DALLAS--(BUSINESS WIRE)--Generational Equity, a leading mergers and acquisitions advisor for privately held businesses, is pleased to announce the sale of its client, Global Net Logistics, Inc. to Rhenus Logistics Americas (Rhenus). The acquisition closed November 1, 2021.

Global Net Logistics provides domestic and international freight forwarding, air and ocean, full truckload, and less than truckload services. The acquisition with Global Net Logistics will enable Rhenus to further solidify its air and ocean solutions, particularly its road freight services, to strengthen the existing LCL services and provide customers with door-to-door solutions. Global Net Logistics is located in Flower Mound, Texas.

Aligned strategically with the Rhenus 2025 growth vision, the acquisition will strengthen the company’s global air and ocean network in the southwest region of the USA and complement the existing Houston branch. Rhenus has 820 locations in 50 countries, and is headquartered in Holzwickede, Germany.

“This is a milestone for Rhenus Logistics Americas as we continue to invest and enhance our presence in the Americas Region. This acquisition will provide value and growth to the Rhenus worldwide network and expand our capabilities as we meet with the fast-paced and evolving demands of the supply chain industry,” said Jörn Schmersahl, CEO of Rhenus Air & Ocean Americas.

He added, “Our presence in the southwest region in the USA is an ample a vast opportunity in the market for Rhenus Logistics Americas, offering a full global network and supplemented air and ocean services to our current and prospective customers.”

In addition, Rhenus USA will take over the Global Net Logistics 22,500 square feet warehouse facility located five miles away from Dallas/ Fort Worth International Airport (DFW). The facility will strengthen the warehouse presence of Rhenus USA in the area, including land bridge and cross-border services between Mexico and the USA. The Southwest region has historically been one of the fastest-growing regions in the USA and is expecting continued growth in the future. The Rhenus Group recently acquired Polish freight forwarding and logistics company, C. Hartwig Gdynia, adding 12 additional locations, including New York.

Generational Equity Executive Managing Director of M&A – Central Region, Michael Goss, and his team lead by Managing Director, M&A, Luan Ly successfully closed the deal. Senior Managing Director David Robinson established the initial relationship with Global Net Logistics.

“This transaction should add more opportunities to a growing firm and allows the buyer to capture a larger footprint given a strong foundation in place. I wish them both all my very best,” said Ly.

About Generational Equity

Generational Equity, Generational Capital Markets (member FINRA/SIPC), Generational Wealth Advisors, Generational Consulting Group, and DealForce are part of the Generational Group, which is headquartered in Dallas and is one of the leading M&A advisory firms in North America.

With more than 250 professionals located throughout 16 offices in North America, the companies help business owners release the wealth of their business by providing growth consulting, merger, acquisition, and wealth management services. Their six-step approach features strategic and tactical growth consulting, exit planning education, business valuation, value enhancement strategies, M&A transactional services, and wealth management.

The M&A Advisor named the company the 2017 and 2018 Investment Banking Firm of the Year and Valuation Firm of the Year in 2020. For more information, visit https://www.genequityco.com/ or the Generational Equity press room.

Carl Doerksen
972-232-1125
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SAN FRANCISCO--(BUSINESS WIRE)--Scepter, Inc., an emerging company backed by L37 Ventures and TableRock that uses global Earth and space-based data to measure air pollution in real time, has today announced a collaboration with Atmospheric and Environmental Research (AER), a Verisk business.

The agreement comes as the COP26 environmental summit in Glasgow meets, and it will unite an up-and-coming player with a trusted environmental trailblazer. AER has made its name sensing, simulating, modeling and predicting weather-related phenomena in the atmosphere, ocean and space for a wide spectrum of federal agencies and commercial customers since 1977. AER’s greenhouse gases team has decades of experience in combining remote sensing and dispersion modeling to measure greenhouse gas emissions locally and globally.

The alliance with AER will allow Scepter to sharply and quickly boost its atmospheric data-collection and data-fusion capabilities for both industry and government. “We brought in a top player to accelerate our time to market, sort of like bringing in the Marines,” said Scepter CEO Philip Father.

“AER brings deep scientific understanding combined with practical, hands-on experience and is critical to our mission of deploying a global methane-detection information system designed to meet the operational needs of the energy industry,” continued Father. “We’re working with the industry to solve the methane problem rather than point fingers—we’ve actually co-crafted this detection system with a Fortune 10 energy firm.”

Scepter will deploy an array of satellites with multiple sensors on each to monitor not only methane but particulate matter and other pollutants in real time. This technique complements other available sensor platforms operating at different heights such as aircraft, drones and ground sensors. Scepter’s big data capabilities can in turn fuse the entire sensor stack for a more accurate understanding of the dynamic nature of the atmosphere.

“We are currently in the early stages of commercializing reliable global measurements of methane and other gases. This is a really important period to advance the state of the art to address critical climate and human health concerns. AER is proud to work with Scepter in contributing to a greater understanding of how we can address this incredibly important issue,” said David Hogan, Senior Vice President of Strategic Business at AER.

As the United Nations’ COP26 summit gathers and the Biden Administration works to include green tech in its Build Back Better infrastructure plan, the capital markets are racing to get on board, and oil and gas interests say they welcome unbiased satellite monitoring. At the U.N. summit, the U.S. and Europe, as well as a host of multinational corporations, are widely expected to advocate satellites to monitor emissions.

According to research by Josephine Millward, head of research at Seraphim Capital, a growing number of companies are setting net zero carbon emissions targets by 2050. Furthermore, for the first half of 2021, one-fifth of the world’s largest publicly traded companies have committed to net zero, and many more Fortune 500 companies have followed. To accomplish these goals, companies will need to establish a baseline and the ability to monitor and track change in their operations. Millward said in an August report, “At Seraphim Capital, we see the rise of ESG [Environmental, Social and Governance] to combat climate change as a massive opportunity for space.”

ABOUT SCEPTER

Scepter has developed and patented a ground-breaking approach to monitoring the atmosphere in real-time using an array of terrestrial, airborne and Low-Earth-Orbit satellite-based sensors to provide actionable information for businesses, consumers, governments and NGOs.

These capabilities are not only critical for solving the global pollution and climate change crises, but also provide the platform for an emerging multibillion-dollar commercial atmospheric monitoring services industry with markets in government, energy, industrial, healthcare, agriculture, insurance, cosmetics and more. Scepter distinguishes itself among other air monitoring entities in that its measurements are in real-time and measure a variety of emissions: particulates, methane and other criteria pollutants. The unique qualities of Scepter’s process are reflected in patents awarded to the company in the U.S. and internationally. For more on Scepter, visit www.ScepterAir.com.

ABOUT AER

Atmospheric and Environmental Research (AER) provides science-based solutions to global environmental challenges. AER’s internationally renowned scientists and software engineers collaborate to transform state-of-the-art predictive science and analytical tools into practical systems that address both civilian government and defense needs for geophysical understanding, computer simulation and forecasting. AER customers include government agencies and national laboratories, aerospace and defense contractors, and academia. Areas of expertise comprise atmospheric and environmental science, air quality, remote sensing, meteorology, oceanography, space science, climate change and satellite ground processing systems. A Verisk (Nasdaq:VRSK) business, AER was established in 1977 and is headquartered in Lexington, Massachusetts. Visit www.aer.com.

Gary Start at This email address is being protected from spambots. You need JavaScript enabled to view it.
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UK’s leading provider of electric vehicle charging solutions opens North American division with a dedicated focus on private and public fleet operators

LONDON & STAMFORD, Conn.--(BUSINESS WIRE)--EO Charging (“EO”), a leading UK-based provider of technology-enabled turnkey solutions for electric vehicle (“EV”) fleets, today announced its expansion into the U.S. market and the initiation of the site selection process for its North American office, planned to open in early 2022. This new division will deliver EO’s complete fleet charging ecosystem for businesses and government fleet operators throughout the Americas, as well as additional offerings from EO’s charging products and services.

EO’s experience in delivering EV fleet charging solutions at scale in the EU and UK for fleets like Amazon, DHL, Uber and Tesco will prove invaluable for similar global operators on the opposite side of the Atlantic. EO will initially focus on electrifying car, van, truck and bus fleets in the U.S., having already secured a pilot demonstration project in California for a global logistics leader.

EO’s entry into the U.S. comes as the EV market has experienced significant support and growth in the region. The $1.2 trillion infrastructure bill recently passed by the U.S. Congress contains multiple programs supporting electrification of vehicles and busses, including $7.5B for charging infrastructure alone. Analysts have projected that total U.S. sales of EVs could reach 24% of all new vehicle sales by 2030, creating a $28 billion EV charging market with a CAGR of 39% along the way.

“It’s no longer a question of whether fleets should electrify, but rather a question of how and when,” said Charlie Jardine, EO CEO and Founder. “We have tested the U.S. market’s appetite for our charging solutions, following discussions with our current and potential fleet customers, and listened to their needs within the U.S. market and beyond. By bringing on board two new industry experts, Tim Weaver and Austin Hausmann, our global team is now primed to deliver EO’s EV fleet charging proposition at pace and scale.”

Active in e-mobility since 2009, Tim Weaver has global executive experience working with private & municipal fleets, OEMs, governments, and utilities. Through his work with multiple electric vehicle manufacturers and suppliers, he has supported the deployment of thousands of zero-emission vehicles worldwide along with significant EV infrastructure projects. Active in public policy, Weaver has secured over $300 million in incentive funds for EV companies, vehicles, and charging in the last decade.

Austin Hausmann brings over 12 years of dedicated commercial electric vehicle OEM leadership to EO. He has developed and commercialized over 15 EV platforms for the U.S. market and overseen the design and development of the hardware and software solutions required for adoption, including various on-and-off vehicle charging programs. Hausmann has been responsible for global engineering teams, projects with the US Departments of Defense and Energy, and oversight of operational strategies, supply chain, after sales services, finance, and corporate growth.

“Expansion into the U.S. is a significant step for EO, laying the foundation for our extensive growth plans in this region and beyond. We look forward to building on our new U.S. team’s deep experience with many of the world’s largest fleets, as well as key infrastructure partners, in deploying electric vehicles and charging solutions,” said Jardine.

The creation of a new U.S. division comes on the back of considerable growth for EO, which, despite the pandemic, saw its revenues triple and headcount double in 2020. Earlier this year, EO was ranked number 27 on the FT’s list of Europe’s fastest growing companies, the highest-ranked business in the EV sector. With a bolstered international team and blue-chip customers such as Amazon, DHL, Go-Ahead, Tesco and Uber, EO forecasts significant growth in 2022.

EO Charging previously announced an agreement for a business combination with First Reserve Sustainable Growth Corp. (NASDAQ: FRSG), which is expected to result in EO Charging becoming a public company listed on the NASDAQ exchange.

About EO

EO Charging (EO) is a leading technology solutions provider in the EV sector. EO deploys EV charging stations, hardware-agnostic cloud-based software, electrical installation, grid upgrades and ongoing service and maintenance for fleets. EO also provides this end-to-end solution for fleets that require mission critical infrastructure.

Founded in 2014, EO’s technology is used by a number of the world’s largest businesses and fleet operators and it now distributes to over 35 countries around the world. It aims to become the global leader in charging electric van, truck, bus and car fleets.

EO Charging previously announced an agreement for a business combination with First Reserve Sustainable Growth Corp. (NASDAQ: FRSG), which is expected to result in EO Charging becoming a public company listed on the NASDAQ exchange.

EO was ranked number 27 on the Financial Times’ FT1000 list of Europe’s fastest-growing companies. To learn more, please visit www.EOcharging.com and follow us @EOCharging on Twitter and LinkedIn.

