SAN ANTONIO--(BUSINESS WIRE)--NuStar Energy L.P. (NYSE: NS) today announced that its Board of Directors has declared a second quarter 2021 common unit distribution of $0.40 per unit. The second quarter common unit distribution will be paid on August 12, 2021 to holders of record as of August 6, 2021.

NuStar Energy L.P.’s Board of Directors also declared a second quarter 2021 Series A preferred unit distribution of $0.53125 per unit, a Series B preferred unit distribution of $0.47657 per unit and a Series C preferred unit distribution of $0.56250 per unit. The preferred unit distributions will be paid on September 15, 2021 to holders of record as of September 1, 2021.

A conference call with management is scheduled for 9:00 a.m. CT on Thursday, August 5, 2021, to discuss the financial and operational results for the second quarter of 2021. Investors interested in listening to the discussion may dial toll-free 844/889-7787, passcode 5176327. International callers may access the discussion by dialing 661/378-9931, passcode 5176327. The partnership intends to have a playback available following the discussion, which may be accessed by dialing toll-free 855/859-2056, passcode 5176327. International callers may access the playback by dialing 404/537-3406, passcode 5176327. The playback will be available until 12:00 p.m. CT on September 4, 2021.

Investors interested in listening to the live discussion or a replay via the internet may access the discussion directly at https://edge.media-server.com/mmc/p/8d35675z or by logging on to NuStar Energy L.P.’s website at www.nustarenergy.com.

NuStar Energy L.P., a publicly traded master limited partnership based in San Antonio, Texas, is one of the largest independent liquids terminal and pipeline operators in the nation. NuStar currently has approximately 10,000 miles of pipeline and 73 terminal and storage facilities that store and distribute crude oil, refined products, renewable fuels and specialty liquids. The partnership’s combined system has approximately 72 million barrels of storage capacity, and NuStar has operations in the United States, Canada and Mexico. For more information, visit NuStar Energy L.P.’s website at www.nustarenergy.com and our Sustainability page at www.nustarenergy.com/Sustainability.

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

NuStar Energy, L.P., San Antonio
Investors, Tim Delagarza, Manager, Investor Relations
Investor Relations: 210-918-INVR (4687)
or
Media, Mary Rose Brown, Executive Vice President and Chief Administrative Officer,
Corporate Communications: 210-918-2314
website: http://www.nustarenergy.com

HAMILTON, Bermuda--(BUSINESS WIRE)--Valaris Limited (NYSE: VAL) will hold its second quarter 2021 earnings conference call at 9:00 a.m. CDT (10:00 a.m. EDT and 3:00 p.m. London) on Tuesday, August 3, 2021. The earnings release will be issued before the New York Stock Exchange opens that morning.

The conference call will be webcast live at www.valaris.com. Alternatively, callers may dial +1-855-239-3215 within the United States or +1-412-542-4130 from outside the U.S. It is recommended that participants call 10 minutes prior to the scheduled start time.

A webcast replay and transcript of the call will be available on the Company’s website. A replay will also be available through September 3, 2021 by dialing +1-877-344-7529 within the United States or +1-412-317-0088 from outside the U.S. (conference ID 10157572).

Valaris uses its website to disclose material and non-material information to investors, customers, employees and others interested in the Company. To receive regular updates on Valaris news or SEC filings, please sign-up for Email Alerts on the Company’s website.

About Valaris Limited

Valaris Limited (NYSE: VAL) is the industry leader in offshore drilling services across all water depths and geographies. Operating a high-quality rig fleet of ultra-deepwater drillships, versatile semisubmersibles and modern shallow-water jackups, Valaris has experience operating in nearly every major offshore basin. Valaris maintains an unwavering commitment to safety, operational excellence, and customer satisfaction, with a focus on technology and innovation. Valaris Limited is a Bermuda exempted company (Bermuda No. 56245). To learn more, visit our website at www.valaris.com.

Investor & Media Contact:
Darin Gibbins
Vice President - Investor Relations and Treasurer
+1-713-979-4623

HOUSTON--(BUSINESS WIRE)--SilverBow Resources, Inc. (NYSE: SBOW) (“SilverBow” or “the Company”) announced today it will release financial and operating results for the second quarter 2021 and post an updated corporate presentation after market close on Wednesday, August 4, 2021. SilverBow will host a conference call to discuss its results on Thursday, August 5, 2021 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time).

ABOUT SILVERBOW RESOURCES, INC.

SilverBow Resources, Inc. (NYSE: SBOW) is a Houston-based energy company actively engaged in the exploration, development, and production of oil and gas in the Eagle Ford Shale in South Texas. With over 30 years of history operating in South Texas, the Company possesses a significant understanding of regional reservoirs which it leverages to assemble high quality drilling inventory while continuously enhancing its operations to maximize returns on capital invested. For more information, please visit www.sbow.com.

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

HOUSTON & CALGARY, Alberta--(BUSINESS WIRE)--Civeo Corporation (NYSE:CVEO) announced today that it has scheduled its second quarter 2021 earnings conference call for Friday, July 30, at 10:00 a.m. Central Time (11:00 a.m. Eastern Time). During the call, Civeo will discuss financial and operating results for the quarter, which will be released before the market opens on Friday, July 30, 2021.

By Phone:

Dial 800-289-0438 inside the U.S. or 323-794-2423 internationally and ask for the Civeo call at least 10 minutes prior to the start time.

A replay will be available through August 6th by dialing 844-512-2921 inside the U.S. or 412-317-6671 internationally and using the conference ID 8892853#.

By Webcast:

Connect to the webcast via the Events and Presentations page of Civeo's Investor Relations website at www.civeo.com.

Please log in at least 10 minutes in advance to register and download any necessary software.

A webcast replay will be available after the call.

ABOUT CIVEO

Civeo Corporation is a leading provider of hospitality services with prominent market positions in the Canadian oil sands and the Australian natural resource regions. Civeo offers comprehensive solutions for lodging hundreds or thousands of workers with its long-term and temporary accommodations and provides food services, housekeeping, facility management, laundry, water and wastewater treatment, power generation, communications systems, security and logistics services. Civeo currently operates a total of 28 lodges and villages in Canada, Australia and the U.S., with an aggregate of approximately 30,000 rooms. Civeo is publicly traded under the symbol CVEO on the New York Stock Exchange. For more information, please visit Civeo's website at www.civeo.com.

Regan Nielsen
Civeo Corporation
Senior Director, Corporate Development & Investor Relations
713-510-2400

Grace Altman
FTI Consulting
This email address is being protected from spambots. You need JavaScript enabled to view it.

HOUSTON--(BUSINESS WIRE)--Kinder Morgan, Inc.’s (NYSE: KMI) board of directors today approved a cash dividend of $0.27 per share for the second quarter ($1.08 annualized), payable on August 16, 2021, to stockholders of record as of the close of business on August 2, 2021. This dividend represents a 3% increase over the second quarter of 2020.

KMI is reporting a second quarter net loss attributable to KMI of $757 million, compared to a net loss attributable to KMI of $637 million in the second quarter of 2020; and distributable cash flow (DCF) of $1,025 million, compared to $1,001 million in the second quarter of 2020. This quarter’s net loss was primarily due to a $1,600 million ($1,228 million after-tax), non-cash impairment related to anticipated lower volumes and rates on contract renewals on our South Texas natural gas processing and gathering assets. Adjusted Earnings, which do not include that impairment, were $516 million for the quarter.

“As the global economy continues to recover from the pandemic, our company generated substantial Adjusted Earnings and robust coverage of this quarter’s dividend. Our shareholders continue to benefit from the philosophy that guides our decision-making: fund our expansion capital needs internally, maintain a healthy balance sheet, and return excess cash to our shareholders through dividend increases and/or share repurchases,” said KMI Executive Chairman Richard D. Kinder. “The fruits of that philosophy are clear, as we have internally funded expansion projects and steadily increased our dividend while at the same time reducing our Net Debt by more than $12 billion in the last six years.”

“Our diversified portfolio again proved its worth as we saw greater contributions relative to the second quarter of 2020 from three business segments: Natural Gas Pipelines, Products Pipelines and Terminals. The company’s performance continues to demonstrate that the need for our assets remains very strong,” said KMI Chief Executive Officer Steve Kean. “Our business segments are extremely well-positioned in markets throughout the United States, and our acquisition this quarter of the business of Stagecoach Gas Services LLC (Stagecoach) will enable us to provide even greater levels of service to our natural gas customers. With our strong participation in the liquefied natural gas (LNG) value chain, we will also increasingly benefit from growing global natural gas demand, as analysts project U.S. LNG exports will double within the coming decade.

“Closer to home, we are seeing greater interest in firm natural gas transportation and storage contracts here in Texas and in other states that suffered during the February winter storm. And we continue to highlight our services in the growing market for responsibly sourced natural gas by virtue of the low methane emission intensity of our assets. All of this makes us confident in the future of our business,” Kean said.

“While our financial performance during the quarter was quite strong, due to the non-cash impairment noted above, we generated a second quarter loss per share of $0.34, compared to a loss per share of $0.28 in the second quarter of 2020, a quarter in which we also took substantial non-cash impairments,” said KMI President Kim Dang. “At $0.45 per share, DCF per share was up $0.01 from the second quarter of 2020. We achieved $411 million of excess DCF above our declared dividend.

“In addition to the continued strength of our interconnected network of assets noted above, we made progress this quarter in positioning the company for participation in the energy transition. At only a little more than four months into its existence, our Energy Transition Ventures Group has already signed its first significant acquisition in Kinetrex Energy, a rapidly growing leader in producing and supplying renewable natural gas (RNG), which we expect to close in the third quarter. By capturing methane produced by decomposing organic waste that would otherwise be released into the atmosphere, the RNG production process reduces or even eliminates greenhouse gas emissions. We are confident that this is only the first of many opportunities that the team will find in the ongoing energy transition,” said Dang.

For the first six months of 2021, KMI reported net income attributable to KMI of $652 million, compared to a net loss attributable to KMI of $943 million for the first six months of 2020; and DCF of $3,354 million, up 48% from $2,262 million for the comparable period in 2020. The increases compared to the prior period are primarily related to the February winter storm and are therefore largely nonrecurring.

2021 Outlook

For 2021, KMI now expects to generate net income attributable to KMI of $1.7 billion and declare dividends of $1.08 per share, a 3% increase from the 2020 declared dividends. KMI expects to meet or exceed the top end of the range provided last quarter for DCF and Adjusted EBITDA. We currently anticipate generating 2021 DCF of $5.4 billion and Adjusted EBITDA of $7.9 billion. KMI also now expects to end 2021 with a Net Debt-to-Adjusted EBITDA ratio of 4.0.

As of June 30, 2021, we had over $3.9 billion of borrowing capacity under our $4 billion credit facility and over $1.3 billion in cash and cash equivalents. Our acquisition of Stagecoach, which closed July 9, was funded out of this cash. We believe this borrowing capacity, current cash on hand, and our cash from operations are more than adequate to allow us to manage our cash requirements, including maturing debt, through 2021.

Overview of Business Segments

“The Natural Gas Pipelines segment’s financial performance was up in the second quarter of 2021 relative to the second quarter of 2020,” said Dang. “The segment provided higher contributions from the Texas intrastate systems and from the full in-service of the Permian Highway Pipeline, as well as from increased volumes on our Hiland Midstream systems. These were partially offset by lower contributions from our KinderHawk and Eagle Ford gathering and processing assets and from Fayetteville Express Pipeline (FEP).”

Natural gas transport volumes were up 4% compared to the second quarter of 2020, with the Permian Highway Pipeline going into service; increased volumes on Tennessee Gas Pipeline (TGP) due primarily to increased deliveries to LNG, power plant and Mexico customers; on the Texas intrastate systems due to increased Gulf Coast demand from industrial and LNG customers; and, on Elba Express due to increased deliveries to Elba Island. These increases were partially offset by declines on Colorado Interstate Gas Pipeline due to continued declining production in the Rockies basin and on FEP due to contract expirations. Natural gas gathering volumes were down 12% from the second quarter of 2020 across many of our systems, most notably on our KinderHawk and Eagle Ford assets.

“Contributions from the Products Pipelines segment were well up compared to the second quarter of 2020 as demand recovery intensified with the opening up of the country,” Dang said. “Crude and condensate pipeline volumes were up 6% and total refined products volumes were up 37% compared to the second quarter of 2020. Gasoline volumes were themselves above the comparable period last year by 37% and diesel volumes were up by 13%. Jet volumes are rebounding nicely, up 129% versus the second quarter of 2020. Compared to pre-pandemic levels, using the second quarter of 2019 as a reference point, road fuels (gasoline and diesel) were essentially flat, while jet fuel was about 26% lower. All refined products volumes saw significant recovery versus the first quarter of 2021, with jet fuel up 28%, gasoline up 17%, and diesel up 10% versus the prior quarter.

