Upcoming ISG Provider Lens™ report will evaluate providers helping companies use digital technologies to improve operations, prepare for future energy needs

STAMFORD, Conn.--(BUSINESS WIRE)--$III #CapitalProjectsManagement--Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm, has launched a research study examining service providers that are meeting the changing needs of oil and gas companies in the digital age.

The study results will be published in a comprehensive ISG Provider Lens™ report, called Oil and Gas Industry — Services and Solutions, scheduled to be released in January 2023. The report will cover companies offering services – including asset management, capital projects management, cloud computing and energy transition services – that help oil and gas companies innovate and improve their operations.

Oil and gas company buyers will be able to use information from the report to evaluate their current vendor relationships, potential new engagements and available offerings, while ISG advisors use the information to recommend providers to the firm’s buy-side clients.

The oil and gas industry is going through major changes, including rising demand, declining inventory and significant disruptions, such as the one resulting from the Ukraine crisis. While these forces are currently driving prices up, companies face growing challenges around price volatility, worker safety, remote asset monitoring and data access. At the same time, the industry is beginning to focus on making the transition to low-carbon resources.

“The changes hitting the oil and gas sector right now are making efficient operations and digital innovation more important than ever,” said Jan Erik Aase, partner and global leader, ISG Provider Lens Research. “Companies need new capabilities like cloud computing, AI, automation and operational security, and service providers are making this possible.”

ISG has distributed surveys to more than 100 oil and gas services and solution providers. Working in collaboration with ISG’s global advisors, the research team will produce five quadrants representing the services and solutions the typical oil and gas enterprise is buying, based on ISG’s experience working with its clients. The five quadrants are:

• Enterprise Asset Management, evaluating providers of EAM services and solutions that help oil and gas companies increase asset performance, extend the useful life of assets and reduce operational costs.

• Next-Gen IT/OT Services, assessing providers of IT managed services to the oil and gas industry, including application development and maintenance, cybersecurity and IoT-based solutions, that support the convergence of IT and OT and help clients operate efficiently and comply with regulations.

• Capital Projects Management (CPM), covering providers that offer oil and gas CPM services that allow clients to design and carry out complex, capital-intensive projects on time and within budget.

• Data Management and Cloud Computing, evaluating providers of data handling and cloud services for oil and gas companies, enabling the transition from legacy systems and the centralization of data and processes in the cloud.

• Energy Transition Services, assessing providers that offer a range of energy transition services that allow oil and gas companies to meet their net-zero carbon transition targets and develop new business models.

Geographically focused reports from the study will cover the global oil and gas technology market and examine products and services available in North America, the U.K. and the Nordics. ISG analysts Swadhin Pradhan, Harish B, Mohd Aves Malik and Hemant Kumar Chandak will serve as authors of the reports.

A list of identified providers and vendors and further details on the study are available in this digital brochure. Companies not listed as oil and gas service and solution providers can This email address is being protected from spambots. You need JavaScript enabled to view it. and ask to be included in the study.

All 2022 ISG Provider Lens™ evaluations now feature new and expanded customer experience (CX) data that measures actual enterprise experience with specific provider services and solutions, based on ISG’s continuous CX research. Enterprise customers wishing to share their experience about a specific provider or vendor are encouraged to register here to receive a personalized survey URL. Participants will receive a copy of this report in return for their feedback.

About ISG Provider Lens™ Research

The ISG Provider Lens™ Quadrant research series is the only service provider evaluation of its kind to combine empirical, data-driven research and market analysis with the real-world experience and observations of ISG's global advisory team. Enterprises will find a wealth of detailed data and market analysis to help guide their selection of appropriate sourcing partners, while ISG advisors use the reports to validate their own market knowledge and make recommendations to ISG's enterprise clients. The research currently covers providers offering their services globally, across Europe, as well as in the U.S., Canada, Brazil, the U.K., France, Benelux, Germany, Switzerland, the Nordics, Australia and Singapore/Malaysia, with additional markets to be added in the future. For more information about ISG Provider Lens research, please visit this webpage.

A companion research series, the ISG Provider Lens Archetype reports, offer a first-of-its-kind evaluation of providers from the perspective of specific buyer types.

About ISG

ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 800 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For more information, visit www.isg-one.com.

Will Thoretz, ISG
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Julianna Sheridan, Matter Communications for ISG
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Walton College Renames Department after J.B. Hunt Transport

LOWELL, Ark.--(BUSINESS WIRE)--J.B. Hunt Transport Services Inc., one of the largest supply chain solutions providers in North America, and the University of Arkansas announced the Sam M. Walton College of Business program for studying supply chain, ranked number one by Gartner, has officially been renamed the J.B. Hunt Transport Department of Supply Chain Management. Leadership from both organizations were at J.B. Hunt’s corporate campus today to discuss how their efforts are making Northwest Arkansas an epicenter for developing tomorrow’s industry and its leaders.

"J.B. Hunt and the University of Arkansas are shaping the future of supply chain, not just in Northwest Arkansas, but across the country," said Shelley Simpson, president of J.B. Hunt. "Together, we are preparing future leaders who will grow with the industry to meet evolving supply chain challenges. This will help us achieve our mission of creating the most efficient transportation network in North America, and ultimately the world."

To extend support of their continued collaboration, J.B. Hunt also announced a new $1.5 million commitment to Walton College that will help enhance the development of the J.B. Hunt Transport Department of Supply Chain Management. Since 2017, J.B. Hunt has gifted $7 million to the University of Arkansas to advance innovative, supply chain-focused initiatives, with $5 million of that dedicated to enabling Walton College’s top-ranked supply chain program over the past two years. J.B. Hunt and the Walton College have jumpstarted numerous initiatives to study factors such as inclusion, sustainability, thought leadership, education, and innovation. With a long-term vision of shaping the future of integrated supply chain management, their efforts focus on ensuring the industry has a modern workforce with professionals that can grow with the industry to meet evolving supply chain challenges, blending logistics expertise with advancing technology.

“Walton College aims to be the leader in supply chain management education, research and career readiness,” said Matt Waller, dean of the Walton College and holder of the Sam M. Walton Leadership Chair in Business. “A gift of this magnitude from one of the global leaders in logistics can expand our reach to talented students, expert faculty and industry thought leaders. Together, we can advance the industry’s positive growth and practice.”