Forward Looking Statements

The information in this press release includes "forward-looking statements". All statements, other than statements of present or historical fact included in this press release, regarding the proposed business combination between First Reserve Sustainable Growth Corp. (“FRSG”), Juuce Limited (the “Company”) and EO Charging (“EO”), each of such parties’ ability to consummate the transaction, the benefits of the transaction and the combined company's future financial performance, as well as the combined company's strategy, future operations, estimated financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this press release, the words "could," "should," "will," "may," "believe," "anticipate," "intend," "estimate," "expect," "project," the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, FRSG, the Company and EO disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. FRSG, the Company and EO caution you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of any of FRSG, the Company or EO. In addition, FRSG, the Company and EO caution you that the forward-looking statements contained in this press release are subject to the following factors: (i) the occurrence of any event, change or other circumstances that could delay the business combination or give rise to the termination of the Business Combination Agreement and Plan of Reorganization, dated as of August 12, 2021, by and among FRSG, FRSG Merger Sub Inc., EO and the Company, and the other agreements related to the business combination (including catastrophic events, acts of terrorism, the outbreak of war, COVID-19 and other public health events), as well as management’s response to any of the foregoing; (ii) the outcome of any legal proceedings that may be instituted against FRSG, the Company, EO, their affiliates or their respective directors and officers following announcement of the transactions; (iii) the inability to complete the business combination due to the failure to obtain approval of the stockholders of FRSG, regulatory approvals, or other conditions to closing in the transaction agreement; (iv) the risk that the proposed business combination disrupts FRSG's or the Company's current plans and operations as a result of the announcement of the transactions; (v) the Company's and EO’s ability to realize the anticipated benefits of the business combination, which may be affected by, among other things, competition, the pace and depth of EV adoption generally, and the ability of the Company to accurately estimate supply and demand for its EV charging products and services, and to grow and manage growth profitably following the business combination; (vi) risks relating to the uncertainty of the projected financial information with respect to the Company, including the conversion of pre-orders into binding orders; (vii) costs related to the business combination; (viii) changes in applicable laws or regulations, governmental incentives and fuel and energy prices; (ix) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; (x) the amount of redemption requests by FRSG’s public stockholders; and (xi) such other factors affecting FRSG that are detailed from time to time in FRSG’s filings with the Securities and Exchange Commission (the "SEC"). Should one or more of the risks or uncertainties described in this press release, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in FRSG's final prospectus for its initial public offering, which was filed with the SEC on March 5, 2021, and its periodic filings with the SEC, including its Quarterly Report on Form 10-Q for quarterly period ended June 30, 2021. FRSG's SEC filings are available publicly on the SEC's website at www.sec.gov.

Important Information for Investors and Stockholders

In connection with the proposed business combination, a registration statement on Form F-4 that includes a preliminary proxy statement/prospectus has been filed by EO with the SEC. After the registration statement is declared effective, the definitive proxy statement will be distributed to FRSG’s stockholders in connection with FRSG’s solicitation for proxies for the vote by FRSG’s stockholders in connection with the proposed business combination and other matters as described in the Form F-4, as well as a definitive prospectus of EO relating to the offer of the securities to be issued in connection with the completion of the business combination. Copies of the Form F-4 may be obtained free of charge at the SEC's website at www.sec.gov. FRSG’s stockholders are urged to read the preliminary proxy statement/prospectus and the other relevant materials (including, when available, the definitive proxy statement/prospectus) when they become available before making any voting decision with respect to the proposed business combination because they will contain important information about the business combination and the parties to the business combination. The information contained on, or that may be accessed through, the websites referenced in this press release is not incorporated by reference into, and is not a part of, this press release.

No Offer or Solicitation

This communication is not a proxy statement or solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the proposed business combination and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of FRSG, EO or Juuce, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act, as amended, or exemptions therefrom.

Participants in the Solicitation

FRSG, the Company and EO and their respective directors and officers may be deemed participants in the solicitation of proxies of FRSG's stockholders in connection with the proposed business combination. Security holders may obtain more detailed information regarding the names, affiliations and interests of certain of FRSG's executive officers and directors in the solicitation by reading FRSG's final prospectus for its initial public offering, which was filed with the SEC on March 5, 2021, and the proxy statement/prospectus and other relevant materials filed with the SEC in connection with the business combination when they become available. Information concerning the interests of FRSG's, the Company’s and EO’s participants in the solicitation, which may, in some cases, be different than those of their stockholders generally, will be set forth in the proxy statement/prospectus relating to the business combination when it becomes available.

EO Contacts:

SEC Newgate UK
Ian Morris / Sophie Morello / Jessica Hodson Walker / Tim Le Couilliard
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BURLINGTON, Ontario--(BUSINESS WIRE)--Anaergia Inc. (“Anaergia” or the “Company”) (TSX: ANRG) signed a contract with Arjun Infrastructure Partners (Arjun) to provide financing for Anaergia’s build, own and operate (BOO) projects in Italy. Under the provisions of this new agreement, Arjun has committed to invest up to €100 million in mezzanine financings in a portfolio of projects in Italy. The term of these financings is generally 10 years, and it is expected that with this commitment 10-12 new projects can be built.

Arjun is a leading independent European infrastructure asset manager. Founded in 2015, Arjun currently manages approximately C$6 billion of capital on behalf of institutional investors.

“This agreement is to result in a series of investments in organic-waste-to-renewable-natural-gas projects being added to the growing portfolio of renewable energy investments in Europe that are already managed by Arjun. We look forward to working with Anaergia to develop these projects for the benefit of the environment as well as for the benefit of our investors," said Surinder Toor, Managing Partner of Arjun Infrastructure Partners.

“Owing to government regulations and incentives that are in place in Italy, this country continues to be a European leader in adding new anaerobic digestion facilities. Anaergia is seeing growth opportunities in this market that are exceeding our prior expectations and thanks to this agreement we can increase the number of projects we will undertake without significantly increasing Anaergia’s investment in this market,” noted Andrew Benedek, Chairman and CEO of Anaergia.

About Anaergia

Anaergia was created to eliminate a major source of greenhouse gases by cost effectively turning organic waste into renewable natural gas (“RNG”), fertilizer and water, using proprietary technologies. With a proven track record from delivering world leading projects on four continents, Anaergia is uniquely positioned to provide end-to-end solutions for extracting organics from waste, implementing high efficiency anaerobic digestion, upgrading biogas, producing fertilizer and cleaning water. Our customers are in the municipal solid waste, municipal wastewater, agriculture, and food processing industries. In each of these markets Anaergia has built many successful plants including some of the largest in the world. Anaergia owns and operates some of the plants it builds, and it also operates plants that are owned by its customers.

Forward-Looking Statements

This news release may contain forward-looking information within the meaning of applicable securities legislation, which reflects the Company’s current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company’s control. Actual results could differ materially from those projected herein. Anaergia does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required under applicable securities laws.

For further information please see: www.anaergia.com.

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DUBLIN--(BUSINESS WIRE)--The "Oil and Gas Accumulators Market Review 2021 and Strategic Plan for 2022 - Insights, Trends, Competition, Growth Opportunities, Market Size, Market Share Data and Analysis Outlook to 2028" report has been added to ResearchAndMarkets.com's offering.

The Oil and Gas Accumulators Market is expected to register an attractive growth rate during the outlook period driven by technological innovations and application-specific developments.

Market Players in the Oil and Gas Accumulators Market business are aligning their operating model to the new normal by pivoting towards digitalization of operations and adapting to emerging technologies in robotic automation and artificial intelligence.

Mergers and acquisitions to acquire new technologies, strengthen portfolios, and leverage capabilities to remain key strategies of top companies in the Oil and Gas Accumulators Market industry during the outlook period. Investing in R&D and technology to improve product lines will be the major growth driver in the short to medium term for the Oil and Gas Accumulators Market amid prevailing tough conditions.

The market study provides a comprehensive description of current trends and developments in the Oil and Gas Accumulators Market industry along with a detailed predictive and prescriptive analysis to 2028.

Key Topics Covered:

1. Table of Contents

1.1 List of Tables

1.2 List of Figures

2. Global Oil and Gas Accumulators Market Review, 2020

2.1 Oil and Gas Accumulators Market Industry Overview

2.2 Research Methodology

3. Oil and Gas Accumulators Market Insights

3.1 Oil and Gas Accumulators Market Trends to 2028

3.2 Future Opportunities in Oil and Gas Accumulators Market

3.3 Dominant Applications of Oil and Gas Accumulators Market to 2028

3.4 Key Types of Oil and Gas Accumulators Market to 2028

3.5 Leading End Uses of Oil and Gas Accumulators Market to 2028

3.6 High Prospect Countries for Oil and Gas Accumulators Market to 2028

4. Oil and Gas Accumulators Market Trends, Drivers, and Restraints

4.1 Latest Trends and Recent Developments in Oil and Gas Accumulators Market

4.2 Key Factors Driving the Oil and Gas Accumulators Market Growth

4.2 Major Challenges to the Oil and Gas Accumulators Market industry, 2021-2028

4.3 Impact of COVID on Oil and Gas Accumulators Market and Scenario Forecasts to 2028

5 Five Forces Analysis for Global Oil and Gas Accumulators Market

5.1 Oil and Gas Accumulators Market Industry Attractiveness Index, 2021

5.2 Threat of New Entrants

5.3 Bargaining Power of Suppliers

5.4 Bargaining Power of Buyers

5.5 Intensity of Competitive Rivalry

5.6 Threat of Substitutes

6. Global Oil and Gas Accumulators Market Data - Industry Size, Share, and Outlook

6.1 Oil and Gas Accumulators Market Annual Sales Outlook, 2021-2028 ($ Million)

6.1 Global Oil and Gas Accumulators Market Annual Sales Outlook by Type, 2021-2028 ($ Million)

6.2 Global Oil and Gas Accumulators Market Annual Sales Outlook by Application, 2021-2028 ($ Million)

6.3 Global Oil and Gas Accumulators Market Annual Sales Outlook by End-User, 2021-2028 ($ Million)

6.4 Global Oil and Gas Accumulators Market Annual Sales Outlook by Region, 2021-2028 ($ Million)

7. Asia Pacific Oil and Gas Accumulators Market Industry Statistics - Market Size, Share, Competition and Outlook

7.1 Asia Pacific Market Insights, 2020

7.2 Asia Pacific Oil and Gas Accumulators Market Revenue Forecast by Type, 2021-2028 (USD Million)

7.3 Asia Pacific Oil and Gas Accumulators Market Revenue Forecast by Application, 2021-2028 (USD Million)

7.4 Asia Pacific Oil and Gas Accumulators Market Revenue Forecast by End-User, 2021-2028 (USD Million)

7.5 Asia Pacific Oil and Gas Accumulators Market Revenue Forecast by Country, 2021-2028 (USD Million)

7.6 Leading Companies and strategies in Asia Pacific Oil and Gas Accumulators Market Industry

8. Europe Oil and Gas Accumulators Market Historical Trends, Outlook, and Business Prospects

9. North America Oil and Gas Accumulators Market Trends, Outlook, and Growth Prospects

10. Latin America Oil and Gas Accumulators Market Drivers, Challenges, and Growth Prospects

11. Middle East Africa Oil and Gas Accumulators Market Outlook and Growth Prospects

12. Oil and Gas Accumulators Market Structure and Competitive Landscape

12.1 Key Companies in Oil and Gas Accumulators Market Business

12.2 Oil and Gas Accumulators Market Key Player Benchmarking

12.3 Oil and Gas Accumulators Market Product Portfolio

12.4 Financial Analysis

12.5 SWOT and Financial Analysis Review

13. Latest News, Deals, and Developments in Oil and Gas Accumulators Market

14. Appendix

For more information about this report visit https://www.researchandmarkets.com/r/eh6htm

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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Company to launch programs and strategies for utilities focused on helping communicate to customers their role in the energy transition, DER, and environmental responsibility and stewardship

GLASGOW, Scotland--(BUSINESS WIRE)--#CleanEnergy--SmartMark Communications, the leading provider of utility customer education and engagement solutions, announced today that it stands with the leaders of COP26 in the call for improved behavioral responsibility around carbon reduction. As a leader in articulating the value proposition of kWh reduction to utility customers, SmartMark has announced new solutions to help translate kWh to GHG to better inform consumers of the impact of their energy use on the environment. The company is actively working with the technology industry to design and implement new tools to support this effort.

“As both an advocate for customer education in energy and technology and a parent, I find both a personal and professional responsibility to evolve strategies and messages around demand side management to newer value propositions that resonate more strongly with today’s energy consumers,” said Juliet Shavit, President and CEO of SmartMark.