“Terminals segment earnings were up compared to the second quarter of 2020. Volume across our liquids network continues to improve and is approaching pre-pandemic levels. Corresponding increases in variable throughput and ancillary service fees more than offset a normalization in tank utilization to historical levels and an elevated number of tanks temporarily off-lease for routine inspection and maintenance. Our Jones Act tankers experienced a decline in fleet utilization and average charter rates during the quarter compared to the prior year period, despite the ongoing economic recovery, as charter activity tends to lag underlying supply and demand fundamentals,” said Dang. “Our bulk business continued to improve in the quarter with strong commodity pricing driving increased steel and export coal volumes compared to the second quarter of 2020.

“CO₂ segment earnings were down compared to the second quarter of 2020 due to lower CO₂ sales and crude volumes along with increased well work costs, partially offset by higher realized crude and NGL prices. Our realized weighted average crude oil price for the quarter was up 4% at $52.50 per barrel compared to $50.31 per barrel for the second quarter of 2020. While NGL volumes were up only 1% versus the second quarter of 2020, our weighted average NGL price for the quarter was $22.58 per barrel, up 43% from the second quarter of 2020,” said Dang. “Second quarter 2021 combined oil production across all of our fields was down 9% compared to the same period in 2020 on a net to KMI basis. CO₂ sales volumes were also down 10% on a net to KMI basis. However, crude and CO₂ sales volumes, as well as realized crude prices, are nicely above plan. SACROC oil production is expected to exceed plan for the year because of reduced base decline rates and improved performance on recent projects. Additionally, Wink Pipeline achieved record throughput during the quarter due to continued strong refinery demand.”

Other News

Natural Gas Pipelines

• On July 9, 2021, KMI closed on its previously announced $1.2 billion acquisition of the business of Stagecoach Gas Services LLC, a natural gas pipeline and storage joint venture between Consolidated Edison, Inc., and Crestwood Equity Partners LP, that serves Northeast market demand areas and Marcellus supply sources. The Stagecoach assets consist of 4 natural gas storage facilities with a total FERC-certificated working gas capacity of 41 billion cubic feet and a network of FERC-regulated natural gas transportation pipelines with multiple interconnects to major interstate natural gas pipelines, including our Tennessee Gas Pipeline (TGP).
• Construction continues on the compression component of TGP’s $72 million Line 261 Upgrade project, located in Agawam, Massachusetts. The project is expected to be placed in service in November 2021.
• Construction continues on Kinder Morgan Louisiana Pipeline’s approximately $145 million Acadiana expansion project. The project is designed to provide 945,000 dekatherms per day (Dth/d) of capacity to serve Train 6 at Cheniere’s Sabine Pass Liquefaction facility in Cameron Parish, Louisiana. The project is anticipated to be placed into commercial service as early as the first quarter of 2022.

Products Pipelines

• KMI continues to advance the creation of premier biodiesel and renewable diesel hubs in Northern and Southern California. These hubs will allow customers to deliver renewable diesel and/or biodiesel for blending with regular diesel for multiple concentrations of renewable fuels.

CO₂

• The CO₂ segment received approval during the quarter from the City of Snyder, Texas, to increase the size of the SACROC unit with acreage immediately adjacent to it, further extending the useful life of the asset. SACROC remains a significant contributor to segment earnings.

Energy Transition Ventures

• In July, KMI announced that it had agreed to acquire Indianapolis-based Kinetrex Energy from an affiliate of Parallel49 Equity for $310 million. Kinetrex is the leading supplier of liquefied natural gas in the Midwest and a rapidly growing player in producing and supplying renewable natural gas (RNG) under long-term contracts to transportation service providers. Kinetrex has a 50% interest in the largest RNG facility in Indiana as well as signed commercial agreements to begin construction on three additional landfill based RNG facilities. Once they all become operational next year, total annual RNG production from the four sites is estimated to be over 4 billion cubic feet. KMI expects the investment to be accretive to its shareholders as the three RNG facilities become operational over the next 18 months, with the purchase price and additional development capital expenditures representing less than six times expected 2023 EBITDA. The transaction requires regulatory approval under Hart-Scott-Rodino and is expected to close in the third quarter of 2021.

Kinder Morgan, Inc. (NYSE: KMI) is one of the largest energy infrastructure companies in North America. Access to reliable, affordable energy is a critical component for improving lives around the world. We are committed to providing energy transportation and storage services in a safe, efficient and environmentally responsible manner for the benefit of the people, communities and businesses we serve. We own an interest in or operate approximately 83,000 miles of pipelines, 144 terminals, and 700 billion cubic feet of working natural gas storage capacity. Our pipelines transport natural gas, refined petroleum products, crude oil, condensate, CO₂ and other products, and our terminals store and handle various commodities including gasoline, diesel fuel, chemicals, ethanol, metals and petroleum coke. For more information, please visit www.kindermorgan.com.

Please join Kinder Morgan, Inc. at 4:30 p.m. Eastern Time on Wednesday, July 21, at www.kindermorgan.com for a LIVE webcast conference call on the company’s second quarter earnings.

Non-GAAP Financial Measures

The non-generally accepted accounting principles (non-GAAP) financial measures of Adjusted Earnings and distributable cash flow (DCF), both in the aggregate and per share for each; segment earnings before depreciation, depletion, amortization (DD&A), amortization of excess cost of equity investments and Certain Items (Adjusted Segment EBDA); net income before interest expense, income taxes, DD&A, amortization of excess cost of equity investments and Certain Items (Adjusted EBITDA); Net Debt; Net Debt-to-Adjusted EBITDA; and Free Cash Flow (FCF) in relation to our CO2 segment are presented herein.

Our non-GAAP financial measures described below should not be considered alternatives to GAAP net (loss) income attributable to Kinder Morgan, Inc. or other GAAP measures and have important limitations as analytical tools. Our computations of these non-GAAP financial measures may differ from similarly titled measures used by others. You should not consider these non-GAAP financial measures in isolation or as substitutes for an analysis of our results as reported under GAAP. Management compensates for the limitations of these non-GAAP financial measures by reviewing our comparable GAAP measures, understanding the differences between the measures and taking this information into account in its analysis and its decision-making processes.

Certain Items, as adjustments used to calculate our non-GAAP financial measures, are items that are required by GAAP to be reflected in net (loss) income attributable to Kinder Morgan, Inc., but typically either (1) do not have a cash impact (for example, asset impairments), or (2) by their nature are separately identifiable from our normal business operations and in our view are likely to occur only sporadically (for example, certain legal settlements, enactment of new tax legislation and casualty losses). We also include adjustments related to joint ventures (see “Amounts from Joint Ventures” below and the accompanying Tables 4 and 7).

Adjusted Earnings is calculated by adjusting net (loss) income attributable to Kinder Morgan, Inc. for Certain Items. Adjusted Earnings is used by us and certain external users of our financial statements to assess the earnings of our business excluding Certain Items as another reflection of our ability to generate earnings. We believe the GAAP measure most directly comparable to Adjusted Earnings is net (loss) income attributable to Kinder Morgan, Inc. Adjusted Earnings per share uses Adjusted Earnings and applies the same two-class method used in arriving at basic (loss) earnings per share. (See the accompanying Tables 1 and 2.)

DCF is calculated by adjusting net (loss) income attributable to Kinder Morgan, Inc. for Certain Items (Adjusted Earnings), and further by DD&A and amortization of excess cost of equity investments, income tax expense, cash taxes, sustaining capital expenditures and other items. We also include amounts from joint ventures for income taxes, DD&A and sustaining capital expenditures (see “Amounts from Joint Ventures” below). DCF is a significant performance measure useful to management and external users of our financial statements in evaluating our performance and in measuring and estimating the ability of our assets to generate cash earnings after servicing our debt, paying cash taxes and expending sustaining capital, that could be used for discretionary purposes such as dividends, stock repurchases, retirement of debt, or expansion capital expenditures. DCF should not be used as an alternative to net cash provided by operating activities computed under GAAP. We believe the GAAP measure most directly comparable to DCF is net (loss) income attributable to Kinder Morgan, Inc. DCF per share is DCF divided by average outstanding shares, including restricted stock awards that participate in dividends. (See the accompanying Tables 2 and 3.)

Adjusted Segment EBDA is calculated by adjusting segment earnings before DD&A and amortization of excess cost of equity investments (Segment EBDA) for Certain Items attributable to the segment. Adjusted Segment EBDA is used by management in its analysis of segment performance and management of our business. General and administrative expenses and certain corporate charges are generally not under the control of our segment operating managers, and therefore, are not included when we measure business segment operating performance. We believe Adjusted Segment EBDA is a useful performance metric because it provides management and external users of our financial statements additional insight into the ability of our segments to generate cash earnings on an ongoing basis. We believe it is useful to investors because it is a measure that management uses to allocate resources to our segments and assess each segment’s performance. We believe the GAAP measure most directly comparable to Adjusted Segment EBDA is Segment EBDA. (See the accompanying Tables 3 and 7.)

Adjusted EBITDA is calculated by adjusting net (loss) income attributable to Kinder Morgan, Inc. before interest expense, income taxes, DD&A, and amortization of excess cost of equity investments (EBITDA) for Certain Items. We also include amounts from joint ventures for income taxes and DD&A (see “Amounts from Joint Ventures” below). Adjusted EBITDA is used by management and external users, in conjunction with our Net Debt (as described further below), to evaluate certain leverage metrics. Therefore, we believe Adjusted EBITDA is useful to investors. We believe the GAAP measure most directly comparable to Adjusted EBITDA is net (loss) income attributable to Kinder Morgan, Inc.. In prior periods, Net (loss) income was considered the comparable GAAP measure and has been updated to Net (loss) income attributable to Kinder Morgan, Inc. for consistency with our other non-GAAP performance measures. (See the accompanying Tables 3 and 4.)

Amounts from Joint Ventures - Certain Items, DCF and Adjusted EBITDA reflect amounts from unconsolidated joint ventures (JVs) and consolidated JVs utilizing the same recognition and measurement methods used to record “Earnings from equity investments” and “Noncontrolling interests (NCI),” respectively. The calculations of DCF and Adjusted EBITDA related to our unconsolidated and consolidated JVs include the same items (DD&A and income tax expense, and for DCF only, also cash taxes and sustaining capital expenditures) with respect to the JVs as those included in the calculations of DCF and Adjusted EBITDA for our wholly-owned consolidated subsidiaries. (See Table 7, Additional JV Information.) Although these amounts related to our unconsolidated JVs are included in the calculations of DCF and Adjusted EBITDA, such inclusion should not be understood to imply that we have control over the operations and resulting revenues, expenses or cash flows of such unconsolidated JVs.

Net Debt is calculated by subtracting from debt (1) cash and cash equivalents, (2) debt fair value adjustments, and (3) the foreign exchange impact on Euro-denominated bonds for which we have entered into currency swaps. Net Debt is a non-GAAP financial measure that management believes is useful to investors and other users of our financial information in evaluating our leverage. We believe the most comparable measure to Net Debt is debt net of cash and cash equivalents as reconciled in the notes to the accompanying Preliminary Consolidated Balance Sheets in Table 6.

CO₂ Segment FCF, as used in relation to our CO₂ business segment, is calculated by reducing Segment EBDA (GAAP) for our CO₂ business segment by Certain Items and capital expenditures (sustaining and expansion). Management uses FCF as an additional performance measure for our CO2 segment. We believe the GAAP measure most directly comparable to FCF is Segment EBDA (GAAP). (See the accompanying Table 7.)

Our guidance for 2021 includes a forecast of net income attributable to KMI, which we previously have not provided due to the impracticability of predicting certain components of net income required by GAAP. As a result of changes to GAAP rules and guidance and our 2019 sale of Kinder Morgan Canada Limited, the impact of components related to commodity and interest rate hedge ineffectiveness and foreign currency fluctuations will be inconsequential. In addition, based on our current circumstances, we do not expect that changes in unrealized gains and losses on derivatives marked to market and potential changes in estimates for certain contingent liabilities will materially impact our ability to forecast net income for 2021. If the circumstances relating to these items or other GAAP requirements change and we determine that the difficulty of predicting components required by GAAP makes it impracticable for us to forecast net income attributable to KMI, we will cease to provide a forecast of net income attributable to KMI and will disclose the factors affecting our ability to do so. (See the accompanying Tables 8 and 9).

