• Earnings of $3.1 billion; adjusted earnings of $3.3 billion
• Cash flow from operations of $7.0 billion; free cash flow of $5.2 billion
• Resuming share repurchases, targeted at $2-3 billion per year

SAN RAMON, Calif.--(BUSINESS WIRE)--Chevron Corporation (NYSE: CVX) today reported earnings of $3.1 billion ($1.60 per share - diluted) for second quarter 2021, compared with a loss of $8.3 billion ($(4.44) per share - diluted) in second quarter 2020. Included in the current quarter were remediation charges associated with previously sold assets of $120 million and pension settlement costs of $115 million. Foreign currency effects increased earnings by $43 million. Adjusted earnings of $3.3 billion ($1.71 per share - diluted) in second quarter 2021 compares to an adjusted loss of $2.9 billion ($(1.56) per share - diluted) in second quarter 2020. For a reconciliation of adjusted earnings/(loss), see Attachment 5.

Sales and other operating revenues in second quarter 2021 were $36 billion, compared to $16 billion in the year-ago period.

“Second quarter earnings were strong, reflecting improved market conditions, combined with transformation benefits and merger synergies,” said Mike Wirth, Chevron’s chairman and chief executive officer.

“Our free cash flow was the highest in two years due to solid operational and financial performance and lower capital spending,” Wirth added. “We will resume share repurchases in the third quarter at an expected rate of $2-3 billion per year.”

Chevron continued to exercise capital discipline with year-to-date capital spending down 32 percent from a year ago. The company recently sanctioned the Jansz-lo Compression project in Australia, which is expected to maintain an important source of clean-burning natural gas. GS Caltex, a 50 percent owned equity affiliate, also started up an olefins mixed-feed cracker and associated polyethylene unit at its Yeosu, South Korea refinery ahead of schedule and under budget.

In the second quarter, Chevron continued to pursue the development of renewable and lower carbon fuels. The company began to produce renewable diesel at its El Segundo, California refinery by co-processing bio-feedstock. The company also established its first branded compressed natural gas (CNG) station as part of its plan to sell renewable natural gas through more than 30 CNG stations in California by 2025. In addition, the company announced separate agreements to collaborate with Toyota Motor North America, Inc. and Cummins Inc. to advance its goal of building a commercially viable, large-scale hydrogen business.

UPSTREAM

Worldwide net oil-equivalent production was 3.13 million barrels per day in second quarter 2021, an increase of 5 percent from a year ago.

U.S. upstream operations earned $1.4 billion in second quarter 2021, compared with a loss of $2.1 billion a year earlier. The improvement was primarily due to higher crude oil realizations and the absence of second quarter 2020 charges for special items including impairments, write-offs and severance accruals. Higher crude oil production also contributed to the improvement between periods.

The company’s average sales price per barrel of crude oil and natural gas liquids was $54 in second quarter 2021, up from $19 a year earlier. The average sales price of natural gas was $2.16 per thousand cubic feet in second quarter 2021, up from $0.81 in last year’s second quarter.

Net oil-equivalent production of 1.14 million barrels per day in second quarter 2021 was up 145,000 barrels per day from a year earlier. The increase was due to an additional 227,000 barrels per day of production following the Noble Energy acquisition and lower production curtailments, partially offset by a 68,000 barrels per day decrease related to the Appalachian asset sale and lower production due to normal field declines. The net liquids component of oil-equivalent production in second quarter 2021 increased 15 percent to 857,000 barrels per day, and net natural gas production also increased 15 percent to 1.68 billion cubic feet per day, compared to last year’s second quarter.

International upstream operations earned $1.7 billion in second quarter 2021, compared with a loss of $4.0 billion a year ago. The increase in earnings was primarily due to the absence of second quarter 2020 special item charges and benefits including write-offs and impairments, severance charges, tax items and the gain on the Azerbaijan asset sale as well as higher current quarter crude oil realizations. Foreign currency effects had a favorable impact on earnings of $340 million between periods.

The average sales price for crude oil and natural gas liquids in second quarter 2021 was $62 per barrel, up from $21 a year earlier. The average sales price of natural gas was $4.92 per thousand cubic feet in the second quarter, up from $4.48 in last year’s second quarter.

Net oil-equivalent production of 1.99 million barrels per day in second quarter 2021 decreased slightly from second quarter 2020. Higher production of an additional 148,000 barrels per day following the Noble Energy acquisition and lower production curtailments were more than offset by unfavorable entitlement effects and operational impacts. The net liquids component of oil-equivalent production decreased 8 percent to 990,000 barrels per day in second quarter 2021, while net natural gas production of 5.99 billion cubic feet per day increased 8 percent, compared to last year's second quarter.

DOWNSTREAM

U.S. downstream operations reported earnings of $776 million in second quarter 2021, compared with a loss of $988 million a year earlier. The increase was mainly due to higher margins on refined product sales, higher earnings from the 50 percent-owned Chevron Phillips Chemical Company, higher sales volumes, and lower operating expenses, including the absence of second quarter 2020 severance accruals.

Refinery crude oil input in second quarter 2021 increased 65 percent to 956,000 barrels per day from the year-ago period, as the company increased refinery runs in response to higher demand and the improved refining margin environment.

Refined product sales of 1.16 million barrels per day were up 40 percent from the year-ago period, mainly due to higher gasoline and jet fuel demand as travel restrictions associated with the COVID-19 pandemic eased.

