WESTLAKE, Ohio--(BUSINESS WIRE)--TravelCenters of America Inc. (Nasdaq: TA) today announced that it has completed the previously announced sale of its standalone restaurant business, which includes 42 locations primarily branded as “Quaker Steak & Lube” for aggregate proceeds of $5 million.

“This strategic divestment is a significant step in support of TA’s strategy to be a more focused leader in the travel center industry,” said Jon Pertchik, CEO of TA. “The sale of the standalone restaurant business, which did not strategically fit within our long-term goals for the company, will allow us to further concentrate our efforts on our core travel centers business and thoughtfully execute our transformation and growth initiatives.”

About TravelCenters of America Inc.:

TravelCenters of America Inc. (Nasdaq: TA) is the nation's largest publicly traded full-service travel center network. Founded in 1972 and headquartered in Westlake, Ohio, its nearly 20,000 employees serve customers in over 270 locations in 44 states and Canada, principally under the TA®, Petro Stopping Centers® and TA Express® brands. Offerings include diesel and gasoline fuel, convenience stores, truck maintenance and repair, full-service and quick-service restaurants, car and truck parking and other services and amenities dedicated to providing great experiences for professional drivers and the general motoring public. TravelCenters of America operates over 600 full-service and quick-service restaurants and 9 proprietary brands, including Iron Skillet® and Country Pride®. For more information, visit www.ta-petro.com.

Warning Regarding Forward Looking Statements

This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. For example, this press release states that the sale of the non-core business will allow the company to further focus on its core travel center business and pursue transformation and growth initiatives. Also, whenever TA uses words such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, "will", “may” and negatives or derivatives of these or similar expressions, TA is making forward-looking statements. These forward-looking statements are based upon TA’s present intent, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur or may not have the effects TA expects. Actual results may differ materially from those contained in or implied by TA’s forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors, including those set forth in TA’s filings with the Securities and Exchange Commission, some of which are beyond TA’s control.

Kristin Brown, Director, Investor Relations
(617) 796-8251
www.ta-petro.com

- Formation of Technip Energies on February 16, 2021

- Strong Q1 2021 performance with Adjusted Recurring EBIT Margin of 5.9%

- €6.5 billion orders, including major LNG award, drives Adjusted Backlog to €17.8 billion

- Solid balance sheet with €2.5 billion of Adjusted Net Cash

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

Technip Energies (Paris:TE) (ISIN:NL0014559478) (the “Company”), a leading Engineering & Technology company for the Energy Transition, today announces its first quarter unaudited 2021 financial results.

Arnaud Pieton, CEO of Technip Energies, on Q1 2021 results and outlook:

“The successful creation of Technip Energies took place on February 16, 2021. For the 15,000 people of our new company, this was a proud moment, which has further energized our workforce to deliver on our ambition – to be the reference investment platform for the Energy Transition.”

“With strong revenues and an improvement in EBIT margins year-over-year, our first quarter financial results are a true reflection of our operational excellence and financial stability against ongoing challenges in the global environment. We continue to safely and effectively deliver on our portfolio of projects with discipline and dedication for our customers.”

“During the quarter, we further positioned Technip Energies along the Energy Transition, most notably in sustainable chemistry, where we entered into multiple partnership agreements to advance our technology and commercial offering in circular economy.”

“We look to the remainder of 2021 with confidence to achieve our financial objectives; our revenue outlook is largely secured through scheduled backlog, and sound project execution should ensure we deliver profitability in line with guidance.”

“The industry continues to transition at an accelerated pace – this is both integrated within our strategy and reflected in significant growth in customer engagements. The decarbonization theme is now strongly influencing our traditional businesses, presenting us with greenfield and brownfield opportunities, and our Energy Transition pipeline continues to grow. With our unique capability set, disciplined commercial approach, and trusted execution, Technip Energies is set up to thrive in this environment.”

Key financials – Adjusted IFRS

Key financials - IFRS

Guidance – Adjusted IFRS

Company outlook and guidance is unchanged from guidance last published on February 26, 2021. The below table confirms the Company’s FY 2021 guidance:

Conference call information

Technip Energies will host its Q1 2021 results conference call and webcast on Thursday, April 22, 2021, at 13:00 CET. Dial-in details:

The event will be webcast simultaneously and can be accessed at: https://edge.media-server.com/mmc/p/y6js8by6

About Technip Energies

Technip Energies is a leading Engineering & Technology company for the Energy Transition, with leadership positions in LNG, hydrogen and ethylene as well as growing market positions in blue and green hydrogen, sustainable chemistry and CO₂ management. The Company benefits from its robust project delivery model supported by an extensive technology, products and services offering.

Operating in 34 countries, our 15,000 people are fully committed to bringing our clients’ innovative projects to life, breaking boundaries to accelerate the energy transition for a better tomorrow.

Technip Energies shares are listed on Euronext Paris. In addition, Technip Energies has a Level 1 sponsored American Depositary Receipts (“ADR”) program, with its ADRs trading over-the-counter.

Operational and financial review
Backlog, Order Intake and Backlog Scheduling

Adjusted order intake for Q1 2021 of €6,470.7 million, equating to a book-to-bill of 4.2, was largely driven by the major award for the Qatar North Field Expansion Project, as well as the Barauni Refinery upgrade in India. Trailing 12-months book-to-bill was 1.7.

Adjusted backlog increased 25% year-on-year to €17,805.3 million, equivalent to 3x 2020 Adjusted Revenue.

The table below provides estimated backlog scheduling as of March 31, 2021.

Company Financial Performance
Adjusted Statement of Income

Business highlights
Projects Delivery – Adjusted IFRS

Q1 2021 Adjusted Revenue decreased marginally year-on-year by 1% to €1,252.5 million. The continued ramp-up of Arctic LNG 2 and growth in downstream projects in the Middle East and India were offset by lower activity on offshore projects. In addition, there was limited impact on revenues in the quarter from major project awards received in Q4 2020 and Q1 2021.

Q1 2021 Adjusted Recurring EBIT decreased year-on-year by 25% to €75.9 million. Adjusted Recurring EBIT margin declined by 190 basis points to 6.1% primarily due to mix and lower margin recognition on projects in an earlier phase of completion, while the comparable period in Q1 2020 benefited from projects in close out phases, including ADNOC’s Umm Lulu project and Equinor Aasta Hansteen. This was partially offset by a reduction of indirect costs.

Q1 2021 Key operational highlights

Arctic LNG 2 project (Russian Federation)

• Module construction for train 1 reached 50% completion; on track for module sail away to Russia in 2021.

Bapco Refinery expansion (Bahrain)

• Completion of heavy lifts in all areas of the refinery. ​

Energean Power gas FPSO (offshore Israel)

• Successful completion of last heavy lift campaign in Singapore.

Eni Coral Sul FLNG (Mozambique)

• After completion of the installation of the 3 Turret Mooring Systems modules and the first gas turbine generator, the Consortium is progressing with the commissioning of instrument rooms and work on the utilities systems.

ENOC Jebel Ali (U.A.E)

• Commercial completion certificate received on project that was awarded the MEED “Oil & Gas project of the year” in 2020 for successful project execution.

BP Tortue gas FPSO (Senegal / Mauritania)

• Successful launch of the hull and installation of the Living Quarters.

SOCAR Azerikimya petrochemical plant (Azerbaijan)

• Successful completion of performance test with plant meeting ethylene and propylene production capacity and quality specifications.

Q1 2021 Key commercial highlights

Qatar Petroleum North Field East Project (Qatar)

• Major* Engineering, Procurement, Construction and Commissioning contract awarded to CTJV, a joint venture between Chiyoda Corporation and Technip Energies, by Qatar Petroleum for the onshore facilities of the North Field East Project.
• Award will cover the delivery of 4 mega trains, each with a capacity of 8 million tons per annum of LNG, and associated utility facilities. It will include a large carbon capture and sequestration facility, leading to a more than 25% reduction of greenhouse gas emissions when compared to similar LNG facilities.

*A “major” award for Technip Energies is a contract representing more than €1 billion of revenue.

Barauni Refinery upgrade (India)

• Significant* Engineering, Procurement, Construction and Commissioning contract by Indian Oil Corporation Limited for its BR9 Expansion Project in Barauni, Bihar, in the Eastern part of India.
• The project will enable production of BS VI Grade fuels – similar to Euro VI Grade fuels – and petrochemicals.