Waller presented Simpson with a plaque recognizing the department’s new name and the college’s appreciation for J.B. Hunt. The department named after the transportation industry leader will house the undergraduate integrated supply chain management program recently ranked number one in North America by Gartner. The department’s graduate program ranked second.

J.B. Hunt and Walton College have worked closely together since the department was established, beginning with the J.B. Hunt Supply Chain University in 2014. The program helped employees gain a better understanding of supply chain beyond transportation and logistics. In 2017 the two, along with the University of Arkansas College of Engineering created the J.B. Hunt Innovation Center of Excellence, made possible through a $2.75 million grant from J.B. Hunt. The combined effort brought researchers and students together with J.B. Hunt employees to develop solutions through innovative design and technology. In 2020, the two announced a $2.25 million collaboration to increase awareness of inclusion and diversity in transportation and logistics, and last year, J.B. Hunt created a $1 million endowed scholarship fund to encourage students to pursue supply chain careers and contribute to the college’s diverse educational environment.

About J.B. Hunt

J.B. Hunt Transport Services, Inc., an S&P 500 company, provides innovative supply chain solutions for a variety of customers throughout North America. Utilizing an integrated, multimodal approach, the company applies technology-driven methods to create the best solution for each customer, adding efficiency, flexibility, and value to their operations. J.B. Hunt services include intermodal, dedicated, refrigerated, truckload, less-than-truckload, flatbed, single source, last mile, and more. J.B. Hunt Transport Services, Inc. stock trades on NASDAQ under the ticker symbol JBHT and is a component of the Dow Jones Transportation Average. J.B. Hunt Transport, Inc. is a wholly owned subsidiary of JBHT. For more information, visit www.jbhunt.com.

Brittnee Davie
Vice President - Marketing
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NEW YORK--(BUSINESS WIRE)--Goldman Sachs MLP and Energy Renaissance Fund (the “Fund”) (NYSE: GER) is announcing its quarterly distribution of $0.175 per common share. The distribution is payable on the date noted below.

The distribution schedule is as follows:

It is currently anticipated that a portion of this distribution will be treated for tax purposes as a return of capital, however, the final characterization of such distribution will be made in early 2023 when the Fund can determine its earnings and profits for the full year. The final tax status of the distribution may differ substantially from this preliminary information.

In addition, portfolio holdings as of June 30, 2022, as well as additional information regarding the Fund, can be accessed through the Goldman Sachs Asset Management Closed-End Fund landing page at www.GSAMFUNDS.com/cef.

Goldman Sachs MLP and Energy Renaissance Fund

Goldman Sachs MLP and Energy Renaissance Fund is a non-diversified, closed-end management investment company managed by Goldman Sachs Asset Management’s Energy & Infrastructure Team, which is among the industry’s largest MLP investment groups.

The Fund began trading on the NYSE on September 26, 2014. The reorganization of the Goldman Sachs MLP Income Opportunities Fund with and into the Fund was completed on September 28, 2020. The investment objective, strategies and restrictions of the Fund remain unchanged. The Fund seeks a high level of total return with an emphasis on current distributions to shareholders. The Fund invests primarily in master limited partnerships (“MLPs”) and other energy investments. The Fund currently expects to concentrate its investments in the energy sector, with an emphasis on midstream MLP investments. The Fund invests across the energy value chain, including upstream, midstream and downstream investments.

About Goldman Sachs Asset Management, L.P.

Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs (NYSE: GS), we deliver investment and advisory services for the world’s leading institutions, financial advisors and individuals, drawing from our deeply connected global network and tailored expert insights, across every region and market – overseeing $2.27 trillion in assets under supervision worldwide as of June 30, 2022¹. Driven by a passion for our clients’ performance, we seek to build long-term relationships based on conviction, sustainable outcomes, and shared success over time. Follow us on LinkedIn.

Disclosures

Shares of closed-end investment companies frequently trade at a discount from their net asset value (“NAV”), which may increase investors’ risk of loss. At the time of sale, an investor’s shares may have a market price that is above or below NAV, and may be worth more or less than the original investment. There is no assurance that the Fund will meet its investment objective. Past performance does not guarantee future results. Investments in securities of MLPs involve risks that differ from investments in common stock, including among others risks related to limited control and limited rights to vote on matters affecting MLPs, potential conflicts of interest risk, cash flow risks, dilution risks and trading risks.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any security. The Fund has completed its initial public offering. Investors should consider their investment goals, time horizons and risk tolerance before investing in the Fund. An investment in the Fund is not appropriate for all investors, and the Fund is not intended to be a complete investment program. Investors should carefully review and consider the Fund’s investment objective, risks, charges and expenses before investing.

¹Assets Under Supervision (AUS) includes assets under management and other client assets for which Goldman Sachs does not have full discretion. AUS figure as of June 30, 2022.

Compliance Code: 287520-OTU

Date of First Use: August 12, 2022

Media Contact:
Avery Reed
Tel: 212-357-0125

Investor Contact:
Charles Sturges
Tel: 212-902-7996

HOUSTON--(BUSINESS WIRE)--Natural Resource Partners L.P. (NYSE: NRP) announced today it successfully completed an amendment and five-year extension of NRP Operating’s revolving credit facility. Lender commitments are $102.5 million, and additional commitments can be added to expand the facility to $132.5 million.

“This new five-year credit facility will provide significant liquidity and allow us to accelerate the repayment of our 2025 Senior Notes and Preferred Units,” said Craig Nunez, NRP’s president and chief operating officer.

Company Profile

Natural Resource Partners L.P., a master limited partnership headquartered in Houston, TX, is a diversified natural resource company that owns, manages and leases a diversified portfolio of properties in the United States including coal, industrial minerals and other natural resources, as well as rights to conduct carbon sequestration and renewable energy activities. NRP also owns an equity investment in Sisecam Wyoming LLC, one of the world’s lowest-cost producers of soda ash.

Further information about NRP is available on the partnership’s website at http://www.nrplp.com.

NRP Contact
Tiffany Sammis, Investor Relations, 713.751.7515, This email address is being protected from spambots. You need JavaScript enabled to view it.

