LOWELL, Mass. & WESTON, Fla.--(BUSINESS WIRE)--#HCM--UKG (Ultimate Kronos Group), a leading global provider of HCM, payroll, HR service delivery, and workforce management solutions, announced today that EDP Renewables, a world leader in the renewable-energy sector and the world’s third-largest wind-energy producer, is using UKG Pro Workforce Continuity to establish safe working environments for its employees.

EDPR has used UKG Pro since 2015 for its business units in Canada, the United States, and Mexico. When the coronavirus pandemic began, in order to ensure compliance with U.S. Centers for Disease Control and Prevention (CDC) guidelines, EDPR used the document-acknowledgment functionality within Pro to track employees’ COVID-19 status and wellbeing. HR needed to manually set up a new document acknowledgement every day.

UKG developed Workforce Continuity at the outset of the pandemic to help leaders understand the impact to their workforce, so they could take action on their people strategy, workforce planning, and operational stability. EDPR became one of the first UKG customers to launch Pro Workforce Continuity, which is available to all Pro People Center customers.

“Our employees are spread all across North America, and we are committed to building genuine and trusting relationships with our people,” said Alma Fowler, HR manager at EDPR. “Whether we’re contending with a pandemic or hit by a big winter storm, we identified Workforce Continuity as a vital tool for tracking our people’s wellbeing and ability to work.”

“During the pandemic, business and HR leaders learned just how critical workforce-continuity planning is to overall organizational strategy,” said Cecile Alper-Leroux, vice president of products and innovation at UKG. “To enable our customers to emerge even stronger out of this crisis and prepare for ongoing uncertainty, we are designing and using HR technology to help leaders proactively prepare for the future and rapidly respond to change.”

Fowler reported she is able to take advantage of the Workforce Continuity Hub to view people insights within a convenient dashboard. With the Workforce Continuity Hub, administrators can quickly deploy and manage employee communications and surveys utilizing the Safety Check-In and Personal Impact Form features. At EDPR, HR’s access to key metrics on employee wellbeing and workforce continuity is changing the way the company views Fowler’s role.

“When the winter storms in Texas brought the state to a standstill, HR took the lead with Workforce Continuity to check in with our employees,” said Fowler. “Managing crises has been perceived as the role of the safety team, but that perspective will shift over time as HR gains the tools and expertise to make sure employees are safe, corporate communications are clear and consistent, and information and systems are both secure and accessible to all.”

Fowler noted that Workforce Continuity is meaningful not only for HR, but for all EDPR employees.

“Workforce Continuity makes the employee experience simple and streamlined,” said Fowler. “Employees get a push notification on their phones before they even arrive at work. Without logging into a computer, they are able to indicate if they need assistance, and then receive that assistance.”

“At UKG, our vision is to give leaders the right tools and insights to plan for and respond to change with agility, and to guide their workforce to deliver on business outcomes,” said Chris Phenicie, chief sales officer, mid-market and strategic, at UKG. “We are pleased that EDPR is taking advantage of our latest technology to protect business operations and prioritize employee wellbeing.”

About UKG

At UKG (Ultimate Kronos Group), our purpose is people. Built from a merger that created one of the largest cloud companies in the world, UKG believes organizations succeed when they focus on their people. As a leading global provider of HCM, payroll, HR service delivery, and workforce management solutions, UKG delivers award-winning Pro, Dimensions, and Ready solutions to help tens of thousands of organizations across geographies and in every industry drive better business outcomes, improve HR effectiveness, streamline the payroll process, and help make work a better, more connected experience for everyone. UKG has 13,000 employees around the globe and is known for an inclusive workplace culture. The company has earned numerous awards for culture, products, and services, including consecutive years on Fortune’s 100 Best Companies to Work For list. To learn more, visit ukg.com.

Copyright 2021 UKG Inc. All rights reserved. For a full list of UKG trademarks, please visit ukg.com/trademarks. All other trademarks, if any, are property of their respective owners. All specifications are subject to change.

Follow UKG on Facebook, Instagram, LinkedIn, Twitter, and YouTube.

UKG Contact:
Darlene Marcroft
Phone: +1 954 331 7444
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For Sales Information:
UKG
Phone: +1 800 432 1729
Website: ukg.com

CENTRAL ISLIP, N.Y.--(BUSINESS WIRE)--CVD Equipment Corporation (NASDAQ: CVV), a leading provider of chemical vapor deposition systems, announced today that it will release its 2021 first quarter results after markets close on Thursday May 13, 2021. CVD Management will hold a conference call to discuss its results at 4:30 pm (Eastern Time) that day.

To participate in the live conference call, please dial toll free (877) 407-2991 or International (201) 389-0925. A telephone replay will be available for 7 days. To access the replay, dial (877) 660-6853 or international (201) 612-7415. The replay passcode is 13719642.

A live and archived webcast of the call will also be available on the company's website at www.cvdequipment.com/events. The archived webcast will be available at the same location approximately two hours following the end of the live event.

About CVD Equipment Corporation

CVD Equipment Corporation (NASDAQ: CVV) designs, develops, and manufactures a broad range of chemical vapor deposition, gas control, and other state-of-the-art equipment and process solutions used to develop and manufacture materials and coatings for research and industrial applications. This equipment is used by its customers to research, design, and manufacture these materials or coatings for aerospace engine components, medical implants, semiconductors, solar cells, smart glass, carbon nanotubes, nanowires, LEDs, MEMS, and other applications. Through its application laboratory, the Company provides process development support and process startup assistance with the focus on enabling tomorrow’s technologies™. It’s wholly owned subsidiary CVD Materials Corporation provides advanced materials and metal surface treatments and coatings to serve demanding applications in the electronic, biomedical, petroleum, pharmaceutical, and many other industrial markets.

www.cvdequipment.com | www.cvdmaterialscorp.com | www.stainlessdesign.comPage

CVD Equipment Corporation
Thomas McNeill, CFO
Phone: (631) 981-7081
Fax: (631) 981-7095
email: This email address is being protected from spambots. You need JavaScript enabled to view it.

AMES, Iowa--(BUSINESS WIRE)--Renewable Energy Group, Inc. (NASDAQ:REGI) today announced that its management team is scheduled to attend the following virtual investor conferences. Attendance at these conferences is by invitation only for clients of each respective firm. Interested investors should contact your respective sales representative to register and for one-on-one meetings to secure a time.

• On Thursday, May 13, 2021, the management team will participate in the Credit Suisse Renewables and Utilities Conference. The Company will host virtual one-on-one meetings with institutional investors throughout the day.

• On Wednesday, May 19, 2021, at 10:00 AM ET, the management team will present in a Fireside Chat at the 16th Annual BMO Farm to Market Conference. The Company will also host virtual one-on-one meetings with institutional investors throughout the day.

• On Wednesday, June 9, 2021, at 2:35 PM ET, the management team will present at the Baird 2021 Global Consumer, Technology & Services Conference. The Company will also host virtual one-on-one meetings with institutional investors throughout the day.

About Renewable Energy Group

Renewable Energy Group, Inc. is leading the energy industry's transition to sustainability by transforming renewable resources into high-quality, cleaner fuels. REG is an international producer of cleaner fuels and one of North America’s largest producers of advanced biodiesel. REG solutions are alternatives for petroleum diesel and produce significantly lower carbon emissions. REG utilizes an integrated procurement, distribution and logistics network to operate 12 biorefineries in the U.S. and Europe. In 2020, REG produced 519 million gallons of cleaner fuel delivering 4.2 million metric tons of carbon reduction. REG is meeting the growing global demand for lower-carbon fuels and leading the way to a more sustainable future.

Investor Relations:
Renewable Energy Group
Todd Robinson
Deputy Chief Financial Officer and Treasurer
+1 (515) 239-8048
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ST. CATHARINES, Ontario--(BUSINESS WIRE)--Algoma Central Corporation (“Algoma” or the “Company”) (TSX:ALC), a leading supplier of marine transportation services, held its Annual General and Special Meeting of Shareholders (the “Meeting”) on May 5, 2021. Each of the matters set out below were voted upon at the Meeting and are described in greater detail in the Company’s Management Information Circular dated February 25, 2021, available online at www.algonet.com/investor-relations and on www.sedar.com.

1. Election of Directors

All nominees listed in the Management Information Circular were elected as directors until the next annual general meeting of shareholders with the support of 85% of shares voted.

2. Appointment of Auditors

Professional accounting firm Deloitte LLP was appointed as independent auditors of the Company.

3. Continuation of the Company’s Stock Option Plan

The continuation of the Company's stock option plan and authorization of the grant of all currently available option entitlements issuable thereunder until May 5, 2024 was approved.

4. Amendments to the Company’s General By-Law

The amendments to Sections 7.01 and 7.05 of General By-Law No. 1 of the Company was approved.

About Algoma Central Corporation

Algoma owns and operates the largest fleet of dry and liquid bulk carriers operating on the Great Lakes – St. Lawrence Waterway, including self-unloading dry-bulk carriers, gearless dry-bulk carriers, cement carriers and product tankers. Algoma also owns ocean self-unloading dry-bulk vessels operating in international markets and a 50% interest in NovaAlgoma, which owns and operates a diversified portfolio of dry-bulk fleets serving customers internationally.

For further information:

Gregg A. Ruhl
President & CEO
905-687-7890

Peter D. Winkley CPA, CA
Chief Financial Officer
905-687-7897

Or visit
www.algonet.com

GridPoint’s Smart Building Platform highlighted as honorable mention in energy category

RESTON, Va.--(BUSINESS WIRE)--GridPoint’s Smart Building Platform received an honorable mention in the energy category of Fast Company’s 2021 World Changing Ideas Awards. GridPoint was recognized for supporting the grid transition while saving customers more than $496 million in energy expenses, reducing usage by more than 6.3 billion kWh and eliminating over 5.9 billion pounds of carbon emissions to date.

“For over a decade, GridPoint has been transforming the way businesses use energy in order to create a more sustainable future. This means delivering resilience and energy savings to buildings, while leveraging their collective impact to accelerate the transition to a clean and reliable grid. Fast Company’s recognition points to our technology’s unique ability to support both energy users and energy providers in order to achieve our vision,” said GridPoint CEO Mark Danzenbaker.

The Awards honor the businesses, policies, projects, and concepts that are actively engaged and deeply committed to pursuing innovation when it comes to solving health and climate crises, social injustice, or economic inequality. A panel of Fast Company editors and reporters selected winners and finalists from a pool of more than 4,000 entries across categories.

“There is no question our society and planet are facing deeply troubling times. So, it’s important to recognize organizations that are using their ingenuity, impact, design, scalability, and passion to solve these problems,” says Stephanie Mehta, editor-in-chief of Fast Company.

View the full list of energy honorees here.

About GridPoint

GridPoint’s mission is to accelerate the world’s transition to a sustainable future by creating an intelligent energy network of grid-interactive buildings. By transforming the way commercial businesses use energy, GridPoint unlocks the decarbonization, sustainability, and grid resiliency required for a cleaner, more efficient tomorrow. Our technology platform harnesses power and potential within a building to deliver energy, operational, and resiliency benefits. Networked together, GridPoint intelligent buildings provide reliable, precise, and instantaneous capacity for utilities and grid operators. GridPoint’s growing network of commercial buildings spans across Fortune 500 enterprises, utilities, government organizations, and small businesses.

