CENTENNIAL, Colo.--(BUSINESS WIRE)--Vitesse Energy, Inc. (NYSE: VTS) (“we,” “our,” “Vitesse,” or “the Company”) today announced the Company’s 2022 results and declared a quarterly cash dividend.

Unless otherwise stated herein, the financial and operating results presented in this press release are that of Vitesse Energy, LLC (“Vitesse Energy”), Vitesse’s predecessor, for the years ended December 31, 2022 and 2021 and do not include the results of operations of Vitesse Oil, LLC (“VO”), which was acquired on January 13, 2023. On November 30, 2022, Vitesse Energy changed its fiscal year end for 2022 to December 31 from November 30. Financial and operating results have been recast for the year ended December 31, 2021. See “Historical Financial Information” included elsewhere in this release.

HIGHLIGHTS

• Completed spin-off from Jefferies Financial Group Inc. (the “Spin-Off”) and closed the acquisition of VO on January 13, 2023
• Declared a quarterly cash dividend of $0.50 per common share to be paid in the first quarter of 2023
• 2022 net income of $118.9 million, an increase of 682% over 2021
• 2022 production of 10,376 barrels of oil equivalent (“Boe”) per day (68% oil), an increase of 4% from 2021
• 2022 Adjusted EBITDA⁽¹⁾ of $167.6 million, an increase of 58% over 2021
• Net Debt to Adjusted EBITDA ratio⁽¹⁾ of 0.23, a decrease from 0.59 for 2021
• 2022 cash flow from operations of $147.0 million and 2022 Free Cash Flow⁽¹⁾ of $100.0 million
• Approved a $60 million share repurchase program

⁽¹⁾ Non-GAAP financial measure; see reconciliation schedules at the end of this release

MANAGEMENT COMMENTS

Bob Gerrity, Vitesse’s Chairman and Chief Executive Officer, commented, “As an independent, publicly traded company we will continue to focus on returning capital to stockholders through our non-operated financial ownership in producing oil and gas wells and the conversion of our deep inventory of highly economic undeveloped drilling locations.”

STOCKHOLDER RETURNS

Vitesse’s Board of Directors declared a quarterly cash dividend for Vitesse’s common stock of $0.50 per share for stockholders of record as of March 15, 2023, which will be paid on March 31, 2023. Subject to board approval and applicable law, Vitesse currently intends to pay quarterly dividends of $0.50 per share.

In addition, Vitesse’s Board of Directors approved a stock repurchase program authorizing the repurchase of up to $60 million of the Company’s common stock. As the Company continues to focus on its goal of maximizing total shareholder return, the Board of Directors along with the management team believe that a share repurchase program is complementary to the dividend and is a tax efficient means to further improve shareholder return.

Under the stock repurchase program, Vitesse may repurchase shares of its common stock from time to time in open market transactions or such other means as will comply with applicable rules, regulations and contractual limitations. The Board of Directors may limit or terminate the stock repurchase program at any time without prior notice. The extent to which the Company repurchases its shares of common stock, and the timing of such repurchases, will depend upon market conditions and other considerations as may be considered in the Company’s sole discretion.

FINANCIAL AND OPERATING RESULTS

Total revenue for 2022 was $300.1 million, an increase of 55% over 2021. Net income was $118.9 million during 2022, an increase of 682% over 2021. Adjusted EBITDA for 2022 was $167.6 million, an increase of 58% over 2021. See “Non-GAAP Financial Measures” below.

Oil and gas production during 2022 averaged 10,376 Boe per day, an increase of 4% from 2021. Oil represented 68% of production and 81% of total revenue in 2022.

During 2022, Vitesse’s realized oil and natural gas prices before hedging were $94.16 per Bbl and $7.92 per Mcf, respectively. Vitesse hedges a portion of its oil and natural gas production to reduce commodity price volatility on its financial results. In 2022, the Company’s realized oil price with hedging was only $76.09 per Bbl and its realized natural gas price was $7.84 per Mcf.

Production expenses in 2022, including gathering and transportation, were $49.3 million, or $13.02 per Boe, an increase of 6% on a per unit basis compared to 2021. The higher production expense was primarily related to increased workover activity and inflationary pressure on service costs.

General and administrative (“G&A”) costs for 2022 totaled $19.8 million, or $5.24 per Boe, which included $7.9 million of costs related to the Spin-Off. Excluding these costs related to the Spin-Off, G&A would have been $3.15 per Boe, an increase of 6% on a per unit basis compared to 2021.

RESERVES

Total proved reserves at December 31, 2022 increased 3% from 2021 to 43.8 million Boe (62% proved developed) with a Standardized Measure and PV-10 value of $1.18 billion (67% proved developed) at oil and natural gas prices determined in accordance with the SEC’s rules regarding reserve reporting currently in effect, including the use of an average price equal to the 12-month unweighted arithmetic average of the first day of the month prices for each of the preceding 12 months as adjusted for location and quality differentials, unless prices are defined by contractual arrangements, excluding escalations based on future conditions (“SEC Pricing”). The Standardized Measure and PV-10 value were equivalent as future income taxes for Vitesse as of December 31, 2022 were zero due to Vitesse Energy’s tax status as a pass-through entity.

Vitesse’s PV-10 and proved reserves at year-end 2022 do not include the recently closed VO acquisition, which had a year-end PV-10 value of $65.6 million at SEC Pricing and proved reserves of 2.1 million Boe. Vitesse’s year-end 2022 pro forma PV-10 and proved reserves, giving effect to the acquisition of VO, were $1.25 billion and 45.9 million Boe, respectively. The reserves are calculated under SEC guidelines relating to both commodity price assumptions and a maximum five-year drill schedule. The SEC Pricing used as of December 31, 2022 was $94.14 per barrel of oil and $6.36 per MMBtu of natural gas. See “Non-GAAP Financial Measures” below regarding PV-10 value.

LIQUIDITY AND CAPITAL EXPENDITURES

As of December 31, 2022, Vitesse had $10.0 million in cash and $48.0 million of borrowings outstanding on its revolving credit facility. Vitesse had total liquidity of $132 million as of December 31, 2022, consisting of cash and committed borrowing availability under the revolving credit facility.

Upon completion of the Spin-Off, Vitesse entered into a new revolving credit facility, which amended and restated the Vitesse Energy’s prior credit facility. Borrowings under the new revolving credit facility were $53.0 million as of the completion of the Spin-Off. While the new revolving credit facility has elected commitments of $170 million, the borrowing base is $265 million.

During 2022, Vitesse spent $56.0 million on development capital expenditures and $28.5 million on acquisitions of oil and gas properties.