HOUSTON--(BUSINESS WIRE)--Enterprise Products Partners L.P. (NYSE: EPD) announced today it will host investor meetings at the following conferences in August 2022:

• Citi One-on-One Midstream / Energy Infrastructure Conference, Tuesday, August 16, 2022 and Wednesday, August 17, 2022 in Las Vegas, NV; and
• BofA Securities August Energy Summit, Tuesday, August 23, 2022, in Houston.

The latest investor deck that will be used to facilitate the investor meetings will be posted to Enterprise’s website Tuesday morning, August 16. The slides can be accessed under the Investors tab on the Enterprise website.

Enterprise Products Partners L.P. is one of the largest publicly traded partnerships and a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, refined products and petrochemicals. Services include: natural gas gathering, treating, processing, transportation and storage; NGL transportation, fractionation, storage and marine terminals; crude oil gathering, transportation, storage and marine terminals; petrochemical and refined products transportation, storage, and marine terminals and related services; and a marine transportation business that operates on key United States inland and intracoastal waterway systems. The partnership’s assets include more than 50,000 miles of pipelines; over 260 million barrels of storage capacity for NGLs, crude oil, refined products and petrochemicals; and 14 Bcf of natural gas storage capacity. Please visit www.enterpriseproducts.com for more information.

Randy Burkhalter, Investor Relations, (713) 381-6812 or (866) 230-0745, This email address is being protected from spambots. You need JavaScript enabled to view it.
Rick Rainey, Media Relations, (713) 381-3635, This email address is being protected from spambots. You need JavaScript enabled to view it.

Performance Reflects Delayed Awards, Non-recurring Margin Pressure

ATLANTA--(BUSINESS WIRE)--Williams Industrial Services Group Inc. (NYSE American: WLMS) (“Williams” or the “Company”), an energy and industrial infrastructure services company, today reported its financial results for the fiscal second quarter ended June 30, 2022.

Recent Highlights

• Williams posted revenue of $56.1 million in the second quarter of 2022 compared with $91.6 million in the prior-year period
• The Company reported a net loss from continuing operations of $5.3 million, or $(0.20) per diluted share, in the second quarter of 2022 compared with net income from continuing operations of $2.6 million, or $0.10 per diluted share, in the second quarter of 2021
• Adjusted EBITDA¹ was negative $3.2 million for the second quarter of 2022 compared with $4.9 million in the prior-year period
• As of June 30, 2022 the Company’s backlog was $234.3 million compared to $257.0 million as of March 31, 2022; approximately $144.6 million of the June 30, 2022 backlog is expected to be converted to revenue over the following twelve months
• As previously announced, the Company has updated its guidance to reflect delayed awards and certain non-recurring costs

“Although Williams’ future remains promising, we were disappointed in how the second quarter played out, causing us to reduce guidance on August 4, 2022,” said Tracy Pagliara, President and CEO of Williams. “Our second quarter revenues were lower than expected as nuclear work was pushed out to the second half of 2022. In addition, several non-recurring items, including start-up costs in our transmission and distribution business, margin pressure from certain Florida water projects, and litigation expenses relating to a competitor and former employee, also negatively impacted bottom line results.

“Looking ahead, with bid activity accelerating, we’re optimistic about revenue and backlog growth and better operating performance in the quarters to come. We remain focused on new business development, expense controls and working capital management. We’re confident in our ability to position Williams for expansion and increased shareholder returns going forward.”

Second Quarter 2022 Financial Results Compared to Second Quarter 2021

Revenue in the second quarter was $56.1 million compared with $91.6 million in the second quarter of 2021, largely reflecting reduced nuclear business – due to the timing of a nuclear outage which occurs every other year accounting for $17.6 million of the decline – fewer decommissioning contracts accounting for $11.5 million of decline, and the exit of the Canadian nuclear market accounting for a $9.9 million reduction in revenue. Gross profit was $2.3 million, or 4.1% of revenue, compared with $9.4 million, or 10.2% of revenue, in the prior-year period, with the lower margin primarily due to changes in project mix, including the ongoing impact of certain contracts in Florida, as previously announced, and start-up costs tied to the Company’s further expansion into the energy delivery market. Excluding the aforementioned gross margin compression associated with Williams’ entry into the transmission and distribution business of $1.6 million and the negative gross margin impact of $1.2 million from the Company’s Florida water projects, adjusted gross margin would have been 10.0% of revenue.

Operating expenses were $6.7 million in the 2022 second quarter, inclusive of $0.3 million in professional fees relating to an ongoing legal matter, compared with $6.6 million in the prior-year period. The Company reported an operating loss of $4.5 million for the second quarter of 2022 versus operating profit of $2.7 million in the same period of 2021. Interest expense was $1.3 million in the second quarter of 2022 versus $1.2 million in 2021.

The Company reported a net loss from continuing operations of $5.3 million, or $(0.20) per diluted share, in the second quarter of 2022 compared with net income from continuing operations of $2.6 million, or $0.10 per diluted share, in the second quarter of 2021.

Balance Sheet

The Company’s total liquidity (the sum of unrestricted cash and availability under the Company’s revolving credit facility) was $6.5 million as of June 30, 2022 versus $27.7 million at the beginning of 2022. As of June 30, 2022, the Company had $0.7 million of unrestricted cash and cash equivalents, $0.5 million of restricted cash, and $41.4 million of bank debt compared with $2.5 million of unrestricted cash and cash equivalents, $0.5 million of restricted cash, and $32.1 million of bank debt as of December 31, 2021.

Backlog

Total backlog as of June 30, 2022 was $234.3 million compared with $257.0 million on March 31, 2022. During the second quarter of 2022 the Company recognized revenue of $56.1 million, booked new awards of $17.2 million, and saw net adjustments and cancellations of $16.2 million.

Williams estimates that approximately $144.6 million of its current backlog will be converted to revenue within the next twelve months compared with $139.0 million of backlog as of March 31, 2022 that the Company anticipated would be converted to revenue over the succeeding twelve-month period. Additionally, the Company saw an increase in its pipeline to approximately $400 million as of June 30, 2022 compared with approximately $360 million as of March 31, 2022.

