Efficiency upgrades for regional district energy provider yield 5 million kWh in energy savings, improving electrical efficiency by over 20%

BALTIMORE--(BUSINESS WIRE)--#BOSpoli--Vicinity Energy, a national decarbonization leader with an extensive portfolio of district energy systems across the United States, has been awarded $1 million in incentives through the EmPOWER Maryland program managed by Baltimore Gas and Electric (BGE) to invest in the significant energy efficiency project that resulted in sustainable upgrades for its district chilled water facilities.

Vicinity invested $2 million to upgrade their district chilled water plants with piping upgrades, variable frequency drives on large motors, improved instrumentation, and sophisticated computer optimization software. This project improved equipment and controls at the Vicinity chilled water system located in Baltimore. Optimum Energy LLC provided the engineering and optimization software that is the heart of the efficiency project.

The upgrade has improved the plant’s overall electrical efficiency by over 20%, saving over 5 million kWh/yr. In addition to the green improvements at the facility, this upgrade increased system reliability and redundancy.

“Vicinity is proud to invest in our existing energy infrastructure today to provide our customers with a more sustainable, resilient option to heat and cool their buildings,” said Mat Ware, Senior Vice President for Vicinity’s South region, including Baltimore. “While we work to decarbonize our systems across the country, driving energy efficiency is critical for the communities we serve.”

Vicinity Energy centrally produces and distributes steam, hot water, and chilled water to over 30 million square feet of building space in Baltimore. More than half of the steam delivered to Baltimore customers is generated through zero carbon, non-fossil fuel-based renewables, resulting in greenhouse gas emissions reductions of 30,000 tons annually, or the equivalent of removing about 11,000 cars from Baltimore’s roads. The company also recently announced the purchase of 100% carbon-free electricity to run its Baltimore heating and cooling operations, eliminating up to 80% of greenhouse gas emissions from cooling operations and 90% of emissions from the electricity used for heating operations.

“We are proud to support Vicinity through Maryland’s EmPOWER Maryland program and support their focus on energy efficiency, which helps to power a cleaner and brighter future for our customers,” said Alexander Núñez, BGE’s senior vice president of governmental, regulatory, and external affairs. “By partnering with forward-thinking companies like Vicinity we are able to bring the State of Maryland closer to its decarbonization goals. This sizable investment from Vicinity shows what we can accomplish when we work together and highlights the power of the EmPOWER Maryland program, which has helped customers reduce their average electric use by 19% since the program began in 2008.”

This announcement comes on the heels of recent developments by Vicinity Energy to decarbonize its district energy systems across the country. Vicinity is on track to fully electrify its steam generation in Boston and Cambridge and introduce innovative technological advancements into its operations, including electric boilers, industrial-scale heat pumps, and molten salt thermal energy storage.

In 2022, the company kicked off its electrification plans by deconstructing a steam turbine at its Kendall Facility in Cambridge, Massachusetts. An electric boiler will be installed in its place, and will begin supplying eSteam™ to customers in 2024. The company’s other locations across the country will undergo similar electrification processes in the coming years.

About Vicinity Energy

Vicinity Energy is a clean energy company that owns and operates an extensive portfolio of district energy systems across the United States. Vicinity produces and distributes reliable, clean steam, hot water, and chilled water to over 230 million square feet of building space nationwide. Vicinity continuously invests in its infrastructure and the latest technologies to accelerate the decarbonization of commercial and institutional buildings in city centers. Vicinity is committed to achieving net zero carbon across its portfolio by 2050. To learn more, visit www.vicinityenergy.us or follow us on LinkedIn, Twitter, Instagram, or Facebook.

Vicinity Energy
Sara DeMille
Marketing and Communications
This email address is being protected from spambots. You need JavaScript enabled to view it.

WARRENVILLE, Ill.--(BUSINESS WIRE)--Fuel Tech, Inc. (NASDAQ: FTEK), a technology company providing advanced engineering solutions for the optimization of combustion systems, emissions control and water treatment in utility and industrial applications, today announced that it will issue its financial results for the fourth quarter and full year ended December 31, 2022 on Tuesday, March 7, 2023 after the close of the stock market.

Management will host a conference call on Wednesday, March 8, 2023 at 10:00 am ET / 9:00 am CT to discuss the results and business activities. Interested parties may participate in the call by dialing:

• (877) 423-9820 (Domestic) or
• (201) 493-6749 (International)

The conference call will also be accessible via the Upcoming Events section of the Company’s web site at www.ftek.com. Following management’s opening remarks, there will be a question-and-answer session. Questions may be asked during the live call, or alternatively, you may e-mail questions in advance to This email address is being protected from spambots. You need JavaScript enabled to view it.. For those who cannot listen to the live broadcast, an online replay will be available at www.ftek.com.

About Fuel Tech

Fuel Tech develops and commercializes state-of-the-art proprietary technologies for air pollution control, process optimization, water treatment, and advanced engineering services. These technologies enable customers to operate in a cost-effective and environmentally sustainable manner. Fuel Tech is a leader in nitrogen oxide (NO_x) reduction and particulate control technologies and its solutions have been in installed on over 1,200 utility, industrial and municipal units worldwide. The Company’s FUEL CHEM^® technology improves the efficiency, reliability, fuel flexibility, boiler heat rate, and environmental status of combustion units by controlling slagging, fouling, corrosion and opacity. Water treatment technologies include DGI™ Dissolved Gas Infusion Systems which utilize a patented channel injector to deliver supersaturated oxygen solutions and other gas-water combinations to target process applications or environmental issues. This infusion process has a variety of applications in the water and wastewater industries, including remediation, aeration, biological treatment and wastewater odor management. Many of Fuel Tech’s products and services rely heavily on the Company’s exceptional Computational Fluid Dynamics modeling capabilities, which are enhanced by internally developed, high-end visualization software. For more information, visit Fuel Tech’s web site at www.ftek.com.

Vince Arnone
President and CEO
(630) 845-4500

Devin Sullivan
Managing Director
The Equity Group Inc.
(212) 836-9608
This email address is being protected from spambots. You need JavaScript enabled to view it.

With NCAA’s Approval, Company Is Among Those to Provide Much-Needed Financial Support for Student-Athletes

DELAFIELD, Wis.--(BUSINESS WIRE)--#logistics--With just a third of undergraduate students completing their degrees within the prescribed four-year period, one thing is clear: College is difficult. And with most collegiate sports teams performing at near-pro levels these days, there’s no debating that life as a college athlete is a more than full-time effort, says Ryan Keepman, CEO for Evans Transportation Services Inc. But minus a paycheck for their hard work and efforts, there’s no guarantee that student-athletes have the financial resources necessary to support a happy, healthy lifestyle, says Jason Mansur, Evans’ president. Thanks to their company, two athletes from the University of Wisconsin now have a little more to lean on.

In 2021, members of the National Collegiate Athletic Association (NCAA) voted to allow athletes to benefit from “name, image and likeness” (NIL), permitting students to receive financial support from corporate sponsors that identify with their performance on and off the field. Evans was among the first to jump at the opportunity, targeting student-athletes from the University of Wisconsin who embody the company’s customer-first, best-in-class philosophy, which it dubs the “Evans Experience.” Beginning in January of this year, the full-service, third-party provider of custom logistics solutions has linked up with Badgers wide receiver Chimere Dike and softball player Molly Schlosser, both of whom company officials say exhibit the sort of heightened level of performance and efficiency that’s synonymous with the Evans brand.

“At Evans, we understand the meaning of partnership, because that’s what our business is based on. We also know what these kids are going through, and want to be there to support them,” says Keepman, who played football at the University of Wisconsin. “Evans believes that there's value in these kids having some money in their pockets, to help them live a healthy and productive college life. With as much as every college athlete gives to their university—and to those of us who are inspired by their performances—we want to do everything we can to help them succeed at even higher levels both on the field and in the classroom.”

As athletes and students, Dike and Schlosser demonstrate Evans’ mantra for heart and hustle. As a senior who is studying communication arts, Dike started all 13 games in the Badger’s 2022 football season, amassing 47 catches and 689 receiving yards. His six scoring plays ranked him as seventh in the Big Ten and were the most for any Badger wide receiver since 2019.

In 2022, Schlosser played in 49 games, 33 of which she started as a freshman. She had 23 hits on the year, including two triples and a double, ending the year with a .253 batting average and a .308 slugging percentage. “I knew that Wisconsin would push me to my limits and better me every single day and I wanted that challenge,” Schlosser says.

“Just like Evans, Molly and Chimere both have proven that they’re driven by commitment,” Keepman says. Both are outstanding athletes, but it isn’t just their on-the-field accomplishments that drew them to Evans. Instead, it’s their performance-based mindsets and drive for constant improvement that match the Evans Experience, officials say. After gathering insights into players from coaching staff and others, “We approach this much the same way we hire,” says Mansur, who ran cross country at the University of St. Thomas. “That’s number one for us and I think it's important to highlight, because that’s what generates this shared energy through name, image and likeness. That shared outlook on how we go about work and life every day allows us to come together as partners, the same way we do with all of our customers. It’s about common goals and a relentless drive for constant improvement.”

And it’s about more than just putting a little money into athletes’ pockets, Keepman points out. “There are a lot of things that I would love to have had when I was a student athlete, including a support system to help steer and mentor me in the right direction,” he says. “Having that opportunity to offer this support is a great feeling and something we hope will make a big impact and difference on the field, in the classroom and in whatever follows, whether it’s a career as a professional athlete or in business.”

About Evans Transportation Services Inc.

Evans Transportation Services Inc. is a full-service, third-party provider of custom logistics solutions for North American shippers. Equipped with exclusive carrier contracts, true transparency, and time- and cost-saving optimizations, the company’s end-to-end transportation management systems are backed by a dedicated team with decades of experience.

Contact (media inquiries only):
Drew Vass
VASSmedia LLC
This email address is being protected from spambots. You need JavaScript enabled to view it.
804.512.7283

VANCOUVER, British Columbia & OXNARD, Calif.--(BUSINESS WIRE)--$LPEN--Loop Energy^TM (TSX: LPEN), a designer and manufacturer of hydrogen fuel cell solutions, has been selected by Wiggins Lift Co., a leading American material handling vehicle manufacturer, to provide the fuel cell system for its new hydrogen-powered eBull forklift product. Loop Energy will deliver the system and begin commissioning in Q2 2023 to support commercial deployment of the hydrogen-electric forklifts in late 2023.

Wiggins provides material handling vehicles to port, marina and warehouse operators across the US and is committed to offering its customers safe, reliable, zero-emissions industrial forklifts. Its decision to manufacture hydrogen-electric forklifts is due to the operating benefits fuel cell engines offer, including fast refuelling times and the ability to meet a range of duty cycles. The California-based company was one of the first manufacturers to provide battery-electric forklifts. With growing customer demand, it aims to be an early mover in the hydrogen-electric material handling vehicle segment.

The material handling market has been a key growth area for both battery-electric and hydrogen-electric vehicles. The global forklift truck segment is estimated to require over 1.5 million units of forklift trucks per annum, with as many as 60% of these trucks being fully electrified.

Wiggins’ transition is partly motivated by ports in California targeting to achieve net zero by 2030. Faced with a strained electrical grid, hydrogen has emerged as an accessible, zero-emissions solution to complete port operations. Evidence of this is the Port of Los Angeles’ Shore-to-Store project, which included unveiling two new high-capacity hydrogen fueling stations in 2022. Wiggins has customers operating its electric forklifts at the Port of Stockton and Port of West Sacramento and expects to fulfill deliveries to the Port of San Diego, Port of Long Beach and Port of Hueneme this year.

Powered by a Loop Energy S300 (30 kW) fuel cell system, Wiggins’ eBull forklift will transport boats, bulk cargo and equipment at ports and marinas. The intense and long duty cycles of material handling vehicles mean that operational uptime and fuel consumption are key contributors to an operator’s total cost of ownership. Wiggins selected Loop Energy as its technology provider after impressing across key metrics, including fuel efficiency, operating lifetime and integration and after-sales support.

“Loop Energy is proud to be selected by a market leader such as Wiggins in the push to decarbonize material handling vehicles across ports in California,” said Loop Energy President & CEO, Ben Nyland. “Wiggins’ vehicles operate in some of the world’s busiest and most productive ports. Their decision to choose our fuel cells further validates our technology and hydrogen’s role in transforming this large market segment.”

“We see the increased operational uptime and capacity to achieve higher duty cycles that fuel cell-powered vehicles can offer as key points of difference for our customers,” said Wiggins Lift Co. CEO, Michele Wiggins. “Loop Energy’s commitment to customer support and delivering a high-performing product made it easy to choose them as our technology provider.”

About Wiggins Lift Co.

Wiggins Lift Co. Inc. is a premier manufacturer of high-capacity forklifts for marine, industrial, agriculture, military, and other specialized applications. With capacities ranging to 88,000 pounds, Wiggins’ high-capacity, specialized forklifts have established the company as a global supplier for materials-handling machines. Some applications include boat-handling for dry-stack marina storage and material-handling machines for the military operation in heavy seas on board the US Navy’s Littoral Combat Ship. Other machines provide unique solutions for mining organizations, breakbulk, and agricultural enterprises. Some customers include government agencies, such as the Atomic Energy of Canada and the USA’s Jet Propulsion Laboratory. The company was founded in the 1950s in Oxnard, Calif. and remains family run and owned to this day.

About Loop Energy Inc.

