue to maintain a good business relationship with Walmart; successful execution of the Company’s growth strategy, including the Company’s ability to realize the anticipated benefits from such growth initiatives, and the timely completion of construction associated with the Company’s newly planned stores which may be impacted by the financial health of third parties; the Company’s ability to effectively manage the Company’s inventory, disruptions in the Company’s supply chain and the Company’s ability to control costs; the impact of severe weather events, such as hurricanes, floods and earthquakes; the impact of a global health pandemic, such as COVID-19, including the impact on the Company’s fuel volumes if the gradual recoveries experienced throughout 2020 stall or reverse as a result of any resurgence in COVID-19 infection rates and government reaction in response thereof; the impact of any systems failures, cybersecurity and/or security breaches, including any security breach that results in theft, transfer or unauthorized disclosure of customer, employee or company information or the Company’s compliance with information security and privacy laws and regulations in the event of such an incident; successful execution of the Company’s information technology strategy; reduced demand for our products due to the implementation of more stringent fuel economy and greenhouse gas reduction requirements, or increasingly widespread adoption of electric vehicle technology; future tobacco or e-cigarette legislation and any other efforts that make purchasing tobacco products more costly or difficult could hurt the Company’s revenues and impact gross margins; changes to the Company’s capital allocation, including the timing, declaration, amount and payment of any future dividends or levels of the Company’s share repurchases, or management of operating cash; the market price of the Company’s stock prevailing from time to time, the nature of other investment opportunities presented to the Company from time to time, the Company’s cash flows from operations, and general economic conditions; compliance with debt covenants; availability and cost of credit; and changes in interest rates. Murphy USA’s SEC reports, including its most recent annual report on Form 10-K and quarterly reports on Form 10-Q, contain other information on these and other factors that could affect our financial results and cause actual results to differ materially from any forward-looking information we may provide. Murphy USA undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events, new information or future circumstances.

Investor Contact:
Christian Pikul – Vice President of Investor Relations and FP&A
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Mitchell Freer – Investor Relations Analyst
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Deployment of the innovative EVx™ platform expected to generate up to $520 million in revenue

LUGANO, Switzerland & WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--Energy Vault, Inc. (“Energy Vault”), the company developing sustainable, grid-scale energy storage solutions with its proprietary technology, today announced that it has entered into an energy storage system agreement with DG Fuels LLC (“DG Fuels”), an emerging leader in renewable hydrogen and biogenic based, synthetic sustainable aviation fuel (”SAF”) and diesel fuel.

Under the terms of the agreement, Energy Vault agreed to provide 1.6 gigawatt hours (GWh) of energy storage to support DG Fuels across multiple projects, with the first project slated for 500 megawatt hours (MWh) in Louisiana. This initial project will be followed by additional projects in British Columbia and Ohio. DG Fuels has developed a carbon conversion fuel production process that is targeting a 93% carbon conversion efficiency, which reduces the amount of feedstock required to produce SAF and lowers cost of production.

DG Fuels will deploy Energy Vault’s gravity storage systems to provide green electricity in conjunction with photovoltaic solar to firm and shape the renewable energy to match the demand load of the green hydrogen production. The renewable power will be used to power HydrogenPro water electrolysis for both hydrogen and oxygen feedstock production.

Energy Vault’s advanced gravity energy storage solutions are based on the proven physics and mechanical engineering fundamentals of pumped hydroelectric energy storage, but replace water with custom-made composite blocks, or “mobile masses”, which do not lose storage capacity over time. The composite blocks can be made from low-cost and locally sourced materials, including the excavated soil at the construction site, but can also utilize waste materials such as mine tailings, coal combustion residuals (coal ash), and fiberglass from decommissioned wind turbine blades.

Additionally, the Energy Vault systems are intended to minimize environmental and supply chain risks, which was a critical factor in the final selection by DG Fuels. The systems are automated with advanced computer control and machine vision software that orchestrate the charging and discharging cycles while meeting a broad set of storage durations starting from 2 hours and continuing to 12 hours, or more.

Energy Vault expects this agreement to provide up to $520 million in revenue across the three projects, the first of which expected to commence in mid-2022.