Outlook

The Company adjusted guidance on August 4, 2022 from that previously provided January 28, 2022 for the current fiscal year, as follows:

Webcast and Teleconference

The Company will host a conference call tomorrow, August 12, 2022, at 10:00 a.m. Eastern time. A webcast of the call and an accompanying slide presentation will be available at www.wisgrp.com. To access the conference call by telephone, listeners should dial 201-493-6780.

An audio replay of the call will be available later that day by dialing 412-317-6671 and entering conference ID number 13731982; alternatively, a webcast replay can be found at http://ir.wisgrp.com/, where a transcript will be posted once available.

About Williams

Williams Industrial Services Group has been safely helping plant owners and operators enhance asset value for more than 50 years. The Company is a leading provider of infrastructure related services to blue-chip customers in energy and industrial end markets, including a broad range of construction maintenance, modification, and support services. Williams’ mission is to be the preferred provider of construction, maintenance, and specialty services through commitment to superior safety performance, focus on innovation, and dedication to delivering unsurpassed value to its customers.

Additional information about Williams can be found on its website: www.wisgrp.com.

Forward-looking Statement Disclaimer

This press release contains “forward-looking statements” within the meaning of the term set forth in the Private Securities Litigation Reform Act of 1995. The forward-looking statements include statements or expectations regarding the Company’s ability to perform in accordance with guidance, build and diversify its backlog and convert backlog to revenue, realize opportunities, including receiving contract awards on outstanding bids and successfully pursuing future opportunities, benefit from potential growth in the Company’s end markets, including from increased infrastructure spending by the U.S. federal government, and successfully achieve its growth, strategic and business development initiatives, including decreasing the Company’s outstanding indebtedness, increasing shareholder returns, and managing working capital, future demand for the Company’s services, and expectations regarding future revenues, cash flow, and other related matters. These statements reflect the Company’s current views of future events and financial performance and are subject to a number of risks and uncertainties, including the Company’s level of indebtedness and ability to make payments on, and satisfy the financial and other covenants contained in, its amended debt facilities, as well as its ability to engage in certain transactions and activities due to limitations and covenants contained in such facilities; its ability to generate sufficient cash resources to continue funding operations, including investments in working capital required to support growth-related commitments that it makes to customers, and the possibility that it may be unable to obtain any additional funding as needed or incur losses from operations in the future; exposure to market risks from changes in interest rates; the Company’s ability to obtain adequate surety bonding and letters of credit; the Company’s ability to maintain effective internal control over financial reporting and disclosure controls and procedures; the Company’s ability to attract and retain qualified personnel, skilled workers, and key officers; failure to successfully implement or realize its business strategies, plans and objectives of management, and liquidity, operating and growth initiatives and opportunities, including any expansion into new markets and its ability to identify potential candidates for, and consummate, acquisition, disposition, or investment transactions; the loss of one or more of its significant customers; its competitive position; market outlook and trends in the Company’s industry, including the possibility of reduced investment in, or increased regulation of, nuclear power plants, declines in public infrastructure construction, and reductions in government funding; costs exceeding estimates the Company uses to set fixed-price contracts; harm to the Company’s reputation or profitability due to, among other things, internal operational issues, poor subcontractor performances or subcontractor insolvency; potential insolvency or financial distress of third parties, including customers and suppliers; the Company’s contract backlog and related amounts to be recognized as revenue; its ability to maintain its safety record, the risks of potential liability and adequacy of insurance; adverse changes in the Company’s relationships with suppliers, vendors, and subcontractors, including increases in cost, disruption of supply or shortage of labor, freight, equipment or supplies, including as a result of the COVID-19 pandemic; compliance with environmental, health, safety and other related laws and regulations, including those related to climate change; limitations or modifications to indemnification regulations of the U.S.; the Company’s expected financial condition, future cash flows, results of operations and future capital and other expenditures; the impact of unstable market and economic conditions on our business, financial condition and stock price, including inflationary cost pressures, supply chain disruptions and constraints, labor shortages, the effects of the Ukraine-Russia conflict and ongoing impact of COVID-19, and a possible recession; our ability to meet publicly announced guidance or other expectations about our business, key metrics and future operating results; the impact of the COVID-19 pandemic on the Company’s business, results of operations, financial condition, and cash flows, including global supply chain disruptions and the potential for additional COVID-19 cases to occur at the Company’s active or future job sites, which potentially could impact cost and labor availability; information technology vulnerabilities and cyberattacks on the Company’s networks; the Company’s failure to comply with applicable laws and regulations, including, but not limited to, those relating to privacy and anti-bribery; the Company’s ability to successfully implement its new enterprise resource planning (ERP) system; the Company’s participation in multiemployer pension plans; the impact of any disruptions resulting from the expiration of collective bargaining agreements; the impact of natural disasters, which may worsen or increase due to the effects of climate change, and other severe catastrophic events (such as the ongoing COVID-19 pandemic); the impact of corporate citizenship and environmental, social and governance matters; the impact of changes in tax regulations and laws, including future income tax payments and utilization of net operating loss and foreign tax credit carryforwards; volatility of the market price for the Company’s common stock; the Company’s ability to maintain its stock exchange listing; the effects of anti-takeover provisions in the Company’s organizational documents and Delaware law; the impact of future offerings or sales of the Company’s common stock on the market price of such stock; expected outcomes of legal or regulatory proceedings (whether claims made by or against the Company) and their anticipated effects on the Company’s results of operations; and any other statements regarding future growth, future cash needs, future operations, business plans and future financial results.

Other important factors that may cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the Company’s filings with the U.S. Securities and Exchange Commission, including the section of the Annual Report on Form 10-K for its 2021 fiscal year titled “Risk Factors.” Any forward-looking statement speaks only as of the date of this press release. Except as may be required by applicable law, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, and you are cautioned not to rely upon them unduly.

Financial Tables Follow

Chris Witty
Darrow Associates
646-345-0998
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DUBLIN--(BUSINESS WIRE)--The "Smart Ports Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.

The global smart ports market is expected to grow from $1.43 billion in 2021 to $1.78 billion in 2022 at a compound annual growth rate (CAGR) of 24.3%. The smart ports market is expected to grow to $4.37 billion in 2026 at a CAGR of 25.1%.

