CANONSBURG, Pa.--(BUSINESS WIRE)--Equitrans Midstream Corporation (NYSE: ETRN), today, announced financial and operational results for the full-year and fourth quarter 2022. Included in the "Non-GAAP Disclosures" section of this news release are important disclosures regarding the use of non-GAAP supplemental financial measures, including information regarding their most comparable GAAP financial measure.

2022 Highlights:

• Generated $846 million of net cash from operating activities and $380 million of free cash flow
• Recorded 71% of total operating revenue from firm reservation fees
• Initiated a mixed-use water system build out and commenced operations of first above ground water storage facility
• Secured a new booster compression expansion project
• Published our annual Corporate Sustainability Report in accordance with GRI and SASB
• Completed senior notes offering with proceeds used to repay nearest-term maturities

“We continue to pursue multiple paths in order to complete the MVP project. Although federal energy infrastructure permitting reform legislation was not enacted in 2022, we believe there continues to be significant bipartisan support for permitting reform in the new congress," said Thomas F. Karam, Equitrans chairman and chief executive officer. "On the regular way permitting path, we are engaged with the necessary federal agencies and appreciate the tremendous efforts of the staff who have put immense time into their reviews and analyses, especially considering some permits are being reviewed for a second and third time. We believe that the agencies are working to issue authorizations over the next several months, which we believe would position us to safely complete construction of MVP in 2023. However, we must acknowledge that the ultimate hurdle remains legal challenges of the permits before the U.S. Fourth Circuit Court of Appeals. As we've said before, we believe that projects, like MVP, that follow every required process and receive every required permit should prevail."

"In 2022, we remained committed to operating safely and delivering strong results for our stakeholders as we continue to find ways to drive capital efficiency, optimize systems, and control costs," said Diana M. Charletta, Equitrans president and chief operating officer. "During the year we made progress on several in-basin organic projects, including receiving the Final Environmental Impact Statement for our OVCX project and securing an approximately $70 million booster compression project from a producer customer, both of which are targeted for a 2024 in-service. In addition, we made many advancements in our sustainability program during the year, including the voluntary submission of our first CDP Water Security questionnaire, for which we received a score of 'B.' We also completed our TCFD readiness assessment; instituted a new Environmental Justice Policy; and converted high-bleed pneumatics to low-bleed or full-air pneumatics at ten compressor sites in support of our Climate Policy and emission reduction targets. As a follow-on to these efforts, in January 2023, we announced Equitrans’ status as a founding member of the Appalachian Methane Initiative, which is committed to further enhancing methane monitoring throughout the Appalachian Basin and facilitating additional methane emissions reduction in the region."

Net income attributable to ETRN common shareholders for the fourth quarter 2022 was impacted by several items, including a $5.1 million unrealized gain on derivative instruments and $8.1 million of operating expense related to the November 2022 Rager Mountain natural gas storage field incident (discussed below). The unrealized gain is reported within other income (expense), net, and relates to the contractual agreement with EQT Corporation (EQT) in which ETRN will receive cash from EQT conditioned on the quarterly average of certain Henry Hub natural gas prices exceeding certain thresholds beginning with the quarter in which the Mountain Valley Pipeline (MVP) is placed in-service through the fourth quarter of 2024. The contract is accounted for as a derivative with the fair value marked-to-market at each quarter-end.

For the full-year 2022, net loss attributable to ETRN common shareholders was impacted by several items, including a $583.1 million impairment of equity method investment related to Mountain Valley Pipeline, LLC (MVP JV) and an associated $69.9 million reduction in income tax benefit primarily due to a valuation allowance placed on the deferred tax assets; a $24.9 million loss on extinguishment of debt primarily related to the purchase in tender offers of approximately $1.0 billion in aggregate principal amount of several tranches of senior notes of EQM Midstream Partners, LP (EQM), a wholly owned subsidiary of ETRN; a $9.6 million unrealized gain on derivative instruments related to the previously described contractual agreement with EQT; a $3.7 million gain on sale of non-core gathering assets; and $8.1 million of operating expense related to the Rager Mountain natural gas storage field incident.

As a result of the gathering agreement entered into with EQT in February 2020, revenue from the contracted minimum volume commitment (MVC) is recognized utilizing an average gathering rate applied over the remaining contract life. The difference between the cash received from the MVC and the revenue recognized results in the deferral of revenue into future periods. Deferred revenue for the fourth quarter 2022 was $84.2 million and for the full-year 2022 was $345.1 million.

Operating revenue for the fourth quarter increased by $108.6 million compared to the same quarter last year, primarily due to approximately $106.1 million of deferred revenue in the fourth quarter of 2021 related to the cumulative impact of a transmission services contract amendment, increased transmission services revenue, higher water services revenue, and partially offset by lower gathered volumes. Operating expenses increased by $18.0 million compared to the fourth quarter 2021, primarily from $8.1 million of expenses, including a regulatory reserve, related to the Rager Mountain natural gas storage field incident and increased operating and maintenance, selling, general and administrative, and depreciation expenses.

Operating revenue for the full year increased by $40.7 million compared to 2021, primarily from the impact of deferred revenue, increased water services revenue, and partially offset by lower gathered volumes. Operating expenses decreased by $61.5 million compared to 2021, primarily driven by a $56.2 million impairment of long-lived assets in 2021 and lower selling, general, and administrative expenses.

QUARTERLY DIVIDEND

For the fourth quarter 2022, ETRN paid a quarterly cash dividend of $0.15 per common share on February 14, 2023, to ETRN common shareholders of record at the close of business on February 6, 2023.

TOTAL CAPITAL EXPENDITURES AND CAPITAL CONTRIBUTIONS

2023 GUIDANCE

Due to the uncertainty around the ultimate MVP path to completion and timing of forward construction and in-service, ETRN has provided full-year 2023 guidance assuming an MVP in-service during the second half of 2023 and provided full-year 2023 guidance assuming the absence of forward MVP construction and completion in 2023. The MVP project in-service timing impacts revenue recognition under certain related gathering and transportation agreements with EQT, including deferred revenue and the Henry Hub cash bonus payment provision. Therefore, ETRN is unable to provide full-year 2023 guidance for net income, adjusted EBITDA, and deferred revenue for the potential outcome in which there is no forward construction and completion of MVP in 2023 since the basis for any potential delay beyond 2023 is not known or reasonably able to be estimated.

BUSINESS AND PROJECT UPDATES

Outstanding Debt and Liquidity

As of December 31, 2022, ETRN reported $6.4 billion of consolidated debt; $240 million of borrowings and $234.9 million of letters of credit outstanding under EQM's revolving credit facility; $295.0 million of borrowings under Eureka's revolving credit facility; and $67.9 million of cash.

Rager Mountain Natural Gas Storage Field Incident

On November 6, 2022, ETRN responded to an incident regarding the venting of natural gas from a storage well at its Rager Mountain natural gas storage field, located in a remote area of Cambria County, Pennsylvania. ETRN engaged a leading specialty well control services company and, in coordination with the Pennsylvania Department of Environmental Protection (PADEP) and Federal Pipeline and Hazardous Materials Safety Administration (PHMSA), successfully halted the venting of gas on November 19, 2022. ETRN has retained a leading firm involved in analyzing storage field incidents to conduct an independent investigation of the incident’s root cause, which is ongoing. Based on the results of testing to estimate the total change in natural gas inventory at the Rager Mountain storage reservoir, ETRN estimates that the Rager Mountain storage inventory was reduced by approximately 1.29 Bcf. However, as part of ongoing post-incident response activities, ETRN continues to evaluate whether and to what extent the inventory was reduced because of venting or whether some was due to potential migration.

Further, ETRN initiated a comprehensive review of all of its storage wells, including wells at the Rager Mountain facility, and this review of storage field asset integrity is ongoing. The PADEP and the PHMSA are investigating the incident and ETRN continues to cooperate in such investigations. In the fourth quarter, ETRN incurred expenses of $8.1 million, which includes a regulatory reserve for potential penalties, and continues to incur costs in 2023 in relation to post-incident response activities. For further information, refer to ETRN’s Annual Report on Form 10-K for the year ended December 31, 2022, to be filed with the SEC.

Exercise of Cash Option

Pursuant to the 2020 gathering agreement with EQT, on July 8, 2022, EQT elected to forgo aggregate potential gathering rate relief of up to approximately $235 million in the 24 months following MVP's in-service in exchange for a cash payment of approximately $196 million. The cash payment represented final consideration for approximately 20.5 million ETRN common shares that were purchased from EQT and retired in the first quarter of 2020. ETRN made the $196 million cash payment to EQT on October 4, 2022.

Ohio Valley Connector Expansion Project

On January 20, 2023, the Federal Energy Regulatory Commission (FERC) issued the Final Environmental Impact Statement for the Ohio Valley Connector Expansion Project (OVCX). OVCX will increase deliverability on ETRN's Ohio Valley Connector pipeline by approximately 350 MMcf per day and is designed to meet growing demand in key markets in the mid-continent and Gulf Coast through existing interconnects with long-haul pipelines in Clarington, OH. ETRN expects to receive all necessary approvals in the first half of 2023 and accordingly ETRN is targeting the incremental capacity to be in-service during the first half of 2024. ETRN expects to invest approximately $160 million in the project, which is primarily supported by a long-term firm capacity commitment of 330 MMcf per day.

Mountain Valley Pipeline

MVP JV remains engaged in the permitting process with the relevant federal agencies regarding the outstanding permits required to complete the project. ETRN believes that the agencies are working to issue such authorizations over the next several months and to produce authorizations, for the third time in certain cases, that address points raised by the U.S. Fourth Circuit Court of Appeals and exceed legal and regulatory standards. Based on the expected permitting timeline, ETRN believes the remaining construction activity could be completed to achieve a second half of 2023 in-service at a total project cost of approximately $6.6 billion, however, there remains significant uncertainty around current and potential litigation at the Fourth Circuit. In addition to pursuing the regular way permitting path, ETRN continues to support potential enactment of federal energy infrastructure permitting reform legislation that specifically requires the completion of the MVP project. ETRN believes that there remains bipartisan support and prospects for such legislation. ETRN believes that the MVP JV will complete the four to five months of remaining construction activity as promptly as practicable once authorized and fully mobilized and that the total project cost would be approximately $6.6 billion if MVP's completion is achieved in 2023. Through December 31, 2022, ETRN has funded approximately $2.7 billion and, if the MVP project were to be completed in 2023 at a total project cost of $6.6 billion, ETRN expects to fund a total of approximately $3.4 billion and to have an approximate 48.1% ownership interest in MVP. ETRN will operate the pipeline.