Important Information Relating to Forward-Looking Statements

This news release includes forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934. Generally the words “expects,” “believes,” “anticipates,” “plans,” “will,” “shall,” “estimates,” “projects,” and similar expressions identify forward-looking statements, which are generally not historical in nature. Forward-looking statements in this news release include, among others, express or implied statements pertaining to: the long-term demand for KMI’s assets and services; energy transition-related opportunities; KMI’s expected Net income attributable to KMI, DCF and Adjusted EBITDA for 2021 and expected Net Debt-to-Adjusted EBITDA ratio at the end of 2021; anticipated dividends; and KMI’s capital projects, including expected completion timing and benefits of those projects.

Dave Conover
Media Relations
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Investor Relations
(800) 348-7320
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PARIS--(BUSINESS WIRE)--Regulatory News:

TotalEnergies and Technip Energies (Paris:TE) (ISIN:NL0014559478) signed a Technical Cooperation Agreement to jointly develop low-carbon solutions for Liquefied Natural Gas (LNG) production and offshore facilities to accelerate the energy transition.

As part of this agreement, both parties will explore new concepts and technologies, in order to reduce carbon footprint of existing facilities and greenfield projects in key areas, such as :

• LNG production,
• cryogeny,
• production and use of hydrogen for power generation,
• or processes for Carbon Capture, Utilization and Storage (CCUS) .

The qualification of new architectures and equipment that will be developed in these areas is also part of the agreement.

This partnership is based on a common belief that cooperation across the industry is needed to achieve energy transition goals. By partnering, Technip Energies and TotalEnergies rely on complementary expertise to decarbonize LNG plants and offshore facilities, supported by their leadership positions in these areas.

Arnaud Breuillac, President Exploration & Production at TotalEnergies, declared: “For TotalEnergies as a global LNG player, this collaboration brings opportunities to further innovate and strengthen our expertise in reducing GHG emissions, improving energy efficiency for our LNG and offshore assets and developing innovative technologies such as hydrogen. It is in line with our company’s ambition to be Carbon Neutral by 2050. We are looking forward to cooperating with Technip Energies to find solutions helping to advance towards a low carbon future.”

Arnaud Pieton, Chief Executive Officer of Technip Energies, stated: “We are very proud to partner with TotalEnergies, a long-standing client and partner to bring together our expertise and know-how in LNG and Offshore projects to accelerate the transition towards a low-carbon society. This agreement reflects our commitment to provide tangible and decarbonized solutions from the earliest concept to delivery and beyond.”

____

About TotalEnergies
TotalEnergies is a broad energy company that produces and markets energies on a global scale: oil and biofuels, natural gas and green gases, renewables and electricity. Our 105,000 employees are committed to energy that is ever more affordable, clean, reliable and accessible to as many people as possible. Active in more than 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.

About Technip Energies
Technip Energies is a leading Engineering & Technology company for the energy transition, with leadership positions in Liquefied Natural Gas (LNG), hydrogen and ethylene as well as growing market positions in blue and green hydrogen, sustainable chemistry and CO₂ management. The company benefits from its robust project delivery model supported by extensive technology, products and services offering.

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

Disclaimers

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

Important Information for Investors and Securityholders

Forward-Looking Statement

This release contains “forward-looking statements” as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements usually relate to future events and anticipated revenues, earnings, cash flows or other aspects of Technip Energies’ operations or operating results. Forward-looking statements are often identified by the words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” “may,” “estimate,” “outlook,” and similar expressions, including the negative thereof. The absence of these words, however, does not mean that the statements are not forward-looking. These forward-looking statements are based on Technip Energies’ current expectations, beliefs and assumptions concerning future developments and business conditions and their potential effect on Technip Energies. While Technip Energies believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting Technip Energies will be those that Technip Energies anticipates.
All of Technip Energies’ forward-looking statements involve risks and uncertainties (some of which are significant or beyond Technip Energies’ control) and assumptions that could cause actual results to differ materially from Technip Energies’ historical experience and Technip Energies’ present expectations or projections. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those set forth in the forward-looking statements. For information regarding known material factors that could cause actual results to differ from projected results, please see Technip Energies’ risk factors set forth in Technip Energies’ filings with the U.S. Securities and Exchange Commission, which include amendment no. 4 to Technip Energies’ registration statement on Form F-1 filed on February 11, 2021.
Forward-looking statements involve inherent risks and uncertainties and speak only as of the date they are made. Technip Energies undertakes no duty to and will not necessarily update any of the forward-looking statements in light of new information or future events, except to the extent required by applicable law.

TotalEnergies
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Technip Energies:
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OKLAHOMA CITY--(BUSINESS WIRE)--Enable Midstream Partners, LP (NYSE: ENBL) will file second quarter 2021 results before market hours Wednesday, Aug. 4. In addition to the Form 10-Q filing, the partnership plans to issue a press release before market hours that day detailing the quarter’s results and recent business highlights.

ABOUT ENABLE MIDSTREAM PARTNERS

Enable owns, operates and develops strategically located natural gas and crude oil infrastructure assets. Enable’s assets include approximately 14,000 miles of natural gas, crude oil, condensate and produced water gathering pipelines, approximately 2.6 Bcf/d of natural gas processing capacity, approximately 7,800 miles of interstate pipelines (including Southeast Supply Header, LLC of which Enable owns 50%), approximately 2,200 miles of intrastate pipelines and seven natural gas storage facilities comprising 84.5 billion cubic feet of storage capacity. For more information, visit https://enablemidstream.com.

Media and Investor
Matt Beasley
(405) 558-4600

TULSA, Okla.--(BUSINESS WIRE)--NGL Energy Partners LP (NYSE: NGL) (“NGL” or the “Partnership”) announced today that the Partnership has successfully completed the first of two large scale Delaware Basin wastewater recycling projects in Lea County, NM. The initial project, which began in late May, supported one of our customers’ highly efficient simultaneous fracturing, or “simul-frac”, completion activities. Utilizing our own produced water, the Partnership treated and provided approximately 130,000 barrels per day, with peak volumes of up to 140,000 barrels per day. This project eliminated the need for over 5,000,000 barrels of fresh water. The second large scale recycling project will begin later this month. It is expected to provide 200,000 to 250,000 barrels per day, and potentially up to 350,000 barrels per day of recycled wastewater to a leading independent oil and gas producer.

NGL continues to see increasing demand for delivery of raw produced and recycled wastewater for customers’ completion activities in the Delaware Basin. Combined sales of raw produced wastewater for reuse and recycle are expected to average between 180,000 and 190,000 barrels per day through the first six months of this fiscal year, representing more than 85% of estimated total water sales.

This raw produced and recycled wastewater is efficiently delivered through NGL’s integrated pipeline network and treated using a proven and simplified mobile system that is positioned to take full advantage of its comprehensive integrated wastewater pipeline system providing support to producer activity throughout the Delaware Basin.

“We are committed to full lifecycle water management for our customers while keeping a keen focus on the environment,” commented Doug White, EVP of NGL Water Solutions. “As the leader in sales of raw produced and recycled wastewater in the Delaware Basin, we believe our simplified approach is the best way for us to continue to provide safe, efficient, reliable and ESG friendly solutions to our customers. In addition to conserving fresh water, we are also avoiding the need for water trucks, which eliminates air emissions, leads to fewer traffic accidents and reduces the wear and tear on the roads and highways in the areas where we operate.”

NGL owns and operates the largest integrated network of large diameter wastewater pipelines, disposal wells and raw produced reuse and recycling system in the Delaware Basin. The Partnership’s Water Solutions segment operates in a number of the most prolific crude oil and natural gas producing basins, including the Delaware, Midland, Eagle Ford and DJ Basins.

Forward Looking Statements

Certain matters contained in this press release include “forward-looking statements.” All statements, other than statements of historical fact, included in this press release may constitute forward-looking statements. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that these expectations will prove to be correct. These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. Factors that might cause actual results to differ include, but are not limited to, the risk factors discussed from time to time in each of our documents and reports filed with the SEC.

Readers are cautioned not to place undue reliance on any forward-looking statements contained in this press release, which reflect management’s opinions only as of the date hereof. Except as required by law, we undertake no obligation to revise or publicly release the results of any revision to any forward-looking statements.

About NGL Energy Partners LP

NGL Energy Partners LP, a Delaware limited partnership, is a diversified midstream energy company that transports, treats, recycles and disposes of produced water generated as part of the energy production process as well as transports, stores, markets and provides other logistics services for crude oil and liquid hydrocarbons.

For further information, visit the Partnership’s website at www.nglenergypartners.com.

NGL Energy Partners LP
Investor Relations, 918-481-1119
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Commercial:

Christian Holcomb, 303-815-1010
Senior Vice President & Chief Operating Officer – NGL Water Solutions
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HOUSTON--(BUSINESS WIRE)--USD Partners LP (NYSE: USDP) (the “Partnership”) announced today that the Board of Directors of its general partner declared a quarterly cash distribution of $0.116 per unit for the second quarter of 2021 ($0.464 per unit on an annualized basis), representing an increase of $0.0025 per unit, or 2.2% over the distribution declared for the first quarter of 2021. The distribution is payable on August 13, 2021, to unitholders of record at the close of business on August 4, 2021.

Second Quarter 2021 Earnings Release Date and Conference Call Information

The Partnership plans to report second quarter 2021 financial and operating results after market close on Wednesday, August 4, 2021. The Partnership will host a conference call and webcast regarding second quarter 2021 results at 11:00 a.m. Eastern Time (10:00 a.m. Central Time) on Thursday, August 5, 2021.

To listen live over the Internet, participants are advised to log on to the Partnership’s website at www.usdpartners.com and select the “Events & Presentations” sub-tab under the “Investors” tab. To join via telephone, participants may dial (877) 266-7551 domestically or +1 (339) 368-5209 internationally, conference ID 6061075. Participants are advised to dial in at least five minutes prior to the call.

An audio replay of the conference call will be available for thirty days by dialing (800) 585-8367 domestically or +1 (404) 537-3406 internationally, conference ID 6061075. In addition, a replay of the audio webcast will be available by accessing the Partnership's website after the call is concluded.

About USD Partners LP

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

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

Qualified Notice to Nominees

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

Cautionary Note Regarding Forward-Looking Statements

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

Category: Earnings

Investor Relations Contacts:

Adam Altsuler, (281) 291-3995
Executive Vice President and Chief Financial Officer

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

• Orders of $5.1 billion for the quarter, up 12% sequentially and up 4% year-over-year.
• Revenue of $5.1 billion for the quarter, up 8% sequentially and up 9% year-over-year.
• GAAP operating income of $194 million for the quarter, up 18% sequentially and favorable year-over-year.
• Adjusted operating income (a non-GAAP measure) of $333 million for the quarter was up 23% sequentially and favorable year-over-year.
• Adjusted EBITDA* (a non-GAAP measure) of $611 million for the quarter was up 9% sequentially and up 38% year-over-year.
• GAAP loss per share of $(0.08) for the quarter which included $0.18 per share of adjusting items. Adjusted earnings per share (a non-GAAP measure) was $0.10.
• Cash flows generated from operating activities were $506 million for the quarter. Free cash flow (a non-GAAP measure) for the quarter was $385 million.

^{The Company presents its financial results in accordance with GAAP. However, management believes that using additional non-GAAP measures will enhance the evaluation of the profitability of the Company and its ongoing operations. Please see reconciliations in the section entitled "Reconciliation of GAAP to non-GAAP Financial Measures." Certain columns and rows in our tables and financial statements may not sum up due to the use of rounded numbers.}

^{*Adjusted EBITDA (a non-GAAP measure) is defined as operating income (loss) excluding depreciation & amortization and operating income adjustments.}

LONDON & HOUSTON--(BUSINESS WIRE)--Baker Hughes Company (NYSE: BKR) ("Baker Hughes" or the "Company") announced results today for the second quarter of 2021.

“We are pleased with our second quarter results as we continued to generate significant free cash flow, execute on our strategy, and lead in the energy transition. During the quarter, TPS and OFE delivered solid orders and operating income while OFS continued to improve margins. We continued to invest and collaborate in strategic areas for new energy frontiers, advancing our partnerships in hydrogen, carbon capture, utilization and storage, and clean integrated power. I want to thank our employees and partners for their continued hard work and commitment to safety,” said Lorenzo Simonelli, Baker Hughes chairman and chief executive officer.

“As we look ahead to the second half of 2021, we see continued signs of global economic recovery that should drive further demand growth for oil and natural gas. Although we recognize the risks presented by the variant strains of the COVID-19 virus, we expect spending and activity levels to gain momentum through the year as the macro environment improves, likely setting up the industry for stronger growth in 2022.

“We remain focused on executing our strategy as the macro economy improves and our customers continue on their journey to a net-zero future. We look forward to supporting our customers, advancing our strategic priorities, and delivering for our shareholders,” concluded Simonelli.