2023 ANNUAL GUIDANCE

Vitesse anticipates production on a two-stream basis to be in the range of 10,800-11,800 Boe per day in 2023, an increase of approximately 9% at the midpoint from 2022 levels. Vitesse expects total capital spending in the range of $60 - $80 million for 2023.

FULL YEAR 2022 RESULTS

The following table sets forth selected financial and operating data for the periods indicated.

COMMODITY HEDGING

Vitesse hedges a portion of its expected annual oil production volumes to increase the predictability and certainty of its cash flow and to help maintain a strong financial position. The following table summarizes Vitesse’s open oil commodity derivative swap contracts scheduled to settle after December 31, 2022.

The following table presents Vitesse’s settlements on commodity derivative instruments and unsettled gains and losses on open commodity derivative instruments for the periods presented:

2022 EARNINGS RELEASE CONFERENCE CALL

In conjunction with Vitesse’s release of its financial and operating results, investors, analysts and other interested parties are invited to listen to a conference call with management on Tuesday, February 14, 2023 at 9:00 a.m. Eastern Standard Time.

An updated corporate slide presentation that may be referenced on the conference call will be posted prior to the conference call on Vitesse’s website, www.vitesse-vts.com, in the “Investor Relations” section of the site, under “News & Events,” sub-tab “Presentations.” Certain slides in the presentation will include the financial and operating results of VO, which was acquired on January 13, 2023.

Those wishing to listen to the conference call may do so via the Company’s website or by phone as follows:

Website: https://event.choruscall.com/mediaframe/webcast.html?webcastid=CVEVzRZD

Dial-In Number: 877-407-0778 (US/Canada) and 201-689-8565 (International)

Conference ID: 13736198 - 2022 Earnings Call

Replay Dial-In Number: 877-660-6853 (US/Canada) 201-612-7415 (International)

Replay Access Code: 13736198 - Replay will be available through February 21, 2023

ABOUT VITESSE ENERGY, INC.

Vitesse Energy, Inc. is focused on returning capital to stockholders through owning financial interests as a non-operator in oil and gas wells drilled by leading US operators.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements regarding future events and future results that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934. All statements other than statements of historical facts included in this release regarding Vitesse’s financial position, operating and financial performance, development pace and drilling inventory, business strategy, dividend plans and practices, guidance, Vitesse’s share repurchase program, plans and objectives of management for future operations, and industry conditions are forward-looking statements. When used in this release, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “continue,” “anticipate,” “target,” “could,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about actual or potential future production and sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond Vitesse’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following: changes in oil and natural gas prices; the pace of drilling and completions activity on Vitesse’s properties; Vitesse’s ability to acquire additional development opportunities; potential acquisition transactions; integration and benefits of property acquisitions, or the effects of such acquisitions on Vitesse’s cash position and levels of indebtedness; changes in Vitesse’s reserves estimates or the value thereof; disruptions to Vitesse’s business due to acquisitions and other significant transactions; infrastructure constraints and related factors affecting Vitesse’s properties; cost inflation or supply chain disruption; ongoing legal disputes over and potential shutdown of the Dakota Access Pipeline; the COVID-19 pandemic and its related economic repercussions and effect on the oil and natural gas industry; the impact of general economic or industry conditions, nationally and/or in the communities in which Vitesse conducts business; changes in the interest rate environment, legislation or regulatory requirements; conditions of the securities markets; Vitesse’s ability to raise or access capital; cyber-related risks; changes in accounting principles, policies or guidelines; and financial or political instability, health-related epidemics, acts of war (including the armed conflict in Ukraine) or terrorism, and other economic, competitive, governmental, regulatory and technical factors affecting Vitesse’s operations, products and prices. Additional information concerning potential factors that could affect future results is included in the section entitled “Item 1A. Risk Factors” and other sections of Vitesse’s Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, as updated from time to time in amendments and subsequent reports filed with the SEC, which describe factors that could cause Vitesse’s actual results to differ from those set forth in the forward looking statements.

Vitesse has based these forward-looking statements on its current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond Vitesse’s control. Vitesse does not undertake any duty to update or revise any forward-looking statements, except as may be required by the federal securities laws.

HISTORICAL FINANCIAL INFORMATION

As discussed above, Vitesse Energy is the “predecessor” of Vitesse for financial reporting purposes. As a result, unless otherwise indicated, the historical financial and operating data presented in this release are those of Vitesse Energy and do not include the results of operations of VO, which was acquired on January 13, 2023. On November 30, 2022, the board of managers of Vitesse Energy approved a change in fiscal year end from November 30 to December 31. As a result, Vitesse Energy’s 2022 fiscal year end began on January 1, 2022 and ended December 31, 2022 and there was a transition period from December 1, 2021 to December 31, 2021. The historical information has been presented for informational purposes only and is not necessarily indicative of Vitesse’s future financial position or results of operations.

NON-GAAP FINANCIAL MEASURES

Net Debt is calculated by deducting cash on hand from the amount outstanding on our revolving credit facility as of the balance sheet or measurement date.

Adjusted EBITDA is defined as net income before expenses for interest, income taxes, depletion, depreciation, amortization and accretion, and excludes non-cash gains and losses on unsettled derivative instruments and non-cash unit-based compensation in addition to certain items we consider non-routine in nature, including non-cash oil and natural gas property impairments and material general and administrative costs related to the Spin-Off.

Vitesse defines Free Cash Flow as cash flow from operations, adding back changes in operating assets and liabilities, less development of oil and gas properties. A reconciliation of each of these measures to the most directly comparable GAAP measure is included below.

“PV-10” is the present value of estimated future oil and gas revenues, net of estimated direct expenses, discounted at an annual discount rate of 10% to estimate the present value of proved oil and natural gas reserves. PV-10 is a non-GAAP financial measure and is derived from the Standardized Measure, which is the most directly comparable GAAP measure for proved reserves calculated using SEC Pricing. PV-10 is a computation of the Standardized Measure on a pre-tax basis. PV-10 is equal to the Standardized Measure at the applicable date, before deducting future income taxes discounted at 10 percent. A reconciliation of PV-10 to the Standardized Measure is included below.

Management believes the use of these non-GAAP financial measures provides useful information to investors to gain an overall understanding of financial performance. Specifically, management believes the non-GAAP financial measures included herein provide useful information to both management and investors by excluding certain items that management believes are not indicative of Vitesse’s core operating results. In addition, these non-GAAP financial measures are used by management for budgeting and forecasting as well as subsequently measuring Vitesse’s performance, and management believes it is providing investors with financial measures that most closely align to its internal measurement processes.

