HOUSTON--(BUSINESS WIRE)--Genesis Energy, L.P. (NYSE: GEL) will announce its earnings for the Fourth Quarter ended December 31, 2022 on February 22, 2023, before the market opens.

Genesis Energy, L.P.’s Fourth Quarter Earnings Conference Call will be held Wednesday, February 22, 2023, at 8:00 a.m. Central time (9:00 a.m. Eastern time). This call can be accessed at www.genesisenergy.com. Choose the Investor Relations button. For those unable to attend the live broadcast, a replay will be available beginning approximately one hour after the event.

Genesis Energy, L.P. is a diversified midstream energy master limited partnership headquartered in Houston, Texas. Genesis’ operations include offshore pipeline transportation, sodium minerals and sulfur services, marine transportation and onshore facilities and transportation. Genesis’ operations are primarily located in the Gulf Coast region of the United States, Wyoming and the Gulf of Mexico.

Genesis Energy, L.P.
Dwayne Morley
Vice President – Investor Relations
(713) 860-2536

ANAHEIM, Calif.--(BUSINESS WIRE)--$WLDN--Willdan Group, Inc. (NASDAQ: WLDN) announced today that it has created a plan for the National Parks of Lake Superior Foundation (NPLSF) to decarbonize land-based operations across five national parks in the Lake Superior region. The NPLSF announced this plan on Saturday, January 28 at the Great Northern Festival in Minneapolis with an address by U.S. Senator Tina Smith of Minnesota and by National Park Superintendent Denice Swanke from Isle Royale National Park.

Willdan’s engineering team developed an investment plan for each of the parks to achieve 100% greenhouse gas emissions reduction in land-based operations by eliminating fossil fuel use and switching to renewable electricity. The plan proposes an estimated investment of $15 million across the parks, a broad set of energy efficiency upgrades, and the electrification of space and water heating in 131 buildings and all land-based vehicles, including cars, trucks, and utility vehicles. Among a diverse set of technologies used to achieve this, the plan proposes air-source cold climate heat pumps as a cost-effective alternative to propane for space heating.

“Decarbonizing is not only the right thing to do for our five parks on Lake Superior, but it will also act as a realistic model for other National Parks and public lands,” said Tom Irvine, the Executive Director of the NPLSF. “Once you see the visitor’s center at the Grand Portage National Monument heated by an air-source heat pump instead of propane, you realize it can be done in your own home. When you are standing on the shores of the Isle Royale National Park at dusk . . . you won’t hear the drone of a diesel generator kicking in, just the deafening silence of the most remote wilderness area in the continental United States.”

U.S. Senator Tina Smith noted in her address at the Great Northern Festival that the plan for the region’s National Parks echoes the decarbonization plan for the nation as a whole. The plan pursues economic energy efficiency, decarbonizes the electric power sector, and electrifies energy use in buildings and transportation. She also noted that all these investments are supported by the Inflation Reduction Act passed in 2022.

“By using air-source cold climate heat pumps in one of the coldest regions in the U.S., we’re helping demonstrate that this technology is ready for nationwide adoption,” said Tom Brisbin, Willdan’s CEO and Chairman. “Other parks, businesses, and even cities can apply this plan’s decarbonization strategies, such as combining solar photovoltaic energy generation with battery storage, electric vehicles, and using electric heat pumps to heat spaces and water.”

The plan was catalyzed by a key investment from Askov Finlayson, a certified B Corporation and climate positive winter outerwear brand. Askov Finlayson Founder and CEO Eric Dayton said, “It’s exciting to be a part of climate leadership in our own backyard. This initiative can serve as a model to inspire further action both here in Minnesota and across the country.”

About the National Parks of Lake Superior Foundation (NPLSF)

The philanthropic partner of the five national parks of Lake Superior, NPLSF is a nonprofit that inspires people to create meaningful connections with the parks by providing funding for programming, educational initiatives, and outreach efforts, often with a climate resilience focus. NPLSF seeks to ensure the parks are nurtured and maintained so all may enjoy the captivating public lands today and for generations to come.

About Willdan

Willdan is a nationwide provider of professional, technical, and consulting services to utilities, government agencies, and private industry. Willdan’s service offerings span a broad set of complementary disciplines that include electric grid solutions, energy efficiency and sustainability, engineering and planning, and municipal financial consulting. For additional information, visit Willdan's website at www.willdan.com.

Forward-Looking Statements

Statements in this press release that are not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. It is important to note that Willdan’s actual results could differ materially from those in any such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the risk factors listed from time to time in Willdan’s reports filed with the Securities and Exchange Commission, including, but not limited to, the Annual Report on Form 10-K filed for the year ended December 31, 2021. Willdan cautions investors not to place undue reliance on the forward-looking statements contained in this press release. Willdan disclaims any obligation to, and does not undertake to, update or revise any forward-looking statements in this press release.

Al Kaschalk
VP Investor Relations
310-922-5643
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NEW YORK--(BUSINESS WIRE)--New Fortress Energy Inc. (NASDAQ: NFE) (the “Company”) plans to announce its financial results for the fourth quarter and full year 2022 prior to 8:00 A.M. Eastern Time on Tuesday, February 28th, 2023. A copy of the press release and an earnings supplement will be posted to the Investors section of the Company’s website, www.newfortressenergy.com.

In addition, management will host a conference call on Tuesday, February 28th, 2023 at 8:00 A.M. Eastern Time. The conference call may be accessed by dialing (888) 204-4368 (toll-free from within the U.S.) or +1-323-994-2093 (from outside of the U.S.) fifteen minutes prior to the scheduled start of the call; please reference “NFE Fourth Quarter and Full Year 2022 Earnings Call” or conference code 1713563.

A simultaneous webcast of the conference call will be available to the public on a listen-only basis at www.newfortressenergy.com under the Investors section within “Events & Presentations.” Please allow time prior to the call to visit the site and download any necessary software required to listen to the internet broadcast. A replay of the conference call will be available at the same website location shortly after the conclusion of the live call.

About New Fortress Energy Inc.