Loop Energy is a leading designer and manufacturer of fuel cell systems targeted for the electrification of commercial vehicles, including light commercial vehicles, transit buses and medium and heavy-duty trucks. Loop Energy’s products feature the company’s proprietary eFlow™ technology in the fuel cell stack’s bipolar plates. eFlow is designed to enable commercial customers to achieve performance maximization and cost minimization. Loop Energy works with OEMs and major vehicle sub-system suppliers to enable the production of hydrogen fuel cell electric vehicles. For more information about how Loop Energy is driving towards a zero-emissions future, visit www.loopenergy.com.

Forward Looking Warning

This press release contains forward-looking information within the meaning of applicable securities legislation, which reflect management’s current expectations and projections regarding future events. Particularly, statements regarding the Company’s expectations of future results, performance, achievements, prospects or opportunities or the markets in which we operate is forward-looking information, including without limitation, purchase orders, cost reduction, profitability and revenue targets; our future growth prospects and business outlook including without limitation the expected demand for our products, the allocation of resources and funds, the expected timeline for profitability, the planned growth of our customer base and the expected growth of our operations globally. Forward-looking information is based on a number of assumptions (including without limitation assumptions with respect the current and future performance of the Company’s products, growth in demand for the Company’s products, the Company’s ability to execute on its strategy, achieve its targets and progress existing and future customers through the Customer Adoption Cycle in a timely way, and is subject to a number of risks and uncertainties, many of which are beyond the Company’s control and could cause actual results and events to vary materially from those that are disclosed, or implied, by such forward‐looking information. Such risks and uncertainties include, but are not limited to, the realization of electrification of transportation and hydrogen adoption rates, the elimination of diesel fuel and ongoing government support of such developments, the expected growth in demand for fuel cells for the commercial transportation market, our ability to obtain future patent grants for our proprietary technology and the effectiveness of current and future patents in protecting our technology and the factors discussed under “Risk Factors” in the Company’s Annual Information Form dated March 23, 2022. Loop disclaims any obligation to update these forward-looking statements.

Source: Loop Energy Inc.

Investor Inquiries:
Natalie Arseneau | Tel: +1 604.222.3400 Ext. 418 | This email address is being protected from spambots. You need JavaScript enabled to view it.

Sales Inquiries:
Thomas Rost | Tel: +1 317.260.0502 | This email address is being protected from spambots. You need JavaScript enabled to view it.

Media Inquiries:
Lucas Schmidt | Tel: +1.778.791.8756 | This email address is being protected from spambots. You need JavaScript enabled to view it.

Wiggins Lift Co. Inquiries:
Micah McDowell | Tel: (805) 574-7631| This email address is being protected from spambots. You need JavaScript enabled to view it.

CRANBERRY TOWNSHIP, Pa.--(BUSINESS WIRE)--Westinghouse today announced key changes to its leadership team. This follows the departure of Sam Shakir, President of the Operating Plant Services Business Unit, who decided to pursue opportunities outside of the company.

Effective immediately:

• Dan Sumner, currently Executive Vice President (EVP) and Chief Financial Officer (CFO), is appointed President, Operating Plant Services Business Unit
• Shravan Chopra, currently Vice President, Financial Planning & Analysis and Treasurer, is appointed CFO

“As Westinghouse pursues its profitable growth journey across the clean power industry, we continuously strengthen our leadership and leverage the depth of our talent pool,” said Patrick Fragman, President and Chief Executive Officer of Westinghouse. “Dan and Shravan bring wide-ranging expertise and demonstrated achievements in financial, strategic and transformational activities, which will be key as they lead their new organizations.”

Dan Sumner Appointed President, Operating Plant Services Business Unit

In his new role, Mr. Sumner will be accountable for the development and delivery of state-of-the-art solutions for the global fleet of operating nuclear plants through growth across our engineering services, parts and outage & maintenance services businesses.

Mr. Sumner served as Westinghouse’s CFO and EVP of Global Finance & Strategy since 2017 and has been instrumental in the strategic repositioning of the company. Mr. Sumner joined Westinghouse in 2010 and held key leadership roles in finance, strategy, compliance and risk. Previously, he worked for Alcoa as a member of the corporate audit staff after beginning his career in the banking industry.

Mr. Sumner holds a bachelor’s degree in business management from Grove City College and an MBA from the University of Pittsburgh’s Katz School of Business. He is a graduate of Harvard Business School’s Advanced Management Program and has earned executive certificates from Stanford University and the Massachusetts Institute of Technology (MIT) Sloan School of Management.

Shravan Chopra Appointed Chief Financial Officer (CFO) and Executive Vice President, Global Finance & Strategy

As CFO and EVP of Global Finance & Strategy, Mr. Chopra is responsible for Westinghouse’s global finance, strategy and M&A operations and is focused on further strengthening the company’s financial health to help position the company for continued strategic transformation and growth.

Mr. Chopra joined Westinghouse in 2019 as Vice President of Financial Planning & Analysis and Treasury and played a key role in numerous enterprise-level transactions. Prior to joining Westinghouse, Mr. Chopra held the combined roles of Senior Vice President and Treasurer at Exelon Corporation. Earlier in his career, Mr. Chopra led Exelon’s M&A function.

Mr. Chopra is a certified chartered accountant. He holds a bachelor’s degree in economics from the University of Delhi and an MBA from Duke University.

Westinghouse Electric Company is shaping the future of carbon-free energy by providing safe, innovative nuclear and other clean power technologies and services globally. Westinghouse supplied the world’s first commercial pressurized water reactor in 1957 and the company’s technology is the basis for nearly one-half of the world's operating nuclear plants. Over 135 years of innovation makes Westinghouse the preferred partner for advanced technologies covering the complete nuclear energy life cycle. For more information, visit www.westinghousenuclear.com and follow us on Facebook, LinkedIn and Twitter.

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

DALLAS--(BUSINESS WIRE)--Primoris Services Corporation (NASDAQ GS: PRIM) (“Primoris” or the “Company”) today announced financial results for its fourth quarter and full year ended December 31, 2022 and provided the Company’s initial outlook for 2023.

For the full year 2022, Primoris reported the following highlights ⁽¹⁾:

• Revenue of $4,420.6 million, up $923.0 million, or 26.4 percent, compared to the full year of 2021 driven by strong growth in the Utilities and Energy/Renewables segments, including $516.8 million, or 14.8 percent, revenue growth excluding acquisitions
• Net income of $133.0 million, or $2.47 per diluted share, up 14.9 percent from the full year of 2021
• Adjusted net income of $135.8 million, or $2.53 per diluted share, a decrease of 5.6 percent from the full year of 2021
• Record backlog of $5.5 billion, up 37.0 percent from 2021 year end, including Master Service Agreements (“MSA”) backlog of $1.9 billion
• Adjusted earnings before interest, income taxes, depreciation and amortization (“Adjusted EBITDA”) of $283.4 million.

For the fourth quarter 2022, Primoris reported the following highlights⁽¹⁾:

• Revenue of $1.3 billion, up $444.7 million, or up 50.3 percent, compared to the fourth quarter of 2021 driven by strong renewables growth, primarily design and construction of utility scale solar facilities, and $227.8 million from acquisitions
• Net income of $41.5 million, or $0.77 per diluted share, up 40.5 percent from the fourth quarter of 2021
• Adjusted net income of $50.2 million, or 0.93 per diluted share, up 46.0 percent from the fourth quarter of 2021
• Adjusted EBITDA of $95.6 million, or 7.2 percent of revenue, up 42.6 percent, from the fourth quarter of 2021
• Fourth quarter net cash provided by operating activities of $185.4 million driven primarily by favorable changes in working capital

“We exited 2022 on a great trajectory for the future of Primoris. During the year we grew revenue to a record $4.4 billion, including 15 percent growth excluding acquisitions, and our backlog to a record $5.5 billion, including 21 percent growth excluding acquired backlog, which will serve as the basis for our continued progress in 2023,” said Tom McCormick, President and Chief Executive Officer of Primoris.

“We navigated through the challenges of economic uncertainty, fuel and wage inflation, supply chain constraints and a difficult pipeline environment to deliver profitable growth for the sixth consecutive year. We worked with our customers to respond to rapidly changing labor and fuel costs and with suppliers to ensure we had the necessary materials to deliver customer projects on time. We strengthened our capabilities in power delivery with the acquisition of PLH, further expanded our communications market presence and significantly grew our renewables franchise. I am proud of our employees’ efforts to achieve these results while making it a priority to perform our jobs safely and to the customers satisfaction.”

“Looking ahead into 2023, I believe we are well-positioned for another successful year with a strong backlog and improving demand outlook for our services. While there are still uncertainties and the potential for further inflation and supply chain impacts, I am confident that we will successfully execute on our strategic priorities to deliver positive outcomes for our customers, employees and shareholders.”

Fourth Quarter 2022 Results Overview

Revenue was $1,329.1 million for the three months ended December 31, 2022, an increase of $444.7 million, compared to the same period in 2021. Revenue increased across all segments driven by an increase in the design and construction of utility scale solar facilities, the commencement of a large pipeline project and $227.8 million from the PLH and B Comm acquisitions. Gross profit was $153.4 million for the three months ended December 31, 2022, an increase of $57.4 million compared to the same period in 2021. The increase was primarily due to improved margins in solar and industrial projects in the Energy/Renewables segment, higher communications revenue mix and $28.6 million from the PLH and B Comm acquisitions. This was partially offset by an unfavorable mix of lower margin work in the Pipeline Services segment. Gross profit as a percentage of revenue increased to 11.5 percent from 10.9 percent for the same period in 2021.

This press release includes Non-GAAP financial measures. The Company believes these measures enable investors, analysts and management to evaluate Primoris’ performance excluding the effects of certain items that management believes impact the comparability of operating results between reporting periods. In addition, management believes these measures are useful in comparing the Company’s operating results with those of its competitors. Please refer to “Non-GAAP Measures” and Schedules 1, 2 and 3 for the definitions and reconciliations of the Company’s Non-GAAP financial measures, including “Adjusted Net Income,” “Adjusted EPS” and “Adjusted EBITDA”.

During the fourth quarter of 2022, net income was $41.5 million, or $0.77 per diluted share, an increase of 40.5 percent compared to $29.5 million, or $0.55 per diluted share, in the previous year. Adjusted Net Income was $50.2 million, or $0.93 per diluted share, for the fourth quarter, an increase of 46.0 percent compared to $34.3 million, or $0.63 per diluted share, for the fourth quarter of 2021. Adjusted EBITDA was $95.6 million for the fourth quarter of 2022, an increase of $28.6 million, or 42.6 percent, compared to $67.1 million for the same period in 2021.

The Company’s three segments are: Utilities, Energy/Renewables and Pipeline Services. Revenue and gross profit for the segments for the three months ended December 31, 2022 and 2021 were as follows:

Utilities Segment (“Utilities”): Revenue increased by $133.6 million, or 30.2 percent, for the three months ended December 31, 2022, compared to the same period in 2021, primarily due to $144.6 million from the PLH and B Comm acquisitions and increased activity with communications customers. Gross profit for the three months ended December 31, 2022 increased by $17.9 million, or 34.4 percent, compared to the same period in 2021. The increase is primarily attributable to the incremental impact of $15.1 million from the PLH and B Comm acquisitions, partially offset by lower margins related to higher cost inflation compared to the previous year. Gross profit as a percentage of revenue increased to 12.1 percent during the three months ended December 31, 2022 compared to 11.7 percent for the same period in 2021.

Energy and Renewables Segment (“Energy/Renewables”): Revenue increased by $272.3 million, or 73.7 percent, for the three months ended December 31, 2022, compared to the same period in 2021. The increase year-over-year was primarily due to increased renewable energy activity of $166.0 million, $55.9 million from the PLH acquisition and industrial activity in California and the Gulf Coast. Gross profit for the three months ended December 31, 2022, increased by $41.2 million, or 107.1 percent, compared to the same period in 2021, primarily due to higher revenue and margins. Gross profit as a percentage of revenue increased to 12.4 percent during the three months ended December 31, 2022, compared to 10.4 percent in the same period in 2021, primarily due to the contribution from higher margin renewables work and improved margins in the industrials business.

Pipeline Services Segment (“Pipeline”): Revenue increased by $38.8 million, or 53.7 percent, for the three months ended December 31, 2022, compared to the same period in 2021. The increase is primarily due to $27.3 million from the PLH acquisition and progress made on a Texas pipeline project awarded in the third quarter of 2022. Gross profit for the three months ended December 31, 2022 decreased by $1.7 million, or 31.4 percent, compared to the same period in 2021, primarily due to the unfavorable mix of work and fewer project closeouts compared to the fourth quarter of 2021. Similarly, gross profit as a percentage of revenue decreased to 3.4 percent during the three months ended December 31, 2022, compared to 7.7 percent in the same period in 2021.

Full Year 2022 Results Overview

Revenue for the year ended December 31, 2022 increased by $923.0 million, compared to 2021. The increase was primarily due to growth in the Company’s Energy/Renewables and Utilities segments, including $406.2 million from its acquisition of PLH and B Comm, partially offset by a decrease in revenue in the Company’s Pipeline segment.

For the year ended December 31, 2022, gross profit increased by $40.2 million, or 9.7 percent, compared to 2021. The increase was primarily due to $46.4 million from the Company’s acquisition of PLH and B Comm and an increase in margins from its Energy/Renewables segment driven by growth in solar projects and improved margins on industrial projects. This was partially offset by negative gross profit in the Pipeline Services segment due to the steep decline in pipeline projects sanctioned and permitted in 2022. Gross profit as a percentage of revenue decreased to 10.3 percent from 11.9 percent in the same period in 2021. The decline in gross profit margin was primarily due to the decline in high margin pipeline work as well as wage and fuel inflation impacts, particularly in the first half of the year.

