XL SOLAR PARTNERS CONTRACTED TO BUILD ONE OF HOUSTON’S LARGEST ROOFTOP SOLAR SYSTEMS INSIDE LOOP

HOUSTON--(BUSINESS WIRE)--XL Solar Partners, LLC. (XL Solar), a leading developer of renewable energy solutions for commercial and industrial projects, entered into an agreement for the installation of a commercial rooftop solar system with the FR8T Yard, a commercial office building located at 4245 Richmond Avenue in Houston, Texas. The project ranks among Houston’s largest commercial solar installations inside the 610 Loop and distinguishes the FR8T Yard as one of the area’s renewable energy proponents.

XL Solar, a Houston-based full service solar energy system provider designed the 250kW solar photovoltaic (PV) system with high efficiency, high output monocrystalline modules to maximize power generation on the project’s constrained land area. Encouraged by Google’s Project Sunroof—a solar power initiative to map the planet's solar potential, which named Houston as the most promising city in the US for solar potential—the FR8T Yard’s rooftop system will soon offset much of its power consumption and operating costs while helping improve Houston’s environmental footprint.

In 2020, XL Solar began enhancing its presence in the Texas region, and this new installation will add another milestone for the company. “We are pleased to have been chosen to install this system for the FR8T Yard,” stated Xavier Perez, President of XL Solar. “We strive to support Houston’s rapidly growing renewable market by leveraging leading-edge technologies together with our years of industry experience in clean energy.”

This groundbreaking project aligns with Mayor Turner’s unwavering support for solar energy in Houston. Under his leadership, the City of Houston, a member of C40 Cities Global Climate Leadership Group, is now committed to purchasing 100% renewables. The city is currently the largest municipal user of renewable energy in the nation. And according to Project Sunroof, Houston is the number one opportunity for commercial and residential rooftops solar system in the US. According to Google’s scientists: “Houston has the most solar energy potential of any U.S. city with an estimated 18,940 gigawatt-hours of rooftop solar generation potential per year.”¹

Consistent with the development’s objective for delivering fully renewable power, the FR8T Yard will now benefit from cleaner, more cost-efficient energy. “It’s encouraging to watch solar energy catching on for commercial uses in Houston,” stated Larry Atherton, President of the FR8T Yard development. “For years, homeowners realized benefit of solar to lower energy costs and help the environment, and we hope our system will inspire other businesses to install rooftop solar systems. This project represents a giant step toward becoming a net-zero carbon facility, and we look forward to decades of environmental stewardship with our tenants.”

Key features of the system include net metering which the FR8T Yard will use to export excess power into the grid to serve nearby homes and businesses. Equivalent to operating approximately 500 32” plasma TVs, the system is estimated to save 125 Megatons of CO2 emissions per year (equal to the amount of carbon that 3,137 trees absorb and store every day), contributing toward a cleaner environment in Houston.

According to Perez, XL Solar has its scope on solar projects throughout Texas, which SEIA (the Solar Energy Industries Association) also touts as the most promising solar market in the US. ² According to Perez, “With state policies that remove market barriers and recognize Solar’s benefits, Texas is poised to become the nationwide leader in solar energy, with more than 4 GW of capacity expected to be installed over the next 5 years. Project Sunroof shined a new light on Houston; and the FR8T Yard project is only one of several projects that we have under development in Texas, where we plan to implement many large-scale commercial projects.”

About XL Solar Partners, LLC.

XL Solar Partners, LLC. is a leading developer of renewable energy solutions. The company provides project design, development, installation and financing for solar projects. The company combines best-of-breed technologies with the best practices of roof top solar to provide building owners with a clear path to achieve energy independence and lower electrical costs at predictable rates. For more information, visit www.xlsolarpartners.com.

About FR8T Yard Development

The FR8T Yard is a commercial redevelopment by KT Builders (www.ktbuilders.com) on 4245 Richmond Avenue in Houston. Current tenants are Noble Generation, an international clean energy and infrastructure developer, Renewable Generation Technologies, a domestic renewable energy developer, FR8T Yard Ministorage and FR8T Yard Wine Storage. The Grand Opening is anticipated in July 2021. For more information, visit www.fr8tyard.com. 

¹ Google, Project Sunroof (https://blog.google/products/maps/shedding-light-solar-potential-all-50-us-states/).

² Solar Energy Industries Association (SEIA) on Texas Solar, Q4 2020: https://www.seia.org/state-solar-policy/texas-solar.

Xavier Perez at This email address is being protected from spambots. You need JavaScript enabled to view it.

Advanced digital solutions integrated with the Open Subsurface Data Universe (OSDU) Data Platform to accelerate field development planning and optimize production performance

LONDON--(BUSINESS WIRE)--Regulatory News:

Schlumberger announced today an enterprise-scale deployment of advanced digital solutions for PETRONAS enabled by the DELFI* cognitive E&P environment and integrated with the OSDU™ Data Platform. These digital solutions will enable PETRONAS to accelerate its field development planning and optimize production performance of its assets.

“The strategic approach to digital transformation, the adoption of the OSDU Data Platform, and the DELFI environment position PETRONAS among the digital leaders of the industry, and we are proud to be supporting them in this journey,” said Rajeev Sonthalia, president of Digital & Integration, Schlumberger. “Working together, we will liberate access to data and integrate cutting-edge AI into petrotechnical workflows to optimize field development resources, increase efficiency and vastly improve investment decision making.”

This enterprise-scale agreement follows the successful deployment of PETRONAS’ LiveFDP program in Malaysia, which leveraged the DELFI Petrotechnical Suite—Schlumberger’s collection of digital solutions for petrotechnical workflows—and the FDPlan* agile field development planning solution. Through this deployment, PETRONAS’ teams were able to rapidly generate competitive development scenarios across multiple data and functional domains.

About Schlumberger

Schlumberger (SLB: NYSE) is a technology company that partners with customers to access energy. Our people, representing over 160 nationalities, are providing leading digital solutions and deploying innovative technologies to enable performance and sustainability for the global energy industry. With expertise in more than 120 countries, we collaborate to create technology that unlocks access to energy for the benefit of all.

Find out more at www.slb.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the U.S. federal securities laws — that is, statements about the future, not about past events. Such statements often contain words such as “expect,” “may,” “can,” “estimate,” “intend,” “anticipate,” “will,” “potential,” “projected" and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain, such as forecasts or expectations regarding the deployment of, or anticipated benefits of, digital technologies. These statements are subject to risks and uncertainties, including, but not limited to, the inability to recognize intended benefits from digital strategies, initiatives or partnerships; and other risks and uncertainties detailed in our most recent Forms 10-K, 10-Q and 8-K filed with or furnished to the U.S. Securities and Exchange Commission. If one or more of these or other risks or uncertainties materialize (or the consequences of such a development changes), or should underlying assumptions prove incorrect, actual outcomes may vary materially from those reflected in our forward-looking statements. Statements in this press release are made as of the date of this release, and Schlumberger disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events, or otherwise.

*Mark of Schlumberger

For further information, contact:

Media
Giles Powell – Director of Corporate Communication, Schlumberger Limited
Tel: +1 (713) 375-3494
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Investors
Ndubuisi Maduemezia – Vice President of Investor Relations, Schlumberger Limited
Joy V. Domingo – Director of Investor Relations, Schlumberger Limited
Tel: +1 (713) 375-3535
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BOGOTA, Colombia--(BUSINESS WIRE)--GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia, Ecuador, Chile, Brazil and Argentina provides a production and operations update related to the ongoing situation in Colombia.

As previously announced on May 17, following a series of extensive protests and demonstrations across Colombia that include road blockades affecting logistics and supply chains in general, GeoPark’s crude oil transportation, drilling and mobilization of personnel, equipment and supplies have been restricted in the Llanos and Putumayo basins, affecting the Llanos 34 (GeoPark operated, 45% WI), CPO-5 (GeoPark non-operated, 30% WI) and Platanillo (GeoPark operated, 100% WI) blocks. These events have caused the Company to execute temporary production curtailments since May 8.

Over recent days, conditions for the Company’s normal operations in the Llanos basin have been improving and a significant portion of its curtailed production has been brought back online. Currently, net production curtailments vary between 4,000-5,000 boepd, of which approximately 50% correspond to the Platanillo block, which is shut in. Remaining production curtailments correspond to the CPO-5 and Llanos 34 blocks, which depending on surface logistics are currently producing at 70-85% and 90-95%, respectively, of their capacity.

GeoPark’s net consolidated oil and gas production is currently at 35,000-36,000 boepd, compared to an average production of 38,131 boepd in 1Q2021.

Improved conditions are also allowing the Company to gradually resume its drilling and well maintenance activities in the Llanos basin.

During this time, GeoPark has been able to swiftly and successfully plan and implement a wide range of alternative logistics to minimize curtailments, accelerate the resumption of drilling and maintenance activities and provide continued support to field teams and local communities.

GeoPark’s priority is to ensure the health and safety of its employees, neighbors and contractors. The Company will continue taking all necessary steps to mitigate the impact of current events and once there is more information on the length and overall evolution of these events, GeoPark expects to provide revised oil and gas production guidance and an updated work program.

NOTICE

Additional information about GeoPark can be found in the “Investor Support” section on the website at www.geo-park.com.

Rounding amounts and percentages: Certain amounts and percentages included in this press release have been rounded for ease of presentation. Percentage figures included in this press release have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, certain percentage amounts in this press release may vary from those obtained by performing the same calculations using the figures in the financial statements. In addition, certain other amounts that appear in this press release may not sum due to rounding.

This press release contains certain oil and gas metrics, including information per share, operating netback, reserve life index and others, which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies. Such metrics have been included herein to provide readers with additional measures to evaluate the Company's performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods.

CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION

This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as ‘‘anticipate,’’ ‘‘believe,’’ ‘‘could,’’ ‘‘expect,’’ ‘‘should,’’ ‘‘plan,’’ ‘‘intend,’’ ‘‘will,’’ ‘‘estimate’’ and ‘‘potential,’’ among others.

Forward-looking statements that appear in a number of places in this press release include, but are not limited to, statements regarding the intent, belief or current expectations, regarding various matters, including the protests and demonstrations in Colombia, expected or future production, production growth and operating and financial performance, future opportunities in 2021, our 2021 oil and gas production guidance and work program and our capital expenditure plan. Forward-looking statements are based on management’s beliefs and assumptions, and on information currently available to the management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors.

Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances, or to reflect the occurrence of unanticipated events. For a discussion of the risks facing the Company which could affect whether these forward-looking statements are realized, see filings with the U.S. Securities and Exchange Commission (SEC).

For further information, please contact:

INVESTORS:

Stacy Steimel
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Shareholder Value Director
T: +562 2242 9600

Miguel Bello
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Market Access Director
T: +562 2242 9600

Diego Gully
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Investor Relations Director
T: +5411 4312 9400

MEDIA:

Communications Department
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Comprehensive Suite of Enterprise AI-based Solutions Delivers Significant Value Across Asset Operations

REDWOOD CITY, Calif.--(BUSINESS WIRE)--C3 AI (NYSE:AI), a leading enterprise AI software provider, and Shell (NYSE:RDS) today announced a five-year renewal of their strategic agreement to accelerate the deployment of enterprise AI and ML applications on the C3 AI^® Suite across Shell. This renewal is a significant expansion of the relationship C3 AI and Shell initially developed several years ago. The primary objective of the agreement is to address reliability, asset integrity, and process optimization across Shell businesses.