*A “significant” award for Technip Energies is a contract representing between €50 million and €250 million of revenue.

Technology, Products & Services (TPS) – Adjusted IFRS

Q1 2021 Adjusted Revenue increased year-on-year by 9% to €305.0 million, buoyed by growth in services, notably Project Management Consultancy (PMC), and benefiting from strong order intake for Loading Systems during 2020.

Q1 2021 Adjusted Recurring EBIT increased year-on-year by 132% to €25.8 million. Adjusted Recurring EBIT margin increased year-on-year by 450 basis points benefiting from higher revenues with both Loading Systems and PMC activity showing significant improvement year-on-year.

Q1 2021 Key operational highlights

Neste Singapore Expansion Project (Singapore)

• Completion of all heavy lift activities.

Hengli liquid ethylene cracker (China)

• Successful completion of final performance acceptance test.

Hong Kong LNG (China)

• Successful yard tests completed for 8 LNG Marine Loading Arms and 4 High Pressure Natural Gas arms.

Q1 2021 Key commercial highlights

Project Management Consultancy services (Middle East)

• Letter of Award for a multi-year contract covering Consultancy services and Project Engineering and Management services for various projects.
• The contract is call-off in nature and therefore does not contribute to Q1 2021 order intake.

Tianjin Nangang LNG Emergency Storage Project (China)

• Notification of Award from Beijing Gas Group Co., Ltd for the supply of 5 LNG marine loading arms.

Strategic partnership with SYNOVA

• Using Technip Energies' leading purification technologies and SYNOVA’s advanced plastic waste-to-olefins technology, the partnership aims to commercialize a complete solution for plastic waste back to plastic via a steam cracker.
• The process will have a low carbon footprint and displaces the need for virgin polymers, in addition to reducing the need for intensive plastic waste sorting.

Strategic partnership with RECENSO

• Agreement focuses on sustainable plastics-to-plastics chemical recycling.

• It combines Technip Energies’ leading purification technologies with RECENSO’s proprietary CARBOLIQ technology to offer high-value solutions for generating liquid feedstock from plastic waste to be readily used in existing facilities to produce sustainable polymers.

Member of MIT’s Industrial Liaison Program

• Membership to the Industrial Liaison Program provides Technip Energies’ with access to MIT’s researchers, strengthening the Company’s innovation in the energy transition and digital area.

Corporate and Other items

Corporate costs in the first quarter, excluding non-recurring items, were €10.4 million. Non-recurring items amounted to €26.5 million, primarily relating to separation costs. Q1 2020 combined statement of income was also impacted by foreign exchange impact allocated to Technip Energies. Foreign exchange for Q1 2021 was a negative impact of €4.5 million.

Net financial income was €6.8 million, benefiting from cash on deposit and mark-to-market valuation of investments in traded securities.

Effective tax rate for the first quarter was 33.7%.

Depreciation and amortization expense was €26.7 million, of which €18.6 million is related to IFRS16.

Adjusted net cash at March 31, 2021 was €2.5 billion. This compares to Adjusted net cash at December 31, 2020, after the impact of the Separation and Distribution Agreement, of €2.2 billion.

Total invested equity at March 31, 2021 was €1.3 billion in Adjusted IFRS. This compares to total invested equity at December 31, 2020, after the impact of the Separation and Distribution Agreement, of €1.2 billion.

The Separation and Distribution Agreement was detailed in section 3, Balance Sheet information, of Technip Energies “Update on FY 2020 Financial Results” of the press release released on February 26, 2021.

Operating cash flow of €279.8 million, benefited from a solid operational performance and working capital inflows associated with customer advances and milestone payments on projects.

With limited capital expenditure of €8 million, free cash flow generation was €272 million.

Liquidity and credit rating information

Total liquidity of €3.9 billion at March 31, 2021 comprised of €3.2 billion of cash and €750 million of liquidity provided by the undrawn revolving credit facility, which is available for general use and serves as a backstop for the Company’s commercial paper program, offset by €98 million of outstanding commercial paper.

The bridge-to-bond under the Company’s bridge term facility was drawn for €620 million at the time of completion of the Spin-off from TechnipFMC. The Company intends to refinance it through a bond take out in the coming quarters.

Technip Energies has a BBB/A-2’ investment grade rating, as confirmed by S&P Global following the Spin-off from TechnipFMC.

Disclaimers

This Press Release is intended for informational purposes only for the shareholders of Technip Energies. This Press Release contains information within the meaning of Article 7(1) of the EU Market Abuse Regulation. This Press Release is not intended for distribution in jurisdictions that require prior regulatory review and authorization to distribute a Press Release of this nature.

Forward-looking statements

This Press Release is intended for informational purposes only for the shareholders of Technip Energies. This Press Release is not intended for distribution in jurisdictions that require prior regulatory review and authorization to distribute a Press Release of this nature.

This release contains “forward-looking statements” as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements usually relate to future events and anticipated revenues, earnings, cash flows or other aspects of Technip Energies’ operations or operating results. Forward-looking statements are often identified by the words “believe”, “expect”, “anticipate”, “plan”, “intend”, “foresee”, “should”, “would”, “could”, “may”, “estimate”, “outlook”, and similar expressions, including the negative thereof. The absence of these words, however, does not mean that the statements are not forward-looking. These forward-looking statements are based on Technip Energies’ current expectations, beliefs and assumptions concerning future developments and business conditions and their potential effect on Technip Energies. While Technip Energies believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting Technip Energies will be those that Technip Energies anticipates.

All of Technip Energies’ forward-looking statements involve risks and uncertainties (some of which are significant or beyond Technip Energies’ control) and assumptions that could cause actual results to differ materially from Technip Energies’ historical experience and Technip Energies’ present expectations or projections. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those set forth in the forward-looking statements.

For information regarding known material factors that could cause actual results to differ from projected results, please see Technip Energies’ risk factors set forth in Technip Energies’ filings with the U.S. Securities and Exchange Commission, which include amendment no. 4 to Technip Energies’ registration statement on Form F-1 filed on February 11, 2021.

Forward-looking statements involve inherent risks and uncertainties and speak only as of the date they are made. Technip Energies undertakes no duty to and will not necessarily update any of the forward-looking statements in light of new information or future events, except to the extent required by applicable law.

APPENDIX
Basis of preparation – Technip Energies Combined and Consolidated accounts

Consolidated financial statements for the period from January 1 to March 31, 2021 include comparative information (for the year 2020) extracted from Technip Energies’ Combined financial statements.

Information for these two periods constitute the Technip Energies Group’s Consolidated financial statements at March 31, 2021.

APPENDIX 1.0: ADJUSTED STATEMENTS OF INCOME

APPENDIX 1.1: STATEMENT OF INCOME – RECONCILIATION BETWEEN IFRS AND ADJUSTED

APPENDIX 1.2: STATEMENT OF INCOME – RECONCILIATION BETWEEN IFRS AND ADJUSTED

APPENDIX 2.0: ADJUSTED STATEMENTS OF FINANCIAL POSITION

Investor Relations
Phillip Lindsay
Vice President, Investor Relations
Tel: +44 20 3429 3929
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Media Relations
Stella Fumey
Director Press Relations & Digital Communications
Tel: +33 1 85 67 40 95
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SAN FRANCISCO--(BUSINESS WIRE)--In honor of Earth Day, Williams-Sonoma, Inc. (NYSE: WSM), the world’s largest digital-first, design-led and sustainable home retailer, is proud to announce that it is setting a science-based target (SBT) for emissions reduction across its value chain by 2030, including the goal of carbon neutrality in the company’s own operations by 2025.

Williams-Sonoma is one of the first in its industry to work with the Science-Based Targets initiative to reduce its emissions in line with climate science. Aligned with the Paris Climate Agreement, the company has set a SBT that will help keep global warming below 2 degrees Celsius to avoid the worst effect of the climate crisis while establishing a pathway to net-zero emissions.

“We are thrilled to announce our new climate goals of carbon reduction across our supply chain. Williams-Sonoma, Inc. is Good By Design – striving for quality, safety, and sustainability throughout our business, and to improve our environmental performance every day. We understand these commitments play an important role in the sustainability of our planet and look forward to continuing our work to create a more sustainable future for generations to come,” said Laura Alber, President and Chief Executive Officer.

