WALLINGFORD, Conn.--(BUSINESS WIRE)--#Containerized--Nel Hydrogen Electrolyser, a division of Nel ASA (Nel, OSE:NEL), received a purchase order for a 2 MW, fully containerized MC400 electrolyser from H2 Energy.

"This is a new milestone achieved in the development of a commercial green hydrogen infrastructure, clearly showing that hydrogen for heavy duty vehicles is a reality today. We are proud that our compact PEM containerized solution has been selected for this second site to supply the refueling stations network," says Raymond Schmid, VP Sales and Marketing EMEA, Nel Hydrogen Electrolyser.

The 2 MW PEM electrolyser is the second system to be delivered as part of the green hydrogen infrastructure network that is currently supplying hydrogen to the first 46 Hyundai trucks already operating in Switzerland and aiming to reach a fleet of 1,600 by 2025. The system will be filling 350 barg trailers directly at site to dispatch the hydrogen to the Hydrospider network in Switzerland.

H2 Energy is working together with various partners to establish a nation‐wide network of hydrogen stations and corresponding supply chain in Switzerland as well as abroad. H2 Energy is focusing on producing only renewable energy-based hydrogen to contribute to the decarbonization of various sectors.

About Nel ASA | www.nelhydrogen.com

Nel is a global, dedicated hydrogen company, delivering optimal solutions to produce, store, and distribute hydrogen from renewable energy. We serve industries, energy, and gas companies with leading hydrogen technology. Our roots date back to 1927, and since then, we have had a proud history of development and continuous improvement of hydrogen technologies. Today, our solutions cover the entire value chain: from hydrogen production technologies to hydrogen fueling stations, enabling industries to transition to green hydrogen, and providing fuel cell electric vehicles with the same fast fueling and long range as fossil-fueled vehicles - without the emissions.

Jon André Løkke, CEO, +47 907 44 949
Kjell Christian Bjørnsen, CFO, +47 917 02 097
Or email This email address is being protected from spambots. You need JavaScript enabled to view it.

- Revenue and Profit Growth Exceeds Expectations -

- Meaningful Pickup in Project Award Activity -

- Recent Capital Raise Supports Accelerated Energy Asset Growth -

- Increases 2021 Guidance -

First Quarter 2021 Financial Highlights:

• Revenues of $252.2 million, up 19% year-over-year
• Net Income of $11.2 million, up 80%
• GAAP EPS of $0.22, up 69%
• Non-GAAP EPS of $0.25, up 67%
• Adjusted EBITDA of $29.7 million, up 40%

FRAMINGHAM, Mass.--(BUSINESS WIRE)--#cleanenergy--Ameresco, Inc. (NYSE:AMRC), a leading cleantech integrator specializing in energy efficiency and renewable energy, today announced financial results for the fiscal quarter ended March 31, 2021. The Company has also furnished supplemental information in conjunction with this press release in a Current Report on Form 8-K. The supplemental information includes non-GAAP financial metrics and has been posted to the “Investor Relations” section of the Company’s website at www.ameresco.com.

“Our first quarter results were excellent and exceeded our expectations across all major metrics,” said George P. Sakellaris, President and Chief Executive Officer. “Business conditions improved progressively throughout the period and our employees rose to overcome the challenges presented during the quarter. This was another strong quarter for the Projects business, particularly within our Federal group. Our Energy Asset business also posted a meaningful pickup in revenue and profit. We were also pleased to see a considerable increase in project and asset proposals during the quarter, indicating a return to a more normalized activity level post-COVID-19 and leading to significant sequential and year-over-year growth in our awarded backlog.”

“In the first quarter, we completed our first public equity offering since Ameresco’s IPO in 2010, raising over $120 million for the company, positioning us to accelerate the growth of our recurring revenue Energy Asset business. Specifically, we will be taking advantage of strong demand and opportunity in the emerging RNG space, where we now plan to construct and commission three RNG facilities in 2022 and four additional sites in 2023. These developments will be in addition to our continued buildout of other energy technologies, including solar, energy storage, microgrids and EaaS.”

First Quarter Financial Results

(All financial result comparisons made are against the prior year period unless otherwise noted.)

Total revenue increased 19% to $252.2 million, compared to $212.4 million year-over-year. The projects business saw 25% growth led by another strong quarter in the Federal group which benefited from favorable timing of certain approvals and progress on customized equipment. Energy Assets revenue increased 18% as the company continues to grow its assets in operation, improved production from existing assets and realized favorable RIN prices during the quarter. Gross margin of 18.6% increased 10 basis points sequentially and 50 basis points year-over-year. Operating income increased 92% to $18.3 million and operating margin was 7.3%. Operating income growth significantly exceeded revenue growth as a result of continued expense controls, higher utilization and the leverage inherent in our scalable business model. Net income attributable to common shareholders increased 80% to $11.2 million and GAAP EPS increased 69% to $0.22 compared to $0.13. Adjusted EBITDA, a non-GAAP financial measure, increased 40% to $29.7 million.

* estimated contracted revenue and incentives throughout PPA term on our operating energy assets

Project Highlights

In the first quarter of 2021:

• Our recently announced construction start of the Norfolk Naval Shipyard (NNSY) in Portsmouth, Virginia highlights our total solutions capabilities utilizing clean advanced technologies. The $173 million project includes a new 17.3 megawatt (MW) combined heat and power (CHP) plant, a 3 MW battery energy storage system, and a microgrid control system. These will provide the site with long-term energy security while reducing the electricity imported from the grid by 68 percent and mission critical steam. After construction is completed in 2022, Ameresco will operate and maintain the CHP plant, IWTP (industrial waste water treatment plant), and microgrid until January 2044 providing a long-term recurring O&M revenue stream.
• We anticipate continued demand from the C&I market as more forward-looking companies look to save money while also lowering their carbon footprint. Our recently announced solar project with Wells Fargo to develop and install approximately 30 MW of new, onsite solar generation assets at corporate and retail locations in seven states is a great example of the growing opportunities in the C&I market. Construction of the nearly 100 solar arrays will go into 2022.

Asset Highlights

In the first quarter of 2021:

• Ameresco brought 5 MWe into operation while adding 40 MWe to our development backlog, bringing our total to 386 MWe.
• Asset additions in the quarter included the award of Energy as a Service for a C&I customer and awards of distributed solar installations in our East, Central and West regions.

Summary and Outlook

“The first quarter represented a strong start to the year and has laid the foundation for 2021 to be another year of strong growth for Ameresco. Additionally, we see substantial opportunities ahead as our customers prioritize cost savings and resiliency, combined with reducing their carbon footprints. Ameresco’s services are well aligned with the new Administration’s overarching goal of decarbonizing the U.S. economy and its mandate that climate change be considered in major decisions across all government agencies,” Mr. Sakellaris noted.

Based on visibility from our project backlog and our increased levels of recurring revenues, the Company is increasing its 2021 guidance ranges detailed in the table below, representing year-over-year revenue and adjusted EBITDA growth of 10% and 23%, respectively, at the midpoints, and Non-GAAP EPS growth of 20% at the midpoint, excluding the impact of approximately $0.13 of one-time tax benefits realized in 2020. The Company anticipates commissioning a further 55 to 75 MWe of energy assets and plans to invest approximately $165 million to $215 million in additional energy asset capital expenditures during the remainder of 2021, the majority of which will be funded with project finance debt.

Conference Call/Webcast Information

The Company will host a conference call today at 4:30 p.m. ET to discuss results. The conference call will be available via the following dial in numbers:

• U.S. Participants: Dial +1 (877) 359-9508 (Access Code: 5664848)
• International Participants: Dial +1 (224) 357-2393 (Access Code: 5664848)

Participants are advised to dial into the call at least ten minutes prior to register. A live, listen-only webcast of the conference call will also be available over the Internet. Individuals wishing to listen can access the call through the “Investor Relations” section of the Company’s website at www.ameresco.com. An archived webcast will be available on the Company’s website for one year.

Use of Non-GAAP Financial Measures

This press release and the accompanying tables include references to adjusted EBITDA, Non- GAAP EPS, Non-GAAP net income and adjusted cash from operations, which are Non-GAAP financial measures. For a description of these Non-GAAP financial measures, including the reasons management uses these measures, please see the section following the accompanying tables titled “Exhibit A: Non-GAAP Financial Measures”. For a reconciliation of these Non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with GAAP, please see Other Non-GAAP Disclosures and Non-GAAP Financial Guidance in the accompanying tables.

About Ameresco, Inc.

Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading cleantech integrator and renewable energy asset developer, owner and operator. Our comprehensive portfolio includes energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions delivered to clients throughout North America and the United Kingdom. Ameresco’s sustainability services in support of clients’ pursuit of Net Zero include upgrades to a facility’s energy infrastructure and the development, construction, and operation of distributed energy resources. Ameresco has successfully completed energy saving, environmentally responsible projects with Federal, state and local governments, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco has more than 1,000 employees providing local expertise in the United States, Canada, and the United Kingdom. For more information, visit www.ameresco.com.