MVP Southgate

The MVP JV continues to evaluate the MVP Southgate project and is focused on its ongoing discussions and negotiations with the shipper and other prospective customers regarding refining the project's design, scope and/or timing in lieu of pursuing the project as originally contemplated. ETRN has a 47.2% ownership interest in MVP Southgate and is expected to operate the pipeline.

Water Services

During 2022, ETRN began the buildout of its mixed-use water system and, in August 2022, ETRN placed into service its initial above ground water storage facility, which has a capacity of approximately 150,000 barrels. ETRN expects to place the second above ground water storage facility, which will have a capacity of approximately 200,000 barrels, into service in the first half of 2023. The mixed-use water system is expected to be substantially completed in 2023.

In the fourth quarter, water operating income was $11.1 million and water EBITDA was $16.6 million. For the full year 2022, water operating income was $14.6 million and water EBITDA was $34.6 million. For 2023, ETRN expects water EBITDA of approximately $40 - $45 million.

2022 Year-End Earnings Conference Call Information

ETRN will host a conference call with security analysts today, February 21, 2023, at 10:30 a.m. (ET) to discuss year-end 2022 financial results, operating results, and other business matters.

Call Access: An audio live stream of the call will be available on the internet, and participants are encouraged to pre-register online, in advance of the call. A link to the audio live stream will be available on the Investors page of ETRN’s website the day of the call.

Security Analysts :: Dial-In Participation
To participate in the Q&A session, security analysts may access the call in the U.S. toll free at (888) 330-3573; and internationally at (646) 960-0677. The ETRN conference ID is 6625542.

All Other Participants :: Webcast Registration
Please Note: For optimal audio quality, the webcast is best supported through Google Chrome and Mozilla Firefox browsers.

Call Replay: For 14 days following the call, an audio replay will be available at (800) 770-2030 or (647) 362-9199. The ETRN conference ID: 6625542.

ETRN management speaks to investors from time-to-time and the presentation for these discussions, which is updated periodically, is available via www.equitransmidstream.com.

NON-GAAP DISCLOSURES

Adjusted Net Income (Loss) Attributable to ETRN Common Shareholders and Adjusted Earnings (Loss) per Diluted Share Attributable to ETRN Common Shareholders

Adjusted net income (loss) attributable to ETRN common shareholders and adjusted earnings (loss) per diluted share attributable to ETRN common shareholders are non-GAAP supplemental financial measures that management and external users of ETRN’s consolidated financial statements, such as investors, may use to make period-to-period comparisons of earnings trends. Management believes that adjusted net income (loss) attributable to ETRN common shareholders and adjusted earnings (loss) per diluted share attributable to ETRN common shareholders as presented provide useful information for investors for evaluating period-over-period earnings. Adjusted net income (loss) attributable to ETRN common shareholders and adjusted earnings (loss) per diluted share attributable to ETRN common shareholders should not be considered as alternatives to net income (loss) attributable to ETRN common shareholders, earnings (loss) per diluted share attributable to ETRN common shareholders or any other measure of financial performance presented in accordance with GAAP. Adjusted net income (loss) attributable to ETRN common shareholders and adjusted earnings (loss) per diluted share attributable to ETRN common shareholders as presented have important limitations as analytical tools because they exclude some, but not all, items that affect net income (loss) attributable to ETRN common shareholders and earnings (loss) per diluted share attributable to ETRN common shareholders, including, as applicable, impairments of long-lived assets and equity method investments, unrealized gain (loss) on derivative instruments, loss on extinguishment of debt, gain on the sale of gathering assets, expenses for the Rager Mountain natural gas storage field incident (Rager Mountain incident), and the related tax impacts of these items, which items affect the comparability of results period to period. Additionally, because these non-GAAP metrics may be defined differently by other companies in ETRN’s industry, ETRN’s definitions of adjusted net income (loss) attributable to ETRN common shareholders and adjusted earnings (loss) per diluted share attributable to ETRN common shareholders may not be comparable to similarly titled measures of other companies, thereby diminishing the utility of the measures. Adjusted net income (loss) attributable to ETRN common shareholders and adjusted earnings (loss) per diluted share attributable to ETRN common shareholders should not be viewed as indicative of the actual amount of net income (loss) attributable to ETRN common shareholders or actual earnings (loss) of ETRN in any given period.

The table below reconciles adjusted net income attributable to ETRN common shareholders and adjusted earnings per diluted share attributable to ETRN common shareholders with net income (loss) attributable to ETRN common shareholders and earnings (loss) per diluted share attributable to ETRN common shareholders as derived from the statements of consolidated comprehensive income to be included in ETRN’s Annual Report on Form 10-K for the year ended December 31, 2022. Diluted weighted average common shares outstanding assumes dilution for each applicable period.

Analyst inquiries:
Nate Tetlow – Vice President, Corporate Development and Investor Relations
412-553-5834
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Media inquiries:
Natalie Cox – Communications and Corporate Affairs
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IRVING, Texas--(BUSINESS WIRE)--On April 4, 2023, Exxon Mobil Corporation will host a virtual Low Carbon Solutions spotlight to provide an update on the business.

Darren Woods, Chairman and Chief Executive Officer, Kathy Mikells, Senior Vice President and Chief Financial Officer, Dan Ammann, President of Low Carbon Solutions, and Jennifer Driscoll, Vice President of Investor Relations will share how ExxonMobil’s Low Carbon Solutions business is working to profitably grow a compelling new business to accelerate the path to a lower-emission future. The spotlight will include a Q&A session during the live webcast beginning at 9:00 a.m. CT. Presentation materials and a replay of the event will be available at www.exxonmobil.com/ir.

ExxonMobil Media Relations
(972) 940-6007

AUSTIN, Texas--(BUSINESS WIRE)--USA Compression Partners, LP (NYSE: USAC) (“USA Compression”) today announced that its 2022 tax packages, including the Schedule K-1, are now available online and may be accessed at taxpackagesupport.com/usac. USA Compression has begun the process of mailing the 2022 tax packages to unitholders. Unitholders may also call Tax Package Support at 1-855-521-8151 or visit USA Compression’s website at usacompression.com in the Investor Relations section under K-1 Information.

About USA Compression Partners, LP

USA Compression Partners, LP is a growth-oriented Delaware limited partnership that is one of the nation’s largest independent providers of natural gas compression services in terms of total compression fleet horsepower. USA Compression partners with a broad customer base composed of producers, processors, gatherers, and transporters of natural gas and crude oil. USA Compression focuses on providing natural gas compression services to infrastructure applications primarily in high-volume gathering systems, processing facilities, and transportation applications. More information is available at usacompression.com.

USA Compression Partners, LP
Nelson Larkin, Tax Director
(512) 369-1604
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AUSTIN, Texas--(BUSINESS WIRE)--SeekOps Inc., a global leader in providing best-in-class sensors and actionable analytics to support both traditional and renewable energy sectors in their decarbonization efforts, today announced the addition of Paal Kibsgaard to their advisory board.

“It is my pleasure to welcome Paal to our advisory board,” said Iain Cooper, President and CEO of SeekOps. “Paal brings with him a wealth of experience in both deploying and managing operations on a global scale, in addition to a broad and influential network across all levels of the Energy business. Paal was instrumental in catalyzing Schlumberger’s efforts in the energy transition during his time as CEO, and this is reflected in this focus with SeekOps as we embark on our growth strategy.”

Paal Kibsgaard is currently a Partner with Veritec Ventures, an Early Stage Venture Capital company addressing the energy transition. He was previously Chairman and CEO of Schlumberger Ltd in addition to holding other senior management and operational positions. Mr. Kibsgaard was also Chairman of Borr Drilling, and holds a Master’s degree in petroleum engineering from the Norwegian Institute of Technology.

“I am excited to join the SeekOps Advisory Board as the company enters a new phase, focused on scaling up the operations and bringing their unique technology and answer products to a fast growing, global customer base.”

Paal joins Advisory Board Members David Cox, Founding Partner of the Coalition for Renewable Natural Gas and Dr Simon Bittleston, Chairman of the International Scientific Advisory Board for GAPSTI at Cambridge University.

About SeekOps
SeekOps deploys its industry-leading SeekIR^™ sensors with enterprise-grade drones to provide field-proven measurement systems for methane Leak Detection and Quantification (LDAQ^™), through repeatable, consistent and cost-effective automated workflows. For more information, please visit www.seekops.com.

Paul Khuri
VP - Business Development
713 962 6146
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TULSA, Okla.--(BUSINESS WIRE)--Williams (NYSE: WMB) today announced it has joined the United Nations Environment Programme’s (UNEP) Oil and Gas Methane Partnership 2.0 (OGMP 2.0), the global initiative designed to improve the energy industry’s methane emissions reporting and to encourage progress in reducing those emissions. Joining OGMP 2.0 supports Williams’ next generation natural gas strategy to drive transparency and decarbonization of the natural gas value chain through technology investments, providing path-specific methane intensity certifications to utilities, LNG export facilities and other clean energy users.

OGMP 2.0 is UNEP’s flagship oil and gas reporting and mitigation program. It is the only comprehensive, measurement-based international reporting framework for the sector. In the past two years, nearly 100 companies with operations in more than 60 countries have joined the initiative. They represent more than 35 per cent of global oil and gas production. OGMP 2.0 member companies strive to report methane emissions in accordance with what are widely recognized as the highest established standards while setting industry-leading methane reduction targets.

“Williams is committed to achieving the most stringent methane performance standards as prescribed by OGMP 2.0, thus setting the pace for the midstream sector in the United States,” said Alan Armstrong, Williams President and CEO. “We handle one third of U.S. natural gas, giving us unique visibility to how gas molecules are produced, processed, transported and used. By leveraging new technology across our nationwide infrastructure footprint, we are confident we can enhance the trust and transparency needed to grow a differentiated low-emissions gas market and provide clean, reliable gas supplies to domestic and international buyers focused on a low-carbon future.”

“We are glad to welcome Williams as part of our global initiative, which incentivizes member companies to reduce methane emissions and allocate capital efficiently,” said Giulia Ferrini, OGMP 2.0 Project Manager, UNEP. “We look forward to Williams’ contribution as OGMP 2.0 is more than a rigorous reporting framework: it is a unique platform for collective action and peer learning among our members, who jointly develop new industry norms on methane management.”

Williams’ NextGen Gas program provides verified emissions profiles and captures the progress from greenhouse gas (GHG) reductions across the natural gas value chain – from customers and its own operations – using monitoring and measurement technologies including satellites, flyovers and multiple sensing devices, as well as real-time internal operational data that is designed to meet the OGMP 2.0 protocols. As part of this program, Williams recently invested in Orbital Sidekick, a satellite-based emissions monitoring company and LongPath Technologies, a provider of laser-based continuous emissions monitoring and quantification technology. Data from these technologies will be aggregated with other forms of measurement data and synthesized by Context Labs’ Decarbonization as a Service (DasS) platform to provide verified emissions profiles and capture the progress from reductions across the natural gas value chain for Williams and its customers.