The company’s new climate goals include:

• A Science-Based Target for emissions reduction by 2030
  • 50% absolute reduction in Scope 1 & 2 Emissions
  • 14% absolute reduction in Scope 3 Emissions from materials, production, transportation, and product use
• Carbon Neutrality by 2025
  • 100% carbon neutral in Scope 1 & 2 Emissions

To arrive at these goals, Williams-Sonoma underwent an extensive, year-long data gathering and analysis project, using third-party experts and independent research alongside company data to measure the footprint across the company’s entire value chain.

To reduce Scope 1 and 2 emissions, the company will focus on efficiency, retrofitting its systems and upgrading to more energy-efficient equipment across its offices, stores, and distribution centers, to reduce the energy used to power its operations. Additionally, it will install solar where appropriate, purchase green power when possible and support new renewable energy projects through power purchase agreements (PPAs). To lower its Scope 3 emissions in its value chain, the company will develop a preferred materials strategy and switch to lower-impact options, like recycled polyester, as well as work with key suppliers to set reduction and renewable strategies and roadmaps. Williams-Sonoma will also increase more efficient delivery for direct-to-consumer sales, ensuring customers receive its product in the lowest-impact way.

For more information on the company’s carbon reduction commitments, please view our Science-Based Target Summary. Williams-Sonoma will continue to share its progress in its annual Corporate Responsibility scorecard, its sustainability website, and other public disclosures.

ABOUT WILLIAMS-SONOMA, INC.

Williams-Sonoma, Inc. is the world’s largest digital-first, design-led and sustainable home retailer. The company’s products, representing distinct merchandise strategies — Williams Sonoma, Pottery Barn, Pottery Barn Kids, Pottery Barn Teen, West Elm, Williams Sonoma Home, Rejuvenation, and Mark and Graham — are marketed through e-commerce websites, direct-mail catalogs and retail stores. These brands are also part of The Key Rewards, our free-to-join loyalty program that offers members exclusive benefits across the Williams-Sonoma family of brands. We operate in the U.S., Puerto Rico, Canada, Australia and the United Kingdom, offer international shipping to customers worldwide, and have unaffiliated franchisees that operate stores in the Middle East, the Philippines, Mexico, South Korea and India, as well as e-commerce websites in certain locations. We are also proud to lead the industry with our ESG efforts. Our company is Good By Design — we’ve deeply engrained sustainability into our business. From our factories to your home, we’re united in a shared purpose to care for our people and our planet.

For more information on our ESG efforts, please visit: https://sustainability.williams-sonomainc.com/

Williams-Sonoma, Inc.
Elise Wang, Investor Relations and Corporate PR
(415) 616-8571
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DUBLIN--(BUSINESS WIRE)--The "Hydrographic Survey Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Component; End User" report has been added to ResearchAndMarkets.com's offering.

Growing Offshore Projects to Support Hydrographic Survey Market Growth during 2020-2027

Hydrographic Survey Market was valued at US$ 97.19 million in 2019 and is projected to reach US$ 155.91 million by 2027; it is expected to grow at a CAGR of 6.2% from 2020 to 2027.

The global hydrographic survey market is segmented into five major regions - North America, Europe, APAC, MEA, and SAM. For oil & gas and marine projects, the hydrographic survey work is initiated by the oil & gas and marine firms, with the country's permission. Navy or national survey agency, which is responsible for the safety of navigation, also conduct hydrographic surveys.

North America led the hydrographic survey market in 2019 with a share of 36.9%, followed by Europe and APAC. The growing maritime and oil & gas industries, rising trend of digitalization, presence of multiple hydrographic survey software or service providers, and favorable government policies for developing oil & gas and marine industries are propelling the hydrographic survey market growth in North America.

In Europe, the marine industry plays an important role in the overall economy, in terms of revenue generation, job creation, and infrastructural development. European Commission continually monitors this industry and works toward the development of transport that favors the growth and competitiveness of the industry.

APAC is anticipated to register the highest CAGR in the hydrographic survey market during 2020-2027. The region comprises several developing economies such as China, India, and several southeast countries, which hold a high potential for the future growth of the hydrographic survey market. The growth in port and harbor management, exploration, and production activities, and rise in the development of offshore wind energy projects are propelling the growth of the hydrographic survey market in APAC.

Surge in deepwater operations in oil field development projects in Brazil, the Gulf of Mexico, and Africa, and other growing countries is anticipated to drive the demand for hydrographic survey software and services in the MEA and SAM during the forecast period.

Companies Mentioned

• BeamworX BV
• Eye4Software B.V.
• HYPACK / Xylem Inc.
• IIC Technologies
• Norcom Technology Limited
• Teledyne Marine (Teledyne Technologies Incorporated)
• Triton Imaging, Inc.
• OceanWise Limited
• Moga Software s.r.l.
• Quality Positioning Services B.V. (QPS)
• Esri

Key Market Dynamics

Market Drivers

• Rise in Number of Offshore Oil & Gas Projects
• Rise in Maritime Commerce and Transport

Market Restraints

• Lack of Awareness in Underdeveloped Countries

Market Opportunities

• Increasing Demand for Energy & Power Projects in Developing Countries

Future Trends

• Technological Advancements in Hydrographic Survey Software and Services

The global hydrographic survey market has been segmented as follows:

Hydrographic Survey Market - by Component

• Software
• Services

Hydrographic Survey Market - by End User

• Oil & Gas
• Marine

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

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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DALLAS--(BUSINESS WIRE)--Energy Transfer LP (“ET”) today announced the quarterly cash distribution of $0.4609375 per Series C Preferred Unit (NYSE: ETprC), the quarterly cash distribution of $0.4765625 per Series D Preferred Unit (NYSE: ETprD), and the quarterly cash distribution of $0.4750000 per Series E Preferred Unit (NYSE: ETprE). These cash distributions will be paid on May 17, 2021 to Series C, Series D and Series E unitholders of record as of the close of business on May 3, 2021.

The Series C, Series D and Series E preferred units were originally issued by Energy Transfer Operating, L.P. (“ETO”). On April 1, 2021, ETO merged into ET with ET surviving the merger. At the effective time of the merger, each issued and outstanding ETO preferred unit was converted into the right to receive one newly created ET preferred unit.

Energy Transfer LP (NYSE: ET) owns and operates one of the largest and most diversified portfolios of energy assets in the United States, with a strategic footprint in all of the major domestic production basins. ET is a publicly traded limited partnership with core operations that include complementary natural gas midstream, intrastate and interstate transportation and storage assets; crude oil, natural gas liquids (NGL) and refined product transportation and terminalling assets; NGL fractionation; and various acquisition and marketing assets. ET also owns Lake Charles LNG Company, as well as the general partner interests, the incentive distribution rights and 28.5 million common units of Sunoco LP (NYSE: SUN), and the general partner interests and 46.1 millioncommon units of USA Compression Partners, LP (NYSE: USAC). For more information, visit the Energy Transfer website at energytransfer.com.

Forward Looking Statements

This press release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal law. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management’s control. An extensive list of factors that can affect future results are discussed in the Partnership’s Annual Report on Form 10-K and other documents filed from time to time with the Securities and Exchange Commission. In addition to the risks and uncertainties previously disclosed, the Partnership has also been, or may in the future be, impacted by new or heightened risks related to the COVID-19 pandemic, and we cannot predict the length and ultimate impact of those risks. The Partnership undertakes no obligation to update or revise any forward-looking statement to reflect new information or events.

This release serves as qualified notice to nominees as provided for under Treasury Regulation section 1.1446-4(b)(4) and (d). Please note that 100 percent of Energy Transfer LP’s distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of Energy Transfer LP’s distributions to foreign investors are subject to federal tax withholding at the highest applicable effective tax rate. Nominees, and not Energy Transfer LP, are treated as withholding agents responsible for withholding distributions received by them on behalf of foreign investors.

The information contained in this press release is available on our website at energytransfer.com.