Asia Pacific was the largest region in the smart ports market in 2021 and is also expected to be the fastest-growing region in the forecast period. The regions covered in smart ports market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The encouragement and participation from governments all over the world in the form of initiatives will propel the growth of the smart port market. Growing concerns about climate change have pushed governments across the world to adopt sustainable development projects to reduce carbon footprint and increase efficiency.

To implement digitization, governments are encouraging the adoption of technologies such as big data, artificial intelligence, and the Internet of Things (IoT) in the ports sector. For example, the Port of Hamburg in Germany adopted the Internet of Things and other smart port technologies by using data sources to feed to a single platform to increase logistics efficiencies. Therefore, the increasing number of government initiatives drives the smart ports market.

The adoption of smart technologies is a key trend gaining popularity in the smart port market. The implementation of technologies such as the Internet of Things (IoT), artificial intelligence (AI), blockchain, and big data has changed the way the smart ports operate in comparison to the traditional ports. For example, in April 2021, Abu Dhabi Ports introduced a new digital service to smoothen the management of Abu Dhabi's slipways, which are ramps for moving boats and other watercraft to and from the water to ease congestion at peak times. Thus, the adoption of smart technologies has made the end-to-end process of port management efficient.

Scope

Markets Covered:

1) By Port Type: Seaport; Inland Port

2) By Element: Terminal Automation And Cargo Handling; Port Community System (PCS); Traffic Management System (TMS); Smart Port Infrastructure; Smart Safety And Security

3) By Technology: Internet Of things (IoT); Blockchain; Process Automation; Artificial Intelligence

Key Topics Covered:

1. Executive Summary

2. Smart Ports Market Characteristics

3. Smart Ports Market Trends And Strategies

4. Impact Of COVID-19 On Smart Ports

5. Smart Ports Market Size And Growth

6. Smart Ports Market Segmentation

7. Smart Ports Market Regional And Country Analysis

8. Asia-Pacific Smart Ports Market

9. China Smart Ports Market

10. India Smart Ports Market

11. Japan Smart Ports Market

12. Australia Smart Ports Market

13. Indonesia Smart Ports Market

14. South Korea Smart Ports Market

15. Western Europe Smart Ports Market

16. UK Smart Ports Market

17. Germany Smart Ports Market

18. France Smart Ports Market

19. Eastern Europe Smart Ports Market

20. Russia Smart Ports Market

21. North America Smart Ports Market

22. USA Smart Ports Market

23. South America Smart Ports Market

24. Brazil Smart Ports Market

25. Middle East Smart Ports Market

26. Africa Smart Ports Market

27. Smart Ports Market Competitive Landscape And Company Profiles

28. Key Mergers And Acquisitions In The Smart Ports Market

29. Smart Ports Market Future Outlook and Potential Analysis

30. Appendix

Companies Mentioned

• Wipro Limited
• IBM Corporation
• Accenture
• ABB
• Ramboll Group A/S
• Abu Dhabi Ports
• Awake.AI
• PORT OF ROTTERDAM
• Royal Haskoning
• Trelleborg AB
• Ikusi Redes de Telecomunicaciones S.L.
• Navis
• China Merchants Port Holdings Company
• GENERAL ELECTRIC
• Siemens

For more information about this report visit https://www.researchandmarkets.com/r/9ehv8m

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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• Second Quarter Revenue increased 83% Quarter-over-Quarter and 121% Year-over-Year to $15.3 million
• Media Revenue increased 83% Quarter-over-Quarter and 73% Year-over-Year to $11.2 million
• Volta added a record 372 charging stalls in the quarter
• Volta’s installed base of Total Installed Charging Stalls was 2,920 as of June 30, 2022, up 15% Quarter-over-Quarter and up 48% Year-over-Year
• Announced EV charging blueprint for urban markets starting with Hoboken, New Jersey; Secured a dual charging and media agreement with The Kroger Co.; Added new media brand partners Michelin, Genesis, United Airlines, Lyft, Bank of America, and Hewlett-Packard to the platform; Additional campaigns for Kia, General Mills, ZOOM, Jeep, Coca-Cola, and Apple

SAN FRANCISCO--(BUSINESS WIRE)--Volta Inc. (NYSE: VLTA, VLTA WS) (“Volta” or the “Company”), an industry-leading electric vehicle (“EV”) charging and media company, today announced financial results for its second quarter ended June 30, 2022.

“Volta had a record quarter, and these results demonstrate the power of our differentiated business model,” said Vince Cubbage, Interim CEO. “By building not just a network of chargers, but a dual energy and digital advertising platform, we believe Volta can scale revenue even faster than the EV adoption curve – offering the quickest path to profitability and the highest revenue per station. I’ve been impressed by the exceptional work being done across Volta’s business and see tremendous opportunity ahead as the Company moves through its next stage of growth.”

Recent Key Company Highlights in 2022

Public Policy | City of Hoboken: Volta plans to install a mix of 25 DCFC and L2 public EV charging stalls for the City’s residents, annual visitors, and commuters over the next 18 months. The collaboration is a model for how EV charging infrastructure can be efficiently deployed within densely populated urban areas to maximize economic, health, and climate benefits and should position the Company well for Infrastructure Investment and Jobs Act (IIJA) and National Electric Vehicle Infrastructure (NEVI) planning funds. Through its work with Hoboken, Volta also expects to grow its media impressions within the NY, NY Designated Market Area by nearly 20%, making the Volta Media™ Network even more attractive to advertisers.

Collaboration with Leading Shopper Intelligence Platform Catalina: By tapping into Catalina’s measurement services, Volta can directly determine incremental sales at the store level for retailers and advertisers that run campaigns on the Volta Media™ Network. The ability to report at this level signifies Volta as a digital-first, results driven media network and is expected to provide Volta with the ability to unlock more significant advertising deals.

Coca-Cola^®: Coca-Cola and Volta Media completed a case study with Quotient, a leading digital media and promotions technology company, to prove out Return on Ad Spend (ROAS). The brands featured in the Volta campaign saw $2.5 million in attributable sales and a ROAS 56% higher than the average Digital Out-Of-Home ADUSA food and beverage campaign, demonstrating the measurable impact Volta campaigns can have on The Coca-Cola Company and other Consumer Packaged Goods (CPG) brands.