Safe Harbor Statement

Any statements in this press release about future expectations, plans and prospects for Ameresco, Inc., including statements about market conditions, pipeline and backlog, as well as estimated future revenues and net income, and other statements containing the words “projects,” “believes,” “anticipates,” “plans,” “expects,” “will” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward looking statements as a result of various important factors, including the timing of, and ability to, enter into contracts for awarded projects on the terms proposed; the timing of work we do on projects where we recognize revenue on a percentage of completion basis, including the ability to perform under recently signed contracts without unusual delay; demand for our energy efficiency and renewable energy solutions; our ability to arrange financing for our projects; changes in federal, state and local government policies and programs related to energy efficiency and renewable energy; the ability of customers to cancel or defer contracts included in our backlog; the effects of our recent acquisitions and restructuring activities; seasonality in construction and in demand for our products and services; a customer’s decision to delay our work on, or other risks involved with, a particular project; availability and costs of labor and equipment; the addition of new customers or the loss of existing customers; market price of the Company's stock prevailing from time to time; the nature of other investment opportunities presented to the Company from time to time; the Company's cash flows from operations; and other factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2020, filed with the U.S. Securities and Exchange Commission (SEC) on March 2, 2021. Currently, one of the most significant factors, however, is the potential adverse effect of the current pandemic of the novel coronavirus, or COVID-19, on our financial condition, results of operations, cash flows and performance and the global economy and financial markets. The extent to which COVID-19 impacts us, suppliers, customers, employees and supply chains will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others. Moreover, you should interpret many of the risks identified in our Annual Report and Quarterly Report as being heightened as a result of the ongoing and numerous adverse impacts of COVID-19. In addition, the forward-looking statements included in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.

(1) Represents estimated future revenues from projects that have been awarded, though the contracts have not yet been signed

Non-GAAP Financial Guidance

(1) Although net income is the most directly comparable GAAP measure, this table reconciles adjusted EBITDA to operating income because we are not able to calculate forward-looking net income without unreasonable efforts due to significant uncertainties with respect to the impact of accounting for our redeemable non-controlling interests and taxes.

Exhibit A: Non-GAAP Financial Measures

We use the Non-GAAP financial measures defined and discussed below to provide investors and others with useful supplemental information to our financial results prepared in accordance with GAAP. These Non-GAAP financial measures should not be considered as an alternative to any measure of financial performance calculated and presented in accordance with GAAP. For a reconciliation of these Non-GAAP measures to the most directly comparable financial measures prepared in accordance with GAAP, please see Other Non-GAAP Disclosure and Non-GAAP Financial Guidance in the tables above.

We understand that, although measures similar to these Non-GAAP financial measures are frequently used by investors and securities analysts in their evaluation of companies, they have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for the most directly comparable GAAP financial measures or an analysis of our results of operations as reported under GAAP.

Media Relations
Leila Dillon, 508.661.2264, This email address is being protected from spambots. You need JavaScript enabled to view it.

Investor Relations
Eric Prouty, AdvisIRy Partners, 212.750.5800, This email address is being protected from spambots. You need JavaScript enabled to view it.

Lynn Morgen, AdvisIRy Partners, 212.750.5800, This email address is being protected from spambots. You need JavaScript enabled to view it.

CALGARY, Alberta--(BUSINESS WIRE)--Canadian clean energy company Proton Technologies Canada is announcing a crowdfunding campaign that accelerates the launch of its potentially revolutionary clean hydrogen business while providing a way for everyday people to invest early in its business.

The crowdfunding campaign, called “Clear Hydrogen; Clear Conscience,” sees Proton Technologies Canada partnering with environmentally focused crowdfunding platform, Wayblaze, to help raise $500,000 in two rounds. Funds will be used to obtain hydrogen tube-trailers for storage and transportation and to construct a loading terminal at Proton’s site near Kerrobert, Saskatchewan.

“People are hungry for solutions to serious problems like air pollution,” says Grant Strem, Chair and CEO of Proton Technologies Canada. “For years, our fans have told us they want to help us grow and proliferate our technology in any way possible, but fundraising regulations limit private investing opportunities to accredited investors. This crowdfunding exemption provides a path for non-accredited regular Canadians to buy private shares in a company they feel passionate about.”

Hydrogen is already a big industry but if created using carbon-negative methods, the resulting “clear hydrogen” is expected to be a popular product as its use helps companies accelerate down the path to net zero or lower. Proton Technologies Canada has use of patents and IP within Canada and 10 countries in the European North Sea region, and it plans to make clear hydrogen at low cost and large scale from many sites. Roughly twenty-five countries have created national hydrogen strategies as a means of decarbonizing their economies, and more still have made international commitments for net reductions in carbon emissions.

The main process of Proton Technologies Canada involves injecting large quantities of oxygen and CO2 into late stage or abandoned oil fields where chemical reactions liberate hydrogen. A downhole hydrogen filter can allow only hydrogen to come in, leaving carbon trapped underground.

The first campaign for $250,000 opened May 3^rd and will stay open 45 days unless full earlier. The second campaign, also for $250,000, is expected to rapidly follow the first and stay open 45 days unless the target is reached earlier.

To learn more, visit Proton’s crowdfunding webpage at https://wayblaze.com/proton

Proton’s Chair & CEO Grant Strem is available for media interviews.

Investment opportunities:
Clean Energy Finance Support
+1 403 464 0418
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Media Inquiries:
External Relations
+1 403 467 1220
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Julie Goulder
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+1 403 467 1220

DALLAS--(BUSINESS WIRE)--Pioneer Natural Resources Company (NYSE:PXD) (“Pioneer” or “The Company”) today announced that it has completed its previously announced acquisition of the leasehold interests and related assets of DoublePoint Energy in the Midland Basin, adding approximately 97,000 high-return, highly contiguous net acres in the core of the Midland Basin.

As previously announced, at the closing, the Company paid the seller total consideration of $6.2 billion, including $1.0 billion in cash, issuing 27.2 million shares of Pioneer common stock and assuming $890 million of debt.

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

Cautionary Statement Regarding Forward-Looking Information

Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements and the business prospects of Pioneer are subject to a number of risks and uncertainties that may cause Pioneer’s actual results in future periods to differ materially from the forward-looking statements. These risks and uncertainties include, among other things, volatility of commodity prices; product supply and demand; the impact of a widespread outbreak of an illness, such as the COVID-19 pandemic, on global and U.S. economic activity; competition; the ability to obtain environmental and other permits and the timing thereof; the effect of future regulatory or legislative actions on Pioneer or the industry in which it operates, including the risk of new restrictions with respect to development activities; the ability to obtain approvals from third parties and negotiate agreements with third parties on mutually acceptable terms; potential liability resulting from pending or future litigation; the costs and results of drilling and operations; availability of equipment, services, resources and personnel required to perform the Company's drilling and operating activities; access to and availability of transportation, processing, fractionation, refining, storage and export facilities; Pioneer's ability to replace reserves, implement its business plans or complete its development activities as scheduled; the risk that the Company will not be able to successfully integrate the business of Double Eagle III Midco 1 LLC or fully or timely realize the expected synergies and accretion metrics from the Parsley Energy, Inc. and Double Eagle III Midco 1 LLC acquisitions; access to and cost of capital; the financial strength of counterparties to Pioneer's credit facility, investment instruments and derivative contracts and purchasers of Pioneer's oil, natural gas liquids and gas production; uncertainties about estimates of reserves, identification of drilling locations and the ability to add proved reserves in the future; the assumptions underlying forecasts, including forecasts of production, cash flow, well costs, capital expenditures, rates of return, expenses and cash flow from purchases and sales of oil and gas, net of firm transportation commitments; sources of funding; tax rates; quality of technical data; environmental and weather risks, including the possible impacts of climate change; cybersecurity risks; the risks associated with the ownership and operation of the Company's water services business and acts of war or terrorism. These and other risks are described in Pioneer's Annual Report on Form 10-K for the year ended December 31, 2020, and other filings with the United States Securities and Exchange Commission. In addition, the Company may be subject to currently unforeseen risks that may have a materially adverse effect on it. Accordingly, no assurances can be given that the actual events and results will not be materially different than the anticipated results described in the forward-looking statements. Pioneer undertakes no duty to publicly update these statements except as required by law.

Pioneer Natural Resources Company Contacts:

Investors
Neal Shah - 972-969-3900
Tom Fitter - 972-969-1821
Michael McNamara - 972-969-3592
Greg Wright – 972-969-1770

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

NEW YORK--(BUSINESS WIRE)--Hess Corporation (NYSE: HES) announced today that John Hess, Chief Executive Officer, will participate in a Fireside Chat at the Citi 2021 Global Energy & Utilities Virtual Conference on May 11, 2021 at 12:50 p.m. Eastern Time.

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

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

Cautionary Statements

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

Investor contact:
Jay Wilson
(212) 536-8940
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Media contact:
Lorrie Hecker
(212) 536-8250
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DALLAS--(BUSINESS WIRE)--Pioneer Natural Resources Company (NYSE:PXD) ("Pioneer" or "the Company") today reported financial and operating results for the quarter ended March 31, 2021. Pioneer reported a first quarter net loss attributable to common stockholders of $70 million, or $0.33 per diluted share. These results include the effects of noncash mark-to-market adjustments and certain other unusual items. Excluding these items, non-GAAP adjusted income for the first quarter was $396 million, or $1.77 per diluted share. Cash flow from operating activities for the first quarter was $377 million.