Katie O’Shea, Marketing Manager
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(703) 667-7051

HOUSTON--(BUSINESS WIRE)--SilverBow Resources, Inc. (NYSE: SBOW) (“SilverBow” or the “Company”) today announced operating and financial results for the first quarter of 2021. Highlights include:

• Net production averaged approximately 180 million cubic feet of natural gas equivalent per day (“MMcfe/d”), above the high end of guidance
• Reported net income of $28 million, Adjusted EBITDA of $63 million and free cash flow ("FCF") of $24 million. Adjusted EBITDA and FCF are non-GAAP measures defined and reconciled in the tables below
• Increased full year 2021 FCF guidance range by $10 million at the midpoint to a range of $30-$50 million¹
• Reduced total debt by $30 million quarter-over-quarter and by $90 million year-over-year; leverage ratio of 2.1x² and liquidity of $113 million at quarter-end. Anticipated year-end 2021 leverage ratio below 2.0x²
• Success of first Austin Chalk well supports further delineation across SilverBow's acreage in 2021; potential to expand existing inventory with additional high-return locations
• The Company's second La Mesa pad, as pre-released, achieved a peak pad production rate of 90 million cubic feet of natural gas per day ("MMcf/d"), further reduced drilling times by 10%, and capital costs were 13% below authorization for expenditure (“AFE”)
• Extended the maturity of SilverBow’s $600 million senior secured revolving credit facility (the “Credit Facility”), governed by a borrowing base of $300 million, to April 2024; provides ample liquidity to execute business strategy
• Expanded and accelerated mid-year liquids-focused drilling program beginning in April with incremental oil locations added; corresponding production uplift expected in the third quarter of 2021
• Full year 2021 total production guidance range unchanged at 180-200 MMcfe/d; expected full year 2021 oil production increased by 12% at the midpoint reflecting the shift in mid-year development
• Full year 2021 capital guidance unchanged at $100-$110 million, inclusive of expanded oil drill schedule

MANAGEMENT COMMENTS

Sean Woolverton, SilverBow’s Chief Executive Officer, commented, "In April, we provided a preview of our stellar results for the quarter. We paid down $30 million of debt, or 13% of our revolver borrowings, and reduced our leverage ratio to 2.1x. We successfully renegotiated and extended our Credit Facility, which provides us the runway to expand our development program and pursue our strategic objectives. We generated free cash flow for the fifth consecutive quarter and raised the midpoint of our 2021 free cash flow guidance to $40 million, a $10 million increase from our prior guidance. Operationally, we continue to see strong performance from our first Webb County Austin Chalk well and plan to drill additional appraisal wells this year, with the goal of increasing our inventory with incremental, high-return locations. The continued capital efficiency gains we demonstrated on our second La Mesa pad should support further upside potential to our stakeholder returns as we apply those learnings and efficiencies across our balanced portfolio."

Mr. Woolverton commented further, "Our plan entering 2021 intentionally included breaks in our drilling program to allow us to assess market conditions and optimize our development plan real-time. With the significant improvement in oil prices over the first quarter, we have allocated capital to drill more oil locations this year than initially planned. This shift in capital will drive improved cash flows. We recently picked up a drilling rig, ahead of our planned summer schedule. Our capital budget remains at $105 million at the midpoint while factoring in our expanded oil development. This is made possible by the improved efficiencies and strong returns we have delivered to-date, and the application of those efficiency learnings going forward. By year-end, we anticipate our leverage ratio to be below 2.0x. As always, our strategy is based on the flexibility to quickly adapt our development toward the highest rate of return opportunities. SilverBow has positioned itself as an in-basin leader generating sustainable free cash flow and strengthening its balance sheet in the pursuit of accretive deals, both large and small."

OPERATIONS HIGHLIGHTS

During the first quarter of 2021, the Company drilled one well and completed seven wells in its Webb County Gas area. Six of these completed wells comprised SilverBow's second La Mesa pad, which was drilled in fourth quarter of 2020. The pad’s total drilling and completion ("D&C") costs came in 13%, or $5 million, below AFE and 15% below the Company’s first La Mesa pad. The cost efficiency gains were a result of further applied learnings from the first pad. The wells were brought online approximately 15 days ahead of schedule and achieved an average pad production rate of 84 MMcf/d over the first 30 days of production (“IP30”). Importantly, both La Mesa pads co-developed the upper and lower Eagle Ford, which supports SilverBow's understanding of constructive interference and minimal-to-no impact from offset well interference and parent-child well performance degradation. The efficiency gains from 2020 carried into the first quarter of 2021 with the faster cycle times on the La Mesa pad and lower AFE costs. These efficiencies ultimately provided SilverBow with both the time and capital to add the Webb County Austin Chalk test during the first quarter of 2021. The Company's Austin Chalk well achieved an IP30 of 13 MMcf/d, exceeding initial expectations and commercial criteria. Given the strong performance and competitive economics exhibited to date, SilverBow plans to drill additional Austin Chalk wells this year.

The extreme cold weather during February 2021 temporarily impacted first quarter production by approximately 2 MMcfe/d. SilverBow was able to mitigate the effect of the storm through numerous pre-planning procedures and existing storm response procedures in place. Per normal practice, the Company maintains a portion of its natural gas sales tied to daily gas indexes. Therefore, the Company did have some natural gas sales exposed to the unprecedented volatility in daily spot prices during the cold weather event in February 2021, resulting in unusually high realized natural gas prices in the first quarter of 2021. The impact of these factors on SilverBow's financial results for the first quarter of 2021 is not expected to recur at this magnitude in future quarters. Notably, the Company continues to operate at a zero total recordable incident rate (“TRIR”) despite the weather events in the field.

Scheduled maintenance projects during the first quarter of 2021 resulted in a slight increase to lease operating expenses (“LOE”). Additionally, measures taken to prepare for and recover from the storm resulted in higher than typical expenses. For the first quarter of 2021, the Company offset minor service pricing increases in its D&C activities. On the drilling side, SilverBow has been able to hold service costs flat based on close vendor relationships and existing contracts. On the completions side, costs remain mostly flat as service price inflation has primarily been offset through continued de-bundling of sand and other logistics and consumables. Additionally, the Company has been able to lower facility hookup costs per well by $40,000 on average through improved design processes and utilizing vendors with greater scale and volume discounting.

In mid-April 2021, the Company began its mid-year drilling program targeting liquids-rich opportunities across its McMullen Oil and La Salle Condensate area. SilverBow's expectation is to release the drilling rig in August 2021, and for the wells to be brought online toward the end of the third quarter 2021. The Company then plans to resume its drilling program in the fourth quarter of 2021 with a focus on its high-return gas assets. SilverBow's Austin Chalk well provides compelling economics, and based on initial learnings, the Company plans to drill additional Austin Chalk wells in the second half of 2021 with the ultimate goal of achieving full-scale development that competes with SilverBow's existing inventory portfolio.

PRODUCTION VOLUMES, OPERATING COSTS AND REALIZED PRICES

SilverBow's total net production for the first quarter of 2021 averaged approximately 180 MMcfe/d. Production mix for the first quarter consisted of approximately 78% natural gas, 12% oil and 10% natural gas liquids ("NGLs"). Natural gas comprised 73% of total oil and gas sales for the first quarter, compared to 60% in the fourth quarter of 2020.

LOE was $0.39 per million cubic feet of natural gas equivalent ("Mcfe") for the first quarter. Net general and administrative ("G&A") expenses for the first quarter were $4.8 million, or $0.29 per Mcfe. After deducting $1.1 million of non-cash compensation expense, cash G&A (a non-GAAP measure) expenses were $3.7 million for the first quarter of 2021, with a per unit cash cost of $0.23 per Mcfe. Transportation and processing expenses ("T&P") came in at $0.31 per Mcfe and production and ad valorem taxes were 4.0% of oil and gas revenue for the first quarter of 2021. Total production expenses, which include LOE, T&P and production taxes, were $0.91 per Mcfe for the first quarter of 2021. The Company's total cash operating costs (a non-GAAP measure) for the first quarter of 2021, which includes total production expenses and cash G&A expenses, were $1.14 per Mcfe. SilverBow anticipates total cash operating costs to trend downward throughout the year despite the typical higher unit costs associated with oil production.

The Company continues to benefit from strong basis pricing in the Eagle Ford, while recent conditions have impacted historical averages. Crude oil and natural gas realizations in the first quarter were 96% of West Texas Intermediate ("WTI") and 185% of Henry Hub, respectively, excluding hedging. In February 2021, extreme cold weather conditions across much of the southern U.S. resulted in unusually high spot prices for natural gas. SilverBow's standard practice is to maintain a portion of natural gas volumes tied to daily price indexes, and therefore first quarter realized natural gas prices were unusually high due to unforeseen volatility, and such price fluctuations are not expected to recur. The Company's average realized natural gas price for the first quarter of 2021, excluding the effect of hedging, was $4.98 per thousand cubic feet of natural gas ("Mcf") compared to $1.91 per Mcf in the first quarter of 2020. The average realized crude oil selling price in the first quarter, excluding the effect of hedging, was $55.49 per barrel compared to $45.05 per barrel in the first quarter of 2020. The average realized NGLs selling price in the first quarter was $22.30 per barrel (39% of WTI benchmark) compared to $12.35 per barrel (27% of WTI benchmark) in the first quarter of 2020.

FINANCIAL RESULTS

SilverBow reported total oil and gas sales of $86.7 million for the first quarter of 2021. The Company reported net income of $28.4 million for the first quarter of 2021, which includes a net unrealized loss on the value of SilverBow's derivative contracts of $13.3 million.

For the first quarter, the Company generated Adjusted EBITDA (a non-GAAP measure) of $63.4 million and FCF (a non-GAAP measure) of $24.0 million. SilverBow's Adjusted EBITDA for Leverage Ratio (a non-GAAP measure) of $66.9 million for the first quarter of 2021, which, in accordance with the Leverage Ratio calculation in its Credit Facility, includes gains for the period related to previously unwound derivative contracts totaling $3.5 million.

Capital expenditures incurred during the first quarter of 2021 totaled $33.0 million on an accrual basis.

2021 CAPITAL PROGRAM & GUIDANCE

For the full year 2021, SilverBow's capital budget range of $100-$110 million is unchanged. The Company added a rig in April 2021, one month ahead of schedule, to pursue an accelerated and expanded oil development program. The program, which has already commenced, will extend into the third quarter of 2021.

For the second quarter of 2021, SilverBow is guiding to estimated production of 201-213 MMcfe/d, with natural gas volumes expected to comprise 165-175 MMcf/d or 82% of total production at the midpoint. For the full year, the Company is guiding to a production range of 180-200 MMcfe/d, with oil production of 3,500-3,900 barrels per day ("Bbls/d"), a 12% increase in oil production at the midpoint compared to prior guidance.

SilverBow anticipates full year FCF to be $30-$50 million¹, a 33% increase at the midpoint compared to prior guidance. Additional detail concerning the Company's second quarter and full year 2021 guidance can be found in the table included with today’s news release and the Corporate Presentation uploaded to the Investor Relations section of SilverBow’s website.

HEDGING UPDATE

Hedging continues to be an important element of SilverBow's strategy to protect cash flow. The Company's active hedging program provides greater predictability of cash flows and preserves exposure to higher commodity prices. In conjunction with unwinding oil derivative contracts related to production periods in 2020 and 2021, SilverBow is amortizing the $38 million of cash inflow it received in discrete amounts each month over the same time period that the derivative contracts would have settled. The amortized hedge gains will factor into the Company's calculation of Adjusted EBITDA for covenant compliance purposes through the end of 2021.

As of April 30, 2021, SilverBow had 60% of total estimated production volumes hedged for the remainder of 2021. For the remainder of 2021, the Company has 88 MMcf/d (59% of guidance) of natural gas production hedged, 2,916 Bbls/d (77% of guidance) of oil hedged and 1,590 Bbls/d (48% of guidance) of NGLs hedged. For 2022, SilverBow has 61 MMcf/d of natural gas production hedged and 2,093 Bbls/d of oil hedged. The hedged amounts are inclusive of both swaps and collars, and the percent hedged amounts are based on the midpoint of production guidance.