For the full year 2022, net income was $133.0 million, or $2.47 per fully diluted share, compared to $115.7 million, or $2.17 per fully diluted share, in the previous year, an increase of 14.9 percent. Adjusted Net Income was $135.8 million, or $2.53 per fully diluted share, for the full year 2022 compared to $143.4 million, or $2.70 per fully diluted share, for the same period in 2021. Adjusted EBITDA was $283.4 million for 2022, a decrease of 4.8 percent, compared to $297.7 million for the full year 2021.

Revenue and gross profit for the Utilities, Energy/Renewables and Pipeline segments for the years ended December 31, 2022 and 2021 were as follows:

Utilities: Revenue increased by $366.4 million, or 22.1 percent, during 2022 compared to 2021. The increase is primarily attributable to $260.7 million from the PLH and B Comm acquisitions and increased activity with customers across our power delivery and communications markets. Gross profit increased $24.4 million, or 13.1 percent, during 2022 compared to 2021. The increase is primarily attributable to $26.2 million in incremental impact of the PLH and B Comm acquisitions and an increase in communications activity, partially offset by lower margins from the impacts of wage and fuel inflation. Gross profit as a percentage of revenue decreased to 10.4 percent in 2022 compared to 11.2 percent in 2021. This decline in gross profit as a percent of revenue was primarily due to the rapid increase in fuel and labor costs in 2022 that in some cases exceeded the contractual caps of some of our master service agreements with customers. We successfully renegotiated a number of our major MSA contracts to address fuel and labor costs on future work and saw the improvement in Utilities gross profit as a percentage of revenue in the second half of 2022.

Energy/Renewables: Revenue increased by $679.3 million, or 48.2 percent, during 2022 compared to 2021, primarily due to a $430.1 million increase in renewable energy activity, $106.4 million from the PLH acquisition and increased project work on electric power and hydrogen plants. Gross profit increased by $102.6 million, or 68.3 percent, during 2022 compared to 2021, primarily due to higher revenue and margins. Gross profit as a percentage of revenue increased to 12.1 percent in 2022 compared to 10.7 percent in 2021 primarily due to contributions from higher margin solar projects, favorable mix of industrials projects and a decrease in the impact of higher costs associated with a liquified natural gas plant project in the Northeast experienced in 2021.

Pipeline: Revenue decreased by $122.7 million, or 28.4 percent, during 2022 compared to 2021. The decrease is primarily due to the substantial completion of pipeline projects in 2021 and a decline in the overall midstream pipeline market demand from historically high levels, along with challenges in permitting new pipelines. This was partially offset by $39.0 million of revenue from the PLH acquisition. Gross profit decreased by $86.7 million, or 108.3 percent, during 2022 compared to 2021, primarily due to lower revenue and margins. Gross profit as a percentage of revenue decreased to negative 2.2 percent in 2022 compared to 18.6 percent in 2021, primarily due to higher costs on a pipeline project in the Mid-Atlantic from unfavorable weather conditions experienced in 2022 and lower than anticipated volumes in 2022, which led to higher relative carrying costs for equipment and personnel. In addition, we had a favorable impact from the closeout of multiple pipeline projects in 2021 that did not reoccur in 2022.

Other Income Statement Information

Selling, general and administrative (“SG&A”) expenses were $281.6 million during the year ended December 31, 2022, an increase of $51.5 million, or 22.4 percent, compared to 2021 primarily due to a $28.3 million increase in incremental expense from the PLH and B Comm acquisitions as well as increased costs to support our strong organic growth. SG&A expense as a percentage of revenue decreased to 6.4 percent in 2022 compared to 6.6 percent in 2021 primarily due to increased revenue.

Interest expense, net for the year ended December 31, 2022 was $39.2 million compared to $18.5 million for the year ended December 31, 2021. The increase of $20.7 million was due to an increase in term loan debt of $439.5 million related to the PLH acquisition and higher weighted average interest rates, partially offset by a $5.6 million unrealized gain on the Company’s interest rate swap. Interest expense for the year 2023 is expected to increase to approximately $73 to $77 million due to higher debt balances and higher interest rates.

The effective tax rate was 16.5 percent for the year ended December 31, 2022. The decrease from 23.8 percent for the year ended December 31, 2021 was primarily due to the release of capital loss valuation allowances during 2022 and tax credits.

Outlook

The Company is providing its estimates for the year ending December 31, 2023. Net income is expected to be between $2.10 and $2.30 per fully diluted share. Adjusted EPS is estimated in the range of $2.50 to $2.70 for 2023. Adjusted EBITDA for the full year 2023 is expected to range from $350 million to $370 million.

The Company is targeting SG&A expense as a percentage of revenue in the low six percent range for full year 2023. The Company estimates capital expenditures for 2022 in the range of $80 to $100 million, which includes $40 to $60 million for construction equipment. The Company’s targeted gross margins by segment are as follows: Utilities in the range of 9 to 11 percent; Energy in the range of 10 to 12 percent. The Company expects its effective tax rate for 2022 to be approximately 28 percent but may vary depending on the mix of states in which the Company operates.

Adjusted EPS and Adjusted EBITDA are non-GAAP financial measures. Please refer to “Non-GAAP Measures” and Schedules below for the definitions and reconciliations. The guidance provided above constitutes forward-looking statements, which are based on current economic conditions and estimates, and the Company does not include other potential impacts, such as changes in accounting or unusual items. Supplemental information relating to the Company’s financial outlook is posted in the Investor Relations section of the Company’s website at www.prim.com.

At December 31, 2022, Fixed Backlog was $3.6 billion, an increase of $1.1 billion, or 44 percent compared to $2.5 billion at December 31, 2021. MSA Backlog represents estimated MSA revenue for the next four quarters. MSA Backlog was $1.9 billion, an increase of 0.4 billion, or 25 percent, compared to $1.5 billion at December 31, 2021. Total Backlog as of December 31, 2022 was $5.5 billion. The Company expects that during the next four quarters, the Company will recognize as revenue approximately 73 percent of the total backlog at December 31, 2022, comprised of backlog of approximately: 100 percent of Utilities; 56 percent of Energy/Renewables; and 85 percent of Pipeline.

Backlog, including estimated MSA revenue, should not be considered a comprehensive indicator of future revenue. Revenue from certain projects where scope, and therefore contract value, is not adequately defined, is not included in Fixed Backlog. At any time, any project may be cancelled at the convenience of the Company’s customers.

Liquidity and Capital Resources

At December 31, 2022, the Company had $248.7 million of unrestricted cash and cash equivalents. The Company had $100.0 million in outstanding borrowings under the revolving credit facility, commercial letters of credit outstanding were $47.3 million and the available borrowing capacity was $177.7 million. In 2022, capital expenditures were $94.7 million, including $48.5 million in equipment purchases.

Dividend

The Company also announced that on February 22, 2023, its Board of Directors declared a $0.06 per share cash dividend to stockholders of record on March 31, 2023, payable on approximately April 14, 2023.

Share Purchase Program

In November 2021, the Company’s Board of Directors authorized a $25.0 million share purchase program. In February 2022, the Company’s Board of Directors replenished the limit to $25.0 million. During the year ended December 31, 2022, the Company purchased and cancelled 277,200 shares of common stock, which in the aggregate equaled $6.0 million at an average share price of $21.61. As of December 31, 2022, we had $19.0 million remaining for purchase under the share purchase program and the plan expires on December 31, 2023.

Other Business Updates

Beginning with the first quarter of 2023, the Company will consolidate and reorganize its operating segments. The two reorganized segments will be Utilities and Energy.

Conference Call and Webcast

As previously announced, management will host a conference call and webcast on Tuesday, February 28, 2023, at 9:00 a.m. U.S. Central Time (10:00 a.m. U.S. Eastern Time). Tom McCormick, President and Chief Executive Officer, and Ken Dodgen, Executive Vice President and Chief Financial Officer, will discuss the Company’s results and business outlook.

Investors and analysts are invited to participate in the call by phone at 1-888-330-3428, or internationally at 1-646-960-0679 (access code: 7581464) or via the Internet at www.prim.com. A replay of the call will be available on the Company’s website or by phone at 1-800-770-2030, or internationally at 1-647-362-9199 (access code: 7581464), for a seven-day period following the call.

Presentation slides to accompany the conference call are available for download under “Events & Presentations” in the “Investors” section of the Company’s website at www.prim.com.

Non-GAAP Measures

This press release contains certain financial measures that are not recognized under generally accepted accounting principles in the United States (“GAAP”). Primoris uses earnings before interest, income taxes, depreciation and amortization (“EBITDA”), Adjusted EBITDA, Adjusted Net Income, and Adjusted EPS as important supplemental measures of the Company’s operating performance. The Company believes these measures enable investors, analysts, and management to evaluate Primoris’ performance excluding the effects of certain items that management believes impact the comparability of operating results between reporting periods. In addition, management believes these measures are useful in comparing the Company’s operating results with those of its competitors. The non-GAAP measures presented in this press release are not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. In addition, Primoris’ method of calculating these measures may be different from methods used by other companies, and, accordingly, may not be comparable to similarly titled measures as calculated by other companies that do not use the same methodology as Primoris. Please see the accompanying tables to this press release for reconciliations of the following non‐GAAP financial measures for Primoris’ current and historical results: EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted EPS.

About Primoris

Primoris Services Corporation is a leading specialty contractor providing critical infrastructure services to the utility, energy/renewables and pipeline services markets throughout the United States and Canada. The Company supports a diversified base of blue-chip customers with engineering, procurement, construction and maintenance services. A focus on multi-year master service agreements and an expanded presence in higher-margin, higher-growth markets such as utility-scale solar facility installations, renewable fuels, power delivery systems and communications infrastructure have also increased the Company’s potential for long-term growth. Additional information on Primoris is available at www.prim.com.

Forward Looking Statements

This press release contains certain forward-looking statements, including the Company’s outlook, that reflect, when made, the Company’s expectations or beliefs concerning future events that involve risks and uncertainties, including with regard to the Company’s future performance.

Ken Dodgen
Executive Vice President, Chief Financial Officer
(214) 740-5608
This email address is being protected from spambots. You need JavaScript enabled to view it.

Blake Holcomb
Vice President, Investor Relations
(214) 545-6773
This email address is being protected from spambots. You need JavaScript enabled to view it.

HOUSTON--(BUSINESS WIRE)--Enterprise Products Partners L.P. (NYSE:EPD) today announced that its 2022 tax packages, including schedule K-1’s are now available online. They may be accessed through the K-1 Tax Package Support website, www.taxpackagesupport.com/enterprise. The partnership expects to begin mailing the 2022 tax packages today and complete mailing by Monday, March 6, 2023. For additional information, unitholders may call K-1 Tax Package Support toll free at (800) 599-9985 weekdays between 8 a.m. and 5 p.m. CT.

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

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

Crane NXT Scheduled to Become Independent Company on April 3, 2023, following Completion of Previously Announced Separation Transaction

STAMFORD, Conn.--(BUSINESS WIRE)--Crane Holdings, Co. (“Crane,” NYSE: CR), a diversified manufacturer of highly engineered industrial products, today announced that Christina Cristiano has been appointed Senior Vice President, Chief Financial Officer of Crane NXT, a premier Industrial Technology business. A highly experienced finance executive with broad-based expertise, Ms. Cristiano prior to this appointment served as Vice President, Controller and Chief Accounting Officer at Crane since 2019. Over the past year, she has led the corporate efforts to separate Crane Holdings, Co. into two independent, publicly traded companies, which is expected to occur on April 3, 2023.

As part of the Crane NXT leadership team, Ms. Cristiano will be a key partner to Crane NXT’s President and Chief Executive Officer Aaron W. Saak, responsible for financial strategy, including future portfolio growth initiatives and capital allocation as well as overseeing all aspects of finance, investor relations, IT and global information security.

Mr. Saak said, “Since I joined Crane last year, I have worked closely with Christina in driving strategy development for Crane NXT as well as building out the financial structure and team. Throughout this time, I have been deeply impressed by her in-depth knowledge of the business, commitment to delivering continuous improvement, and ability to ensure that all key separation milestones have been met to enable Crane NXT to hit the ground running in executing on the strategies that will enable us to drive strong profitable growth and maximize value for our shareholders.”

Ms. Cristiano said, “Working with Aaron and the other Crane NXT leaders, we developed a growth strategy to leverage our leading technology, global scale, best in class financials and consistently strong cash generation to maximize the potential of our business across current and adjacent high-growth markets. This includes pursuing the substantial opportunities we have to grow both organically and through acquisitions focused on security, detection and authentication, and executing with the disciplined deployment of the Crane Business System. I am very excited to be part of the Crane NXT leadership team and look forward to our next stage of growth as an independent company.”

In her role as VP, Controller and Chief Accounting Officer at Crane, Ms. Cristiano’s work has included oversight of internal and external financial reporting, transaction diligence and integration, enterprise risk management, and leading critical continuous improvement projects in collaboration with each of the company’s business units and corporate functions. Prior to joining Crane, Ms. Cristiano spent a decade at Thomson Reuters in roles of increasing responsibility, including serving from 2016-2019 as Vice President, Global Controller, leading the company’s global accounting and statutory reporting organization and playing a key role in transaction execution. Ms. Cristiano began her career at Ernst & Young, where she spent 14 years and rose to become a Senior Manager in Transaction Advisory Services. Ms. Cristiano earned a B.S. in Accounting from Villanova University and an M.B.A. from the Columbia University Graduate School of Business.