Today’s announced membership in OGMP 2.0 complements other methane performance initiatives in which Williams is engaged, including ONE Future, a group of natural gas companies working to voluntarily reduce methane emissions to less than 1% across the natural gas value chain. Williams also belongs to the Energy Emissions Modelling and Data Lab (EEMDL), a collaborative initiative involving the University of Texas at Austin, Colorado State University and the Colorado School of Mines to provide science-based greenhouse gas emissions assessments of global oil and gas supply chains.

In 2022, Williams was once again recognized across several key rankings – including CDP Climate Change Questionnaire, S&P Global ESG Score, Dow Jones Sustainability Index (DJSI) and MSCI – for the company’s commitment to transparency and governance around climate change and other ESG topics. Williams was named for the third consecutive year to the DJSI North America index and for the second consecutive year to the DJSI World index.

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 32,000 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. Learn how the company is leveraging its nationwide footprint to incorporate clean hydrogen, NextGen Gas and other innovations at www.williams.com.

About OGMP 2.0

The Oil and Gas Methane Partnership 2.0 (OGMP 2.0) is a multi-stakeholder initiative, fostering better emissions data for methane mitigation in the oil and gas sector. OGMP, initially launched in 2014 by the Climate and Clean Air Coalition, was ratcheted up in scope and ambition in November 2020 to become OGMP 2.0. Itis the only comprehensive, measurement-based reporting framework for the oil and gas industry that improves the accuracy and transparency of methane emissions reporting. Already over 90 companies with assets on five continents representing over 35% of the world’s oil and gas production, as well as over 20% of global natural gas transmission and distribution pipelines, over 10% of global storage capacity and over 70% of global LNG flows have joined the partnership. For more, visit www.ogmpartnership.com.

Portions of this document may constitute “forward-looking statements” as defined by federal law. Although the company 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 the company’s annual and quarterly reports filed with the Securities and Exchange Commission.

MEDIA:
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(800) 945-8723

INVESTOR CONTACTS:
Danilo Juvane
(918) 573-5075

Grace Scott
(918) 573-1092

For communications-related issues on OGMP 2.0 and UNEP:
Kamilia Lahrichi, Communications Lead, International Methane Emissions Observatory (IMEO):
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Newly Established Platform Focuses on Clean Hydrogen Transportation and Storage

HOUSTON--(BUSINESS WIRE)--Pickering Energy Partners advised the NeuVentus management team on the launch of NeuVentus, LLC, a newly formed platform backed by Lotus Infrastructure Partners, formerly known as Starwood Energy Capital. NeuVentus is focused on developing and delivering clean hydrogen pipeline transportation and salt cavern hydrogen storage projects. In addition to advising the NeuVentus management team on its formation capital raise, the PEP team supported management’s project development and its go-to market strategy.

Clean hydrogen has emerged as a key component in global efforts to decarbonize. NeuVentus will develop, own and operate key midstream infrastructure and play a crucial role in facilitating the energy transition and decarbonizing the hardest-to-abate industries. In addition to clean hydrogen and its derivatives like ammonia and methanol, NeuVentus will provide transportation and storage services to adjacent industries like industrial gases.

“We are proud to have advised the NeuVentus team on this transaction and to have supported their initial project development efforts. This deal is a perfect example of how PEP seamlessly brings together its strategy consulting and investment banking expertise to add value to our clients,” said Ismail Hammami, a Partner in PEP’s Advisory business who led the work with NeuVentus. “Our team at PEP is excited to continue to work with entrepreneurs and early-stage companies as they seek to commercialize innovation and access capital.”

“The energy landscape is constantly evolving, and at PEP, we are dedicated to helping our clients navigate this transition and identify new opportunities,” adds Dan Pickering, Chief Investment Officer of Pickering Energy Partners. “We are honored to be a part of the formation of NeuVentus and look forward to working with more companies that are driving innovation and growth in the industry.”

About Pickering Energy Partners

PEP is an energy-focused financial services platform. Our expertise spans decades across the entire energy landscape. We’ve deployed over $16 billion across all energy sub-sectors. We are, at our core, trusted energy advisors, investors, and partners alongside our clients. The PEP platform includes Investments, Research, Capital Markets, Investment Banking and Consulting. Headquartered in Houston, Texas, PEP delivers an experienced, opportunistic team that aims to provide guidance and long-term value for clients while having a positive impact on the companies and communities that PEP invests in.

For more information, please visit www.PickeringEnergyPartners.com.

Pickering Energy Partners LP (“PEP”) is an SEC Registered Investment Adviser. Affiliated PEP Advisory LLC (“PEP BD”) is a registered broker-dealer, member FINRA/SIPC.

Ismail Hammami
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+1.832.514.3897

For media inquiries:
Jennifer Petree / Tina Tallant
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713.269.3776

PITTSBURGH--(BUSINESS WIRE)--Wabtec Corporation (NYSE: WAB) released today its 2022 Sustainability Report highlighting the company’s progress on key environmental, social, and governance (ESG) commitments. The company is focused on creating a sustainable future through innovative technologies, responsible operations, and empowering people and communities.

“At Wabtec, we remain committed to be part of the solution and to slow the speed of global climate change by taking action within our own operations and bringing products to market that drive sustainable value for our customers,” said Rafael Santana, President and CEO of Wabtec.

The company is committed to expanding its ESG goals to ensure they serve employees, customers, communities, and shareholders in more sustainable ways. Wabtec strives to develop new, more sustainable products and services across its portfolio to reduce the impact on the environment. Demonstrating Wabtec’s focus on continuous improvement, the sustainability report detailed key commitments related to its climate action plan such as:

• Setting a new near-term absolute greenhouse gas (GHG) reduction goal to reduce its Scope 1 and 2 GHG emissions by 50% by 2030, from a baseline of 2019
• Committing to disclose Wabtec’s Scope 3 GHG emissions across its full value chain this year
• Committing to set near-term targets next year for categories of Scope 3 GHG emissions material to Wabtec

Wabtec took several actions to advance its ESG strategy and goals, including:

• Joining the United Nations (UN) Global Compact, demonstrating the company’s existing and ongoing commitment to the universal sustainability principles promoted by the organization
• Partnering with industry to accelerate the development, validation, and adoption of lower carbon fuels and alternative clean energy technologies for the freight rail industry
• Joining Europe’s Rail Joint Undertaking (ERJU) as a founding member; A follow-up to the Shift2Rail initiative, ERJU is a partnership between Europe’s major railway stakeholders that aims to create a more modern and sustainable European railway system
• Reducing the greenhouse gas emissions intensity by 20% across the company’s global operations

“Our greatest strength at Wabtec has always been our ability to continuously transform our company to deliver game-changing, sustainable innovations and solutions to our customers and the world,” said Santana. “While the journey to a fully decarbonized transportation future will take time, I am confident in the strength of Wabtec’s innovation, global scale, and, most importantly, our people. I know that we will lead our industry forward, not by waiting for the future, but creating it.”

To download and read the full report, visit www.wabteccorp.com/sustainability

About Wabtec Corporation

Wabtec Corporation is focused on creating transportation solutions that move and improve the world. The company is a leading global provider of equipment, systems, digital solutions and value-added services for the freight and transit rail industries, as well as the mining, marine and industrial markets. Wabtec has been a leader in the rail industry for over 150 years and has a vision to achieve a zero-emission rail system in the U.S. and worldwide.

Wabtec Media Contact
Tim Bader / This email address is being protected from spambots. You need JavaScript enabled to view it. / 682-319-7925

Wabtec Investor Contact
Kristine Kubacki, CFA / This email address is being protected from spambots. You need JavaScript enabled to view it. / 412-450-2033

• Multi-year financial and volunteer commitment establishes the Moda Marsh & Wetlands Preserve to be located at the new Gessner Center in Kemah, Texas.
• Moda Marsh & Wetlands Preserve establishes a natural barrier that will reduce the impact of extreme weather events while concurrently serving as a natural carbon sink.

HOUSTON--(BUSINESS WIRE)--Moda Midstream, LLC (Moda) and the Galveston Bay Foundation (GBF) today announced a partnership to create and preserve coastal wetlands. As an initial step, Moda has committed financial support to create the Moda Marsh & Wetlands Preserve at GBF’s to-be-built Gessner Center that will house GBF’s education center and headquarters in Kemah, Texas.

The Moda Marsh & Wetlands Preserve will include a living shoreline and bulkhead that will create new coastal wetlands along more than 1,000 feet of Galveston Bay shoreline. In addition to stabilizing coastal waterfront, living shorelines provide many benefits, including flood control and water quality improvements. Coastal wetlands also create resiliency to extreme weather events, prevent erosion and provide natural filtration for polluted runoff. The Galveston Bay Foundation also reports that Texas coastal wetlands provide nursery habitat for over 90% of the recreational and commercial fish species found in the Gulf of Mexico. Construction on the bulkhead portion of the Moda Marsh and Wetlands Preserve is scheduled to begin in late February.

In addition to the benefits listed above, coastal wetlands also have strong carbon sequestration benefits because coastal wetlands act as a natural carbon sink. According to the National Oceanic and Atmospheric Administration’s (NOAA) National Ocean Service (NOS), wetlands annually sequester carbon at a rate that is up to ten times greater than the rate at which mature tropical forests sequester carbon. Additionally, according to NOS, coastal wetlands have a much higher carbon storage capacity and contain large stores of carbon accumulated over hundreds to thousands of years.

“We are proud to support the Galveston Bay Foundation’s efforts to preserve and protect the beauty and viability of Galveston Bay, the Houston area’s largest and most important natural resource and home to both our headquarters and our Vopak Moda Houston Terminal,” said Moda Midstream CEO and Founder Jonathan Z. Ackerman. “The location of the Moda preserve at Galveston Bay Foundation’s education center will promote awareness and appreciation for Galveston Bay, while educating visitors about the benefits of preserving wetlands and creating living shorelines. It will also increase public interest and understanding of how nature-based carbon solutions – such as coastal wetland preservation and restoration – help mitigate man-made emissions.”

“Erosion is a constant threat for shorelines across Galveston Bay,” said Galveston Bay Foundation President Bob Stokes. “We are excited to partner with Moda to protect this important shoreline and help preserve the Galveston Bay watershed as a thriving ecological anchor for generations to come. We are very fortunate to be partnering with a company that highly values environmental stewardship.”

Moda is also increasing incentives for team members who support the Galveston Bay Foundation. Today, Moda matches employee giving on a one-for-one basis. Going forward, Moda will double the matching rate for donations to the Galveston Bay Foundation. Moda will also engage in volunteer opportunities with the Galveston Bay Foundation. Moda’s next service day will be spent supporting the Galveston Bay Foundation, which provides numerous volunteer opportunities in and around Galveston Bay. Last year, 2,493 people volunteered 9,500 hours to benefit the GBF mission.