Please see SilverBow's Corporate Presentation and Form 10-Q filing for the first quarter of 2021, which the Company expects to file on Thursday, May 6, 2021, for a detailed summary of its derivative contracts.

CAPITAL STRUCTURE AND LIQUIDITY

As of March 31, 2021, SilverBow's liquidity position was $113.4 million, consisting of $3.4 million of cash and $110.0 million of availability under the Credit Facility, which had a $310 million borrowing base as of such date prior to the April 16, 2021 redetermination. The Company's net debt as of March 31, 2021 was $396.6 million, calculated as total long-term debt of $400.0 million less $3.4 million of cash, a 7% decrease from December 31, 2020.

In conjunction with its regularly scheduled semi-annual redetermination, SilverBow entered into the Seventh Amendment to the Credit Facility, effective April 16, 2021, which among other things, redetermined the borrowing base under the Credit Facility to $300 million and extended the maturity date to April 19, 2024. For further information, please see the Company's current report on Form 8-K filed with the Securities and Exchange Commission (“SEC”) on April 19, 2021.

As of April 30, 2021, SilverBow had 12.2 million total common shares outstanding.

CORPORATE OFFICE RELOCATION

Effective May 17, 2021, SilverBow will be relocating its corporate headquarters to the Memorial City area in Houston, TX. SilverBow's progressive approach towards adopting new work-place trends and identifying ways to further streamline efficiencies are core to its culture. The new office space will span half the square footage of its previous space, while providing offices for the same number of employees based on a new, permanent flex schedule going forward. Below are SilverBow's current headquarters address and new address:

CONFERENCE CALL AND UPDATED INVESTOR PRESENTATION

SilverBow will host a conference call for investors on Thursday, May 6, 2021, at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). Investors and participants can register for the call in advance by visiting http://www.directeventreg.com/registration/event/2256468. After registering, instructions and dial-in information will be provided on how to join the call. A simultaneous webcast of the call may be accessed over the internet by visiting SilverBow's website at www.sbow.com, clicking on “Investor Relations” and “Events and Presentations” and then clicking on the “First Quarter 2021 Earnings Conference Call” link. The webcast will be archived for replay on the Company's website for 14 days. Additionally, an updated Corporate Presentation will be uploaded to the Investor Relations section of SilverBow's website before the conference call.

ABOUT SILVERBOW RESOURCES, INC.

SilverBow Resources, Inc. (NYSE: SBOW) is a Houston-based energy company actively engaged in the exploration, development, and production of oil and gas in the Eagle Ford Shale in South Texas. With over 30 years of history operating in South Texas, the Company possesses a significant understanding of regional reservoirs which it leverages to assemble high quality drilling inventory while continuously enhancing its operations to maximize returns on capital invested. For more information, please visit www.sbow.com. Information on our website is not part of this release.

FORWARD-LOOKING STATEMENTS

This release includes “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. These forward-looking statements represent management's expectations or beliefs concerning future events, and it is possible that the results described in this release will not be achieved. These forward-looking statements are based on current expectations and assumptions and are subject to a number of risks and uncertainties, many of which are beyond our control. All statements, other than statements of historical fact included in this press release, including those regarding our strategy, future operations, financial position, well expectations and drilling plans, estimated production levels, expected oil and natural gas pricing, estimated oil and natural gas reserves or the present value thereof, reserve increases, future free cash flow and expected leverage ratio, capital expenditures, budget, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this report, the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “budgeted,” "guidance," “expect,” “may,” “continue,” “predict,” “potential,” "plan," “project” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Important factors that could cause actual results to differ materially from our expectations include, but are not limited to, the following risks and uncertainties: the severity and duration of world health events, including the COVID-19 pandemic, related economic repercussions, including disruptions in the oil and gas industry; actions by the members of the Organization of the Petroleum Exporting Countries (“OPEC”) and Russia (together with OPEC and other allied producing countries, “OPEC+”) with respect to oil production levels and announcements of potential changes in such levels, including the ability of the OPEC+ countries to agree on and comply with supply limitations; operational challenges relating to the COVID-19 pandemic and efforts to mitigate the spread of the virus, including logistical challenges, protecting the health and well-being of our employees, remote work arrangements, performance of contracts and supply chain disruptions; shut-in and curtailment of production due to decreases in available storage capacity or other factors; volatility in natural gas, oil and NGL prices; future cash flows and their adequacy to maintain our ongoing operations; liquidity, including our ability to satisfy our short- or long-term liquidity needs; our borrowing capacity and future covenant compliance; operating results; asset disposition efforts or the timing or outcome thereof; ongoing and prospective joint ventures, their structures and substance, and the likelihood of their finalization or the timing thereof; the amount, nature and timing of capital expenditures, including future development costs; timing, cost and amount of future production of oil and natural gas; availability of drilling and production equipment or availability of oil field labor; availability, cost and terms of capital; timing and successful drilling and completion of wells; availability and cost for transportation of oil and natural gas; costs of exploiting and developing our properties and conducting other operations; competition in the oil and natural gas industry; general economic conditions; opportunities to monetize assets; our ability to execute on strategic initiatives; effectiveness of our risk management activities, including hedging strategy; environmental liabilities; counterparty credit risk; governmental regulation and taxation of the oil and natural gas industry; developments in world oil and natural gas markets and in oil and natural gas-producing countries; uncertainty regarding our future operating results; and other risks and uncertainties discussed in the Company’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. The Company's capital program, budget and development plans are subject to change at any time.

All forward-looking statements speak only as of the date of this news release. You should not place undue reliance on these forward-looking statements. Although we believe that our plans, intentions and expectations reflected in or suggested by the forward-looking statements we make in this release are reasonable, we can give no assurance that these plans, intentions or expectations will be achieved. The risk factors and other factors noted herein and in the Company's SEC filings could cause its actual results to differ materially from those contained in any forward-looking statement. These cautionary statements qualify all forward-looking statements attributable to us or persons acting on our behalf.

All subsequent written and oral forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by the foregoing. We undertake no obligation to publicly release the results of any revisions to any such forward-looking statements that may be made to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events, except as required by law.

(Footnotes)

¹ A forward-looking estimate of net income (loss) is not provided with the forward-looking estimate of FCF (a non-GAAP measure) because the items necessary to estimate net income (loss) are not accessible or estimable at this time without unreasonable efforts. Such items could have a significant impact on the Company's net income (loss).

² Leverage ratio is defined as total long-term debt, before unamortized discounts, divided by Adjusted EBITDA for Leverage Ratio (a non-GAAP measure defined and reconciled in the tables included with today's news release) for the trailing twelve-month period.

Jeff Magids
Director of Finance & Investor Relations
(281) 874-2700, (888) 991-SBOW

BOISE, Idaho--(BUSINESS WIRE)--IDACORP, Inc. (NYSE: IDA) will hold its 2021 Annual Meeting of Shareholders at 10:00 a.m. Mountain Time on Thursday, May 20. The meeting will be held in virtual-only format, accessible via the Internet. IDACORP shareholders may attend the annual meeting by registering for the meeting at www.proxydocs.com/IDA no later than 3:00 p.m. Mountain Time on May 19, 2021. Additional information related to the meeting is available in IDACORP’s 2021 proxy statement.

During the meeting, IDACORP President and Chief Executive Officer Lisa Grow will discuss the 2020 performance of IDACORP and its primary subsidiary, Idaho Power Company, as well as company initiatives for 2021 and beyond. Shareholders will have an opportunity to vote and submit questions electronically during the meeting.

Additionally, an audio stream of the meeting will be webcast live at www.idacorpinc.com, available in listen-only mode to both shareholders and non-shareholders. Webcast access information will be posted on the IDACORP website the morning of the meeting and presentation slides for the meeting will be available on the IDACORP website before the meeting begins. Following the meeting, all annual meeting webcast materials will be available on IDACORP’s website for 12 months.

About IDACORP, Inc.

IDACORP, Inc. (NYSE: IDA), Boise, Idaho-based and formed in 1998, is a holding company comprised of Idaho Power, a regulated electric utility; IDACORP Financial, a holder of affordable housing projects and other real estate investments; and Ida-West Energy, an operator of small hydroelectric generation projects that satisfy the requirements of the Public Utility Regulatory Policies Act of 1978. Idaho Power began operations in 1916 and employs approximately 2,000 people to serve a 24,000-square-mile service area in southern Idaho and eastern Oregon. Idaho Power’s goal of 100% clean energy by 2045 builds on its long history as a clean energy leader providing reliable service at affordable prices. With 17 low-cost hydropower projects at the core of its diverse energy mix, Idaho Power’s more than 590,000 residential, business, and agricultural customers pay among the nation's lowest prices for electricity. To learn more about IDACORP or Idaho Power, visit idacorpinc.com or idahopower.com.

Investor and Analyst Contact
Justin S. Forsberg
Director of Investor Relations & Treasury
Phone: 208-388-2728
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Media Contact
Jordan Rodriguez
Corporate Communications
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DENVER--(BUSINESS WIRE)--Whiting Petroleum Corporation (NYSE: WLL) (“Whiting” or the “Company”) today announced first quarter 2021 results.

First Quarter 2021 Highlights

• Revenue was $307 million for the quarter ending March 31, 2021
• Net loss (GAAP) was $0.9 million or $0.02 per diluted share
• Adjusted net income (non-GAAP) was $108 million or $2.79 per diluted share
• Adjusted EBITDAX (non-GAAP) was $170 million
• March 31, 2021 net debt of $220 million
• $750 million borrowing base reaffirmed

Lynn A. Peterson, President and CEO commented, "Our team executed and delivered great results during the first quarter, a quarter which provided its share of challenges through the continuing pandemic and the difficult working conditions brought on by the winter. The Company generated over $100 million in adjusted free cash flow during the first quarter, after reinvesting about a third of its EBITDA during the same period. The Company continues to reduce its debt, which was $170 million as of April 30, 2021. In the current commodity environment, we expect to pay down the Company’s debt to zero by year-end 2021, putting the Company in an excellent financial position.

"With one quarter in the books, looking ahead at the full year while using a $55 WTI oil price, we expect to generate approximately $550 million in EBITDA and approximately $300 million of adjusted free cash flow, both after estimated hedge losses of $130 million.”

First Quarter 2021 Results

Revenue for the first quarter of 2021 increased $95 million to $307 million when compared to the fourth quarter of 2020, primarily due to increased commodity prices between periods.

Net loss for the first quarter of 2021 was $0.9 million, or $0.02 per share, as compared to a net loss of $1.2 million, or $0.03 per share, for the fourth quarter of 2020. Adjusted net income (non-GAAP) for the first quarter of 2021 was $108 million, or $2.79 per share as compared to $55.5 million, or $1.46 per share, for the fourth quarter of 2020. The primary difference between net loss and adjusted net income for both periods is non-cash expense related to the change in value of the Company’s hedging portfolio.

The Company’s adjusted EBITDAX for the first quarter of 2021 was $170 million compared to $120 million for the fourth quarter of 2020. This resulted in net cash provided by operating activities of $153 million and adjusted free cash flow (non-GAAP) of $108 million.

Adjusted net income, adjusted net income per share, adjusted EBITDAX and adjusted free cash flow are non-GAAP financial measures. Please refer to the end of this release for disclosures and reconciliations regarding these measures.

Production averaged 89.9 thousand barrels of oil equivalent per day (MBOE/d) and oil production averaged 53.5 thousand barrels of oil per day (MBO/d). As expected, the Company’s production held consistent with levels at year-end 2020 despite winter conditions during the first quarter of 2021.

Capital expenditures in the first quarter of 2021 increased to $56 million compared to the fourth quarter 2020 spend of $21 million, as the Company resumed operations following an improvement in commodity prices in late 2020. During the quarter, the Company drilled 6 gross/4.5 net operated wells, completed 15 gross/10.6 net operated wells and turned in line 14 gross/9.8 net operated wells. The Company currently has one drilling rig and one completion crew operating in its Sanish Field in North Dakota.

