THE WOODLANDS, Texas--(BUSINESS WIRE)--Excelerate Energy, Inc. (NYSE: EE) (the “Company” or “Excelerate”) will release its fourth quarter and full year 2022 results on Monday, March 27, 2023, following the close of U.S. financial markets. The earnings release and presentation for the fourth quarter 2022 results will be available on the investor page of the Company’s website at www.excelerateenergy.com.

On Tuesday, March 28, 2023, the Company’s management team will host a conference call for analysts and investors at 8:30 a.m. Eastern Time (7:30 a.m. Central Time). The call will also be webcast live at www.excelerateenergy.com. An archived replay of the call and a copy of the presentation will be on the website following the call.

ABOUT EXCELERATE ENERGY

Excelerate Energy, Inc. is a U.S.-based LNG company located in The Woodlands, Texas. Excelerate is changing the way the world accesses cleaner forms of energy by providing integrated services along the LNG value chain with an objective of delivering rapid-to-market and reliable LNG solutions to customers. The Company offers a full range of flexible regasification services from FSRUs to infrastructure development to LNG supply. Excelerate has offices in Abu Dhabi, Antwerp, Boston, Buenos Aires, Chattogram, Dhaka, Doha, Dubai, Helsinki, Ho Chi Minh City, Manila, Rio de Janeiro, Singapore, and Washington, DC. For more information, please visit www.excelerateenergy.com.

Investors
Craig Hicks
Excelerate Energy
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Stephen Pettibone / Frances Jeter
FGS Global
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Orders and Revenue Support Robust Outlook for 2023

Fourth Quarter 2022 Highlights

(All comparisons against the fourth quarter of 2021 unless otherwise noted)

Strong performance driven by its competitive differentiator - Ingersoll Rand Execution Excellence (IRX):

• Reported fourth quarter orders of $1,484 million, down 1%, or up 2% organic
• Reported fourth quarter revenues of $1,624 million, up 14%, or 19% organic¹
• Reported net income attributable to Ingersoll Rand Inc. of $217 million, or earnings of $0.53 per share
  • Adjusted net income from continuing operations, net of tax¹ of $295 million, or $0.72 per share
• Adjusted EBITDA¹ of $420 million, up 23%, with a margin of 25.9%, up 180 basis points year over year, and incremental margin of 38%
• Reported operating cash flow from continuing operations of $355 million and free cash flow from continuing operations¹ of $321 million
• Liquidity of $2.7 billion as of December 31, 2022, including $1.6 billion of cash on hand and undrawn capacity of $1.1 billion under available credit facilities

Full Year 2022 Highlights

(All comparisons against 2021 unless otherwise noted)

• Reported orders of $6,368 million, up 10%, or 11% organic
• Reported revenues of $5,916 million, up 15%, or 16% organic¹
• Reported net income attributable to Ingersoll Rand Inc. of $605 million, or earnings of $1.47 per share
  • Adjusted net income from continuing operations, net of tax¹ of $972 million, or $2.36 per share
• Adjusted EBITDA¹ of $1,435 million, up 20%, with a margin of 24.3%, up 120 basis points year over year, and incremental margin of 32%
• Reported operating cash flow from continuing operations of $865 million and free cash flow from continuing operations¹ of $771 million
• Returned $294M of value to shareholders through share repurchase and dividends

2023 Guidance

• Full-year 2023 revenue growth expected to be 7% to 9% and Adjusted EBITDA¹ of $1,570 to $1,630 million, up 9% to 14% over prior year
• 2023 Adjusted EPS¹ expected to be in a range of $2.48 to $2.58, up 5% to 9% over prior year

DAVIDSON, N.C.--(BUSINESS WIRE)--Ingersoll Rand Inc. (NYSE: IR), a global provider of mission-critical flow creation and industrial solutions, reported a strong finish in the fourth quarter of 2022.

“We finished the year on a high note, with strong fourth quarter and full year 2022 results amidst ongoing inflation, rising interest rates, and geopolitical uncertainty,” said Vicente Reynal, Chairman and CEO. “These robust results again demonstrate the resilience of our business across economic cycles. Driven by our operational excellence model, IRX, we continue to deliver on the commitments we made at our Investor Day, keeping us on track to meet those 2025 targets.”

Reynal added, “We made tremendous progress in 2022 against our sustainability goals by executing on our strategic imperative to Lead Sustainably. Our industry-leading sustainability program continues to earn recognition, and I am very proud that Ingersoll Rand was named to the 2022 Dow Jones Sustainability World Index and Dow Jones Sustainability North America Index. I am grateful for the whole Ingersoll Rand team, whose high level of engagement and ownership mindset enabled us to deliver another successful quarter and will help us to carry our momentum forward into 2023.”

Fourth Quarter 2022 Segment Review

(All comparisons against the fourth quarter of 2021 unless otherwise noted.)

Industrial Technologies and Services Segment: broad range of compressor, vacuum and blower solutions as well as fluid transfer equipment, loading systems, power tools and lifting equipment

• Reported Orders of $1,192 million, down 1%, or up 4% organic
• Reported Revenues of $1,315 million, up 17%, or 22% organic²
• Reported Segment Adjusted EBITDA of $361 million, up 24% with an incremental margin of 38%
• Reported Segment Adjusted EBITDA Margin of 27.4%, up 170 basis points, fueled by the use of IRX to drive strong operational execution
• Core industrial end markets saw continued strong organic demand with orders up 4%, including strong positive momentum across Europe and Asia. Excluding FX, orders for total compressor offerings, which represent approximately 65% of the total segment, were up low single digits, while orders in Industrial Vacuum & Blowers grew in the low 20’s. Orders in Power Tools and Lifting were also up mid-single-digits.

Precision and Science Technologies Segment: highly specialized fluid management solutions including precision liquid and gas pumps and niche compression technologies

• Reported Orders of $293 million, down 4%, or 2% organic
• Reported Revenues of $308 million, up 6%, or 9% organic²
• Reported Segment Adjusted EBITDA of $93 million, up 19% with an incremental margin of 82%
• Reported Segment Adjusted EBITDA Margin of 30.1%, up 330 basis points, driven primarily by improvement in pricing vs cost as well as synergy delivery in recently completed M&A
• Organic orders were down slightly vs. prior year largely due to a large non-repeating Hydrogen order in 2021.