International downstream operations reported earnings of $63 million in second quarter 2021, compared with a loss of $22 million a year earlier. The increase in earnings was largely due to the absence of second quarter 2020 severance accruals. Foreign currency effects had a favorable impact on earnings of $24 million between periods.

Refinery crude oil input of 580,000 barrels per day in second quarter 2021 decreased 2 percent from the year-ago period.

Refined product sales of 1.28 million barrels per day in second quarter 2021 increased 16 percent from the year-ago period, mainly due to higher gasoline, jet fuel and diesel demand.

ALL OTHER

All Other consists of worldwide cash management and debt financing activities, corporate administrative functions, insurance operations, real estate activities and technology companies.

Net charges in second quarter 2021 were $935 million, compared to $1.2 billion a year earlier. The decrease in net charges between periods was mainly due to the absence of second quarter 2020 severance accruals, partially offset by higher tax items and pension settlement costs. Foreign currency effects decreased net charges by $116 million between periods.

CASH FLOW FROM OPERATIONS

Cash flow from operations in the first six months of 2021 was $11.2 billion, compared with $4.8 billion in 2020. Excluding working capital effects, cash flow from operations in the first six months of 2021 was $12.2 billion, compared with $5.2 billion in 2020.

CAPITAL AND EXPLORATORY EXPENDITURES

Capital and exploratory expenditures in the first six months of 2021 were $5.3 billion, compared with $7.7 billion in 2020. The amounts included $1.5 billion in 2021 and $2.3 billion in 2020 for the company’s share of expenditures by affiliates, which did not require cash outlays by the company. Expenditures for upstream represented 84 percent of the company-wide total in 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. To advance a lower-carbon future, we are focused on cost efficiently lowering our carbon intensity, increasing renewables and offsets in support of our business, and investing in low-carbon technologies that enable commercial solutions.

NOTICE

Chevron’s discussion of second quarter 2021 earnings with security analysts will take place on Friday, July 30, 2021, at 8:00 a.m. PT. A webcast of the meeting will be available in a listen-only mode to individual investors, media, and other interested parties on Chevron’s website at www.chevron.com under the “Investors” section. Prepared remarks for today’s call, additional financial and operating information and other complementary materials will be available prior to the call at approximately 3:15 a.m. PT and located under “Events and Presentations” in the “Investors” section on the Chevron website.

As used in this news release, the term “Chevron” and such terms as “the company,” “the corporation,” “our,” “we,” “us” and “its” may refer to Chevron Corporation, one or more of its consolidated subsidiaries, or to all of them taken as a whole. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs.

Please visit Chevron’s website and Investor Relations page at www.chevron.com and www.chevron.com/investors, LinkedIn: www.linkedin.com/company/chevron, Twitter: @Chevron, Facebook: www.facebook.com/chevron, and Instagram: www.instagram.com/chevron, where Chevron often discloses important information about the company, its business, and its results of operations.

Non-GAAP Financial Measures - This news release includes adjusted earnings/(loss), which reflect earnings or losses excluding significant non-operational items including impairment charges, write-offs, severance costs, Noble Energy acquisition costs, gains on asset sales, unusual tax items, effects of pension settlements and curtailments, foreign currency effects and other special items. During the first quarter of 2021, the Company updated its calculation of adjusted earnings to exclude pension settlement costs. The Company recognizes settlement gains or losses when the cost of all settlements for a plan during a year is greater than the sum of its service and interest costs during the year. By adjusting earnings to exclude pension settlement costs, the Company believes it removes non-operational costs that would otherwise obscure its underlying operating results. Adjusted earnings/(loss) for 2020 were recast to conform with the current presentation. We believe it is useful for investors to consider this measure in comparing the underlying performance of our business across periods. The presentation of this additional information is not meant to be considered in isolation or as a substitute for net income (loss) as prepared in accordance with U.S. GAAP. A reconciliation to net income (loss) attributable to Chevron Corporation is shown in Attachment 5.

This news release also includes free cash flow and free cash flow excluding working capital. Free cash flow is defined as net cash provided by operating activities less cash capital expenditures, and represents the cash available to creditors and investors after investing in the business. Free cash flow excluding working capital is defined as net cash provided by operating activities excluding working capital less cash capital expenditures and represents the cash available to creditors and investors after investing in the business excluding the timing impacts of working capital. The company believes these measures are useful to monitor the financial health of the company and its performance over time. A reconciliation of free cash flow and free cash flow excluding working capital are shown in Attachment 3.

CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This news release contains forward-looking statements relating to Chevron’s operations that are based on management's current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for our products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic and political conditions; changing refining, marketing and chemicals margins; the company’s ability to realize anticipated cost savings, expenditure reductions and efficiencies associated with enterprise transformation initiatives; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; technological developments; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates, particularly during extended periods of low prices for crude oil and natural gas during the COVID-19 pandemic; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce greenhouse gas emissions; the potential liability resulting from pending or future litigation; the company's ability to achieve the anticipated benefits from the acquisition of Noble Energy, Inc.; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; material reductions in corporate liquidity and access to debt markets; the receipt of required Board authorizations to pay future dividends; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 18 through 23 of the company's 2020 Annual Report on Form 10-K and in other subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements.