Upcoming Investor Conference Next Week for Crane Company and Crane NXT, Co.

Crane Company and Crane NXT, Co. (“Crane NXT”) will each host an investor conference on March 9, 2023 in New York City. At both events, key executives will provide a detailed review of each company’s business, strategy, capital structure, and capital deployment policies, as well as an update on their 2023 business outlook. To RSVP or to request additional information, please email: This email address is being protected from spambots. You need JavaScript enabled to view it..

About Crane Holdings, Co.

Crane Holdings, Co. is a diversified manufacturer of highly engineered industrial products. Founded in 1855, Crane provides products and solutions to customers across end markets including aerospace, defense, chemical and petrochemical, water and wastewater, payment automation, and banknote security and production, as well as for a wide range of general industrial and consumer applications. The Company has four business segments: Aerospace & Electronics, Process Flow Technologies, Payment & Merchandising Technologies, and Engineered Materials. Crane has approximately 11,000 employees in the Americas, Europe, the Middle East, Asia and Australia. Crane is traded on the New York Stock Exchange (NYSE:CR). For more information, visit www.craneco.com.

Forward-Looking Statements Disclaimer

This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include all statements that are not historical statements of fact and those regarding our intent, belief, or expectations, including, but not limited to: statements regarding Crane’s and the ultimate spin-off company’s (“SpinCo”) portfolio composition and their relationship following the business separation; the anticipated timing, structure, benefits, and tax treatment of the separation transaction; benefits and synergies of the separation transaction; strategic and competitive advantages of each of Crane and SpinCo; future financing plans and opportunities; and business strategies, prospects and projected operating and financial results. In addition, there is also no assurance that the separation transaction will be completed, that Crane’s Board of Directors will continue to pursue the separation transaction (even if there are no impediments to completion), that Crane will be able to separate its businesses or that the separation transaction will be the most beneficial alternative considered. We caution investors not to place undue reliance on any such forward-looking statements.

Words such as “anticipate(s),” “expect(s),” “intend(s),” “believe(s),” “plan(s),” “may,” “will,” “would,” “could,” “should,” “seek(s),” and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. These statements are based on management’s current expectations and beliefs and are subject to a number of risks and uncertainties that could lead to actual results differing materially from those projected, forecasted or expected. Although we believe that the assumptions underlying the forward-looking statements are reasonable, we can give no assurance that our expectations will be attained.

Risks and uncertainties that could cause actual results to differ materially from our expectations include, but are not limited to: changes in global economic conditions (including inflationary pressures) and geopolitical risks, including macroeconomic fluctuations that may harm our business, results of operation and stock price; the continuing effects from the coronavirus pandemic on our business and the global and U.S. economies generally; information systems and technology networks failures and breaches in data security, theft of personally identifiable and other information, non-compliance with our contractual or other legal obligations regarding such information; our ability to source components and raw materials from suppliers, including disruptions and delays in our supply chain; demand for our products, which is variable and subject to factors beyond our control; governmental regulations and failure to comply with those regulations; fluctuations in the prices of our components and raw materials; loss of personnel or being able to hire and retain additional personnel needed to sustain and grow our business as planned; risks from environmental liabilities, costs, litigation and violations that could adversely affect our financial condition, results of operations, cash flows and reputation; risks associated with conducting a substantial portion of our business outside the U.S.; being unable to identify or complete acquisitions, or to successfully integrate the businesses we acquire, or complete dispositions; adverse impacts from intangible asset impairment charges; potential product liability or warranty claims; being unable to successfully develop and introduce new products, which would limit our ability to grow and maintain our competitive position and adversely affect our financial condition, results of operations and cash flow; significant competition in our markets; additional tax expenses or exposures that could affect our financial condition, results of operations and cash flows; inadequate or ineffective internal controls; specific risks relating to our reportable segments, including Aerospace & Electronics, Process Flow Technologies, Payment & Merchandising Technologies and Engineered Materials; the ability and willingness of Crane and SpinCo to meet and/or perform their obligations under any contractual arrangements that are entered into among the parties in connection with the separation transaction and any of their obligations to indemnify, defend and hold the other party harmless from and against various claims, litigation and liabilities; and the ability to achieve some or all the benefits that we expect to achieve from the separation transaction.

Readers should carefully review Crane’s financial statements and the notes thereto, as well as the section entitled “Risk Factors” in Item 1A of Crane’s Annual Report on Form 10-K for the year ended December 31, 2021 and the other documents Crane and its subsidiaries file from time to time with the SEC. Readers should also carefully review the “Risk Factors” section of the registration statement relating to the business separation, which has been filed by SpinCo with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.

These forward-looking statements reflect management’s judgment as of this date, and Crane assumes no (and disclaims any) obligation to revise or update them to reflect future events or circumstances.

We make no representations or warranties as to the accuracy of any projections, statements or information contained in this document. It is understood and agreed that any such projections, targets, statements and information are not to be viewed as facts and are subject to significant business, financial, economic, operating, competitive and other risks, uncertainties and contingencies many of which are beyond our control, that no assurance can be given that any particular financial projections ranges, or targets will be realized, that actual results may differ from projected results and that such differences may be material. While all financial projections, estimates and targets are necessarily speculative, we believe that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection, estimate or target extends from the date of preparation. The assumptions and estimates underlying the projected, expected or target results are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the financial projections, estimates and targets. The inclusion of financial projections, estimates and targets in this press release should not be regarded as an indication that we or our representatives, considered or consider the financial projections, estimates and targets to be a reliable prediction of future events.

This press release does not constitute an offer to sell, or a solicitation of an offer to buy, securities for sale.

Jason D. Feldman
Vice President, Investor Relations
203-363-7329
www.craneco.com

Trend responsible for tens of millions of dollars in lost revenue annually

BOSTON--(BUSINESS WIRE)--Raptor Maps, the leading provider of solar lifecycle management software, published the fifth edition of its Global Solar Report, with data that strikingly illustrates the underperformance of solar assets. The findings are of critical importance as the solar industry experiences unprecedented growth.

The report finds that the amount of power loss due to anomalies nearly doubled from 1.61% in 2019 to 3.13% in 2022. The revenue loss is estimated at roughly $82 million for the more than 24GW of solar assets analyzed by Raptor Maps in 2022.

The report can be downloaded here.

“Raptor Maps now has data on 80GW of PV systems from thousands of individual inspections in dozens of countries, and the numbers tell us that power loss from anomalies has nearly doubled in four years,” notes Eddie Obropta, CTO and co-founder of Raptor Maps. “The implications for the industry’s long-term bankability run deep at a time when legislation like the Inflation Reduction Act is supercharging growth in solar.”

Raptor Maps’ industry-leading dataset grows every year — it increased 21% from 2021 to 2022 — offering unique insights into the health of solar assets globally and providing benchmarking data for customers of its software platform, Raptor Solar. For the first time, the 2023 edition of the Global Solar Report includes benchmarks of power loss by site size, granular module-level anomalies insights by PV cell type, and a view of the shifting module OEM landscape.

“Raptor Maps provides customers with a digital twin that is a living record of a solar farm, monitoring power production—or power loss—as it occurs,” explains Obropta.

The report underscores the need for asset owners and managers to monitor equipment performance over time, proactively identifying maintenance issues and warranty claim opportunities.

“The advanced analytics in our Raptor Solar platform uses measurements like those highlighted in this report to provide a system of record that solar stakeholders can use to help installations flourish for decades,” says Raptor Maps CEO and cofounder Nikhil Vadhavkar. “Digital workflows can drive massive productivity gains by ensuring plants are operating at peak efficiency, as we have seen with our Raptor Solar Warranty Claims product, where initial data suggests a reduction in manufacturer review time by up to 90%.”

About Raptor Maps
Raptor Maps is a US-based solar software company founded by MIT engineers. Its flagship product, Raptor Solar, enables data-driven asset management and an increased rate of return across utility-scale and C&I portfolios. Raptor Maps enables its customers to scale with its industry-leading digital twin, unlocking high-value workflows from the fusion of equipment records, inspection analytics, in-field sensor information, and customer input. Raptor Maps has provided analytics for over 80 GW of solar PV across 48 countries. Learn more on our website and LinkedIn.

Media
Gabby Warshawer
Communications & Publicity Strategist
Raptor Maps
617-902-5614
This email address is being protected from spambots. You need JavaScript enabled to view it.

HOUSTON--(BUSINESS WIRE)--Oceaneering International, Inc. (“Oceaneering”) (NYSE:OII) announced that T. Jay Collins will retire as a member and Chairman of the Board of Directors (the “Board”) immediately following the 2023 Annual Meeting of Shareholders and that M. Kevin McEvoy will succeed Mr. Collins as Chairman.

Mr. McEvoy has been a director of Oceaneering since 2011. He served as Chief Executive Officer (“CEO”) of Oceaneering from 2011 to 2017, and as President of Oceaneering from 2011 to 2015. Mr. McEvoy also previously served as Chief Operating Officer of Oceaneering from 2010 until 2011 and as Executive Vice President from 2006 to 2008. His service with Oceaneering began in 1979 with Solus Ocean Systems, Inc., which was acquired by Oceaneering in 1984. Mr. McEvoy also serves as the Independent Lead Director of EMCOR Group, Inc.

Mr. Collins has served on the Board since 2002 and as Chairman since May 2021. Mr. Collins served as Oceaneering’s Chief Executive Officer from 2006 to 2011 and its President from 2002 to 2006. Mr. Collins previously held other executive positions with Oceaneering, joining the Company as Senior Vice President and Chief Financial Officer in 1993. Mr. Collins stated, “I have been honored to serve with Oceaneering and am very pleased that the Board has selected Kevin McEvoy to assume the role of Chairman. Kevin brings deep experience and expertise in energy, aerospace and defense, all of which gives me great confidence in the future for Oceaneering.”

Roderick A. Larson, Oceaneering’s President and CEO, stated, “My fellow board members and I thank Jay for his thoughtful leadership over nearly 30 years of service. His drive for operational excellence and commitment to safety was instrumental in Oceaneering becoming the recognized international enterprise that it is today, with technology-enabled services and products serving a broad range of markets, including energy production, energy transition, autonomous mobile robotics, aerospace and defense and digital solutions. I look forward to working with the Board under Kevin’s leadership, as we continue to grow the company and advance our robotics expertise.”

Oceaneering is a global technology company delivering engineered services and products and robotic solutions to the offshore energy, defense, aerospace, manufacturing, and entertainment industries.

For more information on Oceaneering, please visit www.oceaneering.com.

Mark Peterson
Vice President, Corporate Development and Investor Relations
Oceaneering International, Inc.
713-329-4507
This email address is being protected from spambots. You need JavaScript enabled to view it.

HOUSTON--(BUSINESS WIRE)--Today, Western Midstream Partners, LP (NYSE: WES) (“WES” or the “Partnership”) announced that after the market close it made available on its website at www.westernmidstream.com a post-earnings interview with Kristen Shults, Senior Vice President and Chief Financial Officer, to provide additional insights related to fourth-quarter and full-year 2022 results.

On March 1, 2023, Ms. Shults and Daniel Jenkins, Director of Investor Relations, will participate in one-on-one and group sessions at the 2023 Morgan Stanley Energy and Power Conference.

On March 2, 2023, Ms. Shults and Mr. Jenkins will participate in one-on-one and group sessions at Barclay’s 2023 Investment Grade Energy and Pipeline Corporate Days event.

On March 13, 2023, Ms. Shults and Shelby Keltner, Manager of Investor Relations, will participate in one-on-one and group sessions at the 2023 Mizuho Energy Summit.

ABOUT WESTERN MIDSTREAM

Western Midstream Partners, LP (“WES”) is a Delaware master limited partnership formed to acquire, own, develop, and operate midstream assets. With midstream assets located in the Rocky Mountains, North-central Pennsylvania, Texas, and New Mexico, WES is engaged in the business of gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, NGLs, and crude oil; and gathering and disposing of produced water for its customers. In addition, in its capacity as a processor of natural gas, WES also buys and sells natural gas, NGLs, and condensate on behalf of itself and as an agent for its customers under certain of its contracts.

For more information about Western Midstream Partners, LP and Western Midstream Flash Feed updates, please visit www.westernmidstream.com.

Daniel Jenkins
Director, Investor Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
832.636.1009

Shelby Keltner
Manager, Investor Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
832.636.1009

• Generated fourth quarter 2022 net income¹ of $48.5 million and Pro Forma Adjusted EBITDA^2,3,4 of $211.1 million
• Reported full year 2022 net income¹ of $250.7 million, Pro Forma Adjusted EBITDA^2,3,4 of $822.2 million, and Capital Expenditures⁵ of $284.0 million
• Issuing full year 2023 Adjusted EBITDA^2,6 guidance of $800 million to $860 million and $490 million to $540 million of 2023 Capital Expenditures guidance (“2023 Guidance”), which is mainly comprised of mid-single-digit EBITDA build multiple projects with committed volumes, primarily benefiting 2024 Adjusted EBITDA
• Expect to exit 2023 at approximately 1.5 Bcf/d of processed natural gas volume, an approximately 20% increase compared to fourth quarter 2022
• Announcing expansion into Lea County, New Mexico underwritten by a new, long-term gathering and processing agreement with a substantial minimum volume commitment (“MVC”) from a large cap, investment grade counterparty
• Further strengthening the balance sheet with the Core Shareholders’ (as defined below) reinvestment of 100% of their 2023 dividends⁷ in additional shares of Kinetik Class A Common Stock under the existing Dividend Reinvestment Plan (“DRIP”)
• Announcing a $100 million share repurchase program (the “Repurchase Program”), with shares acquired under the program expected to be reissued under the DRIP

HOUSTON & MIDLAND, Texas--(BUSINESS WIRE)--Kinetik Holdings Inc. (NYSE: KNTK) (“Kinetik” or the “Company”) today reported financial results for the quarter and year ended December 31, 2022.