Highlights

• Delivered first quarter free cash flow¹ of $369 million

• Averaged first quarter oil production of 281 thousand barrels of oil per day (MBOPD), above the top end of guidance

• Averaged first quarter production of 474 thousand barrels of oil equivalent per day (MBOEPD), above the top end of guidance

• Closed the highly accretive acquisition of DoublePoint Energy (DoublePoint) on May 4^th

CEO Scott D. Sheffield stated, “Pioneer delivered an excellent quarter, successfully integrating Parsley’s assets, while navigating the substantial impacts of winter storm Uri that occurred in February. Our drilling, completions and operations teams continue to exceed expectations, driving a capital and operationally efficient program focused on free cash flow generation.

“In early April, we announced the highly accretive acquisition of DoublePoint, which comprises approximately 97,000 highly contiguous net acres in the core of the Midland Basin. This acquisition adds over 1,200 tier one locations that generate strong returns and are equally competitive with Pioneer’s legacy inventory. Given the hand-in-glove fit of DoublePoint’s acreage with ours, we expect to achieve synergies of approximately $175 million annually, leading to double-digit free cash flow per share and variable dividend per share accretion.

“With an incremental $5 billion in free cash flow¹ expected to be generated from DoublePoint assets through 2026, Pioneer currently anticipates delivering approximately $23 billion of free cash flow¹ during the same period at strip pricing. We expect to return approximately 80% of this free cash flow through our base and variable dividend structure², strengthening our value proposition to shareholders.”

Financial Highlights

Pioneer maintains a strong balance sheet, with unrestricted cash on hand at the end of the first quarter of $668 million and net debt of $5.5 billion. The Company had $2.7 billion of liquidity as of March 31, 2021, comprised of $668 million of unrestricted cash and a $2.0 billion unsecured credit facility (undrawn as of March 31, 2021).

During the first quarter, the Company’s drilling, completion and facilities capital expenditures totaled $591 million. The Company’s total capital expenditures³, including water infrastructure, totaled $605 million.

Cash flow from operating activities during the first quarter was $377 million, leading to free cash flow¹ of $369 million for the quarter, excluding cash transaction costs of $172 million related to the Parsley Energy, Inc. (Parsley) acquisition.

In addition to increasing Pioneer's quarterly cash dividend to $0.56 per share, the Company initiated a long-term variable dividend policy in 2021, which is expected to increase the Company's return of capital to shareholders. Consistent with Pioneer’s long-term investment framework, the Company expects to annually distribute up to 75% of the prior year’s annual free cash flow, after the payment of the base dividend², assuming the Company’s leverage metrics remain low. Pioneer expects to begin to pay the quarterly variable dividend distributions in 2022. For 2022, the Company expects to distribute up to 50% of the 2021 free cash flow, after the payment of base dividends, assuming the average 2021 West Texas Intermediate (WTI) oil price is greater than $42 per barrel.

Pioneer continues to capture the expected annual synergies from the acquisition of Parsley and expects to capture an additional $175 million from the acquisition of DoublePoint, bringing the combined annual synergy total to $525 million, with a PV-10 of greater than $3 billion over ten years. The Company is progressing on these synergies, with $100 million of annual interest savings and $100 million of general and administrative (G&A) savings related to the Parsley acquisition being fully realized. The interest and G&A savings related to DoublePoint are expected to be realized during the second quarter, and the operational synergies related to both transactions are expected to progress throughout the year and be fully realized by year-end 2021.

Financial Results

For the first quarter of 2021, the average realized price for oil was $56.71 per barrel. The average realized price for natural gas liquids (NGLs) was $25.90 per barrel, and the average realized price for gas was $3.04 per thousand cubic feet. These prices exclude the effects of derivatives.

Production costs, including taxes, averaged $8.54 per barrel of oil equivalent (BOE). Depreciation, depletion and amortization (DD&A) expense averaged $11.11 per BOE. Exploration and abandonment costs were $19 million, or $11 million excluding unusual items. G&A expense was $68 million. Interest expense was $39 million. The net cash flow impact related to purchases and sales of oil and gas, including firm transportation, was a loss of $15 million. Other expense was $304 million, or $22 million excluding unusual items⁴.

Operations Update

During the first quarter, Pioneer continued to deliver strong operational efficiency gains that enabled the Company to place 106 horizontal wells on production. Drilling operations averaged approximately 1,250 drilled feet per day and completion operations averaged approximately 2,000 completed feet per day during the first quarter, an increase of 9% and 8%, respectively, when compared to 2020 averages Improvements in drilling and completions operations continue to benefit the Company’s overall capital efficiency.

2021 Outlook

The Company expects its 2021 drilling, completions and facilities capital budget to range between $2.95 billion to $3.25 billion, inclusive of an additional $530 million to $570 million related to the DoublePoint acquisition. An additional $100 million and $50 million is budgeted for integration expenses related to the acquisition of Parsley and DoublePoint, respectively, resulting in a total 2021 capital budget³ range of $3.1 billion to $3.4 billion. The Company expects its capital program to be fully funded from forecasted 2021 cash flow⁵ of approximately $5.9 billion.

During 2021, the Company plans to operate an average of 22 to 24 horizontal drilling rigs in the Permian Basin, including a one-rig average program in the Delaware Basin and a three-rig average program in the southern Midland Basin joint venture area. Pioneer plans to reduce the operated rigs on DoublePoint acreage from 7 rigs in May to 5 rigs by the end of the year, or by approximately 30%. The 2021 capital program is expected to place 470 to 510 wells on production, which includes the addition of approximately 90 wells on the acreage acquired in the DoublePoint transaction.

Pioneer expects 2021 oil production of 351 to 366 MBOPD and total production of 605 to 631 MBOEPD, which includes current production from DoublePoint of approximately 92 MBOEPD and approximately 100 MBOEPD forecasted during the second half of 2021.

Pioneer has redefined its investment framework to prioritize free cash flow generation and return of capital to shareholders. This capital allocation strategy is intended to create long-term value by optimizing the reinvestment of cash flow to accelerate the Company's free cash flow profile. At current strip pricing, the Company expects its reinvestment rate to be between 50% to 60%, generating increased free cash flow. Pioneer is targeting a 10% total annual return, inclusive of a strong and growing base dividend, a variable dividend and high-return oil growth. The Company believes this differentiated strategy positions Pioneer to be competitive across industries.

Pioneer continues to maintain oil derivative coverage in order to protect the balance sheet, providing the Company with operational and financial flexibility. The Company’s financial and derivative mark-to-market results and open derivatives positions are outlined in the attached schedules.

Second Quarter 2021 Guidance

Second quarter 2021 oil production is forecasted to average between 352 to 367 MBOPD and total production is expected to average between 606 to 632 MBOEPD. Production costs are expected to average $6.75 per BOE to $8.25 per BOE. DD&A expense is expected to average $10.75 per BOE to $12.75 per BOE. Total exploration and abandonment expense is forecasted to be $10 million to $20 million. G&A expense is expected to be $67 million to $77 million. Interest expense is expected to be $43 million to $48 million. Other expense is forecasted to be $15 million to $30 million. Accretion of discount on asset retirement obligations is expected to be $2 million to $5 million. The cash flow impact related to purchases and sales of oil and gas, including firm transportation contracts and similar marketing derivatives is expected to be a loss of $40 million to $70 million, based on forward oil price estimates for the quarter. The Company’s effective income tax rate is expected to be between 21% to 25%. Cash income taxes are expected to be $5 million to $10 million, principally related to state income taxes.

Environmental, Social & Governance (ESG)

Pioneer views sustainability as a multidisciplinary focus that balances economic growth, environmental stewardship and social responsibility. The Company emphasizes developing natural resources in a manner that protects surrounding communities and preserves the environment.

Consistent with Pioneer's sustainable practices, the Company has incorporated greenhouse gas (GHG) and methane emission intensity reduction goals into its ESG strategy, with goals to reduce the Company's GHG emissions intensity by 25% and methane emissions intensity by 40% by 2030, inclusive of the assets Pioneer acquired from Parsley. These emission intensity reduction targets are aligned with the Task Force on Climate-related Financial Disclosures criteria for target setting.

In addition, the Company is building on its leadership position related to minimizing flaring and has formally adopted a goal to maintain the Company's flaring intensity to less than 1% of natural gas produced. Pioneer also plans to end routine flaring, as defined by the World Bank, by 2030 with an aspiration to reach this goal by 2025.

Socially, Pioneer maintains a proactive safety culture, supports a diverse workforce and inspires teamwork to drive innovation. The Board of Directors’ Health, Safety and Environment (HSE) and Nominating and Corporate Governance Committees provide director-level oversight of these activities. These committees help to promote a culture of continuous improvement in the Company’s diversity and inclusion and safety and environmental practices. Consistent with the high priority placed on HSE and ESG, the Board of Directors has increased the executive annual incentive compensation weighting for these metrics from 10% to 20% beginning in 2021.