Kroger: Volta plans to install charging stations at 16 Kroger locations in the Atlanta and Indianapolis areas, with plans to expand to Columbus, Cincinnati, Louisville, Nashville, Michigan, and Southern California throughout 2022. Kroger's advertising sales team plans to sell Volta's media inventory to its clients, unlocking another source of revenue for Volta and highlighting the power of Volta’s combined charging and media model to other retailers with advertising offerings.

Second Quarter 2022 Financial Highlights

• Revenues increased 121% year-over-year to $15.3 million, compared to $6.9 million in the three months ended June 30, 2021.

Revenue by Category

• Selling, general and administrative expenses excluding stock-based compensation were $37.6 million, compared to $16.1 million in the prior-year period.
• Net loss was $37.4 million, compared to a loss of $20.6 million in the prior-year period.
• Adjusted EBITDA was $33.4 million loss, compared to $15.1 million loss in the prior-year period.
• Cash and marketable securities were $105.3 million as of June 30, 2022.
• Weighted average shares outstanding for the three months ended June 30, 2022 were 167.4 million.

Total Stalls Connected, including Site Partners
In the second quarter Volta’s installed base increased by a record 372 stalls, bringing Volta’s installed base of total stalls connected as of June 30, 2022 to 2,920, representing a 48% year-over-year increase. A stall is attributed to a station based on the number of vehicles that can charge concurrently from that station and there are certain configurations of Volta sites where one station is capable of charging more than one vehicle at a time. The Company now has stalls in 28 states and territories.

Full Year 2022 Outlook
Based on current business conditions, business trends and other factors, for the full year ending December 31, 2022, the Company reiterates guidance of:

• Full year 2022 Revenue in the range of $70 million to $80 million
• Total incremental, connected stalls in the range of 1,700 to 2,000
• Total incremental, connected sites to be in the range of 650 to 750 sites

Third Quarter Outlook
Based on current business conditions, business trends and other factors, for the three months ending September 30, 2022, the Company provides guidance of:

• Third quarter Revenue in the range of $17 million to $18 million

Webcast and Conference Call Information
Company management will host a webcast and conference call on August 11, 2022, at 6:00 p.m. Eastern Time, to discuss the Company’s financial results and business operations updates.

Interested investors and other parties can listen to a webcast of the live conference call and access the Company’s second quarter update presentation by logging onto the Investor Relations section of the Company’s website at https://investors.voltacharging.com/.

The conference call can be accessed live over the phone by dialing +1-877-423-9813 (domestic) or +1-201-689-8573 (international). A telephonic replay will be available approximately three hours after the call by dialing +1-844-512-2921, or for international callers, +1-412-317-6671. The pin number for the replay is 13732035. The replay will be available until 11:59 p.m. Eastern Time on August 25, 2022.

About Volta Inc.
Volta Inc. (NYSE: VLTA) is an industry-leading electric vehicle (“EV”) charging and media company. Volta's unique network of charging stations powers vehicles and drives business growth while accelerating a clean energy future. Volta delivers value to site partners, brands, and consumers by installing charging stations that feature large-format digital advertising screens located steps away from the entrances of popular commercial locations. Retailers can attract and influence foot traffic, advertisers can precisely target audiences, and EV drivers can charge their vehicles seamlessly as they go about their daily routines. Volta's extensive network leverages its proprietary PredictEV® platform, which uses sophisticated behavioral science and machine learning technology to help commercial property owners, cities, and electric utilities plan EV infrastructure intelligently, efficiently, and equitably. To learn more, visit www.voltacharging.com.

Non-GAAP Financial Information
This press release contains references to EBITDA and Adjusted EBITDA of Volta, which are adjusted from results based on generally accepted accounting principles in the United States (“GAAP”) and exclude certain expenses, gains and losses. The Company defines and calculates EBITDA as net loss attributable to Volta before the impact of interest income or expense, provision for income taxes, depreciation and amortization. The Company defines and calculates Adjusted EBITDA as EBITDA adjusted to exclude stock-based compensation expense and change in fair value of warrant liabilities.

These non-GAAP financial measures are provided to enhance the user’s understanding of our prospects for the future and the historical performance for the context of the investor. The Company’s management team uses these non-GAAP financial measures in assessing performance, as well as in planning and forecasting future periods. These non-GAAP financial measures are not computed according to GAAP and the methods the Company uses to compute them may differ from the methods used by other companies. Non-GAAP financial measures are supplemental, should not be considered a substitute for financial information presented in accordance with GAAP and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP.

Refer to the attached financial supplement for a reconciliation of these non-GAAP financial measures to their most directly comparable GAAP measures for the three and six months ended June 30, 2022, and 2021.

Total Stalls Installed
Volta management considers “Total Stalls Installed” as the total size of its installed charging network at the end of the period, including Volta-owned and network partner-owned charging stations operated by Volta. Volta’s management uses Total Stalls Installed for internal network planning and forecasting purposes, including evaluating the potential Media (previously Behavior and Commerce) revenue generating capacity of its charging network, which is generated through delivery of content by Volta’s partners across both Volta-owned and its network partner-owned charging stalls. In addition, Total Stalls Installed provides the basis for Volta’s assessment of its charging network operations as well. Volta believes that this performance measure provides meaningful, supplemental information regarding the Volta charging network that helps illustrate trends in its business and operating performance. Volta believes that this performance measure is helpful to its investors as it is used by management in assessing the growth of the Volta charging network.

Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of federal securities laws, including statements regarding Volta’s future business, operations and financial performance. These forward-looking statements generally are identified by words such as “anticipate,” “believe,” “estimate,” “expect,” “future,” “intend,” “may,” “opportunity,” “plan,” “potential,” “project,” “should,” “strategy,” “will,” “would,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to the factors, risks and uncertainties included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, as updated in our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2022, as such factors may be updated from time to time in our other filings with the Securities and Exchange Commission (the "SEC"), accessible on the SEC’s website at www.sec.gov and the Investor Relations section of our website at www.voltacharging.com. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

Volta^®, Volta Charging^®, PredictEV^® and Drive Forward^® and other marks are registered trademarks with the U.S. Patent and Trademark Office, and are the exclusive property of Volta Charging, LLC. Apple, Bank of America, Coca-Cola, General Mills, Genesis, Hewlett-Packard, Jeep, Kia, Kroger, Lyft, Michelin, United Airlines, and ZOOM are trademarks owned by the respective owner.