Robert Piconi, CEO and Co-Founder of Energy Vault, commented, “We are proud to collaborate with DG Fuels and its partners to economically enable 24/7 renewable power, supporting DG Fuels to execute against their plans to efficiently deliver green fuel to the aviation industry. Our energy storage systems are designed to maximize the use of local materials and stimulate local job creation, thus amplifying the sustainability benefits of DG Fuels’ deployment plans. These projects will play a critical role in reducing our reliance on fossil-based fuels while further advancing our country’s decarbonization goals.”

Michael C. Darcy, CEO of DG Fuels said, “We are pleased to be partnering with Rob and the Energy Vault team to deploy their innovative energy storage system which best meets our needs for reliable, cost effective, safe and sustainable energy storage. Energy Vault’s system will play a critical role within our technology and vendor ecosystem to efficiently deliver SAF to the transportation industry.”

About Energy Vault

Energy Vault develops sustainable energy storage solutions that are transforming the world’s approach to utility-scale energy storage for grid resiliency. Our proprietary Energy Management System software and Gravity-based Energy Storage Technology are intended to help utilities, independent power producers and large industrial energy users to significantly reduce their levelized cost of energy while maintaining power reliability. Utilizing eco-friendly materials with the ability to integrate waste materials for beneficial re-use , Energy Vault is accelerating the shift to a circular economy and a fully renewable world. Learn more at www.energyvault.com.

Energy Vault previously announced an agreement for a business combination with Novus Capital Corporation II (NYSE: NXU, NXU.U, NXU WS), which is expected to result in Energy Vault becoming a public company listed on the New York Stock Exchange in the first quarter of 2022, subject to customary closing conditions.

About DG Fuels

DG Fuels is building a zero-CO2 life cycle emissions synthetic fuel system based on high carbon conversion technology reaching 93% efficiency. The DG Fuels’ technology does not require the development of new engines or an expanded hydrogen transportation and storage infrastructure. DG Fuels’ innovative technology produces a hydrogen via water electrolysis and biomass derived carbon replacement fuel for aircraft, and potentially for locomotives, vessels and trucks as well.

DG Fuels delivers a significant value proposition to end-customers, including meaningful environmental benefits and the ability to materially address sustainability goals. If successful, DG Fuel’s carbon efficient solution will tie together all critical elements to power, fuel, and provide SAF to its customers. Learn more at www.dgfuels.com.

About Novus Capital Corporation II

Novus raised approximately $287.5 million in its February 2021 IPO and its securities are listed on the NYSE under the ticker symbols “NYSE: NXU, NXU.U, NXU WS.” Novus is a special purpose acquisition company organized for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization, or other similar business combination with one or more businesses or entities. Novus Capital is led by Robert J. Laikin, Jeff Foster, Hersch Klaff, Larry Paulson, Heather Goodman, Ron Sznaider and Vince Donargo, who have significant hands-on experience helping high-tech companies optimize their existing and new growth initiatives by exploiting insights from rich data assets and intellectual property that already exist within most high-tech companies.

Forward-Looking Statements

Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” “designed,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of financial and performance metrics, projections of market opportunity, expectations and timing related to the rollout of Energy Vault’s business and timing of deployments, including with respect to the agreement with DG Fuels and the associated projects, expectations with respect to revenue generated under the agreement with DG Fuels, the consummation of the agreement with DG Fuels, the proposed features and designs of the EVx and the Energy Vault Resiliency Center (EVRC) platforms, the availability of low-cost and locally sourced materials to produce “mobile masses,” customer growth and other business milestones, potential benefits of the proposed business combination and PIPE investment (the “Proposed Transactions”), and expectations related to the timing of the Proposed Transactions.

These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Energy Vault’s and Novus’ management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by an investor as, a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Energy Vault and Novus.