In addition to the increased weighting towards HSE and ESG metrics, Pioneer's executive incentive compensation continues to be aligned with shareholder interests. Beginning in 2021, return on capital employed (ROCE) has been included as an incentive compensation metric, along with cash return on capital invested (CROCI), which was added in 2020. These metrics have a combined weighting of 20%, while production and reserves goals previously included as incentive compensation metrics have been removed.

Pioneer has amended executive equity compensation as well, with the S&P 500 index being added into the total stockholder return (TSR) peer group for performance awards beginning in 2021, and for the second consecutive year the long-term equity compensation for the Company’s Chief Executive Officer will be 100% in performance awards, with 100% of such awards at risk based on performance relative to the TSR peer group. These updates to Pioneer’s executive incentive and equity compensation programs demonstrate the Company’s continuing commitment to aligning total executive compensation with the interests of our shareholders.

For more details, see Pioneer’s 2020 Sustainability Report at pxd.com/sustainability.

Earnings Conference Call

On Wednesday, May 5, 2021, at 9:00 a.m. Central Time, Pioneer will discuss its financial and operating results for the quarter ended March 31, 2021, with an accompanying presentation. Instructions for listening to the call and viewing the accompanying presentation are shown below.

Internet: www.pxd.com
Select "Investors," then "Earnings & Webcasts" to listen to the discussion, view the presentation and see other related material.

Telephone: Dial (800) 353-6461 and enter confirmation code 9438510 five minutes before the call.

A replay of the webcast will be archived on Pioneer’s website. This replay will be available through June 1, 2021. Click here to register for the call-in audio replay and you will receive the dial-in information.

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

Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements and the business prospects of Pioneer are subject to a number of risks and uncertainties that may cause Pioneer’s actual results in future periods to differ materially from the forward-looking statements. These risks and uncertainties include, among other things, volatility of commodity prices; product supply and demand; the impact of a widespread outbreak of an illness, such as the COVID-19 pandemic, on global and U.S. economic activity; competition; the ability to obtain environmental and other permits and the timing thereof; the effect of future regulatory or legislative actions on Pioneer or the industry in which it operates, including the risk of new restrictions with respect to development activities; the ability to obtain approvals from third parties and negotiate agreements with third parties on mutually acceptable terms; potential liability resulting from pending or future litigation; the costs and results of drilling and operations; availability of equipment, services, resources and personnel required to perform the Company's drilling and operating activities; access to and availability of transportation, processing, fractionation, refining, storage and export facilities; Pioneer's ability to replace reserves, implement its business plans or complete its development activities as scheduled; the risk that the Company will not be able to successfully integrate the business of Double Eagle III Midco 1 LLC or fully or timely realize the expected synergies and accretion metrics from the Parsley Energy, Inc. and Double Eagle III Midco 1 LLC acquisitions; access to and cost of capital; the financial strength of counterparties to Pioneer's credit facility, investment instruments and derivative contracts and purchasers of Pioneer's oil, natural gas liquids and gas production; uncertainties about estimates of reserves, identification of drilling locations and the ability to add proved reserves in the future; the assumptions underlying forecasts, including forecasts of production, cash flow, well costs, capital expenditures, rates of return, expenses and cash flow from purchases and sales of oil and gas, net of firm transportation commitments; sources of funding; tax rates; quality of technical data; environmental and weather risks, including the possible impacts of climate change; cybersecurity risks; the risks associated with the ownership and operation of the Company's water services business and acts of war or terrorism. These and other risks are described in Pioneer's Annual Report on Form 10-K for the year ended December 31, 2020, and other filings with the United States Securities and Exchange Commission. In addition, the Company may be subject to currently unforeseen risks that may have a materially adverse effect on it. Accordingly, no assurances can be given that the actual events and results will not be materially different than the anticipated results described in the forward-looking statements. Pioneer undertakes no duty to publicly update these statements except as required by law.

Footnote 1: Free cash flow is a non-GAAP financial measure. As used by the Company, free cash flow is defined as net cash provided by operating activities, adjusted for changes in operating assets and liabilities and Parsley cash transaction costs, less capital expenditures. See the supplemental schedules for a reconciliation of first quarter 2021 free cash flow to the comparable GAAP number. Forecasted free cash flow numbers are non-GAAP financial measures. Due to their forward-looking nature, management cannot reliably predict certain of the necessary components of the most directly comparable forward-looking GAAP measures, such as working capital changes. Accordingly, Pioneer is unable to present a quantitative reconciliation of such forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures. Amounts excluded from this non-GAAP measure in future periods could be significant.

Footnote 2: The declaration and payment of future dividends is at the discretion of the Company's Board of Directors and will depend on, among other things, the Company's earnings, financial condition, capital requirements, level of indebtedness, statutory and contractual restrictions applying to the payment of dividends and other considerations that the Board of Directors deems relevant.

Footnote 3: Excludes acquisitions, asset retirement obligations, capitalized interest, geological and geophysical G&A, information technology and corporate facilities.

Footnote 4: Excludes unusual expenses of (i) $197 million associated with the Parsley acquisition, which includes $121 million of employee-related costs and $76 million of transaction fees (ii) $5 million of losses related to the early extinguishment of certain of the Parsley senior notes and (iii) $80 million of losses related to the Company's fulfillment of certain firm gas commitments during winter storm Uri in February 2021.

Footnote 5: Forecasted cash flow numbers are non-GAAP financial measures. The 2021 estimated cash flow number represents first quarter 2021 cash flow (before working capital changes and Parsley cash transaction costs) plus April through December forecasted cash flow (before working capital changes) based on strip pricing and utilizing the midpoint of production guidance. Due to their forward-looking nature, management cannot reliably predict certain of the necessary components of the most directly comparable forward-looking GAAP measures, such as working capital changes. Accordingly, Pioneer is unable to present a quantitative reconciliation of such forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures. Amounts excluded from this non-GAAP measure in future periods could be significant.

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

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

DUBLIN--(BUSINESS WIRE)--The "Upstream Oil & Gas Start-Up Tracker - Issue 20" report has been added to ResearchAndMarkets.com's offering.

The upstream oil and gas (O&G) industry is increasingly focused on cutting costs and improving recovery rates through radical innovation and digital transformation. The Start-up Tracker is a resource to help the upstream industry identify providers with specific solutions to industry challenges.

The tracker provides a rich database of start-up companies offering innovative solutions for upstream O&G applications. Each issue contains detailed company profiles, an analyst viewpoint, and an overall score for every start-up included. In addition, the analyst provides guidance on potential acquisitions, investments, partnerships, and implementation.

Key Topics Covered:

• Executive Summary
  • Companies to Action
  • Innovation Target
  • Validere - Company Profile
  • Validere - Analyst Viewpoint
  • Tri-D Dynamics - Company Profile
  • Tri-D Dynamics - Analyst Viewpoint
  • Beyond Limits Inc. - Company Profile
  • Beyond Limits Inc. - Analyst Viewpoint
  • The Last Word
• Scoring Methodology

Companies Mentioned

• Beyond Limits Inc.
• Tri-D Dynamics
• Validere

For more information about this report visit https://www.researchandmarkets.com/r/t1ib9x.

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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DALLAS--(BUSINESS WIRE)--Pioneer Natural Resources Company (NYSE: PXD) (“Pioneer” or the “Company”) today announced that Double Eagle III Midco 1 LLC and Double Eagle Finance Corporation (together, the “Issuers”), each of which became indirect wholly owned subsidiaries of Pioneer on May 4, 2021 as a result of the completion of Pioneer’s acquisition of Double Eagle III Midco 1 LLC from an indirect wholly owned subsidiary of DoublePoint Energy, LLC, have delivered a notice of conditional redemption of all of the Issuers’ outstanding 7.750% Senior Notes due 2025 (the “Notes”), having an aggregate principal amount of $650 million. The redemption date for the Notes (the “Redemption Date”) provided in the notice of conditional redemption is May 18, 2021. An aggregate of 35% of the Notes will be redeemed at a redemption price of 107.750% of the principal amount of such Notes and the remainder of the notes will be redeemed at the “make-whole” redemption prices specified in the indenture governing the Notes, in each case, plus accrued and unpaid interest up to, but excluding, the Redemption Date (subject to the rights of Holders on the relevant record date to receive interest on the relevant interest payment date). The redemption of the Notes is conditioned upon, before the Redemption Date, the successful completion by Pioneer of one or more offerings of its debt securities in an aggregate principal amount of not less than $650 million, which condition may waived by the Issuers in their sole discretion. The Issuers will publicly announce and notify the holders of the Notes and the Trustee (as defined below) if the condition is not satisfied or waived, whereupon the redemption of the Notes will be revoked and the Notes will remain outstanding; provided that, in the Issuers’ discretion, the Redemption Date may be delayed until such time as any or all conditions shall be satisfied or waived (provided that in no event shall such Redemption Date be delayed to a date later than July 3, 2021).