Investor Relations:
Bill Baerg
Brent Ratliff
Lyndsay Hannah
214-981-0795

Media Relations:
Vicki Granado
214-840-5820

Merger of Fortistar Methane Group and TruStar Energy Creates a Fully-Integrated Market Leader to Provide Greater Infrastructure for the Decarbonization of the U.S. Transportation Industry

WHITE PLAINS, N.Y.--(BUSINESS WIRE)--#GHG--Today, Fortistar LLC, a privately-owned investment firm that provides capital to build, grow and manage companies that address complex sustainability challenges, announced that two of its portfolio companies, Fortistar Methane Group (FMG), one of the fastest-growing developers of renewable natural gas (RNG) facilities and one of the largest independently owned landfill-gas-to-energy companies in the U.S., and TruStar Energy, a market leader in RNG fuel supply for the transportation sector, are merging under Opal Fuels LLC to form a new, fully-integrated renewable fuels supply company for North America.

“In the nearly 30 years since founding Fortistar, I have never been more excited about the opportunities ahead,” said Mark Comora, president of Fortistar LLC. “Amid wildfires, heat waves, hurricanes and other extreme weather that punctuated a tumultuous 2020, the world is now more determined than ever to address climate change. Opal will lead the effort to decarbonize America’s transportation industry, which generates the largest share of annual greenhouse gas emissions, by supplying clean, sustainable energy fueled by renewable natural gas.”

The merger creates a complete, vertically-integrated business that handles every step from project development and construction to producing, marketing and dispensing renewable fuel and the associated renewable credits. With this merger, the combined company will maintain one of the largest portfolios of internally-produced RNG to ensure a stable renewable fuels supply for its customers. The combined business offers a natural platform for growth by converting its landfill gas electric projects to RNG facilities and new greenfield development of both animal waste digesters and new landfill projects, which will supply fueling stations including renewable hydrogen as an emerging fuel.

During 2020, TruStar completed 42 natural gas fueling station projects across the country, bringing its total completed projects to 380. TruStar has powered Class 8 fleets since 2009 and maintains a workforce of over 120 employees across the country. FMG is in the middle of a $500 million expansion program to complete construction on the fifth of 12 RNG projects that together will provide over 100 million gas gallon equivalents (GGE) annually of RNG. Together, the combined company will have a growing network of over 220 employees nationwide. With more than 140 fueling stations nationwide, the merger will make Opal a notable renewable fuels industry leader.

Adam Comora, former TruStar Energy president and CEO since 2013, and Jonathan Maurer, Fortistar managing director, will lead the company as co-CEOs. Prior to TruStar Energy, Adam Comora served as a managing director with Fortistar and spent 14 years at EnTrust Capital Inc, a New York-based investment management firm. Maurer has worked with Fortistar for over 30 years, executing the firm’s M&A and financing transactions and managing the production assets.

“Opal’s vertical integration creates a powerful platform to maximize the value and deliver with certainty the benefits of RNG for both production partners and end fleet customers alike,” said Adam Comora, co-CEO of the combined company. “This new venture creates enormous opportunities and scale to capture significant additional market share in this rapidly-developing industry as we continue to raise and deploy capital.”

Maurer, co-CEO of the new company said, “The combined company is positioned to be one of the fastest growing renewable fuels firms in the country. Our companies’ collective expertise and experience mean we have the capacity to take on newer, larger and more innovative projects and deals than ever before. We are enthusiastic to play an important role in decarbonizing our country’s transportation sector.”

About Fortistar:

Founded in 1993, Fortistar is a privately-owned investment firm that provides capital to build, grow and manage companies that address complex sustainability challenges. Fortistar utilizes its capital, flexibility and operating expertise to grow high-performing companies, first in power generation and now in mobility, carbon capture, the circular economy and other solutions that drive our transition to a zero-carbon future. As a team, Fortistar has financed over $3.5 billion in capital for companies and projects in the energy, transportation and industrial sectors. For more information about Fortistar or its portfolio companies, please visit: www.Fortistar.com and follow the company on LinkedIn.

Media:
Caleigh Bourgeois
(513) 675-7466
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DALLAS--(BUSINESS WIRE)--Energy Transfer LP (NYSE: ET) today announced a quarterly cash distribution of $0.1525 per ET common unit ($0.61 on an annualized basis) for the first quarter ended March 31, 2021. The announced quarterly distribution is consistent with the distribution for the fourth quarter of 2020 and will be paid on May 19, 2021 to unitholders of record as of the close of business on May 11, 2021.

First Quarter 2021 Earnings Release and Conference Call

In addition, Energy Transfer plans to release earnings for the first quarter 2021 on Thursday, May 6, 2021, after the market closes. The company will conduct a conference call on Thursday, May 6, 2021 at 4:00 p.m. Central Time/5:00 p.m. Eastern Time to discuss quarterly results and provide a company update. The conference call will be broadcast live via an internet webcast, which can be accessed on Energy Transfer’s website at energytransfer.com. The call will also be available for replay on Energy Transfer’s website for a limited time.

Energy Transfer LP (NYSE: ET) owns and operates one of the largest and most diversified portfolios of energy assets in the United States, with a strategic footprint in all of the major domestic production basins. ET is a publicly traded limited partnership with core operations that include complementary natural gas midstream, intrastate and interstate transportation and storage assets; crude oil, natural gas liquids (NGL) and refined product transportation and terminalling assets; NGL fractionation; and various acquisition and marketing assets. ET also owns Lake Charles LNG Company, as well as the general partner interests, the incentive distribution rights and 28.5 million common units of Sunoco LP (NYSE: SUN), and the general partner interests and 46.1 million common units of USA Compression Partners, LP (NYSE: USAC). For more information, visit the Energy Transfer website at energytransfer.com.

Forward Looking Statements

This press release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal law. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management’s control. An extensive list of factors that can affect future results are discussed in the Partnership’s Annual Report on Form 10-K and other documents filed from time to time with the Securities and Exchange Commission. In addition to the risks and uncertainties previously disclosed, the Partnership has also been, or may in the future be, impacted by new or heightened risks related to the COVID-19 pandemic, and we cannot predict the length and ultimate impact of those risks. The Partnership undertakes no obligation to update or revise any forward-looking statement to reflect new information or events.

This release serves as qualified notice to nominees as provided for under Treasury Regulation section 1.1446-4(b)(4) and (d). Please note that 100 percent of Energy Transfer LP’s distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of Energy Transfer LP’s distributions to foreign investors are subject to federal tax withholding at the highest applicable effective tax rate. Nominees, and not Energy Transfer LP, are treated as withholding agents responsible for withholding distributions received by them on behalf of foreign investors.

The information contained in this press release is available on our website at energytransfer.com.

Investor Relations:
Bill Baerg
Brent Ratliff
Lyndsay Hannah
214-981-0795

Media Relations:
Vicki Granado
214-840-5820

$500 from each sale will be donated to the National Forest Foundation in honor of Earth Day 2021

SANTA CRUZ, Calif.--(BUSINESS WIRE)--Zero Motorcycles, the worldwide leader in electric motorcycles and powertrains, today launched a special, limited-edition DSR in celebration of its 15th anniversary. In commemoration of Earth Day, $500 from each special, limited-edition motorcycle sold will be given directly to the National Forest Foundation. The campaign is designed around Zero Motorcycle’s continued effort to help to preserve Earth’s natural treasures, and to encourage customers to spend more time outside.

As the pinnacle electric motorcycle build for dual-sport adventures, lack of noise and exhaust position the DSR as the perfect vehicle for riders to experience the world around them. The limited-edition DSR is available in five, nature-inspired colors.

“Zero was founded with a passion for off-road motorcycles that could be ridden in the Santa Cruz Mountains. It has been our mission to transform the riding experience with pure electric vehicles, and a passion for conservation is deeply rooted in our DNA,” said Sam Paschel, Zero Motorcycles CEO. “Our bikes are an incredible way to experience off-road riding, including in America’s National Forests, and we stand with the National Forest Foundation in their mission to guarantee access to those lands for future generations.”

The proceeds of the donations from these limited edition DSR units will be divided between National Forest Foundation projects that improve, restore, and make ecologically sustainable trail systems for Powersports enthusiasts across the country. These projects are aligned with Zero’s vision for increased access to America’s public lands for riders everywhere.

“We are excited and grateful to partner with Zero Motorcycles on projects to improve outdoor experiences and restore our National Forests. Our public lands are amazing places to explore and recreate and we appreciate a commitment to help us steward them from an innovative company like Zero,” Said Dayle Wallien, Conservation Partnerships Director for the National Forest Foundation.