About the Moda Marsh & Wetlands Preserve

The Moda Marsh & Wetlands Preserve will include a living shoreline and bulkhead to provide two layers of defense from coastal erosion for the property. The living shoreline will create new coastal wetlands along more than 1,000 feet of Galveston Bay shoreline in Kemah, Texas. Galveston Bay Foundation’s planned Gessner Center, including the foundation’s education center and headquarters, will be located on the 30+ acre property. Coastal wetlands also create resiliency to extreme weather events, provide natural filtration for polluted runoff and serve as natural carbon sinks. Additional information about the Moda Marsh & Wetlands Preserve is available at modamidstream.com/hsse/sustainability.

About Moda Midstream, LLC

Moda Midstream, LLC develops advantaged and sophisticated infrastructure for storing and handling liquids products that are essential to our economy and our way of life. Moda helps customers increase the efficiency and protect the integrity of their supply chains. Moda’s mission is to be the logistics and terminaling provider of choice by delivering safe, reliable and sustainable solutions. Moda is backed by EnCap Flatrock Midstream. Please visit www.modamidstream.com.

About EnCap Flatrock Midstream

EnCap Flatrock Midstream provides value-added growth capital to proven management teams focused on midstream infrastructure opportunities across North America. The firm was formed in 2008 by a partnership between EnCap Investments L.P. and Flatrock Energy Advisors, LLC. Based in San Antonio with offices in Oklahoma City and Houston, the firm manages investment commitments of over $9 billion from a broad group of prestigious institutional investors. For more information, please visit efmidstream.com.

About the Galveston Bay Foundation

Established in 1987, the Galveston Bay Foundation is a 501(c)(3) non-profit organization. Its mission is to preserve and enhance Galveston Bay as a healthy and productive place for generations to come. It implements diverse programs in land preservation, habitat restoration, water quality and quantity, youth education, and advocacy. Galveston Bay Foundation has conserved almost 15,000 acres of coastal habitat through property acquisitions and conservation easements. GBF continues to actively expand its land conservation efforts within the Galveston Bay Watershed, focusing on protecting a wide range of habitats and land uses including freshwater and estuarine wetlands, tallgrass prairies, coastal forests, and various agricultural lands. GBF is a member of the Land Trust Alliance (LTA) and was accredited by the Land Trust Alliance Accreditation Commission in 2013 and re-accredited in 2019. GBF is also a participating member of the Texas Land Trust Council (TLTC). For further information, contact GBF at (281)332-3381, visit www.galvbay.org, like us on Facebook, or follow us on twitter @GBayFoundation.

Bevo Beaven
Redbird Communications Group
720-666-5064
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Delivered full-year 2022 net income of $72.5 million and Adjusted EBITDA¹ of $762.1 million, a 27% increase year-over-year, driven by expanded operations in the Williston and Delaware Basins from the Oasis Midstream, Sendero Midstream, and CPJV acquisitions offset by the Barnett and Marcellus divestitures; efficient integration of acquired assets led to cost savings and commercial synergies offset by extreme weather events and producer development delays in fourth quarter 2022

Divestiture of Tres Palacios for $335 million; Crestwood’s 50% interest yields $167.5 million of cash proceeds which will be used for debt paydown and to accelerate leverage reduction; non-core asset sale at a significant premium to current market multiples largely completes Crestwood’s midstream portfolio realignment with a focus on core G&P areas

Expect 2023 Adjusted EBITDA of $780 million to $860 million and growth capital investment of $135 million to $155 million, driving positive free cash flow after distributions of approximately $50 million at the midpoint

2023 capital projects to include gathering system expansions and new supply connections from recent acquisitions; free cash flow allocation priorities focus on debt paydown and enhancing balance sheet strength in 2023

HOUSTON--(BUSINESS WIRE)--Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood”) reported today its financial and operating results for the three months ended December 31, 2022.

Fourth Quarter and Full-Year 2022 Financial Highlights¹

• Fourth quarter 2022 net income of $53.9 million, compared to net income of $78.6 million in fourth quarter 2021; full-year 2022 net income of $72.5 million, compared to a net loss of $37.4 million in 2021
• Fourth quarter 2022 Adjusted EBITDA of $200.3 million, compared to $149.1 million in the fourth quarter 2021, an increase of 34% year-over-year; full-year Adjusted EBITDA of $762.1 million, compared to $600.1 million in 2021, an increase of 27%
• Fourth quarter 2022 distributable cash flow (“DCF”) to common unitholders of $110.8 million, compared to $91.1 million in the fourth quarter 2021, an increase of 22% year-over-year, resulting in a coverage ratio of 1.6x
• Ended the quarter with approximately $3.4 billion of total debt, including $1.1 billion drawn on the revolving credit facilities, resulting in a consolidated leverage ratio of 4.2x (4.0x pro forma for the sale of Tres Palacios)
• Announced fourth quarter 2022 cash distribution of $0.655 per common unit, or $2.62 per common unit on an annualized basis, an approximate 5% increase year-over-year, payable on February 14, 2023, to unitholders of record as of February 7, 2023

Recent Developments

• On January 17, 2023, Crestwood Midstream Partners LP (“CMLP”), a wholly owned subsidiary of Crestwood, issued $600 million of 7.375% senior unsecured notes due 2031. Crestwood used the proceeds of the issuance to repay borrowings on the corporate revolving credit facility and to repay and terminate the Crestwood Permian Basin Holdings LLC (“CPJV”) revolving credit facility. Pro forma for the senior notes issuance, Crestwood has approximately $525 million drawn on its $1.75 billion corporate revolving credit facility.
• On February 20, 2023, Crestwood and Brookfield Infrastructure (“Brookfield”) entered into an agreement to sell Tres Palacios Gas Storage (“Tres Palacios”) for $335 million. Crestwood will receive approximately $168 million for its 50% interest in the storage facility and plans to use all sale proceeds to reduce borrowings on its revolving credit facility. The transaction is expected to close in the second quarter 2023 subject to customary regulatory approvals.

Management Commentary

“2022 was another transformational year for Crestwood as we continued to realign our midstream portfolio by expanding in the Williston, Delaware, and Powder River Basins, which are highly economic, oil-weighted resource plays, while divesting our Barnett and Marcellus assets which were non-core, gas-weighted, and low-growth. We have continued that strategy with the recent sale of our Tres Palacios natural gas storage facility to reduce debt and improve our balance sheet,” commented Robert G. Phillips, Founder, Chairman, and Chief Executive Officer of Crestwood.

Mr. Phillips added, "While we are disappointed in last year’s operating and financial results due to the impact of severe weather events, upstream consolidation, and oilfield services and labor constraints on producer drilling and development activity, we are excited about current 2023 rig activity and planned customer developments on our G&P assets. Moreover, this year we will be focused on realizing additional merger synergies and further commercialization of our systems, as we continue to integrate and expand the Oasis Midstream and Sendero Midstream assets with a measured capital program to capture the significant supply potential based on years of drilling inventory, which was a key component of the acquisitions last year.”

Mr. Phillips continued, “In 2023, our Adjusted EBITDA guidance range of $780 million to $860 million is pro forma for the sale of Tres Palacios and represents 8% year-over-year growth at the midpoint. Our 2023 growth capital program is estimated to be $135 million to $155 million, a reduction of more than 20% from last year, with approximately 90% focused on our Williston and Delaware Basin operations. Based on current producer plans, we expect to connect approximately 260 wells in 2023, an increase of approximately 15% year-over-year. Overall, our financial strategy in 2023 remains focused on operational execution, investments in high returning system expansions, increasing volumes, growing free cash flow, and reducing our outstanding debt.”

Mr. Phillips concluded, “The divestiture of Tres Palacios represents Crestwood’s fourth non-core divestiture over the last two years and largely completes our strategic realignment around oil-weighted resource plays. I would like to thank the Tres Palacios employees for their hard work and dedication over the past thirteen years who have done an exceptional job managing this strategic storage asset through various commodity and weather cycles. These divestitures, at highly compelling valuations, have enabled the company to maintain a solid balance sheet while transitioning the portfolio and helping to finance growth in the Williston, Delaware, and Powder River Basins. As a result, Crestwood is a stronger and more resilient company than it was a few years ago, with an impressive producer customer portfolio and a significant inventory of highly economic acreage dedications under long-term contracts, which we think will drive a top-tier yield investment opportunity for our unitholders.”

Fourth Quarter 2022 Results and 2023 Outlook

Gathering and Processing North

Gathering and Processing North segment EBITDA totaled $140.8 million in the fourth quarter 2022, compared to $116.5 million in the fourth quarter 2021, an increase of 21% year-over-year. Segment EBITDA increased year-over-year as a result of the contribution from the Oasis Midstream LP (“Oasis Midstream”) assets acquired in the Williston Basin and the impact of higher commodity prices on the Arrow system’s percent-of-proceeds (POP) contracts.

Williston Basin

During the fourth quarter 2022, crude oil gathering volumes averaged 76 MBbls/d, natural gas gathering volumes averaged 243 MMcf/d, natural gas processing volumes averaged 275 MMcf/d, and produced water gathering volumes averaged 152 MBbls/d. Natural gas gathering, natural gas processing, and produced water gathering volumes increased year-over-year by 72%, 108%, and 67%, respectively, due to expanded operations as a result of the Oasis Midstream acquisition. Producers connected 21 wells across Crestwood’s footprint during the fourth quarter, resulting in a full-year total of 86 wells, and have subsequently connected 23 wells in January 2023. Crestwood invested $26 million in the fourth quarter, approximately 90% of which was related to the continued build-out of the western portion of the Rough Rider system to service Chord Energy Inc. (NASDAQ: CHRD) (“Chord”) dedicated acreage.

In 2023, Crestwood expects to connect 115 to 125 wells across the Arrow and Rough Rider systems based on current producer drilling and completion schedules. Crestwood’s capital investments in the Williston Basin, approximately 50% of the company’s 2023 capital program, will include the continued buildout of a three-product gathering system for Chord’s Painted Woods and City of Williston acreage as well as smaller system expansions and compression projects to support new volumes across the Arrow and Rough Rider assets. Crestwood anticipates an average of four to five rigs operating on its dedicated acreage during 2023, driving approximately 5% to 10% volumetric growth year-over-year.

Powder River Basin

During the fourth quarter 2022, gathering volumes averaged 106 MMcf/d and natural gas processing volumes averaged 104 MMcf/d. Natural gas gathering and processing volumes increased year-over-year by 3% and 4%, respectively, driven by 12 new wells connected to the Jackalope system during 2022. In 2023, Crestwood expects producers to connect between 10 to 20 wells as Continental Resources, its largest customer in the basin, continues to delineate its acreage position targeting multiple formations. Crestwood’s capital investments in the Powder River Basin are expected to be minimal and include well connects and minor system expansions. Crestwood anticipates an average of one to two rigs operating on its dedicated acreage during 2023.