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

Cautionary Statement Regarding Forward-Looking Information
Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this news release specifically include statements regarding the redemption. Forward-looking statements and the business prospects of Pioneer are subject to a number of risks and uncertainties that may cause Pioneer’s actual results in future periods to differ materially from the forward-looking statements. These risks and uncertainties include, among other things, volatility of commodity prices, product supply and demand, the impact of a widespread outbreak of an illness, such as the COVID-19 pandemic, global and U.S. economic activity, government regulation or action, Pioneer’s ability to implement its business plans or complete its development activities as scheduled, access to and cost of capital, the financial strength of counterparties to Pioneer’s credit facility, investment instruments and derivative contracts and purchasers of Pioneer’s oil, natural gas liquids and gas production, and acts of war or terrorism. These and other risks are described in Pioneer’s Annual Report on Form 10-K for the year ended December 31, 2020 and other filings with the Securities and Exchange Commission. In addition, Pioneer may be subject to currently unforeseen risks that may have a materially adverse impact on it. Accordingly, no assurances can be given that the actual events and results will not be materially different than the anticipated results described in the forward-looking statements. Pioneer undertakes no duty to publicly update these statements except as required by law.

Pioneer Natural Resources Company Contacts:

Investors
Neal Shah – 972-969-3900
Tom Fitter – 972-969-1821
Michael McNamara – 972-969-3592
Greg Wright – 972-969-1770

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

One of North America’s leading providers of advanced additive manufacturing for aerospace and energy to operate the first VELO^3D manufacturing solution in Indianapolis area

CAMPBELL, Calif.--(BUSINESS WIRE)--$SPFR--VELO^3D Inc., a leader in additive manufacturing (AM) for high-value metal parts, today announced that ADDMAN Engineering (ADDMAN), one of North America's premier providers of advanced AM solutions, has selected VELO^3D to meet growing demand from energy and aerospace customers.

With an AI-powered full-stack solution including integrated Flow™ design software and Assure™ quality assurance, VELO^3D allows for simplification of parts, previously impossible geometries, and shorter print times, without the constraints that come with traditional manufacturing or other AM providers.

“The full-stack laser powder bed fusion 3D printing solution from VELO^3D gives our customers the freedom they need to design the next generation of spacecraft and turbomachinery without compromising their designs for the sake of manufacturability,” said Mark Saberton, CTO and founder, ADDMAN. “The VELO^3D process saves time and avoids waste by removing unnecessary steps, and reduces time to test or go to market, while also ensuring production-ready quality in every build.”

In addition to owning and operating the first VELO^3D metal AM solution in the Indianapolis area, ADDMAN holds two reservations for the highly anticipated VELO^3D Sapphire XC large format metal AM solution. Each Sapphire XC system will provide up to four times the productivity of ADDMAN’s new Sapphire system, positioning the company to keep up with increasing demand for complex, high-performance parts spurred by the booming commercial space industry.

“We have a vision and are looking toward the future not just for our company, but for the entire aerospace industry, where demand for intricate, high-value parts is growing fast,” said Saberton. “While the Sapphire system brought net-new capabilities to ADDMAN, we’re excited about the Sapphire XCs because they open up a new category of parts, while making impressive increases to capacity and efficiency.”

ADDMAN delivers large capacity 3D metal printing for aerospace, defense, energy and manufacturing. The company is ITAR registered and compliant with ISO9001:2015 and AS9100D, meeting FAA, DoD and NASA quality requirements for aviation, defense and space organizations.

ADDMAN closed on the purchase of 3^rd Dimension Industrial 3D Printing in March 2021. In a little over a month since the acquisition, additional highly skilled staff have been hired to support the growing relationships with existing aerospace clients. Additional machining, quality, and capacity expansions are also being realized. Already AS9100 certified, the quality department is being bolstered through the addition of a Creaform EXAscan Black and a high end CMM. Planning for NADCAP accreditation is also in progress.

With the Indianapolis facility focused on production, the Bonita Springs HQ and Innovation Center offers clients a wide variety of composites and polymer options. With multiple Titan FDM machines, large format FDM parts can be produced for end use tooling. A fleet of SLA and FDM machines keep lead times to a minimum and value-add high.

Also in March, VELO^3D announced plans to merge with JAWS Spitfire Acquisition Corporation (NYSE: SPFR) and become a public company. Earlier this year, VELO^3D was named to Fast Company’s 2021 list of the world’s most innovative companies, among the top ranked in the manufacturing category for its profound impact on the 3D printing industry.

To learn more about how VELO^3D empowers engineers and designers to imagine more, and additively manufacture nearly anything, follow VELO^3D on LinkedIn or visit velo3d.com.

About ADDMAN Engineering
ADDMAN Engineering is an Additive Manufacturing (“AM”) solution provider backed by American Industrial Partners (“AIP”). Combining the expertise and knowledge of AIPs 20 mid-size manufacturing companies, ADDMAN uses AM and advanced technologies to enable our customers to have breakthroughs in product development and manufacturing. ADDMAN is a vertically integrated company, and its capabilities span the design, manufacture, post-processing, and quality equipment needed to take an Additive Manufacturing part from concept to production and final quality inspection. For more information, visit: www.addmangroup.com

About VELO^3D
VELO^3D empowers companies to imagine more and additively manufacture nearly anything. Bringing together an integrated, end-to-end solution of software, hardware, and process-control innovation, VELO^3D’s technology for 3D metal printing delivers unparalleled quality control for serial production and enhanced part performance. With VELO^3D Flow™ print preparation software, Sapphire^® laser powder bed AM system and Assure™ quality assurance software, manufacturers can accelerate product innovation, become more agile and responsive to market needs and reduce costs. First in the industry to introduce SupportFree™ metal 3D printing, which allows for the manufacture of previously impossible geometries, the company is based in Silicon Valley and is privately funded. VELO^3D has been named to Fast Company’s prestigious annual list of the World’s Most Innovative Companies for 2021. For more information, follow VELO^3D on LinkedIn or visit https://www.velo3d.com/

Andrew Flick, VELO^3D
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VALLEY FORGE, Pa.--(BUSINESS WIRE)--#BIDE--UGI Corporation (NYSE: UGI) announced today that Kimberly Bankston has been appointed Vice President, Talent Management and Diversity & Inclusion, effective April 19, 2021. In this role, Ms. Bankston is responsible for leading UGI’s belonging, inclusion, diversity and equity (BIDE) initiative in addition to the leadership and talent management functions. Ms. Bankston will champion diversity, equity and inclusion within UGI, drive excellence, accountability and transparency, and develop strategies and programs that integrate BIDE in all facets of the organization.

Ms. Bankston most recently served as Vice President, Human Resource Services at General Atomics. She brings over 25 years of experience leading HR, global talent development and diversity & inclusion. Prior to joining General Atomics in 2019, Ms. Bankston served in senior HR leadership roles with several divisions of General Electric and served as the Global Executive, Diversity and Inclusion at GE Capital.

“We are excited to welcome Kim to the UGI family of companies in this role that is crucial to our future success,” said John L. Walsh, President and Chief Executive Officer of UGI Corporation. “The appointment of Kim underscores our commitment to creating a diverse and inclusive workplace, where our entire team feels a sense of belonging and appreciation for the diversity of thought, perspective and experiences that they bring to UGI. Kim brings extensive experience and passion to this new role, and I look forward to her guidance as we build an even stronger company that drives positive change within UGI and the communities that we serve.”

“There is great energy from the UGI leadership and employees to successfully move the BIDE initiative forward,” said Kim. “Working collaboratively internally and with external partnerships we can make a lasting and significant impact at such a critical time.”

About UGI Corporation

UGI Corporation is a distributor and marketer of energy products and services. Through subsidiaries, UGI operates natural gas and electric utilities in Pennsylvania, distributes LPG both domestically (through AmeriGas) and internationally (through UGI International), manages midstream energy assets in Pennsylvania, Ohio, and West Virginia and electric generation assets in Pennsylvania, and engages in energy marketing, including renewable natural gas, in twelve states and the District of Columbia and internationally in France, Belgium, the Netherlands and the UK.

Comprehensive information about UGI Corporation is available on the Internet at https://www.ugicorp.com.

Investor Relations
Tameka Morris, 610-456-6297
Arnab Mukherjee, 610-768-7498
Shelly Oates, 610-992-3202

The awards accelerate New York's progress towards Governor Cuomo's goal to obtain 70 percent of the state's electricity from renewable sources by 2030

SAN DIEGO--(BUSINESS WIRE)--EDF Renewables North America today announced three solar projects were awarded long-term contracts by New York State Energy Research and Development Authority (NYSERDA) as part of the 2020 Renewable Energy Standard Solicitation. Combined, the projects total 303 megawatts (MWac) of clean energy for the state.

The projects, all expecting to deliver clean electricity by the end of 2023, are as follows:

• Tracy Solar: 119 MWac sited on approximately 1,000 acres in the towns of Orleans and Clayton in Jefferson County, New York.

• Moraine Solar: 94 MWac sited on approximately 650 acres in the Towns of Burns, Allegany County and Town of Dansville, Steuben County, New York.

• Homer Solar: 90 MWac sited on approximately 600 acres in the Towns of Homer, Cortlandville, and Solon, Cortland County, New York.

Cory Basil, VP Development, Northeast Region for EDF Renewables said, “Our team is thrilled to be awarded 303 MWac with the Tracy, Moraine, and Homer Solar Projects to help achieve New York State’s target to achieve 70% of the state’s electricity from renewable energy by 2030. The region will benefit from procurement and employment opportunities throughout the development, construction and operational phases. Combined the projects will bring approximately 500 jobs during peak construction and contribute millions of dollars to the Counties, Towns and School Districts during the operational life of the projects.”