These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political, and legal conditions; the inability of the parties to successfully or timely consummate the Proposed Transactions, including the risk that any regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the Proposed Transactions or that the approval of the stockholders of Novus or Energy Vault is not obtained; failure to realize the anticipated benefits of the Proposed Transactions; risks relating to the uncertainty of the projected financial information with respect to Energy Vault; risks related to the rollout of Energy Vault’s business and the timing of expected business milestones; risks related to the inability or unwillingness of Energy Vault’s customers to perform under sales agreements; risks related to Energy Vault’s ability to obtain and maintain a performance bond; risks related to Energy Vault’s receiving partial payment in the form of subordinated debt; risks related to timing delays that impact the sales price due to Energy Vault under its announced agreement with DG Fuels; demand for renewable energy; ability to commercialize and sell its solution; ability to negotiate definitive contractual arrangements with potential customers, including a purchase and sale agreement with DG Fuels that is contemplated by the announced agreement; the impact of competitive technologies; ability to obtain sufficient supply of materials; the impact of Covid-19; global economic conditions; ability to meet installation schedules; construction and permitting delays and related increases in costs; risks related to the performance of systems delivered to DG Fuels; the effects of competition on Energy Vault’s future business; the amount of redemption requests made by Novus’ public shareholders; and those factors discussed in the Registration Statement and in Novus’ Registration Statement on Form S-4 relating to the business combination under the caption “Risk Factors”, and its Annual Report on Form 10-K for the fiscal year ended December 31, 2020 under the heading “Risk Factors,” and other documents of Novus filed, or to be filed, with the SEC.

Important Information About the Proposed Business Combination and Where to Find It

This communication is being made in respect of the proposed merger transaction involving Novus and Energy Vault. Novus has filed a registration statement on Form S-4 with the SEC, which includes a preliminary proxy statement/prospectus of Novus, and certain related documents, to be used at the meeting of stockholders to approve the proposed business combination and related matters. Investors and security holders of Novus are urged to read the proxy statement/prospectus, as well as any amendments thereto and other relevant documents that will be filed with the SEC, carefully and in their entirety because they contain important information about Energy Vault, Novus and the business combination. The definitive proxy statement will be mailed to stockholders of Novus as of a record date to be established for voting on the proposed business combination. Investors and security holders will also be able to obtain copies of the registration statement and other documents containing important information about each of the companies once such documents are filed with the SEC, without charge, at the SEC’s web site at www.sec.gov. The information contained on, or that may be accessed through, the websites referenced in this press release is not incorporated by reference into, and is not a part of, this press release.

Participants in the Solicitation

Novus and its directors and executive officers may be deemed participants in the solicitation of proxies of Novus’ shareholders in connection with the proposed business combination. Energy Vault and its executive officers and directors may also be deemed participants in such solicitation. Security holders may obtain more detailed information regarding the names, affiliations and interests of certain of Novus’ executive officers and directors in the solicitation by reading Novus’ Annual Report on Form 10-K for the fiscal year ended December 31, 2020, Quarterly Report on Form 10-Q for the six months ended June 30, 2021 and the proxy statement/prospectus and other relevant documents and other materials filed with the SEC in connection with the business combination when they become available. Information concerning the interests of Novus’ participants in the solicitation, which may, in some cases, be different than those of their stockholders generally, will be set forth in the proxy statement/prospectus relating to the business combination when it becomes available.

No Offer or Solicitation

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of any securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such other jurisdiction.

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SAN RAMON, Calif.--(BUSINESS WIRE)--The Board of Directors of Chevron Corporation (NYSE: CVX) declared a quarterly dividend of one dollar and thirty-four cents ($1.34) per share, payable December 10, 2021, to all holders of common stock as shown on the transfer records of the Corporation at the close of business November 18, 2021.

Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to achieving a more prosperous and sustainable world. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We are focused on lowering the carbon intensity in our operations and seeking to grow lower carbon businesses along with our traditional business lines. More information about Chevron is available at www.chevron.com.

Sean Comey -- +1 925-842-5509

• All-stock transaction at a fixed exchange ratio of 0.50 PSX shares for each PSXP common unit
• Simplifies governance and corporate structure
• Transaction expected to close in the first quarter of 2022

HOUSTON--(BUSINESS WIRE)--Phillips 66 (NYSE: PSX) and Phillips 66 Partners (“PSXP” or the “Partnership”) (NYSE: PSXP) announced today that they have entered into a definitive agreement for Phillips 66 to acquire all of the publicly held common units representing limited partner interests in the Partnership not already owned by Phillips 66 and its affiliates.