Lease operating expense (LOE) for the first quarter 2021 increased by $4 million to $59 million when comparing to the fourth quarter 2020. The increase in LOE was driven by increased maintenance with additional workover rigs running due to expected winter conditions. General and administrative expenses of $10 million continued to reflect the effect of previous cost saving measures.

Selected operating statistics are presented in the following tables:

Selected Operating and Financial Statistics

Borrowing Base Reaffirmation and Liquidity

On April 7, 2021, the Company’s borrowing base and aggregate commitments under its revolving credit facility were reaffirmed at $750 million. As of March 31, 2021, the Company had borrowings of $245 million and unrestricted cash of $25 million, resulting in total liquidity of $528 million, net of outstanding letters of credit. Whiting expects to continue to fund its operations fully within operating cash flow and to have no outstanding balance on its credit facility by the end of the year.

Commodity Price Hedging

Whiting currently has approximately 71% of its forecasted crude oil production and 75% of its forecasted natural gas production hedged for 2021. The Company uses commodity hedges in order to reduce the effects of commodity price volatility and to satisfy the requirements of its credit facility. The following table summarizes Whiting’s hedging positions as of April 30, 2021:

Conference Call

Whiting will host a conference call on Thursday, May 6, 2021 at 11:00 a.m. Eastern time (9:00 a.m. Mountain time) to discuss these results. The call will be conducted by President and Chief Executive Officer Lynn A. Peterson, Executive Vice President Finance and Chief Financial Officer James Henderson, Executive Vice President Operations and Chief Operating Officer Charles J. Rimer and Investor Relations Manager Brandon Day. A question and answer session will immediately follow the discussion of the results for the quarter.

To participate in this call please dial:
Domestic Dial-in Number: (877) 328-5506
International Dial-in Number: (412) 317-5422
Webcast URL: https://dpregister.com/sreg/10155734/e7c049863c

Replay Information:
Conference ID #: 10155734
Replay Dial-In (Toll Free U.S. & Canada): (877) 344-7529 (U.S.), (855) 669-9658 (Canada)
Replay Dial-In (International): (412) 317-0088
Expiration Date: May 13, 2021

Virtual Conference Participation

Whiting will be hosting virtual 1x1 sessions with investors at the Wells Fargo Energy Conference on Thursday, June 3, 2021 and the RBC Capital Markets Energy, Power and Infrastructure Conference on Wednesday, June 9, 2021.

Selected Financial Data

For further information and discussion on the selected financial data below, please refer to Whiting Petroleum Corporation’s Quarterly Report on Form 10‑Q for the quarter ended March 31, 2021 filed with the Securities and Exchange Commission.

About Non-GAAP Financial Measures

About Whiting Petroleum Corporation

Whiting Petroleum Corporation, a Delaware corporation, is an independent oil and gas company engaged in the development, production and acquisition of crude oil, NGLs and natural gas primarily in the Rocky Mountains region of the United States. The Company’s largest projects are in the Bakken and Three Forks plays in North Dakota and Montana and the Niobrara play in northeast Colorado. The Company trades publicly under the symbol WLL on the New York Stock Exchange. For further information, please visit http://www.whiting.com.

Forward-Looking Statements

This news release contains statements that we believe to be “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. All statements other than historical facts, including, without limitation, statements regarding our future financial position, business strategy, projected production, cash flows, revenues, costs, capital expenditures and debt levels, and plans and objectives of management for future operations, are forward-looking statements. When used in this news release, words such as “guidance,” or we “expect,” “intend,” “plan,” “estimate,” “anticipate,” “believe” or “should” or the negative thereof or variations thereon or similar terminology are generally intended to identify forward-looking statements. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements.

These risks and uncertainties include, but are not limited to: risks associated with our emergence from bankruptcy; declines in, or extended periods of low oil, NGL or natural gas prices; the occurrence of epidemic or pandemic diseases, including the coronavirus pandemic; actions of the Organization of Petroleum Exporting Countries and other oil exporting nations to set and maintain production levels; the potential shutdown of the Dakota Access Pipeline; our level of success in development and production activities; impacts resulting from the allocation of resources among our strategic opportunities; our ability to replace our oil and natural gas reserves; the geographic concentration of our operations; our inability to access oil and gas markets due to market conditions or operational impediments; market availability of, and risks associated with, transport of oil and gas; weakened differentials impacting the price we receive for oil and natural gas; our ability to successfully complete asset acquisitions and dispositions and the risks related thereto; shortages of or delays in obtaining qualified personnel or equipment, including drilling rigs and completion services; the timing of our development expenditures; properties that we acquire may not produce as projected and may have unidentified liabilities; adverse weather conditions that may negatively impact development or production activities; we may incur substantial losses and be subject to liability claims as a result of our oil and gas operations, including uninsured or underinsured losses resulting from our oil and gas operations; lack of control over non-operated properties; unforeseen underperformance of or liabilities associated with acquired properties or other strategic partnerships or investments; competition in the oil and gas industry; cybersecurity attacks or failures of our telecommunication and other information technology infrastructure; our ability to comply with debt covenants, periodic redeterminations of the borrowing base under our Credit Agreement and our ability to generate sufficient cash flows from operations to service our indebtedness; our ability to generate sufficient cash flows from operations to meet the internally funded portion of our capital expenditures budget; revisions to reserve estimates as a result of changes in commodity prices, regulation and other factors; inaccuracies of our reserve estimates or our assumptions underlying them; the impacts of hedging on our results of operations; our ability to use net operating loss carryforwards in future periods; impacts to financial statements as a result of impairment write-downs and other cash and noncash charges; the impact of negative shifts in investor sentiment towards the oil and gas industry; federal and state initiatives relating to the regulation of hydraulic fracturing and air emissions; the Biden administration could enact regulations that impose more onerous permitting and other costly environmental health and safety requirements; the impact and costs of compliance with laws and regulations governing our oil and gas operations; the potential impact of changes in laws that could have a negative effect on the oil and gas industry; impacts of local regulations, climate change issues, negative perception of our industry and corporate governance standards; negative impacts from litigation and legal proceedings; and other risks described under the caption “Risk Factors” in Item 1A of our Annual Report on Form 10‑K for the period ended December 31, 2020.

Company Contact: Brandon Day
Title: Investor Relations Manager
Phone: 303-837-1661
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

MADISON, Wis.--(BUSINESS WIRE)--MGE Energy, Inc. (Nasdaq: MGEE) today reported financial results for the first quarter of 2021.

MGE Energy’s GAAP (Generally Accepted Accounting Principles) earnings for the first quarter of 2021 were $34.9 million, or $0.97 per share, compared to $26.0 million, or $0.75 per share, for the same period in the prior year.

An increase in electric investments included in rate base contributed to increased electric earnings for 2021. The Two Creeks solar project was completed in November 2020 contributing to increased electric earnings in the first quarter of 2021. Our 50-megawatt share of the project's generation will contribute to our ongoing goal of deep carbon reductions. The timing of 2021 depreciation and other operations and maintenance costs also contributed to higher electric earnings in the first quarter of 2021. Depreciation and operations and maintenance costs are expected to increase during the remainder of 2021 after significant capital projects are completed, including Badger Hollow I solar project and a new customer information system.

Ongoing remote work arrangements and colder temperatures contributed to higher electric residential sales, which increased by approximately 9% for the three months ended March 31, 2021, compared to the same period in the prior year. However, electric commercial retail sales dropped approximately 4%.

An increase in gas investments included in rate base contributed to increased gas earnings for 2021. Higher gas retail sales resulting from colder weather in the first quarter of 2021 also contributed to higher gas earnings in that period. During the first quarter of 2021, gas retail sales increased 7% compared to the same period in the prior year. The average temperature in February 2021 was approximately 13 degrees compared to 23 degrees in February 2020.

The situation around the COVID-19 pandemic remains fluid. We have been subject to and continue to follow local, state and federal public health and safety regulations and guidance to address the pandemic. We have operated continuously throughout the pandemic to ensure no material disruptions in service or employment. Our priority has and continues to be reliable and safe service for our customers. We continue to monitor the situation and manage our response.

About MGE Energy

MGE Energy is a public utility holding company. Its principal subsidiary, Madison Gas and Electric, generates and distributes electricity to 157,000 customers in Dane County, Wis., and purchases and distributes natural gas to 166,000 customers in seven south-central and western Wisconsin counties. MGE's roots in the Madison area date back more than 150 years.

Forward-looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such statements include the risks and uncertainties related to the COVID-19 pandemic as well as expenses expected for the remainder of 2021. Such forward-looking statements are based on MGE Energy’s current expectations, estimates and assumptions regarding future events, which are inherently uncertain. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to revise or update publicly any such forward-looking statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to our business in general, please refer to the “Risk Factors” sections in our Annual Report on Form 10-K for the year ended December 31, 2020 and our Quarterly Report on Form 10-Q during the three months ended March 31, 2021, filed with the Securities and Exchange Commission.

Steve B. Schultz
Corporate Communications Manager
608-252-7219 | This email address is being protected from spambots. You need JavaScript enabled to view it.

Ken Frassetto
Investor Relations
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• Companies will jointly explore development of integrated technologies for efficient and resilient power solutions for energy and industrial sectors globally
• Collaboration also covers integrated technology solutions to advance hydrogen economy

SAN JOSE, Calif. & HOUSTON--(BUSINESS WIRE)--Bloom Energy (NYSE: BE), a leader in distributed energy, and Baker Hughes (NYSE: BKR), an energy technology company, have announced and agreed to collaborate on the potential commercialization and deployment of integrated, low carbon power generation and hydrogen solutions to advance the energy transition.

Baker Hughes and Bloom Energy will begin collaborating on potential customer engagements immediately, with the objective of launching pilot projects over the next 2-3 years and fully commercializing and scaling applications, products and solutions shortly thereafter. The companies will focus efforts in three areas:

Integrated power solutions: By leveraging Bloom Energy’s solid oxide fuel cell technology (SOFC) and Baker Hughes’ light-weight gas turbine technology, the companies intend to provide efficient, resilient, and cost-effective solutions for cleaner energy generation, waste heat recovery, and grid independent power for customers.

Bloom Energy’s efficient and low emissions SOFCs, Baker Hughes’ efficient and flexible NovaLT gas turbines – which can run on up to 100% hydrogen - along with heat recovery turbines can create resilient microgrids ideal for large-scale applications.

Integrated hydrogen solutions: The companies will explore opportunities to pair Bloom Energy’s solid oxide electrolyzer cells (SOEC) that can produce 100% clean hydrogen with Baker Hughes’ compression technology for efficient production, compression, transport, and delivery of hydrogen. Waste heat utilization for steam generation will also be assessed to further increase efficiency and cost effectiveness of hydrogen production. The companies will target applications such as blending hydrogen into natural gas pipelines, as well as on-site hydrogen production for industrial use. These efforts are geared toward accelerating the transition to the hydrogen economy.

Bloom Energy’s SOEC technology coupled with Baker Hughes’ compression technology could facilitate faster adoption of hydrogen in process industries such as steel refining, where the use of heat recovery from the steel-making process could deliver higher overall system efficiencies and customer value.

Mutual technical collaborations: The companies will assess opportunities to leverage Baker Hughes’ broad technology portfolio and Bloom Energy’s SOFC and SOEC solutions. In addition to hydrogen and clean power, areas of collaboration may include carbon capture and emissions monitoring technologies, digital solutions, and additive manufacturing capabilities.

“The path to net-zero carbon emissions must include partnerships and collaboration,” said Uwem Ukpong, executive vice president of regions, alliances, and enterprise sales at Baker Hughes. “At the core of our collaboration agreement with Bloom Energy is the potential to develop integrated technology offerings for commercialization and deployment of smarter, cleaner, and more economic energy solutions. It’s a great example of how Baker Hughes is strategically pursuing ways to advance new energy frontiers and invest for growth in the industrial marketplace.”