New Fortress Energy Inc. (NASDAQ: NFE) is a global energy infrastructure company founded to address energy poverty and accelerate the world’s transition to reliable, affordable, and clean energy. The company owns and operates natural gas and liquefied natural gas (LNG) infrastructure and an integrated fleet of ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. Collectively, the company’s assets and operations reinforce global energy security, enable economic growth, enhance environmental stewardship and transform local industries and communities around the world.

Investors
Patrick Hughes
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Media
Jake Suski
+1 (516) 268-7403
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LOWELL, Ark.--(BUSINESS WIRE)--J.B. Hunt Transport Services, Inc. (NASDAQ: JBHT) Executive Vice President and President of Intermodal Darren Field, and Executive Vice President of People and President of Highway Services Brad Hicks will address the 2023 Evercore ISI Travel & Transport Conference at 11:45 a.m. eastern time on Wednesday, February 8, 2023. Investors may access the live presentation by visiting the Newsroom section of our website at www.jbhunt.com/our-company/newsroom. A presentation replay will also be made available on J.B. Hunt’s website following the event.

Information presented at the conference may contain forward-looking statements made by the company that involve risks, assumptions, and uncertainties difficult to predict. Actual results may differ materially from those currently anticipated due to a number of factors, including, but not limited to, those discussed in Item 1A of our Annual Report filed on Form 10-K for the year ended December 31, 2021. J.B. Hunt assumes no obligation to update any forward-looking statements to the extent the company becomes aware they will not be achieved for any reason.

Interested parties may view this press release on the company’s website.

About J.B. Hunt

J.B. Hunt Transport Services, Inc., a Fortune 500 and S&P 500 company, provides innovative supply chain solutions for a variety of customers throughout North America. Utilizing an integrated, multimodal approach, the company applies technology-driven methods to create the best solution for each customer, adding efficiency, flexibility, and value to their operations. J.B. Hunt services include intermodal, dedicated, refrigerated, truckload, less-than-truckload, flatbed, single source, last mile, and more. J.B. Hunt Transport Services, Inc. stock trades on NASDAQ under the ticker symbol JBHT and is a component of the Dow Jones Transportation Average. J.B. Hunt Transport, Inc. is a wholly owned subsidiary of JBHT. For more information, visit www.jbhunt.com.

Brad Delco
Sr. Vice President – Finance
(479) 820-2723

DENVER--(BUSINESS WIRE)--Advanced Energy Industries, Inc. (NASDAQ: AEIS), a global leader in highly engineered, precision power conversion, measurement, and control solutions, today announced that its board of directors has authorized a quarterly cash dividend of $0.10 per share, payable on March 3, 2023 to shareholders of record as of February 20, 2023.

Future dividend declarations, as well as the record and payment dates for such dividends, are subject to review and approval by the board of directors.

About Advanced Energy

Advanced Energy Industries, Inc. (Nasdaq: AEIS) is a global leader in the design and manufacture of highly engineered, precision power conversion, measurement and control solutions for mission-critical applications and processes. Advanced Energy’s power solutions enable customer innovation in complex applications for a wide range of industries including semiconductor equipment, industrial production, medical and life sciences, data center computing, networking and telecommunications. With engineering know-how and responsive service and support for customers around the globe, the company builds collaborative partnerships to meet technology advances, propels growth of its customers and innovates the future of power. Advanced Energy has devoted four decades to perfecting power. It is headquartered in Denver, Colorado, USA.

For more information, visit www.advancedenergy.com.

Advanced Energy | Precision. Power. Performance. Trust.

Andrew Huang
Advanced Energy Industries, Inc.
970-407-6555
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Report Recognizes Itron’s Ability to Execute and Completeness of Vision

LIBERTY LAKE, Wash.--(BUSINESS WIRE)--#Gartner--Itron, Inc. (NASDAQ: ITRI), which is innovating the way utilities and cities manage energy and water, announced that it has been named a Visionary in the 2023 Gartner Magic Quadrant for Managed IoT Connectivity Services, Worldwide¹. According to Gartner, “the Managed IoT connectivity service market enables connectivity, data collection, and analysis and additional decision services that are necessary for connected solutions.”

“We are delighted to be named as a Visionary by Gartner and to be recognized for our ‘Ability to Execute’ and ‘Completeness of Vision’,” said Don Reeves, senior vice president of Outcomes at Itron. “As more renewables come onto the grid and water scarcity and conservation priorities impact regions across the globe, utilities need a scalable approach. With more than 86 million endpoints under management by Itron, we are committed to using our flexible platform to match the right communications technology to optimize performance, security and cost for our customers – supporting the use cases they care about most.”

Intelligent connectivity enables the digital transformation of critical energy, water and city services. Itron's globally proven, multi-purpose network platform securely connects millions of Industrial IoT (IIoT) devices around the world. With IIoT platforms suited for any combination of water, electricity and gas solutions, cities, utilities and critical infrastructure operators rely on Itron to help them deliver safer, more efficient, reliable and resilient services. Itron uses the best in-class communication technologies such as RF mesh, LTE, Private-LTE, fiber and more to deliver industry-leading performance with unmatched reliability. A futureproof and standards-based platform enables seamless coordination across a diverse ecosystem of IIoT industry partner solutions, enabling new services that provide lasting value to consumers.

To download the complete report, visit itron.com/IoTMQ.

_______________

About Itron

Itron enables utilities and cities to safely, securely and reliably deliver critical infrastructure solutions to communities in more than 100 countries. Our portfolio of smart networks, software, services, meters and sensors helps our customers better manage electricity, gas and water resources for the people they serve. By working with our customers to ensure their success, we help improve the quality of life, ensure the safety and promote the well-being of millions of people around the globe. Itron is dedicated to creating a more resourceful world. Join us: www.itron.com.

Itron^® is a registered trademark of Itron, Inc. All third-party trademarks are property of their respective owners and any usage herein does not suggest or imply any relationship between Itron and the third party unless expressly stated.

Itron, Inc.
Alex Morin
Corporate Communications Associate
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DULUTH, Minn.--(BUSINESS WIRE)--ALLETE, Inc. (NYSE:ALE) today announced that its Board of Directors has increased the quarterly dividend on the company’s common stock to $0.6775 per share, a 4.2% percent increase.