Quarter Highlights

Supporting our Customers

The OFS segment executed an innovative Integrated Well Services tripartite agreement with bp and Odfjell Drilling to work together and transform platform drilling and completions activity in the North Sea’s Clair Field, the largest oil field in Western Europe. The five-year agreement will aim to improve production across the Field and will use Integrated Operations Level Three (IO3), the most progressive and technologically-advanced model for shaping offshore work and onshore support.

OFS continued to secure contracts for its differentiated portfolio of electrical submersible pump systems (ESPs) in multiple regions. In the Middle East, OFS secured a contract with an oil and gas operator to install over 500 ESPs across onshore operations, enhancing the customer’s capabilities to increase production and provide reliable energy. In Latin America, OFS secured an eight-year sole provider rental contract with a customer in Ecuador for ESPs, horizontal pumping systems, variable speed drives, and ProductionLink digital solutions, ensuring reliable and efficient operations.

OFS also increased its leadership position in Latin America, securing a large offshore Integrated Drilling Services contract with Petrobras in Brazil. The contract will aim to increase integration, expand remote services, and promote drilling efficiency.

The OFE segment secured multiple significant contracts with Petrobras in the second quarter and continued to gain traction with its Subsea Connect portfolio of technologies. OFE signed a frame agreement for two flexible pipe contracts across five of Petrobras’ offshore fields, totaling more than 300 kilometers of pipe to ensure reliable connections and optimal flow under high pressures, extreme temperatures and corrosive conditions. OFE was also awarded a subsea oilfield equipment contract from Petrobras as part of the Marlim and Voador field revitalization plan in the Campos Basin, including production and injection manifolds, control modules, subsea connection systems and associated services.

The TPS segment maintained its LNG leadership with several new equipment contracts in multiple regions, including the supply of main refrigerant and power generation technology for Nigeria LNG’s Train 7 project and aeroderivative gas turbine and compression technology for New Fortress Energy’s first “Fast LNG” modular offshore liquefaction project.

TPS secured a key contract for an ethylene cracker facility in India, displacing a competitor and providing compressor trains based on high efficiency steam turbine and centrifugal compression technologies. TPS also secured a key industrial win for its NovaLT12 technology for a combined heat and power application which will power a factory in the Kingdom of Saudi Arabia. TPS grew its year-over-year upgrades volume with multiple awards to support customer decarbonization efforts.

The DS segment continued to secure important contracts to advance customers’ energy transition goals, helping to reduce methane and carbon emissions as well as improve efficiencies. DS saw a number of awards in its flare.IQ advanced flare gas monitoring and optimization system, with contracts secured in the Middle East, China, North America and Europe.

DS secured a flare.IQ contract with bp, marking the first time flare.IQ will be used in the upstream oil and gas sector and continuing the two companies’ partnership to measure and reduce bp’s emissions from flaring at its global flaring operations. flare.IQ will be embedded into bp’s existing System 1 condition monitoring software from Bently Nevada, requiring no additional hardware for the customer.

DS continued to expand its industrial asset management wins across multiple end-markets. Bently Nevada secured a contract with a large corrugated paper manufacturing company for its condition monitoring and protection solutions, including wireless sensors, remote monitoring and diagnostics services to optimize production and reduce maintenance costs. The recently acquired ARMS Reliability business in Bently Nevada also grew its industrial asset management orders, including a subscription for its OnePM software to be deployed by a global chemicals customer with initial roll-out in China and Chile.

Executing on Priorities

Baker Hughes led another consecutive quarter in transforming its core operations, investing for growth in strategic areas, and positioning the Company for new frontiers.

The Company announced multiple collaborations and investments to decarbonize industries and develop low and zero-carbon technologies for the energy transition:

• Announced intention for Baker Hughes to become a cornerstone investor in the FiveT Hydrogen Fund alongside Chart Industries and Plug Power, helping to advance the hydrogen economy and infrastructure projects necessary for the hydrogen value chain.
• Announced an investment in Electrochaea, a growth-stage technology company, to expand Baker Hughes’ carbon capture, utilization and storage (CCUS) portfolio with power-to-gas solutions. Baker Hughes will combine its post-combustion carbon capture technology with Electrochaea’s bio-methanation technology to transform CO₂ emissions into lower-carbon synthetic natural gas. Baker Hughes will take an approximately 15% stake in Electrochaea and assume a seat on Electrochaea’s Board of Directors.
• Signed a strategic global agreement with Air Products to develop next generation hydrogen compression solutions to lower the cost of production and accelerate adoption of hydrogen as a zero-carbon fuel. Baker Hughes will provide advanced technologies for global hydrogen projects including the NovaLT16 turbine for Air Products’ net-zero hydrogen energy complex in Alberta, Canada, as well as advanced compression technology for the NEOM carbon-free hydrogen project in the Kingdom of Saudi Arabia.
• Signed an agreement with Borg CO₂, a Norwegian carbon capture and storage developer for industrial clusters, to collaborate on a CCUS project to service as a decarbonization hub for multiple industrial sites in the Viken region of Norway. The project aims to capture and store up to 90% of the CO₂ from the industrial sites, eventually being liquified, shipped and stored underneath the seabed of the North Sea. Borg CO₂ will leverage Baker Hughes’ CCUS technology portfolio, including the Chilled Ammonia Process and Compact Carbon Capture solutions.
• Signed an agreement with Bloom Energy to collaborate on the potential deployment of integrated, low-carbon power generation and hydrogen solutions. The two companies will focus on developing integrated power solutions using Bloom Energy’s solid oxide fuel cell technology and Baker Hughes NovaLT gas turbine technology; integrated hydrogen solutions using Bloom Energy’s solid oxide electrolyzer cells with Baker Hughes’ hydrogen compression technology; and opportunities to leverage both companies’ portfolios for low-carbon and emissions reduction solutions. Pilot projects are expected to be launched in the next 2-3 years.
• Signed an agreement with Samsung Engineering to identify joint business development opportunities for energy and industrial customers to reduce their emissions. The two companies will focus on hydrogen and CCUS projects, leveraging Baker Hughes’ compression, NovaLT gas turbines, flexible pipe, and condition monitoring technologies and services. The two companies will initially focus on key Korean customers and projects including refineries, petrochemical plants, and industrial environmental facilities.
• Signed an agreement with Rosetti Marino, a provider of integrated project execution, engineering, procurement, fabrication, installation and commissioning services for the oil and gas, renewables, chemical, power generation and shipbuilding sectors. The two companies will collaborate on jointly developing CCUS projects, initially focusing on opportunities in Italy to boost the activation of a local supply chain and drive progress in energy transition in the region.

Baker Hughes signed a major agreement with PJSC LUKOIL to collaborate on multiple energy efficient technologies for the oil and gas sector to increase efficiencies, reduce carbon emissions, raise productivity and support the energy transition.

The companies will partner to test artificial lift systems (ALS) technology using Baker Hughes’s ESPs with LUKOIL’s leading energy efficient Permanent Magnet Motors (PMM), reducing energy consumption by 15-20% compared to existing artificial lift processes. The companies will also explore emissions mapping and abatement projects at LUKOIL’s overseas projects and a collaboration to produce Baker Hughes’ spoolable composite pipes in Russia, leveraging LUKOIL’s polymer production to provide an efficient and lower carbon alternative to traditional steel pipes.

TPS continued its focus on services growth, maintaining long-term relationships with LNG customers and achieving a major milestone by securing a six-year services contract extension in North America for a key producer. TPS also grew its year-over-year upgrades volume with significant deals across multiple regions, in particular Europe and the Middle East, for various applications including pipelines and offshore, as well as solutions to support customers’ operational decarbonization efforts.

Leading with Innovation

Baker Hughes continued to develop and deploy technologies to advance the energy transition, improve efficiencies, reduce emissions and accelerate digital transformation for industrial customers.

The BakerHughesC3.ai joint venture alliance (BHC3) announced that KBC, a wholly-owned subsidiary of Yokogawa Electric corporation, has adopted BHC3’s artificial intelligence (AI) technology to enhance its existing software portfolio for oil and gas process simulation, supply chain optimization and energy management. BHC3’s AI solutions will provide continuous automated updates to physics-based simulations through a flexible model to scale for any industrial configuration and environment. KBC expects the software deployment to generate significant annual economic value for customers, estimating that improved operations will yield more than $0.65 per barrel.

DS continued to drive digital transformation for industrial customers through its Nexus Controls and Bently Nevada product lines. In Latin America, DS secured a contract to upgrade Ecopetrol’s turbomachinery control systems for an upstream facility in Colombia. The contract includes control systems, cybersecurity, and excitation systems from Nexus Controls as well as the 3500 condition monitoring system and System 1 software from Bently Nevada.

Waygate Technologies launched a new digital service using advanced robotics to provide safe and efficient inspection as well as cleaning of industrial boilers. The service, known as Boiler Robotic Inspection & Cleaning (BRIC), leverages sophisticated ultrasonic and visual sensors and was developed in close collaboration with BASF, a world leader in chemicals. BRIC eliminates physical risks of inspections, provides more precise data than competing technologies, and dramatically cuts costs for customers in the chemical, pulp & paper, energy and other manufacturing industries.

TPS continued to advance technologies for the energy transition. As part of a research and innovation consortium funded by the EU Horizon 2020 program, TPS is developing supercritical CO₂ technologies for flexible and efficient energy storage systems, with a first of its kind compressor to be used in thermal power plants. The compressor prototype is being tested at Baker Hughes’ facilities in Italy and is expected to increase overall plant efficiency, reduce emissions and water consumption, and provide more flexibility to adapt for changing energy conditions.

Consolidated Results by Reporting Segment

Orders for the quarter were $5,093 million, up 12% sequentially and up 4% year-over-year. The sequential increase was a result of higher order intake in Oilfield Equipment, Oilfield Services and Turbomachinery & Process Solutions, partially offset by a reduction in Digital Solutions. Equipment orders were up 15% sequentially and service orders were up 10%.

Year-over-year, the increase in orders was a result of higher order intake in Turbomachinery & Process Solutions and Digital Solutions, partially offset by a decline in Oilfield Equipment and Oilfield Services. Year-over-year equipment orders were down 6% and service orders were up 12%.

The Company's total book-to-bill ratio in the quarter was 1.0; the equipment book-to-bill ratio in the quarter was 0.9.

Remaining Performance Obligations (RPO) in the second quarter ended at $23.8 billion, an increase of $0.6 billion from the first quarter of 2021. Equipment RPO was $7.6 billion, up 1% sequentially. Services RPO was $16.2 billion, up 3% sequentially.

Revenue for the quarter was $5,142 million, an increase of 8%, sequentially. The increase in revenue was driven by higher volume across all segments.

Compared to the same quarter last year, revenue was up 9%, driven by higher volume in Turbomachinery & Process Solutions and Digital Solutions segments, partially offset by Oilfield Equipment and Oilfield Services.

On a GAAP basis, operating income for the second quarter of 2021 was $194 million. Operating income increased $30 million sequentially and increased $245 million year-over-year. Total segment operating income was $444 million for the second quarter of 2021, up 17% sequentially and favorable year-over-year.

Adjusted operating income (a non-GAAP measure) for the second quarter of 2021 was $333 million, which excludes adjustments totaling $139 million before tax, mainly related to restructuring and separation related charges. A complete list of the adjusting items and associated reconciliation from GAAP has been provided in Table 1a in the section entitled “Reconciliation of GAAP to non-GAAP Financial Measures.” Adjusted operating income for the second quarter of 2021 was up 23% sequentially, driven by volume increases across all segments. Adjusted operating income was favorable year-over-year driven by volume in the Turbomachinery & Process Solutions segment, and margin expansion in the Oilfield Services and Oilfield Equipment segments, partially offset by margin contraction in the Digital Solutions segment.

Depreciation and amortization for the second quarter of 2021 was $278 million.

Adjusted EBITDA (a non-GAAP measure) for the second quarter of 2021 was $611 million, which excludes adjustments totaling $139 million before tax, mainly related to restructuring and separation related charges. Adjusted EBITDA for the second quarter was up 9% sequentially and up 38% year-over-year.

Corporate costs were $111 million in the second quarter of 2021, up 2% sequentially and down 5% year-over-year.

Other Financial Items

Income tax expense in the second quarter of 2021 was $143 million.

Other non-operating loss in the second quarter of 2021 was $63 million. Included in other non-operating loss was a non-recurring charge for a loss contingency related to certain tax matters and losses from the net change in fair value of our investment in C3.ai.

GAAP diluted loss per share was $(0.08). Adjusted diluted earnings per share was $0.10. Excluded from adjusted diluted earnings per share were all items listed in Table 1a in the section entitled "Reconciliation of GAAP to non-GAAP Financial Measures" as well as the "other adjustments (non-operating)" found in Table 1c.