“We believe that in combining our industry-leading technologies and expertise to provide differentiated and customized integrated solutions to customers, we can accelerate the adoption of clean energy technologies,” said Azeez Mohammed, executive vice president of international business for Bloom Energy. “This collaboration will serve as a model of how we need to look for innovative ways in which we can work together and integrate technologies and capabilities to achieve our common goals for global decarbonization and resiliency.”

Baker Hughes is a leader in turbomachinery solutions designed for a wide variety of applications across the energy value chain and providing fuel flexibility. For hydrogen, Baker Hughes provides compression and energy conversion technology and services that are used across the value chain worldwide, including production, transportation and utilization. Bloom Energy’s modular and fuel-flexible energy server platform can use biogas and hydrogen, in addition to natural gas, to create electricity at significantly higher efficiencies than traditional resources. In addition, Bloom Energy’s fuel cell technology can be used to create hydrogen, which is increasingly recognized as a critically important tool to enable the full decarbonization of the energy economy.

About Bloom Energy

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

About Baker Hughes

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

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws that involve risks and uncertainties. Words such as “anticipates,” “could,” “expects,” “intends,” “plans,” “projects,” “believes,” “seeks,” “estimates,” “can,” “may,” “will,” “would” and similar expressions identify such forward-looking statements. These statements include, but are not limited to, expectations regarding the collaboration efforts between the two companies; expectations related to potential integrated power solutions, integrated hydrogen solutions and other mutual technical solutions; and the companies’ ability to successfully commercialize and scale any potential applications. These statements should not be taken as guarantees of results and should not be considered an indication of future activity or future performance. Actual events or results may differ materially from those described in this press release due to a number of risks and uncertainties, including those included in the risk factors section of Bloom Energy’s Annual Report on Form 10-K for the year ended December 31, 2020 and other risks detailed in Bloom Energy’s SEC filings from time to time. Bloom Energy undertakes no obligation to revise or publicly update any forward-looking statements unless if and as required by law.

For Bloom Energy:

Media Relations
Erica Osian
+1 401-714-6883
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Investor Relations
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For Baker Hughes:

Media Relations
For Baker Hughes:
Tom Millas
+1 713-879-2862
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Investor Relations
Jud Bailey
+1 281-809-9088
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DUBLIN--(BUSINESS WIRE)--The "Ballast Water Treatment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.

The Ballast Water Treatment Market is expected to grow at a CAGR of 32.7% over the forecast period 2020 to 2025.

Companies Mentioned

• Wartsila Oyj Abp
• Alfa Laval AB
• Xylem Inc.
• Evoqua Water Technologies LLC
• Calgon Carbon Corporation
• Mitsubishi Heavy Industries Ltd.
• Veolia Environnement S.A.
• atg UV Technology Ltd
• Headway Technology Co., Ltd.
• Trojan Marinex Inc.
• Ecochlor, Inc.
• JFE Engineering Corporation
• Optimarin AS
• Marenco Technology Group Inc.
• Hyde Marine, Inc.

Key Market Trends

Tankers by Type to Drive the Market

• The tankers segment is anticipated to observe a notable extension in the BWT market during the forecast period. It allows for easy installation and provides relatively more space. Japan, South Korea, and China account for primary tanker production.
• Tankers are remarkably important in the shipping industry as they serve to transport large amounts of chemicals, petroleum, crude oil, and LNG, among others, across the oceans and seas. The continuously growing crude oil industry is a significant determinant commanding global trade.
• According to UNCTAD, in 2019, less than a quarter of the world's bulk carriers were fitted with ballast water treatment systems. The penetration rate was slightly higher in oil tankers, with about 12% of these vessels treated their ballast water. In contrast to this, only 1% of passenger ships had systems in place for managing their ballast water.
• According to SEALNG, as of 2019, the fleet size of vessels propelled by liquified natural gas (LNG) worldwide was expected to grow across all segments. That year, the tanker segment had 44 operational vessels, with an additional 53 in the order book, over time, boosting the growth of the market.
• Vessel scrubbers are employed to remove nitrogen oxides (NOx), sulfur oxides (SOx), and other air pollutants from exhaust gases generated by engines. According to UNCTAD, in 2019, about 3.71% of container ships in the worldwide fleet were fitted with scrubbing systems.
• The penetration rate of scrubbing systems is expected to increase following the global cap on sulfur emissions coming into force from January 1, 2020, which will consequently fuel the growth of the market.

APAC to Dominate the Market

• APAC is anticipated to hold the largest size of the ballast water treatment market during the forecast period. The presence of a considerable number of ports and harbors for the trade of oil and chemicals, automotive components, electronic components, and devices, among others, contributes to the market growth in the APAC region.
• The region further offers different types of vessels, such as containers, tankers, and other cargo ships. Since the IMO has made it compulsory to install BWT systems in the vessel, it is presumed to drive BWT systems' demand. Moreover, current trade volumes and stringent IMO regulations have encouraged the growth of this industry in APAC.
• This region remains a key growth market for Ballast Water Treatment with an addition in ocean freight volumes from multiple countries such as China, India, and South Korea to other parts of the world. It is expected that growth in the ocean freight over the subsequent years, will result in the greater adoption of the Marine Environmental Protection program, which will encourage market growth.
• An increasing number of container tankers & ships and substantial trade volume in the region further supplement the regional growth.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS

4.1 Market Overview

4.2 Marker Drivers

4.2.1 Growth in the Volume of Seaborne Trade

4.2.2 Government Actions Toward Marine Environmental Safety and Protection

4.3 Market Restraints

4.3.1 Storage of Disinfection By-products Generated Following Water Treatment

4.3.2 Costly Plan of Ballast Water Treatment Systems Coupled with Variations in IMO and USCG Regulations

4.4 Market Opportunities

4.4.1 Latest Laws to Boost the Demand for Ballast Water Treatment

4.5 Industry Attractiveness - Porter's Five Forces Analysis

4.6 Industry Value Chain Analysis

4.7 Impact of COVID-19 on the Ballast Water Treatment Market

5 MARKET SEGMENTATION

5.1 By Type

5.2 Geography

5.2.1 North America

5.2.2 Europe

5.2.3 Asia-Pacific

5.2.4 Rest of the World

6 COMPETITIVE LANDSCAPE

6.1 Company Profiles

7 INVESTMENT ANALYSIS

8 FUTURE OF THE MARKET

For more information about this report visit https://www.researchandmarkets.com/r/t9t2j

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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• Companies will jointly explore development of integrated technologies for efficient and resilient power solutions for energy and industrial sectors globally
• Collaboration also covers integrated technology solutions to advance hydrogen economy

HOUSTON & SAN JOSE, Calif.--(BUSINESS WIRE)--Baker Hughes (NYSE: BKR), an energy technology company, and Bloom Energy (NYSE: BE), a leader in distributed energy, have announced and agreed to collaborate on the potential commercialization and deployment of integrated, low carbon power-generation and hydrogen solutions to advance the energy transition.

Baker Hughes and Bloom Energy will begin collaborating on potential customer engagements immediately, with the objective of launching pilot projects over the next 2-3 years and fully commercializing and scaling applications, products and solutions shortly thereafter. The companies will focus efforts in three areas:

Integrated power solutions: By leveraging Bloom Energy’s solid oxide fuel cell technology (SOFC) and Baker Hughes’ light-weight gas turbine technology, the companies intend to provide efficient, resilient, and cost-effective solutions for cleaner energy generation, waste heat recovery, and grid independent power for customers.

Bloom Energy’s efficient and low emissions SOFCs, Baker Hughes’ efficient and flexible NovaLT gas turbines – which can run on up to 100% hydrogen - along with heat recovery turbines can create resilient microgrids ideal for large-scale applications.

Integrated hydrogen solutions: The companies will explore opportunities to pair Bloom Energy’s solid oxide electrolyzer cells (SOEC) that can produce 100% clean hydrogen with Baker Hughes’ compression technology for efficient production, compression, transport, and delivery of hydrogen. Waste heat utilization for steam generation will also be assessed to further increase efficiency and cost effectiveness of hydrogen production. The companies will target applications such as blending hydrogen into natural gas pipelines, as well as on-site hydrogen production for industrial use. These efforts are geared toward accelerating the transition to the hydrogen economy.

Bloom Energy’s SOEC technology coupled with Baker Hughes’ compression technology could facilitate faster adoption of hydrogen in process industries such as steel refining, where the use of heat recovery from the steel-making process could deliver higher overall system efficiencies and customer value.

Mutual technical collaborations: The companies will assess opportunities to leverage Baker Hughes’ broad technology portfolio and Bloom Energy’s SOFC and SOEC solutions. In addition to hydrogen and clean power, areas of collaboration may include carbon capture and emissions monitoring technologies, digital solutions, and additive manufacturing capabilities.

“The path to net-zero carbon emissions must include partnerships and collaboration,” said Uwem Ukpong, executive vice president of regions, alliances, and enterprise sales at Baker Hughes. “At the core of our collaboration agreement with Bloom Energy is the potential to develop integrated technology offerings for commercialization and deployment of smarter, cleaner, and more economic energy solutions. It’s a great example of how Baker Hughes is strategically pursuing ways to advance new energy frontiers and invest for growth in the industrial marketplace.”

“We believe that in combining our industry-leading technologies and expertise to provide differentiated and customized integrated solutions to customers, we can accelerate the adoption of clean energy technologies,” said Azeez Mohammed, executive vice president of international business for Bloom Energy. “This collaboration will serve as a model of how we need to look for innovative ways in which we can work together and integrate technologies and capabilities to achieve our common goals for global decarbonization and resiliency.”

Baker Hughes is a leader in turbomachinery solutions designed for a wide variety of applications across the energy value chain and providing fuel flexibility. For hydrogen, Baker Hughes provides compression and energy conversion technology and services that are used across the value chain worldwide, including production, transportation and utilization. Bloom Energy’s modular and fuel-flexible energy server platform can use biogas and hydrogen, in addition to natural gas, to create electricity at significantly higher efficiencies than traditional resources. In addition, Bloom Energy’s fuel cell technology can be used to create hydrogen, which is increasingly recognized as a critically important tool to enable the full decarbonization of the energy economy.

About Baker Hughes

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

About Bloom Energy

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

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws that involve risks and uncertainties. Words such as “anticipates,” “could,” “expects,” “intends,” “plans,” “projects,” “believes,” “seeks,” “estimates,” “can,” “may,” “will,” “would” and similar expressions identify such forward-looking statements. These statements include, but are not limited to, expectations regarding the collaboration efforts between the two companies; expectations related to potential integrated power solutions, integrated hydrogen solutions and other mutual technical solutions; and the companies’ ability to successfully commercialize and scale any potential applications. These statements should not be taken as guarantees of results and should not be considered an indication of future activity or future performance. Actual events or results may differ materially from those described in this press release due to a number of risks and uncertainties, including those included in the risk factors section of Bloom Energy’s Annual Report on Form 10-K for the year ended December 31, 2020 and other risks detailed in Bloom Energy’s SEC filings from time to time. Bloom Energy undertakes no obligation to revise or publicly update any forward-looking statements unless if and as required by law.

For Baker Hughes:

Media Relations
For Baker Hughes:
Tom Millas
+1 713-879-2862
This email address is being protected from spambots. You need JavaScript enabled to view it.

Investor Relations
Jud Bailey
+1 281-809-9088
This email address is being protected from spambots. You need JavaScript enabled to view it.

For Bloom Energy:

Media Relations
Erica Osian
+1 401-714-6883
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Investor Relations
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DUBLIN--(BUSINESS WIRE)--The "Global Subsea Manifolds Market 2021-2025" report has been added to ResearchAndMarkets.com's offering.