Balance Sheet and Cash Flow

Ingersoll Rand remains in a strong financial position with ample liquidity of $2.7 billion. On a reported basis, the Company generated $355 million of cash flow from operating activities from continuing operations and invested $34 million in capital expenditures, resulting in free cash flow from continuing operations² of $321 million, compared to cash flow from operating activities from continuing operations of $247 million and free cash flow from continuing operations² of $224 million in the prior year period. Prior year cash flow from operating activities from continuing operations and free cash flow from continuing operations both included an inflow of $3 million for cash taxes related to divestitures. Net debt to Adjusted EBITDA² leverage was 0.8x for the fourth quarter, which was an improvement of 0.3x as compared to the prior year. Consistent with our comprehensive capital allocation strategy led by M&A, Ingersoll Rand deployed $184 million to M&A, $3 million to share repurchases and $8 million to its dividend payment during the fourth quarter. In addition, Ingersoll Rand announced the acquisition of Paragon Tank Truck, a leading provider of solutions used for loading and unloading dry bulk and liquid tanks in demanding industrial environments which closed on February 1. 2023. Also, on January 3, 2023 Ingersoll Rand closed on the SPX Flow Air Treatment acquisition.

2023 Guidance^3,4

Ingersoll Rand is establishing full-year 2023 guidance based on expected continued strong demand trends and operational execution in 2023:

Reconciliations of non-GAAP measures related to full-year 2023 guidance have not been provided due to the unreasonable efforts it would take to provide such reconciliations due to the high variability, complexity and uncertainty with respect to forecasting and quantifying certain amounts that are necessary for such reconciliations, including net income (loss) and adjustments that could be made for acquisitions-related expenses, restructuring and other business transformation costs, gains or losses on foreign currency exchange and the timing and magnitude of other amounts in the reconciliation of historic numbers. For the same reasons, we are unable to address the probable significance of the unavailable information, which could have a potentially unpredictable, and potentially significant, impact on our future GAAP financial results.

Conference Call

Ingersoll Rand will host a live earnings conference call to discuss the fourth quarter and full year results on Tuesday, February 21, 2023 at 8:00 a.m. (Eastern Time). To participate in the call, please dial 1-844-200-6205, domestically, or 1-929-526-1599, internationally, and use conference ID, 562071, or ask to be joined into the Ingersoll Rand call. A real-time audio webcast of the presentation can be accessed via the Events and Presentations section of the Ingersoll Rand Investor Relations website (https://investors.irco.com), where related materials will be posted prior to the conference call. A replay of the webcast will be available after conclusion of the conference and can be accessed on the Ingersoll Rand Investor Relations website.

Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to Ingersoll Rand Inc.’s (the “Company” or “Ingersoll Rand”) expectations regarding the performance of its business, its financial results, its liquidity and capital resources and other non-historical statements. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “forecast,” “outlook,” “target,” “endeavor,” “seek,” “predict,” “intend,” “strategy,” “plan,” “may,” “could,” “should,” “will,” “would,” “will be,” “on track to” “will continue,” “will likely result,” “guidance” or the negative thereof or variations thereon or similar terminology generally intended to identify forward-looking statements. All statements other than historical facts are forward-looking statements.

These forward-looking statements are based on Ingersoll Rand’s current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially from these current expectations. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) the impact on the Company’s business, suppliers and customers and global economic conditions of the COVID-19 pandemic, including business disruptions caused by government restrictions; (2) unexpected costs, charges or expenses resulting from completed and proposed business combinations; (3) uncertainty of the expected financial performance of the Company; (4) failure to realize the anticipated benefits of completed and proposed business combinations; (5) the ability of the Company to implement its business strategy; (6) difficulties and delays in achieving revenue and cost synergies; (7) inability of the Company to retain and hire key personnel; (8) evolving legal, regulatory and tax regimes; (9) changes in general economic and/or industry specific conditions; (10) actions by third parties, including government agencies; (11) adverse impact on our operations and financial performance due to natural disaster, catastrophe, pandemic, geopolitical tensions or other events outside of our control; (12) the timing, manner and volume of repurchases of common stock pursuant to our share repurchase program; and (13) other risk factors detailed in Ingersoll Rand’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”), as such factors may be updated from time to time in its periodic filings with the SEC, which are available on the SEC’s website at http://www.sec.gov. The foregoing list of important factors is not exclusive.

Any forward-looking statements speak only as of the date of this release. Ingersoll Rand undertakes no obligation to update any forward-looking statements, whether as a result of new information or developments, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

About Ingersoll Rand Inc.

Ingersoll Rand Inc. (NYSE:IR), driven by an entrepreneurial spirit and ownership mindset, is dedicated to helping make life better for our employees, customers and communities. Customers lean on us for our technology-driven excellence in mission-critical flow creation and industrial solutions across 40+ respected brands where our products and services excel in the most complex and harsh conditions. Our employees develop customers for life through their daily commitment to expertise, productivity and efficiency. For more information, visit www.IRCO.com.

Non-U.S. GAAP Measures of Financial Performance

In addition to consolidated GAAP financial measures, Ingersoll Rand reviews various non-GAAP financial measures, including “Organic Revenue Growth,” “Adjusted EBITDA,” “Adjusted Net Income,” “Adjusted Diluted EPS” and “Free Cash Flow.”

Ingersoll Rand believes Adjusted EBITDA, Adjusted Net Income, and Adjusted Diluted EPS are helpful supplemental measures to assist management and investors in evaluating the Company’s operating results as they exclude certain items that are unusual in nature or whose fluctuation from period to period do not necessarily correspond to changes in the operations of Ingersoll Rand’s business. Ingersoll Rand believes Organic Revenue Growth is a helpful supplemental measure to assist management and investors in evaluating the Company’s operating results as it excludes the impact of foreign currency and acquisitions on revenue growth. Adjusted EBITDA represents net income before interest, taxes, depreciation, amortization and certain non-cash, non-recurring and other adjustment items. Adjusted Net Income is defined as net income including interest, depreciation and amortization of non-acquisition related intangible assets and excluding other items used to calculate Adjusted EBITDA and further adjusted for the tax effect of these exclusions. Organic Revenue Growth is defined as As Reported Revenue growth less the impacts of Foreign Currency and Acquisitions. Ingersoll Rand believes that the adjustments applied in presenting Adjusted EBITDA and Adjusted Net Income are appropriate to provide additional information to investors about certain material non-cash items and about non-recurring items that the Company does not expect to continue at the same level in the future. Adjusted Diluted EPS is defined as Adjusted Net Income divided by Adjusted Diluted Average Shares Outstanding. Incrementals/Decrementals are defined as the change in Adjusted EBITDA versus the prior year period divided by the change in revenue versus the prior year period.

Ingersoll Rand uses Free Cash Flow to review the liquidity of its operations. Ingersoll Rand measures Free Cash Flow as cash flows from operating activities less capital expenditures. Ingersoll Rand believes Free Cash Flow is a useful supplemental financial measures for management and investors in assessing the Company’s ability to pursue business opportunities and investments and to service its debt. Free Cash Flow is not a measure of our liquidity under GAAP and should not be considered as an alternative to cash flows from operating activities.