Sean Comey -- +1 925-842-5509

Bloom Energy’s solid oxide fuel cells to power an engineless LNG carrier developed by Samsung Heavy Industries

ABS verifies Bloom Energy Server as an alternative power source for vessels as part of the organization’s New Technology Qualification service

SAN JOSE, Calif.--(BUSINESS WIRE)--Bloom Energy (NYSE: BE) today announced the achievement of two key milestones on its path to decarbonize a centuries-old maritime industry. In conjunction with Samsung Heavy Industries (SHI), the companies’ initial design for an engineless, fuel cell-powered liquefied natural gas (LNG) carrier has received Approval in Principle (AiP) from DNV, a premier international maritime classification society. Bloom Energy also received verification as an alternative power source for vessels as part of the American Bureau of Shipping’s (ABS) New Technology Qualification (NTQ) service. This progress is a testament to Bloom Energy’s industry leadership in providing clean, reliable power through its flexible platform technology that can seamlessly adapt to future-forward applications.

The opportunity for fuel cell-powered ships has accelerated in recent years, as the International Maritime Organization (IMO) set aggressive environmental targets to combat climate change. A key objective for international shipping under the IMO’s mandate is to reduce greenhouse gas emissions by half compared to 2008 levels. New technologies and power sources for shipping, like fuel cells, are recognized as viable carbon-reducing solutions to achieving the IMO’s environmental goals.

DNV Approval in Principle Granted for 100 Percent Fuel Cell-Powered LNG Carrier

SHI and Bloom Energy first announced plans in 2019 to design and develop fuel cell-powered ships. Earlier this month, the companies took another step toward realizing that goal with receipt of an Approval in Principle from DNV, an international maritime classification society, for an LNG carrier powered solely by solid oxide fuel cell (SOFC) technology. This fuel cell-propelled LNG carrier eliminates the need for internal combustion engines by replacing the ship’s propulsion and auxiliary engines with fuel cells running on non-combusted natural gas.

“With 80 percent of world trade taking place by sea, Bloom Energy and SHI have developed a novel solution to reduce harmful emissions and modernize one of the world’s oldest forms of trade with cutting edge, clean energy technology,” said Suminder Singh, senior director, engineering, marine applications, Bloom Energy. “Building on the successful deployment of our fuel cells on land powering large loads, Bloom Energy Servers are well-suited to meeting the significant energy requirements of shipping vessels. They are also highly efficient, reduce fuel usage, and in the case of LNG carriers, create enhanced opportunities for operators to sell fuel at port.”

Bloom Energy’s SOFC technology has the added benefit of eliminating harmful air pollutants like sulfur oxides (SOx), nitrogen oxides (NOx), and particulate matter, has negligible methane slippage, and can significantly reduce carbon dioxide emissions from shipping vessels. As such, the new fuel cell-powered LNG carrier is expected to provide operators a more sustainable option to meet international emission reduction targets.

“Our new concept vessel can dramatically reduce air pollutant emissions, as well as noise and vibration and maintenance and repair costs, by replacing an internal combustion engine with fuel cells,” said Jeong Ho-hyeon, head of Samsung Heavy Industries’ Technology Development Division. “We will lead the international standardization of fuel cell propulsion systems.”

SHI plans to conduct tests at LNG demonstration facilities at its shipyard in Geoje, South Korea and will be launching full-scale marketing for global ship developers.

ABS Verifies Bloom Energy’s Fuel Cell Technology for Marine Environment

Bloom Energy’s technology was recently awarded a Concept Verified Statement of Maturity by ABS, a leading global provider of classification and technical advisory services to the marine and offshore industries.

ABS engineers reviewed Bloom Energy’s SOFC technology and verified its potential application as an alternative power source for vessels as part of the ABS New Technology Qualification (NTQ) service. The NTQ service offers guidance on early adoption and efficient implementation of new technologies – demonstrating the technologies’ maturity and risk profile.

“The certification process for marine fuel cells is a rigorous process, requiring new technologies undergo a variety of operating scenarios to ensure they can withstand the harsh conditions at sea,” said Suminder Singh. “This verification demonstrates the durability of Bloom Energy’s technology and serves as an important milestone on our path to commercial application.”

“ABS understands the potential that Bloom Energy has to make a real contribution to shipping’s decarbonization ambitions,” said Patrick Ryan, senior vice president, global engineering and technology, ABS. “Our verification highlights the progress of Bloom Energy’s technology to be used at sea, and it marks our commitment to supporting the industry with the safe adoption of fuel cells that meet the highest of standards.”

Bloom Energy expects to achieve final ABS certification and classification in 2022.

About Bloom Energy

Bloom Energy’s mission is to make clean, reliable energy affordable for everyone in the world. Bloom Energy’s product, the Bloom Energy Server, delivers highly reliable and resilient, always-on electric power that is clean, cost-effective, and ideal for microgrid applications. Bloom Energy’s customers include many Fortune 100 companies and leaders in manufacturing, data centers, healthcare, retail, higher education, utilities, and other industries. For more information, visit www.bloomenergy.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws that involve risks and uncertainties. Words such as “anticipates,” “could,” “expects,” “intends,” “plans,” “projects,” “believes,” “seeks,” “estimates,” “can,” “may,” “will,” “would” and similar expressions identify such forward-looking statements. These statements include, but are not limited to, expectations regarding the collaboration efforts between Bloom and SHI; expectations for an engineless, fuel cell-powered LNG carrier; expectations regarding the potential application of fuel cells as an alternative power source for vessels; ability to positively impact the climate; ability to eliminate harmful air pollutants like SOx, NOx, and particulate matter; and timing to receive final ABS certification. These statements should not be taken as guarantees of results and should not be considered an indication of future activity or future performance. Actual events or results may differ materially from those described in this press release due to a number of risks and uncertainties, including those included in the risk factors section of Bloom Energy’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 and other risks detailed in Bloom Energy’s SEC filings from time to time. Bloom Energy undertakes no obligation to revise or publicly update any forward-looking statements unless if and as required by law.