Today’s announcement builds upon the launch earlier this year of the Open AI Energy Initiative™ (OAI), a first-of-its-kind open ecosystem of AI solutions to help transform the energy industry. The OAI, launched by C3 AI, Shell, Baker Hughes, and Microsoft, provides a framework for energy operators, service providers, equipment providers, and independent software vendors for energy services to offer interoperable solutions, including enterprise AI and physics-based models, monitoring, diagnostics, prescriptive actions, and services, powered by the BHC3™ AI Suite and Microsoft Azure. With this expansion, C3 AI and Shell will accelerate the adoption of enterprise AI applications within Shell and across the wider energy market.

“The Shell.ai program has been a foundational element in the development of our digital strategy, and C3 AI has been a key partner in helping to scale our innovative products,” said Shell CTO Yuri Sebregts. “We now see enterprise AI technology becoming mainstream and are excited by the potential as we seek to transform the energy system.”

“The need to accelerate the digital transformation of the energy industry and to ensure climate security has never been greater,” said C3 AI Chairman and CEO Thomas M. Siebel. “Together with Shell, we are committed to driving cleaner energy and climate initiatives globally through the power of tried, tested, and scalable enterprise AI-based solutions. Our collaboration will shape the global market for AI/ML applications in the energy and resource industries.”

“C3 AI is an integral part of enabling Shell’s deployment of enterprise AI solutions at scale,” said Shell CIO Jay Crotts. “We are continuing our journey to replicate and scale our solutions in the areas of reliability, asset optimization, and integrity management, while exploring applications in subsurface workflows. Our predictive maintenance solutions, built on the C3 AI Suite platform, have realized value through increased reliability and reduction in cost. The adoption of enterprise AI and data-centric workflows are changing how we work with our assets and driving efficiency across our businesses.”

For more information on C3 AI and Enterprise AI solutions, visit https://c3.ai/what-is-enterprise-ai/.

About C3.ai, Inc.

C3.ai, Inc. (NYSE:AI) is a leading provider of Enterprise AI software for accelerating digital transformation. C3 AI delivers a family of fully integrated products: C3 AI^® Suite, an end-to-end platform for developing, deploying, and operating large-scale AI applications; C3 AI Applications, a portfolio of industry-specific SaaS AI applications; C3 AI CRM, a suite of industry-specific CRM applications designed for AI and machine learning; and C3 AI Ex Machina, a no-code AI solution to apply data science to everyday business problems. The core of the C3 AI offering is an open, model-driven AI architecture that dramatically simplifies data science and application development. Learn more at: www.c3.ai.

C3 AI Public Relations
Edelman
Lisa Kennedy
415-914-8336
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Investor Relations
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MONTREAL & KANSAS CITY, Mo.--(BUSINESS WIRE)--JJ Ruest, President and Chief Executive Officer of CN (TSX: CNR) (NYSE: CNI), and Patrick J. Ottensmeyer, President and Chief Executive Officer of Kansas City Southern (“KCS”) (NYSE: KSU), will address Bernstein’s 37^th Annual Strategic Decisions Conference on Thursday, June 3, 2021 at 11:00 a.m. Eastern Time (ET).

Mr. Ruest and Mr. Ottensmeyer will deliver opening remarks followed by a fireside chat. They will discuss the compelling strategic and financial benefits of the pro-competitive combination of CN and KCS that will create the premier railway for the 21^st century.

CN and KCS will provide a live audio webcast via the Investors section of their websites at www.cn.ca/investors and investors.kcsouthern.com. A replay of the webcast will be available following the event.

For more information about CN’s pro-competitive combination with KCS, please visit www.ConnectedContinent.com.

About CN

CN is a world-class transportation leader and trade-enabler. Essential to the economy, to the customers, and to the communities it serves, CN safely transports more than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year. As the only railroad connecting Canada’s Eastern and Western coasts with the U.S. South through a 19,500-mile rail network, CN and its affiliates have been contributing to community prosperity and sustainable trade since 1919. CN is committed to programs supporting social responsibility and environmental stewardship.

About Kansas City Southern

Headquartered in Kansas City, Mo., Kansas City Southern (KCS) (NYSE: KSU) is a transportation holding company that has railroad investments in the U.S., Mexico and Panama. Its primary U.S. holding is The Kansas City Southern Railway Company, serving the central and south central U.S. Its international holdings include Kansas City Southern de Mexico, S.A. de C.V., serving northeastern and central Mexico and the port cities of Lázaro Cárdenas, Tampico and Veracruz, and a 50 percent interest in Panama Canal Railway Company, providing ocean-to-ocean freight and passenger service along the Panama Canal. KCS' North American rail holdings and strategic alliances with other North American rail partners are primary components of a unique railway system, linking the commercial and industrial centers of the U.S., Mexico and Canada. More information about KCS can be found at www.kcsouthern.com.

Forward Looking Statements

Certain statements included in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and under Canadian securities laws, including statements based on management’s assessment and assumptions and publicly available information with respect to KCS, regarding the proposed transaction between CN and KCS, the expected benefits of the proposed transaction and future opportunities for the combined company. By their nature, forward-looking statements involve risks, uncertainties and assumptions. CN cautions that its assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Forward-looking statements may be identified by the use of terminology such as “believes,” “expects,” “anticipates,” “assumes,” “outlook,” “plans,” “targets,” or other similar words.

Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors which may cause actual results, performance or achievements of CN, or the combined company, to be materially different from the outlook or any future results, performance or achievements implied by such statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements. Important risk factors that could affect the forward-looking statements in this news release include, but are not limited to: the outcome of the proposed transaction between CN and KCS; the parties’ ability to consummate the proposed transaction; the conditions to the completion of the proposed transaction; that the regulatory approvals required for the proposed transaction may not be obtained on the terms expected or on the anticipated schedule or at all; CN’s indebtedness, including the substantial indebtedness CN expects to incur and assume in connection with the proposed transaction and the need to generate sufficient cash flows to service and repay such debt; CN’s ability to meet expectations regarding the timing, completion and accounting and tax treatments of the proposed transaction; the possibility that CN may be unable to achieve expected synergies and operating efficiencies within the expected time-frames or at all and to successfully integrate KCS’ operations with those of CN; that such integration may be more difficult, time-consuming or costly than expected; that operating costs, customer loss and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers or suppliers) may be greater than expected following the proposed transaction or the public announcement of the proposed transaction; the retention of certain key employees of KCS may be difficult; the duration and effects of the COVID-19 pandemic, general economic and business conditions, particularly in the context of the COVID-19 pandemic; industry competition; inflation, currency and interest rate fluctuations; changes in fuel prices; legislative and/or regulatory developments; compliance with environmental laws and regulations; actions by regulators; the adverse impact of any termination or revocation by the Mexican government of KCS de México, S.A. de C.V.’s Concession; increases in maintenance and operating costs; security threats; reliance on technology and related cybersecurity risk; trade restrictions or other changes to international trade arrangements; transportation of hazardous materials; various events which could disrupt operations, including illegal blockades of rail networks, and natural events such as severe weather, droughts, fires, floods and earthquakes; climate change; labor negotiations and disruptions; environmental claims; uncertainties of investigations, proceedings or other types of claims and litigation; risks and liabilities arising from derailments; timing and completion of capital programs; and other risks detailed from time to time in reports filed by CN with securities regulators in Canada and the United States. Reference should also be made to Management’s Discussion and Analysis in CN’s annual and interim reports, Annual Information Form and Form 40-F, filed with Canadian and U.S. securities regulators and available on CN’s website, for a description of major risk factors relating to CN. Additional risks that may affect KCS’ results of operations appear in Part I, Item 1A “Risks Related to KCS’s Operations and Business” of KCS’ Annual Report on Form 10-K for the year ended December 31, 2020, and in KCS’ other filings with the U.S. Securities and Exchange Commission (“SEC”).

Forward-looking statements reflect information as of the date on which they are made. CN assumes no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable securities laws. In the event CN does update any forward-looking statement, no inference should be made that CN will make additional updates with respect to that statement, related matters, or any other forward-looking statement.

No Offer or Solicitation

This news release 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 securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to 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 of 1933, as amended.

Additional Information and Where to Find It

In connection with the proposed transaction, CN will file with the SEC a registration statement on Form F-4 to register the shares to be issued in connection with the proposed transaction. The registration statement will include a preliminary proxy statement of KCS which, when finalized, will be sent to the stockholders of KCS seeking their approval of the merger-related proposals. This news release is not a substitute for the proxy statement or registration statement or other document CN and/or KCS may file with the SEC or applicable securities regulators in Canada in connection with the proposed transaction.

INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT(S), REGISTRATION STATEMENT(S), TENDER OFFER STATEMENT, PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC OR APPLICABLE SECURITIES REGULATORS IN CANADA CAREFULLY IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT CN, KCS AND THE PROPOSED TRANSACTIONS. Any definitive proxy statement(s), registration statement or prospectus(es) and other documents filed by CN and KCS (if and when available) will be mailed to stockholders of CN and/or KCS, as applicable. Investors and security holders will be able to obtain copies of these documents (if and when available) and other documents filed with the SEC and applicable securities regulators in Canada by CN free of charge through at www.sec.gov and www.sedar.com. Copies of the documents filed by CN (if and when available) will also be made available free of charge by accessing CN’s website at . Copies of the documents filed by KCS (if and when available) will also be made available free of charge at www.investors.kcsouthern.com, upon written request delivered to KCS at 427 West 12th Street, Kansas City, Missouri 64105, Attention: Corporate Secretary, or by calling KCS’s Corporate Secretary’s Office by telephone at 1-888-800-3690 or by email at This email address is being protected from spambots. You need JavaScript enabled to view it..

Participants

This news release is neither a solicitation of a proxy nor a substitute for any proxy statement or other filings that may be made with the SEC and applicable securities regulators in Canada. Nonetheless, CN, KCS, and certain of their directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transactions. Information about CN’s executive officers and directors is available in its 2021 Management Information Circular, dated March 9, 2021, as well as its 2020 Annual Report on Form 40-F filed with the SEC on February 1, 2021, in each case available on its website at www.CN.ca/investors and at www.sec.gov and www.sedar.com. Information about KCS’ directors and executive officers may be found on its website at www.kcsouthern.com and in its 2020 Annual Report on Form 10-K filed with the SEC on January 29, 2021, available at www.investors.kcsouthern.com and www.sec.gov. Additional information regarding the interests of such potential participants will be included in one or more registration statements, proxy statements, tender offer statements or other documents filed with the SEC and applicable securities regulators in Canada if and when they become available. These documents (if and when available) may be obtained free of charge from the SEC’s website at www.sec.gov and from www.sedar.com, as applicable.