Management and Ingersoll Rand’s board of directors regularly use these measures as tools in evaluating the Company’s operating and financial performance and in establishing discretionary annual compensation. Such measures are provided in addition to, and should not be considered to be a substitute for, or superior to, the comparable measures under GAAP. In addition, Ingersoll Rand believes that Organic Revenue Growth, Adjusted EBITDA, Adjusted Net Income, Adjusted Diluted EPS, Incrementals/Decrementals and Free Cash Flow are frequently used by investors and other interested parties in the evaluation of issuers, many of which also present Adjusted EBITDA, Adjusted Net Income, Adjusted Diluted EPS, and Free Cash Flow when reporting their results in an effort to facilitate an understanding of their operating and financial results and liquidity.

Organic Revenue Growth, Adjusted EBITDA, Adjusted Net Income, Adjusted Diluted EPS and Free Cash Flow should not be considered as alternatives to revenue growth, net income, diluted earnings per share or any other performance measure derived in accordance with GAAP, or as alternatives to cash flow from operating activities as a measure of our liquidity. Organic Revenue Growth, Adjusted EBITDA, Adjusted Net Income, Adjusted Diluted EPS and Free Cash Flow have limitations as analytical tools, and you should not consider such measures either in isolation or as substitutes for analyzing Ingersoll Rand’s results as reported under GAAP.

Reconciliations of Organic Revenue Growth, Adjusted EBITDA, Adjusted Net Income, Adjusted Diluted EPS and Free Cash Flow to their most comparable U.S. GAAP financial metrics for historical periods are presented in the tables below.

Reconciliations of non-GAAP measures related to full year 2023 guidance have not been provided due to the unreasonable efforts it would take to provide such reconciliations due to the high variability, complexity and uncertainty with respect to forecasting and quantifying certain amounts that are necessary for such reconciliations, including net income (loss) and adjustments that could be made for acquisitions-related expenses, restructuring and other business transformation costs, gains or losses on foreign currency exchange and the timing and magnitude of other amounts in the reconciliation of historic numbers. For the same reasons, we are unable to address the probable significance of the unavailable information, which could have a potentially unpredictable, and potentially significant, impact on our future GAAP financial results.

Investor Relations:
Matthew Fort
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COLUMBUS, Ind.--(BUSINESS WIRE)--Cummins Inc. (NYSE: CMI) today announced that its Filtration business, Atmus Filtration Technologies, has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (the "SEC") for a proposed underwritten initial public offering (IPO) of newly issued common stock.

Atmus Filtration Technologies intends to apply to have its common stock listed on the New York Stock Exchange (NYSE) under the symbol ATMU. The number of shares to be offered and the price range for the offering have not yet been determined. The IPO is expected to commence after the completion of the SEC review process, subject to market and other conditions.

Steph Disher will continue to lead Atmus Filtration Technologies as CEO alongside an experienced and capable leadership team. Atmus Filtration Technologies, which was founded by Cummins in 1958, is one of the global leaders of filtration products for on-highway commercial vehicles and off-highway agriculture, construction, mining and power generation vehicles and equipment. The company’s name is derived from “atmosphere” and reflects its purpose of creating a better future by protecting what is important.

A registration statement on Form S-1 relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). This announcement is being issued in accordance with Rule 135 under the Securities Act.

Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC will act as joint lead book-running managers and as representatives of the underwriters for the proposed offering. Baird, BofA Securities, and Wells Fargo Securities will also act as joint book running managers. The proposed offering will be made only by means of a prospectus. When available, copies of the preliminary prospectus relating to the proposed offering may be obtained for free from (i) Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, via telephone: 1-866-471-2526, or via email: This email address is being protected from spambots. You need JavaScript enabled to view it.; (ii) J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, via telephone at (866) 803-9204, or via e-mail at This email address is being protected from spambots. You need JavaScript enabled to view it..

About Cummins Inc.

Cummins Inc., a global power leader, is a corporation of complementary business segments that design, manufacture, distribute and service a broad portfolio of power solutions. The company’s products range from diesel, natural gas, electric and hybrid powertrains and powertrain-related components including filtration, aftertreatment, turbochargers, fuel systems, controls systems, air handling systems, automated transmissions, axles, drivelines, brakes, suspension systems, electric power generation systems, batteries, electrified power systems, electric powertrains, hydrogen production and fuel cell products. Headquartered in Columbus, Indiana (U.S.), since its founding in 1919, Cummins employs approximately 73,600 people committed to powering a more prosperous world through three global corporate responsibility priorities critical to healthy communities: education, environment and equality of opportunity. Cummins serves its customers online, through a network of company-owned and independent distributor locations, and through thousands of dealer locations worldwide and earned about $2.2 billion on sales of $28.1 billion in 2022. See how Cummins is powering a world that's always on by accessing news releases and more information at https://www.cummins.com/always-on.

Forward-looking disclosure statement

Information provided in this release that is not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our forecasts, guidance, preliminary results, expectations, hopes, beliefs and intentions on strategies regarding the future. These forward-looking statements include, without limitation, statements relating to our plans and expectations for our revenues and EBITDA. Our actual future results could differ materially from those projected in such forward-looking statements because of a number of factors, including, but not limited to: any adverse results of our internal review into our emissions certification process and compliance with emission standards; increased scrutiny from regulatory agencies, as well as unpredictability in the adoption, implementation and enforcement of emission standards around the world; changes in international, national and regional trade laws, regulations and policies; changes in taxation; global legal and ethical compliance costs and risks; evolving environmental and climate change legislation and regulatory initiatives; future bans or limitations on the use of diesel-powered products; failure to successfully integrate and / or failure to fully realize all of the anticipated benefits of the acquisition of Meritor, Inc.; raw material, transportation and labor price fluctuations and supply shortages; any adverse effects of the conflict between Russia and Ukraine and the global response (including government bans or restrictions on doing business in Russia); aligning our capacity and production with our demand; the actions of, and income from, joint ventures and other investees that we do not directly control; large truck manufacturers' and original equipment manufacturers' customers discontinuing outsourcing their engine supply needs or experiencing financial distress, or change in control; product recalls; variability in material and commodity costs; the development of new technologies that reduce demand for our current products and services; lower than expected acceptance of new or existing products or services; product liability claims; our sales mix of products; failure to complete, adverse results from or failure to realize the expected benefits of the separation of our filtration business; our plan to reposition our portfolio of product offerings through exploration of strategic acquisitions and divestitures and related uncertainties of entering such transactions; increasing interest rates; challenging markets for talent and ability to attract, develop and retain key personnel; climate change, global warming, more stringent climate change regulations, accords, mitigation efforts, greenhouse gas (GHG) regulations or other legislation designed to address climate change; exposure to potential security breaches or other disruptions to our information technology environment and data security; political, economic and other risks from operations in numerous countries including political, economic and social uncertainty and the evolving globalization of our business; competitor activity; increasing competition, including increased global competition among our customers in emerging markets; failure to meet environmental, social and governance (ESG) expectations or standards, or achieve our ESG goals; labor relations or work stoppages; foreign currency exchange rate changes; the performance of our pension plan assets and volatility of discount rates; the price and availability of energy; continued availability of financing, financial instruments and financial resources in the amounts, at the times and on the terms required to support our future business; and other risks detailed from time to time in our SEC filings, including particularly in the Risk Factors section of our 2022 Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance may be found in our filings with the SEC, which are available at http://www.sec.gov or at http://www.cummins.com in the Investor Relations section of our website.