SmartMark works with leading utilities on adopting innovative technologies and equitable best practices around energy management. The company conducts research and consulting through its division SmartEnergy IP™ that is dedicated to helping utilities communicate the benefits of smart grid to customers.

About SmartMark Communications, LLC SmartMark Communications has redefined the role of traditional marketing communications companies and uses a blend of industry knowledge and business strategy to help organizations—public, private, and not for profit—shape industry. This unique blend of policy, communications and creative expertise is a critical component to successful storytelling. SmartMark’s passionate interest and deep domain expertise in the industries that it serves has allowed it to emerge as a leader in the conversation around innovation, technology adoption and transformation. To learn more visit www.smartmarkglobal.com.

Media:
Meredith Salefski
SmartMark Communications, LLC
615-864-7840
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Pipistrel to provide motors, motor controllers, and batteries for Airflow’s unique Distributed Electric Propulsion approach

SAN FRANCISCO--(BUSINESS WIRE)--#avgeek--Airflow.aero, Inc., an aerospace company building a next-gen electric Short Takeoff and Landing (eSTOL) aircraft, and Pipistrel, a world-leading small aircraft designer and manufacturer, today announced a partnership through which Pipistrel will supply motors, motor controllers, and batteries for Airflow’s proof-of-concept aircraft. Through this work, the two companies will further explore collaborating on the electric propulsion solution for Airflow’s production aircraft.

Pipistrel is the maker of the first and still only type-certified electric airplane in the world, the VELIS Electro. The company’s extensive expertise in clean sheet design through to successful project completion makes them an excellent partner as Airflow moves to design, build, and test its full-scale proof-of-concept eSTOL. As Airflow uniquely leverages Distributed Electric Propulsion, high performing and reliable motors, controllers, and batteries are key components to the ultimate success of the aircraft.

“Pipistrel’s pioneering work in electric flight and their industry-leading experience in building and certifying powertrains for electric aircraft makes them an ideal partner to help us build and fly a first-of-its kind eSTOL airplane,” said Marc Ausman, CEO and co-founder, Airflow. “They understand and can meet the challenges of a high-performance system with the reliability and safety requirements of the aerospace industry.”

“We relish working with partners that are pursuing ambitious and achievable goals in electric aviation. There are a lot of ideas flooding the market, which is exciting to see, but not all are based on real technology and realistic aerospace timescales. It makes it hard to clearly see the aircraft that are best-positioned to meet their targets,” said Ivo Boscarol, CEO, Pipistrel. “The Airflow team understands what it takes to bring a new electric aircraft to market and their experience building and flying the Airbus Vahana makes them one of the best positioned teams to accomplish this. Their goals at Airflow are ambitious and we’re excited they’ve selected us to be on this journey with them.”

About Airflow

Airflow was founded in 2019 by five former Airbus Vahana team members to bring eSTOL capabilities to the passenger and middle-mile logistics market. The team is passionate about expanding aviation’s benefits to the world and has deep experience in aerospace and technology development. The founding team's background includes Airbus, Eclipse Aviation, Northrop Grumman, Uber Elevate, Airware, and Scaled Composites. For more information, please visit: https://www.airflow.aero/.

About Pipistrel

Pipistrel is a world-leading small aircraft designer and manufacturer, specialized in energy-efficient and affordable high-performance aircraft. With more than 30 years of experience, and having sold 2,500 aircraft in 97 countries, Pipistrel has earned an international reputation for delivering unique, innovative products to passionate customers on all continents. First-to-fly an electric two-seater in 2007 and the winner of the NASA Green Flight Challenge in 2011 with the World's first electric four-seat aeroplane, Pipistrel has designed many different experimental and serially produced electric aircraft, including the first type certified electric aeroplane, the Velis Electro. It has also developed propulsion systems, including batteries, power controllers and electric motors, for small and general aviation class of aircraft for NASA, Textron, Siemens, among others. With involvement in standardisation committees, i.e. ASTM F44.40, F39.05, SAE AE7-D, Pipistrel is helping to enable the future market of hybrid-electric aviation.

Pipistrel Vertical Solutions, the company's R&D division, holds an EASA Design Organisation Approval and has the capability of bringing a new aircraft design concept from a basic idea into a certified design, ready for production. The division is also developing a hybrid-electric VTOL cargo aircraft, as well as a hydrogen fuel-cell powered 19-seat miniliner/microfeeder, aimed at revolutionising the intra-European transport market.

Media:
Kate Gundry
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617-797-5174

Single/Dual 4-Amp isolated gate drivers with high transient immunity for high reliability industrial, military and power applications. SCDs are supported, devices are tested and shipped from Teledyne’s certified US production facility

MILPITAS, Calif.--(BUSINESS WIRE)--Teledyne e2v HiRel today announced availability of a pair of new isolated gate drivers ideally suited for driving GaN power parts used in a wide variety of power supply, dc/dc converter, battery management systems (BMS), Point-of-Load (POL) modules and motor control applications.

The TDGD27x isolated gate drivers utilize silicon isolation technology, supporting up to 2.5 kVRMS. This technology enables industry leading common-mode transient immunity (CMTI), tight timing specifications, reduced variation with temperature and age, better part-to-part matching, and 100% AC/DC testing at -55 °C to 125 °C.

The TDGD271 is a single channel driver with very low jitter, offered in an 8-pin SOIC package. The TDGD274 dual channel driver can be driven with PWM (pulse width modulated) inputs and is offered in a 16-pin SOIC package. The TDGD27x family devices are ideal for a wide range of isolated MOSFET/IGBT and SiC or GaN HEMT gate drive applications, including driving Teledyne HiRel's TDG family of GaN HEMTs. Their small size and wide temperature range (-55 to +125 °C) make them unique.

“Many power applications are taking advantage of the reduced size and higher efficiency made possible by wide band-gap (WBG) semiconductors. However, there was a lack of supporting functions suitable for the most demanding high reliability applications,” said Mont Taylor, VP of Business Development at Teledyne HiRel. “The TDGD isolated gate drivers are available with 100% screening and from one diffusion lot, making them a natural choice for the most demanding systems.”

Devices are available for ordering and shipment today from Teledyne e2v HiRel or an authorized distributor. They are shipped from our DoD Trusted Facility in Milpitas, California.

ABOUT TELEDYNE e2v HIREL ELECTRONICS

Teledyne HiRel’s innovations lead developments in space, transportation, defense, and industrial markets. HiRel’s unique approach involves listening to the market and application challenges of customers and partnering with them to provide innovative standard, semi-custom or fully-custom solutions, bringing increased value to their systems. For more information, visit http://www.tdehirel.com

ABOUT TELEDYNE DEFENSE ELECTRONICS

Serving Defense, Space and Commercial sectors worldwide, Teledyne Defense Electronics offers a comprehensive portfolio of highly engineered solutions that meet your most demanding requirements in the harshest environments. Manufacturing both custom and off-the-shelf product offerings, our diverse product lines meet emerging needs for key applications for avionics, energetics, electronic warfare, missiles, radar, satcom, space, and test and measurement. www.teledynedefelec.com.

Sharon Fletcher
Teledyne Defense Electronics
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SANTA CLARITA, Calif.--(BUSINESS WIRE)--California Resources Corporation (NYSE: CRC), an independent oil and natural gas company committed to energy transition in the sector, today reported third quarter 2021 operational and financial results.

"Third quarter results continued to reflect strong operational performance and represented our best quarter this year in terms of free cash flow generation. These financial results enabled CRC to further enhance our shareholder return strategy by initiating a quarterly cash dividend. Additionally, we tightened our full year free cash flow guidance toward the high end of the range to $460 to $510 million," said Mac McFarland, President and Chief Executive Officer. "Given the strength of our 2021 drilling program and the current commodity environment, we added a fourth rig in Buena Vista Shale in October. Additionally, we expect to have more than $325 million of cash on hand at year end after share repurchases and a cash dividend payment."

Mr. McFarland continued, "As we continue to make progress on our ESG strategy, we are excited to announce a 2045 Full-Scope Net Zero Goal which targets Scope 1, Scope 2 and Scope 3 emissions. As planned, we also submitted our second permit to the EPA for the 26R reservoir, which when combined with our initial permit for the A1/A2 reservoirs, makes up Carbon TerraVault I, an approximately 40 million metric ton storage capacity project. We are also happy to announce that we are progressing our partnership with SunPower on 24 MW of BTM solar projects at the Kern Front and North Shafter fields, and continue to target projects in other fields to reduce our carbon footprint. With these efforts, CRC remains committed to maximize shareholder value while executing on our ESG strategy."

Primary Highlights

• Announced a 2045 Full-Scope Net Zero Goal for Scope 1, 2 and 3 emissions
• Adopted and declared a quarterly dividend of $0.17 per share of common stock, totaling approximately $14 million payable in the fourth quarter, with subsequent quarterly dividend payments subject to final determination and Board approval
• Repurchased 3.1 million shares for $104 million through November 5, 2021 under the share repurchase program (SRP) for an average share price of $33.99 per share
• Filed a Class VI permit for the 26R reservoir as part of the Carbon TerraVault I project which is targeting up to 40 million metric ton (MMT) CO₂ permanent CCS storage
• After the quarter-end, closings for the sale of our Ventura basin operations occurred with respect to the majority of the basin's assets and subsequent closings are expected to occur in the following quarters.

Third Quarter 2021 Highlights

Financial

• Reported net income attributable to common stock of $103 million, or $1.25 per diluted share. Adjusted net income¹ was $151 million, or $1.83 per diluted share
• Generated net cash provided by operating activities of $182 million, adjusted EBITDAX¹ of $242 million and free cash flow¹ of $131 million
• Closed the quarter with $189 million of cash on hand, an undrawn credit facility and $548 million of liquidity²

Operations

• Produced an average of 102,000 net barrels of oil equivalent (BOE) per day, including 62,000 barrels per day of oil, with quarterly capital expenditures of $51 million
• Operated two drilling rigs in the San Joaquin Basin and added one drilling rig in the Los Angeles Basin in September; drilled 27 wells (22 online in 3Q21)
• Operated 35 maintenance rigs
• Completed 76 capital workovers

Transactions

• Completed the wind-up of CRC's development joint venture (JV) with Macquarie Infrastructure and Real Assets Inc. (MIRA) and the development joint venture with Benefit Street Partners (BSP)
• Progressing the partnership with SunPower on 24 MW of BTM solar projects at the Kern Front and North Shafter fields

Guidance

• Tightened 2021 free cash flow¹ guidance to $460 to $510 million
• Raised 2021 adjusted EBITDAX¹ guidance to $840 to $900 million
• Added a drilling rig in the fourth quarter of 2021 that was planned for 2022 due to success of the drilling program to date and continued strong commodity prices; raising 2021 capital guidance to $180 to $200 million
• Increased 2021 operating costs guidance to $700 to $720 million due to rising natural gas prices, which is more than offset by gas revenues due to CRC's net long natural gas position

2021 Guidance & Capital Program

CRC tightened its full year 2021 free cash flow¹ guidance to $460 to $510 million from $400 to $500 million, raised its adjusted EBITDAX¹ guidance to $840 to $900 million from $725 to $825 million and raised its production guidance to 99 to 101 MBOE per day from 97 to 100 MBOE per day. Rising natural gas prices are putting upward pressure on operating costs and CRC increased operating guidance to a range of $700 to $720 million for the year, up from $670 to $695 million. Although higher natural gas and electricity prices in 2021 increased CRC’s operating costs, higher prices have a net positive effect on its operating results due to higher revenue from sales of these commodities which CRC also produces.

CRC made $128 million of capital investments in the first nine months of 2021. Success of the drilling program to date, along with the rise in commodity prices, resulted in the addition of a drilling rig in the fourth quarter of 2021 that was planned for 2022. As a result, CRC expects its full year capital program to range from $180 to $200 million, up from $170 to $190 million. The Company's capital program will be dynamic in response to oil market volatility while focusing on maintaining its oil production, strong liquidity and maximizing its free cash flow.