Media: CN
Canada
Mathieu Gaudreault
CN Media Relations & Public Affairs
(514) 249-4735
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Longview Communications & Public Affairs
Martin Cej
(403) 512-5730
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United States
Brunswick Group
Jonathan Doorley / Rebecca Kral
(917) 459-0419 / (917) 818-9002
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Media: KCS
C. Doniele Carlson
KCS Corporate Communications & Community Affairs
(816) 983-1372
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Joele Frank, Wilkinson Brimmer Katcher
Tim Lynch / Ed Trissel
(212) 355-4449

Investment Community: CN
Paul Butcher
Vice-President
Investor Relations
(514) 399-0052
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Investment Community: KCS
Ashley Thorne
Vice President
Investor Relations
(816) 983-1530
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MacKenzie Partners, Inc.
Dan Burch / Laurie Connell
(212) 929-5748 / (212) 378-7071

Advanced digital solutions integrated with the Open Subsurface Data Universe (OSDU) Data Platform to accelerate field development planning and optimize production performance

LONDON--(BUSINESS WIRE)--Schlumberger announced today an enterprise-scale deployment of advanced digital solutions for PETRONAS enabled by the DELFI* cognitive E&P environment and integrated with the OSDU™ Data Platform. These digital solutions will enable PETRONAS to accelerate its field development planning and optimize production performance of its assets.

“The strategic approach to digital transformation, the adoption of the OSDU Data Platform, and the DELFI environment position PETRONAS among the digital leaders of the industry, and we are proud to be supporting them in this journey,” said Rajeev Sonthalia, president of Digital & Integration, Schlumberger. “Working together, we will liberate access to data and integrate cutting-edge AI into petrotechnical workflows to optimize field development resources, increase efficiency and vastly improve investment decision making.”

This enterprise-scale agreement follows the successful deployment of PETRONAS’ LiveFDP program in Malaysia, which leveraged the DELFI Petrotechnical Suite—Schlumberger’s collection of digital solutions for petrotechnical workflows—and the FDPlan* agile field development planning solution. Through this deployment, PETRONAS’ teams were able to rapidly generate competitive development scenarios across multiple data and functional domains.

About Schlumberger

Schlumberger (SLB: NYSE) is a technology company that partners with customers to access energy. Our people, representing over 160 nationalities, are providing leading digital solutions and deploying innovative technologies to enable performance and sustainability for the global energy industry. With expertise in more than 120 countries, we collaborate to create technology that unlocks access to energy for the benefit of all.

Find out more at www.slb.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the U.S. federal securities laws — that is, statements about the future, not about past events. Such statements often contain words such as “expect,” “may,” “can,” “estimate,” “intend,” “anticipate,” “will,” “potential,” “projected" and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain, such as forecasts or expectations regarding the deployment of, or anticipated benefits of, digital technologies. These statements are subject to risks and uncertainties, including, but not limited to, the inability to recognize intended benefits from digital strategies, initiatives or partnerships; and other risks and uncertainties detailed in our most recent Forms 10-K, 10-Q and 8-K filed with or furnished to the U.S. Securities and Exchange Commission. If one or more of these or other risks or uncertainties materialize (or the consequences of such a development changes), or should underlying assumptions prove incorrect, actual outcomes may vary materially from those reflected in our forward-looking statements. Statements in this press release are made as of the date of this release, and Schlumberger disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events, or otherwise.

*Mark of Schlumberger

For further information, contact:

Media
Giles Powell – Director of Corporate Communication, Schlumberger Limited
Tel: +1 (713) 375-3494
This email address is being protected from spambots. You need JavaScript enabled to view it.

Investors
Ndubuisi Maduemezia – Vice President of Investor Relations, Schlumberger Limited
Joy V. Domingo – Director of Investor Relations, Schlumberger Limited
Tel: +1 (713) 375-3535
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Draft stipulation agreement reflects interests of PNM, AVANGRID and 13 other signatories to bring over $270 million in benefits to New Mexico;

New Mexico regulatory approval is last remaining approval required for merger

ORANGE, Conn.--(BUSINESS WIRE)--On Friday, May 28, the Hearing Examiner for the New Mexico Public Regulation Commission (NMPRC) set the remaining procedural schedule for the amended stipulation in the merger application between the parent company of the Public Service Company of New Mexico (PNM), PNM Resources, Inc. (NYSE: PNM) and AVANGRID, Inc. (NYSE: AGR). This schedule comes after AVANGRID submitted materials that addressed the Hearing Examiner’s questions about its Northeastern regional utility subsidiaries regarding service quality standards, including details on routine management audit reviews that are typical for investor-owned utilities in those jurisdictions. The filing demonstrated that AVANGRID utilities’ storm preparedness and response compared favorably to other utilities in the region.

“We are very pleased with the hearing examiner’s decision to allow the stipulated agreement to be heard,” said Dennis V. Arriola, CEO of AVANGRID. “The support of so many entities from New Mexico as well as individuals is encouraging. We continue to listen to stakeholders and we hope additional parties will sign on to the stipulation in support of the merger.”

The procedural schedule sets August 11 – 20, 2021 as the dates for evidentiary hearings on the stipulated agreement among PNM, AVANGRID and 13 other parties representing diverse interests which will bring many benefits to the state, including over $270 million in benefits to New Mexico.

Parties supporting the amended stipulated agreement include: the Attorney General of the State of New Mexico, Western Resource Advocates, the International Brotherhood of Electrical Workers Local 611, Dine Citizens Against Ruining Our Environment, Nava Education Project, San Juan Citizens Alliance, To Nizhoni Ani, the Coalition for Clean Affordable Energy, Interwest Energy Alliance, Walmart, Inc., Onward Energy Holdings, LLC, M-S-R Power and Los Alamos County.

The customer benefits in the stipulation include:

• $50 million in customer rate credits over three years;
• $6 million in COVID arrearages relief for customers;
• $15 million for low-income customer energy-efficiency assistance; and
• $2 million to bring electricity to low-income, remote customers.

The stipulation includes additional economic development for New Mexico:

• 150 new full-time jobs over three years that will remain no less than five years thereafter;
• $7.5 million in additional economic development funds;
• $12.5 million in economic development contributions to community groups in the Four Corners region over five years ($2.5 million/year);
• Improvements to the energy transition displaced worker assistance fund relating to the closure of the San Juan Generating Station; and
• Free access to streetlighting poles for local governments for wireless internet access for three years.

To date, AVANGRID has received six governmental approvals for the merger. Five federal agencies and the Public Utility Commission of Texas have already completed their reviews and approved the proposed merger, leaving the NMPRC as the only remaining approval necessary for the merger. The original application before the NMPRC was filed in November 2020.

About AVANGRID: AVANGRID, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $38 billion in assets and operations in 24 U.S. states, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs approximately 7,000 people and has been recognized by Forbes and Just Capital as one of the 2021 JUST 100 companies – a list of America’s best corporate citizens – and was ranked number one within the utility sector for its commitment to the environment and the communities it serves. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2021 for the third consecutive year by the Ethisphere Institute. For more information, visit www.avangrid.com.

Forward-Looking Statements

Certain statements made in this press release for AVANGRID that relate to future events or expectations, developments, projections, estimates, intentions, goals, targets, and strategies are made pursuant to the Private Securities Litigation Reform Act of 1995. All statements contained in this Press Release that do not relate to matters of historical fact should be considered forward-looking statements, and are generally identified by words such as “may,” “will,” “would,” “can,” “expect(s),” “intend(s),” “anticipate(s),” “estimate(s),” “believe(s),” “future,” “could,” “should,” “plan(s),” “aim(s),” “assume(s)”, “project(s)”, “target(s)”), “forecast(s)”, “seek(s)” and or the negative of such terms or other variations on such terms, comparable terminology or similar expressions. These forward-looking statements generally include statements regarding the potential transaction

between AVANGRID and PNM Resources, including any statements regarding the expected timetable for completing the potential merger, the ability to complete the potential merger, the expected benefits of the potential merger, projected financial information, future opportunities, and any other statements regarding AVANGRID’s and PNM Resources’ future expectations, beliefs, plans, objectives, results of operations, financial condition and cash flows, or future events or performance. Readers are cautioned that all forward-looking statements are based upon current reasonable beliefs, expectations and assumptions. AVANGRID assumes any obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, AVANGRID cautions readers not to place undue reliance on these statements.

AVANGRID’s business, financial condition, cash flow, and operating results are influenced by many factors, which are often beyond its control, that can cause actual results to differ from those expressed or implied by the forward-looking statements. For a discussion of risk factors and other important factors affecting forward-looking statements, please see AVANGRID’s Form 10-K and Form 10-Q filings and the information filed on Avangrid’s Forms 8-K with the Securities and Exchange Commission (the “SEC”) as well as its subsequent SEC filings, and the risks and uncertainties related to the proposed merger with PNM Resources, including, but not limited to: the expected timing and likelihood of completion of the pending merger, including the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the pending merger that could reduce anticipated benefits or cause the parties to abandon the transaction, the failure by AVANGRID to obtain the necessary financing arrangement set forth in commitment letter received in connection with the Merger, the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement, the risk that the parties may not be able to satisfy the conditions to the proposed Merger in a timely manner or at all, risks related to disruption of management time from ongoing business operations due to the proposed Merger, and the risk that the proposed transaction and its announcement could have an adverse effect on the ability of PNM Resources to retain and hire key personnel and maintain relationships with its customers and suppliers, and on its operating results and businesses generally. Other unpredictable or unknown factors not discussed in this communication could also have material adverse effects on forward looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.

Media:
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Athena Hernandez, 203-231-2146 or
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Leading Supplier of Engineered Equipment to the Defense and Aerospace/Space Industries

• Barber-Nichols is a premier supplier of specialty turbomachinery, pumps and electronic drives that address critical applications for the defense and aerospace/space industries
• Highly-engineered products and solutions include advanced propulsion systems and integrated fluid, thermal and power generation systems for extreme environments
• Acquisition accelerates Graham’s diversification strategy; over 80% of combined backlog now in the defense industry
• Proven track record of growth with multi-year visibility; Current backlog of $100 million with approximately $40 million to convert into revenue in fiscal 2022
• Provides a scalable platform for organic and acquisitive growth in the defense, aerospace, advanced power generation, cryogenic and energy storage markets
• Expected to be immediately accretive to EPS, including shares issued for purchase
• Daniel J. Thoren, formerly President and CEO of Barber-Nichols, appointed to Graham’s executive team as President and Chief Operating Officer
• Management to discuss the acquisition on today’s teleconference at 11:00 am ET

BATAVIA, N.Y.--(BUSINESS WIRE)--Graham Corporation (NYSE: GHM) (“Graham” or the “Company”), a global business that designs, manufactures and sells critical equipment to the oil refining, petrochemical and defense industries, today announced that it has completed the acquisition of management-owned Barber-Nichols Inc. (“BNI”) for $70.1 million in a combination of 87% cash and 13% stock. The Company also announced it has entered into new credit facilities including a 5-year term loan to finance a portion of the purchase price.

With $56 million in revenue and low-double digit EBITDA margins, BNI designs and manufactures specialty turbomachinery including highly specialized pumps, compressors and fans, and rocket engine turbopumps for critical applications, primarily in the defense and space industries.