“This dividend increase reflects the ALLETE Board of Directors’ confidence in our growth outlook for ALLETE,” said ALLETE Chair, President and CEO Bethany Owen. “We are pleased to deliver another dividend increase to our shareholders – adding to our track record of more than 73 consecutive years of dividends paid.”

On an annual basis the increased dividend is equivalent to $2.71 per share. The regular quarterly dividend is payable Mar. 1 to common shareholders of record at the close of business Feb. 15, 2023.

ALLETE Inc. is an energy company headquartered in Duluth, Minnesota. In addition to its electric utilities, Minnesota Power and Superior Water, Light and Power of Wisconsin, ALLETE owns ALLETE Clean Energy, based in Duluth; BNI Energy, based in Bismarck, N.D.; New Energy Equity headquartered in Annapolis, MD, and has an eight percent equity interest in the American Transmission Co. More information about ALLETE is available at www.allete.com. ALE-CORP

The statements contained in this release and statements that ALLETE may make orally in connection with this release that are not historical facts, are forward-looking statements. These forward-looking statements involve risks and uncertainties and investors are directed to the risks discussed in documents filed by ALLETE with the Securities and Exchange Commission.

Investor Contact:
Vince Meyer
218-723-3952
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CENTENNIAL, Colo.--(BUSINESS WIRE)--Vitesse Energy, Inc. (NYSE: VTS) (“Vitesse” or “the Company”) announced today that it plans to issue its year-end 2022 financial and operating results on Monday, February 13, 2023, after market close. Additionally, the Company will host a conference call on Tuesday, February 14, 2023, at 9:00 a.m. Eastern Standard Time. The Company will simultaneously post an updated corporate slide presentation with respect to those results on Vitesse’s website, www.vitesse-vts.com, in the “Investor Relations” section of the site, under “News & Events,” sub-tab “Presentations.”

Those wishing to listen to the conference call may do so via phone or the Company’s webcast.

Conference Call and Webcast Details:

Date: February 14, 2023
Time: 9:00 a.m. Eastern Standard Time
Dial-In: 877-407-0778
International Dial-In: 201-689-8565
Conference ID: 13736198
Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=CVEVzRZD

Replay Information:

A replay of the conference call will be available through February 21, 2023, by dialing:
Dial-In: 877-660-6853
International Dial-In: 201-612-7415
Conference ID: 13736198

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.

More information about Vitesse can be found at www.vitesse-vts.com.

INVESTOR AND MEDIA CONTACT
Ben Messier, CFA
Director – Investor Relations
(720) 532-8232
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MANSFIELD, Ohio--(BUSINESS WIRE)--#EARNINGS--The Gorman-Rupp Company (NYSE: GRC) reports financial results for the fourth quarter and year ended December 31, 2022.

Fourth Quarter 2022 Highlights

• Net sales of $146.0 million increased 55.0% or $51.8 million compared to the fourth quarter of 2021, a 19.3% increase excluding sales from Fill-Rite which was acquired in May 2022
• Fourth quarter net income was $2.4 million, or $0.09 per share, compared to net income of $6.5 million, or $0.25 per share, for the fourth quarter of 2021
  • Adjusted earnings per share¹ for the fourth quarters of 2022 and 2021 were $0.11 and $0.26, respectively
  • Adjusted earnings per share¹ include non-cash LIFO² expense of $0.25 per share and $0.08 per share in 2022 and 2021, respectively
• Adjusted EBITDA¹ of $28.5 million for the fourth quarter of 2022 increased $14.5 million or 104% from $14.0 million for the same period in 2021, an increase of $6.8 million, or 49.0%, excluding Fill-Rite

As previously announced, on May 31, 2022, the Company completed its acquisition of Fill-Rite and Sotera (“Fill-Rite”), a division of Tuthill Corporation.

Net sales for the fourth quarter ended December 31, 2022 were $146.0 million compared to net sales of $94.2 million for the fourth quarter of 2021, an increase of 55.0% or $51.8 million. Domestic sales increased 67.1% or $43.5 million and international sales increased 28.4% or $8.3 million compared to the same period in 2021. Fill-Rite sales, which are primarily domestic, were $33.7 million for the fourth quarter of 2022.

Excluding Fill-Rite, sales in our water markets increased 23.3% or $15.4 million in the fourth quarter of 2022 compared to the fourth quarter of 2021. Sales increased $7.5 million in the fire protection market, $5.5 million in the municipal market, $1.5 million in the repair market, $0.6 million in the construction market, and $0.3 million in the agriculture market.

Excluding Fill-Rite, sales in our non-water markets increased 9.8% or $2.7 million in the fourth quarter of 2022 compared to the fourth quarter of 2021. Sales increased $3.0 million in the industrial market and $0.1 million in the petroleum market. Partially offsetting this increase were sales decreases of $0.4 million in the OEM market.

Gross profit was $36.6 million for the fourth quarter of 2022, resulting in gross margin of 25.1%, compared to gross profit of $22.3 million and gross margin of 23.7% for the same period in 2021. The improvement in gross margin was due primarily to leverage from increased sales volume and sales mix which includes a full quarter of Fill-Rite results. The 140 basis point increase in gross margin was driven by a 400 basis point improvement from labor and overhead leverage due to increased sales volume. The increase was partially offset by a 260 basis point increase in cost of material, which included an unfavorable LIFO² impact of 260 basis points, and an unfavorable impact of 40 basis points related to the amortization of acquired Fill-Rite customer backlog. The acquired Fill-Rite customer backlog will be fully amortized during the first half of 2023.

Selling, general and administrative (“SG&A”) expenses were $21.0 million and 14.4% of net sales for the fourth quarter of 2022 compared to $13.9 million and 14.8% of net sales for the same period in 2021. The increase in SG&A expenses is primarily due to a $6.0 million increase in SG&A expenses related to Fill-Rite. Excluding Fill-Rite, SG&A expenses were 13.3% of net sales, a decrease of 150 basis points from the prior year driven primarily by leverage from increased sales volume.

Amortization expense was $3.1 million for the fourth quarter of 2022 compared to $0.2 million for the same period in 2021. The increase in amortization expense was due to $3.0 million in amortization attributable to the Fill-Rite acquisition.