Cash flow from operating activities was $506 million for the second quarter of 2021. Free cash flow (a non-GAAP measure) for the quarter was $385 million. A reconciliation from GAAP has been provided in Table 1d in the section entitled "Reconciliation of GAAP to non-GAAP Financial Measures."

Capital expenditures, net of proceeds from disposal of assets, were $121 million for the second quarter of 2021.

Results by Reporting Segment

The following segment discussions and variance explanations are intended to reflect management's view of the relevant comparisons of financial results on a sequential or year-over-year basis, depending on the business dynamics of the reporting segments.

Oilfield Services (OFS) revenue of $2,358 million for the second quarter increased by $158 million, or 7%, sequentially.

North America revenue was $693 million, up 11% sequentially. International revenue was $1,665 million, an increase of 6% sequentially, driven by higher revenues in Asia Pacific, Europe, and Latin America.

Segment operating income before tax for the quarter was $171 million. Operating income for the second quarter was up $28 million, or 20% sequentially, primarily driven by higher volume.

Oilfield Equipment (OFE) orders of $681 million were down $18 million, or 3%, year-over-year, driven by lower order intake in the Subsea Production Systems, and Subsea Pressure Control Projects businesses, and from the disposition of the Surface Pressure Control Flow business in the fourth quarter of 2020, partially offset by growth in Services and Flexible Pipe Systems.

Investor Relations
Jud Bailey
+1 281-809-9088
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Media Relations
Thomas Millas
+1 713-879-2862
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DENVER--(BUSINESS WIRE)--Whiting Petroleum Corporation (NYSE: WLL) (“Whiting” or the “Company”) today announced that it has entered into separate definitive agreements to acquire oil and gas assets in the Williston Basin of North Dakota and divest of all its oil and gas assets in the Denver-Julesburg Basin of Colorado (the “Redtail assets”).

Williston Basin, North Dakota

The Williston Basin assets are being acquired from a private company for total cash consideration of $271 million, before typical closing adjustments. The assets include 8,752 net acres with net daily production of approximately 4,200 barrels of oil equivalent per day (BOE/d) (80% oil); 5 gross/ 2.3 net drilled and uncompleted wells; and 61 gross / 39.5 net undrilled locations (100% operated) located in Mountrail County, North Dakota. These properties adjoin and complement Whiting’s existing operations in the Sanish field and will require minimal additional general and administrative costs. These top-tier locations immediately compete for capital within the Company’s existing portfolio and will allow Whiting to increase capital efficiency by extending laterals on certain wells when combined with its existing acreage.

Denver-Julesburg Basin, Colorado

Whiting also entered into an agreement to divest its Redtail assets, including associated midstream assets, located in Weld County, Colorado to a private entity for total cash consideration of $187 million, before typical closing adjustments. The assets span 67,278 net acres with daily production of approximately 7,100 BOE/d (51% oil).

Both transactions are expected to close in the third quarter of 2021 with the difference in acquisition costs and divestiture proceeds funded with existing availability on the Company’s revolver.

Management Comment

Lynn A. Peterson, President and CEO of Whiting, commented, “These two transactions result in a significantly deeper drilling inventory in our key Sanish operating area, while divesting of properties in Colorado that were not going to compete internally for capital. These transactions demonstrate our strategy to focus our attention on value-enhancing opportunities that compete for capital in a $50 oil environment. Including these transactions, the Company now estimates that in a mid-$50s oil environment it has over 6 years of high-quality drilling inventory, assuming a two rig drilling program.”

Second Quarter 2021 Conference Call

Whiting will host a conference call on Thursday, August 5, 2021 at 11:00 a.m. Eastern time (9:00 a.m. Mountain time) to discuss the second quarter 2021 results. The call will be conducted by President and Chief Executive Officer Lynn A. Peterson, Executive Vice President Finance and Chief Financial Officer James Henderson, Executive Vice President Operations and Chief Operating Officer Charles J. Rimer and Investor Relations Manager Brandon Day. A question and answer session will immediately follow the discussion of the results for the quarter.

To participate in this call please dial:
Domestic Dial-in Number: (877) 328-5506
International Dial-in Number: (412) 317-5422
Webcast URL: https://dpregister.com/sreg/10158599/eb183f25dc

Replay Information:
Conference ID #: 10158599
Replay Dial-In (Toll Free U.S. & Canada): (877) 344-7529 (U.S.), (855) 669-9658 (Canada)
Replay Dial-In (International): (412) 317-0088
Expiration Date: August 13, 2021

About Whiting Petroleum Corporation

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

Forward-Looking Statements

This news release contains statements that we believe to be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than historical facts, including, without limitation, statements regarding our drilling inventory, transaction closings, capital efficiencies, business strategy, and plans and objectives of management for future operations, are forward-looking statements. When used in this news release, words such as “guidance,” or we “expect,” “intend,” “plan,” “estimate,” “anticipate,” “believe” or “should” or the negative thereof or variations thereon or similar terminology are generally intended to identify forward-looking statements. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements.

These risks and uncertainties include, but are not limited to: risks associated with our emergence from bankruptcy; declines in, or extended periods of low oil, NGL or natural gas prices; the occurrence of epidemic or pandemic diseases, including the coronavirus pandemic; actions of the Organization of Petroleum Exporting Countries and other oil exporting nations to set and maintain production levels; the potential shutdown of the Dakota Access Pipeline; our level of success in development and production activities; impacts resulting from the allocation of resources among our strategic opportunities; our ability to replace our oil and natural gas reserves; the geographic concentration of our operations; our inability to access oil and gas markets due to market conditions or operational impediments; market availability of, and risks associated with, transport of oil and gas; weakened differentials impacting the price we receive for oil and natural gas; our ability to successfully complete asset acquisitions and dispositions and the risks related thereto; shortages of or delays in obtaining qualified personnel or equipment, including drilling rigs and completion services; the timing of our development expenditures; properties that we acquire may not produce as projected and may have unidentified liabilities; adverse weather conditions that may negatively impact development or production activities; we may incur substantial losses and be subject to liability claims as a result of our oil and gas operations, including uninsured or underinsured losses resulting from our oil and gas operations; lack of control over non-operated properties; unforeseen underperformance of or liabilities associated with acquired properties or other strategic partnerships or investments; competition in the oil and gas industry; cybersecurity attacks or failures of our telecommunication and other information technology infrastructure; our ability to comply with debt covenants, periodic redeterminations of the borrowing base under our Credit Agreement and our ability to generate sufficient cash flows from operations to service our indebtedness; our ability to generate sufficient cash flows from operations to meet the internally funded portion of our capital expenditures budget; revisions to reserve estimates as a result of changes in commodity prices, regulation and other factors; inaccuracies of our reserve estimates or our assumptions underlying them; the impacts of hedging on our results of operations; our ability to use net operating loss carryforwards in future periods; impacts to financial statements as a result of impairment write-downs and other cash and noncash charges; the impact of negative shifts in investor sentiment towards the oil and gas industry; federal and state initiatives relating to the regulation of hydraulic fracturing and air emissions; the Biden administration could enact regulations that impose more onerous permitting and other costly environmental health and safety requirements; the impact and costs of compliance with laws and regulations governing our oil and gas operations; the potential impact of changes in laws that could have a negative effect on the oil and gas industry; impacts of local regulations, climate change issues, negative perception of our industry and corporate governance standards; negative impacts from litigation and legal proceedings; and other risks described under the caption “Risk Factors” in Item 1A of our Annual Report on Form 10‑K for the period ended December 31, 2020. We assume no obligation, and disclaim any duty, to update the forward-looking statements in this news release.

Brandon Day
Investor Relations Manager
303-837-1661
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ST. CATHARINES, Ontario--(BUSINESS WIRE)--Algoma Central Corporation (TSX: ALC), a leading provider of marine transportation services, today announced that it will report its financial results for the three and six months ended June 30, 2021, before market open on Thursday, August 5, 2021.

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

For further information please contact:
Gregg A. Ruhl
President & CEO
905-687-7890

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

Or visit
www.algonet.com or www.sedar.com

Conference Call on Thursday, August 5, 2021

AMES, Iowa--(BUSINESS WIRE)--$REGI--Renewable Energy Group, Inc. (NASDAQ:REGI) today announced that it will release financial results for the second quarter 2021 after the market close on Wednesday, August 4, 2021.

The company will conduct a conference call at 8:30 a.m. ET/7:30 a.m. CT on Thursday, August 5, 2021. The call will be hosted by Cynthia (CJ) Warner, Chief Executive Officer, Craig Bealmear, Chief Financial Officer, and Todd Robinson, Deputy Chief Financial Officer and Treasurer.

Investors interested in participating in the live call should dial 1-844-602-0380 (US callers) or 1-862-298-0970 (international callers). A telephone replay will be available at once after completion of the call through August 12, 2021 by dialing 1-877-660-6853 (US callers) or 1-201-612-7415 (international callers) and entering the access ID 13721918.

A simultaneous live webcast will be available on the Investor Relations section of the Company's website at http://investor.regi.com/. The webcast will be archived on the website for six months.

About Renewable Energy Group

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

Investor Relations:
Renewable Energy Group
Todd Robinson
Deputy Chief Financial Officer and Treasurer
+1 (515) 239-8048
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HOUSTON & CALGARY, Alberta--(BUSINESS WIRE)--Civeo Corporation (NYSE:CVEO) announced today that its Board of Directors elected Jay Grewal and Michael Montelongo as members of its Board of Directors effective August 15, 2021. Ms. Grewal has been appointed as a Class III Director with an initial term expiring in May 2023 and will serve on the Company’s Audit Committee and Finance and Investment Committee. Mr. Montelongo has been appointed as a Class I Director with an initial term expiring in May 2024 and will serve on the Company’s Compensation Committee and Nominating and Corporate Governance Committee. Prior to August 15, 2021, Ms. Grewal and Mr. Montelongo will serve as observers at meetings of the Board.

“On behalf of our Board of Directors, I’m very pleased to welcome Jay and Michael to Civeo. Jay brings decades of financial and executive leadership experience as well as significant experience in the energy and power industry in North America to our Board and Audit Committee. Her experience and input will be integral as we manage and grow our Canadian business. Michael brings his experience in the managed services industry as well as his expertise in governance. Michael’s experience will be valuable as we look to expand our managed services business as well as further our ESG efforts," said Richard A. Navarre, Civeo’s Chairman of the Board.

About Jay Grewal

Ms. Grewal has served as President and Chief Executive Officer (CEO) of Manitoba Hydro, one of the largest integrated electric and natural gas utilities in Canada, since February 2019. Jay is a proven leader with over 26 years of leadership and corporate management experience including at executive levels in the utility, resource, finance and consulting sectors. She joined Manitoba Hydro from the Northwest Territories Power Corporation where she held the position of President and CEO from June 2017 to February 2019. Before then, Jay held senior executive roles with Capstone Mining Corp, Accenture, Inc., BC Hydro, and CIBC World Markets. Jay earned both a B.A. (honors) from the University of British Columbia as well as an M.B.A., finance from the Richard Ivey School of Business, University of Western Ontario. Jay sits on the board of a number of industry associations. In 2019 she was named as one of the Women of the Year by Chatelaine Magazine.

About Michael Montelongo

Mr. Montelongo has served as President and Chief Executive Officer of GRC Advisory Services, LLC, a board governance firm, since July 2016, and was previously Chief Administrative Officer and Senior Vice President, Public Policy and Corporate Affairs for Sodexo, Inc., a facilities and hospitality outsourcing solutions enterprise, from January 2008 to July 2016. He is a former George W. Bush White House appointee serving as the 19th Assistant Secretary for Financial Management and Chief Financial Officer of the U.S. Air Force from August 2001 to March 2005. Mr. Montelongo is a lifetime member of the Council on Foreign Relations and was an executive with a global management consulting firm and a regional telecommunications company. He completed a career in the U.S. Army that included line and staff assignments, a Congressional Fellowship in the U.S. Senate and service as an assistant professor teaching economics and political science at West Point. Mr. Montelongo also serves on the board of Conduent Incorporated (NASDAQ: CNDT), a business process outsourcing company, and privately-held Larry H. Miller Management Corporation. He earned his B.S. from West Point and an M.B.A. from Harvard Business School.

About Civeo

Civeo Corporation is a leading provider of hospitality services with prominent market positions in the Canadian oil sands and the Australian natural resource regions. Civeo offers comprehensive solutions for lodging hundreds or thousands of workers with its long-term and temporary accommodations and provides food services, housekeeping, facility management, laundry, water and wastewater treatment, power generation, communications systems, security and logistics services. Civeo currently operates a total of 28 lodges and villages in Canada, Australia and the U.S., with an aggregate of approximately 30,000 rooms. Civeo is publicly traded under the symbol CVEO on the New York Stock Exchange. For more information, please visit Civeo's website at www.civeo.com.