For Investor/Analyst:
Katherine Bailon, VP of Investor Relations
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For Media/Press:
Jette Speights, VP of Communications
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DUBLIN--(BUSINESS WIRE)--The "United States Electric Vehicles and the Smart Home" report has been added to ResearchAndMarkets.com's offering.

This research measures adoption of EVs, including the charging and usage habits of owners, purchase intention for non-owners, and examines the barriers to buying.

With governments around the globe, major car makers, and big tech all investing in electric vehicles, the market is primed for growth.

It also analyzes consumer interest in utilizing their EV as a connected car and as an energy storage device.

Key Topics Covered:

Executive Summary

• High Familiarity with Electric Vehicles
• EV Owner Demographics
• EV Owner Experience
• Monthly EV Charging Frequency by Type of Location
• Tech Affinity Correlates with of EV Interest
• Major Crossover Between EV and Smart Home Adoption
• Modified Their Home for Energy Savings
• Use Special Energy Programs Offered by Electricity Provider
• Willingness to Adjust or Allow Utility to Delay EV Charging Until After Peak Periods

EVs Entering the Vehicle Market

• Type of Vehicle Owned
• Ownership of Plug-in Electric Vehicle
• Vehicle Ownership by Types
• Likelihood of Purchasing a Vehicle in Next 12 Months
• Vehicle Intenders' Shopping Process
• High Intention of Purchasing EV Among Non-Owners
• Likelihood of Purchasing EV in the Future
• Most Likely Type Among All Vehicle Intenders (Q4/2021)
• EV Purchase Intention by Type of Vehicle Intend to Buy

Overall Perceptions of EVs and their Features

• High Familiarity with Electric Vehicles
• Familiarity with EVs by Car Ownership & Purchase Intention
• High Familiarity with EVs by Active Vehicle Shoppers
• Quantity of Research of Electric Vehicles Unique Technology
• High EV Familiarity by Type of Future Vehicle
• High Familiarity with EV by Demographic Factors
• EV Familiarity by Gender
• EV Familiarity by Ethnic Heritage
• Attitudes Toward Electric Vehicles Among Non-EV Owners

The Value Proposition of EVs

• Familiarity with Electric Vehicle Benefits
• Value of Advanced EV Features Today
• Value of EV Features in Development
• Familiarity with Electric Vehicles "Connected" Features
• Valuable Features of Electric Vehicles - "Connected" Car Tech

Today's EV Owners

• EV Ownership by Demographic and Housing Factors
• Type of Vehicle Owned by Children at Home
• Type of Vehicle Owned by Household Size
• Type of Vehicle Owned by Adoption Segment
• Smart Home Device Ownership by EV Ownership
• Security System Ownership by EV Ownership
• Energy Saving Actions Segments by EV Ownership
• Home Energy Equipment Ownership by EV Ownership

EV Owner Experiences and Perspectives

• EV Owner Experience: Net Promoter Score
• Frequency of Performing Driving Tasks with an EV
• EV Ownership Pain Points: Expectations vs. Reality
• Energy Program Familiarity by EV Ownership
• Energy Program Use by EV Ownership
• Previously Used Energy Program by EV Ownership
• Information Source Channel of EV Special Plan
• Preferred Topic Provided by Dealers During Purchase

Charging Experiences and Preferences

• Frequency of Charging Electric Vehicles, YoY
• Electric Vehicles Long Time Charging Frequency
• Electric Vehicles Charging Frequency by Locations
• Preferred Charging Location of Electric Vehicles

Understanding the Disinterested: Purchase Incentives and Inhibitors

• Purchase Incentives for Consumers Who Do Not Own Or Intend To Own an EV
• Quantifying EV Purchase Incentives: Widespread Availability of Charging Stations
• Quantifying EV Purchase Incentives: Tax Break
• Quantifying EV Purchase Incentives: Tax Break by Income
• Quantifying EV Purchase Incentives: Monthly Fuel Savings
• Electric Vehicle Purchase Inhibitors
• Electric Vehicle Purchase Inhibitors by Race or Ethnicity
• Electric Vehicle Purchase Inhibitors by Gender
• Electric Vehicle Purchase Inhibitors by Income
• Electric Vehicle Purchase Inhibitors by Children at Home
• Electric Vehicle Purchase Inhibitors by Energy Saving Action Segments
• Electric Vehicle Purchase Inhibitors by Residency Area

Intenders: Consumers Likely to Buy an EV

• Type of Vehicle Owned Among EV Intenders
• EV Purchase Intention by Type of Vehicle Owned
• Tech Affinity Among EV Owner & Intender Segments
• Smart Home and Security System Ownership
• Willingness to Adjust or Allow Utility to Delay EV Charging Until After Peak Periods
• Modified Their Home for Energy Savings
• EV Owner & Intender Segment by Demographic and Housing Factors

The Types of Vehicles EV-intenders Want

• Type of Vehicle Preferred by EV Intenders Grouped by Income
• Type of Car Intend to Buy by EV Owner & Intender Segment
• Type of Vehicle Preferred by EV Intenders Grouped by Children at Home
• Type of Car Intend to Buy by Residency Area

Appendix

For more information about this report visit https://www.researchandmarkets.com/r/37i3ma

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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KANSAS CITY, Mo.--(BUSINESS WIRE)--$CORR--CorEnergy Infrastructure Trust, Inc. (NYSE: CORR, CORRPrA) ("CorEnergy" or the "Company") today announced financial results for the second quarter, ended June 30, 2022.

Second Quarter 2022 and Recent Highlights

• Reported consolidated revenue of $31.5 million for the three months ended June 30, 2022.
• Generated Net Income of $2.2 million and Adjusted EBITDA of $10.0 million.
• Experienced lower than expected transportation volumes, mitigated by higher than plan revenue from the value of crude oil received as pipeline loss allowance and by cost management. Transportation volumes on the Crimson assets are expected to rebound during the third quarter.
• The Company also announced that Crimson subsidiaries recently submitted applications for 10% rate increases to the California Public Utilities Commission, to become effective during the third quarter 2022. This rate increase mitigates the adverse earnings impact of long term decline in oil production levels.
• Declared a second quarter 2022 Common Stock dividend of $0.05 per share and a 7.375% Series A Cumulative Redeemable Preferred Stock dividend of $0.4609375 per depositary share. Both dividends will be paid on August 31, 2022, to stockholders of record on August 17, 2022.