Operating income was $12.5 million for the fourth quarter of 2022, resulting in an operating margin of 8.6%, compared to operating income of $8.2 million and operating margin of 8.7% for the same period in 2021. Operating margin decreased 10 basis points compared to the same period in 2021 due to an unfavorable LIFO² impact and increased amortization expense partially offset by improved leverage on labor, overhead, and SG&A expenses due to increased sales volumes.

Interest expense was $9.4 million for the fourth quarter of 2022. No interest expense was recorded in the fourth quarter of 2021. The interest expense was due to debt financing attributable to the Fill-Rite acquisition.

Net income was $2.4 million, or $0.09 per share, for the fourth quarter of 2022 compared to net income of $6.5 million, or $0.25 per share, in the fourth quarter of 2021. Adjusted earnings per share¹ for the fourth quarter of 2022 were $0.11 per share compared to $0.26 per share for the fourth quarter of 2021. Adjusted earnings per share¹ for the fourth quarter of 2022 included an unfavorable LIFO² impact of $0.25 per share compared to an unfavorable LIFO² impact of $0.08 per share in the fourth quarter of 2021.

Adjusted EBITDA¹ was $28.5 million for the fourth quarter of 2022 compared to $14.0 million for the fourth quarter of 2021 with the Fill-Rite acquisition contributing $7.7 million in 2022. Excluding Fill-Rite, adjusted EBITDA¹ for the fourth quarter of 2022 compared to 2021 increased $6.8 million, or 49.0%, due primarily to increased sales volume.

Full-Year 2022 Highlights

• Net sales of $521.0 million increased 37.7% or $142.7 million compared to 2021, a 14.6% increase excluding sales from Fill-Rite which was acquired in May 2022
• Net income was $11.2 million, or $0.43 per share, compared to net income of $29.9 million, or $1.14 per share, for 2021
  • Adjusted earnings per share¹ for 2022 and 2021 were $0.94 and $1.21, respectively
  • Adjusted earnings per share¹ include non-cash LIFO² expense of $0.56 per share and $0.20 per share in 2022 and 2021, respectively
• Adjusted EBITDA¹ of $88.7 million increased $30.6 million or 52.7% from $58.1 million for 2021, an increase of $11.4 million, or 19.6% excluding Fill-Rite

Net sales for the year ended December 31, 2022 were $521.0 million compared to net sales of $378.3 million for the year ended December 31, 2021, an increase of 37.7% or $142.7 million. Domestic sales increased 46.3% or $120.6 million and international sales increased 18.8% or $22.1 million compared to 2021. Fill-Rite sales, which are primarily domestic, were $87.4 million from the acquisition date of May 31, 2022 to December 31, 2022.

Excluding Fill-Rite, sales in our water markets increased 15.9% or $42.5 million in 2022 compared to 2021. Sales increased $17.3 million in the fire market, $14.8 million in the municipal market, $6.4 million in the repair market, and $5.1 million in the construction market. Partially offsetting these increases was a decrease of $1.1 million in the agriculture market.

Excluding Fill-Rite, sales in our non-water markets increased 11.7% or $12.8 million in 2022 compared to 2021. Sales increased $13.5 million in the industrial market and $1.9 million in the OEM market. Partially offsetting these increases was a decrease of $2.6 million in the petroleum market.

Gross profit was $130.9 million in 2022, resulting in gross margin of 25.1%, compared to gross profit of $95.9 million and gross margin of 25.3% in 2021. The 20 basis point decrease in gross margin was driven by a 280 basis point increase in cost of material, which included an unfavorable LIFO² impact of 170 basis points, an unfavorable impact of 30 basis points related to Fill-Rite inventory recorded at fair value and recognized during the second quarter of 2022, and an unfavorable impact of 30 basis points related to the amortization of acquired Fill-Rite customer backlog. The full amount of the step-up to record Fill-Rite inventory at fair value was recognized during the second quarter of 2022 and will not recur, while the acquired Fill-Rite customer backlog will be fully amortized during the first half of 2023. The decrease in gross margin was partially offset by a 260 basis point improvement from labor and overhead leverage due to increased sales volume.

SG&A expenses were $83.1 million in 2022, which included $7.1 million of one-time acquisition costs. Excluding acquisition costs, SG&A expenses were $76.0 million and 14.6% of net sales in 2022 compared to $56.0 million and 14.8% of net sales in 2021. The decrease in SG&A expenses as a percentage of sales, excluding acquisition costs, was primarily due to leverage from increased sales volume.

Amortization expense was $7.6 million in 2022 compared to $0.5 million in 2021. The increase in amortization expense was due to $7.0 million in amortization attributable to the Fill-Rite acquisition.

Operating income was $40.2 million in 2022, which included $7.1 million in one-time acquisition costs, $1.4 million of inventory step up amortization, and $1.5 million of acquired customer backlog amortization. Excluding acquisition costs, inventory step-up and backlog amortization, operating income was $50.2 million in 2022, resulting in an operating margin of 9.6%, compared to operating income of $39.4 million and operating margin of 10.4% in 2021. The decrease of 80 basis points in operating margin was primarily the result of an unfavorable LIFO² impact.

Interest expense was $19.2 million in 2022. No interest expense was recorded in 2021. The interest expense was due to debt financing attributable to the Fill-Rite acquisition.

Other income (expense), net was $7.1 million of expense in 2022 compared to expense of $2.1 million in 2021. The increase in expense was due primarily to increased non-cash pension settlement charges of $6.4 million in 2022 compared to $2.3 million in 2021.

Net income was $11.2 million, or $0.43 per share, in 2022 compared to $29.9 million, or $1.14 per share, in 2021. Adjusted earnings per share¹ in 2022 were $0.94 per share compared to $1.21 per share in 2021. Adjusted earnings per share¹ in 2022 included an unfavorable LIFO² impact of $0.56 per share compared to an unfavorable LIFO² impact of $0.20 per share in 2021.