2022 Results and Commentary

For the three and twelve months ended December 31, 2022, Kinetik processed natural gas volumes of 1.26 Bcf/d and 1.20 Bcf/d, respectively, and reported net income including non-controlling interest of $48.5 million and $250.7 million, respectively. Kinetik generated Pro Forma Adjusted EBITDA^2,3,4 of $211.1 million and $822.2 million for the three and twelve months ended December 31, 2022, respectively, Pro Forma Distributable Cash Flow (“DCF”)^2,3,4 of $142.2 million and $616.2 million for the three and twelve months ended December 31, 2022, respectively, and Pro Forma Free Cash Flow (“FCF”)^2,3,4 of $91.7 million and $371.8 million for the three and twelve months ended December 31, 2022, respectively.

Results benefited from increased volumes across both the Midstream Logistics and Pipeline Transportation segments as well as over $30 million of Adjusted EBITDA² synergies from cost reductions, system optimization, and compression relocation projects. These benefits were partially offset by weaker commodity prices in the fourth quarter and the impact of Winter Storm Elliott, which temporarily resulted in lower gas and crude volumes across the system during the second half of December.

“We are extremely proud of the results we achieved in 2022,” said Jamie Welch, Kinetik’s Chief Executive Officer and President. “We reported full year 2022 Pro Forma Adjusted EBITDA^2,3,4 of $822.2 million, meeting the revised guidance we provided in August (and exceeding the top end of the initial guidance we issued at the start of the year), despite lower commodity prices in the second half of 2022, and the impact of December’s Winter Storm Elliott. At the same time, our full year 2022 Capital Expenditures⁵ were $284.0 million, near the bottom of our $280 million to $300 million revised guidance.

Throughout the year, we executed upon a number of strategic goals and priorities, while successfully mostly completing our merger integration, outperforming our synergy targets, and operating safely and reliably. We made great strides towards our capital structure goals by fully redeeming the Series A Preferred Units and completing our comprehensive refinancing. Our commercial team did an excellent job executing multiple new agreements, which along with organic growth from existing customers will contribute to an estimated 15% increase in fee-based, sustainable Gross Profit in 2023 and sets us up for continued growth in 2024 and beyond. Furthermore, we extended our intrabasin natural gas liquids system, initiated a 120 MMcf/d expansion at the Diamond Cryo processing complex, and reached final investment decisions on both the Permian Highway Pipeline (“PHP”) expansion and Delaware Link (“D Link”) natural gas pipeline projects. We expect to complete the expansion of Diamond Cryo in April and to place into service D Link and the PHP expansion in the fourth quarter of this year.”

2023 Guidance and Outlook

Kinetik estimates full year 2023 Adjusted EBITDA^2,6 between $800 million and $860 million. The midpoint of the 2023 Guidance implies an approximately 15% increase in processed gas volumes year-over-year. Based on growth throughout the year within the Midstream Logistics segment and the expected in-service of the D Link and PHP Expansion projects in the fourth quarter of 2023, Kinetik expects to exit 2023 with approximately $900 million of annualized Adjusted EBITDA^2,6. Looking forward into 2024, Kinetik expects a structural improvement in the composition of its cash flow, with an increased contribution from the Pipeline Transportation segment and MVC fee-based cash flows in the Midstream Logistics segment.

To that end, the Company is announcing a new, highly strategic project that expands its natural gas system footprint across the stateline into Lea County, New Mexico. This project is supported by a long-term, MVC-backed gathering and processing agreement. The Company expects to place this into service in the first quarter of 2024.

Welch continued, “The underlying business continues to outperform in terms of volumes and operational performance, with an increasing share of fee-based cash flow. Our 2023 Guidance assumes commodity prices for 2023 of approximately $76 per barrel for WTI, $2.07 per MMBtu for natural gas, and $0.69 per gallon for natural gas liquids, all lower year-over-year. As a result, our 2023 Guidance does not include the $70 million of commodity price benefits that we realized in 2022. Our 2023 residue gas price exposure has been reduced materially and shifted to ethane as a result of our operational hedges. We expect materially higher Adjusted EBITDA and lower Capital Expenditures in 2024 as a result of the 2023 capital projects, most of which come into service in late 2023 and early 2024.”

The Company estimates 2023 Capital Expenditures to be between $490 million and $540 million, which includes between $235 million and $265 million of Midstream Logistics capital and between $255 million and $275 million of Pipeline Transportation capital. This is consistent with previously communicated 2023 capital expectations, after adjusting for the new Lea County, New Mexico expansion project, and should be contrasted with an expected Capital Expenditure program of less than $150 million in 2024.

The Midstream Logistics Capital Expenditures primarily relate to the build-out of over 20 miles of new, large diameter, high-pressure pipeline north from the existing Kinetik gathering system into Lea County, New Mexico and gathering and compression projects for existing customers’ new wells connected to the system. Midstream Logistics capital also includes $45 million of remaining integration capital (front-end amine treating and compression relocation) and $20 million of maintenance capital.

D Link and the PHP Expansion, which constitute all of the Pipeline Transportation capital expenditures, represent approximately 55% of the total estimated 2023 Capital Expenditures at the midpoint.

Welch added, “In 2023, we continue our focus on financial and capital allocation priorities. In light of our elevated 2023 capital program, compared to our normalized level in 2024 and beyond, we will continue our current DRIP level and expect to maintain our quarterly dividend at $0.75 per share this year. Apache, Blackstone, I Squared, and Management (collectively, the ‘Core Shareholders’) have agreed to reinvest 100% of their 2023 dividends⁷, which will help fund our capital program while also working towards our long-term 3.5x Leverage Target^2,8.

“Additionally, our Board has authorized a $100 million share repurchase program. Shares acquired under the Repurchase Program are expected to be reissued under the DRIP and could represent over 25% of the stock expected to be issued to the Core Shareholders under the 2023 DRIP. The Repurchase Program is effective immediately and will allow us to reduce dilution and potentially acquire shares at levels that we believe do not reflect the fundamental earnings power of the Company in 2024 and thereafter. Repurchases will be opportunistic and made at Management’s discretion from time-to-time throughout the year, in accordance with applicable securities laws on the open market, a trading plan, or through privately negotiated transactions.”

Core Shareholder Commentary

David Foley, Senior Managing Director and Global Head of Blackstone Energy Partners, stated, “In its first year, Kinetik has done a tremendous job executing across all aspects of the business with a focus on strengthening the balance sheet and expanding its asset base. While we are cognizant of the expiration of the Core Shareholder share lock-up, we continue to believe in the Company’s significant built-in growth potential through 2024. We are excited to continue our long-standing investment in Kinetik, and we look forward to the Company’s continued success as it lays the foundation for a very bright future.”

Ronald Schweizer, Chief Operating Officer - Americas of I Squared Capital, added, “It is our view that the strategic initiatives announced by Kinetik today and over the last twelve months continue to create a solid foundation for the Company. Our commitment to reinvest our dividends for 2023 allows Kinetik to spend the balance of capital executing upon these attractive initiatives, which we expect to result in commensurate Adjusted EBITDA growth in 2024.”

Ben Rodgers, Senior Vice President, Treasurer and Midstream & Marketing of APA Corporation, added, “Kinetik has a unique asset base that serves as a solid foundation for growth, and we are optimistic about the Company’s future prospects. We currently have no sales of KNTK shares in our plan for 2023.”

Financial

1. Achieved quarterly net income¹ of $48.5 million and Pro Forma Adjusted EBITDA^2,3,4 of $211.1 million.
2. Achieved annual net income¹ of $250.7 million and Pro Forma Adjusted EBITDA^2,3,4 of $822.2 million.
3. Reported full year 2022 Capital Expenditures⁵ of $284.0 million, within the Company’s revised guidance range provided in August, and for the fourth quarter 2022 reported Capital Expenditures⁵ of $68.3 million.
4. Exited the fourth quarter with a Leverage Ratio^2,3,4,8 of 4.0x and remain committed to achieving Leverage Target^2,8 of 3.5x and investment grade credit ratings.
5. Reduced Kinetik’s floating interest rate exposure as a percentage of total current debt outstanding to less than 15% through April 2023 and approximately 40% thereafter.
6. Core Shareholders to reinvest 100% of their 2023 dividends⁷ under the DRIP.
7. Immediately implementing Board authorized Repurchase Program of up to $100 million of Kinetik’s outstanding Class A Common Stock.
8. Granting 2022 performance bonuses to Executive Officers in Kinetik Class A Common Stock rather than cash. Management requested this change in the short-term incentive plan because of the attractive over 10% current dividend yield⁹ and Management’s belief that the stock is undervalued.
9. Board approved hedging program in place, de-risking 2023 and 2024 commodity exposure.

Selected Key 2022 Metrics:

Strategic

1. Executed a new, long-term gathering and processing agreement with large cap, investment grade counterparty expanding Kinetik’s system footprint into Lea County, New Mexico. Kinetik will construct a large diameter, rich gas pipeline network from the stateline into the heart of Lea County, New Mexico. Volumes will be gathered on Kinetik’s super-system and processed at Kinetik’s existing processing complexes with over 2 Bcf/d of processing capacity. The project is expected in-service in the first quarter of 2024.
2. Progress continues on schedule for the PHP expansion of 550 MMcf/d of incremental capacity, increasing natural gas deliveries from the Permian to the U.S. Gulf Coast markets. The expansion is expected to be in-service by November 1, 2023, and Kinetik’s PHP ownership will increase to over 55% after the in-service date.
3. Constructing D Link, Kinetik’s owned and operated 30” intrabasin residue gas pipeline to Waha, with an initial throughput capacity of 1 Bcf/d. The project is planned for an in-service date concurrent with the PHP expansion.

Operational

1. Procured long-lead equipment for the Diamond Cryo processing complex expansion. The expansion will add an incremental 120 MMcf/d of incremental processing capacity and is estimated to be in-service in April 2023.
2. Realized over $30 million of Adjusted EBITDA² synergies in 2022, exceeding the initial 2022 Adjusted EBITDA² synergy target of $25 million. The Company expects to capture $50 million of Adjusted EBITDA² synergies in 2023 through additional compressor relocation projects, further system optimization, and installation of treating equipment at processing complexes.

Sustainability Update

Kinetik continues to make substantial progress towards meeting its sustainability performance targets and environmental, social and governance (“ESG”) related goals and will continue to ambitiously embed ESG criteria in its business strategy.

1. Kinetik became the first and only midstream company to link one hundred percent of its debt capital structure to sustainability-related objectives.
2. The Company’s 2022 compensation program was designed to tie 20% of all salaried employees’ at-risk pay, including executives, to specific ESG and safety related goals. The Company plans for a similar approach in 2023.
3. In 2022, Kinetik expanded the list of organizations with whom it partners by joining the Permian Strategic Partnership (“PSP”) as a serving Board member. PSP is a coalition of twenty leading Permian Basin energy companies who work in partnership with leaders across the region’s communities to implement targeted solutions to the region’s most critical needs, including public education, infrastructure, and healthcare.

For 2023, Kinetik has identified several strategies to progress its greenhouse gas and methane emission-related reduction goals through the application of technologies, best practices, increased training, and greater partnerships with key suppliers into emissions reduction. The Company is continuing to progress its social goals through increased community investment and the advancement of its diversity, equity, and inclusion ambitions.

Additional context on Kinetik’s sustainability strategy, targets, and results for fiscal year 2022 will be detailed in its 2022 ESG Report, expected to be published mid-year.

Upcoming Tour Dates

Kinetik plans to participate at the following upcoming conferences and events:

1. Morgan Stanley Energy & Power Conference in New York City on March 1^st
2. JP Morgan Global High Yield & Leveraged Finance Conference on March 6^th
3. Scotia Howard Weil Energy Conference on March 7^th
4. Mizuho Energy Summit on March 13^th - 14^th
5. Wells Fargo Houston Summit on March 29^th

Investor Presentation

An updated investor presentation will be available under Events and Presentations in the Investors section of the Company’s website at www.kinetik.com.

Conference Call and Webcast

Kinetik will host its fourth quarter 2022 results conference call on Tuesday, February 28, 2023 at 8:00 am Central Standard Time (9:00 am Eastern Standard Time) to discuss fourth quarter results. To access a live webcast of the conference call, please visit the Investor Relations section of Kinetik’s website at www.ir.kinetik.com. A replay of the conference call also will be available on the website following the call.

About Kinetik Holdings Inc.

Kinetik is a fully integrated, pure-play, Permian-to-Gulf Coast midstream C-corporation operating in the Delaware Basin. Kinetik is headquartered in Midland, Texas and has a significant presence in Houston, Texas. Kinetik provides comprehensive gathering, transportation, compression, processing and treating services for companies that produce natural gas, natural gas liquids, crude oil and water. Kinetik posts announcements, operational updates, investor information and press releases on its website, www.kinetik.com.