The agreement, expected to close in the first quarter of 2022, provides for an all-stock transaction in which each outstanding PSXP common unitholder would receive 0.50 shares of PSX common stock for each PSXP common unit. The Partnership’s preferred units would be converted into common units at a premium to the original issuance price prior to exchange for Phillips 66 common stock.

“We are announcing an agreement to acquire all outstanding units of Phillips 66 Partners,” said Greg Garland, Chairman and CEO of Phillips 66. “We believe this acquisition will allow both PSX shareholders and PSXP unitholders to participate in the value creation of the combined entities, supported by the strong financial position of Phillips 66.”

The transaction value of the units being acquired is approximately $3.4 billion based on Oct. 26, 2021 market closing prices of both companies. Upon closing, the Partnership will be a wholly owned subsidiary of Phillips 66 and will no longer be a publicly traded partnership. Phillips 66 Project Development Inc., a wholly owned subsidiary of Phillips 66 and the holder of a majority of the outstanding common units of the Partnership, has voted its units to approve the transaction.

Citi and BofA Securities, Inc. are acting as financial advisors to Phillips 66, and Latham & Watkins LLP is acting as Phillips 66’s legal advisor.

The terms of the transaction were unanimously approved by the board of directors of the general partner of Phillips 66 Partners based on the unanimous approval and recommendation of its conflicts committee, comprised entirely of independent directors. The conflicts committee engaged Evercore as its financial advisor and Vinson & Elkins L.L.P. as its legal advisor.

No Offer or Solicitation

This news release is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities pursuant to the proposed transaction or otherwise, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act, as amended.

Additional Information and Where You Can Find It

In connection with the proposed transaction, Phillips 66 will file a registration statement on Form S-4, which will include an information statement of the Partnership with the SEC. INVESTORS AND SECURITYHOLDERS OF PHILLIPS 66 AND THE PARTNERSHIP ARE ADVISED TO CAREFULLY READ THE REGISTRATION STATEMENT AND INFORMATION STATEMENT, PROSPECTUS OR OTHER DOCUMENT (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO) WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE TRANSACTION, THE PARTIES TO THE TRANSACTION AND THE RISKS ASSOCIATED WITH THE TRANSACTION. A definitive information statement will be sent to securityholders of the Partnership in connection with any solicitation of proxies or consents of the Partnership unitholders relating to the proposed transaction. Investors and securityholders may obtain a free copy of such documents and other relevant documents (if and when available) filed by Phillips 66 or the Partnership with the SEC from the SEC’s website at www.sec.gov. Securityholders and other interested parties will also be able to obtain, without charge, a copy of such documents and other relevant documents (if and when available) from Phillips 66’s website at www.phillips66.com under the “Investors” tab under the heading “SEC Filings” or from the Partnership’s website at www.phillips66partners.com under the “Investors” tab and the “SEC Filings” sub-tab.

Participants in the Solicitation Relating to the Merger

Phillips 66, the Partnership and their respective directors, executive officers and certain other members of management may be deemed to be participants in the solicitation of proxies and consents in respect of the transaction. Information about these persons is set forth in Phillips 66’s proxy statement relating to its 2021 Annual Meeting, which was filed with the SEC on March 31, 2021; Phillips 66’s Annual Report on Form 10-K, which was filed with the SEC on February 24, 2021; certain of Phillips 66’s Current Reports on Form 8-K; the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2020, which was filed with the SEC on February 24, 2021, and subsequent statements of changes in beneficial ownership on file with the SEC. Securityholders and investors may obtain additional information regarding the interests of such persons, which may be different than those of the respective companies’ securityholders generally, by reading the registration statement/ information statement/prospectus and other relevant documents regarding the transaction (if and when available), which may be filed with the SEC.