Acquisitions and Divestitures

After the quarter-end, closings for the sale of our Ventura basin operations occurred with respect to the majority of the basin's assets and subsequent closings are expected to occur in the following quarters. With the divestitures closed to date, CRC realized $62 million of cash paid at closing (before purchase price adjustments) and its liability for related asset retirement obligations of approximately $100 million which were assumed by the buyer.

During the three months ended September 30, 2021, CRC sold unimproved land for $11 million in proceeds recognizing a $2 million gain.

In August 2021, CRC continued to demonstrate its focus on core areas by acquiring MIRA’s 90% working interest share in the joint venture wells for $53 million, before purchase price adjustments and transaction costs. In September 2021, BSP's preferred interest in the BSP JV was automatically redeemed in full under the terms of the joint venture agreement. For the three and nine months ended September 30, 2021, CRC distributed $19 million and $50 million, respectively, to BSP.

CRC's full year guidance accounts for the closing of the sale of CRC's Ventura basin operations in the fourth quarter of 2021.

Sustainability Update

In October 2021, CRC published its 2020 Sustainability Update. The update provides CRC’s key environmental, social and governance (ESG) performance metrics. Additionally, CRC has also published metrics following the guidance of the Sustainability Accounting Standards Board (SASB) and the American Petroleum Institute (API) to promote sector transparency.

CRC continues to make progress on its ESG initiatives and has announced a Full-Scope Net Zero Goal by 2045. CRC defines Net Zero as achieving permanent storage of captured or removed carbon emissions in a volume equal to all of its scope 1, 2 and 3 emissions by 2045. CRC intends to achieve this goal by prioritizing 50% of its free cash flow to invest in projects that reduce its direct and indirect emissions or achieve sequestration of carbon in volumes necessary to offset these emissions. The Company remains committed to advancing emissions reducing projects that are aligned with California’s climate goals and CRC believes that its Full-Scope Net Zero Goal and its 50% cash flow prioritization are a significant ESG differentiator.

Continuing the Company's low carbon strategy efforts, CRC filed a Class VI permit for the 26R reservoir as part of the up to 40 million metric ton (MMT) CO2 permanent storage CCS project, Carbon TerraVault I, and are progressing the partnership with SunPower on 24 MW of BTM solar projects at the Kern Front and North Shafter fields. This is in addition to the previously announced 12 MW project at Mount Poso and advances projects on a total of 36 MW, of the up to previously announced 45 MW BTM target.

Fresh Start Accounting and Predecessor and Successor Periods

CRC qualified for and adopted fresh start accounting upon emergence from bankruptcy on October 27, 2020, at which point CRC became a new entity for financial reporting purposes. CRC adopted an accounting convenience date of October 31, 2020 for the application of fresh start accounting. As a result of the application of fresh start accounting and the effects of the implementation of the joint plan of reorganization, the financial statements after October 31, 2020 may not be comparable to the financial statements prior to that date. Accordingly, “black-line” financial statements are presented to distinguish between the Predecessor and Successor companies. References to "Predecessor” refer to the Company for periods ended on or prior to October 31, 2020 and references to “Successor” refer to the Company for periods subsequent to October 31, 2020.

Third Quarter 2021 Results

Nine Month 2021 Results

Review of Operating and Financial Results

Total daily net production volumes decreased 4% from 106,000 BOE per day for the third quarter of 2020 to 102,000 BOE per day for the third quarter of 2021. Total daily net production volumes decreased 11% from 113,000 BOE per day for the nine months ended September 30, 2020 to 101,000 BOE per day for the same period in 2021. The decrease from the same period in 2020 was primarily due to limited drilling activity and capital investment during 2020 and natural decline rates. This decrease was partially offset by improved operational results from CRC's 2021 drilling program and its acquisition of the working interests in certain joint venture wells held by MIRA in the third quarter of 2021. Production sharing type contracts (PSC-type) at CRC's Long Beach assets negatively impacted oil production by approximately 1,000 and 3,000 barrels per day in the three and nine months ended September 30, 2021, respectively, compared to the same prior-year period. See Attachment 3 for further information on production.

Realized oil prices, including the effect of settled hedges, increased by $13.27 per barrel from $42.15 per barrel in the third quarter of 2020 to $55.42 per barrel in the third quarter of 2021. For the nine months ended September 30, 2021, realized oil prices, including the effect of settled hedges, increased by $11.16 to $54.43 from $43.27 in the same period of 2020. Realized oil prices were higher in the third quarter of 2021 compared to the same prior-year period as oil demand was bolstered by the re-opening of economies and the easing of mobility restrictions. See Attachment 4 for further information on prices.

Adjusted EBITDAX¹ for the third quarter of 2021 was $242 million and net cash provided by operating activities was $182 million. Internally funded capital invested during the third quarter of 2021 was $51 million. Free cash flow¹ was $131 million. Adjusted EBITDAX¹ for the nine months ended September 30, 2021 was $600 million and net cash provided by operating activities was $456 million. For the first nine months of 2021, internally funded capital invested was $128 million. Free cash flow¹ was $328 million.

The following table provides further detail of CRC's per BOE operating costs. Energy operating costs consist of purchases of natural gas used to generate electricity, purchased electricity and internal costs to generate electricity used in CRC's operations. Non-energy operating costs equal total operating costs less energy costs and gas processing costs. Purchases of natural gas to generate steam which is then used in CRC's steamfloods is included in non-energy operating costs:

Energy operating costs for the three months ended September 30, 2021 were $5.49 per BOE, which was an increase of $1.24 per BOE or 29% from $4.25 per BOE for the same period of 2020. Energy operating costs for the nine months ended September 30, 2021 were $4.97 per BOE, which was an increase of $1.16 per BOE or 30% from $3.81 per BOE for the same period of 2020. This increase was primarily a result of higher prices for purchased natural gas, which CRC used to generate electricity for its operations, and for purchased electricity.

Non-energy operating costs for the three months ended September 30, 2021 were $14.23 per BOE, which was an increase of $4.42 per BOE or 45% from $9.81 per BOE for the same period of 2020. Non-energy operating costs for the nine months ended September 30, 2021 were $13.48 per BOE, which was an increase of $2.98 per BOE or 28% from $10.50 per BOE for the same period of 2020. This increase was primarily a result of higher downhole maintenance activity in 2021 which was deferred in 2020 as we shut-in wells and surface maintenance activity. Additionally, non-energy operating costs increased in 2021 due to higher prices for purchased natural gas which CRC uses to generate steam for its steamfloods. Partially offsetting these increases were lower compensation-related costs from headcount reductions in late 2020 and early 2021 and reduced employee benefits in the second quarter of 2021. CRC's third quarter 2020 results reflect cost savings for streamlining its operations in response to the industry downturn resulting from the COVID-19 pandemic. Although higher natural gas prices in 2021 increased CRC's operating costs, higher prices have a net positive effect on its operating results due to higher revenue from sales of this commodity which it also produces.

General and administrative (G&A) expenses were $51 million for the third quarter of 2021, compared to $64 million in the same prior-year period. For the nine months ended September 30, 2021, G&A expenses were $147 million compared to $193 million in the same prior-year period. The decrease in G&A expenses for the three and nine months ended September 30, 2021 reflects lower compensation-related costs as a result of workforce reductions that occurred in the second half of 2020 and the first quarter of 2021, as well as benefit reductions in the second quarter of 2021. The remaining decrease between comparative periods was primarily due to cost saving efforts which resulted in lower spend across a number of cost categories. The decrease was partially offset by non-cash stock-based compensation expense related to awards granted to executives and directors in 2021.

Balance Sheet and Liquidity Update

CRC's aggregate commitment under the Revolving Credit Facility was $492 million as of September 30, 2021. The borrowing base for the Revolving Credit Facility is redetermined semi-annually and was most recently reaffirmed at $1.2 billion in November 2021.

As of September 30, 2021, CRC had liquidity of $548 million, which consisted of $189 million in unrestricted cash and $359 million of available borrowing capacity under its Revolving Credit Facility after $133 million of outstanding letters of credit.

CRC expects to begin paying income taxes in 2022 if Brent prices remain at current levels for a sustained period. CRC's tax paying status depends on a number of factors, including but not limited to, commodity prices, the amount and type of CRC's capital spend, cost structure and activity levels. Potential legislation could change key provisions of the existing U.S. corporate income tax regime and it is uncertain whether some or all of the legislative proposals will be enacted. CRC doesn't currently expects the proposed modifications will materially impact its income tax liability. CRC believes it has sufficient sources of cash to meet its obligations for the next twelve months.

Operational Update

During the third quarter of 2021, CRC operated an average of two drilling rigs in the San Joaquin Basin and added one drilling rig in the Los Angeles Basin in September. During the quarter, CRC drilled 27 net wells and brought online 22 wells. The San Joaquin basin produced 75,700 net BOE per day. The Los Angeles basin produced 19,300 net BOE per day, the Ventura basin produced 3,600 net BOE per day and the Sacramento basin produced 3,100 net BOE per day.

Conference Call Details

To participate in the conference call scheduled for later today at 1:00 p.m. Eastern Time, please dial (877) 328-5505 (International calls please dial +1 (412) 317-5421) or access via webcast at www.crc.com 15 minutes prior to the scheduled start time to register. Participants may also pre-register for the conference call at https://dpregister.com/sreg/10160036/ed00623af0. A digital replay of the conference call will be archived for approximately 90 days and supplemental slides for the conference call will be available online in the Investor Relations section of www.crc.com.

About California Resources Corporation

California Resources Corporation (CRC) is an independent oil and natural gas company committed to energy transition in the sector. CRC has some of the lowest carbon intensity production in the US and we are focused on maximizing the value of our land, mineral and technical resources for decarbonization by developing carbon capture and storage (CCS) and other emissions reducing projects. For more information about CRC, please visit www.crc.com.

Forward-Looking Statements

This release contains forward-looking statements, including statements relating to the manner in which CRC intends to conduct certain of its activities with respect to developing and implementing carbon capture and storage programs and related efforts based on management’s current plans and expectations. These statements are not promises or guarantees of future conduct, performance or policy and involve risks and uncertainties that could materially affect CRC’s expected results of operations, liquidity, cash flows and business prospects.

Joanna Park (Investor Relations)
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Richard Venn (Media)
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Sponsorship agreement covers GAUSSIN’s new RACING TRUCK and the option to subscribe for up to 20% of GAUSSIN common stock

HÉRICOURT, France--(BUSINESS WIRE)--GAUSSIN (ALGAU - FR0013495298), a pioneer in the clean and intelligent transport of goods and people, announced that ARAMCO has agreed to be the title sponsor of GAUSSIN’s new RACING TRUCK for the 2022 DAKAR RALLY that will be held in January. As a part of this agreement, ARAMCO also has the option to subscribe for up to 20% of the common stock of GAUSSIN shares.

Upcoming events

2022 Dakar Rally Race: January 2-14, 2021

About GAUSSIN

GAUSSIN is an engineering company that designs, assembles and sells innovative products and services in the transport and logistics field. Its know-how encompasses cargo and passenger transport, autonomous technologies allowing for self-driving solutions such as Automotive Guided Vehicles, and the integration all types of batteries, electric and hydrogen fuel cells in particular. With more than 50,000 vehicles worldwide, GAUSSIN enjoys a strong reputation in four fast-expanding markets: port terminals, airports, logistics and people mobility. The group has developed strategic partnerships with major global players in order to accelerate its commercial penetration: Siemens Postal, Parcel & Airport Logistics in the airport field, Bolloré Ports and ST Engineering in ports and Bluebus for people mobility. GAUSSIN has broadened its business model with the signing of license agreements accelerating the diffusion of its technology throughout the world. The acquisition of METALLIANCE confirms the emergence of an international group present in all segments of intelligent and clean vehicles.

In October 2021, GAUSSIN won the Dubai World Challenge for Self-Driving Transport.

GAUSSIN has been listed on Euronext Growth in Paris since 2010. More information on www.gaussin.com.