The publisher has been monitoring the subsea manifolds market and it is poised to grow by $ 07.38 million during 2021-2025, progressing at a CAGR of almost 3% during the forecast period.

The report on the subsea manifolds market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.

The report offers an up-to-date analysis regarding the current global market scenario, latest trends and drivers, and the overall market environment. The market is driven by the growth in demand for oil and natural gas and the rise in deepwater and ultra-deepwater E&P activities.

The subsea manifolds market analysis includes the application segment and geographic landscape. This study identifies the increase in global offshore rig count as one of the prime reasons driving the subsea manifolds market growth during the next few years.

Companies Mentioned

• ABB Ltd.
• Aker Solutions ASA
• Baker Hughes Co.
• Dril-Quip Inc.
• ITT Inc.
• National Oilwell Varco Inc.
• Schlumberger Ltd.
• TechnipFMC Plc
• Weatherford International Plc
• Worldwide Oilfield Machine

The report on the subsea manifolds market covers the following areas:

• Subsea manifolds market sizing
• Subsea manifolds market forecast
• Subsea manifolds market industry analysis

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

The publisher presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers. The data presented is comprehensive, reliable, and a result of extensive research - both primary and secondary. The market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast the accurate market growth.

Key Topics Covered:

1. Executive Summary

• Market overview

2. Market Landscape

• Market ecosystem
• Value chain analysis

3. Market Sizing

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

4. Five Forces Analysis

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

5. Market Segmentation by Application

• Market segments
• Comparison by Application
• Production - Market size and forecast 2020-2025
• Injection - Market size and forecast 2020-2025
• Market opportunity by Application

6. Customer landscape

7. Geographic Landscape

• Geographic segmentation
• Geographic comparison
• Europe - Market size and forecast 2020-2025
• APAC - Market size and forecast 2020-2025
• North America - Market size and forecast 2020-2025
• MEA - Market size and forecast 2020-2025
• South America - Market size and forecast 2020-2025
• Key leading countries
• Market opportunity by geography
• Market drivers
• Market challenges
• Market trends

8. Landscape

• Overview
• Vendor landscape
• Landscape disruption

9. Vendor Analysis

• Vendors covered
• Market positioning of vendors

10. Appendix

• Scope of the report
• Currency conversion rates for US$
• Research methodology
• List of abbreviations

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

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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HOUSTON--(BUSINESS WIRE)--Chesapeake Granite Wash Trust (OTC Markets Group, Inc.:CHKR) (the “Trust”) today announced that its common unit distribution for the quarter ended March 31, 2021 (which primarily relates to production attributable to the Trust’s royalty interests from December 1, 2020 through February 28, 2021) will be $0.0467 per common unit. The distribution will be paid on June 1, 2021 to common unitholders of record at the close of business on May 20, 2021.

The following table provides supporting documentation, for the calculation of distributable income available to unitholders for the production period from December 1, 2020 through February 28, 2021.

Due to the timing of the payment of production proceeds to the Trust, quarterly distributions generally include royalties attributable to sales of oil, natural gas liquids and natural gas for three months, including the first two months of the quarter just ended and the last month of the prior quarter.

The Trust owns royalty interests in certain oil and natural gas properties in the Colony Granite Wash play in Washita County, Oklahoma. The Trust is entitled to receive proceeds from the sale of production attributable to the royalty interests. As described in the Trust’s filings with the Securities and Exchange Commission (the “SEC”), the amount of Trust revenues and the quarterly distributions to Trust unitholders will fluctuate from quarter to quarter, depending on the sales volume of oil, natural gas liquids and natural gas attributable to the Trust’s royalty interests and the prices received for such sales and the amount of the Trust’s administrative expenses, among other factors.

For additional information regarding the Trust and its results of operations and financial condition, please refer to the Trust’s SEC filings.

ABOUT CHESAPEAKE GRANITE WASH TRUST:

Pursuant to IRC Section 1446, withholding tax on income effectively connected to a U.S. trade or business allocated to foreign partners should be made at the highest marginal rate. Under Section 1441, withholding tax on fixed, determinable, annual, periodic income from U.S. sources allocated to foreign partners should be made at 30% of gross income unless the rate is reduced by treaty. This release is intended to be a qualified notice to nominees and brokers as provided for under Treasury Regulation Section 1.1446-4(b) by the Trust, and while specific relief is not specified for Section 1441 income, this disclosure is intended to suffice. For distributions made to foreign partners, nominees and brokers should withhold at the highest effective tax rate.

This news release contains statements that are “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. All statements contained in this news release, other than statements of historical facts, are “forward-looking statements” for purposes of these provisions. The anticipated distribution discussed herein is based, in part, on the amount of cash received or expected to be received by the Trust with respect to the relevant quarterly period. Any differences in actual cash receipts by the Trust could affect this distributable amount. Other important factors that could cause actual results to differ materially include the COVID-19 pandemic and related economic turmoil, expenses of the Trust and reserves for anticipated future expenses. The Trustee neither intends and neither assumes any obligation, to update any of the statements included in this news release. An investment in common units issued by the Trust is subject to the risks described in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2020, as well as other risks identified in the Trust’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC. The Trust’s annual, quarterly and other filed reports are or will be available at the SEC’s website at www.sec.gov. The Trust does not intend, and assumes no obligations, to update any of the statements included in this news release.

The Bank of New York Mellon Trust Company, N.A.
Monika Rusin
212-815-5787
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CHARLOTTESVILLE, Va.--(BUSINESS WIRE)--The Community Climate Collaborative (C3) announced the launch of a newly-formed alliance of sixteen Virginia-based businesses and nonprofits to address climate change and ready our economy for a clean energy future. Governor Ralph Northam spoke at a press conference Wednesday, May 5^th, at Sentara Martha Jefferson Hospital to introduce the Green Business Alliance (GBA), and their ambitious target to reduce their collective climate emissions by 45% by 2025, nearly five years earlier than a recent target set by the Biden Administration.

“While 30% of Fortune 500 businesses have made declarations of climate emissions reductions, smaller companies, which comprise 99.5% of Virginia businesses, also have a leadership role to play in helping the Commonwealth meet its climate goals,” said C3 Executive Director, Susan Kruse. “The launch of the GBA demonstrates that small and medium-size businesses can embrace climate leadership and take action in support of local, state, and national goals.”

“Virginia-based businesses are an essential part of our economy and our communities, and they will also be essential partners in reaching our climate goals,” said Governor Ralph Northam. “We need all hands on deck, and it is an honor to highlight these successful home-grown businesses who are working to ensure a sustainable future for all Virginians.”

GBA members employ more than 2,300 employees, represent key industry sectors, and are recognized influencers statewide, nationally, and some internationally.

“Carter Myers Automotive is honored to be part of the GBA. Working with courageous, forward thinking local leaders on such an important issue has been validating for our own actions and yet challenging because we all know we can do more,” said Liza Borches, CEO/President, Carter Myers Automotive dealerships, a company with 16 dealerships across the Commonwealth.

“The health of our planet is obviously critical to the health of our people, so it is our responsibility to make sustainable choices for future generations. Business leaders in our community have a strong sense of environmental responsibility, and it is a privilege to collaborate with them. We are excited to host the GBA press conference on May 5^th,” said Catherine Hughes, Executive Director for Sentara Martha Jefferson Hospital, who also spoke at the event.

Gordon Sutton, President of Tiger Fuel added, “Tiger Fuel company is a homegrown Virginia business that has been proudly engaged in the communities we serve for the last 39+ years. We feel like joining the GBA is the right thing to do for our company, our community, and our environment. Businesses like ours are the backbone of our economy and we have a tremendous opportunity here to support climate action while we support our business as well.”

Kelli Palmer, Head, Global Inclusion & Diversity and Corporate Citizenship at CFA Institute, rounded out the event speakers stating, “CFA Institute is proud to join the inaugural Green Business Alliance in Charlottesville, Virginia, and connect with other like-minded organizations that are committed to reducing their environmental impact and promoting sustainability in pursuit of environmental excellence.”

The inaugural 16 members include the following companies:

Apex Clean Energy
CFA Institute
CMA Colonial Nissan
CMA Volvo Cars of Charlottesville
Hantzmon Wiebel
Harvest Moon Catering
Indoor Biotechnologies
Legal Aid Justice Center
Quantitative Investment Management
Red Light Management
Sentara Martha Jefferson Hospital
Sigora Solar
Sun Tribe Solar
The Center
Tiger Fuel Company
WillowTree

About the Community Climate Collaborative

The Community Climate Collaborative aims to bring communities together to lead on climate by working closely with schools, businesses, citizens, and local governments to implement carbon emissions reductions, develop climate action plans, and enact equitable policies that accelerate climate action. theclimatecollaborative.org/gba

Press:
Teri Kent, Director of Programs and Communication, Community Climate Collaborative, 434-466-5157 or This email address is being protected from spambots. You need JavaScript enabled to view it..

Earns $0.72 earnings per share; reaffirms annual earnings guidance

BRYN MAWR, Pa.--(BUSINESS WIRE)--Essential Utilities Inc. (NYSE: WTRG) (“Essential”), today reported results for the first quarter ended March 31, 2021.

“We are pleased with our strong financial results for the first quarter of the year as we mark our one-year anniversary as Essential. As we move forward in 2021, we are reminded that it is the dedication to our mission of providing essential natural resources that has allowed us to become a 135-year-old company that has been on the New York Stock Exchange for 50 years,” said Essential Chairman and Chief Executive Officer Christopher Franklin.

Operating Results
Year over year comparisons were impacted by the Peoples transaction, which closed on March 16, 2020, and thereby was only included for 16 days in the first quarter of 2020. Essential reported net income of $183.7 million (GAAP) for the first quarter 2021, or $0.72 per share (GAAP), compared to $51.8 million, or $0.20 per share, for the first quarter 2020. Results for the first quarter of 2021 include the operating results of Peoples, which comprises the company’s regulated natural gas segment. For the first quarter of 2020, adjusted income and adjusted income per share (both non-GAAP financial measures) excluded Peoples-related transaction expenses and included a normalized pro forma adjustment for the Peoples operating results for the period January 1, 2020 to March 15, 2020 to provide the basis for a 2020 full-year run rate of operating results. Adjusting for those items, Essential’s adjusted income in the first quarter of 2020 was $153.7 million (non-GAAP), or $0.60 per share (non-GAAP). When compared to the adjusted income in the first quarter 2020, earnings increased 19.5%. Please refer to the reconciliation of GAAP to non-GAAP financial measures later in this press release for additional information on Essential’s use of non-GAAP financial measures as a supplement to its GAAP results.

Revenues for the quarter were $583.6 million, an increase of 128.3% compared to $255.6 million in the first quarter of 2020. The natural gas utility contributed $315.8 million of this revenue growth, while the remainder was due to rate and surcharge increases, growth, and increased volume in the regulated water segment. Operations and maintenance expenses increased to $125.1 million for the first quarter of 2021 compared to $106.6 million in the first quarter of 2020. The increase in operations and maintenance expenses was primarily a result of additional operations and maintenance expenses of $42.9 million from the acquisition of Peoples for the full period, offset by the impact of the Peoples transaction-related expenses of $25.4 million in the prior year.

The regulated water segment reported revenues for the quarter of $228.4 million, an increase of 5.6% compared to $216.2 million in the first quarter of 2020. Rates and surcharges, growth, and increased volume were the largest contributors to the increase in revenues for the period. Operations and maintenance expenses for the regulated water segment increased to $78.3 million for the first quarter of 2021. Adjusted for growth, COVID-related bad debt, and increased pension expenses, regulated water segment operations and maintenance increased in line with historical experience.