^{CAUTIONARY STATEMENT FOR THE PURPOSES OF THE “SAFE HARBOR” PROVISIONS
OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995}

^{This news release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Words and phrases such as “is anticipated,” “is estimated,” “is expected,” “is planned,” “is scheduled,” “is targeted,” “believes,” “continues,” “intends,” “will,” “would,” “objectives,” “goals,” “projects,” “efforts,” “strategies” and similar expressions are used to identify such forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this news release are based on management’s expectations, estimates and projections as of the date they are made. These statements are not guarantees of future performance and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Forward-looking statements contained in this release include, but are not limited to, statements regarding the expected benefits of the potential transaction to Phillips 66 and its shareholders and Phillips 66 Partners and its unitholders, and the anticipated consummation of the proposed transaction and the timing thereof. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include: uncertainties as to the timing to consummate the potential transaction; the effects of disruption to Phillips 66’s or Phillips 66 Partners’ respective businesses; the effect of this communication on the price of Phillips 66’s shares or Phillips 66 Partners’ common units; transaction costs; Phillips 66’s ability to achieve benefits from the proposed transaction; and the diversion of management’s time on transaction-related issues. Other factors that could cause actual results to differ from those in forward-looking statements include: the continuing effects of the COVID-19 pandemic and its negative impact on commercial activity and demand for refined petroleum products; the inability to timely obtain or maintain permits necessary for capital projects; changes to worldwide government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs like the renewable fuel standards program, low carbon fuel standards and tax credits for biofuels; fluctuations in NGL, crude oil, and natural gas prices, and petrochemical and refining margins; unexpected changes in costs for constructing, modifying or operating our facilities; unexpected difficulties in manufacturing, refining or transporting our products; the level and success of drilling and production volumes around the companies’ assets; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products, renewable fuels or specialty products; lack of, or disruptions in, adequate and reliable transportation for NGL, crude oil, natural gas, and refined products; potential liability from litigation or for remedial actions, including removal and reclamation obligations under environmental regulations; failure to complete construction of capital projects on time and within budget; the inability to comply with governmental regulations or make capital expenditures to maintain compliance; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; potential disruption of operations due to accidents, weather events, including as a result of climate change, terrorism or cyberattacks; general domestic and international economic and political developments including armed hostilities, expropriation of assets, and other political, economic or diplomatic developments, including those caused by public health issues and international monetary conditions and exchange controls; changes in governmental policies relating to NGL, crude oil, natural gas, refined petroleum products, or renewable fuels pricing, regulation or taxation, including exports; changes in estimates or projections used to assess fair value of intangible assets, goodwill and property and equipment and/or strategic decisions with respect to our asset portfolio that cause impairment charges; investments required, or reduced demand for products, as a result of environmental rules and regulations; changes in tax, environmental and other laws and regulations (including alternative energy mandates); the operation, financing and distribution decisions of equity affiliates we do not control; and other economic, business, competitive and/or regulatory factors affecting Phillips 66’s and Phillips 66 Partners’ businesses generally as set forth in our filings with the Securities and Exchange Commission. Phillips 66 and Phillips 66 Partners are under no obligation (and expressly disclaim any such obligation) to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.}

About Phillips 66

Phillips 66 is a diversified energy manufacturing and logistics company. With a portfolio of Midstream, Chemicals, Refining, and Marketing and Specialties businesses, the company processes, transports, stores and markets fuels and products globally. Headquartered in Houston, the company has 14,000 employees committed to safety and operating excellence. Phillips 66 had $57 billion of assets as of June 30, 2021. For more information, visit www.phillips66.com or follow us on Twitter @Phillips66Co.

About Phillips 66 Partners

Headquartered in Houston, Phillips 66 Partners is a master limited partnership formed by Phillips 66 to own, operate, develop and acquire primarily fee-based crude oil, refined petroleum products and natural gas liquids pipelines, terminals and other midstream assets. For more information, visit www.phillips66partners.com.

Jeff Dietert (investors)
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EL DORADO, Ark.--(BUSINESS WIRE)--Murphy USA Inc. (NYSE: MUSA), a leading marketer of retail motor fuel products and convenience merchandise, today announced financial results for the three and nine months ended September 30, 2021.