James R. Lines, Graham’s Chief Executive Officer, commented, “We are excited to announce the acquisition of BNI which is transformative for Graham and immediately amplifies our financial performance. It significantly increases our sales and earnings, accelerates our diversification into the less-cyclical defense sector, and provides a platform for strong growth with a broader range of engineered solutions. This combination positions Graham for higher, more stable growth as well as an improving margin profile with room for expansion.”

He continued, “Known for their entrepreneurial culture, innovation, creativity, and specialized product development along with their design-for-manufacturing and engineering expertise, BNI has built excellent brand recognition over the years. With proven capabilities for product development for critical industries’ demanding requirements, BNI’s strong brand attracts opportunities for new product design projects and strategic partnerships. These have been drivers of its backlog growth and provides multi-year visibility. We welcome their extensive engineering capabilities, industry know-how and long-history of innovation. Our core energy and petrochemicals platform will continue to be an important contributor to our future and, when complemented by a much larger and more diverse defense and aerospace platform, we believe our earnings power and shareholder value are magnified.”

Compelling Strategic Rationale

• Accelerates diversification strategy; expands exposure to the defense industry and brings new higher growth markets such as aerospace, more than doubling Graham’s total addressable market
• Demonstrated strong annual growth over last 10 years with low double digit operating margins
• Combined revenue is expected to be over 50% to the defense and aerospace industries
• Brings backlog of $100 million, primarily in the defense industry; approximately
  $40 million of backlog is expected to convert to revenue in fiscal 2022 and the remainder to convert to revenue over the following three to four years
• Strong management team with entrepreneurial culture, engineering leadership and solid pipeline of new products under development
• Broadens Graham’s engineering expertise with cryogenics, thermal, fluid and power management solutions, as well as systems integration capabilities
• Employs available cash and improves balance sheet efficiency

Terms of the Transaction and Financing

Graham acquired BNI for total consideration of $70.1 million comprised of approximately $61.1 million in cash and $9.0 million in equity, or approximately 610 thousand shares at $14.69 per share. The purchase price is subject to typical working capital adjustments. The cash consideration was paid using a combination of $41.1 million of cash on hand and $20.0 million from a new credit facility. The purchase price represents an 11x twelve-month forward Adjusted EBITDA multiple. Following the acquisition, Graham’s total shares outstanding are 10.6 million.

Jeffrey F. Glajch, Graham’s Vice President Finance and Chief Financial Officer, commented, “After nearly three years of working with the BNI leadership team, I am pleased we were able to successfully consummate this acquisition. The strategic rationale is abundantly clear. Importantly, we anticipate this acquisition, along with further organic and M&A investment opportunities in the defense and aerospace markets, will strengthen long term shareholder returns.”

The stock purchase agreement also includes a contingent earn-out dependent upon certain post-acquisition financial measures of BNI, in which the sellers are eligible to receive up to $14 million in additional cash consideration.

Graham entered into a new five-year, $20 million term loan to pay a portion of the acquisition purchase price and a $30 million revolver with a $10 million accordion feature for potential acquisitions. The interest rate on the term loan is variable based on levels of borrowings. At the current level, the rate is the Bloomberg BSBY short-term credit sensitive index plus 1.50%.

Mr. Glajch added, “We put our significant cash reserves to work with this acquisition with the intent of improving the efficiency of our balance sheet by adding low-cost debt. This debt supports our growth and enables greater financial flexibility. We expect this will drive improved returns on assets and further enhance shareholder value.”

Management Announcements

The Company also announced today that Daniel J. Thoren, who was BNI’s Chairman of the Board and served as President and CEO for 24 years, has been appointed as President and COO of Graham Corporation. Matthew Malone, who had been recently named BNI’s President & CEO, has been appointed Vice President and General Manager- Barber-Nichols for Graham Corporation.

Mr. Lines said, “We are thrilled to welcome the BNI team and value their commitment to continue to advance the business forward. We are especially pleased to have Dan accept the role as President and COO of Graham. Dan has a proven track record of strong leadership, taking BNI from $5 million in revenue to where they are today. He built an excellent organization, a strong, talented team and I believe he is well qualified to be a key leader in our now much larger organization. We expect that Dan will be a key driver of our strategy to further strengthen our presence in the defense and aerospace markets.

Daniel J. Thoren, the newly appointed President and Chief Operating Officer of Graham, commented, “This is a really exciting time for BNI and we are very enthusiastic about joining the Graham team. We believe that combined we have more financial strength to invest in continued growth and a greater opportunity to advance our technologies into new and extraordinary applications. Importantly, there are many cultural and process similarities between Graham and BNI. We are both engineering firms that manufacture complex, high quality solutions for our customers’ critical applications. Customer focus and quality are core values of both teams. Together, I anticipate we become an even more formidable force in our markets.”

Dan Thoren has served as the President and CEO of Barber-Nichols since 1997. From 1991 to 1997, he held Senior Engineer and Engineering management posts at the company. Mr. Thoren earned a B.S. degree in Mechanical Engineering from the University of Wyoming and an M.S. in Organizational Management from the University of Colorado, Denver.

Matt Malone joined BNI in 2015 as a Project Engineer focused on rocket engine turbopump design and development. He was promoted to Navy program manager in 2018, overseeing key U.S. Navy programs. Mr. Malone was appointed Vice President of Operations of BNI in 2020. He began his career at GE Transportation where he held a variety of engineering and management positions.

Mr. Malone earned his B.S. in Mechanical Engineering with honors in design optimization from Pennsylvania State University and his M.S. in Mechanical Engineering from Georgia Institute of Technology.

About Barber-Nichols, Inc.

BNI designs and builds products and systems for a variety of U.S. Department of defense customers including the U.S. Navy and Air Force, NASA, and commercial customers in the aerospace, medical, computer and automotive industries. This broad range of industry and customer experience has delivered sustained business growth through varying economic cycles of the industries served. BNI provides complicated turbomachinery solutions for critical applications in the aerospace, defense, cryogenics and energy industries. The company has had strong growth over the last 20-years from the expansion of its engineering capabilities for programs that involve complex production and system integration. Founded in 1966, BNI operates from a leased 96,000 square foot campus including a new, 43,000 square foot, state-of-the-art manufacturing facility in Arvada, Colorado where it is headquartered. More information on BNI can be found on their website www.barber-nichols.com.

Webcast and Conference Call

Graham’s management will host a conference call and live webcast today at 11:00 a.m. Eastern Time to review the acquisition in addition to its fiscal 2021 financial results. A slide presentation regarding the acquisition can be found Graham’s website at www.graham-mfg.com under the heading “Investor Relations.” A question-and-answer session will follow the formal presentation.

Graham’s conference call can be accessed by calling (201) 689-8560. Alternatively, the webcast can be monitored on Graham’s website at www.graham-mfg.com under the heading “Investor Relations.” A telephonic replay will be available from 2:00 p.m. ET today through Tuesday, June 8, 2021. To listen to the archived call, dial (412) 317-6671 and enter conference ID number 13718347. A transcript of the call will be placed on Graham’s website, once available.

ABOUT GRAHAM CORPORATION

Graham, with its wholly owned subsidiary Barber-Nichols Inc, is a global business that designs, manufactures and sells critical equipment for the energy, defense, aerospace, medical, technology, automotive and chemical/petrochemical industries. Graham and BNI’s global brands are built upon world-renowned engineering expertise in vacuum and heat transfer, cryogenics, and turbomachinery technologies, responsive and flexible service and unsurpassed quality.

Graham routinely posts news and other important information on its website, www.graham-mfg.com, where additional comprehensive information on Graham Corporation and its subsidiaries can be found.

Safe Harbor Regarding Forward Looking Statements

This news release contains 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.

Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as “expects,” “estimates,” “confidence,” “projects,” “typically,” “outlook,” “anticipates,” “believes,” “appears,” “continue,” “could,” “opportunities,” “seeking,” “potential,” “will” “plans,” “aim,” “pursuit,” “look towards” and other similar words. All statements addressing operating performance, events, or developments that Graham Corporation expects or anticipates will occur in the future, including but not limited to, the integration and operation of BNI, the accretive impact of the acquisition of BNI, the effect of the BNI acquisition on our growth, diversification strategy, markets, returns and solutions, our ability to achieve our operating priorities, improve efficiencies and increase stockholder value, our ability to retain and hire key personnel, including as a result of the BNI acquisition, expected expansion and growth opportunities within our domestic and international markets, anticipated revenue, the timing of conversion of backlog to sales, market presence, profit margins, our ability to improve cost competitiveness and productivity, customer preferences, changes in market conditions in the industries in which we operate, our liquidity and capital requirements, our ability to attract or retain customers, and , changes in general economic conditions and customer behavior, , are forward-looking statements. Because they are forward-looking, they should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties are more fully described in Graham Corporation’s Annual Report on Form 10-K and other reports filed with the Securities and Exchange Commission.

Should one or more of these risks or uncertainties materialize or should any of Graham Corporation’s underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on Graham Corporation’s forward-looking statements. Except as required by law, Graham Corporation disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this news release.

Jeffrey F. Glajch
Vice President – Finance and CFO
Phone: (585) 343-2216
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Deborah K. Pawlowski
Kei Advisors LLC
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New Semi-Conductive Polymer Nanocomposite Provides Higher Power Retention at Increased Temperatures

LONDON--(BUSINESS WIRE)--nVent Electric plc (NYSE:NVT) (“nVent”), a global leader in electrical connection and protection solutions, today launched its newest nVent RAYCHEM self-regulating heating cable, the nVent RAYCHEM HTV. The new heating cable will be used in critical industrial applications with high exposure or maintenance temperatures. Offering superior levels of high power retention (HPR) during a design life of more than three decades, the brand new self-regulating heating cable, nVent RAYCHEM HTV, meets stringent demands for maximum process integrity while protecting people, processes and infrastructure.

Increased performance, extended design life

nVent RAYCHEM HTV surpasses previous self-regulating heating cables in performance and design life. Specifically designed for high temperature environments, the cable can operate under high continuous operating temperatures of 205°C/400°F and withstand temperatures up to 260°C/500°F. Its power retention levels are unparalleled: after 10 years of performance at 205°C/400°F, the HTV cable retains 95 percent of its power output. This not only reduces downtime risk and maintenance costs for decades, it also increases plant safety and productivity.

“We understand how important day-to-day operational integrity is,” said Marty Lee, nVent vice president of product management. “While long-term design life is important, the power retention profile over time is equally important. With 95 percent power retention for 10 years and a more than 30-year design life, our customers can be confident of improved process integrity and lower contingencies for decades to come. In an increasingly electrified world, the HTV heating cable will save our customers money and increase their overall operational efficiencies.”

New materials and groundbreaking research and development

To create such a high-performance heating cable, nVent turned to new materials, as well as new developments in nanotechnology and thermal structuring of the materials.