More information on Gaussin is available on www.gaussin.com

* This document may contain forward-looking information. Such forward-looking information refers to future prospects, developments and strategies of Gaussin and is based on an analysis of expected future results and estimates of amounts that are not yet determinable to date. Forward-looking information naturally contains elements of risk and uncertainty relative to events and therefore dependent on circumstances which may or may not occur in the future. Gaussin draws your attention to the fact that forward-looking information provides no guarantee concerning its future performance or financial situation, financial results or trends in the sector in which Gaussin operates, and which may significantly differ from those proposed or suggested in the forward-looking statements contained in this presentation. Furthermore, even though the financial position of Gaussin, its performance and trends in the sector in which Gaussin operates comply with the forward-looking information contained in this presentation, such performance or trends may not be a reliable indication of the company’s future performance or prospects. Gaussin is not committed to updating or confirming analysts' expectations or estimates or to publicly correcting any information or event in order to reflect an event or circumstance eventually occurring following this presentation.

GAUSSIN
Christophe Gaussin, This email address is being protected from spambots. You need JavaScript enabled to view it.
+33(0)3.84.46.13.45

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WATCHUNG, N.J.--(BUSINESS WIRE)--#BatteryStorage--Power Edison, the leading developer and provider of utility-scale mobile energy storage solutions, is partnering with sustainability champion Hugo Neu Realty Management of New Jersey — and other stakeholders — to deploy the largest electric vehicle (EV) charging hub in the United States. This signature project — to be comprised of more than 200 high-power fast chargers — will be sited at Kearny Point Industrial Park, 10 minutes from the Port Newark-Elizabeth Marine Terminal, and 10 minutes from New York City. It is anticipated that this EV charging hub, serving the high-traffic Tri-State region, will power thousands of light, medium and heavy-duty vehicles daily — in addition to charging electric marine vessels. As world leaders meet at COP26, the message is clear that we are significantly behind on climate change action. This innovative partnership is accelerating meaningful community-centric solutions that will improve livability for frontline communities — while reducing harmful GHG emissions.

“Power Edison is engaged with leading organizations such as Hugo Neu to make EV charging accessible and ubiquitous,” said Shihab Kuran, Ph.D., CEO of Power Edison. “Power Edison leverages its innovative solutions, including mobile truck and barge battery systems, to develop fast charging hubs expeditiously. Our utility-scale mobile power solutions allow us to develop charging sites without having to wait for the typical lengthy power utility infrastructure upgrade process. We welcome fleet owners, charging network operators, vehicle manufacturers and other EV stakeholders to contact us for more information and to reserve capacity.”

“In working with Power Edison to develop this strategically located EV charging hub, we’re bringing about an evolution in the sustainable use of land in this 130-Acre industrial campus,” noted property owner Wendy Neu, CEO of Hugo Neu Realty Management. “The transportation sector remains the largest source of greenhouse gas emissions (GHGs) in New Jersey, accounting for over 40% of emissions along with other harmful pollutants. For decades, Kearny and the surrounding areas have been overexposed to these pollutants. By deploying hundreds of EV chargers at Kearny Point, we will significantly reduce GHGs to help mitigate climate change and improve air quality for disproportionately burdened environmental justice communities in the area. Our innovative partnership with Power Edison is comprehensive in its approach to transforming this key location (located between the Hackensack and Passaic Rivers, off Route 9) into model beacons of clean, renewable energy / transportation, while growing local economies.”

“Delivering more than 200 megawatts (200MW) and 4800 megawatt-hours (4800MWh) of daily capacity, Power Edison’s new hub is an exciting and impactful EV super charging site,” noted Pamela Frank, CEO of ChargeEVC-NJ, a business association comprised of diverse interests that advocates for electrification of transportation (chargevc.org). “We’re thrilled that Power Edison and Hugo Neu have joined forces with other key players in the electric vehicle charging arena in bringing this electrification-of-transportation project to fruition in New Jersey.”

“Our engineered power solutions will initially offer over 250kW of power per charger and scale up to over 1MW per charger as vehicle technology evolves. This enables industry-leading fast charging for light, medium and heavy-duty vehicles alike. Inherent in our design is flexibility, modularity and ability to integrate renewables, batteries and other technologies for added sustainability and resiliency,” said Yazan Harasis, Director of Projects at Power Edison.

Power Edison is led by industry veterans with experience in power generation, transmission, distribution, power conversion and smart grid. Power Edison is expanding its team and hiring to further support its growth.

With the significant need for EV charging solutions, Power Edison launched a new subsidiary called EV Edison (www.ev-edison.com) dedicated to the development of high-power fast charging hubs.

About Power Edison

Power Edison is a leading developer and provider of clean energy solutions. The company’s proprietary technology offerings include patent-pending hardware and software for land and marine based Battery Energy Storage Systems (BESS) and for Electric Vehicle (EV) charging infrastructure. Power Edison development portfolio includes energy storage, solar energy, EV charging, fuel cells and hydrogen. Power Edison has a development and sales pipeline of over 1GWh of battery storage projects.

Media Relations
Yazan Harasis
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WALL, N.J.--(BUSINESS WIRE)--The board of directors of New Jersey Resources Corporation (NYSE:NJR) (the “Company” or “NJR”) unanimously declared a quarterly dividend on its common stock of $0.3625 per share. The dividend will be payable on January 3, 2022 to shareowners of record as of December 15, 2021.

The Company is committed to providing value to its shareowners with a competitive return and has paid quarterly dividends continuously since its inception in 1952.

About New Jersey Resources
New Jersey Resources (NYSE:NJR) is a Fortune 1000 company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR is composed of five primary businesses:

• New Jersey Natural Gas, NJR’s principal subsidiary, operates and maintains over 7,500 miles of natural gas transportation and distribution infrastructure to serve over half a million customers in New Jersey’s Monmouth, Ocean and parts of Morris, Middlesex and Burlington counties.
• NJR Clean Energy Ventures invests in, owns and operates solar projects with a total capacity of more than 365 megawatts, providing residential and commercial customers with low-carbon solutions.
• NJR Energy Services manages a diversified portfolio of natural gas transportation and storage assets and provides physical natural gas services and customized energy solutions to its customers across North America.
• Storage & Transportation serves customers from local distributors and producers to electric generators and wholesale marketers through its ownership of Leaf River Energy Center and the Adelphia Gateway Pipeline Project, as well as our 50% equity ownership in the Steckman Ridge natural gas storage facility.
• NJR Home Services provides service contracts as well as heating, central air conditioning, water heaters, standby generators, solar and other indoor and outdoor comfort products to residential homes throughout New Jersey.

NJR and its nearly 1,200 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve^® and initiatives such as The SAVEGREEN Project^® and The Sunlight Advantage^®.

Follow us on Twitter @NJNaturalGas.
“Like” us on facebook.com/NewJerseyNaturalGas.

Media:
Michael Kinney
732-938-1031
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Investors:
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732-938-1229
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RICHMOND, Va.--(BUSINESS WIRE)--Harris Williams, a global investment bank specializing in M&A advisory services, announces it advised IMIA Group Holdings (IMIA), a portfolio company of J.F. Lehman & Company (JFLCO), on its sale to The Carlyle Group (NASDAQ: CG; Carlyle) and Stellex Capital Management (Stellex). IMIA is a leading provider of multi-disciplined marine services for the maintenance, repair and overhaul (MRO) and new construction of United States Navy (USN) vessels. The transaction was led by Doug Kinard and Elliot Cave of the Harris Williams Aerospace, Defense & Government Services (ADG) Group and Drew Spitzer, Matt White and Greg Waller of the firm’s Energy, Power & Infrastructure (EPI) Group.

“Under JFLCO’s ownership, IMIA successfully entered new markets, added complimentary capabilities, and completed highly accretive add-on acquisitions to become the go-to provider of outsourced services for naval MRO and new ship construction,” said Doug Kinard, a managing director at Harris Williams. “With Carlyle and Stellex, IMIA has two great partners for its next phase of growth, and we look forward to watching the continued success of the business in the years to come.”

“IMIA has established itself as a leader in outsourced maritime services, serving every ship and submarine type in the fleet across every geography in the continental U.S. and Hawaii. Long-term trends in outsourced maritime services, accelerated by continued U.S. investment in the expanding fleet, will translate into significant growth opportunities for the business over the next decade,” added Greg Waller, a director at Harris Williams.

“Leveraging the experience and expertise of the Harris Williams ADG Group and EPI Group was a critical component of this transaction,” said Drew Spitzer, a managing director at Harris Williams. “IMIA represents a great outcome for our Harris Williams team in two of our practice areas, and we are very appreciative of the opportunity to work alongside the teams at JFLCO and IMIA.”

Headquartered in Spanish Fort, Alabama, IMIA is the nation’s primary independent provider of comprehensive marine preservation, structural, scaffolding and environmental containment, and staffing services for the MRO and new construction of USN submarines, aircraft carriers, surface combatants and auxiliaries. IMIA addresses the USN's most complex MRO and new construction requirements with a workforce of over 1,500 employees deployed across USN and independent shipyards.

Founded in 1992, JFLCO is a leading middle market private equity firm focused exclusively on the aerospace, defense, maritime, government and environmental sectors. The firm has offices in New York and Washington, D.C.

Carlyle is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Investment Solutions. With $276 billion of assets under management as of June 30, 2021, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which it lives and invests. Carlyle employs nearly 1,800 people in 27 offices across five continents.

With offices in New York, Detroit and London, Stellex is a private equity firm with over $2.6 billion in AUM. Stellex seeks to identify and deploy capital in opportunities that have the potential to provide stability, improvement and growth. Portfolio companies benefit from Stellex’s industry knowledge, operating capabilities, network of senior executives, strategic insight and access to capital. Sectors of particular focus include specialty manufacturing, industrial and business services, aerospace and defense, automotive, and government services.

Harris Williams, an investment bank specializing in M&A advisory services, advocates for sellers and buyers of companies worldwide through critical milestones and provides thoughtful advice during the lives of their businesses. By collaborating as one firm across Industry Groups and geographies, the firm helps its clients achieve outcomes that support their objectives and strategically create value. Harris Williams is committed to execution excellence and to building enduring, valued relationships that are based on mutual trust. Harris Williams is a subsidiary of the PNC Financial Services Group, Inc. (NYSE: PNC).

The Harris Williams ADG Group offers strategic advice to a global base of leading aerospace, defense and government services clients. For more information on the ADG Group and other recent transactions, visit the ADG Group’s section of the Harris Williams website.

The Harris Williams EPI Group has significant experience advising market leading providers of technology, services and products across a broad range of sectors. These sectors include energy management; infrastructure services; utility services; testing, inspection, and certification services; environmental services; engineering and construction; power products and technology; and energy technology. For more information on the Group’s experience, please visit the EPI Group’s section of the Harris Williams website.

Harris Williams LLC is a registered broker-dealer and member of FINRA and SIPC. Harris Williams & Co. Ltd is a private limited company incorporated under English law with its registered office at 8th Floor, 20 Farringdon Street, London EC4A 4AB, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. Corporate Finance Advisors GmbH is registered in the commercial register of the local court of Frankfurt am Main, Germany, under HRB 107540. The registered address is Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany (email address: This email address is being protected from spambots. You need JavaScript enabled to view it.). Geschäftsführer/Directors: Jeffery H. Perkins, Paul Poggi. (VAT No. DE321666994). Harris Williams is a trade name under which Harris Williams LLC, Harris Williams & Co. Ltd and Harris Williams & Co. Corporate Finance Advisors GmbH conduct business.

Julia Moore
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“Solarizing” freight trains and trucks, SOLAR INTERMODAL CORP. among top applicants selected for Newchip’s exclusive accelerator

ROSELAND, N.J.--(BUSINESS WIRE)--#hydrogeneconomy--SOLAR INTERMODAL CORP. specializes in placement of solar panels in untenable places, including intermodal systems. Its mission is to facilitate the transitional economy from carbon-based fuels to the “new climate economy” through the simple implementation of zero-emission technologies in industrial and commercial applications to reduce fuel costs.

SOLAR INTERMODAL CORP. was accepted into Newchip’s renowned global accelerator program. Designed to provide all the skills and tools seed-stage founders need to rapidly fund, build and scale their companies, past accelerator cohorts averaged more than 17.5 times the average funding amount. The equity-free, fully digital accelerator has helped over 1,000 founders from 35 countries raise over $300 million in funding.