Forward Looking Statements

This news release contains forward-looking statements within the meaning of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are those that do not state historical facts and are, therefore, inherently subject to risks and uncertainties. The forward-looking statements herein include the statements regarding Civeo’s future plans and outlook, are based on then current expectations and entail various risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. Such risks and uncertainties include, among other things, risks associated with global health concerns and pandemics, including the COVID-19 pandemic and the risk that room occupancy may decline if our customers are limited or restricted in the availability of personnel who may become ill or be subjected to quarantine, risks associated with the general nature of the accommodations industry, risks associated with the level of supply and demand for oil, coal, iron ore and other minerals, including the level of activity, spending and developments in the Canadian oil sands, the level of demand for coal and other natural resources from, and investments and opportunities in, Australia, and fluctuations or sharp declines in the current and future prices of oil, natural gas, coal, iron ore and other minerals, risks associated with failure by our customers to reach positive final investment decisions on, or otherwise not complete, projects with respect to which we have been awarded contracts, which may cause those customers to terminate or postpone contracts, risks associated with currency exchange rates, risks associated with the company’s ability to integrate acquisitions, risks associated with labor shortages, risks associated with the development of new projects, including whether such projects will continue in the future, risks associated with the trading price of the company’s common shares, availability and cost of capital, risks associated with general global economic conditions, global weather conditions, natural disasters and security threats and changes to government and environmental regulations, including climate change, and other factors discussed in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of Civeo’s annual report on Form 10-K for the year ended December 31, 2020 and other reports the company may file from time to time with the U.S. Securities and Exchange Commission. Each forward-looking statement contained herein speaks only as of the date of this release. Except as required by law, Civeo expressly disclaims any intention or obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise.

Carolyn J. Stone
Civeo Corporation
Senior Vice President & Chief Financial Officer
713-510-2400

• Solid financial performance in both Subsea and Surface Technologies
• Total Company inbound orders of $1.6 billion; Subsea inbound orders of $1.3 billion
• Full-year guidance updated, supported by strength of first half results and market outlook

LONDON & HOUSTON--(BUSINESS WIRE)--TechnipFMC plc (NYSE: FTI) (Paris: FTI) today reported second quarter 2021 results.

Summary Financial Results from Continuing Operations
Reconciliation of U.S. GAAP to non-GAAP financial measures are provided in financial schedules.

Total Company revenue in the second quarter was $1,668.8 million. Loss from continuing operations attributable to TechnipFMC was $174.7 million, or $0.39 per diluted share.

After-tax charges and credits totaled $148.7 million of charges, or $0.33 per diluted share. Reported results included a loss from the Company’s equity investment in Technip Energies of $146.8 million primarily related to the change in market value in the quarter.

Adjusted loss from continuing operations was $26 million, or $0.06 per diluted share (Exhibit 6).

Adjusted EBITDA, which excludes pre-tax charges and credits, was $144.3 million; adjusted EBITDA margin was 8.6 percent (Exhibit 8). Included in adjusted EBITDA was a foreign exchange loss of $10.7 million.

Doug Pferdehirt, Chairman and CEO of TechnipFMC, stated, “Second quarter results reflect another strong quarter for our Company. Total Company revenue improved sequentially to $1.7 billion, with both Subsea and Surface Technologies segments reporting an adjusted EBITDA margin of 11 percent.”

Pferdehirt added, “In Subsea, we demonstrated our ability to continue winning, with inbound totaling $1.3 billion for the quarter. The order strength in the first half of the year has been indicative of the continued market progression we outlined last year. Year-to-date, we have announced ten awards, of which 50 percent will be executed as integrated projects. This included the addition of two new iEPCI™ clients in the quarter.”

“In Surface Technologies, inbound orders increased 32 percent from the first quarter driven by our international business where well completion activity continued to recover from the prior year decline. International growth was driven by the Middle East, the North Sea and China. Orders in the Americas also increased, reflecting continued momentum in completion and drilling activity and the success of our iComplete™ offering.”

Pferdehirt continued, “We have increased our full-year expectations for both operating segments given our strong year-to-date results and continued improvement in the broader market outlook. Subsea inbound orders of $2.8 billion in the first half of the year were strong. We continue to see a healthy list of prospects and remain very confident in our full-year guidance for Subsea orders of more than $4 billion. Furthermore, growth in 2022 is supported by an increasing set of opportunities. When using the midpoint value of our Subsea Opportunity List, the project award potential has increased by nearly 20 percent to $17 billion over the next 24 months.”

“Looking beyond the traditional market, we believe that offshore will continue to play a meaningful role in the total energy mix. We are building partnerships in support of new energy, leveraging our differentiated technologies, and capitalizing on our integrated project execution and expertise as the subsea architect.”

“We are making steady progress in our partnerships focused on wind and wave opportunities. The market momentum for wind development continues to support increased investment in this abundant source of renewable energy. And when combined with wave technology, we can generate even greater energy output and reduced intermittency utilizing integrated offshore solutions.”

Pferdehirt added, “Our Deep Purple™ solution is centered around technology development and integration capabilities that convert this renewable energy into hydrogen, enabling economies of scale that were previously unattainable by offshore renewables projects. An example of this is our recently announced partnership with Portuguese energy utility EDP, as well as several notable research partners, in a concept study for the development of green hydrogen production from offshore wind power through a project called BEHYOND.”

Pferdehirt concluded, “Our success is driven by our core competencies, having pioneered and delivered next generation subsea technologies and the industry’s only fully integrated commercial model. We are demonstrating that these unique capabilities are completely transferable to the renewable energy space, giving us confidence in our ability to extend our leadership in subsea to the development of new and novel energy resources offshore.”

Operational and Financial Highlights

Subsea

Financial Highlights
Reconciliation of U.S. GAAP to non-GAAP financial measures are provided in financial schedules.

Subsea reported second quarter revenue of $1,394.3 million, a modest improvement from the first quarter. Revenue increased sequentially due to seasonal improvement in installation and services, largely offset by lower project activity in the quarter.

Subsea reported an operating profit of $72.4 million. Sequentially, operating results benefited from lower charges, improved margins in backlog and increased installation and services activity.

Subsea reported adjusted EBITDA of $154.1 million. Adjusted EBITDA increased 14.1 percent when compared to the first quarter, benefiting from higher margins in backlog and increased installation and services activity. Adjusted EBITDA margin improved 140 basis points to 11.1 percent.

Subsea inbound orders were $1,291.3 million for the quarter, reflective of the continued market improvement. Book-to-bill in the period was 0.9.

The following awards were included in the period:

• Ithaca Energy Captain EOR Project (North Sea)
  Significant* Engineering, Procurement, Construction and Installation (EPCI) contract from Ithaca Energy (UK) Limited for the Captain Enhanced Oil Recovery (EOR) Project in the UK North Sea. TechnipFMC will design, manufacture, deliver and install subsea equipment including a rigid riser caisson, water injection flexible flowline, umbilicals and associated equipment.
  *A “significant” award ranges between $75 million and $250 million.

• Karoon Patola iEPCI^TM Project (Brazil)
  TechnipFMC’s first integrated Engineering, Procurement, Construction and Installation (iEPCI^TM) contract in Brazil by Karoon Energy for the Patola field development. The contract covers engineering, procurement, construction and installation of subsea trees, flexible pipes and umbilicals. TechnipFMC was chosen based on its recognized technical excellence and capability to deliver complete and integrated solutions. The Company will leverage its assets and significant local content in Brazil, including its subsea equipment and flexible pipe plants and its logistics base.

• Petrobras Buzios 6-9 Fields Project (Brazil)
  Substantial* contract from Petrobras for the Buzios 6-9 fields. Located in the Santos basin offshore Brazil, these fields are part of the pre-salt area, with a water depth of 2,000 meters. TechnipFMC will supply subsea trees with controls, electrical and hydraulic distribution units, topside systems, and installation and intervention support services with rental tooling. All of the subsea trees will be manufactured at our facilities in Brazil, which are powered entirely from renewable energy sources.
  *A “substantial” award ranges between $250 million and $500 million.

• Equinor Kristin Sør Project (North Sea)
  Significant* EPCI contract by Equinor for the Kristin Sør Field in the North Sea. TechnipFMC will supply rigid pipelines, static and dynamic umbilicals, as well as pipeline and marine installation of the subsea production facilities. The project will be executed by TechnipFMC’s operating center in Oslo, Norway, with fabrication occurring in the Company’s facilities in Norway and the United Kingdom.
  *A “significant” award ranges between $75 million and $250 million.

• Tullow Jubilee South East Development iEPCI^TM Project (Ghana)
  Significant* iEPCI™ contract for the Jubilee South East development, located offshore Ghana. It will be the Company’s first iEPCI™ project with Tullow Ghana Ltd. The contract builds upon TechnipFMC’s established relationship with Tullow and covers supply and offshore installation of all major subsea equipment, including manifolds and associated controls, flexible risers and flowlines, umbilicals, and subsea structures. At the pre-tendering stage, TechnipFMC utilized its Subsea Studio™ digital solutions to help optimize field layout.
  *A “significant” award ranges between $75 million and $250 million.

Partnership and Alliance Highlights

• BEHYOND: Concept study for green hydrogen production from offshore wind power
  EDP, TechnipFMC and other research partners are joining forces to develop a conceptual engineering and economic feasibility study for a new offshore system for green hydrogen production from offshore wind power, called the BEHYOND project. The study will include innovative integration of equipment for the production and conditioning of green hydrogen and infrastructure that allows for its transportation to the coast. The goal is to create a unique concept that can be standardized and implemented worldwide, allowing for large-scale green hydrogen production offshore.

Each member of the consortium brings specific competencies that are complementary. TechnipFMC brings its extended history in subsea engineering, expertise developed on its Deep Purple™ green hydrogen project, and essential system integration abilities.

• TechnipFMC and Halliburton’s Subsea Fiber Optic Solution selected by OTC and ExxonMobil
  TechnipFMC and Halliburton received an OTC Spotlight on New Technology Award^® for their Odassea™ Subsea Fiber Optic Solution, an advanced downhole fiber optic sensing system. ExxonMobil selected the solution for its Payara development project in Guyana, the industry’s largest subsea fiber optic sensing project. The award followed completion of front-end engineering and design studies and qualifications.

The Odassea™ system integrates hardware and digital solutions to strengthen capabilities in subsea reservoir monitoring and production optimization. Halliburton provides the fiber optic sensing technology and analysis for reservoir diagnostics. TechnipFMC provides the optical connectivity from the topside to the completions. Through this collaboration, operators can accelerate full field subsea fiber optic sensing, design, and execution.

TechnipFMC and Halliburton are delivering Odassea™ solutions to multiple other subsea projects at all stages, from conceptual design to execution.

Surface Technologies

Financial Highlights
Reconciliation of U.S. GAAP to non-GAAP financial measures are provided in financial schedules.

Surface Technologies reported second quarter revenue of $274.5 million, an increase of 11.8 percent from the first quarter. The sequential increase was primarily driven by higher activity in North America, increased international services and strong project execution. The Company also benefited from further adoption of its iComplete™ ecosystem.

Surface Technologies reported operating profit of $12.9 million. Operating profit increased sequentially primarily due to lower charges and higher sales volume.

Surface Technologies reported adjusted EBITDA of $30.2 million. Adjusted EBITDA increased 12.3 percent when compared to the first quarter, driven by higher sales volume. Adjusted EBITDA margin was unchanged at 11 percent.

Inbound orders for the quarter were $268.2 million, an increase of 31.9 percent sequentially driven by the Middle East, including Saudi Arabia, United Arab Emirates, Bahrain and Qatar, as well as the North Sea and North America. Book-to-bill improved to 1.0 in the period.

Backlog ended the period at $360.4 million. Given the short-cycle nature of the business, orders are generally converted into revenue within twelve months.

Corporate and Other Items (three months ended, June 30, 2021):

Corporate expense was $30.3 million.

Foreign exchange loss was $10.7 million.

Net interest expense was $35.2 million.

The Company recorded a tax provision of $34.9 million.

Total depreciation and amortization was $98 million.

Cash required by operating activities from continuing operations was $85.9 million. Capital expenditures were $39.7 million. Free cash flow from continuing operations was $(125.6) million (Exhibit 11).

The Company ended the period with cash and cash equivalents of $854.9 million; net debt was $1,623 million.

The Company completed the partial spin-off of Technip Energies on February 16, 2021. Financial results for Technip Energies are reported as discontinued operations. The Company’s investment in Technip Energies is reflected in current assets at market value.

The Company recognized a loss in the second quarter of $146.8 million from its equity ownership in Technip Energies. The loss was primarily related to the change in market value in the period.