Media Contact
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Bloom Energy
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TORONTO--(BUSINESS WIRE)--$LGO #VRFB--Largo Resources Ltd. ("Largo" or the "Company") (TSX: LGO) (NASDAQ: LGO) is pleased to announce that it has received a notice to proceed (“NTP”) on its previously announced sales contract with Enel Green Power España for the delivery of a 5 hour 6.1 MWh VCHARGE± system located in Spain.

Paulo Misk, President and CEO for Largo, stated: “We are thrilled to be working with a reputable partner such as Enel Green Power España and to starting the activities required to deliver on the contract.” He continued: “We look forward to the successful deployment of this system and to delivering additional clean energy solutions to customers in the future.”

About Largo Resources

Largo Resources is an industry preferred, vertically integrated vanadium company. It services multiple vanadium market applications through the supply of its unrivaled VPURE™ and VPURE+™ products, from one of the world’s highest-grade vanadium deposits at the Company’s Maracás Menchen Mine located in Brazil. Largo is also focused on the advancement of renewable energy storage solutions through its vertically integrated VCHARGE± vanadium redox flow battery technology. The Company's common shares are listed on the Toronto Stock Exchange and on the Nasdaq Stock Market under the symbol "LGO".

For more information on Largo and VPURE™, please visit www.largoresources.com and www.largoVPURE.com.

For additional information on Largo Clean Energy, please visit www.largocleanenergy.com.

Forward-looking Information:

This press release contains forward-looking information under Canadian securities legislation, ("forward-looking statements"). Forward‐looking information in this press release includes, but is not limited to, statements with respect to our ability to market and sell our VCHARGE± battery system on specification and at a competitive price, the production, delivery and sale to Enel Green Power of a VCHARGE+ battery system, the design of that system, expected transaction value, future VCHARGE+ battery system sales, and the growth of the long-duration energy storage market. Forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". All information contained in this news release, other than statements of current and historical fact, is forward looking information. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Largo or Largo Clean Energy to be materially different from those expressed or implied by such forward-looking statements, including but not limited to the failure to satisfy conditions in the agreement with Enel, termination of the agreement, and those risks described in the annual information form of Largo and in its public documents filed on www.sedar.com and www.sec.gov from time to time. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Although management of Largo has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Largo does not undertake to update any forward-looking statements, except in accordance with applicable securities laws. Readers should also review the risks and uncertainties sections of Largo's annual and interim MD&As which also apply.

Trademarks are owned by Largo Resources Ltd.

For further information, please contact:

Investor Relations:
Alex Guthrie
Senior Manager, External Relations
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HOUSTON & LONDON--(BUSINESS WIRE)--Baker Hughes Company (NYSE: BKR) ("Baker Hughes" or the "Company") announced today that its Board of Directors has authorized Baker Hughes Holdings LLC (“BHH LLC”) to repurchase up to $2 billion of its common units. The Company will use the proceeds from the sale of its BHH LLC common units to repurchase its Class A shares.

“We are generating strong cash flow and are confident in our short-term operational outlook and long-term strategic positioning. Today’s announcement represents further confirmation on our optimistic view of the future for the Company. We believe this announced buyback is an attractive use of cash given the value of our company and the highly accretive nature of this program,” said Lorenzo Simonelli, Baker Hughes chairman and CEO.

“At the current share price, this repurchase represents over nine percent of the Company's outstanding shares. We are pleased that Baker Hughes’ strong balance sheet and robust cash flow profile, which enables us to not only return value to shareholders through our regular quarterly dividend and share repurchases, but also enables us to invest for growth and position for new frontiers to lead the energy transition," added Simonelli.

Baker Hughes and BHH LLC are also authorized to enter into an agreement with GE whereby BHH LLC will repurchase its common units from GE on a pro rata basis and on the same terms as it repurchases common units from Baker Hughes. The proceeds distributed to Baker Hughes will be used to repurchase Class A shares on the open market or in privately negotiated transactions. The repurchases are not expected to materially change Baker Hughes and GE’s relative economic interests in BHH LLC or Baker Hughes’ Class A and Class B stockholders’ relative voting interest.

Baker Hughes expects to fund the repurchase program from cash generated from operations. The exact number of shares to be repurchased by the Company is not guaranteed. The Company expects to make share repurchases from time to time subject to the Company’s capital plan, market conditions, and other factors, including legal and regulatory restrictions and required approvals. The repurchase program may be suspended or discontinued at any time and does not have a specified expiration date.

About Baker Hughes:

Baker Hughes (NYSE: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and with operations in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.

Investor Relations
Jud Bailey
+1 281-809-9088
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Media Relations
Thomas Millas
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HOUSTON & CALGARY, Alberta--(BUSINESS WIRE)--Civeo Corporation (NYSE:CVEO) today reported financial and operating results for the second quarter ended June 30, 2021.

Highlights include:

• Reported second quarter revenues of $154.2 million, a net loss of $0.5 million and operating cash flow of $16.5 million;
• Delivered second quarter Adjusted EBITDA of $32.2 million and free cash flow of $13.7 million; and
• Reduced total debt to $226.8 million as of June 30, 2021 from $238.1 million as of March 31, 2021.