The special edition DSR lineup will be available for order in limited quantities starting today, while supplies last, through all US Zero Motorcycle dealers. These 15^th Anniversary models are powered by the heralded Z-Force 75-7 motor capable of 116 ft-lb of torque, 70 hp, a top speed of 102 mph, and up to 163 miles of range per charge and sell for $15,495.

About Zero Motorcycles

Zero Motorcycles is the global leader in electric motorcycles and powertrains. Designed and crafted by hand in California, Zero Motorcycles combines Silicon Valley technology with traditional motorcycle soul to elevate the motorcycling experience for intelligent, innovative riders around the world.

About National Forest Foundation

The National Forest Foundation works on behalf of the American public to inspire personal and meaningful connections to our National Forests. By directly engaging Americans and leveraging private and public funding, the NFF leads forest conservation efforts and promotes responsible recreation. Each year the NFF restores fish and wildlife habitat, facilitates common ground, plants trees in areas affected by fires, insects and disease, and improves recreational opportunities. The NFF believes our National Forests and all they offer are an American treasure and are vital to the health of our communities. Learn more at nationalforests.org.

Natalie Kahn
This email address is being protected from spambots. You need JavaScript enabled to view it.
(858) 245-4238

HOUSTON--(BUSINESS WIRE)--USD Partners LP (NYSE: USDP) (the “Partnership”) announced today that the Board of Directors of its general partner declared a quarterly cash distribution of $0.1135 per unit for the first quarter of 2021 ($0.454 per unit on an annualized basis), representing an increase of $0.0025 per unit, or 2.25% over the distribution declared for the fourth quarter of 2020. The distribution is payable on May 14, 2021, to unitholders of record at the close of business on May 5, 2021.

In addition, the Partnership announced today that Management intends to recommend to the Board of Directors of its general partner to increase its quarterly cash distribution per unit by an additional $0.0025 per quarter for the second, third and fourth quarters in 2021.

First Quarter 2021 Earnings Release Date and Conference Call Information

The Partnership plans to report first quarter 2021 financial and operating results after market close on Wednesday May 5, 2021. The Partnership will host a conference call and webcast regarding first quarter 2021 results at 11:00 a.m. Eastern Time (10:00 a.m. Central Time) on Thursday, May 6, 2021.

To listen live over the Internet, participants are advised to log on to the Partnership’s website at www.usdpartners.com and select the “Events & Presentations” sub-tab under the “Investors” tab. To join via telephone, participants may dial (877) 266-7551 domestically or +1 (339) 368-5209 internationally, conference ID 4593597. Participants are advised to dial in at least five minutes prior to the call.

An audio replay of the conference call will be available for thirty days by dialing (800) 585-8367 domestically or +1 (404) 537-3406 internationally, conference ID 4593597. In addition, a replay of the audio webcast will be available by accessing the Partnership's website after the call is concluded.

About USD Partners LP

USD Partners LP is a fee-based, growth-oriented master limited partnership formed in 2014 by US Development Group, LLC (“USDG”) to acquire, develop and operate midstream infrastructure and complementary logistics solutions for crude oil, biofuels and other energy-related products. The Partnership generates substantially all of its operating cash flows from multi-year, take-or-pay contracts with primarily investment grade customers, including major integrated oil companies, refiners and marketers. The Partnership’s principal assets include a network of crude oil terminals that facilitate the transportation of heavy crude oil from Western Canada to key demand centers across North America. The Partnership’s operations include railcar loading and unloading, storage and blending in on-site tanks, inbound and outbound pipeline connectivity, truck transloading, as well as other related logistics services. In addition, the Partnership provides customers with leased railcars and fleet services to facilitate the transportation of liquid hydrocarbons and biofuels by rail.

USDG, which owns the general partner of USD Partners LP, is engaged in designing, developing, owning, and managing large-scale multi-modal logistics centers and energy-related infrastructure across North America. USDG solutions create flexible market access for customers in significant growth areas and key demand centers, including Western Canada, the U.S. Gulf Coast and Mexico. Among other projects, USDG, along with its partner Gibson Energy, Inc., is pursuing long-term solutions to transport heavier grades of crude oil produced in Western Canada through the construction of a Diluent Recovery Unit at the Hardisty terminal. USDG is also currently pursuing the development of a premier energy logistics terminal on the Houston Ship Channel with capacity for substantial tank storage, multiple docks (including barge and deepwater), inbound and outbound pipeline connectivity, as well as a rail terminal with unit train capabilities. For additional information, please visit texasdeepwater.com. Information on USDG’s website is not part of this press release.

Qualified Notice to Nominees

This release serves as qualified notice to nominees as provided for under Treasury Regulation Section 1.1446-4(b)(4) and (d). Please note that we believe that 100 percent of the Partnership’s distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of the Partnership’s distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate for individuals or corporations, as applicable. Nominees, and not the Partnership, are treated as withholding agents responsible for withholding distributions received by them on behalf of foreign investors.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of U.S. federal securities laws, including statements with respect to the amount and timing of the Partnership’s first quarter 2021 cash distribution, the Partnership’s full-year 2021 cash distribution guidance and the business prospects of the Partnership and USDG. No distribution amount is finally determined until declared by the Board of Directors of the Partnership’s general partner. Words and phrases such as “plans,” “expects,” “will,” “pursuing,” and similar expressions are used to identify such forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements relating to the Partnership are based on management’s expectations, estimates and projections about the Partnership, its interests, USDG’s projects and the energy industry in general on the date this press release was issued. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. The current economic downturn and pandemic introduces unusual risks and an inability to predict all risks that may impact the Partnership’s business and outlook. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include those as set forth under the heading “Risk Factors” in the Partnership’s most recent Annual Report on Form 10-K and in its subsequent filings with the Securities and Exchange Commission. The Partnership is under no 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.

Category: Earnings

Investor Relations Contacts:
Adam Altsuler, (281) 291-3995
Senior Vice President and Chief Financial Officer

Jennifer Waller, (832) 991-8383
Director, Financial Reporting and Investor Relations

Preliminary First Quarter 2021 Highlights:

- Revenues of $168.2 million, a 13.3% improvement compared to first quarter 2020

- Net loss of $(15.5) million, compared to $(31.5) million in first quarter 2020

- Earnings per share of $(0.22), compared to $(0.68) in first quarter 2020

- Consolidated adjusted EBITDA of $8.5 million, compared to $1.0 million in first quarter 2020

- Strong bookings of $171 million

- Minimum required pension funding contributions reduced by $26 million, in addition to the $107 million reduction previously disclosed

AKRON, Ohio--(BUSINESS WIRE)--$BW #BabcockWilcox--Babcock & Wilcox Enterprises, Inc. ("B&W" or the "Company") (NYSE: BW) announced certain preliminary results for the first quarter of 2021.

"Our preliminary results for the first quarter of 2021 reflect the ongoing positive impacts of our turnaround efforts and growth strategies, despite the adverse effects of COVID-19 across our segments," said Kenneth Young, B&W's Chairman and Chief Executive Officer. "Our first quarter performance positions us well to achieve our adjusted EBITDA targets of $70-$80 million and $95-$105 million, in 2021 and 2022, respectively¹, taking into account the typical seasonal impacts of cold weather and customers’ reduced maintenance outages on first quarter performance, and our normal cyclical performance increase from the first quarter through the fourth quarter each year. We ended the first quarter well, with roughly $171 million in bookings and about $538 million in backlog at March 31, 2021."

"Our strategic actions in the last year, including launching new segments, expanding internationally, implementing additional cost savings initiatives and significantly reducing our secured debt, have provided a strong foundation for the continued execution of our growth strategy," Young continued. "As we pursue a robust pipeline of more than $5 billion of identified project opportunities over the next three years, in addition to our high-margin parts and services business, our leading-edge waste-to-energy and carbon capture technologies are well-positioned to meet the critical global demand for carbon dioxide and methane reductions."

"We are also seeing a significant number of attractive targets for investments or acquisitions in both emerging technology and mature markets, including small add-ons and transformative opportunities," Young added. "We are establishing capital-raising mechanisms to enable us to pursue such opportunities as they arise, including our $150 million at-the-market ("ATM") senior note offering that commenced on April 1, 2021 and a $350 million universal shelf registration statement filed today. We are focused on opportunities that generate strong cash flow, leverage the strength of our proven management team to improve margins and generate synergies, or expand our clean energy technology portfolio, all of which we expect to drive shareholder value."