Key Highlights:

• Net income was $104.0 million, or $3.98 per diluted share, in Q3 2021 compared to net income of $66.9 million, or $2.27 per diluted share, in Q3 2020

• Total fuel contribution (retail fuel margin plus product supply and wholesale ("PS&W") results including RINs) for Q3 2021 was 26.6 cpg, compared to 22.3 cpg in Q3 2020

• Total retail gallons increased 11.4% in Q3 2021 compared to Q3 2020, while volumes on a same store sales ("SSS") basis increased 1.9%

• Merchandise contribution dollars increased 58.6% to $187.3 million compared to the prior-year quarter, on average unit margins of 19.6% in the current quarter, primarily attributable to the QuickChek acquisition

• Food and beverage contribution margin increased significantly to 14.8% of total merchandise contribution dollars in Q3 2021 compared to 0.9% in the prior year period due to the inclusion of QuickChek in the current period

• During Q3 2021, the Company opened 4 new Murphy Express stores and 3 QuickChek stores. There are 16 new Murphy Express sites, 3 new QuickChek sites, and 12 raze-and-rebuild Murphy USA sites currently under construction

• Common shares repurchased during Q3 2021 were approximately 0.2 million for $33.2 million at an average price of $153.95 per share

• The Company also announced a quarterly cash dividend of $0.29 per Common share, $1.16 on an annualized basis, payable on December 1, 2021 based on a record date of November 8, 2021

“Despite continued supply chain constraints and operational hurdles, Murphy USA’s exceptional third-quarter performance demonstrates our ability to compete and win in a challenging environment," said President and CEO Andrew Clyde. “We grew both fuel volumes and margins versus the prior year, expanded same-store merchandise contribution, and introduced targeted investments in labor to support our employees and help maintain our high standards of customer service. Our outlook for the business remains robust and we expect to generate strong free cash which will enable continued organic growth and shareholder distributions, including share repurchase, and as announced this afternoon, an increase in our quarterly dividend to $0.29 per share from $0.25 per share."

Consolidated Results

Net income and Adjusted EBITDA for Q3 2021 were higher versus the prior period, primarily due to higher all-in fuel contribution, higher merchandise margin contribution, and lower general and administrative expense, partially offset by higher store operating expenses and higher payment fees. Net income was further impacted by higher current-quarter interest, depreciation, and income tax expense. All amounts reported for the quarter and year-to-date 2021 periods include the consolidated results of our wholly-owned subsidiary, Quick Chek Corporation ("QuickChek") from January 29, 2021.

Fuel

Total fuel contribution dollars increased 33.3%, or $73.1 million, in Q3 of 2021 compared to Q3 of 2020. Retail fuel margins in the current period increased to 24.0 cpg, or 26.3% above the prior period despite a rising fuel price environment. Consequently, total retail fuel contribution dollars of $264.4 million increased 40.9% compared to the prior-year quarter, supported by both higher retail fuel margins and volumes. PS&W margin (including RINs) decreased by $3.6 million when compared to Q3 2020 primarily due to negative spot-to-rack margins which were only partially offset by higher RIN prices. In addition, typical timing and price-related impacts of the product supply chain accounted for the remainder of the difference.

Merchandise

Total merchandise contribution increased 58.6% to $187.3 million in Q3 2021 from $118.1 million in the prior year quarter due primarily to the inclusion of QuickChek. Food and beverage contribution, a subset of non-tobacco, experienced a significant increase to 14.8% of the total merchandise contribution primarily due to QuickChek's established prepared food offering.

Other Areas

Store OPEX excluding payment fees and rent were $55.1 million higher versus the year-ago period, primarily attributable to the addition of QuickChek. While QuickChek locations have higher per store operating costs due to the larger format and enhanced food offering, the MUSA network also experienced higher operating expenses, primarily due to higher employee-related expenses and higher maintenance costs, combined with more stores in the network. Total SG&A costs were $6.5 million lower than the year-ago period, primarily due to a charitable donation of $10 million in the prior year period, which was partially offset by the inclusion of QuickChek in third quarter 2021 results.

Store Openings

The Company opened 7 new-to-industry retail locations in Q3 2021, bringing the network total to 1,669. This total consists of 1,151 Murphy USA stores, 360 Murphy Express stores, and 158 QuickChek stores. There are a total of 31 stores currently under construction, including 16 new 2,800 sq. foot Murphy Express stores, 3 QuickChek stores, and 12 raze-and-rebuilds.