“In the second quarter of 2021, we once again stuck to our objectives of operating safely, generating free cash flow and reducing our debt balance. The second quarter marks our eighth consecutive quarter of debt and leverage ratio reduction," stated Bradley J. Dodson, Civeo's President and Chief Executive Officer.

Mr. Dodson concluded, "In Canada, we are encouraged and thankful for the rapid decline of COVID-19 cases after the strong third wave occurred in April, and as a result, customer activity in the Canadian oil sands and pipeline work continued to strengthen. In Australia, Civeo and its customers continue to deal with labor supply issues and subdued activity due to COVID-19 travel restrictions and the lingering China/Australia trade dispute, but we continue to view these issues as transitory. Australia has been more successful in finding demand for its met coal exports, and Australian met coal is now trading above $200/tonne, an increase of almost 100% since the first quarter of 2021."

Second Quarter 2021 Results

In the second quarter of 2021, Civeo generated revenues of $154.2 million and reported a net loss of $0.5 million, or $0.03 per diluted share. The loss results in part from $7.9 million in costs associated with asset impairments on properties in Australia. During the second quarter of 2021, Civeo produced operating cash flow of $16.5 million, Adjusted EBITDA of $32.2 million and free cash flow of $13.7 million.

By comparison, in the second quarter of 2020, Civeo generated revenues of $114.7 million and reported net income of $6.1 million, or $0.37 per diluted share. Net income included $4.7 million of income associated with the settlement of a representations and warranties claim related to the Noralta acquisition. During the second quarter of 2020, Civeo produced operating cash flow of $24.5 million, Adjusted EBITDA of $28.1 million and free cash flow of $25.1 million.

Overall, the increase in revenues and Adjusted EBITDA in the second quarter of 2021 compared to 2020 was primarily due to a significant increase in billed rooms in the oil sands lodges and Canadian mobile camp activity, partially offset by $6.2 million of other income in 2020 related to proceeds from the Canadian Emergency Wage Subsidy ("CEWS") program and increased labor costs in our Australian business during the second quarter of 2021.

(EBITDA is a non-GAAP financial measure that is defined as net income plus interest, taxes, depreciation and amortization, and Adjusted EBITDA is defined as EBITDA adjusted to exclude impairment charges and proceeds from the settlement of a representation and warranties claim related to a prior acquisition. Free cash flow is a non-GAAP financial measure that is defined as net cash flows provided by operating activities less capital expenditures plus proceeds from asset sales. Please see the reconciliations to GAAP measures at the end of this news release.)

Business Segment Results

(Unless otherwise noted, the following discussion compares the quarterly results for the second quarter of 2021 to the results for the second quarter of 2020.)

Canada

During the second quarter of 2021, the Canadian segment generated revenues of $83.3 million, operating income of $7.5 million and Adjusted EBITDA of $22.6 million, compared to revenues of $53.0 million, operating loss of $6.7 million and Adjusted EBITDA of $15.3 million in the second quarter of 2020. Operating income and Adjusted EBITDA for the second quarter of 2021 included $0.7 million of other income related to proceeds from CEWS. The second quarter of 2020 Adjusted EBITDA included $6.2 million of other income related to proceeds from CEWS and a $1.7 million gain on sale of assets from the partial sale of assets from our Henday lodge. Results from the second quarter of 2021 reflect the impact of a strengthened Canadian dollar relative to the U.S. dollar, which increased revenues and Adjusted EBITDA by $9.6 million and $2.7 million, respectively.

On a constant currency basis, the Canadian segment experienced a 39% period-over-period increase in revenues driven by a 76% year-over-year increase in billed rooms, primarily in the oil sands lodges, related to increased customer activity as a result of the recovery of oil prices from the impact of COVID-19. Adjusted EBITDA for the Canadian segment increased 48% year-over-year primarily due to the increase in billed rooms coupled with increased mobile camp activity, partially offset by decreased billed rooms at Sitka lodge due to British Columbia's health order protocol.

Australia

During the second quarter of 2021, the Australian segment generated revenues of $64.0 million, operating loss of $2.7 million and Adjusted EBITDA of $15.4 million, compared to revenues of $57.1 million, operating income of $8.2 million and Adjusted EBITDA of $18.8 million in the second quarter of 2020. Results from the second quarter of 2021 reflect the impact of a strengthened Australian dollar relative to the U.S. dollar, which increased revenues and Adjusted EBITDA by $9.4 million and $2.3 million, respectively. Operating loss for the second quarter of 2021 includes asset impairment charges of $7.9 million.

On a constant currency basis, the Australian segment experienced modestly lower period-over-period revenues, driven by a 7% year-over-year decrease in billed rooms due to subdued customer spending in the Bowen Basin. Adjusted EBITDA from the Australian segment decreased 18% year-over-year due to lower village occupancy in the Bowen Basin, as well as higher labor costs in the Integrated Services business.

U.S.

The U.S. segment generated revenues of $6.9 million, operating loss of $1.1 million and Adjusted EBITDA of $0.3 million in the second quarter of 2021, compared to revenues of $4.6 million, operating loss of $2.6 million and negative Adjusted EBITDA of $1.4 million in the second quarter of 2020. Revenues and Adjusted EBITDA increased year-over-year primarily due to increased offshore fabrication activity coupled with higher occupancy in the U.S. lodges.