Gathering & Processing South

Gathering and Processing South segment EBITDA totaled $45.1 million in the fourth quarter 2022, compared to $29.5 million in the fourth quarter 2021, an increase of 53% year-over-year. Both periods exclude losses on long-lived assets. Segment EBITDA increased year-over-year driven primarily by the contribution of the Sendero Midstream Partners LP (“Sendero Midstream”) and the CPJV assets acquired in July 2022 and continued producer development in the Delaware Basin, offset by the divestitures of the Barnett and Marcellus assets in 2022.

Delaware Basin

During the fourth quarter 2022, natural gas gathering volumes averaged 504 MMcf/d, natural gas processing volumes averaged 408 MMcf/d, produced water gathering volumes averaged 153 MBbls/d, and crude oil gathering volumes averaged 21 MBbls/d. Natural gas gathering and natural gas processing volumes increased year-over-year by 101% and 265%, respectively, due to the contribution of the Sendero Midstream assets and significant volume growth on the Willow Lake system in New Mexico. Produced water gathering volumes increased year-over-year by more than eight times due to the integration of Oasis Midstream’s Panther assets as well as volume growth on the Desert Hills system. Producers connected 35 wells across Crestwood’s footprint during the fourth quarter, resulting in a full-year total of 128 wells. Crestwood invested $36 million in the fourth quarter, the majority of which was related to the expansion of the Panther crude oil and produced water gathering and disposal system as well as compression expansions on the Sendero system.

In 2023, Crestwood expects to connect 120 to 130 wells across its gathering systems in the Delaware Basin based on current producer drilling and completion schedules. Crestwood’s capital investments in the Delaware Basin, approximately 40% of the company’s 2023 capital program, will include compression expansions in New Mexico and well connects across Crestwood’s gathering assets. Crestwood anticipates an average of seven to eight rigs operating on its dedicated acreage during 2023, driving 10% to 15% volume growth year-over-year.

Storage & Logistics

Storage & Logistics segment EBITDA totaled $25.9 million in the fourth quarter 2022, compared to $13.9 million in the fourth quarter 2021. Both periods exclude the non-cash change in fair value of commodity inventory-related derivative contracts. Fourth quarter segment EBITDA was impacted by realized losses on commodity price hedges entered into to partially mitigate commodity price exposure from Crestwood’s gathering and processing segments’ contracts that have POP structures. In 2023, Crestwood expects S&L segment earnings to return to normalized levels with adjusted EBITDA of $100 million to $110 million, as the NGL Logistics business should benefit from incremental margin opportunities due to contango in the forward NGL pricing curves.

2023 Financial Guidance

Crestwood's 2023 guidance reflects the general business updates noted above and the most recent development plans from customers. In addition, the guidance range assumes the divestiture of Tres Palacios closes in April 2023. These projections are subject to risks and uncertainties in the "Forward-Looking Statements" section at the end of this release.

• Net income of $310 million to $390 million
• Adjusted EBITDA of $780 million to $860 million
• Contribution by operating segment is set forth below:

• Distributable cash flow available to common unitholders of $430 million to $510 million
• Free cash flow after distributions of $10 million to $90 million
• Full-year coverage ratio of 1.6x to 1.8x based on annual distribution of $2.62 per common unit
• Year-end 2023 leverage ratio between 3.7x and 4.1x
• Growth capital spending in the range of $135 million to $155 million
• Maintenance capital spending in the range of $25 million to $30 million

Strategic Update and Capital Allocation Priorities

In 2023, Crestwood has shifted its focus from regional consolidation to maximizing throughput on available capacity across its expanded gathering and processing systems while reducing costs and capital requirements. Crestwood expects positive free cash flow after distributions of approximately $50 million at the guidance midpoint in 2023, which will be allocated to debt paydown, with a long-term leverage ratio target of less than 3.5x. Crestwood plans to keep the distribution flat at $2.62 per common unit in 2023 and will consider additional distribution increases and common or preferred unit buybacks dependent on leverage reduction targets.

Capitalization and Liquidity Update

Crestwood invested approximately $66 million in the fourth quarter 2022 and $188 million during full-year 2022 in growth capital projects (excluding litigation related capital pertaining to the Bear Den II processing plant), approximately $10 million below the low end of the 2022 growth capital guidance range. As of December 31, 2022, Crestwood had approximately $3.4 billion of debt outstanding, comprised of $2.25 billion of fixed-rate senior notes and $1.1 billion outstanding under its two revolving credit facilities, resulting in a consolidated leverage ratio of 4.2x.

On January 17, 2023, Crestwood issued $600 million of 7.375% senior unsecured notes and used the proceeds to repay borrowings on its corporate revolving credit facility and to repay and terminate the CPJV credit facility. Pro forma for the issuance of new senior notes and the expected closing of Tres Palacios in second quarter 2023, Crestwood will have $3.2 billion of long-term debt outstanding, including $2.85 billion of fixed-rate senior notes and approximately $360 million outstanding under its $1.75 billion revolving credit facility, and a consolidated leverage ratio of 4.0x.

Crestwood currently has 71.3 million preferred units outstanding (par value of $9.13 per unit) that pay a fixed-rate annual cash distribution of 9.25%, payable quarterly. The preferred units are listed on the New York Stock Exchange and trade under the ticker symbol CEQP-P.

Sustainability Program Update

In January 2023, Crestwood was one of three midstream companies included in the 2023 Bloomberg Gender-Equality Index (GEI). This marks the third consecutive year being included in the GEI and validates the company’s commitment to advancing diversity, equity and inclusion within the organization. Crestwood continues to advance its carbon management plan across its portfolio, including at its newly acquired assets, and remains on track to publish its fifth annual sustainability report in June 2023. For more information on Crestwood’s approach to sustainability, please visit https://esg.crestwoodlp.com.

Upcoming Conference Participation

Crestwood’s management will participate in the following upcoming investor conferences. Prior to the start of each conference, new presentation materials may be posted to the Investors section of Crestwood’s website at www.crestwoodlp.com.

• J.P. Morgan Global High Yield & Leveraged Finance Conference, Miami, FL, March 6 - 8, 2023
• 51st Annual Scotia Howard Weil Energy Conference, Miami, FL, March 6 - 8, 2023

2022 K-1 Tax Packages

Crestwood’s K-1 tax packages are expected to be made available online and mailed by mid-March 2023. Once available, K-1s can be found online at www.taxpackagesupport.com/CEQP for the common units, www.taxpackagesupport.com/CEQP_Preferred for the preferred units, and www.taxpackagesupport.com/oasis for Oasis Midstream for January 1 - 31, 2022.

2022 Annual Report Form 10-K

Crestwood plans to file its annual report on Form 10-K with the Securities and Exchange Commission for the year ended December 31, 2022, by February 27, 2023. The 10-K report will be available to view, print or download on the Investors page of Crestwood’s website at www.crestwoodlp.com. Crestwood will also provide a printed copy of the annual report on Form 10-K, free of charge upon request. Such requests should be directed in writing via email to This email address is being protected from spambots. You need JavaScript enabled to view it. or via mail to Investor Relations, 811 Main St., Suite 3400, Houston, TX 77002.

Earnings Conference Call Schedule

Management will host a conference call for investors and analysts of Crestwood today at 9:00 a.m. Eastern Time (8:00 a.m. Central Time) which will be broadcast live over the Internet. Investors will be able to connect to the webcast via the “Investors” page of Crestwood’s website at www.crestwoodlp.com. Please log in at least ten minutes in advance to register and download any necessary software. A replay will be available shortly after the call for 90 days.

Non-GAAP Financial Measures

Adjusted EBITDA, distributable cash flow and free cash flow are non-GAAP financial measures. The accompanying schedules of this news release provide reconciliations of these non-GAAP financial measures to their most directly comparable financial measures calculated and presented in accordance with GAAP. Our non-GAAP financial measures should not be considered as alternatives to GAAP measures such as net income or operating income or any other GAAP measure of liquidity or financial performance.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities and Exchange Act of 1934. The words “expects,” “believes,” “anticipates,” “plans,” “will,” “shall,” “estimates,” and similar expressions identify forward-looking statements, which are generally not historical in nature. Forward-looking statements are subject to risks and uncertainties and are based on the beliefs and assumptions of management, based on information currently available to them. Although Crestwood believes that these forward-looking statements are based on reasonable assumptions, it can give no assurance that any such forward-looking statements will materialize. Important factors that could cause actual results to differ materially from those expressed in or implied from these forward-looking statements include the risks and uncertainties described in Crestwood’s reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K and its subsequent reports, which are available through the SEC’s EDGAR system at www.sec.gov and on our website. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management’s view only as of the date made, and Crestwood assumes no obligation to update these forward-looking statements.

About Crestwood Equity Partners LP

Houston, Texas, based Crestwood Equity Partners LP (NYSE: CEQP) is a master limited partnership that owns and operates midstream businesses in multiple shale resource plays across the United States. Crestwood Equity is engaged in the gathering, processing, treating, compression, storage and transportation of natural gas; storage, transportation, terminalling and marketing of NGLs; gathering, storage, terminalling and marketing of crude oil; and gathering and disposal of produced water. To learn more about Crestwood Equity Partners LP, visit www.crestwoodlp.com; and to learn more about Crestwood’s sustainability efforts, please visit https://esg.crestwoodlp.com.

¹ Please see non-GAAP reconciliation tables included at the end of the press release.

Crestwood Equity Partners LP
Investor Contacts
Andrew Thorington, 713-381-3028
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Vice President, Finance & Investor Relations

Rhianna Disch, 713-380-3006
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Director, Investor Relations

Sustainability and Media Contact
Joanne Howard, 832-519-2211
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Senior Vice President, Sustainability and Corporate Communications

Projects at Braidwood, Byron nuclear plants will result in additional carbon-free electricity with capacity to power the equivalent of 100,000 homes 24/7/365

BALTIMORE--(BUSINESS WIRE)--Constellation (Nasdaq: CEG), the largest producer of carbon-free energy in the U.S., said today it will invest $800 million in new equipment to increase the output of its Braidwood and Byron Generating Stations in Illinois by approximately 135 megawatts, enough to power the equivalent of 100,000 average homes around the clock every year. The additional always-on, carbon-free power generated will result in the equivalent of removing 171,000 gas-powered vehicles from the road per year, or the equivalent of adding 216 intermittent wind turbines to the grid, using Environmental Protection Agency data.