“Newchip evaluates a vast and diverse number of companies from across the globe, selecting only a small percentage to be part of our Seed Accelerator program,” says Armando Vera Carvajal, Vice President of Product at Newchip. “This careful vetting process of both the business model and founder makes us an ideal partner for VC investors and stakeholders in early-stage startup financings who are looking for promising startups. Renewable energy infrastructure companies like SOLAR INTERMODAL CORP. can scale quickly with proper funding and guidance. We believe they will do well at Newchip.”

About Solar Intermodal

Launched in 2021, SOLAR INTERMODAL CORP. raised founder’s equity, filed patents, applied for a grant from NSF / SBIR, and is qualified under Reg A+ for a $5mm common equity offering, please read circular at https://invest.solarintermodal.com/

Being part of the Newchip Accelerator, we are looking forward to building the full scale prototypes, as requested by two customers, says Robert Anderson CEO, a testament to both interest and practical functionality.

About Newchip

Newchip is an online, global startup accelerator, led by a world-class team of entrepreneurs and investors. It was designed to provide founders with the tools needed to rapidly fund, build, and scale. Since its inception in 2019, the equity-free, remote accelerator has helped over 1,000 founders from 35+ countries raise over $300 million in funding. Its vast network of global investors, strategic partners, and mentors guide companies from team building and prototype development to securing high-profile VC investment, corporate partnerships, and everything in-between. To learn more visit https://launch.newchip.com/.

Forward-Looking Statements

Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. Forward-looking statements, which involve assumptions and describe our future plans, strategies and expectations, are generally identifiable by use of the words “may,” “should,” “would,” “will,” “could,” “scheduled,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “seek” or “project” or the negative of these words or other variations on these words or comparable terminology. Such forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances, and may not be realized because they are based upon the Company's current projections, plans, objectives, beliefs, expectations, estimates, and assumptions, and are subject to several risks and uncertainties and other influences, many of which the Company has no control.

Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Securities offered through Dalmore Group, LLC, registered broker dealer of record, member of FINRA (www.finra.org), member of SIPC (www.sipc.org).

Robert Anderson CEO
Solar Intermodal Corporation
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Human capital and operational leadership expert to foster engagement and collaboration across geographies

HOUSTON--(BUSINESS WIRE)--Quorum Software (Quorum), the global software leader dedicated to the energy industry, today announced that Jemima Bowden has been named Executive Vice President of Human Resources. In this role, she will be responsible for leading Quorum’s global people team.

“Between the merger with Aucerna and the acquisition of TietoEVRY’s Oil and Gas software business, this year brought dramatic growth to Quorum from the products we develop and deliver to the people who represent our company,” said Gene Austin, CEO of Quorum Software. “Together, the combined Quorum now offers a dynamic global network of employees who support the energy industry with end-to-end software solutions at scale,” continued Austin. “Jemima has extensive human capital and operational leadership experience in the technology sector that will help to strengthen Quorum’s company culture to foster engagement and collaboration across geographies.”

Most recently, Bowden served as the Senior Vice President of People & Talent at Bazaarvoice, a $250M SaaS company focused on consumer-generated content solutions for leading retail brands, and that repeatedly won awards for its culture. Before Bazaarvoice, she led operations and planning teams in the telecom sector at Avaya and Lucent Technologies. She has an MBA from the Thunderbird School of Global Management and a Bachelor of the Arts in European business and languages from the University of Central Lancashire, UK.

“At Quorum, people are our most critical asset, and we’re proud to employ more than 1,300 employees working from 20 different countries, providing exceptional service to customers throughout the world,” said Jemima Bowden, Executive Vice President of Human Resources of Quorum Software. “As we continue to grow, I’m most passionate about recruiting, retaining and developing talent who will bring our vision, mission and values to life.”

Earlier this year, Quorum merged with Aucerna, a global provider of integrated planning, execution and reserves software for the energy industry. Operating as Quorum Software, the combined company acquired TietoEVRY’s Oil and Gas software business, including flagship solutions Energy Components and DaWinci. Together, the company now serves more than 1,800 energy customers across 55 countries.

To learn more about career opportunities at Quorum, visit quorumsoftware.com/careers.

About Quorum Software
Quorum Software connects people and information across the energy value chain. Twenty years ago, we built the first software for gas plant accountants. Pipeline operators came next, followed by land administrators, pumpers, and planners. Since 1998, Quorum has helped thousands of energy workers with business workflows that optimize profitability and growth. Our vision for the future connects the global energy ecosystem through cloud-first software, data standards, and integration. The trusted source of decision-ready data for 1,800+ companies, Quorum Software makes the essential connections that let us work better together in the connected energy workplace. For more information, visit quorumsoftware.com.

Adam Cormier
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6175024384

STRONG FREE CASH FLOW & PROFITS FROM HIGH QUALITY LOW-BREAKEVEN PRODUCTION

BOGOTA, Colombia--(BUSINESS WIRE)--GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia, Ecuador, Chile, Brazil and Argentina reports its consolidated financial results for the three-month period ended September 30, 2021 (“Third Quarter” or “3Q2021”). A conference call to discuss 3Q2021 financial results will be held on November 11, 2021, at 10:00 am (Eastern Daylight Time).

All figures are expressed in US Dollars and growth comparisons refer to the same period of the prior year, except when specified. Definitions and terms used herein are provided in the Glossary at the end of this document. This release does not contain all of the Company’s financial information and should be read in conjunction with GeoPark’s consolidated financial statements and the notes to those statements for the period ended September 30, 2021, available on the Company’s website.

THIRD QUARTER 2021 HIGHLIGHTS

Operations and Production

• Consolidated oil and gas production of 37,859 boepd, up 4% compared to 2Q2021
• Oil production of 32,844 bopd, up 6% compared to 2Q2021 due to increased production in Colombia
• Full-year 2021 average production revised to 37,000-38,000 boepd (from 38,000-40,000 boepd) due to blockades in the Platanillo block (GeoPark operated, 100% WI) affecting production and development drilling activities since mid-October
• Platanillo production fully restored on November 4, 2021 with drilling activities to restart by mid-November 2021
• Consolidated oil and gas production is currently 39,000 boepd

Cash Flow and Profits

• Revenue of $174.0 million
• Operating Profit of $81.3 million
• Profit of $37.0 million
• Adjusted EBITDA of $86.8 million (including cash hedge losses of $22.4 million)

Investments and Balance Sheet

• Capital expenditures of $30.6 million
• Every $1 invested in Capital expenditures yielded $2.8 in Adjusted EBITDA
• Cash in hand of $76.8 million
• Net debt to LTM Adjusted EBITDA ratio of 2.2x (2.7x in December 2020)

Portfolio Consolidation and Management

• Argentina: accepted an offer to divest non-core Argentina assets for a consideration of $16 million, with closing expected by 2021 year-end or early 2022
• Peru: obtained final approval to transfer 100% of the Morona block to Petroperu following the Supreme Decree issued by the Peruvian Government
• Brazil: Manati gas field divestment process ongoing, expected to close in 1H2022

SPEED / ESG+ Achievements and Recognitions

• Fast, aggressive and immediate actions to reduce emissions: a 35-40% reduction by 2025 or sooner, a 40-60% reduction by 2025-2030 and Net zero emissions intensity by 2050 or sooner (all Scope 1 and 2)
• GeoPark honored with the Equipares Silver Award by Colombian Ministry of Labor, measuring commitment to promote equality, inclusion and diversity
• Released GeoPark’s 2020 annual sustainability report (the SPEED Report), available on the Company’s website

Giving Back to Shareholders and Expanding Investor Base

• Quarterly Dividend of $0.041 per share, or $2.5 million, payable on December 7, 2021
• Completed share buyback program having acquired 692,707 shares for $8.5 million since November 2020, while executing self-funded and flexible work programs, and paying down debt
• Renewed discretionary share buyback program for up to 10% of shares outstanding until November 2022
• In September 2021, GeoPark was included in the S&P Global BMI Index and sub-indexes, including the S&P Emerging BMI, the S&P Colombia BMI, the S&P Latin America BMI, and the S&P Global BMI Energy, among others

James F. Park, Chief Executive Officer of GeoPark, said: “Thanks very much to the GeoPark team for delivering again strong free cash flow and profits from our high-quality low-breakeven production. We also are gearing up for 2022, with a powerful work program consisting of a very active drilling campaign with 40-48 wells, targeting continued production and cash flow growth, as well as 15-20 low cost exploration targets to potentially open up new fields on our big low-risk high-impact acreage position that can quickly be brought to cash flow if successful. We also announced an actionable and concrete roadmap to lower greenhouse gas emissions that provides real results in the short-term – as well as continue to provide tangible shareholder returns by our active dividend and share buy-back programs. This means for 2022 we will be generating significant free cash flow that will self-fund all of our objectives including shareholder returns, balance sheet strengthening, emission reductions, new business efforts, growing our production base, and an exciting exploration drilling program. We believe that being able to self-fund from cash flow and simultaneously achieve these objectives represent the right business model for our industry today and provide GeoPark with a comparative advantage in an energy-transitioning world.”

BLOCKADES IN PUTUMAYO

In mid-October 2021, some communities in the Putumayo basin started protests against the Government and as a result, GeoPark shut in Platanillo production of 2,100 bopd and suspended drilling activities in the block.

Revised 2021 production guidance results from shut in production and delayed drilling of two development wells that were expected to start producing in 4Q2021 and are now expected in late 4Q2021 or early 2022.

Production was fully restored on November 4, 2021 and development drilling activities are expected to restart by mid-November 2021.

SALE OF NON-CORE ASSETS IN ARGENTINA

On November 3, 2021, GeoPark accepted an offer from Oilstone Energía S.A. to purchase GeoPark's 100% WI in the Aguada Baguales, El Porvenir and Puesto Touquet blocks in the Neuquen basin in Argentina for a total consideration of $16 million.

Closing of the transaction is subject to customary regulatory approvals and is expected by the end of 2021 or early in 2022. GeoPark will continue operating the Aguada Baguales, El Porvenir and Puesto Touquet blocks until the completion of the divestment process. The sale of these blocks will allow GeoPark to reallocate resources to its core operations in Colombia and to continue streamlining its operations.

During the first nine months of 2021, the Aguada Baguales, El Porvenir and Puesto Touquet blocks produced approximately 2,200 bopd (58% oil, 42% natural gas), representing 6% of GeoPark's net consolidated oil and gas production during that period.

The Aguada Baguales, El Porvenir and Puesto Touquet blocks have net proven PRMS reserves of approximately 3.7 million barrels of oil equivalent, based on the December 2020 DeGolyer and MacNaughton’s certification, and adjusted by production during the nine month period ended September 30, 2021.

CONSOLIDATED OPERATING PERFORMANCE

Key performance indicators:

Production: Oil and gas production in 3Q2021 increased by 4% to 37,859 boepd versus 2Q2021. Compared to 3Q2020, oil and gas production decreased by 3%, resulting from lower production in Chile and Argentina, partially offset by higher production in Colombia and Brazil.

Oil represented 87% and 85% of total reported production in 3Q2021 and 3Q2020, respectively.

For further details, please refer to the 3Q2021 Operational Update published on October 19, 2021.

Reference and Realized Oil Prices: Brent crude oil prices averaged $73.2 per bbl during 3Q2021, and the consolidated realized oil sales price averaged $60.3 per bbl in 3Q2021.

The tables below provide a breakdown of reference and net realized oil prices in Colombia, Chile and Argentina in 3Q2021 and 3Q2020:

Revenue: Consolidated revenue increased by 77% to $174.0 million in 3Q2021, compared to $98.1 million in 3Q2020, reflecting higher oil and gas prices, partially offset by lower oil and gas deliveries (which decreased by 8%, mainly due to lower gas deliveries).

Sales of crude oil: Consolidated oil revenue increased by 83% to $163.5 million in 3Q2021, driven by a 90% increase in realized oil prices, partially offset by a 3% decrease in oil deliveries. Oil revenue was 94% of total revenue in 3Q2021 and 91% in 3Q2020.