The Company’s effective tax rate was 19.3% in 2022 compared to 19.9% in 2021. The effective tax rate for 2022 was impacted by similar benefits from credits and permanent items as the prior year on lower pretax income. We expect our effective tax rate for 2023 to be between 20.0% and 22.0%

Adjusted EBITDA¹ was $88.7 million in 2022 compared to $58.1 million in 2021 with the Fill-Rite acquisition contributing $19.2 million. Excluding Fill-Rite, adjusted EBITDA¹ in 2022 increased $11.4 million, or 19.6%, compared to 2021, due primarily to increased sales volume.

The Company’s backlog of orders was $267.4 million at December 31, 2022 compared to $186.0 million at December 31, 2021, an increase of 43.8%. Fill-Rite added $13.0 million to the backlog at December 31, 2022. Incoming orders during the fourth quarter of 2022 increased 17.6% when compared to the same period in 2021, and decreased 8.6% excluding Fill-Rite. Incoming orders increased 30.6% in 2022 compared to 2021, and 11.2% excluding Fill-Rite. The increase in backlog at December 31, 2022 was primarily driven by strong incoming orders during the year, large municipal orders which are longer term in nature, and the acquisition of Fill-Rite. The backlog aging was consistent with historical levels.

Capital expenditures in 2022 were $18.0 million and consisted primarily of machinery and equipment and building improvements. Capital expenditures for the full-year 2023 are presently planned to be in the range of $18-$20 million.

Scott A. King, President and CEO commented, “2022 was an historic year for Gorman-Rupp as we celebrated our 50th consecutive year of increased dividends, completed the largest acquisition in Company history by acquiring Fill-Rite, and reached $500 million in annual sales for the first time. In addition to these historic achievements, we also delivered year-over-year double digit organic revenue growth in 2022. The integration of Fill-Rite has gone well and we are expanding their footprint to support further growth. As we begin our 90^th year, our outlook remains positive. We enter 2023 with record backlog and believe the majority of our markets will continue to show growth, particularly those related to infrastructure. We expect our 2023 gross margin to benefit as the pricing actions we have taken throughout 2022 are fully realized and the impact of LIFO returns to more normal levels. In addition to pursuing earnings growth, we continue to focus on cash flow by improving on our working capital through inventory management without diminishing customer service.

“I am grateful for the Gorman-Rupp team as well as our customers, suppliers and shareholders for their on-going support as we managed through an eventful and successful year.”

About The Gorman-Rupp Company

Founded in 1933, The Gorman-Rupp Company is a leading designer, manufacturer and international marketer of pumps and pump systems for use in diverse water, wastewater, construction, dewatering, industrial, petroleum, original equipment, agriculture, fire suppression, heating, ventilating and air conditioning (HVAC), military and other liquid-handling applications.

(1) Non-GAAP Information

This release includes certain non-GAAP financial data and measures such as (1) adjusted earnings per share, which is earnings per share excluding non-cash pension settlement charges per share, one-time acquisition costs per share, amortization of step up in value of acquired inventories per share, and amortization of customer backlog per share and (2) adjusted earnings before interest, taxes, depreciation and amortization, referred to as “adjusted EBITDA”, which is net income (loss) excluding interest, taxes, depreciation and amortization, adjusted to exclude non-cash pension settlement charges, one-time acquisition costs, amortization of step up in value of acquired inventories, amortization of customer backlog, and non-cash LIFO² expense. Management utilizes these adjusted financial data and measures to assess comparative operations against those of prior periods without the distortion of non-comparable factors. The inclusion of these adjusted measures should not be construed as an indication that the Company’s future results will be unaffected by unusual or infrequent items or that the items for which the Company has made adjustments are unusual or infrequent or will not recur. Further, the impact of the LIFO² inventory costing method can cause results to vary substantially from company to company depending upon whether they elect to utilize LIFO² and depending upon which method they may elect. The Gorman-Rupp Company believes that these non-GAAP financial data and measures also will be useful to investors in assessing the strength of the Company’s underlying operations and liquidity from period to period. These non-GAAP financial measures are not intended to replace GAAP financial measures, and they are not necessarily standardized or comparable to similarly titled measures used by other companies. Provided later in this release is a reconciliation of adjusted earnings per share and adjusted EBITDA, which includes descriptions of actual adjustments made in the current period and the corresponding prior period.

(2) LIFO Inventory Method

The majority of the Company’s inventories are valued on the last-in, first-out (LIFO) method and stated at the lower of cost or market. Current cost approximates replacement cost, or market, and LIFO cost is determined at the end of each fiscal year based on inventory levels on-hand at current replacement cost and a LIFO reserve. The Company uses the simplified LIFO method, under which the LIFO reserve is determined utilizing the inflation factor specified in the Producer Price Index for Machinery and Equipment – Pumps, Compressors and Equipment, as published by the U.S. Bureau of Labor Statistics. Interim LIFO calculations are based on management’s estimate of the expected year-end inflation index and, as such, are subject to adjustment each quarter including the fourth quarter when the inflation index for the year is finalized. When inflation increases, the LIFO reserve and non-cash expense increase. The atypically high inflation index during 2022, which was higher than the rate of the Company’s actual cost increases, required adjustments to the Company’s LIFO reserve that resulted in significantly higher non-cash LIFO expense than what the Company has historically recognized. Pre-tax LIFO expense was $8.3 million for the fourth quarter of 2022 and $2.8 million for the fourth quarter of 2021. Pre-tax LIFO expense was $18.0 million for the year ended December 31, 2022 and $6.7 million for the year ended December 31, 2021.