The project is expected to create work for thousands of skilled union workers during construction while expanding economic activity for surrounding businesses in the plant communities. The additional jobs come on top of the 1,200 permanent workers at the two plants.

“These investments in our world class nuclear fleet will allow us to generate more zero-carbon energy with the same amount of fuel and land, and that’s a win for the economy, the environment and Illinois families and businesses who rely on our clean energy,” said Joe Dominguez, president and CEO of Constellation. “These projects will help create family-sustaining jobs and are a direct result of state and federal policies that recognize the incredible value of nuclear energy in addressing the climate crisis while keeping our grid secure and reliable.”

Braidwood and Byron were among the Illinois nuclear plants saved from premature retirement by passage of the state Climate and Equitable Jobs Act in 2021. Since then, Congress passed the Inflation Reduction Act (IRA) last year, which provides a base level of support for nuclear energy nationwide. Both pieces of legislation have enabled renewed investment in nuclear energy.

Support for nuclear in the IRA has made extending the lives of U.S. nuclear assets to 80 years more likely assuming continued support. It has caused Constellation to examine nuclear uprate opportunities that were cancelled a decade ago due to market forces. The 45Y tax credit for the production of new carbon-free electricity helps make these investments economic.

The Braidwood and Byron projects involve replacing the main turbines at the two facilities with state-of-the-art, high efficiency units that are expected to add approximately 135 carbon-free megawatts of output at the nuclear plants. Constellation expects to see increased output at the stations as early as 2026, with the full uprated output available by 2029. Work on the uprates will occur in stages during scheduled refueling outages.

The Illinois uprates come on the heels of Constellation’s announcement of significant progress at its clean hydrogen project at Nine Mile Point Generating Station in upstate New York, and the start of work on operating license renewals at the Clinton and Dresden nuclear plants in Illinois.

“It is gratifying to see new long-term projects at our nuclear facilities getting the green light. This is an exciting time for our industry as we continue our investment in the future of our plants,” said Dave Rhoades, chief nuclear officer, Constellation. “Our workers stand at the ready to welcome new employees for these projects as we continue building upon creative new efforts that provide additional clean energy to the communities we serve across the nation.”

About Constellation

Headquartered in Baltimore, Constellation Energy Corporation (Nasdaq: CEG) is the nation’s largest producer of clean, carbon-free energy and a leading supplier of energy products and services to businesses, homes, community aggregations and public sector customers across the continental United States, including three fourths of Fortune 100 companies. With annual output that is nearly 90 percent carbon-free, our hydro, wind and solar facilities paired with the nation’s largest nuclear fleet have the generating capacity to power the equivalent of 15 million homes, providing 10 percent of the nation’s clean energy. We are further accelerating the nation’s transition to a carbon-free future by helping our customers reach their sustainability goals, setting our own ambitious goal of achieving 100 percent carbon-free generation by 2040, and by investing in promising emerging technologies to eliminate carbon emissions across all sectors of the economy. Follow Constellation on LinkedIn and Twitter.

Paul Dempsey
Constellation Communications
815-409-1260
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VANCOUVER, British Columbia--(BUSINESS WIRE)--EverGen Infrastructure Corp. (“EverGen” or the “Company”) (TSXV: EVGN) (OTCQX: EVGIF), is pleased to announce its Sea to Sky Soils organic waste processing and composting facility has signed multiple contracts with a BC regional district for the processing of organic waste at the facility, which provides over 10,000 tonnes per annum.

EverGen is one of the top regional processors of organics in BC with a track record of operational excellence and sustainable practices. Our commitment is to own and operate best-in-class facilities that offer our municipal and commercial partners both cost-effective and environmentally sustainable solutions for processing & recycling organics, including:

• Building Regional Infrastructure: building & owning much-needed infrastructure and supplying jobs through responsible development
• Waste Management Solutions: using proven technology & best practices to divert waste from landfill and reduce emissions
• Benefits to Local Agriculture: Recycling of nutrients back into food production, strengthening food security and supporting local farmers.
• Clean Energy: reimagining organic waste as a clean energy source by generating renewable natural gas which has negative carbon emissions

“Contracts such as these de-risk our core business and represent another step towards our goal of providing solutions for over 300,000 tonnes of organic waste per annum in the region,” said Chase Edgelow, CEO of EverGen.

Sea to Sky Soils, operated in partnership with Lil’wat First Nation, primarily processes inbound organic waste for a contracted tipping fee and produces high-quality organic compost and soils for farmers, gardeners, and developers. These contract updates provide Sea to Sky Soils with increased certainty on the supply of organic feedstock through 2025 with a preferred partner.

About EverGen Infrastructure Corp.

EverGen, Canada’s Renewable Natural Gas Infrastructure Platform, is combating climate change and helping communities contribute to a sustainable future. Headquartered on the West Coast of Canada, EverGen is an established independent renewable energy producer which acquires, develops, builds, owns and operates a portfolio of Renewable Natural Gas, waste to energy, and related infrastructure projects. EverGen is focused on Canada, with continued growth expected across other regions in North America and beyond.

For more information about EverGen Infrastructure Corp. and our projects, please visit www.evergeninfra.com.

EverGen Investor Contact
Victoria Rutherford
480-625-5772
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Company works with multiple non-profit organizations and governments to respond to ongoing crisis using FedEx global network and logistics expertise including six charter flights

MEMPHIS, Tenn.--(BUSINESS WIRE)--FedEx Corp. (NYSE: FDX) continues to support those affected by the catastrophic earthquakes that have devastated Southern Turkey and Northern Syria, committing more than $1,000,000 (USD) worth of in-kind shipping so far. Overnight, the company chartered a FedEx MD-11 of dedicated relief from Dubai, UAE, to Istanbul, Turkey. This was the fifth consecutive flight taking place from February 17 to 21 delivering approximately 230 metric tonnes of relief supplies including tents, blankets, baby items, household supplies, and hygiene kits from the International Federation of Red Cross and Red Crescent Societies (IFRC).

“FedEx is committed to helping the many communities impacted by the earthquakes during this incredibly difficult time,” FedEx President and CEO Raj Subramaniam said. “We are inspired by the heroic work of first responders and humanitarian organizations and grateful to use our global network to donate flights, logistics support, and aid to advance recovery, rebuilding, and relief in the region.”

To date, FedEx has also been able to help other non-profit organizations and governments respond during this crisis by utilizing its global network and logistics expertise.

• FedEx donated $100k on February 8 to the American Red Cross to aid recovery efforts in Turkey and Syrian communities. The donation will provide support and aid, such as distributing essentials like first aid, food, water, and blankets; setting up temporary shelters; and providing psychological support and medical aid.
• On February 8, FedEx delivered critical humanitarian supplies from Istanbul Sabiha Gokcen International Airport to Malatya, Turkey on behalf of the Istanbul Governorship and local municipality, including food supplies from Umursan Un Ltd. and clothing donated by local residents.
• During the week of February 13, FedEx provided shipping support for Canadian disaster-relief organization GlobalMedic, including the delivery of AquaResponse3 Water Purification Units to feeding centers in the impacted area of Turkey.
• FedEx worked with U.S.-based World Central Kitchen to ship aid from Madrid, Spain and Capitol Heights, Maryland, U.S. to Adana, Turkey. The flights included a deployable kitchen unit, kitchen supplies, and operations kits.

FedEx continues to provide relief to regions impacted by natural disasters. FedEx relief moved for IFRC, GlobalMedic, and World Central Kitchen was a part of the company’s FedEx Cares “Delivering for Good” initiative, in which FedEx lends its global network and unparalleled logistics expertise to organizations with mission-critical needs and helps communities before, during and after crises. Learn more at FedExCares.com.

About FedEx Corp.

FedEx Corp. (NYSE: FDX) provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services. With annual revenue of $94 billion, the company offers integrated business solutions through operating companies competing collectively, operating collaboratively and innovating digitally under the respected FedEx brand. Consistently ranked among the world's most admired and trusted employers, FedEx inspires its more than 550,000 employees to remain focused on safety, the highest ethical and professional standards and the needs of their customers and communities. FedEx is committed to connecting people and possibilities around the world responsibly and resourcefully, with a goal to achieve carbon-neutral operations by 2040. To learn more, please visit fedex.com/about.

Chelsea Satkowiak
901-434-8100

HAMILTON , Bermuda--(BUSINESS WIRE)--Valaris Limited (NYSE: VAL) (“Valaris” or the “Company”) today issued a Fleet Status Report that provides the current status of the Company’s fleet of offshore drilling rigs along with certain contract information for these assets. The Fleet Status Report can be found on the “Investors” section of the Company’s website www.valaris.com.

About Valaris Limited

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

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

Tim Richardson
Director - Investor Relations
+1-713-979-4619

Solar Revenue Put production insurance supports Arava Power, Paz Oil and Menora’s US solar debut in a $200m senior secured credit facility lead by Nomura

SAN FRANCISCO--(BUSINESS WIRE)--#solardata--kWh Analytics, the market leader in Climate Insurance, today announced a partnership with Arava Power, Paz Oil and Menora Mivtachim to provide production insurance to optimize debt terms on a 270MWdc utility-scale solar project in Uvalde County, TX.

Arava Power, Paz Oil and Menora Mivtachim utilized the Solar Revenue Put from kWh Analytics to de-risk their solar investment in the United States and enhance the project’s financial success. The Solar Revenue Put is an insurance policy covering solar production to provide protection against downside risk. The policy allows asset owners to achieve more favorable financing terms via additional debt or optimized loan terms, providing sponsors with greater financial flexibility and stability.

“At kWh Analytics, our goal is to provide sponsors and lenders with the tools and resources they need to confidently invest in the renewable energy sector,” said Jason Kaminsky, CEO of kWh Analytics. “The Solar Revenue Put is a game-changer, offering an uplift in return on investment and reducing the risks associated with solar performance. We are thrilled to partner with Arava Power, Paz Oil and Menora Mivtachim on this venture, and are proud to be at the forefront of renewable energy investing in the US.”

Nomura led the debt financing as sole Coordinating Lead Arranger and Sole bookrunner, arranging an approximately $200 million senior secured credit facility on behalf of Arava Power, Paz Oil Ltd and Menora Mivtachim. This financing is a landmark transaction for the consortium with the project. Nomura assembled a syndicate of international lenders which includes Siemens Financial and BHI. Snapper Creek Advisors, a boutique energy advisory firm, is providing commercialization and financial consulting to the sponsors.

“We are proud to have achieved financial closing on the exceptional Project Sunray, together with our remarkable partners, Paz Oil and Menora Mivtachim,” said Arava Power CEO, Ilan Zidkony. “This Project represents the first step in our broader US expansion strategy, and we are honored by the trust and partnership of our financing partners – Nomura, BHI, Bank Hapoalim, and Siemens Financial who have helped us reach this important milestone. We were delighted to be able to work with kWh Analytics on this project, their support and professionalism were first-class, and we look forward to working together on future projects.”