INVESTOR AND MEDIA CONTACT
Ben Messier, CFA
Director – Investor Relations
(720) 532-8232
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WALTHAM, Mass.--(BUSINESS WIRE)--Global Partners LP (NYSE: GLP) (the “Partnership”) today announced that it will release its fourth-quarter and full-year 2022 financial results before the market opens on Monday, February 27, 2023. At 10:00 a.m. ET, the Partnership will conduct a conference call for investors and analysts hosted by Eric Slifka, President and Chief Executive Officer, Gregory B. Hanson, Chief Financial Officer, and Mark Romaine, Chief Operating Officer.

The call can be accessed by dialing (877) 709-8155 (U.S. and Canada) or (201) 689-8881 (International). The live and archived audio replay of the conference call can be accessed by visiting the “Events & Presentations” section of the “Investors” portion of the Global Partners website, https://ir.globalp.com.

About Global Partners LP

With approximately 1,700 locations primarily in the Northeast, Global Partners is one of the region’s largest independent owners, suppliers and operators of gasoline stations and convenience stores. Global also owns, controls or has access to one of the largest terminal networks in New England and New York, through which it distributes gasoline, distillates, residual oil and renewable fuels to wholesalers, retailers and commercial customers. In addition, Global engages in the transportation of petroleum products and renewable fuels by rail from the mid-continental U.S. and Canada. Global, a master limited partnership, trades on the New York Stock Exchange under the ticker symbol “GLP.” For additional information, visit www.globalp.com.

Gregory B. Hanson
Chief Financial Officer
Global Partners LP
(781) 894-8800

Sean T. Geary
Chief Legal Officer and Secretary
Global Partners LP
(781) 894-8800

HARTFORD, Conn. & BOSTON--(BUSINESS WIRE)--Eversource Energy (NYSE: ES) today reported full-year 2022 earnings of $1,404.9 million, or $4.05 per share, compared with full-year 2021 earnings of $1,220.5 million, or $3.54 per share. Eversource also reported fourth quarter 2022 earnings of $320.2 million, or $0.92 per share, compared with fourth quarter 2021 earnings of $306.7 million, or $0.89 per share.

Results for both years include transaction- and transition-related charges, primarily related to the October 2020 acquisition of the assets of the former Columbia Gas of Massachusetts. Those after-tax charges totaled $2.1 million in the fourth quarter of 2022 and $15 million for the full year of 2022, compared with $6.3 million in the fourth quarter of 2021 and $23.6 million for all of 2021.

Additionally, full-year 2021 results include after-tax charges related to the settlement of multiple regulatory dockets concerning Eversource Energy’s subsidiary, The Connecticut Light and Power Company (CL&P). Those after-tax charges totaled $86.1 million for full-year 2021. Excluding the charges noted above, Eversource Energy earned $1,419.9 million¹, or $4.09 per share¹, for the full-year 2022 and $322.3 million¹, or $0.92 per share¹, in the fourth quarter of 2022, compared with $1,330.2 million¹, or $3.86 per share¹, for the full-year 2021 and $313.3 million¹, or $0.91 per share¹, in the fourth quarter of 2021.

Eversource Energy projects 2023 non-GAAP earnings of between $4.25 per share and $4.43 per share. The company also projects that its compound annual earnings per share growth rate from its regulated businesses would be solidly within the upper half of its previously disclosed range of 5-7 percent through 2027, using the adjusted $4.09 per share¹ it earned in 2022 as the base year.

“We completed an excellent year providing dedicated and tireless service to our 4.4 million customers right up through a Christmas Eve windstorm that caused significant damage throughout our service territory,” said Joe Nolan, Eversource chairman, president and chief executive officer. “Thousands of Eversource employees worked long days and nights in bitter conditions right through the holiday so that our customers could have power for their holiday. Their performance exemplifies who we are and what we do.”

Electric Transmission

Eversource Energy’s transmission segment earned $596.6 million in 2022, compared with earnings of $544.6 million in 2021. Transmission earnings were $140.7 million in the fourth quarter of 2022, compared with earnings of $132.3 million in the fourth quarter of 2021. Transmission segment results improved due to a higher level of investment in Eversource’s electric transmission system.

Electric Distribution

Eversource Energy’s electric distribution segment earned $592.8 million in 2022, compared with earnings of $556.2 million¹ in 2021, excluding the CL&P charges noted above. Electric distribution earned $97.9 million in the fourth quarter of 2022, compared with earnings of $105 million¹ in the fourth quarter of 2021. Lower fourth quarter results were due in part to a commitment to contribute $10 million to help Connecticut households address high energy prices this winter. Improved full-year results were due primarily to higher revenues and lower pension expense, partially offset by higher storm restoration costs, depreciation, property taxes and interest expense.

Natural Gas Distribution

Eversource Energy’s natural gas distribution segment earned $234.2 million in 2022, compared with earnings of $204.8 million in 2021. It earned $87.1 million in the fourth quarter of 2022, compared with earnings of $75.2 million in the fourth quarter of 2021. Improved results for the full year and the fourth quarter were due primarily to higher revenues and lower pension expense, partially offset by higher property taxes, interest and depreciation expense. Full-year results were also negatively impacted by higher operations and maintenance expense.

Water Distribution

Eversource Energy’s water distribution segment earned $36.8 million in 2022, the same as in 2021. The water segment earned $7.4 million in the fourth quarter of 2022, compared with earnings of $6.7 million in the fourth quarter of 2021. Higher fourth quarter results were primarily due to higher revenues and lower income tax expense, partially offset by the absence of a prior year land sale gain, as well as higher interest and depreciation expense.

Eversource Parent and Other Companies

Eversource Energy parent and other companies, excluding the transaction- and transition-related costs noted above, lost $40.5 million¹ in 2022, compared with losses of $12.2 million¹ in 2021. It lost $10.8 million¹ in the fourth quarter of 2022, compared with losses of $5.9 million¹ in the fourth quarter of 2021. Lower results for both the full year and fourth quarter primarily reflect higher interest expense.

The following table reconciles 2022 and 2021 fourth quarter and full-year earnings per share:

Three months ended:

Full year ended:

Eversource Energy has approximately 348 million common shares outstanding and operates New England’s largest energy delivery system. It serves approximately 4.4 million electric, natural gas and water customers in Connecticut, Massachusetts and New Hampshire.