The regulated natural gas segment reported revenues for the first quarter of 2021 of $343.1 million. Operations and maintenance for the same period for the regulated natural gas segment were $51.3 million, and purchased gas costs were $122.9 million.

Dividend
On April 14, 2021, Essential’s board of directors declared a quarterly cash dividend of $0.2507 per share of common stock. This dividend will be payable on June 1, 2021 to shareholders of record on May 14, 2021. The company has paid a consecutive quarterly cash dividend for more than 76 years.

Financing
On March 4, the company priced $100 million of First Mortgage Bonds (“FMB”) for Aqua Ohio with a weighted-average tenor of 20 years and a weighted-average coupon rate of 2.86%. Upon closing on April 15, 2021, the proceeds of these bonds were used for general corporate purposes. On April 19, Essential completed a $400 million public debt offering of 10-year notes issued at 2.40%. The company used these proceeds to pay down short-term borrowings and credit lines. As of April 30, after considering the effects of these financings, the company had $1.1 billion of capacity to borrow on various credit facilities.

Water Utility Acquisition Growth
Essential’s continued acquisition growth allows the company to provide safe and reliable water and wastewater service to an even larger customer base. The company previously announced six signed purchase agreements for additional water and wastewater systems that are expected to serve approximately 227,000 equivalent retail customers or equivalent dwelling units and add approximately $438 million in rate base in three of our existing states. This includes the company’s previously announced agreement to acquire the Delaware County Regional Water Quality Control Authority (DELCORA) for $276.5 million. DELCORA, a Pennsylvania sewer authority, serves approximately 198,000 equivalent dwelling units in the Philadelphia suburbs. In April 2021, the company signed an asset purchase agreement for a $12.5 million acquisition of a municipal water system in Illinois, representing approximately 4,000 equivalent dwelling units.

The pipeline of potential water and wastewater municipal acquisitions the company is actively pursuing represents approximately 395,000 total customers or equivalent dwelling units. On average, the company remains on track to annually increase customers between 2 and 3% through acquisitions and organic customer growth.

Capital Expenditures
Essential invested approximately $178 million in the first three months of the year to improve its regulated water and natural gas infrastructure systems and to enhance its customer service across its operations. The company remains on track to invest approximately $1 billion in 2021 to replace and expand its water and wastewater utility infrastructure and to replace and upgrade its natural gas utility infrastructure, leading to significant reductions in methane emissions that occur in aged gas pipes. In total, infrastructure investments of approximately $3 billion are expected through 2023 to improve water and natural gas systems and better serve our customers through improved information technology. The capital investments made to rehabilitate and expand the infrastructure of the communities Essential serves are critical to its mission of safely and reliably delivering Earth’s most essential resources.

Rate Activity
To date in 2021, the company’s regulated water segment received rate awards or infrastructure surcharges in New Jersey, North Carolina, Ohio, Pennsylvania, Illinois, and Indiana of $13.5 million. The company currently has a proceeding pending in Virginia for its regulated water segment, which would add an estimated $1.7 million in incremental revenue. Additionally, the company’s regulated natural gas segment has received rate awards or infrastructure surcharges in Pennsylvania and Kentucky totaling an estimated increase to annualized revenues of $1.1 million.

Reaffirms 2021 Essential Guidance
Essential continues to monitor the effects of the COVID-19 pandemic on its customers, employees and the business and will update guidance impacts from the pandemic in the future if needed. The following continues to be the company’s 2021 full-year guidance:

• Net income per diluted common share of $1.64 to $1.69
• Earnings per share growth CAGR of 5 to 7% for 2020 through 2023
• Regulated water segment infrastructure investments of approximately $550 million in 2021
• Regulated natural gas segment infrastructure investments of approximately $450 million in 2021
• Infrastructure investments of approximately $3 billion through 2023 to rehabilitate and strengthen water, wastewater and natural gas systems
• Regulated water segment rate base compound annual growth rate of 6 to 7% through 2023
• Regulated natural gas segment rate base compound annual growth rate of 8 to 10% through 2023
• Average annual regulated water segment customer (or equivalent dwelling units) growth of between 2 and 3% from acquisitions and organic customer growth
• Gas customer count stable for 2021
• Reduction of Scope 1 and Scope 2 greenhouse gas emissions by 60% by 2035
• Multiyear plan to increase diverse supplier spend to 15%
• Multiyear plan to achieve 17% employees of color

Essential Utilities does not guarantee future results of any kind. Guidance is subject to risks and uncertainties, including, without limitation, those factors outlined in the “Forward Looking Statements” of this release and the “Risk Factors” section of the company’s annual and quarterly reports filed with the Securities and Exchange Commission.

Earnings Call Information
Date: May 6, 2021
Time: 11 a.m. EDT (please dial in by 10:45 a.m.)
Webcast and slide presentation link: https://www.essential.co/events-and-presentations/events-calendar
Replay Dial-in #: 888.203.1112 (U.S.) & +1 719.457.0820 (International)
Confirmation code: 1612923
The company’s conference call with financial analysts will take place Thursday, May 6, 2021 at 11 a.m. Eastern Daylight Time. The call and presentation will be webcast live so that interested parties may listen over the internet by logging on to Essential.co and following the link for Investors. The conference call will be archived in the Investor Relations section of the company’s website for 90 days following the call. Additionally, the call will be recorded and made available for replay at 2 p.m. on May 6, 2021 for 10 business days following the call. To access the audio replay in the U.S., dial 888-203-1112 (pass code 1612923). International callers can dial +1 719-457-0820 (pass code 1612923).

About Essential
Essential is one of the largest publicly traded water, wastewater and natural gas providers in the U.S., serving approximately 5 million people across 10 states under the Aqua and Peoples brands. Essential is committed to excellence in proactive infrastructure investment, regulatory expertise, operational efficiency and environmental stewardship. The company recognizes the importance water and natural gas play in everyday life and is proud to deliver safe, reliable services that contribute to the quality of life in the communities it serves. For more information, visit http://www.essential.co.

Forward-looking statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others: the guidance range of adjusted income per diluted common share for the fiscal year ending in 2021; the 3-year earnings growth from 2021 to 2023; the projected total regulated water segment customer growth for 2021; the anticipated amount of capital investment in 2021; the anticipated amount of capital investment from 2021 through 2023; the reduction of Scope 1 and Scope 2 greenhouse gas emissions by 60% by 2035, the company’s ability to increase diverse supplier spend to 15%, the company’s ability to achieve 17% employees of color, and the company’s anticipated rate base growth from 2021 through 2023. There are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements including: disruptions in the global economy; financial and workforce impacts from the COVID-19 pandemic; the continuation of the company's growth-through-acquisition program; the company’s continued ability to adapt itself for the future and build value by fully optimizing company assets; general economic business conditions; the company’s ability to fund needed infrastructure; housing and customer growth trends; unfavorable weather conditions; the success of certain cost-containment initiatives; changes in regulations or regulatory treatment; availability and access to capital; the cost of capital; disruptions in the credit markets; the success of growth initiatives; the company’s ability to successfully close municipally owned systems presently under agreement; the company’s ability to continue to deliver strong results; the company’s ability to continue to pay its dividend, add shareholder value and grow earnings; municipalities’ willingness to privatize their water and/or wastewater utilities; the company’s ability to control expenses and create and maintain efficiencies; the company’s ability to acquire municipally owned water and wastewater systems listed in its “pipeline”; and other factors discussed in our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q, which are filed with the Securities and Exchange Commission. For more information regarding risks and uncertainties associated with Essential's business, please refer to Essential's annual, quarterly and other SEC filings. Essential is not under any obligation - and expressly disclaims any such obligation - to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.

WTRGF

Essential Utilities, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Financial Measures
(In thousands, except per share amounts)
(Unaudited)

The Company is providing disclosure of the reconciliation of the non-GAAP financial measures to the most comparable GAAP financial measures. The Company believes that the non-GAAP financial measures "adjusted income" and "adjusted income per common share" provide investors the ability to measure the Company’s financial operating performance by adjustment, which is more indicative of the Company’s ongoing performance and is more comparable to measures reported by other companies. The Company further believes that the presentation of these non-GAAP financial measures is useful to investors as a more meaningful way to compare the Company’s operating performance against its historical financial results.

This reconciliation includes a presentation of the non-GAAP financial measures “adjusted income” and “adjusted income per common share” and have been adjusted for the following items:

(1) Transaction-related expenses for the Company's Peoples acquisition that closed on March 16, 2020, which consists of costs recorded as operations and maintenance expenses for the three months ended March 31, 2020 of $25,397, primarily representing expenses associated with investment banking fees, obtaining regulatory approvals, legal expenses, and integration planning;

(2) In order to illustrate the full-year 2020 effects of the Peoples acquisition as if this transaction closed on January 1, 2020, this adjustment includes both the estimated impact of Peoples Gas pre-tax operating results for the period in 2020 prior to closing from January 1, 2020 to March 15, 2020, as well as the additional net interest expense expected to have been incurred for partially funding the estimated purchase price of Peoples; and

(3) The income tax impact of the non-GAAP adjustments described above.

These financial measures are measures of the Company’s operating performance that do not comply with U.S. generally accepted accounting principles (GAAP), and are thus considered to be “non-GAAP financial measures” under applicable Securities and Exchange Commission regulations. These non-GAAP financial measures are derived from our consolidated financial information, if available, and is provided to supplement the Company's GAAP measures, and should not be considered as a substitute for measures of financial performance prepared in accordance with GAAP.

The following reconciles our GAAP results to the non-GAAP information we disclose :

Brian Dingerdissen
Essential Utilities Inc.
Investor Relations
O: 610.645.1191
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Dan Lockwood
Communications and Marketing
856.981.5497
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New solution tracks exact location, temperature, humidity, motion, and light exposure throughout a package’s shipping journey and seamlessly integrates with the Airspace platform

SAN DIEGO--(BUSINESS WIRE)--#AI--Airspace, the leader in time-critical shipping, launches AirTrace^TM – the industry’s first fully integrated solution to monitor time-critical shipments in real time through the Airspace platform. About the size of a small mobile phone, the tracking device — paired with AirTrace’s integration within the Airspace platform — is placed within packages shipped via Airspace to monitor the exact location, temperature, humidity, motion, shock, and light exposure of the package within a set time period as determined by each customer’s unique needs. The entire journey of the shipment is tracked and visible to clients in real time on the Airspace platform and shareable reports are available on demand.

With a focus on ease of use, Airspace enables users to simply enter the AirTrace ID into their shipping details in the Airspace platform and drop the tracking device supplied by Airspace in their package. Once AirTrace is enabled, the system monitors the shipment’s exact location, temperature, humidity, shock, motion, and light exposure in real time within the Airspace platform. No special labeling, documentation, or routing entry to third-party platforms is required.

“We created AirTrace to solve a major pain point for our customers – real-time transparency of their urgent packages,” said Nick Bulcao, Airspace Co-Founder and CEO. “When you are shipping organs for transplant, COVID-19 vaccines, and other delicate life-saving goods, it’s critical to track and monitor those shipments every step of the way in order to trust that your time-critical goods will be delivered securely and on time. In our industry, this can often mean the difference between life and death.”

Airspace has already set new standards for the logistics industry. In March, Airspace launched its patented Logistical Management System — an industry-first, automated solution that uses machine learning and artificial intelligence — to create optimal shipping routes within just seconds, as opposed to the industry standard of over an hour. This technology, combined with AirTrace, enables users to route, ship, and monitor time-critical packages faster and more transparently than ever experienced in the logistics industry.

“Our technology aims to fundamentally raise the bar for time-critical shipping. First, we created a platform to find the most optimal path for transporting a package from pickup to destination using machine learning and AI. This significantly increased routing speeds and certainty of delivery,” said Airspace Co-Founder and CTO Ryan Rusnak. “With AirTrace, our customers can monitor their package through its entire journey knowing it’s on the fastest possible route and it’s safe.”