• Colombia: In 3Q2021, oil revenue increased by 89% to $156.1 million reflecting higher realized oil prices, partially offset by lower oil deliveries. Realized prices increased by 93% to $60.3 per bbl due to higher Brent oil prices while oil deliveries decreased by 2% to 29,244 bopd. Earn-out payments increased to $6.0 million in 3Q2021, compared to $3.4 million in 3Q2020 in line with higher oil prices.
• Chile: In 3Q2021, oil revenue increased by 30% to $1.5 million reflecting higher realized prices, partially offset by lower oil deliveries. Realized prices increased by 83% to $64.0 per bbl due to higher Brent oil prices while oil deliveries decreased by 29% to 257 bopd.
• Argentina: In 3Q2021, oil revenue increased by 7% to $5.7 million due to higher realized oil prices, partially offset by lower volumes sold. Realized oil prices increased by 41% to $57.1 per bbl. Oil deliveries decreased by 28% to 1,019 bopd.

Sales of gas: Consolidated gas revenue increased by 19% to $10.5 million in 3Q2021 compared to $8.8 million in 3Q2020 reflecting 69% higher gas prices, partially offset by 29% lower gas deliveries. Gas revenue was 6% and 9% of total revenue in 3Q2021 and 3Q2020, respectively.

• Chile: In 3Q2021, gas revenue decreased by 3% to $4.1 million reflecting lower gas deliveries that were partially offset by higher gas prices. Gas prices were 56% higher, at $3.7 per mcf ($22.0 per boe) in 3Q2021. Gas deliveries fell by 38% to 12,037 mcfpd (2,006 boepd).
• Brazil: In 3Q2021, gas revenue increased by 40% to $4.6 million, due to higher gas deliveries and higher gas prices. Gas deliveries increased by 12% from the Manati gas field (GeoPark non-operated, 10% WI) to 9,716 mcfpd (1,619 boepd). Gas prices increased by 25% to $5.2 per mcf ($31.1 per boe) mainly due to the impact of the annual price inflation adjustment effective January 2021.
• Argentina: In 3Q2021, gas revenue increased by 54% to $1.3 million, resulting from higher gas prices and higher gas deliveries. Gas prices increased by 53% to $3.2 per mcf ($19.1 per boe) due to local market conditions while deliveries increased by 1% to 4,351 mcfpd (725 boepd).

Commodity Risk Management Contracts: Consolidated commodity risk management contracts amounted to an $11.7 million loss in 3Q2021, compared to a $2.7 million gain in 3Q2020.

The table below provides a breakdown of realized and unrealized commodity risk management contracts in 3Q2021 and 3Q2020:

The realized portion of the commodity risk management contracts registered a loss of $22.4 million in 3Q2021 compared to a $1.4 million gain in 3Q2020. Realized losses recorded in 3Q2021 reflected the impact of zero cost collar hedges covering a portion of the Company’s oil production with average ceiling prices below actual Brent oil prices during the quarter.

The unrealized portion of the commodity risk management contracts amounted to a $10.6 million gain in 3Q2021, compared to a $1.3 million gain in 3Q2020. Unrealized gains during 3Q2021 resulted from the reclassification of $22.4 million from unrealized to realized losses during 3Q2021, partially offset by unrealized losses during the quarter that resulted from the increase in the forward Brent oil price curve compared to June 30, 2021, which decreased the market value of the Company’s hedging portfolio beyond 3Q2021, as measured on September 30, 2021.

Please refer to the “Commodity Risk Oil Management Contracts” section below for a description of hedges in place as of the date of this release.

Production and Operating Costs¹: Consolidated production and operating costs increased to $49.2 million from $28.4 million, resulting from a $22.5 million increase in cash royalties, partially offset by lower operating costs.

The table below provides a breakdown of production and operating costs in 3Q2021 and 3Q2020:

Consolidated royalties increased to $30.9 million in 3Q2021 compared to $8.4 million in 3Q2020, in line with higher oil and gas prices, partially offset by lower oil and gas deliveries.

Consolidated operating costs decreased by 9% to $18.2 million in 3Q2021 compared to $19.9 million in 3Q2020.

The breakdown of operating costs is as follows:

• Colombia: Operating costs per boe amounted to $5.3 in 3Q2021, compared to $5.9 in 3Q2020. Total operating costs decreased to $11.9 million in 3Q2021 from $15.1 million in 3Q2020 due to lower operating costs per boe and lower deliveries (deliveries in Colombia decreased by 5%).
• Chile: Operating costs per boe increased to $10.6 in 3Q2021 compared to $5.3 in 3Q2020. Total operating costs increased to $2.2 million in 3Q2021 from $1.8 million in 3Q2020, in line with higher operating costs per boe, partially offset by lower oil and gas deliveries (deliveries in Chile decreased by 37%).
• Brazil: Operating costs per boe increased to $7.6 in 3Q2021 compared to $5.8 in 3Q2020. Total operating costs increased to $0.8 million in 3Q2021 from $0.3 million in 3Q2020, due to higher operating costs per boe and reflecting higher gas deliveries in the Manati field (deliveries in Brazil increased by 12%).
• Argentina: Operating costs per boe increased to $20.6 in 3Q2021 compared to $14.9 in 3Q2020. Total operating costs increased to $3.3 million in 3Q2021 from $2.8 million in 3Q2020, due to higher operating costs per boe and lower oil and gas deliveries (deliveries in Argentina decreased by 19%).

Lower operating costs per boe in Chile and Argentina in 3Q2020 mainly resulted from reduced or suspended well intervention and maintenance activities resulting from the lower oil price environment.

Selling Expenses: Consolidated selling expenses increased to $1.8 million in 3Q2021, compared to $1.3 million in 3Q2020.

Administrative Expenses: Consolidated G&A amounted to $11.8 million in 3Q2021 compared to $10.4 million in 3Q2020. Amounts recorded in 3Q2021 include advisory and consultancy fees related to the Annual General Meeting held in July 2021.

Geological & Geophysical Expenses: Consolidated G&G expenses decreased to $2.1 million in 3Q2021 compared to $2.8 million in 3Q2020.

Adjusted EBITDA: Consolidated Adjusted EBITDA² increased by 55% to $86.8 million, or $26.9 per boe, in 3Q2021 compared to $56.1 million, or $15.9 per boe, in 3Q2020.

The table below shows production, volumes sold and the breakdown of the most significant components of Adjusted EBITDA for 3Q2021 and 3Q2020, on a per country and per boe basis:

Depreciation: Consolidated depreciation charges decreased by 11% to $23.6 million in 3Q2021, compared to $26.7 million in 3Q2020, in line with lower depreciation costs per boe and lower oil and gas volumes delivered, which decreased by 8%.

Write-off of unsuccessful exploration efforts: The consolidated write-off of unsuccessful exploration efforts amounted to $4.2 million in 3Q2021 compared to $0.6 million in 3Q2020. Amounts recorded in 3Q2021 refer to unsuccessful exploration costs incurred in Colombia.

Impairment of non-financial assets: The consolidated impairment charges amounted to a $13.3 million gain in 3Q2021 compared to a $1.0 million loss in 3Q2020. Amounts recorded in 3Q2021 refer to the reversal of previously recognized impairment charges related to the Aguada Baguales, El Porvenir and Puesto Touquet blocks in Argentina.

Other Income (Expenses): Other operating expenses showed a $1.6 million loss in 3Q2021, compared to a $1.3 million loss in 3Q2020.

CONSOLIDATED NON-OPERATING RESULTS AND PROFIT FOR THE PERIOD

Financial Expenses: Net financial expenses decreased to $13.3 million in 3Q2021, compared to $15.8 million in 3Q2020 mainly resulting from the strategic deleveraging process executed in April 2021 that resulted in significant debt reduction with extended maturities and lower costs of debt.

Foreign Exchange: Net foreign exchange charges amounted to a $1.0 million gain in 3Q2021 compared to a $0.7 million loss in 3Q2020.

Income Tax: Income taxes totaled a $31.9 million loss in 3Q2021 compared to a $16.3 million loss in 3Q2020, mainly resulting from the effect of higher profits before tax recorded in 3Q2021 compared to 3Q2020.

Profit: Gain of $37.0 million in 3Q2021 compared to a $4.3 million loss recorded in 3Q2020, mainly due to higher operating profits recorded in 3Q2021 that were partially offset by higher income tax charges.

BALANCE SHEET

Cash and Cash Equivalents: Cash and cash equivalents totaled $76.8 million as of September 30, 2021, compared to $201.9 million as of December 31, 2020.

The net decrease in cash and cash equivalents as of September 30, 2021, compared to December 31, 2020 is explained by the following:

Cash flows from operating activities is shown net of cash taxes paid of $65.1 million.

Cash flows used in investing activities included capital expenditures incurred by the Company as part of its 2021 work program of $125-140 million, partially offset by proceeds from the disposal of assets of $1.1 million.

Cash flows used in financing activities included the strategic deleveraging process executed in April 2021 through a tender to purchase $255.0 million of the 2024 Notes that was funded with a combination of cash and cash equivalents and funds obtained from the reopening of the 2027 Notes.

Financial Debt: Total financial debt net of issuance cost was $674.9 million, including the remainder of the 2024 Notes, the 2027 Notes and other bank loans totaling $13.4 million. Short-term financial debt was $18.1 million as of September 30, 2021.

For further details, please refer to Note 12 of GeoPark’s consolidated financial statements as of September 30, 2021, available on the Company’s website.

Covenants in the 2024 and 2027 Notes: The 2024 and 2027 Notes include incurrence test covenants that provide, among other things, that the Net Debt to Adjusted EBITDA ratio should not exceed 3.25 times and the Adjusted EBITDA to Interest ratio should exceed 2.5 times. As of the date of this release, the Company would meet these tests if it chose to incur more debt.

For further details, please refer to Note 12 of GeoPark’s consolidated financial statements as of September 30, 2021, available on the Company’s website.

INVESTORS:
Stacy Steimel
Shareholder Value Director
T: +562 2242 9600
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Miguel Bello
Market Access Director
T: +562 2242 9600
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Investor Relations Director
Diego Gully
T: +5411 4312 9400
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MEDIA:
Communications Department
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DALLAS--(BUSINESS WIRE)--Kosmos Energy (NYSE/LSE: KOS) (“Kosmos” or the “Company”) announced that it has received notice from Tullow Oil plc and PetroSA that they intend to exercise their pre-emption rights in relation to the sale of Occidental Petroleum’s interests in the Jubilee and TEN fields in Ghana to Kosmos, announced October 13, 2021.

The exercise of pre-emption rights is subject to finalizing definitive agreements with Kosmos/Anadarko WCTP Company and requires approval from GNPC and the Ghanaian Ministry of Energy. If completed, Kosmos’ ultimate interest in Jubilee would be reduced by 3.8% to 38.3% (Kosmos retains ~80% of the original acquired interest), and Kosmos’ ultimate interest in TEN would be reduced by 8.3% to 19.8% (Kosmos retains ~25% of the original acquired interest).

Consideration due to Kosmos would be approximately $150 million based on the headline purchase price of $550 million and is subject to certain closing adjustments. Kosmos would anticipate using any potential proceeds to accelerate debt repayment.

If pre-emption is completed, Kosmos will provide a further update to the market in due course.

About Kosmos Energy

Kosmos is a full-cycle deepwater independent oil and gas exploration and production company focused along the Atlantic Margins. Our key assets include production offshore Ghana, Equatorial Guinea and U.S. Gulf of Mexico, as well as a world-class gas development offshore Mauritania and Senegal. Kosmos is listed on the New York Stock Exchange and London Stock Exchange and is traded under the ticker symbol KOS. As an ethical and transparent company, Kosmos is committed to doing things the right way. The Company’s Business Principles articulate our commitment to transparency, ethics, human rights, safety and the environment. Read more about this commitment in our Corporate Responsibility Report. For additional information, visit www.kosmosenergy.com.