Forward-looking statements

This news release includes certain statements that may constitute “forward-looking statements” for purposes of the federal securities laws. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “seeks,” “possible,” “potential,” “predict,” “project,” “prospects,” “guidance,” “outlook,” “should,” “would,” “will,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These statements include, but are not limited to, statements about the Company’s future plans, expectations, and objectives for the Company’s operations, including statements about strategy, synergies, expansion projects and future operations, and financial guidance; the Company’s share repurchase program and the projected timing, purchase price and number of shares purchased under such program, if at all; projected dividend amounts and the timing thereof; the Company’s leverage and financial profile and its ability to improve its credit ratings; future plans and expectations of the Company’s Core Shareholders. While forward-looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties which could cause our actual results, performance, and financial condition to differ materially from our expectations. See Part II, Item 1A. Risk Factors in our Quarterly Report on Form 10-Q for the period ended March 31, 2022. Any forward-looking statement made by us in this news release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. This news release contains statements from certain Core Shareholders regarding future plans and expectations. These are statements by representatives of such shareholders on behalf of such shareholders, and they are not statements of the Company. The Company takes no responsibility for the accuracy of such statements. We undertake no obligation to publicly update any forward-looking statement, including any forward-looking statements contained in statements made by shareholders, whether as a result of new information, future development, or otherwise, except as may be required by law.

Additional information

Additional information follows, including a reconciliation of Adjusted EBITDA, Pro Forma Adjusted EBITDA, Distributable Cash Flow, Pro Forma Distributable Cash Flow, Pro Forma Dividend Coverage Ratio, Free Cash Flow, Pro Forma Free Cash Flow, and Net Debt (non-GAAP financial measures) to the GAAP measures.

Non-GAAP financial measures

Pro forma information has been prepared for informational purposes only. See “Notes Regarding Presentation of Financial Information” and “Reconciliation of Pro Forma Non-GAAP Measures.”

Kinetik’s financial information includes information prepared in conformity with generally accepted accounting principles (GAAP) as well as non-GAAP financial information. It is management’s intent to provide non-GAAP financial information to enhance understanding of our consolidated financial information as prepared in according with GAAP. Adjusted EBITDA, Pro Forma Adjusted EBITDA, Distributable Cash Flow, Pro Forma Distributable Cash Flow, Free Cash Flow, Pro Forma Free Cash Flow, Pro Forma Dividend Coverage Ratio, Net Debt and Leverage Ratio are non-GAAP measures. This non-GAAP information should be considered by the reader in addition to, but not instead of, the financial statements prepared in accordance with GAAP and reconciliations from these results should be carefully evaluated. See “Reconciliation of GAAP to Non-GAAP Measures” and “Reconciliation of Pro Forma Non-GAAP Financial Measures” elsewhere in this news release.

1. Net income including non-controlling interest.
2. A non-GAAP financial measure. See “Non-GAAP Financial Measures” and “Reconciliation of GAAP to Non-GAAP Measures” for further details.
3. Pro forma information has been prepared for informational purposes only. See “Notes Regarding Presentation of Financial Information” and “Reconciliation of Pro Forma Non-GAAP Measures.”
4. Pro Forma Adjusted EBITDA, DCF, Dividend Coverage Ratio, FCF and Leverage Ratio are calculated as if the Transaction occurred on January 1, 2022. See “Notes Regarding Presentation of Financial Information.”
5. Net of contributions in aid of construction.
6. A reconciliation of expected full year or annualized December 2023 Adjusted EBITDA to net income (loss), the closest GAAP financial measure, cannot be provided without unreasonable efforts due to the inherent difficulty in quantifying certain amounts, including share-based compensation expense, which is affected by factors including future personnel needs and the future prices of our Class A Common Stock, which may be significant.
7. Core shareholders to reinvest 100% of dividends from base shares held at closing date of merger.
8. Leverage Ratio is total debt less cash and cash equivalents divided by last twelve months Adjusted EBITDA, calculated in the Company’s credit agreement. The calculation includes Qualified Project EBITDA Adjustments that pertain to the funding of the Permian Highway Pipeline expansion project, Brandywine NGL acquisition, and other qualified growth capital projects at the Midstream Logistics segment.
9. As of February 24th, 2023.
10. Net income (loss) including non-controlling interest for the three and twelve months ended December 31, 2021 was $(5.9) million and $1.5 million, respectively.
11. Pro Forma Dividend Coverage Ratio is Pro Forma DCF divided by total declared dividends.
12. Net Debt is defined as total long-term debt, excluding deferred financing costs, less cash and cash equivalents.

Notes Regarding Presentation of Financial Information

For US GAAP purposes, Kinetik’s financial results reflect BCP Raptor Holdco, LP, Kinetik’s predecessor for accounting purposes (“BCP”), from January 1, 2022 to February 22, 2022 and the combined Company, which includes Altus Midstream LP (“Altus”), from the closing date, February 22, 2022, onwards.

Kinetik Investors:
Maddie Wagner, (713) 487-4832

Website:
www.kinetik.com

Cleantech Integrator Signs Agreement to Acquire Milan-based Energy Efficiency and Renewable Energy Company

FRAMINGHAM, Mass. & MILAN--(BUSINESS WIRE)--#carbonreduction--Ameresco, Inc., (NYSE: AMRC), a leading cleantech integrator and renewable energy asset developer, owner and operator, today announced the signing of a definitive purchase and sale agreement to acquire ENERQOS Energy Solutions S.r.l., a renewable energy and energy efficiency company headquartered in Milan. With this acquisition, Ameresco will be able to expand its portfolio of clean energy projects and solutions throughout Italy.

Enerqos has been operating for more than 15 years with the mission of taking care of the environment by offering a competitive advantage to Italian companies through energy efficiency and renewable energy solutions. They have a large portfolio of cost saving and carbon reduction projects across multiple markets in Italy, including healthcare, real estate, retail and residential.

Ameresco already offers clean energy solutions in several European countries, including the United Kingdom, Ireland and Greece. By applying Ameresco’s well-established business model and ENERQOS’ regional reach, expertise and scale, Ameresco’s acquisition is well-positioned to build a high-growth clean energy solutions business and pipeline across Europe.

“We are extremely pleased to be part of this acquisition combining two companies across the globe into a singular mission for customers seeking to install resilient and renewable energy infrastructure,” said Lars Meisinger from Aquila Capital, financial advisor to the seller. “It was a great pleasure to work alongside the Ameresco team on this opportunity, positioning us for additional partnerships in the future.”

“This acquisition further strengthens Ameresco’s global presence by expanding our footprint and adding a new pipeline of work throughout Italy,” said George Sakellaris, President and CEO of Ameresco. “Ameresco’s mission is to create a more sustainable future for our customers, and we see the acquisition of ENERQOS as extending our proven track record of providing significant renewable energy and energy efficiency solutions to entities across North America and Europe that increase energy savings and lower carbon emissions.”

“It is with great excitement that we enter into this next phase of our business. Enerqos was built on a commitment to developing renewable energy solutions and establishing emission reduction targets, so as to usher in a greener, better future for all,” said Enrico Giglioli, CEO of ENERQOS. “As a leader in the cleantech space, Ameresco shares this belief and has a demonstrated history of implementing innovative technologies that deliver clean energy and enhance overall security, reliability, and resiliency.”

The acquisition is expected to close in March 2023. The financial terms of this acquisition were not disclosed. Included in our guidance, this small and opportunistic acquisition will further our footprint in Europe.

To learn more about Ameresco and the company’s clean energy solutions, visit www.ameresco.com.

About Ameresco, Inc.

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

Forward Looking Statements

Any statements in this release about future expectations, plans and prospects for Ameresco, Inc., including statements about the expected timing and impact from the Enerqos acquisition and other statements containing the words “projects,” “believes,” “anticipates,” “plans,” “expects,” “will” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward looking statements as a result of various important factors including those discussed in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The forward-looking statements included herein represent our views as of the date hereof. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date hereof.

Media:
Ameresco: Leila Dillon, 508-661-2264, This email address is being protected from spambots. You need JavaScript enabled to view it.
Investor Relations: Eric Prouty, AdvisIRy Partners, 212-750-5800, This email address is being protected from spambots. You need JavaScript enabled to view it.
Lynn Morgen, AdvisIRy Partners, 212-750-5800, This email address is being protected from spambots. You need JavaScript enabled to view it.

TULSA, Okla.--(BUSINESS WIRE)--Williams (NYSE: WMB) announced today that it has priced a public offering of $750 million of its 5.400% Senior Notes due 2026 at a price of 99.907 percent of par and $750 million of its 5.650% Senior Notes due 2033 at a price of 99.891 percent of par. The expected settlement date for the offering is March 2, 2023, subject to customary closing conditions.

Williams intends to use the net proceeds of the offering for general corporate purposes, which may include the repayment of our outstanding commercial paper notes or other near-term debt maturities.

Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC and Morgan Stanley & Co. LLC are acting as joint book-running managers for the offering.

This news release is neither an offer to sell nor a solicitation of an offer to buy any of these securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.

An automatic shelf registration statement relating to the notes was previously filed with the Securities and Exchange Commission (the “SEC”) and became effective upon filing. Before you invest, you should read the prospectus in the registration statement and other documents Williams has filed with the SEC for more complete information about Williams and the offering. A copy of the prospectus supplement and prospectus relating to the offering may be obtained on the SEC website at www.sec.gov or from any of the underwriters by contacting:

Deutsche Bank Securities Inc.
1 Columbus Circle
New York, NY 10019
Telephone: 1 800-503-4611

J.P. Morgan Securities LLC
c/o Broadridge Financial Solutions, Attn: Prospectus Department
1155 Long Island Avenue, Edgewood, NY 11717
Telephone: 1-866-803-9204

Mizuho Securities USA LLC
1271 Avenue of the Americas
New York, NY 10020
Toll-free: 1-866-271-7403

Morgan Stanley & Co. LLC
1585 Broadway
New York, NY 10036
Toll-free: 1-866-718-1649

About Williams

As the world demands reliable, low-cost, low-carbon energy, Williams (NYSE: WMB) will be there with the best transport, storage and delivery solutions to reliably fuel the clean energy economy. Headquartered in Tulsa, Oklahoma, Williams is an industry-leading, investment grade C-Corp with operations across the natural gas value chain including gathering, processing, interstate transportation, storage, wholesale marketing and trading of natural gas and natural gas liquids. With major positions in top U.S. supply basins, Williams connects the best supplies with the growing demand for clean energy. Williams owns and operates more than 33,000 miles of pipelines system wide — including Transco, the nation’s largest volume and fastest growing pipeline — and handles approximately one third of the natural gas in the United States that is used every day for clean-power generation, heating and industrial use.

Portions of this document may constitute “forward-looking statements” as defined by federal law. Although Williams believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. Any such statements are made in reliance on the “safe harbor” protections provided under the Private Securities Reform Act of 1995. Additional information about issues that could lead to material changes in performance is contained in Williams’ annual and quarterly reports filed with the SEC.

MEDIA:
This email address is being protected from spambots. You need JavaScript enabled to view it.
(800) 945-8723

INVESTOR CONTACTS:
Danilo Juvane
(918) 573-5075

Grace Scott
(918) 573-1092

Record Year for Revenue and Profit
Fourth Quarter Results Reflected Revenue Push-Outs due to Scheduling Changes
Continued European Expansion
Guiding to Increased Adjusted EBITDA in 2023
Reiterating 2024 $300 Million Adjusted EBITDA Target

Full Year 2022 Financial Highlights:
(All financial result comparisons made are against the prior year period unless otherwise noted)

• Revenues of $1,824.4 million, up 50%
• Net income attributable to common shareholders of $94.9 million, up 35%
• GAAP EPS of $1.78, up 32%
• Non-GAAP EPS of $1.87, up 24%
• Adjusted EBITDA of $204.5 million, up 34%
• Fifth consecutive year of record revenue and profit
• Visibility from Projects, Assets and O&M is $6+ billion

Fourth Quarter 2022 Financial Highlights:
(All financial result comparisons made are against the prior year period unless otherwise noted)

• Revenues of $331.7 million, down 20%
• Net income attributable to common shareholders of $17.9 million, down 36%
• GAAP EPS of $0.34, down 36%
• Non-GAAP EPS of $0.35, down 34%
• Adjusted EBITDA of $41.3 million, down 15%

FRAMINGHAM, Mass.--(BUSINESS WIRE)--#carbonreduction--Ameresco, Inc. (NYSE:AMRC), a leading cleantech integrator specializing in energy efficiency and renewable energy, today announced financial results for the fiscal quarter ended December 31, 2022. The Company also furnished supplemental information in conjunction with this press release in a Current Report on Form 8-K. The supplemental information, which includes Non-GAAP financial measures, has been posted to the “Investors” section of the Company’s website at www.ameresco.com. Reconciliations of Non-GAAP measures to the appropriate GAAP measures are included herein.

“2022 was a great year and it marked Ameresco’s fifth consecutive year of record revenue and profit, growing revenue and adjusted EBITDA by 50% and 34%, respectively. This growth underscores the importance of our advanced clean technology portfolio, the strong fundamentals of our expanding markets, and our ability to consistently execute and capture additional market share. We ended the year with over $6 billion in visibility from the combination of our total project backlog, Energy Assets and O&M revenue backlog.

We made great strides in expanding our European footprint by winning of the transformative Bristol City Council decarbonization contract and acquiring a wind farm in Ireland. In addition, today we announced an agreement to acquire Enerqos Solutions S.r.l., a small but meaningful acquisition of an energy services company in Italy to further expand our European footprint. We anticipate further activity in Europe in 2023 as we continue to strategically extend our presence to take advantage of this large and growing market opportunity.