“The nVent RAYCHEM name has long been synonymous with innovative science; true R&D. nVent still operates that way today,” said Linda Kiss, nVent vice president of engineering. “We have almost 75 years of expertise in polymer materials science and have gained new knowledge about how best to construct the highest temperature composites. We created a ground-breaking, new semi-conductive polymer nanocomposite material with increased thermal stability, which provides superior power retention at high temperatures.”

nVent RAYCHEM heat tracing cables are already well known for their exceptional freeze protection capabilities and the maintenance of critical process temperatures, in many industrial facilities around the world. From critical chemicals to power plants, from oil & gas to pharmaceutical and renewable industries, nVent RAYCHEM products and solutions are associated with reliability, high-caliber performance and long operational life. The new nVent RAYCHEM HTV self-regulating heating cable will build upon this reputation by offering industrial plant owners the opportunity to advance their process integrity and operational efficiency for decades to come.

The nVent RAYCHEM HTV heating cable is internationally certified for use in hazardous areas, comes with a 10-year product warranty and is now globally available.

About nVent

nVent is a leading global provider of electrical connection and protection solutions. We believe our inventive electrical solutions enable safer systems and ensure a more secure world. We design, manufacture, market, install and service high performance products and solutions that connect and protect some of the world's most sensitive equipment, buildings and critical processes. We offer a comprehensive range of enclosures, electrical connections and fastening and thermal management solutions across industry-leading brands that are recognized globally for quality, reliability and innovation. Our principal office is in London and our management office in the United States is in Minneapolis. Our robust portfolio of leading electrical product brands dates back more than 100 years and includes nVent CADDY, ERICO, HOFFMAN, RAYCHEM, SCHROFF and TRACER.

nVent, CADDY, ERICO, HOFFMAN, RAYCHEM, SCHROFF and TRACER are trademarks owned or licensed by nVent Services GmbH or its affiliates.

Koen Verleyen
EMEAI Marketing Manager
nVent
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NAM Marketing Manager
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• Fourth quarter fiscal 2021 revenue up 11% over prior-year period, driven by refining and defense industry sales
• Orders were for the year were $121.6 million including $69.2 million from the defense industry
• Backlog at fiscal year-end was $137.6 million; 76% of backlog was for the defense industry
• Graham furthers strategic diversification into defense industry with $70 million acquisition of Barber-Nichols Inc., a specialty turbomachinery company

BATAVIA, N.Y.--(BUSINESS WIRE)--Graham Corporation (NYSE: GHM), a global business that designs, manufactures and sells critical equipment for the energy, defense and chemical/petrochemical industries, today reported financial results for its fourth quarter and full fiscal year ended March 31, 2021 (“fiscal 2021”). The Company separately announced that today it has completed the acquisition of Barber-Nichols Inc. (“BNI”), a specialty turbomachinery designer and manufacturer for total consideration of $70 million, subject to customary working capital adjustments.

James R. Lines, Graham’s President and Chief Executive Officer, commented, “Overall, we had a solid year, slightly exceeding our expectations as short cycle sales were stronger than expected in the quarter. As we look back at fiscal 2021, I believe that the results of our persistent efforts to diversify our business as we continue to focus on becoming a more significant defense industry supplier were apparent, with 25% of revenue generated by sales to the U.S. Navy. While orders still indicate a weak environment in our energy and petrochemical markets, our strong backlog reflects $69.2 million of U.S. Navy orders received in fiscal 2021. We now have $104 million of firm backlog related to the U.S. Navy. This strong backlog, combined with the acquisition of Barber-Nichols, significantly advances our diversification strategy into the defense industry. BNI will be immediately accretive to fiscal 2022 earnings and expand our top line by 50%. We are excited to welcome the BNI team to Graham and look forward to working together for continued growth.”

Fourth Quarter Fiscal 2021 Sales Summary (All comparisons are with the same prior-year period unless noted otherwise. See accompanying financial tables for a breakdown of sales by industry and region)

Net sales were $25.7 million compared with $23.1 million in the fourth quarter of fiscal 2020. Stronger than expected demand in the short cycle business drove the higher-than-expected sales in the quarter.

Sales to the refining markets increased $2.9 million from the prior-year period to $10.3 million and represented 40% of total sales. Sales to the defense markets were up 16% to $6.5 million this quarter and represented 25% of total revenue. Chemical/petrochemical market sales were $5.8 million compared with $7.1 million in the prior year.

From a geographic perspective, international sales were approximately 40% of which 18% were in Asia. Domestic sales in the fiscal 2021 fourth quarter were 60% of total sales and include the impact of sales to the defense industry.

Fluctuations in Graham’s sales among geographic locations and industries can vary measurably from quarter-to-quarter based on the timing and magnitude of projects. Graham does not believe that such quarter-to-quarter fluctuations are indicative of business trends, which it believes are more apparent on a trailing twelve-month basis.

Fourth Quarter Fiscal 2021 Performance Review All comparisons are with the same prior-year period unless noted otherwise.)

*Graham believes that EBITDA (defined as consolidated net income before net interest income, income taxes, depreciation, and amortization), and EBITDA margin (EBITDA as a percentage of sales), which are non-GAAP measures, help in the understanding of its operating performance. Moreover, Graham’s credit facility also contains ratios based on EBITDA. See the attached table on page 10 for additional important disclosures regarding Graham’s use of EBITDA and EBITDA margin as well as the reconciliation of net income to EBITDA.

Gross margin expanded 20 basis points in the quarter to 19.4%.

Selling, general and administrative (“SG&A”) expenses were $4.4 million, up $0.4 million, or 9%, primarily due to variable compensation costs. SG&A, as a percent of sales for the three-month periods ended March 31, 2021 and 2020 were 17.1% and 17.4%, respectively.

Operating profit was $0.6 million, up from $0.3 million from the prior year from operating leverage gained with volume. Net income was $0.4 million, or $0.04 per share, compared with $0.06 per share in the prior year due to lower interest income and higher provision for income taxes.

Full Year Fiscal 2021 Performance Review (All comparisons are with the same prior-year period unless noted otherwise.)

Sales to the U.S. were $52.7 million, or 54% of total sales, compared with $58.0 million, or 64% of total sales, in the prior fiscal year. International sales were $44.8 million and represented 46% of total sales, compared with $32.6 million, or 36% of total sales in fiscal 2020.

Gross profit and margin improved due to higher volume and a more favorable mix of projects.

SG&A was up 4%, or $0.6 million, to $17.5 million driven by higher sales commissions, variable compensation expense and acquisition costs related to BNI. As a percent of sales, SG&A improved to 17.9% compared with 18.6% in the prior year.

The effective tax rate was 27.3%, compared with 19.0% in the prior-year period. The higher effective tax rate in fiscal 2021 reflects the mix of earnings by geography, which were weighted toward higher rate tax jurisdictions.

Strong Balance Sheet with Ample Liquidity

Cash, cash equivalents and investments at March 31, 2021 decreased $8 million to $65.0 million from March 31, 2020. Net cash used by operating activities for fiscal 2021 was $1.7 million compared with $1.2 million of net cash provided by operating activities in the prior year. The decline in cash generation was the result of the utilization of customer deposits. At March 31, 2021, Graham had no debt.

Capital spending was $0.7 million in the fourth quarter of fiscal 2021 and was $2.2 million in fiscal 2021. The Company expects capital expenditures for fiscal 2022, including BNI, to be between $4.5 million and $5.5 million. The organic business is expected to have capital expenditures of $2.8 million to $3.0 million of which approximately 90% is expected to be for machinery and equipment and the remainder to be used for other items.

Subsequent to the end of the fiscal year, the Company utilized $41.1 million of cash, cash equivalents and investments, and incurred debt of $20 million pursuant to a 5-year term loan associated with the BNI acquisition.

Orders and Backlog

Orders for the quarter were $13.4 million, up $1.1 million from the prior-year period, and included defense orders of $5.4 million. The remaining $8.0 million in orders were primarily from the global refining and chemical/petrochemical markets, which have been heavily impacted by the global pandemic and weak oil prices. Chemical and petrochemical orders were $2.7 million, compared with $9.4 million in the prior-year period. Refining orders were $2.3 million in the current quarter, compared with $0.1 million in the fourth quarter of fiscal 2020 during which was the onset of the global pandemic.

Domestic orders were 88% of total net orders in the fourth quarter of fiscal 2021, reflecting the demand from the U.S. Navy. Domestic orders were 46% in the prior-year period.

Backlog at the end of the fiscal 2021 was $137.6 million, down $12.1 million from December 31, 2020, but up 22% from the end of fiscal 2020.

Backlog by industry at March 31, 2021 was approximately:

• 76% for U.S. Navy projects
• 16% for refinery projects
• 6% for chemical/petrochemical projects
• 2% for other industrial applications

The Company expects approximately 40% to 45% of backlog will convert to revenue in fiscal 2022. Approximately $25 million to $27 million of backlog related to the defense industry is expected to convert to sales in fiscal 2022.

Fiscal 2022 Guidance

Mr. Lines concluded, “We believe the strategic and financial benefits resulting from the acquisition of BNI are compelling. Our results will be driven by sales to the defense industry, amplifying our ongoing efforts to diversify our revenue base.”

Revenue in fiscal 2022 is expected to be $130 million to $140 million, inclusive of BNI’s revenue for the ten-month period, which is expected to be $45 million to $48 million. Adjusted EBITDA* for the combined businesses is expected to be approximately $7.0 million to $9.0 million.

Jeffrey F. Glajch, Vice President Finance and Chief Financial Officer, commented, “Our outlook for fiscal 2022 includes ten months of BNI. Upon completion of purchase accounting, we will be in a better position to provide more clarity and guidance on potential gross margin and SG&A expenses.”

*See the safe harbor statement regarding forward-looking non-GAAP measures.

Webcast and Conference Call

Graham’s management will host a conference call and live webcast today at 11:00 a.m. Eastern Time to review its financial condition and operating results for the fourth quarter and full year of fiscal 2021, as well as its strategy and outlook. The review will be accompanied by a slide presentation which will be made available immediately prior to the conference call on Graham’s website at www.graham-mfg.com under the heading “Investor Relations.” A question-and-answer session will follow the formal presentation.

Graham’s conference call can be accessed by calling (201) 689-8560. Alternatively, the webcast can be monitored on Graham’s website at www.graham-mfg.com under the heading “Investor Relations.”

A telephonic replay will be available from 2:00 p.m. ET today through Tuesday, June 8, 2021. To listen to the archived call, dial (412) 317-6671 and enter conference ID number 13718347. A transcript of the call will be placed on Graham’s website, once available.

ABOUT GRAHAM CORPORATION

Graha is a global business that designs, manufactures and sells critical equipment for the energy, defense and chemical/petrochemical industries. Energy markets include oil refining, cogeneration, and alternative power. For the defense industry, the Company’s equipment is used in nuclear propulsion power systems for the U.S. Navy. Graham’s global brand is built upon world-renowned engineering expertise in vacuum and heat transfer technology, responsive and flexible service and unsurpassed quality.

Graham designs and manufactures custom-engineered ejectors, vacuum pumping systems, surface condensers and vacuum systems. Graham’s equipment can also be found in other diverse applications such as metal refining, pulp and paper processing, water heating, refrigeration, desalination, food processing, pharmaceutical, heating, ventilating and air conditioning. Graham’s reach spans the globe and its equipment is installed in facilities from North and South America to Europe, Asia, Africa and the Middle East.