See Rusnak explain what makes AirTrace a game-changer for time-critical shipments in this video.

Airspace has shipped over 500,000 packages to date, many of them organs for transplant and other critical healthcare shipments, and estimates those deliveries have positively impacted more than 180,000 lives. The company is on pace to grow by over 100% in 2021 as the number of customers looking for fast and secure time-critical logistics services continues to expand rapidly.

Airspace offers three AirTrace pricing plans to fit every organization's unique shipping needs.

About Airspace

Airspace, founded in 2016, has grown to be a leading global delivery network for time-critical logistics. Airspace makes shipping faster, safer, and more transparent than ever through people, service, and technology. Our vision is to create the most trusted delivery network the world has ever seen, operating 24/7/365. To learn more, visit www.airspace.com. Follow Airspace: Twitter, Facebook, Instagram, LinkedIn, and YouTube.

Editors’ Note: photos available upon request

Hilary McCarthy
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774.364.1440

VANCOUVER, British Columbia--(BUSINESS WIRE)--$GRN #GRN--Greenlane Renewables Inc. (“Greenlane”) (TSX: GRN / FSE: 52G) will announce its 2021 first quarter financial results on Wednesday, May 12^th, 2021 after markets close, followed by a conference call at 5:00 PM ET (2:00 PM PT). Representing management will be Brad Douville, President and Chief Executive Officer and Lynda Freeman, Chief Financial Officer. A question and answer period with analysts will follow brief remarks from management.

Live Conference Call

The public is invited to listen to the conference call in real time by telephone. To access the conference call by telephone, please dial: 1-800-319-4610 (Canada & USA toll-free) or 604-638-5340. Callers should dial in 5-10 minutes prior to the scheduled start time and ask to join the Greenlane Renewables conference call.

Shortly after the conference call, the replay will be archived on the Greenlane Renewables website and replay will be available in streaming audio and a downloadable MP3 file.

About Greenlane Renewables

Greenlane Renewables is a leading global provider of biogas upgrading systems that are helping decarbonize natural gas. Our systems produce clean, low-carbon and carbon-negative renewable natural gas from organic waste sources including landfills, wastewater treatment plants, dairy farms, and food waste, suitable for either injection into the natural gas grid or for direct use as vehicle fuel. Greenlane is the only biogas upgrading company offering the three main technologies: water wash, pressure swing adsorption, and membrane separation. With over 30 years industry experience, patented proprietary technology, and over 125 biogas upgrading systems sold into 19 countries worldwide, including the world’s largest biogas upgrading facility, Greenlane is inspired by a commitment to helping waste producers, gas utilities or project developers turn a low-value product into a high-value low-carbon renewable resource. For further information, please visit www.greenlanerenewables.com.

Incite Capital Markets
Eric Negraeff / Darren Seed
Ph: 604.493.2004
Brad Douville, President & CEO, Greenlane Renewables
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Q1 Revenue of $194.0 million; an increase of 23.8% year-over-year

Q1 GAAP Gross Margin of 28.2%; Non-GAAP Gross Margin of 29.7%

Profitable service business in Q1, GAAP and Non-GAAP

Q1 GAAP Operating Margin of (7.4%); Non-GAAP Operating Margin of 1.4%

Q1 GAAP EPS of $(0.15); Adjusted EPS of $(0.07)

SAN JOSE, Calif.--(BUSINESS WIRE)--$BE #earnings--Bloom Energy Corporation (NYSE: BE) today announced financial results for its first quarter ended March 31, 2021.

First Quarter Financial Highlights

• Revenue of $194.0 million in the first quarter of 2021, an increase of 23.8% compared to revenue of $156.7 million in the first quarter of 2020. Product revenue of $137.9 million in the first quarter of 2021, an increase of 38.5% from the first quarter of 2020, primarily driven by a 40.2% increase in acceptances.
• 359 acceptances, or 35.9 megawatts (MW) in the first quarter of 2021, a 40.2% increase year-over-year. Acceptance typically occurs upon transfer of control to our customers, which is either at the time when systems are shipped and delivered to our customers, or when the system is turned on and producing full power.
• Gross margin of 28.2% in the first quarter of 2021, an increase of 15.5 percentage points compared to gross margin of 12.7% in the first quarter of 2020, primarily driven by an improvement in product gross margin from 27.2% to 36.7% over the same period, a decline in installation revenue and associated margin dilution, and achievement of positive service gross margin.
• Non-GAAP gross margin was 29.7% in the first quarter of 2021, an increase of 13.5 percentage points compared to non-GAAP gross margin of 16.2% in the first quarter of 2020, primarily driven by an improvement in product and service gross margin.
• Operating margin of (7.4%) in the first quarter of 2021, an improvement of 22.2 percentage points compared to operating margin of (29.6%) in the first quarter of 2020, driven by the improvements in gross margin.
• Non-GAAP operating margin was 1.4% in the first quarter of 2021, an improvement of 16.3 percentage points compared to non-GAAP operating margin of (14.9%) in the first quarter of 2020, driven by the improvements in gross margin.
• GAAP EPS of $(0.15) and Adjusted EPS of $(0.07) in the first quarter of 2021, compared to GAAP EPS of $(0.61) and Adjusted EPS of $(0.34) in the first quarter of 2020, driven by improvements in gross margin and reduction in interest expenses due to refinancing of our notes at a lower interest rate in 2020.

KR Sridhar, founder, chairman, and chief executive officer, Bloom Energy, commented: “We are off to a strong start in 2021 and are performing just as we thought we would. We are continuing to make progress on our five growth levers that capitalize on the flexibility and adaptability of our core platform technology – the Bloom Energy Server. The focus on infrastructure, resiliency, reliability and clean energy solutions in the U.S. and around the world is significant and we are confident that our solutions fit the need and demand, which will lead to growth for years to come.”

Greg Cameron, EVP and chief financial officer, Bloom Energy, commented: “We delivered solid financial results - growing revenue and increasing margins, while achieving record acceptances. We continue to make great strides in reducing costs, while investing for the future. We are confident in our guidance and are on the way to being a $1 billion revenue business that is well positioned for future growth.”

Summary of Key Financial Metrics

Revenue

Revenue of $194.0 million in the first quarter of 2021, an increase of 23.8% compared to revenue of $156.7 million in the first quarter of 2020, primarily driven by a $38.4 million increase in product revenue and a $11.3 million increase in service revenue partially offset by a $14.0 million decrease in installation revenue.

Product revenue increased $38.4 million, or 38.5%, in the first quarter of 2021 as compared to the prior year period, primarily driven by the 40.2% increase in product acceptances enabled by the expansion of our Community Distributed Generation program. Product revenue was minimally impacted by price reduction on a per unit basis in the first quarter of 2021 as compared to the prior year period.

Installation revenue decreased $14.0 million, in the first quarter 2021 as compared to the prior year period. This decrease in installation revenue was driven by site mix as many of the acceptances did not have installation, either because the installation was done by our partner in the Republic of Korea, or, for a specific customer, the final installation will be completed later in the year although the Energy Servers were delivered and accepted in the current quarter.

Margin

GAAP gross margin in the first quarter of 2021 was 28.2%, up 15.5 percentage points compared to 12.7% in the first quarter of 2020. Non-GAAP gross margin in the first quarter of 2021 was 29.7%, up 13.5 percentage points compared to 16.2% in the first quarter of 2020. The improvement in gross margin was primarily driven by higher product and service margins.

Product gross margin in the first quarter of 2021 was 36.7%, up 9.5 percentage points compared to 27.2% in the first quarter of 2020 as our per unit product cost reduction of 12.3% outpaced our minimal product price reductions.

Service gross margin in the first quarter of 2021 was positive at 0.8%, up 24.0 percentage points compared to (23.2%) in the first quarter of 2020. This increase was due to the significant improvements in power module life, cost reductions, our actions to proactively manage the fleet optimizations, and international growth, primarily in the Republic of Korea.

Balance Sheet

Our cash position, including restricted cash, as of March 31, 2021 was $365.7 million, compared to $416.7 million as of December 31, 2020. We ended the first quarter of 2021 with $522.2 million of debt, a decrease of $4.9 million from the fourth quarter of 2020.

2021 Outlook

We announced the following outlook for the full year of 2021:

• Revenue: $950 million - $1 billion
• Non-GAAP Gross Margin*: ~25%
• Non-GAAP Operating Margin*: ~3%
• Cash Flow from Operations: Approaching Positive

*Non-GAAP gross margin and non-GAAP operating margin only exclude stock-based compensation.

Conference Call Details

We will host a conference call today, May 5, 2021, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss our financial results. To participate in the live call, analysts and investors may call +1 (833) 520-0063 and enter the passcode: 8548909. Those calling from outside the United States may dial +1 (236) 714-2197 and enter the same passcode: 8548909. A simultaneous live webcast will also be available under the Investor Relations section on our website at https://investor.bloomenergy.com/. Following the webcast, an archived version will be available on our website for one year. A telephonic replay of the conference call will be available for one week following the call, by dialing +1 (800) 585-8367 or +1 (416) 621-4642 and entering passcode 8548909.

Use of Non-GAAP Financial Measures

This release includes certain non-GAAP financial measures as defined by the rules and regulations of the Securities and Exchange Commission (SEC). These non-GAAP financial measures are in addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with U.S. GAAP. There are a number of limitations related to the use of these non-GAAP financial measures versus their nearest GAAP equivalents. For example, other companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. We urge you to review the reconciliations of our non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures set forth in this press release, and not to rely on any single financial measure to evaluate our business. With respect to our expectations regarding our 2021 Outlook, we are not able to provide a quantitative reconciliation of non-GAAP gross margin and non-GAAP operating margin measures to the corresponding GAAP measures without unreasonable efforts.

About Bloom Energy

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

Forward-Looking Statements

This press release contains certain forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “will,” and “would” or the negative of these words or similar terms or expressions that concern our expectations, strategy, priorities, plans or intentions. These forward-looking statements include, but are not limited to, our ability to continue to make progress on our five growth levers; our expectations that our solutions fit the need and demand for future growth; our ability to continue to reduce costs and invest in the future; and our financial outlook for 2021. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results due to a variety of factors including, but not limited to, our limited operating history, the emerging nature of the distributed generation market, the significant losses we have incurred in the past, the significant upfront costs of our Energy Servers and our ability to secure financing for our products, our ability to service our existing debt obligations, our ability to be successful in new markets, the risk of manufacturing defects, the accuracy of our estimates regarding the useful life of our Energy Servers, delays in the development and introduction of new products or updates to existing products, our ability to drive cost reductions, the availability of rebates, tax credits and other tax benefits, our reliance on tax equity financing arrangements, our reliance upon a limited number of customers, our lengthy sales and installation cycle, construction, utility interconnection and other delays and cost overruns related to the installation of our Energy Servers, business and economic conditions and growth trends in commercial and industrial energy markets, global economic conditions and uncertainties in the geopolitical environment, overall electricity generation market, the impact of the COVID-19 pandemic on the global economy and its potential impact on our business, our ability to protect our intellectual property, and other risks and uncertainties detailed in our SEC filings from time to time. More information on potential factors that may impact our business are set forth in our periodic reports filed with the SEC, including our Annual Report on Form 10-K for the year ended on December 31, 2020 as filed with the SEC on February 26, 2021, as well as subsequent reports filed with or furnished to the SEC from time to time. These reports are available on our website at www.bloomenergy.com and the SEC’s website at www.sec.gov. We assume no obligation to, and do not currently intend to, update any such forward-looking statements.

The Investor Relations section of our website at investor.bloomenergy.com contains a significant amount of information about Bloom Energy, including financial and other information for investors. We encourage investors to visit this website from time to time, as information is updated and new information is posted.