Financial Resources

Cash balances as of September 30, 2021 totaled $301.3 million. Long-term debt consisted of approximately $493 million in carrying value of 3.75% senior notes due in 2031, $494 million in carrying value of 4.75% senior notes due in 2029, $297 million in carrying value of 5.625% senior notes due in 2027 and $385 million of term debt. In addition, the Company has approximately $130 million in long-term capital leases. The cash flow revolving facility remained undrawn as of September 30, 2021.

At September 30, 2021, the Company had common shares outstanding of 25,633,198. Common shares repurchased under the $500 million share repurchase program approved in November 2020 were approximately 0.2 million shares for $33.2 million in the current quarter. Common shares purchased for the nine months ended September 30, 2021, were 1.7 million shares for a total of $231.5 million, approximately $143.6 million remains in the share repurchase plan at September 30, 2021.

The effective income tax rate for Q3 2021 was 24.5% compared to 24.1% in Q3 2020.

The Company paid a quarterly dividend of $0.25 per share, or $1.00 per share on an annualized basis, on September 9, 2021, for a total cash payment of $6.4 million.

Today, the Company also announced a quarterly cash dividend of $0.29 per Common share, or $1.16 per share on an annualized basis. This dividend is payable on December 1, 2021 to all shareholders of record as of November 8, 2021.

Earnings Call Information

The Company will host a conference call on October 28, 2021 at 10:00 a.m. Central Time to discuss third quarter 2021 results. The conference call number is 1 (833) 968-2218 and the conference number is 8602898. The earnings and investor related materials, including reconciliations of any non-GAAP financial measures to GAAP financial measures and any other applicable disclosures, will be available on that same day on the investor section of the Murphy USA website (http://ir.corporate.murphyusa.com). Approximately one hour after the conclusion of the conference, the webcast will be available for replay. Shortly thereafter, a transcript will be available.

Source: Murphy USA Inc. (NYSE: MUSA)

Forward-Looking Statements

Certain statements in this news release contain or may suggest “forward-looking” information (as defined in the Private Securities Litigation Reform Act of 1995) that involve risk and uncertainties, including, but not limited to our M&A activity, anticipated store openings, fuel margins, merchandise margins, sales of RINs, trends in our operations, dividends, and share repurchases. Such statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual future results may differ materially from historical results or current expectations depending upon factors including, but not limited to: The Company's ability to realize projected synergies from the acquisition of QuickChek and successfully expand our food and beverage offerings; our ability to continue to maintain a good business relationship with Walmart; successful execution of our growth strategy, including our ability to realize the anticipated benefits from such growth initiatives, and the timely completion of construction associated with our newly planned stores which may be impacted by the financial health of third parties; our ability to effectively manage our inventory, disruptions in our supply chain and our ability to control costs; the impact of severe weather events, such as hurricanes, floods and earthquakes; the impact of a global health pandemic, such as COVID-19, including the impact on the Company's fuel volumes if the gradual recoveries experienced throughout 2020 and 2021 stall or reverse as a result of any resurgence in COVID-19 infection rates and government reaction in response thereof; the impact of any systems failures, cybersecurity and/or security breaches of the company or its vendor partners, including any security breach that results in theft, transfer or unauthorized disclosure of customer, employee or company information or our compliance with information security and privacy laws and regulations in the event of such an incident; successful execution of our information technology strategy; reduced demand for our products due to the implementation of more stringent fuel economy and greenhouse gas reduction requirements, or increasingly widespread adoption of electric vehicle technology; future tobacco or e-cigarette legislation and any other efforts that make purchasing tobacco products more costly or difficult could hurt our revenues and impact gross margins; changes to the Company's capital allocation, including the timing, declaration, amount and payment of any future dividends or levels of the Company's share repurchases, or management of operating cash; the market price of the Company's stock prevailing from time to time, the nature of other investment opportunities presented to the Company from time to time, the Company's cash flows from operations, and general economic conditions; compliance with debt covenants; availability and cost of credit; and changes in interest rates. Our SEC reports, including our most recent annual Report on Form10-K and quarterly report on Form 10-Q, contain other information on these and other factors that could affect our financial results and cause actual results to differ materially from any forward-looking information we may provide. The Company undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events, new information or future circumstances.