BNI, which was acquired following the end of fiscal 2021, designs and builds products and systems for a variety of U.S. Department of defense customers including the U.S. Navy and Air Force, NASA, and commercial customers in the aerospace, medical, computer and automotive industries. This broad range of industry and customer experience has delivered sustained business growth through varying economic cycles of industries served. BNI provides complicated turbomachinery solutions for critical applications in the aerospace, defense, cryogenics and energy industries. The company has had strong growth over the last 20-years from the expansion of its engineering capabilities for programs that involve complex production and system integration. Founded in 1966, BNI operates from a new, 43,000 square foot, state-of-the-art manufacturing facility in Arvada, Colorado where it is headquartered. More information on BNI can be found on their website www.barber-nichols.com.

Graham routinely posts news and other important information on its website, www.graham-mfg.com, where additional comprehensive information on Graham Corporation and its subsidiaries can be found.

Safe Harbor Regarding Forward Looking Statements

This news release contains 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.

Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as “expects,” “estimates,” “confidence,” “projects,” “typically,” “outlook,” “anticipates,” “indicates”, “believes,” “appears,” “could,” “opportunities,” “seeking,” “plans,” “aim,” “pursuit,” “look towards” and other similar words. All statements addressing operating performance, events, or developments that Graham Corporation expects or anticipates will occur in the future, including but not limited to, effects of the COVID-19 global pandemic, expected expansion and growth opportunities within its domestic and international markets, anticipated revenue, the timing of conversion of backlog to sales, market presence, profit margins, tax rates, foreign sales operations, its ability to improve cost competitiveness and productivity, customer preferences, changes in market conditions in the industries in which it operates, the effect on its business of volatility in commodities prices, including, but not limited to, the extreme price volatility seen in the first six months of calendar year 2020, changes in general economic conditions and customer behavior, forecasts regarding the timing and scope of the economic recovery in its markets, its acquisition and growth strategy and its operations in China, India and other international locations, are forward-looking statements. Because they are forward-looking, they should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties are more fully described in Graham Corporation’s most recent Annual Report filed with the Securities and Exchange Commission, included under the heading entitled “Risk Factors.”

Should one or more of these risks or uncertainties materialize or should any of Graham Corporation’s underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on Graham Corporation’s forward-looking statements. Except as required by law, Graham Corporation disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this news release.

In addition, forward looking adjusted EBITDA and adjusted EBITDA margin are non-GAAP measures. The Company is unable to present a quantitative reconciliation of these forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures because such information is not available, and management cannot reliably predict the necessary components of such GAAP measures without unreasonable effort or expense. In addition, the Company believes that such reconciliations would imply a degree of precision that would be confusing or misleading to investors. The unavailable information could have a significant impact on the Company’s 2021 financial results. These non-GAAP financial measures are preliminary estimates and are subject to risks and uncertainties, including, among others, changes in connection with purchase accounting, quarter-end and year-end adjustments. Any variation between the Company’s actual results and preliminary financial data set forth above may be material.

Jeffrey F. Glajch
Vice President – Finance and CFO
Phone: (585) 343-2216
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Deborah K. Pawlowski
Kei Advisors LLC
Phone: (716) 843-3908
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Seasoned business leader brings operational and DEI expertise to fuel next phase of corporate growth

HOUSTON--(BUSINESS WIRE)--PROS Holdings, Inc. (NYSE: PRO), a provider of AI-powered solutions that optimize selling in the digital economy, today announced the appointment of Leland T. “Lee” Jourdan to its board of directors effective June 1, 2021. Jourdan joins the board as an independent director.

Jourdan is a seasoned business development and diversity, equity and inclusion (DEI) leader within the Oil & Gas industry. Recently retired from Chevron (NYSE: CVX), he spent the past 18 years in senior management roles including Chief Diversity and Inclusion Officer, Senior Management Sponsor, and Vice President, Commercial and Business Development for each of the IndoAsia and Asia South regions. Prior to Chevron, Jourdan served in management, business development, trading and engineering roles at El Paso Energy (NYSE: EP), PG&E (NYSE: PCG) and Dominion Energy (NYSE: D).

Jourdan serves the Houston community on the board of SEARCH Homeless Services. His leadership and accomplishments in the DEI space have been recognized widely, with Business Insider naming Jourdan as one of 100 People Transforming Business in 2020. Jourdan is a graduate of the US Military Academy at West Point. He was commissioned as an officer in the US Army, obtaining the rank of Captain prior to entering the private sector.

“Lee is an exceptional leader who brings substantial international commercial and business development experience and DEI expertise to the board,” said PROS Non-Executive Chairman of the Board Bill Russell. “As PROS continues to grow our global business while demonstrating our corporate values, his experience and knowledge will be a great resource for us. I look forward to working with him to create even greater long-term value for our shareholders.”

“Lee is a great addition to the PROS team and I am excited to welcome him to the PROS board,” said PROS President and CEO Andres Reiner. “I look forward to tapping into his perspective on a host of opportunities as we continue to scale our business, including our DEI initiatives, sales, marketing and operations.”

“I am truly honored to join the PROS Board of Directors and be part of a rich, diverse team seeking to grow both its customer base and people in this next normal,” said Jourdan. “The last 12-18 months has fundamentally impacted so many aspects of business – including how they further adopt digital selling motions to best engage customers,” said Jourdan. “I look forward to sharing my experience and expertise with the team to help capitalize on this tremendous market opportunity at hand.”

About PROS
PROS Holdings, Inc. (NYSE: PRO) provides AI-powered solutions that optimize selling in the digital economy. PROS solutions make it possible for companies to price, configure and sell their products and services in an omnichannel environment with speed, precision and consistency. Our customers, who are leaders in their markets, benefit from decades of data science expertise infused into our industry solutions.

Forward-looking Statements
This press release contains forward-looking statements, including statements about PROS market opportunity, PROS growth and scalability, the functionality and benefits of AI-powered solutions to organizations generally as well as the functionality and benefits of PROS software products. The forward-looking statements contained in this press release are based upon PROS historical experience and current expectations. Factors that could cause actual results to differ materially from those described herein include, among others, the risks related to the impact of the COVID-19 pandemic, such as the scope and duration of the outbreak and timeframe for economic recovery, the addressability of an organization’s AI-powered solution needs, the risks associated with PROS developing and enhancing products with the functionality necessary to deliver the stated results and the risks associated with the complex implementation and maintenance of AI-powered solutions such as PROS software products. Additional information relating to the uncertainty affecting PROS business is contained in PROS filings with the Securities and Exchange Commission. These forward-looking statements represent PROS expectations as of the date of this press release. Subsequent events may cause these expectations to change, and PROS disclaims any obligations to update or alter these forward-looking statements in the future whether as a result of new information, future events or otherwise.

Amanda Parrish
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832-924-4731

DALLAS--(BUSINESS WIRE)--Pioneer Natural Resources Company (NYSE:PXD) today announced that Chief Executive Officer Scott Sheffield, will participate in a fireside discussion at the Wells Fargo Virtual Energy Conference on Wednesday, June 2, 2021, at 9:20 a.m. ET.

The live presentation will be available to the public via webcast - click here. Replays will be available using this link for thirty days after the event.

Pioneer is a large independent oil and gas exploration and production company, headquartered in Dallas, Texas, with operations in the United States. For more information, visit Pioneer’s website at www.pxd.com.

Pioneer Natural Resources Contacts:
Investors-
Neal Shah – 972-969-3900
Tom Fitter – 972-969-1821
Michael McNamara – 972-969-3592
Greg Wright – 972-969-1770

Media and Public Affairs-
Tadd Owens – 972-969-5760

Mantis Innovation is reaffirming its commitment to clients and meeting market demand through its updated branding and new website, which illustrates its message to deliver managed facility services and sustainability solutions

HOUSTON--(BUSINESS WIRE)--#efficiency--Mantis Innovation, provider of smart, sustainable solutions to improve facility performance, today announced the next stage of growth for the Mantis brand. This evolution includes the unveiling of its new corporate website at mantisinnovation.com which will help to convey the breadth and depth of facility performance solutions available to future and current clients alike. This initiative reflects Mantis’ stance as an industry leader and affirms Mantis’ commitment to meeting the needs of today’s businesses as they seek managed services for improved facility performance.

Evolving the brand to encompass how today’s businesses face choices about becoming more sustainable, Mantis is emphasizing why facility performance must be addressed with a strategic approach. The new website helps clients identify effective solutions for better managing their facility operations and spend, from energy procurement, lighting, and HVAC to roofs, walls, and pavement. Mantis is proud to be able to address up to 70% of a facility’s annual spend through its solutions, resulting in 20-30% lowered costs on average.

The updated logo, mission statement, and color schematic reflect the undercurrent of technology offerings and sustainability focus of the collective Mantis solutions. Mantis has continued to acquire multiple companies and expand its offerings to include solutions in energy procurement, facility management, and energy efficiency. Mantis has improved over two billion square feet of facility space to date.

“The brand updates and new website illustrate the impact of our offerings and our momentum at Mantis Innovation,” said Dan Marzuola, CEO of Mantis Innovation. “Our vision is to be North America’s leader in delivering smart, sustainable solutions that empower a better world. This vision continues to evolve with the unification and unveiling of the Mantis Innovation brand to better position our solutions in response to how clients are looking for operational support and improvements.”

"We’re excited about the expansion of our solutions offerings,” said Rad Brannan, Chief Strategy & Technology Officer of Mantis Innovation. "Our new tagline, ‘Ingenuity Unleashed. Results Delivered.’ emphasizes our unique and ingenious approach to solving challenges faced by building owners/operators today. Mantis Innovation remains a premier provider of the facility solutions its divisions are known for, made all the better through this move to unify the experience for our clients."

About Mantis Innovation

Mantis Innovation is the premier provider of smart solutions that deliver better building performance through managed facility services and turnkey program management. Mantis leverages expertise from a vast array of professional disciplines in engineering, comprehensive data collection and analysis, technology-enabled solutions, and a network of trusted partners. The Mantis Innovation managed solutions include energy procurement, demand management, solar, roofing, building envelope, pavement, LED lighting, HVAC/mechanical, building automation systems, and data center optimization. Mantis is headquartered in Houston, Texas, with 17 locations across the United States from Massachusetts to Washington.

Learn more at https://mantisinnovation.com/.

Press
Mantis Innovation
Caroline Haley
Marketing Director
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(978) 394-8670

$1.225 Billion acquisition includes 4 natural gas storage facilities and 3 pipelines serving Northeast market demand and Marcellus supply

HOUSTON--(BUSINESS WIRE)--Kinder Morgan, Inc. (NYSE: KMI) today announced that it has agreed to acquire Stagecoach Gas Services LLC (Stagecoach), a natural gas pipeline and storage joint venture between Consolidated Edison, Inc. (NYSE: ED) and Crestwood Equity Partners LP (NYSE: CEQP). Stagecoach consists of 4 natural gas storage facilities with a total FERC-certificated working gas capacity of 41 billion cubic feet and 185 miles of natural gas pipelines with multiple interconnects to major interstate natural gas pipelines, including Tennessee Gas Pipeline (TGP), a KMI subsidiary. The transaction requires regulatory approval under Hart-Scott-Rodino, and it is expected to close in the third quarter of 2021.