Forward-Looking Statements

In connection with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, The Gorman-Rupp Company provides the following cautionary statement: This news release contains various forward-looking statements based on assumptions concerning The Gorman-Rupp Company’s operations, future results and prospects. These forward-looking statements are based on current expectations about important economic, political, and technological factors, among others, and are subject to risks and uncertainties, which could cause the actual results or events to differ materially from those set forth in or implied by the forward-looking statements and related assumptions. Such uncertainties include, but are not limited to, our estimates of future earnings and cash flows, general economic conditions and supply chain conditions and any related impact on costs and availability of materials, and uncertainties related to our acquisition of the assets of Fill-Rite, including but not limited to integration of the acquired business in a timely and cost effective manner, retention of supplier and customer relationships and key employees, the ability to achieve synergies and cost savings in the amounts and within the time frames currently anticipated and the ability to service and repay indebtedness incurred in connection with the transaction. Other factors include, but are not limited to: company specific risk factors including (1) loss of key personnel; (2) intellectual property security; (3) acquisition performance and integration; (4) impairment in the value of intangible assets, including goodwill; (5) defined benefit pension plan settlement expense and LIFO expense; and (6) family ownership of common equity; and general risk factors including (7) continuation of the current and projected future business environment, including the impact of inflation and other cost pressures, the duration and scope of the COVID-19 pandemic, the impact of the pandemic and actions taken in response to the pandemic; (8) highly competitive markets; (9) availability and costs of raw materials and labor; (10) cyber security threats; (11) compliance with, and costs related to, a variety of import and export laws and regulations; (12) environmental compliance costs and liabilities; (13) exposure to fluctuations in foreign currency exchange rates; (14) conditions in foreign countries in which The Gorman-Rupp Company conducts business; (15) changes in our tax rates and exposure to additional income tax liabilities; and (16) risks described from time to time in our reports filed with the Securities and Exchange Commission. Except to the extent required by law, we do not undertake and specifically decline any obligation to review or update any forward-looking statements or to publicly announce the results of any revisions to any of such statements to reflect future events or developments or otherwise.

Brigette A. Burnell
Corporate Secretary
The Gorman-Rupp Company
Telephone (419) 755-1246
NYSE: GRC

For additional information, contact James C. Kerr, Chief Financial Officer, Telephone (419) 755-1548.

THE WOODLANDS, Texas--(BUSINESS WIRE)--Sterling Infrastructure, Inc. (NasdaqGS: STRL) ("Sterling" or "the Company") today announced that its E-Infrastructure Solutions segment reported new awards totaling $260 million during the fourth quarter of 2022. Sterling's E-Infrastructure projects include large-scale site development services for warehouses, data centers, e-commerce distribution centers, multi-use facilities and industrial facilities. E-Infrastructure is the Company's fastest-growing segment, continuing to solidify Sterling's leading market position.

Investments in large, next-generation factories for solar and EV battery plants continue as companies expand capacity to keep pace with the accelerated domestic production. The data center ecosystem development rise also continues creating new opportunities in addition to the demand for advanced logistical centers and mixed-use communities.

CEO Remarks
"Our E-Infrastructure Solutions segment saw strong demand in the fourth quarter, demonstrating yet again our leading position in our markets," stated Joe Cutillo, Sterling's CEO. "Speed to market is key for our blue-chip customers, and our ability to timely execute large-scale and complex projects solidifies us as their trusted partner. With these wins, we ended 2022 in a strong position, and we believe the sustainable construction trends will continue throughout 2023.”

About Sterling
Sterling operates through a variety of subsidiaries within three segments specializing in E-Infrastructure, Transportation and Building Solutions in the United States, primarily across the Southern, Northeastern, Mid-Atlantic and the Rocky Mountain States, and Hawaii, as well as other areas with strategic construction opportunities. E-Infrastructure Solutions projects develop advanced, large-scale site development systems and services for data centers, e-commerce distribution centers, warehousing, transportation, energy and more. Transportation Solutions includes infrastructure and rehabilitation projects for highways, roads, bridges, airports, ports, light rail, water, wastewater and storm drainage systems. Building Solutions projects include residential and commercial concrete foundations for single-family and multi-family homes, parking structures, elevated slabs and other concrete work. From strategy to operations, we are committed to sustainability by operating responsibly to safeguard and improve society's quality of life. Caring for our people and our communities, our customers and our investors – that is The Sterling Way.

Joe Cutillo, CEO, "We build and service the infrastructure that enables our economy to run,
our people to move and our country to grow."

Important Information for Investors and Stockholders
Cautionary Statement Regarding Forward-Looking Statements
This press release contains statements that are considered forward-looking statements within the meaning of the federal securities laws. Any such statements are subject to risks and uncertainties, including those risks identified in the Company’s filings with the Securities and Exchange Commission. Accordingly, such statements should be considered in light of these risks. The forward-looking statements speak only as of the date made, and we undertake no obligation to publicly update or revise any forward-looking statements for any reason, whether as a result of new information, future events or developments, changed circumstances, or otherwise, notwithstanding any changes in our assumptions, changes in business plans, actual experience or other changes. These cautionary statements qualify all forward-looking statements attributable to us or persons acting on our behalf.

Company:
Sterling Infrastructure, Inc.
Ron Ballschmiede, Chief Financial Officer
281-214-0777

Investor Relations:
The Equity Group Inc.
Jeremy Hellman, CFA
212-836-9626

Fourth Quarter Results and 2023 Outlook Reflect Near-term Challenges in the Operating Environment

Taking Actions to Optimally Position GrafTech to Benefit from Long-term Industry Growth

Restarted Operations at Monterrey, Mexico Facility in Fourth Quarter

BROOKLYN HEIGHTS, Ohio--(BUSINESS WIRE)--GrafTech International Ltd. (NYSE: EAF) ("GrafTech" or the "Company") today announced unaudited financial results for the quarter and year ended December 31, 2022.

Fourth Quarter 2022 Highlights

• Net income of $50 million, for a 20% net income margin
• Earnings per share ("EPS")⁽¹⁾ of $0.20 and adjusted EPS⁽¹⁾⁽²⁾ of $0.17
• Adjusted EBITDA⁽²⁾ of $80 million, for a 32% adjusted EBITDA margin⁽³⁾
• Sales volume of 28 thousand metric tons ("MT")
• Production volume of 29 thousand MT
• Cash flow from operating activities of $50 million

Full Year 2022 Highlights

• Net income of $383 million, for a 30% net income margin
• EPS⁽¹⁾ of $1.48 per share and adjusted EPS⁽¹⁾⁽²⁾ of $1.47
• Adjusted EBITDA⁽²⁾ of $536 million, for a 42% adjusted EBITDA margin⁽³⁾
• Sales volume of 149 thousand MT
• Production volume of 157 thousand MT
• Cash flow from operating activities of $325 million
• Reduced debt by $110 million
• Repurchased an aggregate of $60 million of our common stock

CEO Comments

"Our year-over-year performance for the fourth quarter was impacted by higher costs, softer industry demand and the impact of the temporary suspension of our operations in Mexico," said Marcel Kessler, Chief Executive Officer and President. “As we announced in November, we are pleased to have reached an agreement that allowed for the restart of our Monterrey, Mexico facility. While our activities to ramp back up are proceeding according to plan, we expect the negative impact of the suspension, ongoing inflationary pressures and the effects of slowing global economic growth on our operating performance in 2023 will be significant, particularly in the first half of the year."