Doreen M. Harris, President and CEO, NYSERDA said, “We are pleased to be working with EDF Renewables through our large-scale renewables program, and their renewable energy projects reflect another concrete step toward meeting New York’s nation-leading clean energy goals. NYSERDA continues to work closely with the developers of these renewable projects, including EDF Renewables, to ensure the communities hosting these projects are engaged in the process and the responsible siting of these projects will not only help protect our environment and valuable agricultural lands, but benefit the state and local economy and its workers.”

The expected electricity generated at full capacity is enough to meet the consumption of over 77,000 average New York homes¹. This is equivalent to avoiding over 387,000 metric tons of carbon (CO₂) emissions annually which represents the greenhouse gas emissions from over 84,000 passenger vehicles driven over the course of one year².

EDF Renewables is one of the largest renewable energy developers in North America with 20 gigawatts of wind, solar, and storage projects developed throughout the U.S., Canada, and Mexico. The Company has placed into service over 1.6 GW of grid-scale and distributed solar since 2008; and by the end of 2022 will have over 3 GW of solar in service or under construction.

¹ According to U.S. Energy Information Administration (EIA) 2019 Residential Electricity Sales and U.S. Census Data and typical transmission assumptions.

² According to U.S. EPA Greenhouse Gas Equivalencies calculations and typical transmission assumptions.

About EDF Renewables North America:

EDF Renewables North America is a market leading independent power producer and service provider with 35 years of expertise in renewable energy. The Company delivers grid-scale power: wind (onshore and offshore), solar photovoltaic, and storage projects; distributed solutions: solar, solar+storage, EV charging and energy management; and asset optimization: technical, operational, and commercial skills to maximize performance of generating projects. EDF Renewables’ North American portfolio consists of 20 GW of developed projects and 13 GW under service contracts. EDF Renewables North America is a subsidiary of EDF Renouvelables, the dedicated renewable energy affiliate of the EDF Group. For more information visit: www.edf-re.com. Connect with us on LinkedIn, Facebook and Twitter.

Sandi Briner, +1 858-521-3525
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ANNAPOLIS, Md.--(BUSINESS WIRE)--$HASI #earnings--Hannon Armstrong Sustainable Infrastructure Capital, Inc. ("Hannon Armstrong," "we," "our" or the "Company") (NYSE: HASI), a leading investor in climate change solutions, today reported results for the first quarter of 2021.

Financial Highlights

• Delivered $0.61 GAAP EPS on a fully diluted basis for the first quarter of 2021, compared with $0.35 for the same period in 2020
• Delivered $0.43 Distributable EPS on a fully diluted basis for the first quarter of 2021, compared to $0.44 Distributable EPS for the same period in 2020
• Established $400 million sustainability-linked unsecured revolving credit facility with 10 relationship banks in April
• Grew Portfolio 38% YOY to $2.9 billion and Managed Assets 19% to $7.4 billion
• Increased Portfolio Yield QOQ to 7.7%
• Declared dividend of $0.35 per share

ESG Highlights

• Published 2020 Impact Report
• Hannon Armstrong Foundation announced Climate Solutions Scholarship Program with Morgan State University and Miami University
• Estimated that over 87,000 metric tons of carbon emissions will be avoided annually by our transactions closed this quarter, equating to a CarbonCount^® score of 0.46 metric tons per $1,000 invested

"With strong first quarter results, we remain on track to deliver on our three-year distributable EPS guidance," said Jeffrey W. Eckel, Hannon Armstrong Chairman and Chief Executive Officer.

"In addition, the Hannon Armstrong Foundation's announcement of its first grant to support sustainability-focused undergraduates from disadvantaged backgrounds serves as an important step forward in our journey to drive meaningful and sustained impact at the intersection of climate action and social justice."

A summary of our results is shown in the table below:

Financial Results

"In the first quarter, we maintained our portfolio size and yield as we funded several investments while also utilizing our securitization platform," said Jeffrey A. Lipson, Chief Financial Officer and Chief Operating Officer. “In addition, our new $400 million sustainability-linked unsecured revolving credit facility further enhances our liquidity and the flexibility of our funding platform to support growth while also providing market validation of our CarbonCount® scoring tool.”

Comparison of the quarter ended March 31, 2021 to the quarter ended March 31, 2020

Total revenue increased by $11 million, or 27%. Gain on sale and fee income increased by $10 million and interest income increased by $1 million. These increases were primarily driven by a larger portfolio as well as a change in the volume and mix of assets being securitized, partially offset by fewer fee generating opportunities.

Interest expense increased $9 million, or 52%, primarily as a result of a higher outstanding debt balance. We recorded a $1 million provision for loss on receivables based on loans and loan commitments, commensurate with the provision for the same period in 2020. Other expenses (compensation and benefits and general and administrative expenses) increased by approximately $8 million primarily due to an increase in our employee headcount, compensation, and one-time employee-related expenses.

We recognized $54 million in income using the hypothetical liquidation at book value method (HLBV) for our equity method investments in the first quarter of 2021, compared to approximately $17 million of HLBV income for the same period in 2020, due to a larger portfolio of equity method investments and tax attributes recognized by our co-investors which increases our allocation of earnings.

Income tax expense increased by approximately $5 million in the first quarter of 2021 compared to the same period in 2020, primarily due to the increased HLBV income described above.

GAAP net income in the first quarter of 2021 was $51 million, compared to $24 million in the same period in 2020. Distributable earnings in the first quarter of 2021 was approximately $36 million, or an increase of approximately $5 million from the same period in 2020 due primarily to an increase in distributable earnings from equity method investments.

Leverage

The calculation of our fixed-rate debt and leverage ratios as of March 31, 2021 and December 31, 2020 are shown in the table below:

Portfolio

Our balance sheet portfolio totaled approximately $2.9 billion as of March 31, 2021, which included approximately $1.4 billion of behind-the-meter assets and approximately $1.5 billion of grid-connected assets. The following is an analysis of the performance our portfolio as of March 31, 2021:

Guidance

The Company expects that annual distributable earnings per share will grow at a compounded annual rate of 7% to 10% from 2021 to 2023, relative to the 2020 baseline of $1.55 per share, which is equivalent to a 2023 midpoint of $1.98 per share. The Company also expects that annual dividends per share will grow at a compound annual rate of 3% to 5% from 2021 to 2023, relative to the 2020 baseline of $1.36 per share, which is equivalent to a 2023 midpoint of $1.53 per share. This guidance reflects the Company’s judgments and estimates of (i) yield on its existing Portfolio; (ii) yield on incremental Portfolio investments, inclusive of the Company’s existing pipeline; (iii) the volume and profitability of securitization transactions; (iv) amount, timing, and costs of debt and equity capital to fund new investments; (v) changes in costs and expenses reflective of the Company’s forecasted operations, (vi) the ongoing impact of COVID-19 and the speed and efficacy of vaccine distribution on economic conditions and (vii) the general interest rate and market environment. All guidance is based on current expectations of the ongoing and future impact of COVID-19 and the speed and efficacy of vaccine distribution on economic conditions, the regulatory environment, the dynamics of the markets in which we operate and the judgment of the Company’s management team. The Company has not provided GAAP guidance as discussed in the Forward-Looking Statements section of this press release.

Dividend

The Company is announcing today that its Board of Directors approved a quarterly cash dividend of $0.35 per share of common stock. This dividend will be paid on July 9, 2021, to stockholders of record as of July 2, 2021.

Conference Call and Webcast Information

Hannon Armstrong will host an investor conference call today, Tuesday, May 4, 2021, at 5:00 p.m. eastern time. The conference call can be accessed live over the phone by dialing 1-866-652-5200 or for international callers, 1-412-317-6060. Please ask to be connected to the Hannon Armstrong call. A replay will be available two hours after the call and can be accessed by dialing 1-877-344-7529, or for international callers, 1-412-317-0088. The passcode for the replay is 10154938. The replay will be available until May 11, 2021.

Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the Investor Relations section of the Company's website at www.hannonarmstrong.com. The online replay will be available for a limited time immediately following the call.

About Hannon Armstrong

Hannon Armstrong (NYSE: HASI) is the first U.S. public company solely dedicated to investments in climate solutions, providing capital to leading companies in energy efficiency, renewable energy, and other sustainable infrastructure markets. With more than $7 billion in managed assets, Hannon Armstrong’s core purpose is to make climate-positive investments with superior risk-adjusted returns. For more information, please visit www.hannonarmstrong.com. Follow Hannon Armstrong on LinkedIn and Twitter @HannonArmstrong.

Forward-Looking Statements:

Some of the information contained in this press release is 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 that are subject to risks and uncertainties. For these statements, we claim the protections of the safe harbor for forward-looking statements contained in such Sections. These forward-looking statements include information about possible or assumed future results of our business, financial condition, liquidity, results of operations, plans and objectives. When we use the words "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "may" or similar expressions, we intend to identify forward-looking statements.