Jon Mills
Cummins Inc.
Director, External Communications
317-658-4540
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WESTMINSTER, Colo.--(BUSINESS WIRE)--Maxar Technologies (NYSE:MAXR) (TSX:MAXR), provider of comprehensive space solutions and secure, precise, geospatial intelligence, today announced that the Guyana Ministry of Natural Resources (MNR) has entered into a three-year contractual agreement with Maxar to provide the nation with environmental monitoring services for both offshore and terrestrial applications.

Guyana’s Environmental Protection Agency (EPA) will utilize Maxar’s Crow’s Nest Maritime Monitoring and Security products to support offshore petroleum monitoring. The EPA will use the Crow’s Nest Maritime Tipping and Cueing Service, which leverages Maxar’s very-high resolution optical satellites, to monitor drilling vessels for regulatory compliance and safety. It will also use the Crow’s Nest Multi-Sensor Oil Detection Service to identify potential spills.

The agreement with Guyana marks Maxar’s first Crow’s Nest contract in Latin America and the Caribbean and is an important milestone in the application of Crow’s Nest to the environmentally critical use case of monitoring offshore petroleum activity.

Guyana’s economy has grown significantly as a result of the influx of capital from newly discovered offshore oil and gas resources, and Maxar's monitoring capabilities will help Guyana’s EPA ensure the resource is sustainably managed, environmentally safe and able to be extracted for years to come.

Also included in the agreement, the Guyana Forestry Commission will combine several Maxar capabilities to track illegal deforestation, protect mangroves and safeguard the country’s biodiversity. Products that will support this work include:

• SecureWatch: This cloud-based platform provides on-demand access to Maxar's high-accuracy, high-resolution satellite imagery and analytics.
• Persistent Change Monitoring (PCM): PCM highlights human changes in an area and displays persistent change accessibly as a color-coded geospatial data layer.
• Imagery tasking capabilities.

“Maxar’s geospatial data and analytics will help MNR protect the environment for future generations while also sustainably developing the extraction of Guyana’s natural resources for long-term economic gains,” said Hon. Vickram Bharrat, M.P, Guyana’s Minister of Natural Resources.

“Maxar is the only company that can offer these diverse environmental monitoring technologies under a single contract,” said Tony Frazier, Maxar’s Executive Vice President and General Manager of Public Sector Earth Intelligence. “We applaud Guyana’s Ministry of Natural Resources for applying our industry-leading technology to help meet its environmental goals.”

About Maxar

Maxar Technologies (NYSE:MAXR) (TSX:MAXR) is a provider of comprehensive space solutions and secure, precise, geospatial intelligence. We deliver disruptive value to government and commercial customers to help them monitor, understand and navigate our changing planet; deliver global broadband communications; and explore and advance the use of space. Our unique approach combines decades of deep mission understanding and a proven commercial and defense foundation to deploy solutions and deliver insights with unrivaled speed, scale and cost effectiveness. Maxar’s 4,400 team members in over 20 global locations are inspired to harness the potential of space to help our customers create a better world. Maxar trades on the New York Stock Exchange and Toronto Stock Exchange as MAXR. For more information, visit www.maxar.com.

About the Guyana Ministry of Natural Resources (MNR)

MNR’s mission is to develop, implement and oversee policies for the responsible exploration, development and utilization of natural resources whilst ensuring the protection and conservation of the environment and advancement of the green economy.

Forward-Looking Statements

This press release may contain forward-looking statements that reflect management's current expectations, assumptions and estimates of future performance and economic conditions. Any such forward-looking statements are made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The Company cautions investors that any forward-looking statements are subject to risks and uncertainties that may cause actual results and future trends to differ materially from those matters expressed in or implied by such forward-looking statements, including those included in the Company’s filings with U.S. securities and Canadian regulatory authorities. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, other than as may be required under applicable securities law.

Investor Relations Contact:
Jonny Bell
Maxar Investor Relations
1-303-684-5543
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Media Contact:
Brian Wagner
Maxar Public Sector Communications
1-202-302-8754
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HOUSTON--(BUSINESS WIRE)--$PSX--Mark Lashier, President and CEO of Phillips 66 (NYSE: PSX), and Jeff Dietert, Vice President of Investor Relations, will speak at the 51^st Annual Scotia Howard Weil Energy Conference on Tuesday, March 7, 2023, at 9:30 a.m. ET.

The Phillips 66 leaders will discuss the company’s plans to continue delivering shareholder value and advancing strategic initiatives, as well as its ongoing commitment to disciplined capital allocation.

To access the webcast, go to the Events and Presentations section of the Phillips 66 Investors site, phillips66.com/investors. A replay will be archived on the Events and Presentations page the day after the event, and a transcript will be available at a later date.

About Phillips 66

Phillips 66 (NYSE: PSX) manufactures, transports and markets products that drive the global economy. The diversified energy company’s portfolio includes Midstream, Chemicals, Refining, and Marketing and Specialties businesses. Headquartered in Houston, Phillips 66 has employees around the globe who are committed to safely and reliably providing energy and improving lives while pursuing a lower-carbon future. For more information, visit phillips66.com or follow @Phillips66Co on LinkedIn or Twitter.

Jeff Dietert (investors)
832-765-2297
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Owen Simpson (investors)
832-765-2297
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Thaddeus Herrick (media)
855-841-2368
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DALLAS--(BUSINESS WIRE)--Granite Ridge Resources, Inc. (“Granite Ridge” or the “Company”) (NYSE: GRNT) today announced a quarterly cash dividend of $0.11 per share of common stock and further announced that it will host a webcast and conference call on Tuesday, March 28, 2023 at 10:00 a.m. Central time to discuss its fourth quarter and full-year 2022 earnings, along with initial 2023 guidance.

Quarterly Dividend

The Company’s Board of Directors declared a cash dividend of $0.11 per share of the Company’s common stock payable on March 15, 2023 to stockholders of record on March 1, 2023.

Fourth Quarter and Full-Year 2022 Earnings Conference Call

The Company will host a webcast and conference call on Tuesday, March 28, 2023 at 10:00 a.m. Central time to discuss its fourth quarter and full-year 2022 earnings. Instructions on how to access the webcast and conference call are shown below.