For the first quarter of 2021 net loss is expected to be $(15.5) million. Adjusted EBITDA is expected to be $8.5 million. Bookings in the first quarter of 2021 are expected to be $171 million, with backlog of $538 million at March 31, 2021.

As of March 31, 2021 the Company's total gross debt was $233.3 million and its unrestricted cash balance was $53.8 million.

In addition, as a result of the passage of the U.S. American Rescue Plan Act, the Company's minimum required funding contributions for its domestic qualified pension plan through 2026 have been reduced by approximately $26 million, in addition to the previously disclosed $107 million reduction in minimum required funding contributions for the period, for total savings of $133 million. The current total minimum required funding contribution from 2021 to 2026 is approximately $9 million, of which approximately $5.5 million was paid in the first quarter of 2021; the remainder is expected to be paid in 2022. These numbers are subject to change with the performance of the pension fund investments.

These preliminary results are not a comprehensive statement of the Company’s financial results. Actual results for the first quarter of 2021 may differ from these preliminary unaudited results due to the completion of the Company’s customary quarter-end closing, review and audit procedures and any other developments arising before its financial results are finalized. Reconciliations of net loss, the most directly comparable GAAP measure, to EBITDA and adjusted EBITDA, and operating income to adjusted gross profit, are provided in the exhibits to this release.

Non-GAAP Financial Measures

The Company uses non-GAAP financial measures internally to evaluate its performance and in making financial and operational decisions. When viewed in conjunction with GAAP results and the accompanying reconciliation, the Company believes that its presentation of these measures provides investors with greater transparency and a greater understanding of factors affecting our financial condition and results of operations than GAAP measures alone.

This release presents preliminary adjusted EBITDA, which is a non-GAAP financial measure. Adjusted EBITDA on a consolidated basis is defined as the sum of the adjusted EBITDA for each of the segments, further adjusted for corporate allocations. At a segment level, the adjusted EBITDA is calculated as earnings before interest, tax, depreciation and amortization adjusted for items such as gains or losses on asset sales, mark to market ("MTM") pension adjustments, restructuring and spin costs, impairments, losses on debt extinguishment, costs related to financial consulting required under the U.S. Revolving Credit Facility and other costs that may not be directly controllable by segment management and are not allocated to the segment. The Company presented consolidated Adjusted EBITDA because it believes it is useful to investors to help facilitate comparisons of the ongoing, operating performance before corporate overhead and other expenses not attributable to the operating performance of the Company's revenue generating segments. This release also presents certain targets for our adjusted EBITDA in the future; these targets are not intended as guidance regarding how the Company believes the business will perform. The Company is unable to reconcile these targets to their GAAP counterparts without unreasonable effort and expense due to the aspirational nature of these targets.

Forward-Looking Statements

Statements in this press release that are not descriptions of historical facts are forward-looking statements that are based on management's current expectations and assumptions and are subject to risks and uncertainties. If such risks or uncertainties materialize or such assumptions prove incorrect, our business, operating results, financial condition and stock price could be materially negatively affected. You should not place undue reliance on such forward-looking statements, which are based on the information currently available to us and speak only as of the date of this press release. Such forward looking statements include, but are not limited to, statements regarding the Company's anticipated results of operations for the first quarter of 2021. Factors that could cause such actual results to differ materially from those contemplated or implied by such forward-looking statements include, without limitation, the risks associated with the unpredictable and ongoing impact of the COVID-19 pandemic and other risks described from time to time in the Company's periodic filings with the SEC, including, without limitation, the risks described in the Company's Annual Report on Form 10-K for the year ended December 31, 2020 and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020, June 30, 2020 and September 30, 2020 under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" (as applicable). These factors should be considered carefully, and B&W Enterprises cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.

About Babcock & Wilcox Enterprises

Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises is a global leader in energy and environmental technologies and services for the power and industrial markets. Follow B&W on LinkedIn and learn more at www.babcock.com.

Investor Contact:
Megan Wilson
Vice President, Corporate Development & Investor Relations
Babcock & Wilcox Enterprises
704.625.4944 | This email address is being protected from spambots. You need JavaScript enabled to view it.

Media Contact:
Ryan Cornell
Public Relations
Babcock & Wilcox Enterprises
330.860.1345 | This email address is being protected from spambots. You need JavaScript enabled to view it.

MINNEAPOLIS--(BUSINESS WIRE)--Northern Oil and Gas, Inc. (NYSE American: NOG) (“Northern” or the “Company”) announced today that it plans to issue its earnings release with respect to first quarter 2021 financial and operating results on Friday, May 7, 2021, before the market opens. Additionally, the Company will host a conference call on Friday, May 7, 2021 at 10:00 a.m. Central Time.

Those wishing to listen to the conference call may do so via phone or the Company’s webcast.

ABOUT NORTHERN OIL AND GAS

Northern Oil and Gas, Inc. is a company with a primary strategy of investing in non-operated minority working and mineral interests in oil & gas properties, with a core area of focus in the premier basins within the United States.

More information about Northern Oil and Gas, Inc. can be found at www.NorthernOil.com.

Mike Kelly, CFA
Chief Strategy Officer
(952) 476-9800
This email address is being protected from spambots. You need JavaScript enabled to view it.

• Reported a net loss attributable to Valero stockholders of $704 million, or $1.73 per share, including estimated excess energy cost of $579 million, or $1.15 per share, related to impacts from Winter Storm Uri
• Returned $400 million in cash to stockholders through dividends and declared a regular quarterly cash dividend of $0.98 per share
• Announced the development of a large-scale carbon capture and storage project with BlackRock and Navigator
• Announced the sale of a partial interest in the Pasadena marine terminal joint venture (MVP Terminalling) for $270 million

SAN ANTONIO--(BUSINESS WIRE)--Valero Energy Corporation (NYSE: VLO, “Valero”) today reported a net loss attributable to Valero stockholders of $704 million, or $1.73 per share, for the first quarter of 2021, compared to a net loss of $1.9 billion, or $4.54 per share, for the first quarter of 2020. The operating loss in the first quarter of 2021 includes estimated excess energy costs of $579 million, or $1.15 per share, related to impacts from Winter Storm Uri. Excluding the adjustments shown in the accompanying earnings release tables, adjusted net income attributable to Valero stockholders for the first quarter of 2020 was $140 million, or $0.34 per share. First quarter 2020 adjusted results exclude an after-tax lower of cost or market, or LCM, inventory valuation adjustment of approximately $2.0 billion.

“Winter Storm Uri impacted operations and operating costs of many facilities in the U.S. Gulf Coast and U.S. Mid-Continent regions, including our facilities,” said Joe Gorder, Valero Chairman and Chief Executive Officer. “I am very proud of our team for safely managing the utilities curtailments and the freeze by idling or shutting down the affected facilities and resuming operations without incident.”

Refining

The refining segment reported a $592 million operating loss for the first quarter of 2021, compared to an operating loss of $2.1 billion for the first quarter of 2020. The first quarter 2021 adjusted operating loss was $554 million, compared to adjusted operating income of $329 million in the first quarter of 2020, which excludes the LCM inventory valuation adjustment. The operating loss for the first quarter of 2021 includes estimated excess energy costs of $525 million related to impacts from Winter Storm Uri. Refinery throughput volumes averaged 2.4 million barrels per day in the first quarter of 2021, which was 414 thousand barrels per day lower than the first quarter of 2020.

“We are encouraged by the substantial increase in products demand and refining margins in the last three months,” said Gorder. “In fact, we achieved positive operating income and operating cash flow in March.”

Renewable Diesel

The renewable diesel segment, which consists of the Diamond Green Diesel (DGD) joint venture, reported $203 million of operating income for the first quarter of 2021, compared to $198 million for the first quarter of 2020. Renewable diesel sales volumes averaged 867 thousand gallons per day in the first quarter of 2021.

“We are leveraging our global liquid fuels platform to continue expanding our long-term competitive advantage in renewables,” said Gorder. “Valero’s operational expertise and commercial strength are demonstrated by the record operating income and renewable diesel margin by this segment in the first quarter of 2021.”

Ethanol

The ethanol segment reported a $56 million operating loss for the first quarter of 2021, compared to an operating loss of $197 million for the first quarter of 2020. The operating loss for the first quarter of 2021 includes estimated excess energy costs of $54 million related to impacts from Winter Storm Uri. First quarter 2020 adjusted operating loss was $69 million, which excludes the LCM inventory valuation adjustment. Ethanol production volumes averaged 3.6 million gallons per day in the first quarter of 2021, which was 541 thousand gallons per day lower than the first quarter of 2020.