¹ All per-share amounts in this news release are reported on a diluted basis. The only common equity securities that are publicly traded are common shares of Eversource Energy. The earnings and EPS of each business do not represent a direct legal interest in the assets and liabilities of such business, but rather represent a direct interest in Eversource Energy's assets and liabilities as a whole. EPS by business is a financial measure not recognized under generally accepted accounting principles (non-GAAP) that is calculated by dividing the net income or loss attributable to common shareholders of each business by the weighted average diluted Eversource Energy common shares outstanding for the period. Earnings discussions also include non-GAAP financial measures referencing 2022 and 2021 earnings and EPS excluding certain transaction and transition costs, and our 2021 earnings and EPS excluding charges at CL&P related to an October 2021 settlement agreement that included credits to customers and funding of various customer assistance initiatives and a 2021 storm performance penalty imposed on CL&P by the PURA. Eversource Energy uses these non-GAAP financial measures to evaluate and provide details of earnings results by business and to more fully compare and explain results without including these items. This information is among the primary indicators management uses as a basis for evaluating performance and planning and forecasting of future periods. Management believes the impacts of transaction and transition costs, the CL&P October 2021 settlement agreement, and the 2021 storm performance penalty imposed on CL&P by the PURA, are not indicative of Eversource Energy’s ongoing costs and performance. Management views these charges as not directly related to the ongoing operations of the business and therefore not an indicator of baseline operating performance. Due to the nature and significance of the effect of these items on net income attributable to common shareholders and EPS, management believes that the non-GAAP presentation is a more meaningful representation of Eversource Energy’s financial performance and provides additional and useful information to readers in analyzing historical and future performance of the business. These non-GAAP financial measures should not be considered as alternatives to Eversource Energy’s reported net income attributable to common shareholders or EPS determined in accordance with GAAP as indicators of Eversource Energy’s operating performance.

This document includes statements concerning Eversource Energy’s expectations, beliefs, plans, objectives, goals, strategies, assumptions of future events, future financial performance or growth and other statements that are not historical facts. These statements are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, readers can identify these forward-looking statements through the use of words or phrases such as “estimate,” “expect,” “anticipate,” “intend,” “plan,” “project,” “believe,” “forecast,” “should,” “could” and other similar expressions. Forward-looking statements involve risks and uncertainties that may cause actual results or outcomes to differ materially from those included in the forward-looking statements. Forward-looking statements are based on the current expectations, estimates, assumptions or projections of management and are not guarantees of future performance. These expectations, estimates, assumptions or projections may vary materially from actual results. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, the following important factors that may cause our actual results or outcomes to differ materially from those contained in our forward-looking statements, including, but not limited to: cyberattacks or breaches, including those resulting in the compromise of the confidentiality of our proprietary information and the personal information of our customers; disruptions in the capital markets or other events that make our access to necessary capital more difficult or costly; changes in economic conditions, including impact on interest rates, tax policies, and customer demand and payment ability; ability or inability to commence and complete our major strategic development projects and opportunities; acts of war or terrorism, physical attacks or grid disturbances that may damage and disrupt our electric transmission and electric, natural gas, and water distribution systems; actions or inaction of local, state and federal regulatory, public policy and taxing bodies; substandard performance of third-party suppliers and service providers; fluctuations in weather patterns, including extreme weather due to climate change; changes in business conditions, which could include disruptive technology or development of alternative energy sources related to our current or future business model; contamination of, or disruption in, our water supplies; changes in levels or timing of capital expenditures; changes in laws, regulations or regulatory policy, including compliance with environmental laws and regulations; changes in accounting standards and financial reporting regulations; actions of rating agencies; and other presently unknown or unforeseen factors.

Other risk factors are detailed in Eversource Energy’s reports filed with the Securities and Exchange Commission (SEC). They are updated as necessary and available on Eversource Energy’s website at www.eversource.com and on the SEC’s website at www.sec.gov. All such factors are difficult to predict and contain uncertainties that may materially affect Eversource Energy’s actual results, many of which are beyond our control. You should not place undue reliance on the forward-looking statements, as each speaks only as of the date on which such statement is made, and, except as required by federal securities laws, Eversource Energy undertakes no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events.

Jeffrey R. Kotkin
(860) 665-5154

SAN FRANCISCO--(BUSINESS WIRE)--#environment--pulsESG™, a pioneering software as a service (SaaS) platform offering enterprises a centralized system of record and reference for environmental, social and governance (ESG) metrics, announced today that Norwegian industrial group Aker ASA (Aker) with a global footprint has selected pulsESG as its ESG platform for data collection, management and analytics. The technology enables companies to more fully integrate ESG and sustainability efforts into their operations and build the framework to drive and measure sustainability goals.

Aker will use the pulsESG platform to report ESG and sustainability metrics and to streamline the collection, integration, and improvement of their ESG data across their portfolio of operations, to ensure long-term value creation for their shareholders. The application will be used to simplify UN SDG, CDP, GRI, TCFD, CSRD, World Economic Forum, and other sustainability standards reporting.

“Sustainability at Aker means making responsible business decisions that create value while protecting the environment and contributing to the good of society. The core of Aker’s operations is to be a responsible and engaged owner that builds strong and resilient companies. Strengthening our ESG capabilities is a significant step toward creating more sustainable operations, and our partnership with pulsESG will allow us to measure and analyze our ESG data with improved speed and accuracy,” said Jeanett Bergan, Chief Sustainability Officer at Aker.

“The pulsESG team is excited to provide a comprehensive, integrated and flexible SaaS platform that will support Aker’s efforts to capture, analyze and measure progress,” said Murat Sönmez, pulsESG Co-founder and CEO. “Our technology offers a complete ESG performance management platform, including disclosure frameworks, regulatory compliance, GHG calculators, benchmarking, and goal setting with full audit trail,” said Inderjeet Singh, co-founder and CTO of pulsESG. “We are looking forward to partnering with Aker to help them accelerate their impact through our innovative platform.”

About Aker ASA

Aker ASA (Aker) is an industrial investment company with ownership interests concentrated in oil and gas, renewable energy and green technologies, industrial software, seafood and marine biotechnology sectors. For more information, visit https://www.akerasa.com/en.

About pulsESG™

Founded in 2021, pulsESG is a public benefit corporation dedicated to empowering purpose-driven enterprises to manage and improve their ESG footprint with an integrated and comprehensive SaaS platform built for compliance tracking and insight. For more information visit www.pulsESG.com. LinkedIn: www.linkedin.com/company/pulsESG

Murat Sönmez, CEO
pulsESG, Inc.
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+1 650-575-5255

DALLAS--(BUSINESS WIRE)--Texas Pacific Land Corporation (NYSE: TPL) (the “Company” or “TPL”) today announced that on February 10, 2023, the Board of Directors declared a quarterly cash dividend of $3.25 per share, payable on March 15, 2023 to stockholders of record at the close of business on March 8, 2023.

About Texas Pacific Land Corporation

Texas Pacific Land Corporation is one of the largest landowners in the State of Texas with approximately 874,000 acres of land in West Texas, with the majority of its ownership concentrated in the Permian Basin. The Company is not an oil and gas producer, but its surface and royalty ownership provide revenue opportunities throughout the life cycle of a well. These revenue opportunities include fixed fee payments for use of our land, revenue for sales of materials (caliche) used in the construction of infrastructure, providing sourced water and/or treated produced water, revenue from our oil and gas royalty interests, and revenues related to saltwater disposal on our land. The Company also generates revenue from pipeline, power line and utility easements, commercial leases and temporary permits related to a variety of land uses including midstream infrastructure projects and hydrocarbon processing facilities.