"We remain disciplined in our approach to managing costs and allocating capital," said Mr. Kessler. "We are aligning our production to reflect current market demand while remaining focused on delivering excellent customer service and being highly responsive to customers' needs. As we look ahead, we have identified opportunities to make targeted investments to strengthen our strategic position, commercial capabilities and product offerings. Through execution of these cost actions and investments, we are confident GrafTech will successfully navigate the near-term environment and emerge well positioned to benefit from the anticipated long-term demand growth for graphite electrodes."

Fourth Quarter and Full Year 2022 Financial Performance

Net sales for the fourth quarter of 2022 were $248 million, a decrease of 32% compared to $363 million in the fourth quarter of 2021. The decrease was primarily driven by lower sales volume, reflecting the impact of the temporary suspension of our operations in Monterrey, Mexico, and softness in graphite electrode demand. The lower volume was partially offset by improved pricing on volume derived from short-term agreements and spot sales ("non-LTA").

Net income for the fourth quarter of 2022 was $50 million, or $0.20 per share, compared to $141 million, or $0.54 per share, in the fourth quarter of 2021. Adjusted EBITDA⁽²⁾ was $80 million in the fourth quarter of 2022, compared to $183 million in the fourth quarter of 2021, with the decline primarily reflecting lower sales volume and higher costs. Adjusted EBITDA margin⁽³⁾ was 32% for the fourth quarter of 2022.

For the fourth quarter of 2022, cash flow from operating activities was $50 million and adjusted free cash flow⁽²⁾ was $23 million, with both measures decreasing compared to the same period in 2021 primarily driven by lower net income partially offset by a reduction in net cash used for working capital.

For the year ended December 31, 2022, net sales decreased 5% compared to the prior year, reflecting lower sales volume and a shift in the mix of our business from volume derived from our take-or-pay agreements that had initial terms of three-to-five years ("LTA") to non-LTA volume, partially offset by improved pricing on non-LTA volume. Net income for 2022 was $383 million, or $1.48 per share, compared to $388 million, or $1.46 per share, in the prior year. Adjusted EBITDA⁽²⁾ for 2022 was $536 million, compared to $670 million in the prior year, with the decline primarily reflecting higher costs and lower sales volume. Cash flow from operating activities for 2022 was $325 million, compared to $443 million in the prior year, with the decline primarily due to an increase in cash used for working capital.

Operational and Commercial Update

Sales volume for the fourth quarter of 2022 was 28 thousand MT, a decrease of 37% compared to the fourth quarter of 2021, consisting of 19 thousand MT of LTA volume and 9 thousand MT of non-LTA volume.

For the fourth quarter of 2022, the weighted-average realized price for our LTA volume was $9,400 per MT. For our non-LTA volume, the weighted-average realized price for graphite electrodes delivered and recognized in revenue in the fourth quarter of 2022 was $6,100 per MT, an increase of 22% compared to the fourth quarter of 2021.

Production volume for the fourth quarter of 2022 was 29 thousand MT, a decrease of 36% compared to the fourth quarter of 2021, primarily reflecting the impact of the temporary suspension of our operations in Monterrey, Mexico.

For the year ended December 31, 2022, sales volume decreased 11% and production volume decreased 5% compared to the prior year.

Steel market capacity utilization rates have been as follows:

The table of estimated shipments of graphite electrodes under existing LTAs has been updated as follows to reflect our current expectations⁽¹²⁾:

Capital Structure and Capital Allocation

As of December 31, 2022, GrafTech had cash and cash equivalents of $135 million and total debt of approximately $922 million. The Company is focused on maintaining a disciplined capital allocation strategy as we recover from the Monterrey suspension while making targeted investments to support long-term growth. In the second half of 2022, we retained nearly all of our free cash flow to increase the Company's liquidity position by approximately $80 million since the end of the second quarter of 2022. In the first half of the year, we repaid $110 million of our long-term debt and repurchased 6.7 million shares of our common stock for an aggregate of $60 million. For the year ended December 31, 2022, our capital expenditures were $72 million. Our capital expenditures in 2023 are expected to be in the range of $55 million to $60 million.

Outlook

As we enter 2023, we anticipate continued soft demand for graphite electrodes due to ongoing economic uncertainty and geopolitical conflict. In addition, we expect the suspension of our operations in Monterrey, Mexico in late 2022 will have a significant impact on our sales volume for the first half of 2023. Although the facility has resumed production, the suspension resulted in uncertainty during a key commitment window for customer purchases covering the first six months of 2023.

Reflecting these factors, we estimate our sales volume for the first six months of 2023 will be approximately half of the level reported in the same period of 2022, with the largest impact occurring in the first quarter. As we proceed into the second half of the year, we expect sales volume levels to recover, as we move past Monterrey suspension-driven uncertainty and anticipate that a gradual improvement in market conditions will strengthen demand for graphite electrodes.

In 2023, we expect a significant year-over-year increase in our cost of goods sold per metric ton as fixed costs will be recognized over a smaller volume base and reflecting the full year impact of higher raw material costs that increased throughout 2022. In response, we are closely managing all of our operating costs and capital expenditures, as well as our working capital levels. Towards the end of the fourth quarter of 2022, we began proactively reducing production at our European graphite electrode manufacturing facilities, to align our production volume with our current demand outlook.

Longer term, we remain confident that the steel industry’s accelerating efforts to decarbonize will lead to increased adoption of the electric arc furnace method of steelmaking, driving long-term demand growth for graphite electrodes. We believe that the near-term actions we are taking, supported by an industry-leading position and our sustainable competitive advantages, will optimally position GrafTech to benefit from that long-term growth.