About Granite Ridge

Granite Ridge is a scaled, non-operated oil & gas exploration and production company. We invest in a diversified portfolio of production and top-tier acreage across the Permian and four other prolific US basins in partnership with proven operators. We create value by generating sustainable full-cycle risk adjusted returns for investors, offering a rewarding experience for our team, and delivering reliable energy solutions to all – safely and responsibly. For more information, visit Granite Ridge’s website at www.graniteridge.com.

Investor and Media Contact:
This email address is being protected from spambots. You need JavaScript enabled to view it. – (214) 396-2850

Privately owned company expands footprint for a total of 14 offices in six states

TULSA, Okla.--(BUSINESS WIRE)--President of American Piping Inspection David Alcorn recently announced their company’s expansion with the opening of three new offices, Perryton, Texas; Corpus Christi, Texas; and Orange, Texas, bringing the total to 14 locations throughout the country, employing 410 people. All three locations were opened within the past six months.

Founded in 2006, American Piping Inspection is a full-service inspection company offering inspection services, quality control and auditing, mechanical integrity services, pipeline integrity services, pipeline data collection and heat-treating and radiography services.

American Piping Inspection is one of the few privately owned pipe inspection companies left in the country, allowing them the ability to continue their growth, foster the best talent and focus on customer service.

“We are known in the industry for our personalized service,” said Alcorn. “We pride ourselves on offering customized solutions for our customers, and we are constantly adapting as we stay on top of the cutting edge of technological innovation. Our team is qualified and certified to meet and exceed our industry’s requirements.”

Headquartered in Tulsa, Oklahoma, American Piping Inspection has offices in Oklahoma, New Mexico, North Dakota, Ohio, Louisiana, and Texas. They provide services for several industries including aerospace, petrochemical, hydroelectric, oil and gas, refining, pipeline, power, pulp and paper, fabrication, manufacturing and more.

“We look forward to continuing our growth trajectory in our industry,” said Alcorn. “We are already looking at new sites to expand our services in the near future.”

For more information visit www.americanpipinginspection.com

Marnie Fernandez
(c) 918-381-4505
(e) This email address is being protected from spambots. You need JavaScript enabled to view it.

HOUSTON--(BUSINESS WIRE)--Westlake Corporation (NYSE: WLK) (the "Company" or "Westlake") today announced fourth quarter and record full-year 2022 results.

SUMMARY FINANCIAL HIGHLIGHTS ($ in millions except per share data)

BUSINESS HIGHLIGHTS

For the full year of 2022, Westlake reported record net sales of $15.8 billion, record net income of $2.2 billion and record EBITDA (earnings before interest expense, income taxes, depreciation and amortization) of $4.2 billion. These results were driven by a strong macroeconomic environment in the first half of 2022 before economic conditions deteriorated beginning mid-year leading to a reduction in demand from a downturn in global industrial and North American housing activity, which continued throughout the fourth quarter of 2022.

In the fourth quarter of 2022, Westlake achieved net sales of $3.3 billion, net income of $232 million and EBITDA of $619 million. Earnings per share were $1.79 compared to $4.98 in the prior-year period, and $3.10 in the prior quarter, reflecting generally lower sales prices, unfavorable sales mix changes, elevated energy costs, and lower volumes in certain product categories. While global feedstock and energy costs receded from their recent peaks, they remained elevated and continued to pressure margins. Meanwhile, on a positive note, global markets for caustic soda remained tight with higher sales prices supporting earnings in the United States and improving profitability in Europe.

Performance and Essential Materials average sales price decreased 9% from the third quarter of 2022 while Housing and Infrastructure Products average sales prices were flat quarter-over-quarter. Overall sales prices for the Company decreased 7% sequentially from the previous quarter.

Sales volumes for Performance and Essential Materials decreased 4% from the third quarter of 2022 while Housing and Infrastructure Products sales volumes decreased 24% quarter-over-quarter. Overall sales volumes for the Company decreased 10% sequentially from the previous quarter.

EXECUTIVE COMMENTARY

“2022 was a monumental year for Westlake as we posted record full-year sales and net income and added Westlake Epoxy to our Performance Materials portfolio while further integrating the businesses acquired in the second half of 2021 into our Housing and Infrastructure Products segment. Our full-year results reflect the strong start to the year, characterized by tight supply-demand conditions and improving profitability across our businesses, which gave way to softer market conditions in the second half of the year as higher global energy costs and increasing interest rates negatively impacted buyer sentiment and demand for our products,” said Albert Chao, President and Chief Executive Officer.

“The fourth quarter of 2022 was challenged by weaker demand in most geographies and product categories. Our Performance and Essential Materials segment was supported by continued supply-demand tightening for caustic soda, which led to higher global sales prices. Our low-cost position in North America allowed us to shift sales of polyethylene and PVC resin into the export markets; however, realized pricing and margins were lower in this channel. Meanwhile, in our Housing and Infrastructure Products segment, volume declines reflected seasonality inherent in this business along with customer destocking and the continuing impact on housing affordability from the recent run up of mortgage rates in the United States; however, product pricing and repair and remodel demand have remained relatively resilient,” continued Mr. Chao.

“Looking forward into 2023, global macroeconomic uncertainty remains high and while we are not immune to weaker global demand, we remain confident in the fundamentals of our business. We expect Performance and Essential Materials to run profitably at higher operating rates, supported by our North American footprint that benefits from a structural global cost advantage in feedstocks, fuel and power. Stabilizing power and fuel costs in Europe and the potential for improving economic growth in China may further benefit Performance and Essential Materials. In Housing and Infrastructure Products, the slowing of residential construction is expected to continue in response to historically low home affordability; however, we expect modest growth in repair and remodeling activity, consistent with JCHS’s Leading Indicator of Remodeling Activity (LIRA) forecast. While the challenging environment may continue in the near-term, we believe we are well-positioned across our product portfolio to benefit from structural trends in our markets and deliver greater value to our customers and investors as economic conditions improve,” concluded Mr. Chao.

RESULTS

Consolidated Results

For the three months ended December 31, 2022, the Company reported quarterly net income of $232 million, or $1.79 per share, on net sales of $3,299 million. The year-over-year decrease in net income of $412 million from the fourth quarter of 2021 was primarily due to lower sales prices and negative sales mix changes in Performance Materials; lower production and sales volumes, especially in Housing and Infrastructure Products; and higher manufacturing costs. These impacts were partially offset by higher sales prices for caustic soda and chlorine; lower restructuring, transaction and integration-related costs; and a lower effective tax rate.

Fourth quarter 2022 net income of $232 million decreased by $169 million sequentially as compared to the third quarter of 2022. The sequential decrease in net income compared to the prior quarter was primarily due to lower sales prices in Performance Materials, inclusive of negative mix shifts towards export markets; and lower Housing and Infrastructure Products volumes due to both seasonal trends and continued slowing demand. These impacts were partially offset by higher sales prices for caustic soda.