Visit TPL at http://www.TexasPacific.com.

Investor Relations
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BOSTON--(BUSINESS WIRE)--Advent Technologies Holdings, Inc. (NASDAQ: ADN) ("Advent" or the "Company"), an innovation-driven leader in the fuel cell and hydrogen technology sectors, is pleased to announce that it has received a new order from the German State of Brandenburg for its methanol-powered (“Serene”) fuel cell systems as part their three-year agreement which was announced in September 2022. The combined value of the Serene fuel cell systems sold to the German State of Brandenburg now totals approximately $1.6 million.

Advent’s methanol-powered fuel cell systems have been chosen as the back-up power source for the German State of Brandenburg's BOS digital radio network. The fuel cell systems will replace the diesel-driven emergency power systems at several sites, providing a more sustainable and reliable emergency power supply solution. The installations relating to the earlier order will be commissioned within the next three months, with the full roll-out of installations set to take place throughout 2023.

Advent's fuel cells were selected through a tender launched by the German State of Brandenburg in 2022, which sought sustainable and reliable emergency power supply solutions. The BOS digital radio network covers 99.2% of German territory and provides secure communication for first responders and other public safety officials. The network was developed to replace the outdated analogue radio system used for communication in Germany's old public safety and security infrastructure.

Serene fuel cells deliver reliable power in an environmentally friendly manner, reduce CO2 emissions and operate silently, with minimal impact on the surroundings. The use of methanol as a carrier of hydrogen allows for simpler storage than pure hydrogen and enhances the safety of operations. Serene fuel cells offer the potential for a reduction of more than 80% in CO2 emissions compared to diesel generators. With the growth of the green hydrogen sector, Serene fuel cells will accelerate the move towards the generation of net-zero emission electricity through the use of e-methanol as fuel created from green hydrogen.

"We at Advent are proud to continue our partnership with the German State of Brandenburg, showcasing the significance of Advent's HT-PEM fuel cells in fulfilling critical infrastructure power demands worldwide. In the current era, zero-emission back-up power solutions like fuel cells are increasingly crucial for securing a clean and stable energy supply. We look forward to a thriving and successful collaboration with our partner”, stated Dr. Vasilis Gregoriou, Advent Technologies’ Chief Executive Officer and Executive Chairman of the Board.

Sales and Business Development Director of Advent Technologies A/S, Per Burdack, added, "We are thrilled to receive this new order from the German State of Brandenburg and extend our heartfelt gratitude for their continued trust in our products. This order further solidifies our commitment to provide sustainable and reliable energy solutions and to replace diesel-driven emergency power systems with our methanol-powered fuel cell systems in critical infrastructure applications and beyond. We look forward to further developing our partnership with the German State of Brandenburg in 2023."

About Advent Technologies Holdings, Inc.

Advent Technologies Holdings, Inc. is a U.S. corporation that develops, manufactures, and assembles complete fuel cell systems as well as supplying customers with critical components for fuel cells in the renewable energy sector. Advent is headquartered in Boston, Massachusetts, with offices in California, Greece, Denmark, Germany, and the Philippines. With more than 150 patents issued, pending, and/or licensed for fuel cell technology, Advent holds the IP for next-generation HT-PEM that enables various fuels to function at high temperatures and under extreme conditions – offering a flexible fuel option for the automotive, aviation, defense, oil and gas, marine, and power generation sectors. For more information, visit www.advent.energy.

Cautionary Note Regarding Forward-Looking Statements

This press release includes forward-looking statements. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “expect,” “plan,” “could,” “may,” “will,” “believe,” “estimate,” “forecast,” “goal,” “project,” and other words of similar meaning. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, the Company’s ability to maintain the listing of the Company’s common stock on Nasdaq; future financial performance; public securities’ potential liquidity and trading; impact from the outcome of any known and unknown litigation; ability to forecast and maintain an adequate rate of revenue growth and appropriately plan its expenses; expectations regarding future expenditures; future mix of revenue and effect on gross margins; attraction and retention of qualified directors, officers, employees and key personnel; ability to compete effectively in a competitive industry; ability to protect and enhance Advent’s corporate reputation and brand; expectations concerning its relationships and actions with technology partners and other third parties; impact from future regulatory, judicial and legislative changes to the industry; ability to locate and acquire complementary technologies or services and integrate those into the Company’s business; future arrangements with, or investments in, other entities or associations; and intense competition and competitive pressure from other companies worldwide in the industries in which the Company will operate; and the risks identified under the heading “Risk Factors” in Advent’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 31, 2022, as well as the other information filed with the SEC. Investors are cautioned not to place considerable reliance on the forward-looking statements contained in this press release. You are encouraged to read Advent’s filings with the SEC, available at www.sec.gov, for a discussion of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this document, and the Company undertakes no obligation to update or revise any of these statements. Advent’s business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.

Advent Technologies Holdings, Inc.
Elisabeth Maragoula/Michael Trontzos
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Third Quarter Revenues of $19.6M; Fiscal 2023 Year-to-Date Revenues up 9.5%, $59.0M Compared to $53.9M in Fiscal Year 2022

Third Quarter Net Loss is $5.2M; Adjusted EBITDA Loss of $1.7M Improved 43% Year-over-Year; Fiscal Year 2023 Year-to-Date Adjusted EBITDA Improved 57%

Rental units under contract increased 126% to 40 MW versus December 2021

LOS ANGELES--(BUSINESS WIRE)--$CGRN #CleanPower--Capstone Green Energy Corporation (NASDAQ: CGRN), announced its financial results for the third quarter ended December 31, 2022, as the Company continues to execute on its Energy-as-a-Service (EaaS) business plan.

“Revenue for the third quarter was $1.0 million less compared to the same period last year; however our year-to-date revenue is up 9.5%, when compared to the first nine months of the prior year. This revenue growth is largely attributed to our Energy as a Service (EaaS) business which continues to grow, despite a very tough supply chain environment. Although product shipments during the third quarter were challenged as we continue to battle supply chain disruptions and higher costs, I expect this will begin to be offset by our price increases implemented at the end of January,” said Darren Jamison, President, and Chief Executive Officer of Capstone Green Energy.

Third Quarter and Nine Months Fiscal 2023 Highlights:

• Revenues for the third quarter ending December 31, 2022, were $19.6 million, down 6% from $20.8 million in revenue during the second quarter ended September 30, 2022, and down 5% from $20.6 million in the year-ago third quarter.