Forward-looking statements are subject to significant risks and uncertainties. Investors are cautioned against placing undue reliance on such statements. Actual results may differ materially from those set forth in the forward-looking statements. Factors that could cause actual results to differ materially from those described in the forward-looking statements include those discussed under the caption “Risk Factors” included in our most recent Annual Report on Form 10-K as well as in other periodic reports that we file with the U.S. Securities and Exchange Commission (the "SEC").

Other important factors that we think could cause our actual results to differ materially from expected results are summarized below, including the ongoing impact of the current outbreak of the novel coronavirus (COVID-19), on the U.S., regional and global economies, the U.S. sustainable infrastructure market and the broader financial markets. The current outbreak of COVID-19 has also impacted, and is likely to continue to impact, directly or indirectly, many of the other important factors below and the risks described in the Form 10-K and in our subsequent filings under the Securities Exchange Act of 1934, as amended. Other factors besides those listed could also adversely affect us. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. In particular, it is difficult to fully assess the impact of COVID-19 at this time due to, among other factors, uncertainty regarding the severity and duration of the outbreak domestically and internationally, uncertainty regarding the effectiveness of federal, state and local governments’ efforts to contain the spread of COVID-19 and respond to its direct and indirect impact on the U.S. economy and economic activity including the timing of the successful distribution of effective vaccines.

Statements regarding the following subjects, among others, may be forward-looking:

• negative impacts from continued spread of COVID-19, including on the U.S. or global economy or on our business, financial position or results of operations;
• our expected returns and performance of our investments;
• the state of government legislation, regulation and policies that support or enhance the economic feasibility of projects that reduce carbon emissions or increase resilience to climate change, which we refer to as climate change solutions, including energy efficiency and renewable energy projects and the general market demands for such projects;
• market trends in our industry, energy markets, commodity prices, interest rates, the debt and lending markets or the general economy;
• our business and investment strategy;
• availability of opportunities to invest in climate change solutions including energy efficiency and renewable energy projects and our ability to complete potential new opportunities in our pipeline;
• our relationships with originators, investors, market intermediaries and professional advisers;
• competition from other providers of capital;
• our or any other company’s projected operating results;
• actions and initiatives of the federal, state and local governments and changes to federal, state and local government policies, regulations, tax laws and rates and the execution and impact of these actions, initiatives and policies;
• the state of the U.S. economy generally or in specific geographic regions, states or municipalities and economic trends;
• our ability to obtain and maintain financing arrangements on favorable terms, including securitizations;
• general volatility of the securities markets in which we participate;
• the credit quality of our assets;
• changes in the value of our assets, our portfolio of assets and our investment and underwriting process;
• the impact of weather conditions, natural disasters, accidents or equipment failures or other events that disrupt the operation of our investments or negatively impact the value of our assets;
• rates of default or decreased recovery rates on our assets;
• interest rate and maturity mismatches between our assets and any borrowings used to fund such assets;
• changes in interest rates and the market value of our assets and target assets;
• changes in commodity prices, including continued low natural gas prices;
• effects of hedging instruments on our assets or liabilities;
• the degree to which our hedging strategies may or may not protect us from risks, such as interest rate volatility;
• impact of and changes in accounting guidance;
• our ability to maintain our qualification as a real estate investment trust for U.S. federal income tax purposes;
• our ability to maintain our exemption from registration under the Investment Company Act of 1940, as amended;
• availability of and our ability to attract and retain qualified personnel;
• estimates relating to our ability to generate sufficient cash in the future to operate our business and to make distributions to our stockholders; and
• our understanding of our competition.

The risks included here are not exhaustive. Forward-looking statements are based on beliefs, assumptions and expectations as of the date of this press release. Any forward- looking statement speaks only as of the date on which it is made. New risks and uncertainties arise over time, and it is not possible for us to predict those events or how they may affect us. Except as required by law, we are not obligated to, and do not intend to, update or revise any forward-looking statements after the date of this earnings release, whether as a result of new information, future events or otherwise.

The Company has not provided GAAP guidance as forecasting a comparable GAAP financial measure, such as net income, would require that the Company apply the HLBV method to these investments. In order to forecast under the HLBV method, the Company would be required to make various assumptions related to expected changes in the net asset value of the various entities and how such changes would be allocated under HLBV. GAAP HLBV earnings over a period of time are very sensitive to these assumptions especially in regard to when a partnership transaction flips and thus the liquidation scenarios change materially. The Company believes that these assumptions would require unreasonable efforts to complete and if completed, the wide variation in projected GAAP earnings based upon a range of scenarios would not be meaningful to investors. Accordingly, the Company has not included a GAAP reconciliation table related to any distributable earnings guidance.

Estimated carbon savings are calculated using the estimated kilowatt hours, gallons of fuel oil, million British thermal units of natural gas and gallons of water saved as appropriate, for each project. The energy savings are converted into an estimate of metric tons of CO2 equivalent emissions based upon the project’s location and the corresponding emissions factor data from the U.S. Government and International Energy Agency. Portfolios of projects are represented on an aggregate basis.

EXPLANATORY NOTES
Non-GAAP Financial Measures
Distributable Earnings

We calculate distributable earnings as GAAP net income (loss) excluding non-cash equity compensation expense, provisions for loss on receivables, amortization of intangibles, non-cash provision (benefit) for taxes, gains or (losses) from modification or extinguishment of debt facilities, any one-time acquisition related costs or non-cash tax charges and the earnings attributable to our non-controlling interest of our Operating Partnership. We also make an adjustment to our equity method investments in the renewable energy projects as described below. Judgment will be utilized in determining when we will reflect the losses on receivables in our distributable earnings. In making this determination, we will consider certain circumstances such as, the time period in default, sufficiency of collateral as well as the outcomes of any related litigation. In the future, distributable earnings may also exclude one-time events pursuant to changes in GAAP and certain other adjustments as approved by a majority of our independent directors.

We believe a Non-GAAP measure, such as distributable earnings, that adjusts for the items discussed above is and has been a meaningful indicator of our economic performance and is useful to our investors as well as management in evaluating our performance as it relates to expected dividend payments over time. As a REIT, we are required to distribute substantially all of our taxable income to investors in the form of dividends and is a principal focus of our investors. Additionally, we believe that our investors also use distributable earnings, or a comparable supplemental performance measure, to evaluate and compare our performance to that of our peers, and as such, we believe that the disclosure of distributable earnings is useful to our investors.

Investor Relations:
Chad Reed
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410-571-6189

Media:
Gil Jenkins
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443-321-5753

BRYN MAWR, Pa.--(BUSINESS WIRE)--Essential Utilities (NYSE: WTRG) today announced the appointment of Edwina Kelly to the Essential Board of Directors. Kelly will serve as a member of the audit committee and the risk mitigation and investment policy committee of the board.

Kelly is a senior principal at Canada Pension Plan Investment Board (CPP Investments) where she is responsible for originating new investments, transaction management and asset management for investments in the organization’s global Sustainable Energy Group. CPP Investments invested $750 million in Essential Utilities as part of the equity raised for the purchase of Peoples Natural Gas in 2020. Kelly is replacing former director Wendy Franks as a board representative for CPP Investments.

“I look forward to working with Edwina on Essential’s Board of Directors. Her expertise and experience with renewable energy will be valuable as we strive to meet the emissions reduction targets announced earlier this year,” said Essential Chairman and CEO Christopher Franklin.

In January 2021, less than one year since the closing of the Peoples Gas acquisition, Essential announced a commitment to substantially reduce Scope 1 and 2 greenhouse gas emissions. By 2035, Essential will reduce its emissions by 60% from its 2019 baseline. This reduction is roughly equivalent to the emissions from 76,000 cars on the road over the course of the year. This will be achieved by extensive gas pipeline replacement, renewable energy purchasing, accelerated methane leak detection and repair, and various other currently planned initiatives that are highly feasible with proven technology. This science-based commitment is consistent with the rate of reduction necessary over the next 15 years to keep on track with the Paris Agreement, which aims to limit the global temperature increase to well below 2 degrees Celsius.

Prior to joining CPP Investments, Kelly was a director at EFG Hermes UAE where she helped manage the renewable energy platform and led solar portfolio acquisitions and equity restructurings of wind farm investments. She holds a bachelor’s degree in philosophy, politics and economics from the University of Oxford and is an associated chartered accountant member of the Institute of Chartered Accountants in England and Wales.

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 company’s role in the United States’ infrastructure investments; its ability to be an industry leader in protecting the environment; 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; 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.

WTRGG

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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FORT WORTH, Texas--(BUSINESS WIRE)--FTS International, Inc. (NYSE American: FTSI) today reported its financial and operational results for the first quarter of 2021.

Michael Doss, Chief Executive Officer, commented “I am incredibly pleased to report that we are back to generating positive adjusted EBITDA as we continue to efficiently and safely provide best-in-class performance to our customers. Our adjusted EBITDA was $7.8 million in the first quarter, a $13 million sequential increase, despite significant operational disruptions from Winter Storm Uri in February.