On April 27, 2021, the Company sold 26.8 million shares from its retained stake in Technip Energies for proceeds of $358.1 million. As of June 30, 2021, the Company’s ownership stake was 55.5 million shares, or approximately 31 percent of Technip Energies’ outstanding shares.

2021 Full-Year Financial Guidance¹

The Company’s full-year guidance for 2021 can be found in the table below.

Updates to the Company’s full-year guidance for 2021 are as follows:

• Subsea revenue in a range of $5.2 - 5.5 billion, which increased from the previous guidance range of $5.0 - 5.4 billion.
• Surface Technologies EBITDA margin in a range of 10 - 12% (excluding charges and credits), which increased from the previous guidance range of 8 - 11%.
• Net interest expense in a range of $135 - 140 million, which increased from the previous guidance range of $130 - 135 million.
• Tax provision, as reported, in a range of $85 - 95 million, which increased from the previous guidance range of $70 - 80 million.

All segment guidance assumes no further material degradation from COVID-19-related impacts. Guidance is based on continuing operations and thus excludes the impact of Technip Energies, which is reported as discontinued operations.

¹Our guidance measures adjusted EBITDA margin, corporate expense, net, net interest expense and free cash flow are non-GAAP financial measures. We are unable to provide a reconciliation to comparable GAAP financial measures on a forward-looking basis without unreasonable effort because of the unpredictability of the individual components of the most directly comparable GAAP financial measure and the variability of items excluded from each such measure. Such information may have a significant, and potentially unpredictable, impact on our future financial results.

Teleconference

The Company will host a teleconference on Thursday, July 22, 2021 to discuss the second quarter 2021 financial results. The call will begin at 1 p.m. London time (8 a.m. New York time). Webcast access and an accompanying presentation can be found at www.TechnipFMC.com.

An archived audio replay will be available after the event at the same website address. In the event of a disruption of service or technical difficulty during the call, information will be posted on our website.

About TechnipFMC

TechnipFMC is a leading technology provider to the traditional and new energy industries; delivering fully integrated projects, products, and services.

With our proprietary technologies and comprehensive solutions, we are transforming our clients’ project economics, helping them unlock new possibilities to develop energy resources while reducing carbon intensity and supporting their energy transition ambitions.

Organized in two business segments — Subsea and Surface Technologies — we will continue to advance the industry with our pioneering integrated ecosystems (such as iEPCI™, iFEED™ and iComplete™), technology leadership and digital innovation.

Each of our approximately 20,000 employees is driven by a commitment to our clients’ success, and a culture of strong execution, purposeful innovation, and challenging industry conventions.

TechnipFMC uses its website as a channel of distribution of material company information. To learn more about how we are driving change in the industry, go to www.TechnipFMC.com and follow us on Twitter @TechnipFMC.

This communication contains “forward-looking statements” as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statement usually relate to future events and anticipated revenues, earnings, cash flows, or other aspects of our operations or operating results. Forward-looking statements are often identified by words such as “guidance,” “confident,” “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” “may,” “will,” “likely,” “predicated,” “estimate,” “outlook” and similar expressions, including the negative thereof. The absence of these words, however, does not mean that the statements are not forward-looking. These forward-looking statements are based on our current expectations, beliefs, and assumptions concerning future developments and business conditions and their potential effect on us. While management believes these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. All of our forward-looking statements involve risks and uncertainties (some of which are significant or beyond our control) and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections, including unpredictable trends in the demand for and price of crude oil and natural gas; competition and unanticipated changes relating to competitive factors in our industry, including ongoing industry consolidation; the COVID-19 pandemic and its impact on the demand for our products and services; our inability to develop, implement and protect new technologies and services; the cumulative loss of major contracts, customers or alliances; disruptions in the political, regulatory, economic and social conditions of the countries in which we conduct business; the refusal of DTC and Euroclear to act as depository and clearing agencies for our shares; the United Kingdom’s withdrawal from the European Union; the impact of our existing and future indebtedness and the restrictions on our operations by terms of the agreements governing our existing indebtedness; the risks caused by our acquisition and divestiture activities; the risks caused by fixed-price contracts; any delays and cost overruns of new capital asset construction projects for vessels and manufacturing facilities; our failure to deliver our backlog; our reliance on subcontractors, suppliers and our joint venture partners; a failure or breach of our IT infrastructure or that of our subcontractors, suppliers or joint venture partners, including as a result of cyber-attacks; the risks of pirates endangering our maritime employees and assets; potential liabilities inherent in the industries in which we operate or have operated; our failure to comply with numerous laws and regulations, including those related to environmental protection, health and safety, labor and employment, import/export controls, currency exchange, bribery and corruption, taxation, privacy, data protection and data security; the additional restrictions on dividend payouts or share repurchases as an English public limited company; uninsured claims and litigation against us, including intellectual property litigation; tax laws, treaties and regulations and any unfavorable findings by relevant tax authorities; the uncertainties related to the anticipated benefits or our future liabilities in connection with the spin-off of Technip Energies (the “Spin-off”); any negative changes in Technip Energies’ results of operations, cash flows and financial position, which impact the value of our remaining investment therein; potential departure of our key managers and employees; adverse seasonable and weather conditions and unfavorable currency exchange rate and risk in connection with our defined benefit pension plan commitments and other risks as discussed in Part I, Item 1A, “Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2020 and Part II, Item 1A, “Risk Factors” of our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2021.

We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any of our forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by law.

Investor relations
Matt Seinsheimer
Vice President, Investor Relations
Tel: +1 281 260 3665
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James Davis
Senior Manager, Investor Relations
Tel: +1 281 260 3665
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Media relations
Nicola Cameron
Vice President, Corporate Communications
Tel: +44 383 742 297
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Catie Tuley
Director, Public Relations
Tel: +1 281 591 5405
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HOUSTON--(BUSINESS WIRE)--Calpine and GE Renewable Energy announced today the completion of the Santa Ana Storage Project (SASP) in Southern California. The project contains a 20MW/80MWh (4hr) standalone battery energy storage system using GE’s Reservoir energy storage technology. The system, now in commercial operation, is supported by a 20-year Resource Adequacy Power Purchase Agreement (PPA). The project will be able to provide energy to up to 12,000 households during peak events, and/or 24,000 households during normal load conditions.

This grid-connected battery energy storage system represents a major step forward in Calpine’s plans to grow the company’s energy storage footprint. The SASP facility itself will be capable of considerable expansion in future phases.

“It is critical that consumers have affordable, reliable electricity as we work to integrate more renewable energy sources into the U.S. power supply,” said Alex Makler, Senior Vice President of Calpine’s West Region. “Calpine already operates the world’s largest geothermal facility in California, and this cutting-edge battery storage project represents another major investment in meeting the clean energy demands of an increasingly electrified world. We are proud to work with GE and the community of Santa Ana to showcase the very latest in energy storage solutions.”

“The energy storage system provides targeted local capacity to enhance grid reliability during peak periods,” added Mike Bowman, Renewable Hybrids Chief Technology Officer for GE Renewable Energy. “And, as fast-acting stabilization devices, the battery energy storage systems can charge and discharge rapidly to regulate frequency and contribute to grid stability, helping to balance and facilitate the ever-growing penetration of variable renewable energy. These assets will assist with making California’s state targets of 60% by 2030 and 100% by 2045.”

GE’s Reservoir is a flexible, compact solution that combines GE’s advanced technologies and expertise in plant controls, power electronics, battery management systems and electrical balance of plant – all backed by GE’s performance guarantees.

About Calpine
Calpine Corporation is America’s largest generator of electricity from natural gas and geothermal resources with operations in major competitive wholesale and retail power markets across the U.S. Through wholesale power operations and our retail businesses, Calpine’s diverse team of approximately 2,300 employees serves customers across 22 states, Canada and Mexico. Calpine operates a fleet of 76 power plants representing nearly 26,000 MW of generation capacity. Environmental stewardship is fundamental to Calpine’s philosophy and culture; in addition to operating the largest geothermal facility in the world and the youngest, most efficient fleets of gas-fired power plants, Calpine has been a long-time advocate of the Clean Power Plan, Paris Climate Accord, carbon pricing and decarbonization.

If you would like to learn more about Calpine and our decarbonization efforts, please visit CalpineActsOnClimate.com, or follow us at Twitter.com/Calpine or Linkedin.com/Calpine.

About GE Renewable Energy
GE Renewable Energy is a $15 billion business which combines one of the broadest portfolios in the renewable energy industry to provide end-to-end solutions for our customers demanding reliable and affordable green power. Combining onshore and offshore wind, blades, hydro, storage, utility-scale solar, and grid solutions as well as hybrid renewables and digital services offerings, GE Renewable Energy has installed more than 400+ gigawatts of clean renewable energy and equipped more than 90 percent of utilities worldwide with its grid solutions. With nearly 40,000 employees present in more than 80 countries, GE Renewable Energy creates value for customers seeking to power the world with affordable, reliable and sustainable green electrons.

Follow us at www.ge.com/renewableenergy, on Linkedin.com/company/gerenewableenergy, or on Twitter.com/GErenewables.

Brett Kerr
Vice President, External Affairs
Calpine
+1-713-830-8809
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Agathe Lefévre De La Houplière
Communications
GE Renewable Energy
+33771448935
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HOUSTON--(BUSINESS WIRE)--Forum Energy Technologies, Inc. (NYSE: FET) announced today that it will host its second quarter 2021 earnings conference call at 10:00 AM CDT on Friday, August 6, 2021. Forum will issue a press release regarding its second quarter 2021 earnings prior to the conference call.

To participate in the earnings conference call, please call 855-757-8876 within North America, or 631-485-4851 outside of North America. The access code is 8579755. The call will also be broadcast through the Investor Relations link on Forum’s website at www.f-e-t.com. Participants are encouraged to log in to the webcast or dial in to the conference call approximately ten minutes prior to the start time. A replay of the call will be available for two weeks after the call and may be accessed by dialing 855-859-2056 within North America, or 404-537-3406 outside of North America. The access code is 8579755.

FET (Forum Energy Technologies) is a global company, serving the oil, natural gas, industrial and renewable energy industries. FET provides value added solutions that increase the safety and efficiency of energy exploration and production. We are an environmentally and socially responsible company headquartered in Houston, TX with manufacturing, distribution and service facilities strategically located throughout the world. For more information, please visit www.f-e-t.com.

Lyle Williams
Executive Vice President and Chief Financial Officer
713.351.7920
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• From today, Jenbacher Type 4 gas engines are available as “Ready for H₂” engines, able to operate on up to 100% hydrogen
• As of 2022, all other engine types are offered as “Ready for H₂”, with the option to operate with up to 25%(v) of hydrogen in pipeline gas
• All “Ready for H₂” units and most of the currently installed Jenbacher natural gas fueled engines can be converted to operate on 100% hydrogen, as hydrogen gas becomes more widely available

JENBACH, Austria--(BUSINESS WIRE)--#INNIO--As a key enabler and an integral part of the energy transition, today INNIO announced the launch of its “Ready for H₂” portfolio that includes 100% hydrogen-fueled Jenbacher H₂-engines. INNIO’s “Ready for H₂” gas engine portfolio is built on a long history of innovation with more than 30 years of experience and expertise in the use of renewable fuels and hydrogen-rich fuels, such as syngas and process gases for power generation.

INNIO’s “Ready for H₂” Portfolio

As of today, Jenbacher Type 4 gas engines – with an approximate output of 500 to 900 kilowatts (kW) - are available for operation with 100% hydrogen or mixtures of natural gas and hydrogen.

As of 2022, all other INNIO Jenbacher gas engines will be offered with a “Ready for H₂” option, capable of running with up to 25% volume of hydrogen in pipeline gas and being able to be readily converted from natural gas to 100% hydrogen operation.

In addition, most of the currently installed INNIO Jenbacher natural gas fueled fleet can be upgraded to operate with up to 25% volume of hydrogen in pipeline gas or converted from natural gas to 100% hydrogen operation.

INNIO Jenbacher gas engines are uniquely positioned to deliver hydrogen power generation.

Building on decades of experience

Twenty years ago, the first Jenbacher 150 kW pilot engine ran on 100% hydrogen at a demonstration plant in northern Germany. Two decades later, in 2020, following several additional demonstration projects, INNIO and HanseWerk Natur collaborated on the application of industrial-scale hydrogen-fueled gas engines. The companies demonstrated a flagship project using variable hydrogen-natural gas mixes including 100% hydrogen on the world’s first 1-megawatt (MW) gas engine.

“I am proud of INNIO’s announcement of the first ‘Ready for H₂’ product portfolio in the 200 kW – 10.4 MW power generation space. Our broad portfolio of innovative and fuel flexible Jenbacher gas engines - capable of operating on natural gas, carbon neutral biogas or hydrogen-rich fuels – are helping to pave the way to a greener energy future,” commented Carlos Lange, president and CEO of INNIO. “Jenbacher gas engines running on natural gas today can be converted to H₂ operation when hydrogen becomes more readily available. This means that customers who invest in Jenbacher natural gas engines today, are also investing for the future.”