“We are proud and satisfied to reach full financial close and start construction for this substantial and unique solar PV project,” said Hagai Miller of Paz Oil. “By mid-next year, we expect this project to be in full operation, producing enough electricity to power tens of thousands of households in the area. We would like to thank our excellent partners, Arava Power Company and Menora Mivtachim group and to our remarkable financing partners who put their trust in us and into this project – Nomura, Bank Hapoalim, and Siemens Financial.”

Vinod Mukani, Global Head of Nomura’s Infrastructure and Power Business (“IPB”) commented, “We are very pleased to leverage our global financial and intellectual expertise to provide a bespoke funding and financing solution to support Arava Power, Paz Oil and Menora Mivtachim as they enter the United States market. Providing superior execution in growing sectors, like renewable energy, for excellent Sponsors like these, aligns perfectly within Nomura’s business strategy and goals.”

“Nomura is excited to provide a unique financing package supporting the funding of this important project in the US for Arava Power, Paz Oil and Menora, who have talented teams and a compelling business strategy contributing toward the transition of low carbon economy,” said Alain Halimi, Executive Director of Nomura’s IPB. “We appreciate the support and creative approach from the kWh team assisting in enhancing the project’s structure and mitigating lenders’ downside risk.”

The United States has become an increasingly attractive location for international renewable energy sponsors, with growing demand for clean energy and a supportive regulatory environment. However, making long-dated investments in such a rapidly evolving industry can expose investors to risks. The Solar Revenue Put credit enhancement provides a solution for these risks by insuring the revenue generated, increasing investor confidence in renewable energy projects and their returns. This, in turn, helps to drive the growth of renewable energy and supports the transition to a clean grid.

ABOUT Arava Power

Arava Power Company (APC) is a solar Developer / IPP that pioneered utility scale photovoltaics in Israel; developing, owning and operating hundreds of megawatts over the past 15 years.

APC’s profound expertise and years of experience have allowed it to build one of the most profitable portfolios in the industry, maintaining and improving performance through excellence in development, technological innovation and advanced asset management operations.

Today, APC holds a multi-GW development portfolio in Israel and the U.S., across utility scale PV and BESS, Agri-Voltaics and Distributed Energy Systems.

Since the earliest days of the solar industry, APC has been at the forefront of the energy transition, delivering on the promise of clean, sustainable energy to power our planet’s future.

About Paz Oil Group (TLV: PZOL)

Founded in 1922 and based in Israel, Paz (TASE: PZOL; ilA+) is one of the largest energy companies in Israel, focusing mainly on fuel retail, LPG, real estate, food & convenient retail, renewables, EV charging.

Paz is a public company whose shares are traded in the Tel Aviv Stock Exchange, and it is listed on the TASE's flagships indexes, which tracks the shares of the companies with the highest market capitalization in the stock exchange.

Paz is the largest gas retailer in Israel with about 270 gas stations and convenience retail locations and more than 60 supermarkets in the center of the cities, which is one of the leaders in Israel. Further, Paz has annual revenue of 5.3$bn, total assets of 4.5$bn and a market capitalization of over 1.3$bn. Paz is currently increasing its dedication to the energy transition infrastructure sector by beginning to install EV charging stations to its existing convenience and gas stations, receiving licenses to supply electricity to a large share of households in Israel using its hundreds of thousands existing LPG clients alongside with using the company's knowledge for recruiting new clients, and through its acquisition of supermarkets, expanding its retail of food and energy business.

In the renewable sector, Paz Group is establishing a global RES activity focusing on utility scale solar, onshore wind and storage solutions in Europe/US and expand into neighboring countries. In Israel, Paz is focusing to become a customer-centric player in the IL electricity market by providing a variety of solutions to its customers, incl. energy and electricity, mainly to the Industrial, commercial and residential sectors.

The Group's financial resilience, combined with advanced work methods, a highly developed service orientation and the ability to zero in on marketing opportunities, have positioned Paz as one of Israel's top companies, with a reputation for professionalism and leadership.

More about Paz at https://www.paz.co.il/en-US/home

ABOUT Menora Mivtachim

Menora Mivtachim Holdings Ltd. is one of Israel's five largest insurance & finance groups. The group specializes in asset management, manages the largest pension fund in Israel – ‘Menora Mivtachim pension and gemel', and is the largest General Insurer in Israel and the market leader in Motor Insurance sector.

The group operates through its subsidiaries, in all sectors of Life Insurance, Long/Mid/Short-Term Savings, General Insurance and Health Insurance. In addition, the group is active in the capital markets and finance sectors, including Mutual Funds Management, Financial Portfolio Management, Underwriting and worldwide real estate investments.

About Nomura

Nomura is a global financial services group with an integrated network spanning over 30 countries and regions. By connecting markets East & West, Nomura services the needs of individuals, institutions, corporates and governments through its three business divisions: Retail, Investment Management, and Wholesale (Global Markets and Investment Banking). Founded in 1925, the firm is built on a tradition of disciplined entrepreneurship, serving clients with creative solutions and considered thought leadership. For further information about Nomura, visit www.nomura.com.

ABOUT kWh Analytics

kWh Analytics is a leading provider of Climate Insurance for zero carbon assets. Utilizing their proprietary database of over 300,000 operating renewable energy assets, kWh Analytics uses real-world project performance data and decades of expertise to underwrite unique risk transfer products on behalf of insurance partners. kWh Analytics has recently been recognized on FinTech Global’s ESGFinTech100 list for their data and climate insurance innovations. The Solar Revenue Put production insurance protects against downside risk and unlocks preferred financing terms, and Property Insurance offers comprehensive coverage against physical loss. These offerings, which have insured over $4 billion of assets to date, aim to further kWh Analytics’ mission to provide best-in-class Insurance for our Climate. To learn more, please visit https://www.kwhanalytics.com/, connect with us on LinkedIn, and follow us on Twitter.

Nikky Venkataraman
Marketing Manager
E | This email address is being protected from spambots. You need JavaScript enabled to view it.
T | (720)-588-9361

PHOENIX--(BUSINESS WIRE)--Quantum Energy Inc. (OTC: QREE), (“Quantum”), a developer of transformative photonic energy systems for the direct generation and distribution of electrical energy owned by and for use of the consumer, today announced it has executed a letter of intent with FlooidCX Corporation (OTC: FLCX), (“FLCX”) to merge the two companies.

William Hinz, chairman of Quantum, stated: “The combined company’s goal is to change the face of energy delivery. A merger was the logical next step as we move toward commercializing our products. This merger helps accelerate our time to market by bringing together the necessary technologies, people and resources to begin transforming the market for industrial, commercial and residential electrical energy generation and distribution.

“As we begin to monetize this technology in the quarters to come, we are also focused on creating significant value for our shareholders. As such, another key aspect of this merger is simplifying our capital structure, allowing us to continue moving towards our goal of listing on a major national stock exchange and providing a path to liquidity for our existing holders.”

Merger Terms

Upon closing the transaction, existing Quantum shareholders will:

• Exchange 6 shares of existing Quantum common stock for 1 share of FLCX common stock;
• Receive Series D Preferred shares (“Series D”) convertible at a 10:1 ratio into common stock of the new company
  • The number of Series D stock shares issued will depend on each shareholder’s original cash investment in Quantum and the trading price of the effective date of the merged company. On that day the Series D will be issued.

Post-merger, the combined company will adopt the name Quantum Energy, Inc. and trade on the OTC Markets under the existing ticker, QREE, and have approximately 35 million shares outstanding.

Strategy and Operations

FLCX will contribute the following as part of the merger:

• An initial $18 million in contractual sales;
• Operations located in Hawaii, Michigan and Alberta Canada, which will benefit the shareholders of the merged company.

Quantum will enable the Company to gain immediate entry into the aerospace industry due to strong demand for its products that use exotic metal alloys, including some requiring rare earth metals.

The merger will also enable the Company to sell its energy products directly and in a manner that is royalty-free to the consumer.

Intellectual Property

As part of the transaction, the following intellectual property will be contributed to the combined entity:

FLCX:

• 136 filed and to be filed utility and design patents involving photonic collection systems;
• $14 million in non-amortized intellectual property from FLCX processes related to treating and separating rare earth materials.

Quantum:

• Additional licensed technologies from its operating subsidiary Inductance Energy Corporation;
• An exclusive worldwide licensing agreement from Wyo Tech Investment Group, LLC of Cheyenne, Wyoming.

Technology Background

Photonics is the science of light waves, which delves into light generation and manipulation. In mid-2009, noted research engineer Dennis M. Danzik pioneered a photon and magnetic-based technology. Danzik then partnered with a group of former aerospace and energy product development professionals, headed by retired Allied Signal Aerospace President William Hinz (now Quantum’s Chairman) to prepare this technology for commercialization. Since 2015, this highly focused team invested over $50 million to quietly develop a unique energy system (originally nicknamed the “Earth Engine”) that uses highly efficient photon collection (in a manner similar to solar energy, but from both natural and produced light), that is first stored in a permanent magnet assisted flywheel system called a Photon Engine. The electrical energy is then conditioned and stored in a series of iron-air batteries. The use of permanent magnets to mechanically assist flywheels was long thought to be impossible. The technology is patent-pending and involves an estimated 140 U.S. and foreign patents assigned from Danzik, Quantum, and FLCX. Additional licensed technologies from Quantum operating subsidiary Inductance Energy Corporation, and an exclusive worldwide licensing agreement from Wyo Tech Investment Group, LLC of Cheyenne, Wyoming are also key to this product's success.

The technologies will be on display for anyone to see starting February 21^st at PowerGen 2023 in Orlando, Florida.

About Quantum Energy

Quantum Energy Inc. (OTC: QREE) is a fully distributed energy-focused company. Quantum’s project emphasis is on its developed and commercialized cleantech direct energy systems, which will eliminate the need for the use of aging and inefficient electrical grids and the widespread use of alternating current to direct current inverters, both of which contribute to massive energy losses worldwide.

Quantum Energy Investor Relations Contacts:
Brian Siegel, IRC®, M.B.A.
Senior Managing Director
Hayden IR
(346) 396-8696
This email address is being protected from spambots. You need JavaScript enabled to view it.

Brett Maas
Managing Partner
Hayden IR
(646) 536-7331
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SAN FRANCISCO--(BUSINESS WIRE)--Patch, a climate action technology platform, and EcoEngineers, a clean energy consulting, auditing, and advisory firm, have formed a partnership to ensure the integrity of new carbon removal techniques introduced into the carbon marketplace.