While execution remains strong, fourth quarter results reflected the push-out of revenue related to short term scheduling changes in implementation, supply chain issues and unplanned maintenance at two of our RNG facilities. In addition, utility and permitting delays impacted the timing of assets coming on-line. Despite the delays, we were able to place 24 MWe of Energy Assets in service during the quarter. We also added 32 MWe of new assets to our Assets in Development bringing the total to 470 net MWe.

Market demand conditions remain robust. In addition, we believe the recently enacted Inflation Reduction Act (IRA) will be the most transformational piece of legislation affecting our industry, further expanding our addressable market opportunities. We continue the dialogue with our customers as they assess how to prioritize and time their projects to optimize its impact.

The SCE projects progressed further in the quarter. We are continuing discussions regarding the applicability and scope of any force majeure relief resulting from COVID-19 and weather related delays. Our relationship with SCE continues to be cooperative, and we anticipate the projects to be in service and to achieve substantial completion milestones prior to the summer of 2023.

In the fourth quarter we were honored to be named a finalist in the S&P Global Platts 2022 Global Energy Awards for the Infrastructure Project of the Year and the Corporate Impact and Sustained Commitment categories. Platts highlighted our work at Fort Bragg, in collaboration with Duke Energy, to install the largest floating solar array in the Southeast,” concluded George P. Sakellaris, President and Chief Executive Officer.

Fourth Quarter Financial Results

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

Total revenue was 20% lower, driven by a 26% decrease in Project revenue. This decline primarily reflects the difficult comparisons to prior periods when we recognized significant revenue from the SCE projects. Energy Asset revenue declined 6% due to unscheduled maintenance at two of our RNG facilities, combined with lower RIN prices. O&M revenue increased 5% as the company continued to add long-term O&M contracts, especially on larger Federal government projects. Other revenue increased 16% primarily due to strength in integrated PV sales for remote power applications.

Gross margin of 18.6% reflects an increase from 17.1% in the previous year given the reduced contribution from the lower margin SCE projects. Net income attributable to common shareholders and adjusted EBITDA were $17.9 million and $41.3 million, respectively. The company ended the quarter with approximately $116 million of available cash. During the quarter, the Company also secured $137 million in project financing bringing the year’s total financing to over $468 million to continue supporting our growth.

Project Highlights

In the Fourth Quarter of 2022:

• The Company continued to expand its streetlight portfolio by signing new contracts in Philadelphia, PA, Memphis, TN, and Chandler, AZ. The Philly Streetlight Improvement Project is a comprehensive 120,000 LED streetlight, controls, and networking project. The street light modernization project in Chandler will replace their high-pressure sodium fixtures across the city with state-of-the-art LED fixtures and provide control and monitoring on these fixtures.
• Ameresco continued to expand its K-12 footprint across New York, adding more energy efficiency and solar projects to schools in Lakeland and Ossining. These schools will benefit with optimized learning environments for their students and teachers while saving money and reducing their carbon footprint.
• Ameresco’s team in Canada continued to expand its federal footprint with an 8.8MW solar project with the CFB Gagetown, and a 40+ facility energy efficiency project with CBSA and Transport Canada National.
• Ameresco continued to expand its C&I footprint with a new solar carport project in Buckeye, AZ. This project contracted with H&M Company will build solar carports for shaded parking and energy offset for a new distribution center for Ross Stores, Inc.

Asset Highlights

In the Fourth Quarter of 2022:

• Ameresco’s Assets in Development ended the quarter at 530 MWe. After subtracting Ameresco’s partners’ minority interests, Ameresco’s owned capacity of Assets in Development at quarter end was 470 MWe.
• The Company acquired an operating three-turbine 5MW wind farm in West County Cork, Ireland.
• The County of Maui awarded Ameresco the rights to the landfill gas at the County's Central Maui Landfill. Ameresco will build a landfill gas electric generating facility using 100% of the landfill gas available. Ameresco will design, engineer, construct, operate and maintain the 3.2 MW facility, which Ameresco will own.
• The Company and Bright Canyon Energy broke ground on the Kūpono Solar Project at Joint Base Pearl Harbor-Hickam. The 131-Acre 42MW solar plant and 42MW/168MWh battery storage project is designed to deliver clean, renewable energy to Hawaiian Electric’s (HECO) grid on the island of O‘ahu.

Summary and Outlook

“2022 was an outstanding year of record performance across key financial metrics. Our future opportunities remain compelling, and we expect the number and complexity of projects to continue to increase as the IRA’s incentives are expected to lead to an estimated $3.5 trillion in investment in new energy supply and infrastructure onto the grid, the majority of which will be renewable sources. Ameresco is well positioned to capture an increasing share of this opportunity given our proven track record of execution on these types of large and complex solutions as shown by our SCE and Bristol projects. These secular growth drivers, together with the breadth of our technological expertise and proven track record, underpin our confidence in Ameresco’s prospects. As we continue to position the company to capture the global growth opportunities on the horizon, we are pleased to reiterate our $300 million adjusted EBITDA target for 2024.

2023 guidance, included in the table below, anticipates adjusted EBITDA growth of 5% at the midpoint. We are pleased to be guiding to growth in adjusted EBITDA even as we face difficult revenue comparisons due to the large SCE projects. Our ability to continue to grow our adjusted EBITDA is a testament to our long term diversified business model, designed for our profitable and growing Energy Asset and O&M businesses to offset potential short-term timing-related volatility in the Projects business. We anticipate placing between 80 and 100 MWe of energy assets in service. This includes the three RNG plants we had expected to be mechanically complete by the end of 2022. Several additional RNG assets are in the late stages of development and we expect that 4 or 5 of these will come online during 2024. Our expected capex for 2023 is $325 million to $375 million, the majority of which we expect to fund with non-recourse debt.

We estimate first quarter revenue and adjusted EBITDA to be in the range of $220 million to $240 million and $20 million to $30 million, respectively and slightly positive non-GAAP EPS. We expect the remainder of the year to follow our normal cadence with progressive improvement throughout the year.

We look forward to welcoming analysts and institutional investors on May 11^th to our London Investor Day. This event will feature presentations and panels by key executives from our leadership team. The conversations will focus on main growth opportunities. We also will be discussing Ameresco's existing European footprint and plans for expansion in that geography,” Mr. Sakellaris concluded.

The Company’s guidance excludes the impact of any redeemable non-controlling interest activity related to tax-equity partnerships, one-time charges, asset impairment charges, changes in contingent consideration, restructuring activities, as well as any related tax impact.

Conference Call/Webcast Information

The Company will host a conference call today at 4:30 p.m. ET to discuss fourth quarter and full year 2022 financial results, business and financial outlook and other business highlights. Participants may access the earnings conference call by pre-registering here at least fifteen minutes in advance. A live, listen-only webcast of the conference call will also be available over the Internet. Individuals wishing to listen can access the call through the “Investors” section of the Company’s website at www.ameresco.com. If you are unable to listen to the live call, an archived webcast will be available on the Company’s website for one year.

Use of Non-GAAP Financial Measures

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

About Ameresco, Inc.

Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading cleantech integrator and renewable energy asset developer, owner and operator. Our comprehensive portfolio includes energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions delivered to clients throughout North America and Europe. Ameresco’s sustainability services in support of clients’ pursuit of Net-Zero include upgrades to a facility’s energy infrastructure and the development, construction, and operation of distributed energy resources. Ameresco has successfully completed energy saving, environmentally responsible projects with Federal, state, and local governments, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco has more than 1,200 employees providing local expertise in the United States, Canada, and Europe. For more information, visit www.ameresco.com.

Safe Harbor Statement

Any statements in this press release about future expectations, plans and prospects for Ameresco, Inc., including statements about market conditions, pipeline, visibility and backlog, as well as estimated future revenues, net income, adjusted EBITDA, Non-GAAP EPS, gross margin, capital investments, other financial guidance, statements about our agreement with SCE including the impact of any delays, the closing of the Enerqos acquisition, and the impact of the IRA and macroeconomic conditions on our business, longer term outlook, and other statements containing the words “projects,” “believes,” “anticipates,” “plans,” “expects,” “will” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward looking statements as a result of various important factors, including the timing of, and ability to, enter into contracts for awarded projects on the terms proposed or at all; the timing of work we do on projects where we recognize revenue on a percentage of completion basis, including the ability to perform under signed contracts without delay and in accordance with their terms; demand for our energy efficiency and renewable energy solutions; our ability to complete and operate our projects on a profitable basis and as committed to our customers; our ability to arrange financing to fund our operations and projects and to comply with covenants in our existing debt agreements; changes in federal, state and local government policies and programs related to energy efficiency and renewable energy and the fiscal health of the government; the ability of customers to cancel or defer contracts included in our backlog; the output and performance of our energy plants and energy projects; the effects of our acquisitions and joint ventures; seasonality in construction and in demand for our products and services; a customer’s decision to delay our work on, or other risks involved with, a particular project; availability and cost of labor and equipment particularly given global supply chain challenges and global trade conflicts; our reliance on third parties for our construction and installation work; the addition of new customers or the loss of existing customers; the impact of macroeconomic challenges, weather related events and climate change on our business; global supply chain challenges, component shortages and inflationary pressures; market price of the Company's stock prevailing from time to time; the nature of other investment opportunities presented to the Company from time to time; the Company's cash flows from operations; cybersecurity incidents and breaches; and other factors discussed in our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q. The forward-looking statements included in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.

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

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

HOUSTON--(BUSINESS WIRE)--Aris Water Solutions, Inc. (NYSE: ARIS) (“Aris,” “Aris Water,” or the “Company”) announced today that ExxonMobil has joined Aris’s previously announced strategic agreement (the “Agreement”) with Chevron U.S.A. Inc. (“Chevron”) and ConocoPhillips Company (“ConocoPhillips”) to develop and pilot technologies and processes to treat produced water for potential beneficial reuse opportunities. Together, Aris, ExxonMobil, Chevron, and ConocoPhillips seek to develop cost-effective and scalable solutions of treating produced water for non-consumptive agricultural, alternative power generation and other industrial and commercial applications.

“We are delighted that ExxonMobil is joining our collaborative industry efforts to improve water sustainability management in the Permian Basin by developing and piloting additional opportunities to use produced water outside of the oil and gas industry,” said Aris President and CEO Amanda Brock. “By combining the expertise and resources of ExxonMobil, Chevron, and ConocoPhillips with Aris’s proven capabilities in water gathering, treatment, and recycling, we can further accelerate beneficial reuse solutions.”

“As a leading operator in the Permian Basin, we are working to help safeguard the region’s water sources,” said David Scott, General Manager of ExxonMobil’s Permian business unit. “Collaborating with others to help unlock beneficial reuse opportunities is a key part of ExxonMobil’s Permian water management strategy, and we look forward to furthering this effort with our long-standing experience in research and technology development.”

Aris, ExxonMobil, Chevron, and ConocoPhillips plan to complete pilot testing and the performance evaluation of certain pilot technologies by the end of 2023. This will pave the way for risk assessments for treated produced water, which are important enablers for eventual beneficial reuse applications. The companies remain focused on working closely with regulators and industry stakeholders to continue supporting collaborative efforts that can help realize the full potential of beneficial reuse.

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. In some cases, you can identify forward-looking statements by terminology such as “will,” “plan,” “potential,” “could,” “continue,” and variations of such words or similar expressions. Forward-looking statements are based on our current expectations and assumptions about future events. Although we believe that these expectations and assumptions are reasonable, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, actual results may differ materially from those contemplated by or implied in the forward-looking statements. Factors that might cause actual results to differ include, but are not limited to, the risk factors discussed or referenced in our filings made from time to time with the Securities and Exchange Commission.

Readers are cautioned not to place undue reliance on any forward-looking statements contained in this press release, which speak only as of the date hereof. Except as required by law, we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future developments or otherwise.

About Aris Water Solutions, Inc.

Aris Water Solutions, Inc. (NYSE: ARIS) is a leading, growth-oriented environmental infrastructure and solutions company that directly helps its customers reduce their water and carbon footprints. Aris Water delivers full-cycle water handling and recycling solutions that increase the sustainability of energy company operations. Its integrated pipelines and related infrastructure create long-term value by delivering high-capacity, comprehensive produced water management, recycling and supply solutions to operators in the core areas of the Permian Basin. Additional information is available on our website, www.ariswater.com.

David Tuerff
Senior Vice President, Finance, and Investor Relations
(281) 501-3070
This email address is being protected from spambots. You need JavaScript enabled to view it.

Earnings Call Scheduled for Thursday, March 30 at 5:00 p.m. ET

EASTON, Md.--(BUSINESS WIRE)--$WULF #Bitcoin--TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), which owns and operates vertically integrated, domestic bitcoin mining facilities powered by more than 91% zero-carbon energy, today announced it will host a conference call to discuss its operations and financial results from the fourth quarter and full year 2022. A press release detailing these results will be issued after the close of trading on the same day, and will be available on the Company’s website at www.terawulf.com.

TeraWulf management will provide prepared remarks, followed by a question and answer period.

A live webcast and replay of the call will be accessible under the “Events & Presentations” section located in the Investors section of the Company’s website at www.terawulf.com.