Management Commentary

“Our second quarter was characterized by steady performance from our predictable MoGas operations but a reduction in volume at Crimson as a result of disruptions in the global oil supply chain. Subsequently in July, a third-party operational issue drove increased volume to our California assets, a benefit which is expected to persist through Q3. We have also initiated a combination of cost efficiency measures and pricing increases on our California pipelines in response to this increased volatility for the near-term. Net of these updates, we are maintaining our 2022 outlook calling for adjusted EBITDA of $42.0-$44.0 million,” said Dave Schulte, Chief Executive Officer.

“We also continue to advance our work to enable the transportation of CO2 as part of the emerging carbon sequestration efforts in California. Carbon capture and associated transportation and sequestration has received increased investment and interest due in part to favorable economic incentives from government entities at both the federal and state levels. We believe CorEnergy's assets are very well positioned for carbon sequestration projects in California, and could enable us to maximize utilization of our pipeline assets and rights of ways.”

Second Quarter Performance Summary

Second quarter financial highlights are as follows:

¹ Adjusted Net Income excludes special items of $221 thousand which are transaction costs; however CAD has not been so adjusted. Reconciliations of Adjusted Net Income and CAD, as presented, to Net Income (Loss) and Net Cash Provided by Operating Activities are included at the end of this press release. See Note 1 below for additional information.

² Adjusted EBITDA excludes special items of $221 thousand which are transaction costs. Reconciliation of Adjusted EBITDA, as presented, to Net Income (Loss) is included at the end of this press release. See Note 2 below for additional information.

Business Development Activities

CorEnergy has identified multiple opportunities for negotiated transactions that could expand the Company's market reach or REIT qualifying revenue sources, including both traditional infrastructure and potential-alternative uses for its rights of way. The Company will continue to prudently advance these opportunities within our existing footprint or to enhance scale and diversification.

Outlook

CorEnergy maintained its outlook for 2022:

• Expected adjusted EBITDA of $42.0-$44.0 million,
• Maintenance capital expenditures expected to be in the range of $8.0 million to $9.0 million in 2022; quarterly maintenance costs are not expected to be uniform throughout the year due to project timing,
• Maintain $0.20/share annual run rate common dividend subject to Board approval on a quarterly basis.

Dividend and Distribution Declarations

The Company currently expects to characterize at least some portion of its 2022 Common Stock and Preferred Stock dividends as Return of Capital for tax purposes.

Common Stock: A second quarter 2022 dividend of $0.05 per share was declared for CorEnergy's common stock. The dividend will be paid on August 31, 2022, to stockholders of record on August 17, 2022.

Preferred Stock: For the Company's 7.375% Series A Cumulative Redeemable Preferred Stock, a cash dividend of $0.4609375 per depositary share was declared. The preferred stock dividend, which equates to an annual dividend payment of $1.84375 per depositary share, will be paid on August 31, 2022, to stockholders of record on August 17, 2022.

Class A-1 Units: Pursuant to the terms of the Crimson transaction, the holders of Crimson Class A-1 Units received a cash distribution of $0.4609375 per unit based on the Company’s declared Series A Preferred dividend.

Class A-2 and Class A-3 Units: Pursuant to the terms of the Crimson transaction, the holders of Crimson Class A-2 and Class A-3 Units did not receive a cash distribution this quarter, since no dividend was declared on the underlying Class B Common Stock.

Second Quarter Results Call

CorEnergy will host a conference call on Thursday, August 11, 2022 at 10:00 a.m. Central Time to discuss its financial results. To join the call, dial +1-973-528-0011 at least five minutes prior to the scheduled start time. The call will also be webcast in a listen-only format. A link to the webcast will be accessible at corenergy.reit.

A replay of the call will be available until 10:00 a.m. Central Time on September 10, 2022, by dialing +1-919-882-2331. The Conference ID is 46172. A webcast replay of the conference call will also be available on the Company’s website, corenergy.reit.

About CorEnergy Infrastructure Trust, Inc.

CorEnergy Infrastructure Trust, Inc. (NYSE: CORR, CORRPrA) is a real estate investment trust that owns and operates or leases regulated natural gas transmission and distribution lines and crude oil gathering, storage and transmission pipelines and associated rights-of-way. For more information, please visit corenergy.reit.

Forward-Looking Statements

This press release contains certain statements that may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although CorEnergy believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including, among others, failure to realize the anticipated benefits of the Crimson transaction; the risk that CPUC approval is not obtained, is delayed or is subject to unanticipated conditions that could adversely affect CorEnergy or the expected benefits of the Crimson transaction; risks related to the uncertainty of the projected financial information with respect to Crimson, and those factors discussed in CorEnergy’s reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, CorEnergy does not assume a duty to update any forward-looking statement. In particular, any distribution paid in the future to our stockholders will depend on the actual performance of CorEnergy, its costs of leverage and other operating expenses and will be subject to the approval of CorEnergy’s Board of Directors and compliance with leverage covenants.

Notes

¹ Management uses CAD as a measure of long-term sustainable performance. Adjusted Net Income and CAD are non-GAAP measures. Adjusted Net Income represents net income (loss) adjusted for gain on sale of equipment and transaction-related costs. CAD represents Adjusted Net Income adjusted for depreciation, amortization and ARO accretion (cash flows) stock-based compensation, and deferred tax expense (benefit) less transaction-related costs; maintenance capital expenditures; preferred dividend requirements and mandatory debt amortization. Reconciliations of Adjusted Net Income and CAD to Net Income (Loss) and Net Cash Provided By Operating Activities are included in the additional financial information attached to this press release.

² Management uses Adjusted EBITDA as a measure of operating performance. Adjusted EBITDA represents net income (loss) adjusted for items such as (gain) on the sale of equipment, transaction-related costs, depreciation, amortization and ARO accretion expense, stock-based compensation, income tax expense (benefit) and interest expense. The reconciliation of Adjusted EBITDA to Net Income (Loss) is included in the additional financial information attached to this press release.