For the full year of 2022, net income of $2,247 million increased by $232 million from the full year of 2021 net income of $2,015 million. Income from operations of $3,050 million for the full year of 2022 increased by $250 million as compared to income from operations of $2,800 million for the full year of 2021. The increases in net income and income from operations were primarily due to higher sales prices for caustic soda, chlorine and many of our housing and infrastructure products; and earnings contributions from acquisitions completed in the second half of 2021 and first half of 2022.

EBITDA of $619 million for the fourth quarter of 2022 decreased by $512 million compared to fourth quarter 2021 EBITDA of $1.1 billion. Fourth quarter 2022 EBITDA decreased by $185 million compared to third quarter 2022 EBITDA of $804 million.

Cash and Debt

Net cash provided by operating activities was $835 million for the fourth quarter of 2022 and $3,395 million for the full year of 2022. Capital expenditures for the fourth quarter and full year of 2022 were $297 million and $1,108 million, respectively. For the fourth quarter of 2022, free cash flow (net cash provided by operating activities less capital expenditures) was $538 million, an increase of $25 million as compared to the fourth quarter of 2021 due to favorable working capital changes. For the full year of 2022, free cash flow was $2,287 million, an increase of $551 million as compared to the full year of 2021 due to the higher net income. As of December 31, 2022, cash and cash equivalents were $2,228 million and total debt was $4,879 million.

A reconciliation of EBITDA to net income, income from operations and net cash provided by operating activities as well as a reconciliation of free cash flow to net cash flow provided by operating activities can be found in the financial schedules at the end of this press release.

Performance and Essential Materials Segment

Performance and Essential Materials income from operations of $219 million for the fourth quarter of 2022 decreased by $602 million as compared to the fourth quarter of 2021. This year-over-year decrease was due to lower sales prices for most of our major products; lower sales volumes (excluding the recently acquired epoxy business); negative sales mix (with increased exports for polyethylene and PVC resin); and higher fuel, power and overall manufacturing costs. These negative impacts were partially offset by higher sales prices for caustic soda and chlorine.

Sequentially, Performance and Essential Materials income from operations decreased by $134 million as compared to the third quarter of 2022. This decrease in income from operations versus the prior quarter was primarily due to lower sales prices and negative sales mix (particularly for PVC resin); and lower operating rates and sales volume for Performance Materials. These negative factors were partially offset by higher sales prices for caustic soda and chlorine; and lower feedstock, fuel and power costs.

For the full year of 2022, Performance Materials net sales of $6,964 million increased by $967 million as compared to 2021 primarily due to the epoxy acquisition that we completed in early 2022. Essential Materials net sales of $4,044 million increased by $1,371 million from 2021 primarily due to significantly higher global prices for caustic soda. Performance and Essential Materials income from operations of $2,416 million decreased by $133 million as compared to income from operations of $2,549 million for the full year of 2021. This decrease in income from operations versus the prior-year was primarily due to lower sales prices and integrated margins for polyethylene; lower PVC resin sales volume; higher global fuel and power prices; and a $70 million pre-tax charge related to pending litigation recorded in the third quarter of 2022.

Housing and Infrastructure Products Segment

For the fourth quarter of 2022, Housing and Infrastructure Products income from operations of $68 million decreased by $18 million as compared to the fourth quarter of 2021. The year-over-year decrease was the result of lower operating rates and sales volumes, partially offset by higher sales prices across most product categories.

Sequentially, Housing and Infrastructure Products income from operations decreased by $118 million as compared to the third quarter of 2022. This decrease in income from operations versus the prior quarter was the result of lower operating rates and lower sales volumes across all product categories.

For the full year of 2022, Housing Products net sales of $3,864 million increased by $1,530 million as compared to 2021 primarily due to higher sales prices for all products as well as a full year of earnings contribution from the acquisitions completed in the second half of 2021. Infrastructure Products net sales of $922 million increased by $148 million as compared to 2021 primarily due to significantly higher sales prices. Housing and Infrastructure Products income from operations of $675 million increased by $319 million as compared to income from operations of $356 million for the full year of 2021. This increase in income from operations was primarily due to higher sales prices and sales volume for Housing Products; full-year earnings contributions from the acquisitions completed in the second half of 2021; and higher sales prices for Infrastructure Products.

Forward-Looking Statements

The statements in this release and the related teleconference relating to matters that are not historical facts, including statements regarding our outlook for the performance of our business segments, our belief that our Performance and Essential Materials segment will run profitably at higher operating rates, our belief that we benefit from having high integration and a structural global cost advantage in feedstock, power and fuel, our expectations regarding economic growth in China, our expectations regarding repair and remodeling activity, new construction activity, destocking activity and infrastructure spending, our ability to weather economic volatility, higher energy prices, our market position, our ability to scale operations, the contribution of recent acquisitions and global demand for our products, and our ability to deliver greater value to customers and investors as general economic conditions improve are forward-looking statements. These forward-looking statements are subject to significant risks and uncertainties. Actual results could differ materially, based on factors including, but not limited to: the COVID-19 pandemic and the response thereto; general economic and business conditions; the cyclical nature of the industry; availability, cost and volatility of raw materials and utilities, including natural gas and natural gas liquids from shale production; the price of crude oil; uncertainties associated with the United States and worldwide economies, including those due to global economic and financial conditions; governmental regulatory actions, including environmental regulation and changes in trade policies; political unrest; industry production capacity and operating rates; the supply/demand balance for Westlake's products; competitive products and pricing pressures; access to capital markets; technological developments; the effect and results of litigation and settlements of litigation; operating interruptions; the ability to integrate recent acquisitions; the diversion of management time on transaction-related issues; and other risk factors. For more detailed information about the factors that could cause actual results to differ materially, please refer to Westlake's Annual Report on Form 10-K for the year ended December 31, 2021, which was filed with the SEC in February 2022, and Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, which was filed with the SEC in November 2022.

Use of Non-GAAP Financial Measures

This release makes reference to certain "non-GAAP" financial measures, such as EBITDA and free cash flow, as defined in Regulation G of the U.S. Securities Exchange Act of 1934, as amended. For this purpose, a non-GAAP financial measure is generally defined by the Securities and Exchange Commission ("SEC") as a numerical measure of a registrant's historical or future financial performance, financial position or cash flows that (1) excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of income, balance sheet or statement of cash flows (or equivalent statements) of the registrant; or (2) includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. We report our financial results in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"), but believe that certain non-GAAP financial measures, such as EBITDA and free cash flow, provide useful supplemental information to investors regarding the underlying business trends and performance of the Company's ongoing operations and are useful for period-over-period comparisons of such operations. These non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the financial measures prepared in accordance with U.S. GAAP. A reconciliation of (i) EBITDA to net income, income from operations and net cash provided by operating activities and (ii) free cash flow to net cash provided by operating activities can be found in the financial schedules at the end of this press release.