“EcoEngineers’ due diligence and science-based project evaluations and Patch’s digital marketplace, combined, offer a powerful accelerator of innovation in the carbon market,” said Shashi Menon, CEO, EcoEngineers. “Our scientists and engineers provide companies introducing new technologies the solid validation needed to sell on Patch’s trusted and transparent platform.”

EcoEngineers currently is reviewing the science as well as developing measurement, reporting and verification (MRV) approaches to quantify the greenhouse gas (GHG) emission reduction for companies introducing new and emerging technologies. Early examples include Seaweed Generation, which has developed technology to sink carbon-removing seaweed deep into the ocean; Andes, which is leveraging beneficial microorganisms to remove CO2 from the atmosphere and convert it into minerals for thousands of years; Drax, which is developing Bioenergy with Carbon Capture and Storage (BECCS) that will generate millions of tonnes of high integrity, permanent carbon removals; and Brilliant Planet, which uses algae as an affordable method of permanently and quantifiably sequestering carbon at the gigaton scale; among many others.

“Because these carbon removal technologies are so new and out of the box, we often need to create new methodologies to ensure the highest level of scientific standard,” said David LaGreca, senior carbon consultant and voluntary market leader for EcoEngineers. “Our team has the creativity, knowledge and insights to provide a thorough review and develop rigorous removals protocols.”

EcoEngineers begins every new project with a scientific review of the project’s ability to remove carbon from the atmosphere and then develops proper MRV processes that meet strict carbon accounting standards. This allows the project to state its contribution to carbon reductions and the controls in place in a standard format for acceptance on platforms such as Patch or on leading registries.

New carbon removal technologies and innovative ideas often are challenged to establish a validated pathway within the marketplace for carbon credit generation and trading. They may need new MRV methodologies that fit specific technology parameters when existing methodologies are not aligned with their practices. They may also need assistance qualifying and registering their removals on carbon registries and trading platforms and validating and verifying an initial pilot project.

The combined effort of EcoEngineers and Patch offers these projects a one-stop-shop for access to carbon markets. EcoEngineers provides the fundamentals required to establish a high integrity credit offering, and Patch makes this information accessible to carbon credit buyers, ensuring confidence and simplicity for their network of customers supporting these new projects.

“Connecting capital with decarbonization efforts is a priority at Patch, and we support this scale by connecting a growing cohort of carbon credit buyers with access to innovative projects that have been carefully vetted by third-party partners. EcoEngineers offers the rigorous scientific protocol and the transparency that our customers expect within the Patch marketplace,” said Robert Ralph, Carbon Removal Partnerships Lead at Patch.

About Patch

Patch is the platform scaling unified climate action, empowering companies of any size to help rebalance the planet while advancing their business initiatives. Only Patch provides democratized access to the broadest selection of carbon credits available, through product integrations, direct purchases, and multi-year offtake agreements—all of which enable climate project developers to scale their solutions at the critical pace the planet requires. We do so by combining the most robust technology with impartial project scrutiny. In turn, brands as wide ranging as Bain & Company, Credit Suisse, and Afterpay are demonstrating their climate action and driving deeper customer engagements. That’s because they have the information they need to feel confident in their climate impact—and the transparency they want into each and every transaction.

About EcoEngineers

EcoEngineers helps organizations create sustainable solutions for a better tomorrow. Our team of engineers, scientists, auditors, consultants, researchers, and analysts live and work at the intersection of low-carbon fuel policy, innovative technologies, and the carbon marketplace. Our people are trusted guides who help navigate the ever-changing energy landscape, providing the right tools, guidance, and knowledge to reduce your carbon footprint and to assess the potential risk to your business from the uncertainties caused by a changing climate and low-carbon policies. Through our systematic approach, we deliver value and proven expertise through the entire clean energy continuum, including education, regulatory engagement, life-cycle analysis, asset development, compliance management, audit, and verification.

Michelle Taylor
For EcoEngineers
312-919-2124
This email address is being protected from spambots. You need JavaScript enabled to view it.

SEATTLE--(BUSINESS WIRE)--Expeditors International of Washington, Inc. (NASDAQ:EXPD) today announced fourth quarter 2022 financial results including the following highlights compared to the same quarter of 2021:

• Diluted Net Earnings Attributable to Shareholders per share (EPS¹) decreased 48% to $1.38
• Net Earnings Attributable to Shareholders decreased 52% to $219 million
• Operating Income decreased 47% to $330 million
• Revenues decreased 36% to $3.4 billion
• Airfreight tonnage volume decreased 20% and ocean container volume decreased 15%

“As pandemic-related bottlenecks eased and air and ocean supply/demand imbalances began to dissipate in the first half of the year, average buy and sell rates progressively declined to varying degrees, as they typically do – until they suddenly began to plummet simultaneously and faster than we would have expected in the fourth quarter,” said Jeffrey S. Musser, President and Chief Executive Officer. “The rapid turnaround in Q4 was stunning and unparalleled.”

“Fourth quarter demand also was softer than we would have expected, particularly in retail and high tech,” Musser continued. “Many shippers had stockpiled inventory and pulled orders forward early in 2022, in a concerted effort to avoid the worst of the supply chain bottlenecks that materialized during the pandemic, when abrupt shutdowns and stay-at-home orders transformed how we live and do business. Those conditions, which were already starting to ease throughout the first three quarters of 2022, quickly reversed course as we entered the fourth quarter and shippers swiftly adapted to increased consumer caution and slowing demand for their products, while also battling inflation and tighter financing. We were especially impacted in North Asia, our second largest geography, as the lingering effects of the lockdowns contributed to the largest declines in our air tonnage and ocean volumes in at least a decade.

“I am extremely grateful to our people, who continued to perform at their very best as they have throughout the many significant challenges we have faced over the past couple of years. We recognize that the pandemic tailwind is gone and we are now in a marketplace in which the supply chain appears to have largely normalized. Nevertheless, a level of uncertainty remains and shippers are prioritizing cost controls as they scramble to adapt to an increasingly fragile global economy.

“While we remain very optimistic about the future, our short-term outlook is somewhat uncertain due to a difficult economic environment and the resetting of supply and demand, which has a direct impact on available capacity and pricing. We plan to move forward with a sharp eye on aligning expenses with revenues, particularly over the next one or two quarters. Our focus will be on maintaining our existing accounts and gaining new business, while reducing overall expenses. Just as we quickly configured our operations to accommodate unprecedented chaos and complexity during the pandemic, we now need to address our operations for a post-pandemic environment of soft demand and pressured pricing.”

Bradley S. Powell, Senior Vice President and Chief Financial Officer, added, “This quarter was heavily impacted by a rapid reversal from the most robust operating environment we have ever seen. Economic uncertainty, government actions directed at trying to tame inflation, and severe challenges to the global supply chain gave way to sharply decelerating volumes along with a swift and simultaneous falloff in buy/sell rates. Such quickly evolving operating conditions impacted our results for the quarter, as did year-over-year comparisons to strong results in 2021. In addition, earnings before income taxes were impacted by an increase in discretionary field and branch bonuses that were awarded at year-end within our district incentive compensation program, as well as the recording of a non-income tax contingency, which on a combined basis totaled approximately $81 million. Our teams around the world worked well managing through significant challenges in 2022 always with careful attention to cash flow. Our cash flow from operations exceeded $2.1 billion in 2022 and we returned $1.8 billion to shareholders via repurchases of common stock and dividends.”

Mr. Powell noted that the Company’s annual effective tax rate for 2022 was 25.9%, compared to 26.3% in 2021. The fourth quarter of 2022 effective tax rate was 33.1%, compared to 27.5% in the year-ago quarter. The increase is primarily due to a change in the amount of foreign taxes incurred net of available foreign tax credits.

Expeditors is a global logistics company headquartered in Seattle, Washington. The Company employs trained professionals in 176 district offices and numerous branch locations located on six continents linked into a seamless worldwide network through an integrated information management system. Services include the consolidation or forwarding of air and ocean freight, customs brokerage, vendor consolidation, cargo insurance, time-definite transportation, order management, warehousing and distribution and customized logistics solutions.

_______________________

Disclaimer on Forward-Looking Statements:

Certain statements contained in this news release are “forward-looking statements,” based on management’s views with respect to future events and underlying assumptions that involve risks and uncertainties. These forward-looking statements include statements regarding our optimism regarding the future and our uncertain short-term outlook; a normalized supply chain; softening demand; pressure on buy and sell rates; the continued unsettled operating environment due to uncertain air and ocean capacity; an increasingly fragile global economy; trade disruptions; rising fuels costs; the conflict in Ukraine; inflation, high energy costs, government fiscal and monetary measures, and signs of a slowing economy and drop in demand; and the uneven lifting of the COVID-19 pandemic restrictions around the world. Future financial performance could differ materially because of factors such as: our ability to leverage the strength of our carrier relationships to secure space; the strength of our non-asset-based operating model; our expectation that the supply/demand imbalance, rate volatility, and various on-shore bottlenecks may continue; our ability to align expenses with revenues and to enhance our productivity; our ability to maintain our existing accounts and gain new business; our ability to invest in our strategic efforts to explore new areas for profitable growth; and our ability to remain a strong, healthy, unified and resilient organization. The ongoing impact of the COVID-19 pandemic could have the effect of heightening many of the other risks described in Item 1A of our Annual Report on Form 10-K, including, without limitation, those related to the success of our strategy and desire to maintain historical unitary profitability, our ability to attract and retain customers, our ability to manage costs, interruptions to our information technology systems, the ability of third-party providers to perform and potential litigation as updated by our reports on Form 10-Q, filed with the Securities and Exchange Commission. These and other factors are discussed in the Company’s regulatory filings with the Securities and Exchange Commission, including those in “Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and the Company’s most recent Form 10-Q. The forward-looking statements contained in this news release speak only as of this date and the Company does not assume any obligation to update them except as required by law.

¹Directly related cost of transportation and other expenses totals Operating Expenses from Airfreight services, Ocean freight and ocean services and Customs brokerage and other services as shown in the Condensed Consolidated Statements of Earnings.

²Salaries and other operating expenses totals Salaries and related, Rent and occupancy, Depreciation and amortization, Selling and promotion and Other as shown in the Condensed Consolidated Statements of Earnings.

During the three and twelve months ended December 31, 2022, we repurchased 5.0 million and 14.5 million shares of common stock at an average price of $112.76 and $108.88 per share, respectively. During the three and twelve months ended December 31, 2021, we repurchased 2.3 million and 4.4 million shares of common stock at an average price of $123.71 and $117.54 per share, respectively. In addition, during 2022 and 2021, we paid cash dividends of $1.34 and $1.16 per share, respectively.

Investors may submit written questions via e-mail to: This email address is being protected from spambots. You need JavaScript enabled to view it.. Questions received by the end of business on February 24, 2023 will be considered in management's 8-K “Responses to Selected Questions.”