Forward-Looking Statements

This press release contains 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 facts, included in this press release that address activities, events or developments that Kosmos expects, believes or anticipates will or may occur in the future are forward-looking statements. Kosmos’ estimates and forward-looking statements are mainly based on its current expectations and estimates of future events and trends, which affect or may affect its businesses and operations. Although Kosmos believes that these estimates and forward-looking statements are based upon reasonable assumptions, they are subject to several risks and uncertainties and are made in light of information currently available to Kosmos. When used in this press release, the words “anticipate,” “believe,” “intend,” “expect,” “plan,” “will” or other similar words are intended to identify forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Kosmos, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Further information on such assumptions, risks and uncertainties is available in Kosmos’ Securities and Exchange Commission (“SEC”) filings. Kosmos undertakes no obligation and does not intend to update or correct these forward-looking statements to reflect events or circumstances occurring after the date of this press release, except as required by applicable law. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.

Management does not provide a reconciliation for forward looking non GAAP financial measures where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the occurrence and the financial impact of various items that have not yet occurred, are out of our control or cannot be reasonably predicted. For the same reasons, management is unable to address the probable significance of the unavailable information. Forward looking non GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.

Investor Relations
Jamie Buckland
+44 (0) 203 954 2831
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Media Relations
Thomas Golembeski
+1-214-445-9674
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BOGOTA, Colombia--(BUSINESS WIRE)--GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia, Ecuador, Chile, Brazil and Argentina, today announced its Board of Directors has declared a quarterly cash dividend of $0.041 per share, payable on December 7, 2021 and the renewal of the share repurchase program for up to 10% of its shares outstanding until November 10, 2022.

Quarterly Cash Dividend

• The Board of Directors has declared a quarterly cash dividend of $0.041 per share ($2.5 million in the aggregate) payable on December 7, 2021 to the shareholders of record at the close of business on November 23, 2021

Renewal of Share Buyback Program

• GeoPark concluded its 2020-2021 share repurchase program on November 10, 2021, with 692,707 shares acquired, and a total amount invested of $8,500,000, including transaction costs
• The Board of Directors has approved the renewal of the repurchase program for up to 10% of shares outstanding or approximately 6,074,000 shares, expiring on November 10, 2022
• The share repurchases may be made from time to time through open market transactions, block trades, privately negotiated transactions or otherwise, and are subject to market and business conditions, levels of available liquidity, cash requirements for other purposes, regulatory considerations and other relevant factors

As detailed in our 2022 Work Program and Investment Guidelines, GeoPark plans to deliver another year of strong operational and financial performance and free cash flow generation while remaining committed to returning value to its shareholders.

NOTICE

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

Certain amounts included in this press release have been rounded for ease of presentation.

CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION

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

Forward-looking statements that appear in a number of places in this press release include, but are not limited to, statements regarding the intent, belief or current expectations, regarding various matters, including expected dividend payments, share buybacks, future financial performance and free cash flow generation. Forward-looking statements are based on management’s beliefs and assumptions, and on information currently available to the management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors.

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

INVESTORS:
Stacy Steimel This email address is being protected from spambots. You need JavaScript enabled to view it.
Shareholder Value Director
T: +562 2242 9600

Miguel Bello This email address is being protected from spambots. You need JavaScript enabled to view it.
Market Access Director
T: +562 2242 9600

Diego Gully This email address is being protected from spambots. You need JavaScript enabled to view it.
Investor Relations Director
T: +5411 4312 9400

MEDIA:
Communications Department This email address is being protected from spambots. You need JavaScript enabled to view it.

Index to provide exposure to the producers, refiners, processors and recyclers of green metals

FRANKFURT, Germany--(BUSINESS WIRE)--MV Index Solutions GmbH (MVIS^®) today announced the licensing of the MVIS Global Clean-Tech Metals Index (ticker: MVGMET) to VanEck for the use as underlying the VanEck Green Metals ETF.

The MVIS Global Clean-Tech Metals Index (ticker: MVGMET) tracks the performance of global metals and rare earth element miners, refiners, and recyclers focused on metals and elements that are used in technologies contributing to the proliferation of clean energy. The index includes companies that generate at least 50% of their revenue from clean-tech metals or that have ongoing mining projects that have the potential to generate at least 50% of the company’s revenue from clean-tech metals.

"We are happy to provide the underlying to VanEck’s new ETF. This forward-looking concept – clean energy – focuses on the world’s transformation in the energy sector and provides exposure to the respective commodities," said Thomas Kettner, COO of MV Index Solutions.

“New technologies, from electric vehicles to offshore wind farms, cannot function without green metals such as lithium, copper, zinc and manganese. As governments around the world mandate and consumers embrace these shifts to lower carbon approaches, demand for these metals is only expected to increase,” said Brandon Rakszawski, Senior ETF Product Manager with VanEck. “We’re very pleased to be introducing GMET, a powerful new tool for investors looking to add global exposure to the leading and emerging companies driving the supply of green metals,” he continued.

The MVIS Global Clean-Tech Metals Index (ticker: MVGMET) is weighted by free float market capitalisation and is calculated in USD as a price index and a total return net index. The index is reviewed on a quarterly basis. Capping factors are applied to avoid overweighting of single index components. Detailed information about the index, including methodology details and index data, is available on the MV Index Solutions website.

Key Index Features
MVIS Global Clean-Tech Metals Index (ticker: MVGMET)
Number of Components: 39
Base Date: 31 December 2015
Base Value: 1000

Note to Editors:
About MV Index Solutions - www.mvis-indices.com
MV Index Solutions (MVIS®) develops, monitors and licenses the MVIS Indices and BlueStar Indexes, a selection of focused, investable and diversified benchmark indices. The indices are especially designed to underlie financial products. MVIS Indices cover several asset classes, including equity, fixed income markets and digital assets and are licensed to serve as underlying indices for financial products. Approximately USD 34.53 billion in assets under management (as of 11 November 2021) are currently invested in financial products based on MVIS/BlueStar Indices. MVIS is a VanEck company.

Media:
Eunjeong Kang, MV Index Solutions
+49 (0) 69 4056 695 38
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Strong Free Cash Flow Funds Low Risk High-Return Exploration, Emissions Reduction, Deleveraging and Shareholder Returns

BOGOTA, Colombia--(BUSINESS WIRE)--GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia, Ecuador, Chile, Brazil and Argentina, today announced its work program and investment guidelines for 2022. All figures are expressed in US Dollars.

A conference call to discuss third quarter 2021 financial results and the 2022 work program and investment guidelines will be held on November 11, 2021, at 10:00 a.m. Eastern Standard Time.

2022 Work Program Summary ($65-70 per bbl Brent)

Production: 35,500-37,500 boepd average production, a 5-10% production growth vs 2021E (excluding production from Argentina and Brazil¹ which are being divested, as well as any potential production from the 2022 exploration campaign)

Drilling plan: 40-48 gross wells (20-25% higher than 2021E), including 15-20 gross exploration/appraisal wells (~4 times higher than 2021E)

Capital expenditures program: $160-180 million, to be allocated as follows:

• $90-100 million (or ~60%) to low-risk development growth focused on core Llanos 34 (GeoPark operated, 45% WI) and CPO-5 (GeoPark non-operated, 30% WI) blocks
• $70-80 million (or ~40%) to exploration of high potential, short-cycle and near-field projects on big proven acreage next to core Llanos 34 block plus other exploration targets in Colombia and Ecuador
• Using a $65-70 per bbl Brent base case, GeoPark expects to generate an operating netback of $400-450 million², 2.5 times total capital expenditures, or 4+ times growth development capital

Free Cash Flow Sensitivities to Different Brent Oil Prices

The table below provides sensitivities to different Brent oil prices using the 2022 base work program:

Capital Expenditures and Activity Breakdown

• Colombia - $145-165 million: Focus on continuing development of core Llanos 34 block, accelerating development and exploration activities in high potential blocks near Llanos 34 plus 3D seismic and other predrilling activities to continue adding new plays, leads and prospects.

The activity breakdown in Colombia includes:

- Llanos 34 block: 25-28 gross development and appraisal wells plus infrastructure and facilities to continue optimizing operations

- CPO-5 block: the operator, ONGC, plans to drill 7-8 gross wells (1-2 development and 6-7 exploration wells) plus acquisition of 280 square kilometers of 3D seismic

- Llanos 87 block (GeoPark operated, 50% WI): 3-4 gross exploration wells

- Llanos 94 block (GeoPark non-operated, 50% WI): 1 gross exploration well

• Ecuador - $13-17 million: 2-3 gross exploration wells, 1-2 in the Espejo (GeoPark operated, 50% WI) and 1-2 in the Perico (GeoPark non-operated, 50% WI) blocks plus acquisition of 60 square kilometers of 3D seismic in the Espejo block

• Other Activities in Putumayo and Chile: 2-3 gross development wells and 1 potential gross exploration well plus seismic reprocessing and other preoperational activities.

Certain activities included in the 2022 work program are subject to obtaining required environmental, social or other regulatory approvals, or in the blocks where GeoPark is not the operator, they are subject to timely execution by the operator.

Work Program Flexible at Different Oil Price Scenarios

GeoPark’s 2022 work program can be rapidly adapted to different oil price scenarios, illustrating the high quality of its assets, its low-break-even production and strong financial performance even in volatile oil price environments.

• Above $80/bbl Brent oil price: Capital expenditures can be expanded to $190-220 million by adding incremental development and exploration projects

• Below $50/bbl Brent oil price: Capital expenditures can be reduced to $120-150 million by focusing on the lowest-risk projects that produce cashflow fastest

GeoPark has oil hedges in place providing price risk protection over the next 12 months. Please refer to Note 4 of GeoPark’s consolidated financial statements for the period ended September 30, 2021, for further details on volumes, type of contracts and average prices.

GeoPark monitors market conditions on a continuous basis and may enter into additional commodity risk management contracts to secure minimum oil prices for its 2022 production and beyond.

Returning Value to Shareholders: Cash Dividends and Share Buyback Program

As part of the Company’s commitment to return value to its shareholders, GeoPark’s Board of Directors renewed its quarterly cash dividend and a share buyback program, as follows:

• Quarterly Dividend of $0.041 per share, or $2.5 million, payable on December 7, 2021

• Renewal of discretionary Share Buyback Program to repurchase up to 10% of shares outstanding, expiring on November 10, 2022

Deleveraging Optionality

GeoPark’s 2024 Notes ($170 million principal outstanding as of the date of this release) became callable in September 2021, which means that GeoPark has the optionality to prepay those notes in full or partially at any time. GeoPark intends to use a portion of excess cash flow generation in 2022 for continuing deleveraging.

CONFERENCE CALL INFORMATION

GeoPark management will host a conference call on November 11, 2021, at 10:00 am (Eastern Standard Time) to discuss the 3Q2021 results and the work program and investment guidelines for 2022.

To listen to the call, participants can access the webcast located in the Investor Support section of the Company’s website at www.geo-park.com, or by clicking below:

https://event.on24.com/wcc/r/3404998/49B85E71C767F2F0CD2B7D8F29290C79

Interested parties may participate in the conference call by dialing the numbers provided below:

United States Participants: 1 844-200-6205
International Participants: +1-929-526-1599
Passcode: 477606

Please allow extra time prior to the call to visit the website and download any streaming media software that might be required to listen to the webcast. An archive of the webcast replay will be made available in the Investor Support section of the Company’s website at www.geo-park.com after the conclusion of the live call.

GLOSSARY

NOTICE

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

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

CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION

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

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

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

Oil and gas production figures included in this release are stated before the effect of royalties paid in kind, consumption and losses.

¹ As a reference, GeoPark’s production in 9M2021 excluding Argentina and Brazil totaled 33,340 boepd.
² Assuming a $3-4 Vasconia/Brent differential and excluding changes in working capital.
³ Excluding potential and voluntary prepayments on existing financial debt.
⁴ Calculated using GPRK’s price from November 1 to November 9, 2021.

INVESTORS:
Stacy Steimel
Shareholder Value Director
T: +562 2242 9600
This email address is being protected from spambots. You need JavaScript enabled to view it.

Miguel Bello
Market Access Director
T: +562 2242 9600
This email address is being protected from spambots. You need JavaScript enabled to view it.

Diego Gully
Investor Relations Director
T: +5411 4312 9400
This email address is being protected from spambots. You need JavaScript enabled to view it.

MEDIA:
Communications Department
This email address is being protected from spambots. You need JavaScript enabled to view it.