• Revenues for the first nine months of fiscal 2023 totaled $59.0 million, up 9.5% from $53.9 million from the nine months of fiscal 2022.

• EaaS business (Factory Protection Plan (FPP) Service, Spare Parts and Rentals) revenues were up 18% for the nine months of fiscal 2023 mainly due to higher rental and FPP revenues.

• Gross margins for the third quarter ending December 31, 2022, were 14% compared to 11% in the second quarter ending September 30, 2022 and 11% in the year ago third quarter ended December 31, 2021. Gross margins increased primarily due to a greater proportion of revenue from the higher-margin rental fleet offsetting increased costs in the company's supply chain.

• Gross margins for the nine months of fiscal 2023 increased to 16% from 14% for the nine months of fiscal 2022, but were below Company expectations of 25% because of ongoing supply chain expenses, freight and expediting charges.

• Net loss was $5.2 million for the third quarter ending December 31, 2022, compared to a net loss of $5.1 million in the same quarter last year. Prior year net loss included a $2.6 million benefit from the Paycheck Protection Program loan forgiveness. Without such forgiveness, the net loss would have been $7.7 million. The improvement in the current quarter is mainly due to higher gross margin.

• Adjusted EBITDA for the third quarter ending December 31, 2022, improved 43% to negative $1.7 million from negative $3.0 million in the third quarter last year, primarily due to higher gross margin contribution from the EaaS business.

• Net loss was $12.2 million for nine months ending December 31, 2022, compared to a net loss of $13.3 million in the same period last year. Prior year net loss included a $2.6 million benefit from the Paycheck Protection Program loan forgiveness. Without such forgiveness, the net loss would have been $15.9 million.

• Adjusted EBITDA improved 57% to negative $3.5 million for nine months ended December 31, 2022, compared to negative $8.1 million for the same period last year driven by solid execution in our high-margin EaaS business and ongoing cost reduction efforts, offset by ongoing supply chain expenses, freight and expediting charges.

• EaaS long-term rental units and re-rental units under contract on December 31, 2022, totaled approximately 40 MW versus 17.7 MW on December 31, 2021, representing 126% growth year-over-year.

• The Company remains on track to reach its goal of 50 MW under contract by March 31, 2023.

• Gross product bookings for the third quarter ending December 31, 2022, were $6.9 million, down from $16.3 million in the previous quarter ended September 30, 2022, as bookings slowed in December.

• Total cash as of December 31, 2022, was $16.6 million, down from $23.8 million as of September 30, 2022. The decrease of $7.2 million was primarily related to the net loss and manufacturing of 4.6 MW of new rental assets for the growing EaaS rental fleet.

• Net cash used by operating activities was $4.9 million, primarily as a result of net loss funding and $1.7 million in cash used by working capital mainly due to the purchase of long lead-time inventory.

• The Company’s Days Sales Outstanding, or DSO, dropped from 85 days in the quarter ending September 30, 2022, to 66 days in the most recent quarter.

• To mitigate global supply chain shortages, parts price increases, and higher freight costs, the Company enacted an across-the-board product, spare parts, and FPP service contract price increase on January 30, 2023.

“We project a confluence of positive events over the next 12 months with new price increases taking effect, the Inflation Reduction Act (IRA) taking hold, and new markets like EV charging gaining increasing momentum. Our centerpiece will remain our EaaS rental business and the benefits it brings us including higher margins, predictable revenues, and consistent cash flow while transitioning us away from being only a manufacturing company. Our progress since implementing this major strategic shift is demonstrated in our results as we have effectively marched towards our goal of 50 MW. The numbers show our customers both need and want this solution and that we can provide it, solving both our customer’s needs and driving returns for our stockholders,” continued Mr. Jamison.

“Our overall financial goals are unchanged, and we are focused on growing revenue and reaching positive Adjusted EBITDA on a sustainable basis. EaaS is a pivotal factor in achieving this goal in conjunction with our ongoing price increases and cost control initiatives. There are several drivers as we look ahead including the IRA (and similar global initiatives), leveraging Capstone’s Direct Sales organization, targeting large global customers, and growing our global Distribution network to reach more geographies,” concluded Mr. Jamison.

Conference Call Information

Capstone Green Energy will host a conference call today beginning at 1:45 p.m PT/4:45 p.m.ET to discuss the results for its third quarter fiscal year 2023 ended December 31, 2022 as well as key business highlights. Participants can access the live call via webcast as follows:

• The live webcast of the call and supporting slide presentation will be available on the Investor Relations page of the company website www.capstonegreenenergy.com, or click here.

The replay of the conference call will be available via webcast on the Company’s Investor Relations page at www.capstonegreenenergy.com.

About Capstone Green Energy

Capstone Green Energy (NASDAQ: CGRN) is a leading provider of customized microgrid solutions and on-site energy technology systems focused on helping customers around the globe meet their environmental, energy savings, and resiliency goals. Capstone Green Energy focuses on four key business lines. Through its Energy as a Service (EaaS) business, it offers rental solutions utilizing its microturbine energy systems and battery storage systems, comprehensive Factory Protection Plan (FPP) service contracts that guarantee life-cycle costs, as well as aftermarket parts. Energy Generation Technologies (EGT) are driven by the Company's industry-leading, highly efficient, low-emission, resilient microturbine energy systems offering scalable solutions in addition to a broad range of customer-tailored solutions, including hybrid energy systems and larger frame industrial turbines. The Energy Storage Solutions (ESS) business line designs and installs microgrid storage systems creating customized solutions using a combination of battery technologies and monitoring software. Through Hydrogen & Sustainable Products (H2S), Capstone Green Energy offers customers a variety of hydrogen products, including the Company's microturbine energy systems.

To date, Capstone has shipped over 10,000 units to 83 countries and estimates that in FY22, it saved customers over $213 million in annual energy costs and approximately 388,000 tons of carbon. Total savings over the last four years are estimated to be approximately $911 million in energy savings and approximately 1,503,100 tons of carbon savings.

For customers with limited capital or short-term needs, Capstone offers rental systems; for more information, contact: This email address is being protected from spambots. You need JavaScript enabled to view it..

For more information about the Company, please visit www.CapstoneGreenEnergy.com. Follow Capstone Green Energy on Twitter, LinkedIn, Instagram, Facebook, and YouTube.