Corporate and Other

General and administrative expenses were $208 million in the first quarter of 2021, compared to $177 million in the first quarter of 2020. The effective tax rate for the first quarter of 2021 was 19 percent.

Investing and Financing Activities

Capital investments totaled $582 million in the first quarter of 2021, of which $333 million was for sustaining the business, including costs for turnarounds, catalysts and regulatory compliance. Excluding capital investments attributable to our partner’s 50 percent share of DGD and those related to other variable interest entities, capital investments attributable to Valero were $479 million.

Net cash used in operating activities was $52 million in the first quarter of 2021. Included in this amount was a $184 million favorable impact from working capital and $108 million associated with our joint venture partner’s share of DGD’s net cash provided by operating activities, excluding changes in DGD’s working capital. Excluding these items, adjusted net cash used in operating activities was $344 million.

Valero returned $400 million to stockholders through dividends in the first quarter of 2021.

Valero continues to target a long-term total payout ratio between 40 and 50 percent of adjusted net cash provided by operating activities. Valero defines total payout ratio as the sum of dividends and stock buybacks divided by net cash provided by operating activities adjusted for changes in working capital and DGD’s net cash provided by operating activities, excluding changes in its working capital, attributable to our joint venture partner’s ownership interest in DGD.

Liquidity and Financial Position

Valero ended the first quarter of 2021 with $14.7 billion of total debt and finance lease obligations and $2.3 billion of cash and cash equivalents. The debt to capitalization ratio, net of cash and cash equivalents, was 40 percent as of March 31, 2021.

Strategic Update

Valero continues to evaluate and pursue economic projects that lower the carbon intensity of its products. Valero announced that it is partnering with BlackRock and Navigator for a large-scale carbon capture and storage system in the U.S. Midwest that would capture and store carbon dioxide (CO₂) from eight of Valero’s ethanol plants, making a lower carbon intensity ethanol product to be marketed in low carbon fuel markets. The system is expected to be capable of storing 5 million metric tonnes of CO₂ per year.

In addition, Valero and its joint venture partner continue to steadily expand DGD’s capacity to produce low carbon intensity renewable diesel. The DGD plant expansion at St. Charles (DGD 2), which is expected to increase renewable diesel production by 400 million gallons per year, is on track to be completed and operational in the middle of the fourth quarter of 2021. The St. Charles expansion will also provide the capability to market 30 million gallons per year of renewable naphtha into low carbon fuel markets. The new DGD plant at Port Arthur (DGD 3), which is expected to produce 470 million gallons per year of renewable diesel, is expected to commence operations in the second half of 2023, increasing DGD’s total annual production capacity to approximately 1.2 billion gallons of renewable diesel and 50 million gallons of renewable naphtha.

Refinery optimization projects that are expected to reduce cost and improve margin capture, are progressing on schedule. The Pembroke Cogen project is on track to be completed in the third quarter of 2021 and the Port Arthur Coker project is expected to be completed in 2023.

On April 19, Valero sold a 24.99 percent membership interest in its Pasadena marine terminal joint venture for $270 million. Valero will retain a 25.01 percent interest in the joint venture.

Capital investments attributable to Valero are forecasted to be $2.0 billion in 2021, of which approximately 60 percent is for sustaining the business and approximately 40 percent is for growth projects. Over half of Valero’s 2021 growth capital is allocated to expanding the renewable diesel business.

“Continued improvement in product demand and refining margins supports a positive outlook for our refining business,” said Gorder. “Those improvements coupled with our growth strategy and operational expertise in low carbon renewable fuels, further strengthens Valero’s long-term competitive advantage.”

Conference Call

Valero’s senior management will hold a conference call at 10 a.m. ET today to discuss this earnings release and to provide an update on operations and strategy.

About Valero

Valero Energy Corporation, through its subsidiaries (collectively, “Valero”), is an international manufacturer and marketer of transportation fuels and petrochemical products. Valero is a Fortune 50 company based in San Antonio, Texas, and it operates 15 petroleum refineries with a combined throughput capacity of approximately 3.2 million barrels per day and 13 ethanol plants with a combined production capacity of approximately 1.69 billion gallons per year. The petroleum refineries are located in the United States (“U.S.”), Canada and the United Kingdom (“U.K.”), and the ethanol plants are located in the Mid-Continent region of the U.S. Valero is also a joint venture partner in Diamond Green Diesel, which owns and operates a renewable diesel plant in Norco, Louisiana. Diamond Green Diesel is North America’s largest biomass-based diesel plant. Valero sells its products in the wholesale rack or bulk markets in the U.S., Canada, the U.K., Ireland and Latin America. Approximately 7,000 outlets carry Valero’s brand names. Please visit www.investorvalero.com for more information.

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

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

Safe-Harbor Statement

Statements contained in this release that state the company’s or management’s expectations or predictions of the future are forward-looking statements intended to be covered by the safe harbor provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. The words “believe,” “expect,” “should,” “estimates,” “intend,” “target,” “will,” “plans,” “forecast,” and other similar expressions identify forward-looking statements. It is important to note that actual results could differ materially from those projected in such forward-looking statements based on numerous factors, including those outside of the company’s control, such as delays in construction timing and other factors, including but not limited to the impacts of COVID-19. For more information concerning factors that could cause actual results to differ from those expressed or forecasted, see Valero’s annual report on Form 10-K, quarterly reports on Form 10-Q, and other reports filed with the Securities and Exchange Commission and available on Valero’s website at www.valero.com.

COVID-19 Disclosure

The global pandemic has significantly reduced global economic activity and resulted in airlines dramatically cutting back on flights and a decrease in motor vehicle use. As a result, there has also been a decline in the demand for, and thus also the market prices of, crude oil and certain of our products, particularly our refined petroleum products. Many uncertainties remain with respect to COVID-19, including its resulting economic effects and any future recovery, and we are unable to predict the ultimate economic impacts from COVID-19, how quickly national economies can recover once the pandemic subsides, the timing or effectiveness of the vaccine distribution, or whether any recovery will ultimately experience a reversal or other setbacks. However, the adverse impact of the economic effects on us has been and will likely continue to be significant. We believe we have proactively addressed many of the known impacts of COVID-19 to the extent possible and will strive to continue to do so, but there can be no guarantee that these measures will be fully effective. For more information, see our annual report on Form 10-K, quarterly reports on Form 10-Q, and other reports filed with the Securities and Exchange Commission.

Use of Non-GAAP Financial Information

This earnings release and the accompanying earnings release tables include references to financial measures that are not defined under U.S. generally accepted accounting principles (GAAP). These non-GAAP measures include adjusted net income (loss) attributable to Valero stockholders, adjusted earnings (loss) per common share – assuming dilution, refining margin, renewable diesel margin, ethanol margin, adjusted refining operating income (loss), adjusted ethanol operating income (loss), adjusted net cash provided by operating activities, and capital investments attributable to Valero. These non-GAAP financial measures have been included to help facilitate the comparison of operating results between periods. See the accompanying earnings release tables for a reconciliation of non-GAAP measures to their most directly comparable U.S. GAAP measures. Note (d) to the earnings release tables provides reasons for the use of these non-GAAP financial measures.

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

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

DALLAS--(BUSINESS WIRE)--The Board of Directors of Holly Energy Partners, L.P. (NYSE:HEP) has declared a cash distribution of $0.35 per unit for the first quarter of 2021. The distribution will be paid on May 13, 2021 to unitholders of record on May 3, 2021.

Holly Energy plans to announce results for its first quarter of 2021 on May 4, 2021 before the opening of trading on the NYSE. The Partnership has scheduled a webcast conference on May 4, 2021 at 4:00 p.m. Eastern time to discuss financial results.

The webcast may be accessed at:
https://event.on24.com/wcc/r/3079844/D06584BC4076CF9EE6D14C88ED60E588

About Holly Energy Partners, L.P.:

Holly Energy Partners, L.P., headquartered in Dallas, Texas, provides petroleum product and crude oil transportation, terminalling, storage and throughput services to the petroleum industry, including HollyFrontier Corporation subsidiaries. Holly Energy, through its subsidiaries and joint ventures, owns and/or operates petroleum product and crude gathering pipelines, tankage and terminals in Texas, New Mexico, Washington, Idaho, Oklahoma, Utah, Nevada, Wyoming and Kansas as well as refinery processing units in Kansas and Utah.