Financial Condition

As of June 30, 2021, Civeo had total liquidity of approximately $116.5 million, consisting of $112.1 million available under its revolving credit facilities and $4.4 million of cash on hand.

Civeo’s total debt outstanding on June 30, 2021 was $226.8 million, an $11.2 million decrease since March 31, 2021. The decrease consisted of $14.4 million in debt payments from cash flow generated by the business, partially offset by an unfavorable foreign currency translation of $3.2 million.

Civeo reduced its leverage ratio to 2.0x as of June 30, 2021 from 2.1x as of March 31, 2021.

During the second quarter of 2021, Civeo invested $3.2 million in capital expenditures, up from $1.2 million during the second quarter of 2020.

Full Year 2021 Guidance

For the full year of 2021, Civeo is maintaining its revenue and Adjusted EBITDA guidance range of $555 million to $580 million and $90 million to $100 million, respectively. This guidance is based on our expectations as of today and assumes no material changes to the current macro environment, or conditions related to the COVID-19 pandemic. The Company is lowering its full year 2021 capital expenditure guidance to $15 million to $20 million.

Conference Call

Civeo will host a conference call to discuss its second quarter 2021 financial results today at 11:00 a.m. Eastern time. This call is being webcast and can be accessed at Civeo's website at www.civeo.com. Participants may also join the conference call by dialing (800) 289-0438 in the United States or (323) 794-2423 internationally and using the conference ID 8892853#. A replay will be available after the call by dialing (844) 512-2921 in the United States or (412) 317-6671 internationally and using the conference ID 8892853#.

About Civeo

Civeo Corporation is a leading provider of hospitality services with prominent market positions in the Canadian oil sands and the Australian natural resource regions. Civeo offers comprehensive solutions for lodging hundreds or thousands of workers with its long-term and temporary accommodations and provides food services, housekeeping, facility management, laundry, water and wastewater treatment, power generation, communications systems, security and logistics services. Civeo currently operates a total of 28 lodges and villages in Canada, Australia and the U.S., with an aggregate of approximately 30,000 rooms. Civeo is publicly traded under the symbol CVEO on the New York Stock Exchange. For more information, please visit Civeo's website at www.civeo.com.

Forward Looking Statements

This news release contains forward-looking statements within the meaning of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are those that do not state historical facts and are, therefore, inherently subject to risks and uncertainties. The forward-looking statements herein include the statements regarding Civeo’s future plans and outlook, including guidance, current trends and liquidity needs, are based on then current expectations and entail various risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. Such risks and uncertainties include, among other things, risks associated with global health concerns and pandemics, including the COVID-19 pandemic, any increases in or severity of COVID-19 cases (including due to existing or new variants) and the risk that room occupancy may decline if our customers are limited or restricted in the availability of personnel who may become ill or be subjected to quarantine, risks associated with the general nature of the accommodations industry, risks associated with the level of supply and demand for oil, coal, iron ore and other minerals, including the level of activity, spending and developments in the Canadian oil sands, the level of demand for coal and other natural resources from, and investments and opportunities in, Australia, and fluctuations or sharp declines in the current and future prices of oil, natural gas, coal, iron ore and other minerals, risks associated with failure by our customers to reach positive final investment decisions on, or otherwise not complete, projects with respect to which we have been awarded contracts, which may cause those customers to terminate or postpone contracts, risks associated with currency exchange rates, risks associated with the company’s ability to integrate acquisitions, risks associated with labor shortages, risks associated with the development of new projects, including whether such projects will continue in the future, risks associated with the trading price of the company’s common shares, availability and cost of capital, risks associated with general global economic conditions, global weather conditions, natural disasters and security threats and changes to government and environmental regulations, including climate change, and other factors discussed in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of Civeo’s annual report on Form 10-K for the year ended December 31, 2020 and other reports the company may file from time to time with the U.S. Securities and Exchange Commission. Each forward-looking statement contained herein speaks only as of the date of this release. Except as required by law, Civeo expressly disclaims any intention or obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise.

Carolyn J. Stone
Civeo Corporation
Senior Vice President & Chief Financial Officer
713-510-2400

BOSTON--(BUSINESS WIRE)--Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent” or the “Company”), an innovation-driven leader in the fuel cell and hydrogen technology space, today announced that Dr. Vasilis Gregoriou, Advent Chairman and CEO, will be presenting at the Jefferies Virtual Industrials Conference on Tuesday, August 3, 2021, from 3:00 – 3:25 PM ET.

A webcast of the presentation will be available on the Company's Investor Relations page at https://ir.advent.energy/overview/default.aspx. A replay of the presentation will be available following the event.

About Advent Technologies Holdings, Inc.

Advent Technologies Holdings, Inc. is a US corporation that develops, manufactures, and assembles critical components for fuel cells and advanced energy systems in the renewable energy sector. Advent is headquartered in Boston, Massachusetts, with offices in the San Francisco Bay Area and Europe. With 120-plus patents issued (or pending) for its fuel cell technology, Advent holds the IP for next-generation high-temperature proton exchange membranes (HT-PEM) that enable various fuels to function at high temperatures under extreme conditions – offering a flexible "Any Fuel. Anywhere." option for the automotive, maritime, aviation, and power generation sectors. For more information, visit www.Advent.energy.