Cautionary Note Regarding Forward-Looking Statements

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding expectations relating to the Company’s efforts to increase margins, grow revenues and achieve and maintain profitability and other statements regarding the Company's expectations, beliefs, plans, intentions, and strategies. The Company has tried to identify these forward-looking statements by using words such as "expect," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, but not limited to, the following: the ability of the Company to increase prices; continuing supply chain issues; the impact of inflation and other factors on the Company’s cost structure; the ongoing effects of the COVID-19 pandemic; the availability of credit and compliance with the agreements governing the Company's indebtedness; the Company's ability to develop new products, enhance existing products and grow its EaaS business; product quality issues, including the adequacy of reserves therefor and warranty cost exposure; intense competition; financial performance of the oil and natural gas industry and other general business, industry and economic conditions; the Company's ability to adequately protect its intellectual property rights; and the impact of pending or threatened litigation. For a detailed discussion of factors that could affect the Company's future operating results, please see the Company's filings with the Securities and Exchange Commission, including the disclosures under "Risk Factors" in those filings. Except as expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason.

To supplement the company’s unaudited financial data presented on a generally accepted accounting principles (GAAP) basis, management has presented Adjusted EBITDA, a non-GAAP financial measure. This non-GAAP financial measure is among the indicators management uses as a basis for evaluating the company’s financial performance as well as for forecasting future periods. Management establishes performance targets, annual budgets and makes operating decisions based in part upon this metric. Accordingly, disclosure of this non-GAAP financial measure provides investors with the same information that management uses to understand the company’s economic performance year-over-year.

EBITDA is defined as net income before interest, provision for income taxes, and depreciation and amortization expense. Adjusted EBITDA is defined as EBITDA before gain on debt extinguishment, additional PPP loan forgiveness, stock-based compensation, consulting and legal expenses related to compliance with debt covenants, and legal settlements. Gain on debt extinguishment and additional PPP loan forgiveness relates to the Paycheck Protection Program loan forgiveness. Stock-based compensation and other expense includes expense related to stock issued to employees, directors, vendors, and for extraordinary, non-recurring expenses. Debt compliance costs/legal settlements include costs associated with our debt restructuring and legal settlements.

Adjusted EBITDA is not a measure of the company’s liquidity or financial performance under GAAP and should not be considered as an alternative to net income or any other performance measure derived in accordance with GAAP, or as an alternative to cash flows from operating activities as a measure of its liquidity.

While management believes that the non-GAAP financial measure provides useful supplemental information to investors, there are limitations associated with the use of this measure. The measures are not prepared in accordance with GAAP and may not be directly comparable to similarly titled measures of other companies due to potential differences in the methods of calculation. Management compensates for these limitations by relying primarily on the company’s GAAP results and by using Adjusted EBITDA only supplementally.

Non-GAAP financial measures are not in accordance with generally accepted accounting principles in the United States. The company’s non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with the company’s consolidated financial statements prepared in accordance with GAAP.

Capstone Green Energy
Investor and investment media inquiries:
818-407-3628
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HARTFORD, Conn. & BOSTON--(BUSINESS WIRE)--In recognition of its continued commitment to diversity, equity and inclusion (DE&I) in the workplace, Eversource now ranks as the top utility in both of As You Sow’s most recent scorecards tracking the 1,000 largest publicly traded companies’ steps to increase transparency and accountability on the path to justice. As the top utility in both the racial justice and workplace equity scorecards, Eversource ranks 5^th and 17^th across all sectors on each scorecard respectively, resulting in the energy company’s recognition by As You Sow as a “Top 10” company overall. Together, the scorecards demonstrate Eversource’s leadership in transparently advancing workplace DE&I programs and initiatives consistent with the energy company’s public statements on racial and social justice.

“We cannot make a meaningful impact without responsive companies who are willing to stand accountable as equity leaders and whose employees are committed to working every day toward a better future,” said As You Sow Racial Justice Initiative Manager Olivia Knight. “Eversource serves as an example that businesses across sectors can look to as a leader in taking action to advance DE&I initiatives that make a difference.”

“Greater social justice and racial equity are core values at Eversource, and we’re proud to be recognized by a national leader on corporate responsibility like As You Sow for not just ‘talking the talk’ but ‘walking the walk’ on these critical issues,” said Eversource Executive Vice President for Human Resources & Information Technology Chris Carmody. “We work every day to foster an environment where every employee is respected, feels they belong, and can thrive. This is critical to our success, as we work to provide safe, reliable service and maximize the benefits of a clean energy future for all customers – including those in our environmental justice communities. Our work to accelerate progress on meaningful, positive change in our workplace and our communities by addressing systemic racism and inequality is far from complete, and we look forward to continued efforts with our employees and partners like As You Sow on the never-ending journey to greater diversity, equity and inclusion.”

The As You Sow scorecards provide a benchmark for assessing companies on key performance indicators (KPIs) on racial justice, environmental racism, and workplace equity disclosure. In addition, the scorecards identify best practices, encourage corporate leadership and inform shareholder advocacy. As You Sow is a nation-leading shareholder advocacy nonprofit, with a 30-year track record promoting environmental and social corporate responsibility and advancing values-aligned investing. Its issue areas include climate change, ocean plastics, pesticides, racial justice, workplace diversity, and executive compensation.

For more information on Eversource’s commitment to diversity, equity and inclusion – including its full DE&I report – please visit Eversource.com.

Eversource (NYSE: ES), celebrated as a national leader for its corporate citizenship, is the #1 energy company in Newsweek’s list of America’s Most Responsible Companies for 2023 and recognized as one of America’s Most JUST Companies. Eversource transmits and delivers electricity and natural gas and supplies water to approximately 4.4 million customers in Connecticut, Massachusetts and New Hampshire. The #1 energy efficiency provider in the nation, Eversource harnesses the commitment of approximately 9,500 employees across three states to build a single, united company around the mission of safely delivering reliable energy and water with superior customer service. The company is empowering a clean energy future in the Northeast, with nationally recognized energy efficiency solutions and successful programs to integrate new clean energy resources like solar, offshore wind, electric vehicles and battery storage, into the electric system. For more information, please visit eversource.com, and follow us on Twitter, Facebook, Instagram, and LinkedIn. For more information on our water services, visit aquarionwater.com.

Caroline Pretyman
617-424-2460
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Al Lara
860-665-2344
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FERGUS FALLS, Minn.--(BUSINESS WIRE)--Otter Tail Corporation (Nasdaq: OTTR) today announced financial results for the quarter and year ended December 31, 2022.

2022 SUMMARY

Compared to the year ended December 31, 2021:

• Consolidated operating revenues increased 22% to $1.5 billion.
• Consolidated net income increased 61% to $284.2 million.
• Diluted earnings per share increased 60% to $6.78 per share.
• The corporation achieved a consolidated return on equity of 25.6% on an equity ratio of 59.4%.

The corporation’s board of directors increased the quarterly common stock dividend to $0.4375 per share, an indicated annual dividend rate of $1.75 per share in 2023, a 6.1% increase from $1.65 per share in 2022.