With about 90 hydrogen-rich fuel projects across 28 countries, INNIO has more than 30 years of experience with engines running on up to 70% volume of hydrogen in the fuel, yielding more than 250 MW. These installations can be found on all continents with various INNIO Jenbacher Type 2, Type 3, Type 4 and Type 6 gas engines.

The power of hydrogen

Green hydrogen, as an energy carrier for storage of volatile renewable energy, can store renewable energy for months or seasons. This will make renewable energy sources reliable and dispatchable and support the acceleration of fossil fuel replacement across the energy sector.

INNIO is committed to leading the deployment of H₂-engines which will facilitate the acceleration and transformation from fossil fuels to renewable energy sources. Typically, INNIO Jenbacher hydrogen-fueled gas engines will be operating in a combined heat and power configuration, achieving around 90% hydrogen fuel utilization.

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In 2021, EcoVadis awarded INNIO Jenbacher a silver medal to honor its engagement for a climate-neutral, greener, and more secure energy future. This places INNIO Jenbacher in the top 17% of its peers working towards sustainability.

About INNIO

INNIO is a leading provider of renewable gas, natural gas, and hydrogen-based solutions and services for power generation and gas compression at or near the point of use. With our Jenbacher and Waukesha gas engines, INNIO helps to provide communities, industry and the public access to sustainable, reliable and economical power ranging from 200 kW to 10 MW. We also provide life-cycle support and digital solutions to the more than 53,000 delivered gas engines globally, through our service network in more than 100 countries. We deliver innovative technology driven by decarbonization, decentralization, and digitalization to help lead the way to a greener future. Headquartered in Jenbach, Austria, the business also has primary operations in Welland, Ontario, Canada, and Waukesha, Wisconsin, U.S. For more information, visit the company's website at www.innio.com. Follow INNIO on Twitter and LinkedIn.

Susanne Reichelt
INNIO
+43 664 80833 2382
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Undergrounding 10,000 Miles of Power Lines in Highest Fire-Threat Areas

Initiative Builds on Recent Successful Projects Using Undergrounding to Harden the Electric System and Mitigate Wildfire Risk

CHICO, Calif.--(BUSINESS WIRE)--Pacific Gas and Electric Company (PG&E) today announced a major new initiative to expand the undergrounding of electric distribution power lines in High Fire Threat Districts (HFTD) to further harden its system and help prevent wildfires. The new infrastructure safety initiative, announced today in Butte County by PG&E Corporation CEO Patti Poppe, is a multi-year effort to underground approximately 10,000 miles of power lines.

PG&E’s commitment represents the largest effort in the U.S. to underground power lines as a wildfire risk reduction measure.

“We want what all of our customers want: a safe and resilient energy system. We have taken a stand that catastrophic wildfires shall stop. We will partner with the best and the brightest to bring that stand to life. We will demand excellence of ourselves. We will gladly partner with policymakers and state and local leaders to map a path we can all believe in,” Poppe said.

In addition to significantly reducing wildfire risk, undergrounding also benefits customers by lessening the need for Public Safety Power Shutoffs, which are called as a last resort during dry, windy conditions to reduce the risk of vegetation contacting live power lines and sparking a wildfire. Undergrounding also eases the need for vegetation management efforts, leaving more of California’s trees untouched.

Today, PG&E maintains more than 25,000 miles of overhead distribution power lines in the highest fire-threat areas (Tier 2, Tier 3 and Zone 1)—which is more than 30% of its total distribution overhead system.

10,000 miles of PG&E lines represents approximately the distance of 11 round trips from Chico to Los Angeles or almost half way around the world. The exact number of projects or miles undergrounded each year through PG&E’s new expanded undergrounding program will evolve as PG&E performs further project scoping and inspections, estimating and engineering review.

Public Engagement with Stakeholders to Guide New Undergrounding Plan

PG&E will engage customers and stakeholders as it develops a plan and reviews potential additional undergrounding sites based on a variety of factors, including local municipal planning and safety considerations. Engineering an underground electric system requires designing the system around existing water, natural gas and drainage systems, as well as planning for future road widening. PG&E intends to work closely with customers and local, state, federal, tribal and regulatory officials throughout this new safety initiative.

Learning from Projects to Inform Expanded Undergrounding Effort

In the past, undergrounding has been done on a select, case-by-case basis, and largely for reasons other than wildfire risk reduction. Thanks to breakthroughs PG&E has achieved on undergrounding projects in recent years, undergrounding can now play a much more prominent role in PG&E's ongoing efforts to harden the electric grid.

Following the devastating October 2017 Northern California wildfires and the 2018 Camp Fire, PG&E began to evaluate placing overhead power lines underground as a wildfire safety measure, and to better understand the construction and cost requirements associated with undergrounding for system hardening purposes. These demonstration projects were part of PG&E’s Community Wildfire Safety Program (CWSP) and included the following:

• From 2018-2020, PG&E completed multiple demonstration projects aimed at converting overhead power lines to underground in high fire-threat areas of Alameda, Contra Costa, Nevada, and Sonoma counties.

• As a part of the rebuild efforts following the October 2017 Northern California wildfires, PG&E completed undergrounding eight miles of power lines in the Larkfield Estates and Mark West Estates communities in Sonoma County in 2018.

• In 2019, PG&E announced it would rebuild all its power lines underground in the Town of Paradise as it helps the community recover from the Camp Fire. The company is also rebuilding power lines underground within the 2020 North Complex Fire footprint in Butte County.

Through these demonstration projects and rebuild efforts, PG&E has been able to refine the construction and cost requirements associated with targeted undergrounding, enabling the acceleration and expansion of undergrounding projects. Learnings include:

• Implementing new planning systems and strategies and using new materials and new equipment to make undergrounding more cost effective.
• Building strong partnerships with material suppliers and contractors to accelerate undergrounding efforts.
• Partnering with natural gas projects as well as phone and internet providers to joint trench and share costs, where possible.
• Using new technology and construction methods to increase trench production.
• Bundling work into larger blocks to take advantage of economies of scale.
• Testing new cable and conduit materials to accelerate undergrounding work processes.

Ongoing PG&E Wildfire Mitigation and Resiliency Efforts

In addition to significantly expanding its undergrounding, PG&E’s ongoing safety work to enhance grid resilience and address the growing threat of severe weather and wildfires continues on a risk-based and data-driven basis, as outlined in PG&E's 2021 Wildfire Mitigation Plan (WMP).

This includes:

• Installing stronger poles and covered power lines
• Deploying remote grids and community microgrids
• Targeted sectionalizing and grid reconfiguration
• Investing in centralized data analytics to reduce risk
• Conducting enhanced vegetation management
• Scaling the deployment of emerging technologies to proactively mitigate wildfire risk

Learn more about PG&E’s wildfire safety efforts by visiting pge.com/wildfiresafety.

To watch a recording of today’s announcement, visit PG&E’s YouTube channel.

About PG&E

Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is a combined natural gas and electric utility serving more than 16 million people across 70,000 square miles in Northern and Central California. For more information, visit pge.com and pge.com/news.

Forward-Looking Statements

This news release contains forward-looking statements that are not historical facts, including statements about the beliefs, expectations, estimates, future plans and strategies of PG&E Corporation and PG&E, including but not limited to undergrounding and PG&E’s ongoing wildfire mitigation and safety efforts. These statements are based on current expectations and assumptions, which management believes are reasonable, and on information currently available to management, but are necessarily subject to various risks and uncertainties. In addition to the risk that these assumptions prove to be inaccurate, factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include factors disclosed in PG&E Corporation’s and PG&E’s joint annual report on Form 10-K for the year ended December 31, 2020, their joint quarterly report on Form 10-Q for the quarter ended March 31, 2021, and other reports filed with the SEC, which are available on PG&E Corporation’s website at www.pgecorp.com and on the SEC website at www.sec.gov. PG&E Corporation and the Utility undertake no obligation to publicly update or revise any forward-looking statements, whether due to new information, future events or otherwise, except to the extent required by law.

Media Relations
415.973.5930

DUBLIN--(BUSINESS WIRE)--Gazelle Wind Power Limited has named an elite group of energy industry veterans to its board of directors, including some of the sector’s leading global policymakers, government officials, engineers, and CEOs. The distinguished group of industry experts will guide the company’s strategic growth and worldwide deployment of its disruptive hybrid floating platform, which has the ability to be a game-changing concept to support decarbonization.

“The caliber of Gazelle’s board of directors is a testament to our vision and a strong endorsement of our innovative technology,” said Jon Salazar, founder and president of Gazelle Wind Power. “We are poised to be the leader for enabling floating offshore wind, and these leaders have the expertise necessary to provide valuable guidance as we execute our strategy, drive growth, and deliver long-term solutions for a sustainable future.”

The Gazelle Wind Power board of directors includes the following:

Dr. Javier Cavada, chairman of Gazelle Wind Power, is a well-known leader in the cleantech industry. He is currently CEO and president of Highview Power where he drives the global expansion and deployment of the developer’s proprietary cryogenic energy storage technology. During Dr. Cavada’s 13-years with Wärtsilä Corporation, he led the company’s international energy business, driving its vision towards 100% renewables. He also served in executive roles in China, Italy, the Netherlands, Spain, and Finland. Dr. Cavada has chaired the boards of multiple subsidiary companies, including Greensmith Energy Management Inc., and held numerous leadership roles within the German multinational firm Robert Bosch.

Jon Salazar, founder and president of Gazelle Wind Power, has a successful track record in management consulting, R+D+i, and entrepreneurship in Europe and the Middle East. As a senior advisor with Deloitte, Salazar consulted with some of the world’s top-tier financial institutions and the largest banks in the Eurozone. He also held a senior leadership position developing Heathrow Airport, one of the world’s busiest airports, and co-owned a group of digital companies dedicated to the sustainable development of individuals and society by improving financial literacy.

Pierpaolo Mazza, CEO of Gazelle Wind Power, is an international executive with over 33 years of corporate leadership expertise with major energy companies such as GE Power Generation and Wärtsilä Corporation. During his 25-year career with GE Power Generation, Mazza grew product sales related to wind turbine generators and gas turbine technology from $60 million to more than $1 billion in the Central Eastern Europe, Russia, and CIS regions. Mazza was co-chairman of the Sakhalin Energy review committee and serves as an executive and non-executive director senior advisor to leading companies throughout the Middle East.

Connie Hedegaard, non-executive director of Gazelle Wind Power, is the former Minister of Environment to Denmark and former Commissioner for Climate Action, where she championed the negotiations towards adopting the EU 2030 Climate and Energy Framework. As commissioner, she was responsible for the 2050 Roadmap for moving to a low carbon economy and represented the EU in the international climate negotiations. Following her political career, Hedegaard spent 14 years as a respected journalist and head of Danish Radio News (DR). Hedegaard chairs numerous foundations and executive boards, including OECD’s Round Table for Sustainability, KR Foundation, Aarhus University, and Denmark’s green think tank, Concito. In addition, she serves as a board member in Danfoss, Nordex, Teknologisk Institut, and The European Climate Foundation.

David Mesonero, non-executive director of finances at Gazelle Wind Power, is the deputy director of the corporate development division at Iberdrola. His distinguished renewable energy career earned him recognition as one of the 15 most influential people in the wind industry by Wind Power Monthly magazine and as a recipient of the Recharge 4040 prize for the top 40 influential leaders in energy under the age of 40. Before his work with Iberdrola, Mesonero was CFO at Siemens Gamesa Renewable Energy. He served as a board member of Windar and Adwen and on Gamesa’s regional board in India, Mexico, and Brazil.

“Achieving the climate goals outlined in the Paris accords, along with the decarbonization goals set by individual nations, will require a broad range of clean technology solutions. I firmly believe that Gazelle Wind Power is the key to unlocking the massive deep-water offshore wind market that will help us achieve these aggressive climate goals. Gazelle’s technology enables energy providers to support power generation in deeper waters farther off the coastline at a lower cost and without damaging marine habitats,” said Dr. Cavada.

About Gazelle Wind Power Limited

Gazelle Wind Power Limited is unlocking the massive deep-water offshore wind market to achieve global decarbonization. The company’s durable, disruptive hybrid floating platform with a high stability attenuated pitch surmounts the current barriers of buoyancy and geographic limitations while reducing costs and preserving fragile marine environments. The company is based in Dublin and has a presence in Dubai, London, Madrid, and Paris. For more information, visit www.gazellewindpower.com.

For Gazelle Wind Power:
Wendy Prabhu | Mercom Communications
T: +1 512 215 4452
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