Cautionary Note Regarding Forward-Looking Statements

This press release includes forward-looking statements. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “expect,” “plan,” “could,” “may,” “will,” “believe,” “estimate,” “forecast,” “goal,” “project,” and other words of similar meaning. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, the Company’s ability to realize the benefits from the business combination; the Company’s ability to maintain the listing of the Company’s common stock on Nasdaq; future financial performance; public securities’ potential liquidity and trading; impact from the outcome of any known and unknown litigation; ability to forecast and maintain an adequate rate of revenue growth and appropriately plan its expenses; expectations regarding future expenditures; future mix of revenue and effect on gross margins; attraction and retention of qualified directors, officers, employees and key personnel; ability to compete effectively in a competitive industry; ability to protect and enhance our corporate reputation and brand; expectations concerning our relationships and actions with our technology partners and other third parties; impact from future regulatory, judicial and legislative changes to the industry; ability to locate and acquire complementary technologies or services and integrate those into the Company’s business; future arrangements with, or investments in, other entities or associations; and intense competition and competitive pressure from other companies worldwide in the industries in which the Company will operate; and the risks identified under the heading “Risk Factors” in our Annual Report on Form 10-K/A filed with the Securities and Exchange Commission on May 20, 2021, as well as the other information we file with the SEC. We caution investors not to place considerable reliance on the forward-looking statements contained in this press release. You are encouraged to read our filings with the SEC, available at www.sec.gov, for a discussion of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this document, and we undertake no obligation to update or revise any of these statements. Our business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.

Advent Technologies Holdings, Inc.
Elisabeth Maragoula
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Sloane & Company
James Goldfarb / Emily Mohr
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LOS ANGELES--(BUSINESS WIRE)--EVgo Services, LLC (“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 second quarter 2021 financial results before market open on August 11^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 65 metropolitan areas across 34 states and more than 250,000 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:
Ted Brooks, VP of Investor Relations
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310-954-2943

For Media:
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LITTLE RIVER, S.C.--(BUSINESS WIRE)--PCT LTD (“PCTL” OTC Pink) is excited to report they have formed a JV with Maverick Energy Services ( https://www.okmaverick.com/services ) for the purpose of testing and monetizing proprietary and patentable technology in the area of enhanced oil recovery. The JV will be known as Disruptive Oil & Gas Technologies Corp.

The plan calls for the JV to drill a series of infield wells in the Grassy Creek field of which Maverick and PCTL will be participating on a royalty basis. Maverick will be providing all the drilling services and PCTL will be selling their fluids to the JV which will be independently funded through a Reg D offering. These wells will be treated with a proprietary process using nano technology ( https://www.nanogastechnologies.com/ ).

“We are very excited to infuse catholyte with the ‘Nanobubbles’ and expect a very substantial increase in oil recovery as well as significant savings in downhole treatments,” stated David Holcomb, PhD, Pentagon Technical Services. “This patentable process could be a real gamechanger in the oil patch.”

Doug Humphries added, “This technology has the potential to reduce costs, prolong the life of the well and shake up the multi-billion dollar oil industry.”

PCTL will continue to test, validate and hone this process, building a database of results so they can market and sell their services to the thousands of landowners and operators that provide the fossil fuels to heat and cool our homes and power our vehicles.

About PCT LTD:

PCT LTD ("PCTL") focuses its business on acquiring, developing and providing sustainable, environmentally safe disinfecting, cleaning and tracking technologies. The company acquires and holds rights to innovative products and technologies, which are commercialized through its wholly-owned operating subsidiary, Paradigm Convergence Technologies Corporation (PCT Corp). The Company established entry into its target markets with commercially viable products in the United States and now continues to gain market share in the U.S. and U.K.

Forward-Looking Statements:

This press release contains "forward-looking statements" as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21B of the Securities Exchange Act of 1934, as amended. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements."

Such statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties, which could cause actual results or events to differ materially from those presently anticipated. Such statements involve risks and uncertainties, including but not limited to: PCTL's ability to raise sufficient funds to satisfy its working capital requirements; the ability of PCTL to execute its business plan; the anticipated results of business contracts with regard to revenue; and any other effects resulting from the information disclosed above; risks and effects of legal and administrative proceedings and government regulation; future financial and operational results; competition; general economic conditions; and the ability to manage and continue growth. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. Important factors that could cause actual results to differ materially from the forward-looking statements PCTL makes in this press release include market conditions and those set forth in reports or documents it files from time to time with the SEC. PCTL undertakes no obligation to revise or update such statements to reflect current events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

www.para-con.com
www.pctcorphealth.com
Twitter: https://mobile.twitter.com/PCTL2021

Investor Relations Contact
Michael Iorlano
(760) 621-0062
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• Earnings increased $5.8 billion over the second quarter of 2020, driven by oil and natural gas demand and best-ever quarterly chemical and lubricants contributions
• Cash flow from operating activities of $9.7 billion funded the dividend, capital investments and debt reduction
• Low Carbon Solutions business advanced multiple CCS opportunities and low-emission fuels initiatives
• Portfolio improvement activities included signing an agreement for the $1.15 billion fourth-quarter sale of the Santoprene^TM chemical business, affirmative funding decision for the Bacalhau development in Brazil, and additional exploration success in Guyana

IRVING, Texas--(BUSINESS WIRE)--Exxon Mobil Corporation (NYSE:XOM):

Exxon Mobil Corporation (NYSE:XOM) today announced estimated second-quarter 2021 earnings of $4.7 billion, or $1.10 per share assuming dilution, compared with a loss of $1.1 billion in the second quarter of 2020. Second-quarter capital and exploration expenditures were $3.8 billion, bringing the first half of 2021 to $6.9 billion, which is consistent with planned lower activity in the first half of the year. The company anticipates higher second-half planned spending on key projects, including Guyana, Brazil, Permian and in Chemical, with full-year spending towards the lower end of the guidance range of $16 billion to $19 billion.