With the depressed business conditions of 2020 and our financial restructuring behind us, we are focused on the future with several important initiatives, including Machine IQ and fleet automation, as well as responding to our customers’ evolving expectations for lower emissions equipment. We are excited to be on an upward trajectory in terms of operating and financial performance, which we expect will move our adjusted EBITDA to the $11 to $15 million range in the second quarter. Our financial flexibility, operating efficiency, safety record, and innovation have never been better in the history of the Company.”

Financial Results

First Quarter 2021 (Successor) Compared to Fourth Quarter 2020 (Combined)

• Revenue was $95.9 million, up from $49.8 million
• Net loss was $7.9 million, compared to net income of $93.3 million, which included a positive contribution from reorganization items of $114.9 million
• Adjusted EBITDA was $7.8 million, compared to $(5.2) million
• Capital expenditures were $5.3 million, compared to $1.8 million
• Adjusted EBITDA less capital expenditures was $2.5 million, compared to $(7.0) million

Operational Results

We exited the first quarter with 13 active fleets and remain at that number today. Seven of our active fleets are dual fuel capable, and we continue to monitor customer demand for additional dual fuel conversions, which we can deploy quickly and cost effectively.

Our average pump time per stage increased 12% in the first quarter due to variation in the composition of job designs, resulting in a 5% sequential decline in stages per fully-utilized fleet. In addition, our fleets pumped an average of 16 hours per pumping day in the first quarter, a 6% increase sequentially. While activity improved in the first quarter, we experienced significant operational disruptions due to Winter Storm Uri and its lingering effects, which reduced fleet utilization costing us approximately 700 stages and $2 to $3 million of adjusted EBITDA in February.

Mr. Doss commented further, “After deploying fleet 13 at the beginning of the year, we chose to focus on negotiating reasonable price increases before deploying additional fleets. While those pricing discussions were successful and positively contributed to our first quarter results, the full effect of the price increases will not be realized until the second quarter. Our April work calendar was full and May is off to a strong start. It has been a while since we have felt this kind of positive momentum, and I am excited for the rest of 2021.”

MachineIQ™ / Fleet Automation Update

In the first quarter, we successfully launched our fully automated equipment health monitoring and control technology on an active hydraulic fracturing site. This is the culmination of a five-year partnership with KCF Technologies to develop a technological breakthrough that is poised to revolutionize the hydraulic fracturing industry. This technology utilizes KCF’s MachineIQ™ (MIQ) in combination with FTSI’s Petrix pump control and other support systems.

It is based on over one billion data points of unsupervised anomaly detection, which led us to a binary fault identification system. From there, we logged over 20,000 fault events in a supervised learning environment to determine fault classification and load balance recommendations.

This technology does two things: (1) it allows us to complete stages more closely to job design than ever before and (2) it ensures that equipment on the verge of mechanical failure is automatically and immediately shut down to avoid more costly repairs and improve safety on location.

In an industry where most stages completed have some divergence from job design, this technology employs machine learning to proactively identify and address issues caused by potential equipment failures or human-error that could result in a mid-stage rate fluctuation. The systems working together continuously monitor and automatically adjust pumps to deliver a consistent rate, resulting in stages being completed efficiently and to design, unless downhole conditions do not permit it.

This technology is now operational on nine fleets after deploying it to our first fleet working for Devon Energy less than two months ago. We expect to roll it out to all active fleets by the end of May.

Liquidity and Capital Resources

Capital expenditures for the first quarter totaled $5.3 million, primarily for maintenance. We continue to expect recurring maintenance capital expenditures per active fleet to be approximately $2.5 million annualized, or $30 to $40 million in 2021 based on activity levels.

As of March 31, 2021, we had $86.4 million of cash and $31.6 million of availability under our revolving credit facility, or total liquidity of $118.0 million. We had no borrowings under our revolving credit facility during the first quarter, which has a total capacity of $40 million.

Other Non-Recurring Items

In the first quarter, we incurred $0.2 million of remaining legal and professional fees and $0.3 million related to other claims and charges related to our financial restructuring that was completed in the fourth quarter. In addition, we incurred $0.6 million of transaction and strategic initiative costs.

Conference Call & Webcast

FTS International will hold a conference call that will also be webcast on its website on Wednesday, May 5, 2021 at 10:00 a.m. Central Time (11:00 a.m. Eastern Time) to discuss the results. Presenting the Company’s results will be Michael Doss, Chief Executive Officer, who will then be joined by Buddy Petersen, Chief Operating Officer, and Lance Turner, Chief Financial Officer, for Q&A.

Please see below for instructions on how to access the conference call and webcast. If you intend to ask a question in the Q&A portion of the call, please join by phone.

Restructuring

We emerged from Chapter 11 bankruptcy protection pursuant to a prepackaged plan of reorganization on November 19, 2020 and eliminated $488 million of debt and other liabilities as part of our financial restructuring. Upon emergence, we adopted fresh start accounting as a new entity for accounting and financial reporting purposes.

Results for the fourth quarter are presented separately as the “Predecessor” period from October 1, 2020 through November 19, 2020 and the “Successor” period from November 20, 2020 through December 31, 2020.

In addition to presenting Successor and Predecessor periods, we also present our results for the fourth quarter ended December 31, 2020 on a combined basis (i.e., by combining the results of the Predecessor and Successor periods). These combined results are not considered to be prepared in accordance with GAAP, but we believe that describing certain period-over-period variances and trends in our activity levels on a combined basis facilitates a meaningful analysis of our operating results and cash flows.

About FTS International, Inc.

Headquartered in Fort Worth, Texas, FTS International is a pure-play hydraulic fracturing service company with operations across multiple basins in the United States.

To learn more, visit www.FTSI.com.

Forward-Looking Statements

This press release contains forward-looking statements that involve substantial risks and uncertainties and are based on our beliefs and assumptions and on information currently available to us. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations, financial condition, capital expenditures, business strategy and plans and objectives of management for future operations, are forward-looking statements. In some cases, these forward-looking statements can be identified by words such as “could,” “should,” “may,” “might,” “will,” “likely,” “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “continues,” “projects” and similar references to future periods.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements represent our beliefs and assumptions only as of the date of this release. These statements, and related risks, uncertainties, factors and assumptions, include, but are not limited to: the effects of our bankruptcy proceedings on our business, liquidity, results of operations and prospects and the interests of various constituents; a further decline or future decline in domestic spending by the onshore oil and natural gas industry; continued volatility or future volatility in oil and natural gas prices; deterioration in general economic conditions or a continued weakening or future weakening of the broader energy industry; federal, state and local regulation of hydraulic fracturing and other oilfield service activities, as well as exploration and production activities, including public pressure on governmental bodies and regulatory agencies to regulate our industry; our ability to obtain permits, approvals and authorizations from governmental and third parties; the effects of or changes to U.S. and foreign government regulation; the price and availability of alternative fuels and energy sources; the discovery rates of new oil and natural gas reserves; and other factors described in our SEC filings, including our Annual Report on Form 10-K for the year ended December 31, 2020 and our subsequent reports on Forms 10-Q, 8-K and 10-K Amendment. These risks are not exhaustive.

Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future. Further information on factors that could cause actual results to differ materially from the results anticipated by our forward-looking statements is included in the reports we have filed or will file with the Securities and Exchange Commission. These filings, when available, are available on the SEC’s website at www.sec.gov.

Non-GAAP Financial Measures

To provide investors with additional information regarding our financial results, we have disclosed here and elsewhere in this earnings release adjusted EBITDA, a non-GAAP financial measure that we calculate as earnings before net interest expense, taxes, and depreciation and amortization further adjusted for expenses that management believes are non-recurring, and/or non-core to business operations and other non-cash expenses, including but not limited to employee severance costs, stock-based compensation, balance sheet impairments and write-downs, gains or losses on extinguishment of debt, gains or losses on disposal of assets, supply commitment charges, restructuring items, transaction and strategic initiative costs.

Adjusted EBITDA is a key measure used by our management and board of directors to evaluate our operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. The exclusion of certain expenses facilitates operating performance comparability across reporting periods by removing the effect of non-cash expenses and certain variable charges. Accordingly, we believe that adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors.

Adjusted EBITDA has limitations as a financial measure and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are:

• adjusted EBITDA does not reflect net interest expense or changes in, or cash requirements for, working capital;
• although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future and adjusted EBITDA does not reflect capital expenditure requirements for such replacements or for new capital expenditures;
• adjusted EBITDA does not reflect stock-based compensation expenses. Stock-based compensation has been, and will continue to be for the foreseeable future, a recurring expense in our business and an important part of our compensation strategy;
• adjusted EBITDA does not reflect supply commitment charges;
• adjusted EBITDA does not reflect restructuring items or transaction and strategic initiative costs;
• other companies, including companies in our industry, may calculate adjusted EBITDA differently, which reduces its usefulness as a comparative measure.

Because of these limitations, you should consider adjusted EBITDA alongside other financial performance measures, including net loss and our other GAAP results.

The table included under “Reconciliation of Net (Loss) Income to Adjusted EBITDA and Calculations of Adjusted EBITDA per fully-utilized fleet and, Adjusted EBITDA Less Capital Expenditures,” provides a reconciliation of net loss to adjusted EBITDA for each of the periods indicated.

Consolidated Statements of Operations (unaudited)

Consolidated Balance Sheets (unaudited)