About Westlake

Westlake is a global manufacturer and supplier of materials and innovative products that enhance life every day. Headquartered in Houston, with operations in Asia, Europe and North America, we provide the building blocks for vital solutions — from housing and construction, to packaging and healthcare, to automotive and consumer. For more information, visit the Company's web site at www.westlake.com.

Westlake Corporation Conference Call Information:

A conference call to discuss Westlake Corporation's fourth quarter 2022 results will be held Tuesday, February 21, 2023 at 11:00 AM Eastern Time (10:00 AM Central Time). To access the conference call, it is necessary to pre-register at https://register.vevent.com/register/BI653627905a3741a89e224aa220a66fbc. Once registered, you will receive a phone number and unique PIN number.

A replay of the conference call will be available beginning two hours after its conclusion. The conference call and replay will be available via webcast at https://edge.media-server.com/mmc/p/r2a7ck67.

Contact—(713) 960-9111
Investors—Steve Bender
Media—L. Benjamin Ederington

HOUSTON--(BUSINESS WIRE)--Black Stone Minerals, L.P. (NYSE: BSM) (“Black Stone Minerals,” “Black Stone,” or “the Company”) today announces its financial and operating results for the fourth quarter and full year of 2022 and provides guidance for 2023.

Fourth Quarter 2022 Highlights

• Mineral and royalty production for the fourth quarter of 2022 equaled 40.0 MBoe/d, an increase of 7% over the prior quarter and the highest mineral and royalty production ever reported by the Company; total production, including working interest volumes, was 42.1 MBoe/d for the quarter
• Net income for the quarter was $183.2 million. Adjusted EBITDA for the quarter totaled a record $131.7 million
• Distributable cash flow was $125.3 million for the fourth quarter, which represents an 8% increase relative to the third quarter of 2022, and also a record amount for Black Stone as a public company
• Announced a distribution of $0.475 per unit with respect to the fourth quarter of 2022, which represents a 6% increase from the distribution paid with respect to the third quarter of 2022. Distribution coverage for all units was 1.26x
• Our quarterly results represent new high-water marks in mineral and royalty production, net income, Adjusted EBITDA, Distributable cash flow and distributions since going public
• Total debt at the end of the quarter was $10 million; total debt to trailing twelve-month Adjusted EBITDA was 0.02x at year-end

Full Year Financial and Operational Highlights

• Mineral and royalty volumes in 2022 increased 4% over the prior year to average 34.3 MBoe/d; full year 2022 production was 37.1 MBoe/d
• Reported 2022 net income and Adjusted EBITDA of $476.5 million and $466.4 million, respectively
• Increased cash distributions by 85% from $0.945 per unit attributable to the full year 2021 to $1.745 per unit attributable to the full year 2022
• Reduced total outstanding debt by $79 million during 2022

Management Commentary

Thomas L. Carter, Jr., Black Stone Minerals’ Chief Executive Officer and Chairman, commented, “Our record fourth quarter results capped a very successful year for Black Stone Minerals. Without issuing additional equity, we reduced our total debt and increased royalty production through our organic growth efforts to attract additional operator capital to our existing acreage positions. The development programs on our Haynesville and Bossier Shelby Trough acreage continues to ramp up with Aethon as our operating partner. In addition, new drilling activity is continuing to increase across numerous operators on our East Texas Austin Chalk acreage. We enter 2023 well positioned to drive further royalty production growth while maintaining our very healthy balance sheet.”

Quarterly Financial and Operating Results

Production

Black Stone Minerals reported mineral and royalty volumes of 40.0 MBoe/d (74% natural gas) for the fourth quarter of 2022, compared to 37.3 MBoe/d for the third quarter of 2022. Mineral and royalty production was 35.2 MBoe/d for the fourth quarter of 2021. Mineral and royalty production in the fourth quarter of 2022 benefited from a large number of initial payments received on wells in the Midland and Delaware basins, as well as a one-time adjustment to reflect the impact of higher overrides on farmed-out Shelby Trough wells that had achieved payout.

Working interest production for the fourth quarter of 2022 was 2.1 MBoe/d, and represents a decrease of 19% from the 2.6 MBoe/d for the quarter ended September 30, 2022 and a decrease of 46% from the 3.9 MBoe/d for the quarter ended December 31, 2021. The continued decline in working interest production is consistent with the Company's decision to farm out its working-interest participation to third-party capital providers.

Total reported production averaged 42.1 MBoe/d (95% mineral and royalty, 74% natural gas) for the fourth quarter of 2022. Total production was 40.0 MBoe/d and 39.1 MBoe/d for the quarters ended September 30, 2022 and December 31, 2021, respectively.

Realized Prices, Revenues, and Net Income

The Company’s average realized price per Boe, excluding the effect of derivative settlements, was $50.67 for the quarter ended December 31, 2022. This is a decrease of 15% from $59.30 per Boe for the third quarter of 2022 and a 15% increase compared to $44.12 for the fourth quarter of 2021.

Black Stone reported oil and gas revenue of $196.2 million (44% oil and condensate) for the fourth quarter of 2022, a decrease of 10% from $218.0 million in the third quarter of 2022. Oil and gas revenue in the fourth quarter of 2021 was $158.9 million.

The Company reported a gain on commodity derivative instruments of $31.4 million for the fourth quarter of 2022, composed of a $40.6 million loss from realized settlements and a non-cash $72.0 million unrealized gain due to the change in value of Black Stone’s derivative positions during the quarter. Black Stone reported a loss on commodity derivative instruments of $4.7 million and a gain of $18.4 million for the quarters ended September 30, 2022 and December 31, 2021, respectively.

Lease bonus and other income was $2.8 million for the fourth quarter of 2022, primarily related to leasing activity in Austin Chalk, the Bakken Three Forks and Haynesville plays. Lease bonus and other income for the quarters ended September 30, 2022 and December 31, 2021 was $3.2 million and $2.1 million, respectively.

There was no impairment for the quarters ended December 31, 2022, September 30, 2022, and December 31, 2021.

The Company reported net income of $183.2 million for the quarter ended December 31, 2022, compared to net income of $168.5 million in the preceding quarter. For the quarter ended December 31, 2021, net income was $134.2 million.

Adjusted EBITDA and Distributable Cash Flow

Adjusted EBITDA for the fourth quarter of 2022 was $131.7 million, which compares to $123.1 million in the third quarter of 2022 and $77.6 million in the fourth quarter of 2021. Distributable cash flow for the quarter ended December 31, 2022 was $125.3 million. For the quarters ended September 30, 2022 and December 31, 2021, Distributable cash flow was $116.5 million and $71.3 million, respectively. The reported Adjusted EBITDA and Distributable cash flow are both record levels for Black Stone as a public company.