Oil-equivalent production in the second quarter was 3.6 million barrels per day, down 2% from the second quarter of 2020, driven by increased maintenance activity. Excluding entitlement effects, divestments, and government mandates, oil-equivalent production increased 3%, including growth in the Permian and Guyana.

“Positive momentum continued during the second quarter across all of our businesses as the global economic recovery increased demand for our products,” said Darren Woods, chairman and chief executive officer.

“We’re realizing significant benefits from an improved cost structure, solid operating performance and low-cost-of-supply investments that, together, are generating attractive returns and strong cash flow to fund our capital program, pay the dividend and reduce debt. This was particularly true for our Chemical business that delivered their best quarter in company history. In our efforts to support society's energy transition goals, our Low Carbon Solutions business made progress in identifying new opportunities and in establishing new partnerships in carbon capture and storage, hydrogen and low-emission fuels.”

Second-Quarter Business Highlights

Upstream

• Average realizations for crude oil increased 13% from the first quarter. Natural gas realizations increased 1% from the prior quarter.

• Liquid volumes decreased 3% from the first quarter, driven by increased planned maintenance activity. Natural gas volumes decreased 10%, driven by lower seasonal demand.

• During the quarter, production volumes in the Permian averaged 400,000 oil-equivalent barrels per day, an increase of 34% from the second quarter of 2020. The focus remains on continuing to grow positive free cash flow by lowering overall development costs and increasing recovery through efficiency gains and technology applications.

Downstream

• Industry fuels margins improved from the first quarter, but remain on the low end of the historical range, due to ongoing impacts from market oversupply. Lubricants delivered strong performance, underpinned by lower operating expenses and improved margins.

• Overall refining throughput was up 3% from the first quarter, when a winter storm in Texas disrupted operations. The company continued to manage refinery operations in line with fuel demand and integrated chemical manufacturing needs.

Chemical

• Strong base operations supported best-ever quarterly earnings of $2.3 billion, reflecting reliable operations, higher margins and continued cost discipline.

• Industry margins improved in the quarter on higher product prices, reflecting continued strong demand and regional supply constraints. North America's regional ethane feed advantage grew.

Strengthening the Portfolio

• ExxonMobil signed an agreement with Celanese for the sale of its global Santoprene™ chemical business for $1.15 billion, subject to working capital and other adjustments. The sale advances strategic business objectives and includes two manufacturing sites in the United States and United Kingdom. The transaction is expected to close in the fourth quarter of 2021, subject to standard conditions precedent including regulatory approvals.

• ExxonMobil continued to progress its major deepwater developments in Guyana, including the announcement of new discoveries at Uaru-2, Longtail-3, and Whiptail, which increase confidence in the quality and size of the resource and supports the potential for 7 to 10 floating production, storage and offloading (FPSO) facilities in the Stabroek block. Exploration, appraisal, and development drilling continues, with a total of six drillships now operating offshore Guyana. The company's high-return developments remain on schedule, with Liza Phase 2 on target for 2022 startup, Payara on schedule for 2024 startup and Yellowtail targeted for 2025 startup.

• The company continues to make progress on previously announced terminal conversions in Slagen, Norway and Altona, Australia, ensuring ongoing, reliable supply of fuels to these markets through the company's advantaged logistics. The Slagen refinery was safely shutdown in May, while Altona is scheduled to cease refining operations in August.

• The grass roots chemical plant project, located near Corpus Christi, Texas, recently reached mechanical completion of a monoethylene glycol unit and two polyethylene units. The project, which will produce chemicals used in medical, automotive and packaging products, is expected to start up in the fourth quarter of 2021, ahead of schedule and under budget.

Capital Allocation and Structural Cost Improvement

• ExxonMobil’s 2021 capital program is expected to be at the lower end of the previously communicated range of $16 billion to $19 billion. Capital expenditures totaled approximately $7 billion through the first half of the year. The company’s capital allocation priorities continue to be investing in advantaged projects, strengthening the balance sheet and paying a reliable dividend.

• In addition to reducing structural costs by $3 billion in 2020, the company has captured over $1 billion in further structural savings in the first half of 2021. The company remains on pace to achieve through 2023 total structural cost reductions of $6 billion relative to 2019. Efforts to identify further structural savings resulting from the reorganizations completed in 2019 continue.

Reducing Emissions and Advancing Low Carbon Solutions

• In July, the company signed memorandums of understanding to participate in a major carbon capture and storage (CCS) project in Scotland and to explore the development of CO2 infrastructure in France. The Acorn CCS project in Scotland plans to capture and store approximately 5 million to 6 million metric tons of CO2 per year by 2030. The collaboration in the Normandy region of France seeks to develop CCS technology with the objective of reducing CO2 emissions by up to 3 million metric tons per year by 2030.

• During the quarter, ExxonMobil expanded its previous agreement with Global Clean Energy to purchase up to 5 million barrels of renewable diesel with commercial production expected to begin in 2022. The agreement is part of the company’s efforts to advance multiple options to produce low-emission biofuels, including new projects, facility upgrades, and purchase agreements. The company expects to produce more than 40,000 barrels per day of biofuels by 2025.