CEO OVERVIEW

“Otter Tail Corporation, through the collective efforts of our employees and the strength of our diversified business model, achieved record annual financial results in 2022,” said President and CEO Chuck MacFarlane. “Each operating segment produced double digit annual earnings growth in 2022. Our Plastics segment completed another extraordinary year, producing $195 million of earnings in 2022, as operating margins benefited from elevated spreads of PVC pipe sale prices over resin input costs. Although our Plastics segment had an extraordinary year, demand for PVC pipe sharply declined in the second half of 2022 as contractors delayed projects due to supply chain issues, the housing market outlook continued to soften, and resin price reductions contributed to pipe distributors and contractors reducing PVC pipe purchases in an effort to manage their inventory levels.

“Electric segment earnings increased 10% compared to 2021, driven by increased commercial and industrial sales volumes, increasing rate base and favorable weather conditions. Otter Tail Power accomplished its key regulatory objectives in 2022, including a successful general rate case outcome in Minnesota and all regulatory approvals necessary to complete the Ashtabula III wind farm acquisition in early 2023. Our Manufacturing segment produced earnings growth of 22% compared to 2021, driven by increased sales volumes from strong customer demand across most end markets.

“Looking forward, our long-term focus remains on executing our strategy to grow our business and achieving operational, commercial and talent excellence to strengthen our position in the markets we serve. Our Electric segment anticipates approximately $1 billion in capital expenditures over the next 5 years, which results in a compounded annual growth rate in rate base of 6.4% from the end of 2022 to the end of 2027. We remain confident in our ability to achieve a compounded annual growth rate in earnings per share in the range of 5% to 7% using 2024 as the base year.

“We are initiating our 2023 earnings per share guidance range of $3.76 to $4.06. We anticipate Plastics segment earnings to recede from its record level in 2022 as we expect industry conditions will normalize throughout the year. We continue to expect an earnings mix of approximately 65% from our Electric segment and 35% from our manufacturing platform beginning in 2024.”

FOURTH QUARTER HIGHLIGHTS AND UPDATES

• Otter Tail Power completed the purchase of the Ashtabula III wind farm, located in eastern North Dakota, on January 3, 2023. We have purchased wind-generated electricity from Ashtabula III since 2013 through a power purchase agreement, but owning the facility is part of our least-cost plan to meet our customers’ energy needs. The purchase added 62.4 megawatts of nameplate capacity to our owned generation assets.
• The Minnesota Public Utility Commission approved Otter Tail Power’s requested changes to the procedural schedule of our previously filed Integrated Resource Plan. This will allow us to update our plan in consideration of several recent developments, including MISO’s new seasonal resource adequacy construct, MISO’s proposal to significantly increase winter and spring planning reserve margins requirements, and enactment of the Inflation Reduction Act. We plan to file an updated resource plan in March 2023.

CASH FLOWS AND LIQUIDITY

Our consolidated cash provided by operating activities was $389.3 million in 2022 compared to $231.2 million in 2021, with the increase primarily due to a $95.9 million increase in net income and a lower level of working capital needs compared to the previous year. Investing activities included capital expenditures of $171.1 million in 2022, primarily related to capital investments within our Electric segment, including our Hoot Lake Solar project. Financing activities in 2022 included the issuance of $90.0 million of long-term debt and the maturity and repayment of $30.0 million of debt at Otter Tail Power, net repayments of short-term borrowings of $83.0 million and dividend payments of $68.8 million.

As of December 31, 2022, we had $322.2 million of available liquidity under our credit facilities and $119.0 million of available cash and cash equivalents, for total available liquidity of $441.2 million.

ANNUAL SEGMENT OPERATING RESULTS

Electric Segment

The following table shows heating and cooling degree days as a percent of normal.

The following table summarizes the estimated effect on diluted earnings per share of the difference in retail kilowatt-hour (kwh) sales under actual weather conditions and expected retail kwh sales under normal weather conditions in 2022 and 2021.

Operating Revenues increased $69.4 million primarily due to increased fuel recovery revenues and higher sales volumes. The increase in fuel recovery revenues was the result of higher purchased power and production fuel costs arising from increased natural gas and market energy costs, as well as higher purchased power volumes arising from plant outages at both Coyote Station and Big Stone Plant during the year. Sales volumes increased compared to the previous year as a result of increased demand from commercial and industrial customers, including a new commercial customer load in North Dakota. Operating revenues also benefited from the impact of favorable weather conditions.

Net Income increased $7.5 million primarily due to the increased operating revenues driven by higher sales volumes and impacts of favorable weather described above, partially offset by increased operating and maintenance expenses. Increased operating and maintenance expenses included increases in maintenance and other costs related to the outages at Coyote Station and Big Stone Plant, increases in labor and employee benefit costs, higher transmission tariff expenses, and increased travel and other expenses.

Manufacturing Segment

Operating Revenues increased $61.7 million primarily due to a combination of increased sales volumes and increased material costs at BTD Manufacturing, our contract metal fabricator. Sales volumes increased 12% compared to the previous year due to strong customer and end market demand. Material costs, which are passed through to customers, increased 8%, as steel prices increased from the previous year. Steel prices increased drastically in 2021, peaking in the fourth quarter, and remained elevated compared to historical levels throughout most of 2022. Increases in sales volumes and prices were partially offset by a $2.5 million decrease in scrap revenues due to a decrease in both scrap metal prices and scrap volumes. Increases in sales prices and volumes at T.O. Plastics, our plastics thermoforming manufacturer, due to continued strong customer demand, also contributed to the segment increase in operating revenues.

Net Income increased $3.8 million due to increased operating revenues, as described above, and favorable cost absorption at T.O. Plastics, partially offset by higher labor, material, and overhead costs.

Plastics Segment

Operating Revenues increased $132.3 million primarily due to a 66% increase in the price per pound of PVC pipe sold, as sales prices remained high and continued to increase in 2022, due to a continuation of extraordinary market conditions first experienced in the previous year. Sales volumes decreased 19% due to raw material constraints in the first half of 2022 and softening customer demand during the second half of 2022 driven by contractors delaying projects due to supply chain issues, softening housing market outlook, and customers reducing purchases of PVC pipe in order to use up existing on hand inventory.

Net Income increased $97.6 million due to the increased operating revenues described above, and an increase in gross profit margins, as the increase in sales prices exceeded the increased cost of PVC resin and other input materials.

Corporate Costs

Net Loss at our corporate cost center increased $1.4 million due to increased operating expenses including external service provider costs and employee compensation costs. Investment losses related to our corporate-owned life insurance policies and the investments of our captive insurance entity also contributed to our increased net loss. The increased expenses and investment losses were partially offset by a decrease in interest expense due to lower average borrowings on our corporate credit facility.

FOURTH QUARTER OPERATING RESULTS

Consolidated Results