“Acquiring Stagecoach will enhance our service to customers in this part of the country,” said KMI’s President of Interstate Natural Gas Pipelines Kimberly S. Watson. “These natural gas pipeline and storage facilities help connect natural gas supply sources and Northeast demand areas. Natural gas has long been responsible for providing heat and hot water to homes and businesses in the Northeast, and it now has an increasingly vital role as a reliable, low emissions partner backing up growing renewable power generation. We look forward to integrating these facilities into our suite of existing assets in the region.”

KMI expects the investment to be immediately accretive to its shareholders. The $1.225 billion purchase price represents approximately 10 times Stagecoach 2020 EBITDA that, with synergies, is expected to improve to a high single-digit EBITDA multiple.

About Kinder Morgan, Inc.

Kinder Morgan, Inc. (NYSE: KMI) is one of the largest energy infrastructure companies in North America. Access to reliable, affordable energy is a critical component for improving lives around the world. We are committed to providing energy transportation and storage services in a safe, efficient and environmentally responsible manner for the benefit of people, communities and businesses we serve. We own an interest in or operate approximately 83,000 miles of pipelines and 144 terminals. Our pipelines transport natural gas, refined petroleum products, crude oil, condensate, CO₂ and other products, and our terminals store and handle various commodities including gasoline, diesel, jet fuel, chemicals, ethanol, metals and petroleum coke. For more information, please visit www.kindermorgan.com.

Important Information Relating to Forward-Looking Statements

This news release includes forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities and Exchange Act of 1934. Generally the words “expects,” “believes,” “anticipates,” “plans,” “will,” “shall,” “estimates,” and similar expressions identify forward-looking statements, which are not historical in nature. Forward-looking statements in this news release include express or implied statements concerning the proposed transaction, including the parties’ ability to satisfy customary conditions to closing (such as with respect to required regulatory approvals) and the anticipated timing and benefits to KMI’s business and stockholders. Forward-looking statements are subject to risks and uncertainties and are based on the beliefs and assumptions of management, based on information currently available to them. Although KMI believes that these forward-looking statements are based on reasonable assumptions, it can give no assurance as to when or if any such forward-looking statements will materialize or their ultimate impact on KMI’s operations or financial condition. Important factors that could cause actual results to differ materially from those expressed in or implied by these forward-looking statements include the risks and uncertainties described in KMI’s reports filed with the Securities and Exchange Commission (SEC), including its Annual Report on Form 10-K for the year-ended December 31, 2020 (under the headings “Risk Factors” and “Information Regarding Forward-Looking Statements” and elsewhere) and its subsequent reports, which are available through the SEC’s EDGAR system at www.sec.gov and on KMI’s website at ir.kindermorgan.com. Forward-looking statements speak only as of the date they were made, and except to the extent required by law, KMI undertakes no obligation to update any forward-looking statement because of new information, future events or other factors. Because of these risks and uncertainties, readers should not place undue reliance on these forward-looking statements.

KINDER MORGAN CONTACTS
Melissa Ruiz
Director, Corporate Communications
(713) 369-8060
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Investor Relations
(800) 348-7320
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www.kindermorgan.com

SAN RAMON, Calif.--(BUSINESS WIRE)--Michael Wirth, chairman and CEO of Chevron Corporation (NYSE: CVX), will take part in the Bernstein Strategic Decisions Conference on Wednesday, June 2, 2021, at 3:30 PM EDT, discussing corporate strategy and the company’s approach to achieving higher returns and lower carbon.

Please visit www.chevron.com/investors to view a webcast of the conversation and Q&A session.

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. More information about Chevron is available at www.chevron.com.

Maggie McCourt -- +1 (713) 591-1064

COPENHAGEN--(BUSINESS WIRE)--Offshore wind investment analytics firm Aegir Insights announces a collaboration with Royal Dutch Shell plc (Shell), where Aegir Insights delivers data-driven analytics and intelligence to support Shell’s offshore wind market development.

"Leading offshore wind players recognize that having access to agile and advanced analytics solutions will provide them with a competitive edge in the fast-paced field of energy infrastructure investments,” says Scott Urquhart, CEO of Aegir Insights. “We are very happy to have such an ambitious, industry-leading partner at the outset of our business, and we look forward to sharing our forward-thinking, differentiated approaches to this rapidly evolving industry with Shell."

The collaboration provides Shell with access to the Aegir Analytics solution and market intelligence datasets, enabling better informed decisions on offshore wind opportunities. Through the cooperation, Shell will also provide feedback on Aegir Insights’ product development roadmap.

The Aegir Analytics platform was created to be a central solution for offshore wind investor workflows, allowing advanced project and portfolio assessments and rapid evaluation of new opportunities. Aegir Insights is continuously developing its solutions, incorporating cutting edge data science and strategy concepts to maximise value for developers, investors and governments.

About Aegir Insights

Headquartered in Copenhagen, Denmark, Aegir Insights empowers renewable energy investors to make better decisions through its advanced analytical solutions and deep market intelligence products. The team has a background from leading offshore wind industry players, including Orsted and Vattenfall, and extensive experience with market and investment analysis. Aegir Insights is a privately held company.

To learn more visit www.aegirinsights.com

Signe Soerensen
Communication and Research
+45 8190 8153
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WASHINGTON & CHICAGO--(BUSINESS WIRE)--Nodal Exchange and IncubEx today announced the successful launch of new nitrogen oxides (NOx) futures and options, plus extended vintages on two Texas voluntary renewable energy certificate (REC) contracts.

The new physically delivered NOx contracts are based on the US Environmental Protection Agency (EPA) Cross State Air Pollution Rule (“CSAPR”) Transport Rule (TR). Nodal will list:

• NOx Ozone Season Group 2 Allowance Futures and Options (Vintages 2020 through 2024)
• NOx Ozone Season Group 3 Allowance Futures and Options (Vintages 2021 through 2024)

Under CSAPR, the EPA established rules that limit summer season NOx emissions from power plants in 22 US states. The CSAPR update of March 15, 2021 established new rules to further reduce NOx emissions from power plants in 12 states and transferred those states from the Group 2 requirements to a new Group 3. The remaining 10 states continue to be limited by their existing Group 2 budget levels.

Each regulated power plant is assigned a limited number of tradable allowances, with each representing one ton of NOx emissions. For each compliance period, each regulated source must surrender CSAPR NOx ozone season allowances equal to its total emissions during the summer period.

The new contracts extend the CSAPR NOx and SO₂ futures and options product group that was listed on Nodal in November 2018.

Meanwhile, Nodal also will extend vintages on two Texas CRS REC contracts:

• Texas Compliance Renewable Energy Certificates from CRS Listed Facilities (front-half and back-half) futures (Vintages 2031 through 2032)
• Texas Compliance Solar Renewable Energy Certificates from CRS Listed Facilities (front-half and back-half) futures (Vintages 2026 through 2030)

Texas CRS wind and Texas CRS solar futures are the most actively traded voluntary REC futures contracts ever listed and have built open interest of more than 17,000 lots (each lot is 1,000 RECs and 17,000 lots is equal to 17 million MWh of renewable power).

"We're excited to list the new NOx contracts and add to the broadest suite of environmental markets contracts in the world," Paul Cusenza, CEO of Nodal said. "Already in 2021, we've posted our top two volume months for the product group in February and April, with open interest topping 140,000 lots in May setting new records."

"The new NOx contracts are especially meaningful because they build on a history of more than 30 years since the Clean Air Act Amendments of 1990 set the stage for environmental markets," said Dan Scarbrough, President and COO of IncubEx. "Those SO₂ and NOx markets not only helped efficiently reduce acid rain pollution dramatically but served as a blueprint for market-based solutions to environmental issues around the world.”

With the new NOx contracts, Nodal will list 83 futures and options products on environmental markets in North America.

CSAPR Rule Update Fact Sheet: https://www.epa.gov/sites/production/files/2021-03/documents/revised_csapr_update_factsheet_for_final_rule.pdf

About IncubEx

IncubEx is an incubator for exchange traded products, services, and technology solutions. At its core, IncubEx is a product and business development firm. The company works in conjunction with its global exchange partner, European Energy Exchange (EEX), Nodal Exchange and other leading service providers and stakeholders to design and develop new financial products in global environmental, reinsurance, and related commodity markets. The company has a specific focus on innovation and continuous improvement of products and services, including technology, trading solutions, and operational efficiencies. The IncubEx team is led by former key Climate Exchange executives and is uniquely positioned to capture these opportunities with its partners. The company was founded in 2016 and currently has offices in Chicago and London.

About Nodal

Nodal Exchange is a derivatives exchange providing price, credit and liquidity risk management solutions to participants in the North American commodities markets. Nodal Exchange is a leader in innovation, having introduced the world’s largest set of electric power locational (nodal) futures contracts and the world’s largest set of environmental contracts. As part of EEX Group, a group of companies serving international commodity markets, Nodal Exchange currently offers over 1,000 contracts on hundreds of unique locations, providing the most effective basis risk management available to market participants. In addition, Nodal Exchange offers natural gas and environmental contracts. All Nodal Exchange contracts are cleared by Nodal Clear which is a CFTC registered derivatives clearing organization. Nodal Exchange is a designated contract market regulated by the CFTC.

Jim Kharouf
IncubEx Communications Director
Phone: 773-391-0439
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Nicole Ricard
Nodal Exchange Chief Marketing Officer
Phone: 703-962-9816
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NEW YORK--(BUSINESS WIRE)--#Bernstein--Hess Corporation (NYSE: HES) announced today that John Hess, Chief Executive Officer, will participate in a fireside chat at the Alliance Bernstein 37th Annual Strategic Decisions Conference on Wednesday, June 2, 2021, at 1:30 p.m. Eastern Time.

A presentation will be posted and a replay of the audio webcast will be accessible via Hess Corporation’s website.

Hess Corporation is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas. More information on Hess Corporation is available at https://www.hess.com/.

Cautionary Statements

This presentation will contain projections and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These projections and statements reflect the company’s current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that these projections will be achieved, and actual results could differ materially from those projected as a result of certain risk factors. A discussion of these risk factors is included in the company’s periodic reports filed with the Securities and Exchange Commission.

Investor contact:
Jay Wilson
(212) 536-8940
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Media contact:
Lorrie Hecker
(212) 536-8250
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Recognize Leaders in Safety Excellence & Vision as National Safety Month Kicks Off

NEENAH, Wis.--(BUSINESS WIRE)--#Covid19--J. J. Keller & Associates, Inc., the nation’s leading provider of safety and regulatory compliance solutions, announced that nominations are now open for the J. J. Keller Safety Professional of the Year (SPOTY) Awards. This coincides with the kickoff of June as National Safety Month. The awards recognize workplace safety professionals who achieve excellence in safety for their companies through a culture and vision for safety. This year, nomination forms include recognition for those addressing safety of employees and others during the COVID-19 pandemic. Nominations are open through July 15, 2021, at 5:00 p.m. CST at jjkeller.com/spoty.