This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Please note that one hundred percent (100.0%) of Holly Energy’s distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, Holly Energy’s distributions to foreign investors are subject to federal income tax withholding at the highest applicable effective tax rate.

Forward-looking Statement:

The statements in this press release relating to matters that are not historical facts are “forward-looking statements” within the meaning of the federal securities laws, including statements regarding funding of capital expenditures and distributions, distributable cash flow coverage and leverage targets. These statements are based on our beliefs and assumptions and those of our general partner using currently available information and expectations as of the date hereof, are not guarantees of future performance and involve certain risks and uncertainties. Although we and our general partner believe that such expectations reflected in such forward-looking statements are reasonable, neither we nor our general partner can give assurance that our expectations will prove to be correct. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in these statements. Any differences could be caused by a number of factors including, but not limited to:

• the extraordinary market environment and effects of the COVID-19 pandemic, including the continuation of a material decline in demand for crude oil and refined petroleum products in markets we serve;
• risks and uncertainties with respect to the actual quantities of petroleum products and crude oil shipped on our pipelines and/or terminalled, stored and throughput in our terminals and refinery processing units;
• the economic viability of HollyFrontier Corporation, our other customers and our joint ventures' other customers, including any refusal or inability of our or our joint ventures' customers or counterparties to perform their obligations under their contracts;
• the demand for refined petroleum products in markets we serve;
• our ability to purchase and integrate future acquired operations;
• our ability to complete previously announced or contemplated acquisitions;
• the availability and cost of additional debt and equity financing;
• the possibility of temporary or permanent reductions in production or shutdowns at refineries utilizing our pipeline, terminal facilities and refinery processing units, due to reasons such as infection in the workforce, in response to reductions in demand or lower gross margins due to the economic impact of the COVID-19 pandemic, and any potential asset impairments resulting from such actions;
• the effects of current and future government regulations and policies, including the effects of current restrictions on various commercial and economic activities in response to the COVID-19 pandemic;
• delay by government authorities in issuing permits necessary for our business or our capital projects;
• our and our joint venture partners' ability to complete and maintain operational efficiency in carrying out routine operations and capital construction projects;
• the possibility of terrorist or cyber-attacks and the consequences of any such attacks;
• general economic conditions, including uncertainty regarding the timing, pace and extent of an economic recovery in the United States; and
• the impact of recent or proposed changes in tax laws and regulations that affect master limited partnerships; and
• other financial, operations and legal risks and uncertainties detailed from time to time in our Securities and Exchange Commission filings.

The forward-looking statements speak only as of the date made and, other than as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Holly Energy Partners, L.P.
Craig Biery, 214-954-6511
Vice President, Investor Relations
or
Trey Schonter, 214-954-6511
Investor Relations

~Record March Quarter Revenue Grows 70% to over $523 Million~

~Same-Store Sales Growth Exceeds 45% Driven By New Unit Growth~

~Gross Margin Expands to a Record 30% in the March Quarter~

                ~Record March Quarter Diluted EPS Increases More Than Sevenfold to $1.69~   

~Raises Fiscal Year 2021 Guidance~

CLEARWATER, Fla.--(BUSINESS WIRE)--MarineMax, Inc. (NYSE: HZO), the world’s largest recreational boat and yacht retailer, today announced results for its second quarter ended March 31, 2021.

Revenue increased 70%, or over $214 million, to $523.1 million for the quarter ended March 31, 2021 from $308.5 million in the comparable period last year. Same-store sales grew over 45% on top of a 1% increase in the comparable quarter last year. The growth was driven by an increase in comparable new units sold driven by the strong demand for boating. The Company’s significant geographic and product diversification and the effective utilization of its digital platform have driven growth over the past several years. These factors, along with increased industry demand, resulted in net income and earnings per diluted share rising more than sevenfold to $38.9 million and $1.69, respectively. This compares to net income of $5.1 million and earnings per diluted share of $0.23 in the comparable period last year. The Company generated positive same-store sales growth during the March 2020 quarter, despite the impact of COVID-19.

For the six-months ended March 31, 2021, revenue grew over 52% to $934.6 million compared with $612.6 million for the same period last year. Same-store sales increased approximately 33% in the first half of fiscal year 2021 on top of 12% growth during the same period last year. Net income and earnings per diluted share increased more than fourfold for the six months ended March 31, 2021 to $62.5 million, and $2.73 per diluted share, respectively. This compares to net income of $14.1 million, or $0.64 per diluted share, in the same period last year.

W. Brett McGill, Chief Executive Officer and President, stated, “We delivered record sales and earnings growth in the quarter, driven by a robust 45% same-store sales increase and strong gross margins. We continue to gain market share as we capitalize on the foundational shift of new customers embracing the boating lifestyle and many of our existing customers upgrading to larger and newer boats. Additionally, our multiple product and service offerings enhance our customers boating needs while also driving growth. We extended our long track record of producing meaningful same-store sales growth while also executing on our balanced growth strategy. I am extremely proud of our team for successfully navigating through the pandemic and capitalizing on the ongoing changes in consumer behavior, while driving significant leverage in our operating model.”

Mr. McGill continued, “As we enter our most active season, our large on-order backlog provides us with additional confidence for the balance of fiscal 2021, into fiscal 2022 and beyond. With a balanced strategic plan, a committed team, premium brands, exceptional customer service, an enthusiastic customer base, a global market presence and the ongoing benefits from investment in technology, MarineMax is well-positioned to drive growth as the world’s preferred boating and yacht retailer.”

At March 31, 2021, the Company’s financial capacity, consisting of cash and cash equivalents, along with available borrowings under its credit facilities, exceeded $350 million.

Updated 2021 Guidance

Based on current business conditions, retail trends and other factors, the Company is raising its fiscal year 2021 guidance for earnings per diluted share to the range of $5.50 to $5.65, which is increased from its previously provided guidance of $4.00 to $4.20 per diluted share. This compares to a non-GAAP adjusted, but fully taxed, earnings per diluted share of $3.42 in fiscal 2020. (Please see the Company’s fiscal 2020 earnings release dated October 28, 2020 for a reconciliation of this non-GAAP figure to the applicable GAAP figure) These expectations do not consider, or give effect for, material acquisitions that may be completed by the Company during fiscal 2021 or other unforeseen events, including changes in global economic conditions.

About MarineMax

MarineMax is the world’s largest recreational boat and yacht retailer, selling new and used recreational boats, yachts and related marine products and services, as well as providing yacht brokerage and charter services. MarineMax has over 100 locations worldwide, including 77 retail dealership locations, including 30 marinas or storage operations. Through Fraser Yachts and Northrop and Johnson, it is also the largest super-yacht services provider, operating locations across the globe. MarineMax provides finance and insurance services through wholly owned subsidiaries and operates MarineMax Vacations in Tortola, British Virgin Islands. The Company also operates Boatyard, a pioneering digital platform that enhances the boating experience. MarineMax is a New York Stock Exchange-listed company (NYSE:HZO). For more information, please visit www.marinemax.com.

Forward Looking Statement

Certain statements in this press release are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include the Company’s anticipated financial results for the second quarter ended March 31, 2021; the foundational shift of new customers embracing and enjoying the boating lifestyle; the Company's growth strategy; the Company's confidence for the balance of fiscal 2021, fiscal 2022, and beyond; the Company's positioning for the future; and the Company's fiscal 2021 guidance. These statements are based on current expectations, forecasts, risks, uncertainties and assumptions that may cause actual results to differ materially from expectations as of the date of this release. These risks, assumptions and uncertainties include the Company’s abilities to reduce inventory, manage expenses and accomplish its goals and strategies, the quality of the new product offerings from the Company’s manufacturing partners, the performance of the recently-acquired businesses, the impacts (direct and indirect) of COVID-19 on the Company’s business, the Company’s employees, the Company’s manufacturing partners, and the overall economy, general economic conditions, as well as those within the Company's industry, the level of consumer spending, potential supply chain constraints and numerous other factors identified in the Company’s Form 10-K for the fiscal year ended September 30, 2020 and other filings with the Securities and Exchange Commission. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.