2022 Proved Reserves

Estimated proved oil and natural gas reserves at year-end 2022 were 64.1 MMBoe, an increase of 7% from 59.8 MMBoe at year-end 2021, and were approximately 70% natural gas and 91% proved developed producing. The standardized measure of discounted future net cash flows was $1,665.0 million at the end of 2022, as compared to $972.1 million at year-end 2021.

Netherland, Sewell and Associates, Inc., an independent, third-party petroleum engineering firm, evaluated Black Stone Minerals’ estimate of its proved reserves and PV-10 at December 31, 2022. These estimates were prepared using reference prices of $94.14 per barrel of oil and $6.36 per MMBTU of natural gas in accordance with the applicable rules of the Securities and Exchange Commission (as compared to prompt month prices of $77.10 per barrel of oil and $2.275 per MMBTU of natural gas as of February 17, 2023). These prices were adjusted for quality and market differentials, transportation fees, and, in the case of natural gas, the value of natural gas liquids. A reconciliation of proved reserves is presented in the summary financial tables following this press release.

Financial Position and Activities

As of December 31, 2022, Black Stone Minerals had $4.3 million in cash and $10.0 million outstanding under its credit facility. The Company paid down $50 million of debt during the fourth quarter of 2022 and $79 million of debt during the full year. The ratio of total debt at year-end to 2022 Adjusted EBITDA was 0.02x. The Company’s borrowing base at December 31, 2022 was $550 million, and total commitments under the credit facility were $375 million. The Company's next regularly scheduled borrowing base redetermination is set for April 2023. Black Stone is in compliance with all financial covenants associated with its credit facility.

As of February 17, 2023, no debt was outstanding under the credit facility and the Company had $57.3 million in cash.

During the fourth quarter of 2022, the Company made no repurchases of units under the Board-approved $75 million unit repurchase program.

Fourth Quarter 2022 Distributions

As previously announced, the Board approved a cash distribution of $0.475 for each common unit attributable to the fourth quarter of 2022. The quarterly distribution coverage ratio attributable to the fourth quarter of 2022 was approximately 1.26x. These distributions will be paid on February 23, 2023 to unitholders of record as of the close of business on February 16, 2023.

Activity Update

Rig Activity

As of December 31, 2022, Black Stone had 108 rigs operating across its acreage position, a 17% increase to rig activity on the Company's acreage as of September 30, 2022 and 14% higher as compared to the 95 rigs operating on the Company's acreage as of December 31, 2021 driven by increased rig activity in the Midland and Delaware basins.

Shelby Trough Development Update

In Angelina County, Texas, ten wells are currently producing under Black Stone’s development agreement with Aethon, and another ten wells are being drilled or completed. Under a separate development agreement with Aethon in San Augustine Texas, four wells are currently producing and another six wells are either drilling or awaiting completion operations.

Austin Chalk Update

The Company owns a large mineral position in the Brookeland Austin Chalk play in East Texas. To date, eighteen new generation, multi-stage completion wells have turned to sales across the Polk, Jasper, Newton area. Production results have proven that new completion technology can improve well performance in play. Black Stone expects additional drilling by multiple operators over this area in the future.

Summary 2023 Guidance

Following are the key assumptions in Black Stone Minerals’ 2023 guidance, as well as comparable results for 2022:

Black Stone expects royalty production to increase by approximately 5% in 2023 relative to full year 2022 levels, primarily due to increasing development pace in the Shelby Trough by Aethon in the area and continued development in the Austin Chalk.

Working interest production is expected to decline in 2023 as a result of Black Stone's decision in 2017 to farm-out participation in its working interest opportunities.

The Partnership expects general and administrative expenses to be slightly higher in 2023 as a result of inflationary costs and selective hires made to support Black Stone’s ability to evaluate, market and manage its undeveloped acreage positions to potential operators.

Hedge Position

Black Stone has commodity derivative contracts in place covering portions of its anticipated production for 2023 and 2024, including derivative contracts put in place after the end of the year. The Company's hedge position as of February 17, 2023, is summarized in the following tables:

More detailed information about the Company's existing hedging program can be found in the Annual Report on Form 10-K, which is expected to be filed on or around February 22, 2023.

Conference Call

Black Stone Minerals will host a conference call and webcast for investors and analysts to discuss its results for the fourth quarter and full year of 2022 on Wednesday, February 22, 2023 at 9:00 a.m. Central Time. Black Stone recommends participants who do not anticipate asking questions to listen to the call via the live broadcast available at http://investor.blackstoneminerals.com. Analysts and investors who wish to ask questions should dial (800) 343-5172 for domestic participants and (203) 518-9856 for international participants. The conference ID for the call is BSMQ422. A recording of the conference call will be available on Black Stone's website.

About Black Stone Minerals, L.P.

Black Stone Minerals is one of the largest owners of oil and natural gas mineral interests in the United States. The Company owns mineral interests and royalty interests in 41 states in the continental United States. Black Stone believes its large, diversified asset base and long-lived, non-cost-bearing mineral and royalty interests provide for stable to growing production and reserves over time, allowing the majority of generated cash flow to be distributed to unitholders.

Forward-Looking Statements

This news release includes forward-looking statements. All statements, other than statements of historical facts, included in this news release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Terminology such as “will,” “may,” “should,” “expect,” “anticipate,” “plan,” “project,” “intend,” “estimate,” “believe,” “target,” “continue,” “potential,” the negative of such terms, or other comparable terminology often identify forward-looking statements. Except as required by law, Black Stone Minerals undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this news release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release. All forward-looking statements are qualified in their entirety by these cautionary statements. These forward-looking statements involve risks and uncertainties, many of which are beyond the control of Black Stone Minerals, which may cause the Company’s actual results to differ materially from those implied or expressed by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, those summarized below, as wells as the Risk Factors section in our most recent annual report on Form 10-K:

• the Company’s ability to execute its business strategies;
• the conflict in Ukraine and actions taken, and that may in the future be taken, against Russia or otherwise as a result;
• the availability of U.S. liquefied natural gas ("LNG") export capacity and the level of demand for LNG exports;
• the volatility of realized oil and natural gas prices;
• the level of production on the Company’s properties;
• overall supply and demand for oil and natural gas, as well as regional supply and demand factors, delays, or interruptions of production;
• conservation measures, technological advances, and general concern about the environmental impact of the production and use of fossil fuels;
• the Company’s ability to replace its oil and natural gas reserves;
• the Company’s ability to identify, complete, and integrate acquisitions;
• general economic, business, or industry conditions;
• cybersecurity incidents, including data security breaches or computer viruses;
• competition in the oil and natural gas industry;
• the unavailability, high cost, or shortages of rigs, equipment, raw materials, supplies, or personnel to develop and operate our properties; and
• the level of drilling activity by the Company's operators, particularly in areas such as the Shelby Trough where the Company has concentrated acreage positions.