The winning safety professionals are chosen by members of J. J. Keller’s staff of 70+ safety consultants and editors. This year, guest judge Benita Mehta, chief editor of Industrial Safety & Hygiene News (ISHN) will join the J. J. Keller panel of judges. The winners will be announced in September.

The first-place J. J. Keller SPOTY Award winner receives more than $10,000 in cash and prizes. This includes $2,500, a plaque a free one-year subscription to the J. J. Keller® SAFETY MANAGEMENT SUITE for the winner and their staff (up to 10 users), and $1,200 in free online training from J. J. Keller.

“The SPOTY Awards differ from many other awards in the industry because they focus on the personal commitment and influence of safety managers. From our unique perspective providing safety solutions to more than 90% of Fortune 1000® companies, we see and advise on the safety practices that are head-and-shoulders above the others,” said Rustin Keller, J. J. Keller president and CEO. “We look forward to honoring those who have implemented forward-thinking approaches, especially in a pandemic world.”

SPOTY nominations are open to safety professionals overseeing operations in the United States. Awards are presented for the Safety Professional of the Year as well as second and third places. Second place receives $500, a plaque, and a free one-year subscription to the J. J. Keller® SAFETY MANAGEMENT SUITE. Third place receives $50, a plaque and certificate, and a free one-year subscription to the J. J. Keller® SAFETY MANAGEMENT SUITE.

“Safety is one of the most important things a company can provide for employees,” said Keller. “We want to honor safety professionals who do the work of creating a safety culture every day.”

This is the nineteenth year of the J. J. Keller SPOTY Awards.

Email questions to This email address is being protected from spambots. You need JavaScript enabled to view it..

About J. J. Keller & Associates, Inc.

J. J. Keller & Associates, Inc. is the nation’s leading provider of regulatory, safety and compliance solutions, serving more than 600,000 customers, including 90% of Fortune 1000® companies. Organizations rely on our expert insights to help create safe work environments and simplify the complexities of regulatory compliance. Our diversified portfolio, including mobile technologies, online tools, publications, training, forms, supplies, consulting and professional services, is trusted to safeguard workers, reduce risk and build operational confidence. As a privately held, family-owned company since 1953, we help protect lives every day. www.jjkeller.com

About J. J. Keller® SAFETY MANAGEMENT SUITE

The J. J. Keller® SAFETY MANAGEMENT SUITE is the newest addition to J. J. Keller’s growing family of world-class cloud solutions – honored as a World-Changing Idea by Fast Company. It is a must-have for safety professionals at any level. It provides safety management tools and applications to help drive performance, reduce risk and ensure compliance. Developed using real-world insight from industry leaders across the country, SAFETY MANAGEMENT SUITE delivers round-the-clock access to all of J. J. Keller’s most popular safety management tools, making it easy to develop a full-service safety program from the ground up. Learn more at https://www.jjkeller.com/shop/Product/J-J-Keller-Safety-Management-Suite#overview.

Susan Baranczyk, This email address is being protected from spambots. You need JavaScript enabled to view it., 920-680-5797

HONG KONG--(BUSINESS WIRE)--CSOP Asset Management Limited (CSOP) is proud to announce the listing of CSOP Huatai-Pinebridge CSI Photovoltaic Industry ETF (stock ticker: 3134.HK) on the Hong Kong Stock Exchange (the “HKEX”). As the first pair of ETFs under the HKEX and the Shanghai Stock Exchange (the “SSE”) ETF Cross-Listing Scheme, 3134.HK will track the performance of the CSI Photovoltaic Industry Index (the index), before deduction of fees and expenses, by investing in the Huatai-Pinebridge CSI Photovoltaic Industry ETF¹ listed on SSE via the QFI status. With listing price at around HKD 8 per share, trading lot of 100 and management fee of 0.99%, CSOP Huatai-Pinebridge CSI Photovoltaic Industry ETF will start to trade on 1 June, 2021. Upon inception, 3134.HK has received around RMB 53 million initial investment. On the same day, the feeder ETF investing in CSOP’s HKEX listed ETF - CSOP Hang Seng TECH Index ETF (stock ticker: 3033.HK) will also list on the SSE. The feeder ETF has already raised RMB 1.17 billion which will flow to 3033.HK before listing, boosting 3033.HK’s overall size and strengthening its leading status as the largest Hang Seng TECH index ETF in the world.² Currently 3033.HK has assets under management over HKD 10 billion.³

Clean energy and carbon neutrality define the futures of mankind. China has put the carbon emission reduction into the 14^th five-year plan formulation, with ultimate goal of achieving carbon neutrality in the long term.⁴ To materialize the goal, photovoltaic (PV) is the key solution to clean energy. PV refers to producing electricity from sunlight that can be used to power equipment or to recharge a battery. The whole PV industry chain includes the materials in the upstream, PV cells and modules in the midstream, and PV system in the downstream. PV is one of the high-conviction sectors in China with huge growth potential. In 2020, PV electricity generation increased 16.1% YoY, marking 3.47% of overall electricity generation.⁵ In 2020, PV electricity cumulative installed capacity reached 253GW, in 2035, PV electricity is expected to reach 600GW, more than doubling in cumulative installed capacity.⁶ With PV technology evolution, the cost of PV electricity will decrease significantly—hence, PV can become the major electricity source in the future. China is also the leading country in the PV industry regarding semiconductor materials, PV cells and modules, and PV system production.⁷

Weighted by free-float market capitalization, the CSI Photovoltaic Industry Index comprehensively contains 50 most representative China A-shares companies, capturing the performance of the whole PV industry chain from upstream to downstream. Rebalanced semi-annually, the index invariably ensures the most representative PV-related stock inclusion.⁸ As the end of 31 March, 2021, the index has market cap of RMB 1.568 trillion and return of 100.84% over the prior 12 months.⁹

To live smarter, healthier and greener has always been the development theme of human beings. As a leading ETF issuer in Hong Kong, CSOP not only provides ETFs/ETPs satisfying investors’ basic investment demands for asset allocation and trading, but also acts as a pioneer portraying the future of investment. The launch of 3134.HK is one of the strokes CSOP has been making to draw the blueprint of human future.

“Among the future thematic ETFs CSOP launched, CSOP Hang Seng TECH Index ETF (3033.HK) and CSOP Yinhua CSI 5G Communications Theme ETF (3193.HK)¹⁰ outline how human can live smarter; CSOP Huatai-Pinebridge CSI Photovoltaic Industry ETF (3134.HK) maps out in which human can live greener; and there will be more CSOP ETFs coming to the market, enabling investors to envisage the future of human beings," says Melody He, Managing Director, Head of Business Development and Product Strategy & Solutions.

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About CSOP Asset Management Limited

CSOP Asset Management Limited (“CSOP”) was founded in 2008 as the first offshore asset manager set up by a regulated asset management company in China. With a dedicated focus on China investing, CSOP manages public and private funds, as well as providing investment advisory services to Asian and global investors. In addition, CSOP is best known as an ETF leader in Asia. As of 31 March 2021, CSOP has more than USD 10 billion in assets under management.

For further information, please contact
CSOP Asset Management Limited
Larry Wang / 3406 5613 / This email address is being protected from spambots. You need JavaScript enabled to view it.
Tina Shu/ 3406 5675/ This email address is being protected from spambots. You need JavaScript enabled to view it.

This material has not been reviewed by the Securities and Futures Commission.

Issuer: CSOP Asset Management Limited

Please refer to the offering documents for the index provider disclaimer.

IMPORTANT: Investment involves risks. Investment value may rise or fall. Past performance information presented is not indicative of future performance. Investors should refer to the Prospectus and the Product Key Facts Statement for further details, including product features and risk factors. Investors should not base on this material alone to make investment decisions.

The CSOP Huatai-PineBridge CSI Photovoltaic Industry ETF (the “Sub-Fund”) is a sub-fund of the CSOP ETF Series OFC (“Company”), which is a public umbrella open-ended fund company established under Hong Kong law with variable capital with limited liability and segregated liability between sub-funds. The Sub-Fund is a passively managed index tracking exchange traded fund (“ETF”) authorised under Chapters 7 and 8.6 of the Code on Unit Trusts and Mutual Funds. The shares of the Sub-Fund (the “Shares”) are traded on the Stock Exchange of Hong Kong Limited (the “SEHK”) like stocks.

SFC registration and authorisation do not represent a recommendation or endorsement of the Company or the Sub-Fund nor do they guarantee the commercial merits of the Company or the Sub-Fund or their performance. They do not mean the Company or the Sub-Fund is suitable for all investors nor do they represent an endorsement of its suitability for any particular investor or class of investors.

• The Sub-Fund is not principal guaranteed and your investments may suffer losses. There is no assurance that the Sub-Fund will achieve its investment objective.
• The Sub-Fund invests substantially in the Master ETF, and may therefore be subject to the risks associated with the Master ETF. The performance of the Sub-Fund depends on the price of the Master ETF. The ability of the Sub-Fund to meet its investment objective is also largely dependent on the Master ETF.
• The trading price of the Shares on the SEHK is driven by market factors such as the demand and supply of the Shares. Therefore, the Shares may trade at a substantial premium or discount to the Sub-Fund’s NAV.
• Given the Sub-Fund invests substantially in the Master ETF as a feeder fund, the Sub-Fund may also be subject to the risks associated with the Master ETF’s investments.
• Companies related to the photovoltaic industry or photovoltaic industrial chain may be subject to significant volatility in growth rates due to rapidly changing market conditions and/or participants, more advanced or new technologies, new competing products and/or enhancements in existing products. The photovoltaic industry is heavily dependent on patents and intellectual property rights and/or licences. The profitability of companies related to the photovoltaic industry may be adversely impacted by the loss or impairment of these intellectual property assets.
• Mainland China is considered as an emerging market and investing in mainland China market may be subject to greater economic, political, tax, foreign exchange, regulatory, volatility and liquidity risks than investing in more developed countries.

Please note that the above listed investment risks are not exhaustive and investors should read the Prospectus and the Product Key Facts Statement in detail before making any investment decision.

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¹ Source: Huatai-PineBridge CSI Photovoltaic Industry ETF is not authorized by the Securities and Futures Commission for direct offering to the public in Hong Kong

² Source: CSOP Asset Management Limited

³ Source: Bloomberg, as of 31 May, 2021

⁴ Source: China 14 Five Year Plan

⁵ Source: National Energy Administration

⁶ Source: National Energy Administration and Xinhua Net

⁷ Source: International Renewable Energy Agency

⁸ Source: China Securities Index Co. Ltd

⁹ Source: China Securities Index Co. Ltd

¹⁰ CSOP Yinhua CSI 5G Communications Theme ETF is a feeder fund. Its master fund, Yinhua CSI 5G Communication ETF, is not authorized by the Securities and Futures Commission for direct offering to the public in Hong Kong.

For further information, please contact
CSOP Asset Management Limited
Larry Wang / 3406 5613 / This email address is being protected from spambots. You need JavaScript enabled to view it.
Tina Shu/ 3406 5675/ This email address is being protected from spambots. You need JavaScript enabled to view it.