About TeraWulf

TeraWulf (Nasdaq: WULF) owns and operates vertically integrated, environmentally clean Bitcoin mining facilities in the United States. Led by an experienced group of energy entrepreneurs, the Company is currently operating and/or completing construction of two mining facilities: Lake Mariner in New York, and Nautilus Cryptomine in Pennsylvania. TeraWulf generates domestically produced Bitcoin powered by nuclear, hydro, and solar energy with a goal of utilizing 100% zero-carbon energy. With a core focus on ESG that ties directly to its business success, TeraWulf expects to offer attractive mining economics at an industrial scale.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements concerning anticipated future events and expectations that are not historical facts. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. In addition, forward-looking statements are typically identified by words such as “plan,” “believe,” “goal,” “target,” “aim,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict,” “should,” “would” and other similar words and expressions, although the absence of these words or expressions does not mean that a statement is not forward-looking. Forward-looking statements are based on the current expectations and beliefs of TeraWulf’s management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those that have been anticipated. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including, among others: (1) conditions in the cryptocurrency mining industry, including fluctuation in the market pricing of bitcoin and other cryptocurrencies, and the economics of cryptocurrency mining, including as to variables or factors affecting the cost, efficiency and profitability of cryptocurrency mining; (2) competition among the various providers of cryptocurrency mining services; (3) changes in applicable laws, regulations and/or permits affecting TeraWulf’s operations or the industries in which it operates, including regulation regarding power generation, cryptocurrency usage and/or cryptocurrency mining; (4) the ability to implement certain business objectives and to timely and cost-effectively execute integrated projects; (5) failure to obtain adequate financing on a timely basis and/or on acceptable terms with regard to growth strategies or operations; (6) loss of public confidence in bitcoin or other cryptocurrencies and the potential for cryptocurrency market manipulation; (7) the potential of cybercrime, money-laundering, malware infections and phishing and/or loss and interference as a result of equipment malfunction or break-down, physical disaster, data security breach, computer malfunction or sabotage (and the costs associated with any of the foregoing); (8) the availability, delivery schedule and cost of equipment necessary to maintain and grow the business and operations of TeraWulf, including mining equipment and infrastructure equipment meeting the technical or other specifications required to achieve its growth strategy; (9) employment workforce factors, including the loss of key employees; (10) litigation relating to TeraWulf, RM 101 f/k/a IKONICS Corporation and/or the business combination; (11) the ability to recognize the anticipated objectives and benefits of the business combination; and (12) other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”). Potential investors, stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. TeraWulf does not assume any obligation to publicly update any forward-looking statement after it was made, whether as a result of new information, future events or otherwise, except as required by law or regulation. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s filings with the SEC, which are available at www.sec.gov.

Sandy Harrison
This email address is being protected from spambots. You need JavaScript enabled to view it.
(410) 770-9500

Full-Year 2023 Guidance

• Forecasted revenue for 2023 of approximately $900 million, an increase of 39.0% compared to full-year 2022 revenue of $647.7 million
• Forecasted 2023 vessel operating margin of approximately 50.0%, an increase of 11.9 percentage points compared to full-year 2022 vessel operating margin of 38.1%

Full-Year 2022 Highlights

• Revenue of $647.7 million, an increase of 74.6% compared to full-year 2021 revenue of $371.0 million
• Vessel operating margin of 38.1%, an increase of 10.5 percentage points compared to full-year 2021 vessel operating margin of 27.6%
• Operating income of $26.7 million, an increase of 128.1% compared to full-year 2021 operating loss of $95.0 million
• Adjusted EBITDA of $166.7 million, an increase of 380.3% compared to full-year 2021 adjusted EBITDA of $34.7 million

Fourth Quarter 2022 Highlights

• Adjusted EBITDA of $51.2 million
• Free cash flow of $53.3 million
• Year-end net debt balance of $9.6 million
• Second consecutive quarter of positive net income, generating $10.6 million in the fourth quarter of 2022

HOUSTON--(BUSINESS WIRE)--Tidewater Inc. (NYSE:TDW) announced today revenue for the three and twelve months ended December 31, 2022 of $186.7 million and $647.7 million, respectively, compared with $105.2 million and $371.0 million, respectively, for the three and twelve months ended December 31, 2021. Tidewater's net income (losses) for the three and twelve months ended December 31, 2022, were $10.6 million ($0.20 per common share) and $(21.7) million ($0.49 per common share), respectively, compared with $(37.9) million ($0.92 per common share) and $(129.0) million ($3.14 per common share), respectively, for the three and twelve months ended December 31, 2021. Included in the net income for the three months ended December 31, 2022 were merger and severance expenses of $5.1 million. Included in the net losses for the twelve months ended December 31, 2022 were long-lived asset impairment and other of $0.7 million; gain on bargain purchase of $1.3 million; loss on warrants of $14.2 million and merger and severance expenses of $19.1 million. Excluding these items, we would have reported a net income for the three months ended December 31, 2022 of $15.8 million ($0.30 per common share) and net profit for the twelve months ended December 31, 2022 of $10.9 million ($0.22 per common share). Included in the net losses for the three and twelve months ending December 31, 2021 were impairment charges related to assets held for sale, affiliate credit loss expense, inventory obsolescence, loss on debt extinguishment and severance expenses totaling $26.2 million and $28.4 million, respectively. Excluding these costs, we would have reported a net loss for the three months ending December 31, 2021 of $11.7 million ($0.28 per common share) and a net loss for the twelve months ending December 31, 2021 of $100.6 million ($2.45 per common share).

Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “As we mentioned in this year's second quarter earnings press release, 2022 marked an inflection point in the recovery of the offshore vessel market. I am pleased by our annual financial performance and by our accomplishments during the year. Revenue improved by approximately 75.0% due to the acquisition of Swire Pacific Offshore in April and an increase in offshore activity that has been driven by the need to ensure reliable and secure sources of hydrocarbons for a global economy still emerging from the pandemic. This increase in demand combined with an underinvestment in vessels over the past eight years allowed the industry to push utilization and day rates globally. By all financial measures, 2022 represented a marked improvement in our results. Our primary goal is to build a business that maximizes long-term free cash flow generation within the principles and risk tolerances appropriate for this industry and age. We generated over $50.0 million of free cash flow during 2022 and as such, we ended the year in a strong cash position, resulting in a net debt balance of only $9.6 million. The acquisition in April further bolstered our fleet, providing a compelling platform to take advantage of the continued strength in the offshore vessel market.

“While we are pleased with the momentum that was built throughout 2022, we believe that the macroeconomic trends driving the business will persist and that Tidewater is well-positioned to drive continued financial performance and cash flow generation in 2023 and beyond. We are forecasting revenue for 2023 of approximately $900.0 million, up almost 40.0% from 2022, and for vessel operating margin for 2023 of approximately 50.0%, up about 12 percentage points from 2022.

“Our West Africa business continued to perform well during the fourth quarter, with revenue up about 6.8% sequentially, driven by an increase in average day rates. Likewise, our Americas region experienced a strong fourth quarter, with revenue also up 6.8% sequentially, all of which was driven by an 8.1% increase in day rates, with notable day rate enhancement in the U.S. Gulf of Mexico and Mexico. Further, revenue in the Mediterranean expanded by about 9.3% sequentially, resulting from a 4.5% increase in day rates and additional capacity brought to the area from the U.S. Gulf of Mexico. The North Sea experienced typical seasonality which resulted in total revenue in the fourth quarter declining by 2.6% sequentially. Further, our Asia Pacific segment was adversely impacted by a combination of vessels in transit along with drydocking activity and idle time as vessels came off contract; we expect this frictional unemployment to subside in the first quarter. Activity levels in rest of the world were slightly up during the fourth quarter. Overall day rates remained flat from the prior quarter, and if we exclude the declines in our North Sea and Asia Pacific business, our average day rate increased 4.8% sequentially.

“As we look forward into 2023, we are confident that not only is the recovery here, but that the demand for offshore vessels will continue to strengthen throughout this year. The renewed global focus on securing reliable sources of hydrocarbons has prioritized offshore oil and gas development and we believe that offshore oil and gas capital spending plans will accelerate throughout 2023 and beyond.

“Just as encouraging as the acceleration in demand for offshore vessels services is the continued reduction in the available supply of offshore vessels. The number of large OSVs that are currently laid up is quite limited and the likelihood any of these vessels returning to the market is remote. We see a similar situation developing in the mid-sized OSV fleet, where additional available supply is also very limited. We see essentially no new vessels on order, indicating that the supply of vessels will continue to decline modestly as vessels naturally attrition out of the global fleet. Accordingly, it is our view that the industry is positioned to benefit from an increase in demand over the medium-to-long term and a slowly shrinking supply of vessels. We believe this imbalance in supply and demand will continue to provide the opportunity for day rate and utilization increases, and we remain committed to maximizing the earnings and cash flow generation from our fleet.

“Finally, we are excited to announce that we will be publishing our 2022 Sustainability Report later this week. Tidewater remains committed to excellence in safe vessel operations as well as leading the industry through the energy transition. Look for the report later this week on our website.”

In addition to the number of outstanding shares, as of December 31, 2022, the company also has the following in-the-money warrants.

Tidewater will hold a conference call to discuss results for the three and twelve months ending December 31, 2022 on February 28, 2023, at 8:00 a.m. Central Time. Investors and interested parties may listen to the earnings conference call via telephone by calling +1.888.770.7135 if calling from the U.S. or Canada (+1.929.203.0820 if calling from outside the U.S.) and provide Conference ID: 2444624 prior to the scheduled start time. A live webcast of the call will also be available in the Investor Relations section of Tidewater’s website at investor.tdw.com.

A replay of the conference call will be available beginning at 11:00 a.m. Central Time on February 28, 2023 and will continue until 11:59 p.m. Central Time on March 28, 2023. To access the replay, visit the Investor Relations section of Tidewater’s website at investor.tdw.com.

About Tidewater

Tidewater owns and operates the largest fleet of offshore support vessels in the industry, with 65 years of experience supporting offshore energy exploration, production and offshore wind activities worldwide. To learn more, visit www.tdw.com.

Cautionary Statement

This news release contains “forward-looking statements” within the meaning of the U.S. federal securities laws – that is, any statements that are not historical facts. Such statements often contain words such as “expect,” “believe,” “think,” “anticipate,” “predict,” “plan,” “assume,” “estimate,” “forecast,” “target,” “projections,” “intend,” “should,” “will,” “shall” and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain and based on our management’s current expectations and beliefs concerning future developments and their potential impact on Tidewater Inc. and its subsidiaries (the “Company”).

These forward-looking statements involve risks and uncertainties that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements, including, among others: fluctuations in worldwide energy demand and oil and gas prices; fleet additions by competitors and industry overcapacity; limited capital resources available to replenish our asset base as needed, including through acquisitions or vessel construction, and to fund our capital expenditure needs; uncertainty of global financial market conditions and potential constraints in accessing capital or credit if and when needed with favorable terms, if at all; changes in decisions and capital spending by customers based on industry expectations for offshore exploration, field development and production; consolidation of our customer base; loss of a major customer; changing customer demands for vessel specifications, which may make some of our older vessels technologically obsolete for certain customer projects or in certain markets; rapid technological changes; delays and other problems associated with vessel maintenance; the continued availability of qualified personnel and our ability to attract and retain them; the operating risks normally incident to our lines of business, including the potential impact of liquidated counterparties; our ability to comply with covenants in our indentures and other debt instruments; acts of terrorism and piracy; the impact of regional or global public health crises or pandemics; the impact of potential information technology, cybersecurity or data security breaches; integration of acquired businesses and entry into new lines of business; disagreements with our joint venture partners; natural disasters or significant weather conditions; unsettled political conditions, war, civil unrest and governmental actions, such as expropriation or enforcement of customs or other laws that are not well developed or consistently enforced; risks associated with our international operations, including local content, local currency or similar requirements especially in higher political risk countries where we operate; interest rate and foreign currency fluctuations; labor changes proposed by international conventions; increased regulatory burdens and oversight; changes in laws governing the taxation of foreign source income; retention of skilled workers; enforcement of laws related to the environment, labor and foreign corrupt practices; increased global concern, regulation and scrutiny regarding climate change; increased stockholder activism; the potential liability for remedial actions or assessments under existing or future environmental regulations or litigation; the effects of asserted and unasserted claims and the extent of available insurance coverage; the resolution of pending legal proceedings; and other risks and uncertainties detailed in our most recent Forms 10-K, Form 10-Qs and Form 8-Ks filed with or furnished to the SEC.

If one or more of these or other risks or uncertainties materialize (or the consequences of any such development changes), or should our underlying assumptions prove incorrect, actual results or outcomes may vary materially from those reflected in our forward-looking statements. Forward-looking and other statements in this presentation regarding our environmental, social and other sustainability plans, goals or activities are not an indication that these statements are necessarily material to investors or required to be disclosed in our filings with the SEC. In addition, historical, current, and forward-looking environmental, social and sustainability-related statements may be based on standards still developing, internal controls and processes that we continue to evolve, and assumptions subject to change in the future. Statements in this release are made as of the date hereof, and the Company disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.

Financial information is displayed beginning on the next page.

The financial statements and supplementary information presented in this press release have been audited. This press release presents extracts from the Consolidated Balance Sheets at December 31, 2022 and December 31, 2021; the Consolidated Statements of Operations and Consolidated Statements of Equity for the three and twelve months ended December 31, 2022 and 2021; and the Consolidated Statements of Cash Flows for the twelve months ended December 31, 2022 and 2021. Extracts are drawn from the December 31, 2022 and 2021 audited annual financial statements of Tidewater Inc. All per-share amounts are stated on a diluted basis.

In conjunction with the acquisition of Swire Pacific Offshore (SPO), we realigned our reportable segments to better reflect the post-acquisition operating environment. The previous Middle East/Asia Pacific segment has been split into the Middle East segment and the Asia Pacific segment. Our previous operations in Southeast Asia and Australia, along with the legacy SPO operations in the Asia Pacific region, now form the new Asia Pacific segment. Our segment disclosures reflect the current segment alignment for all periods presented.