Conference Call Information

In connection with this earnings release, you are invited to listen to our earnings conference call being held on February 3, 2023 at 10:00 a.m. (EST). The webcast and accompanying slide presentation will be available on our investor relations website at: http://ir.graftech.com. The conference call dial-in number is +1 (888) 886-7786 toll-free in North America or +1 (416) 764-8658 for overseas calls, conference ID: 39692735. Archived replays of the conference call and webcast will be made available on our investor relations website at: http://ir.graftech.com. GrafTech also makes its complete financial reports that have been filed with the Securities and Exchange Commission ("SEC") and other information available at www.GrafTech.com. The information on our website is not part of this release or any report we file with or furnish to the SEC.

About GrafTech

GrafTech International Ltd. is a leading manufacturer of high-quality graphite electrode products essential to the production of electric arc furnace steel and other ferrous and non-ferrous metals. The Company has a competitive portfolio of low-cost, ultra-high power graphite electrode manufacturing facilities, including three of the highest capacity facilities in the world. We are the only large-scale graphite electrode producer that is substantially vertically integrated into petroleum needle coke, a key raw material for graphite electrode manufacturing. This unique position provides us with competitive advantages in product quality and cost.

________________________

Cautionary Note Regarding Forward‑Looking Statements

This press release and related discussions may contain forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect our current views with respect to, among other things, financial projections, plans and objectives of management for future operations, and future economic performance. Examples of forward-looking statements include, among others, statements we make regarding future estimated revenues and volumes derived from our LTAs, future pricing of non-LTAs, anticipated levels of capital expenditures, and guidance relating to earnings per share and adjusted EBITDA. You can identify these forward-looking statements by the use of forward-looking words such as “will,” “may,” “plan,” “estimate,” “project,” “believe,” “anticipate,” “expect,” “foresee,” “intend,” “should,” “would,” “could,” “target,” “goal,” “continue to,” “positioned to,” “are confident,” or the negative versions of those words or other comparable words. Any forward-looking statements contained in this press release are based upon our historical performance and on our current plans, estimates and expectations considering information currently available to us. The inclusion of this forward-looking information should not be regarded as a representation by us that the future plans, estimates, or expectations contemplated by us will be achieved. Our expectations and targets are not predictions of actual performance and historically our performance has deviated, often significantly, from our expectations and targets. These forward-looking statements are subject to various risks and uncertainties and assumptions relating to our operations, financial results, financial condition, business, prospects, growth strategy and liquidity. Accordingly, there are or will be important factors that could cause our actual results to differ materially from those indicated in these statements. We believe that these factors include, but are not limited to: the impact of macroeconomic and geopolitical events, including developments arising from the COVID-19 pandemic and the conflict between Russia and Ukraine, on our business, results of operations, financial condition and cash flows, and the disruptions and inefficiencies in our supply chain that may occur as a result of such events; the possibility that we may be unable to implement our business strategies in an effective manner; the cyclical nature of our business and the selling prices of our products, which may decline in the future, may lead to periods of reduced profitability and net losses in the future; the impact of inflation and our ability to mitigate the effect on our costs; the risks and uncertainties associated with litigation, arbitration, and like disputes, including disputes related to contractual commitments; the possibility that global graphite electrode overcapacity may adversely affect graphite electrode prices; our dependence on the global steel industry generally and the electric arc furnace steel industry in particular; the sensitivity of our business and operating results to economic conditions, including any recession, and the possibility others may not be able to fulfill their obligations to us in a timely fashion or at all; the competitiveness of the graphite electrode industry; our dependence on the supply of raw materials, including decant oil and petroleum needle coke, and disruptions in supply chains for these materials; the availability and cost of electric power and natural gas, particularly in Europe; our manufacturing operations are subject to hazards; changes in, or more stringent enforcement of, health, safety and environmental regulations applicable to our manufacturing operations and facilities; the legal, compliance, economic, social and political risks associated with our substantial operations in multiple countries; the possibility that fluctuation of foreign currency exchange rates could materially harm our financial results; the possibility that our results of operations could deteriorate if our manufacturing operations were substantially disrupted for an extended period, including as a result of equipment failure, climate change, regulatory issues, natural disasters, public health crises, such as the COVID-19 pandemic, political crises or other catastrophic events; our dependence on third parties for certain construction, maintenance, engineering, transportation, warehousing and logistics services; the possibility that we are unable to recruit or retain key management and plant operating personnel or successfully negotiate with the representatives of our employees, including labor unions; the sensitivity of goodwill on our balance sheet to changes in the market; the possibility that we are subject to information technology systems failures, cybersecurity attacks, network disruptions and breaches of data security; our dependence on protecting our intellectual property and the possibility that third parties may claim that our products or processes infringe their intellectual property rights; the possibility that our indebtedness could limit our financial and operating activities or that our cash flows may not be sufficient to service our indebtedness; the possibility that restrictive covenants in our financing agreements could restrict or limit our operations; recent increases in benchmark interest rates and the fact that borrowings under certain of our existing financing agreements subject us to interest rate risk; the possibility that disruptions in the capital and credit markets could adversely affect our results of operations, cash flows and financial condition, or those of our customers and suppliers; the possibility that the market price of our common stock could be negatively affected by sales of substantial amounts of our common stock in the public markets, including by Brookfield Asset Management Inc. and its affiliates (together, "Brookfield"); the possibility that we may not pay cash dividends on our common stock in the future; and the fact that our stockholders have the right to engage or invest in the same or similar businesses as us.

These factors should not be construed as exhaustive and should be read in conjunction with the Risk Factors and other cautionary statements that are included in our most recent Annual Report on Form 10-K and other filings with the SEC. The forward-looking statements made in this press release relate only to events as of the date on which the statements are made. Except as required by law, we do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, our actual results may vary materially from what we may have expressed or implied by these forward-looking statements. We caution that you should not place undue reliance on any of our forward-looking statements. You should specifically consider the factors identified in this press release that could cause actual results to differ before making an investment decision to purchase our common stock. Furthermore, new risks and uncertainties arise from time to time, and it is impossible for us to predict those events or how they may affect us.

Non‑GAAP Financial Measures

In addition to providing results that are determined in accordance with GAAP, we have provided certain financial measures that are not in accordance with GAAP. EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted EPS, free cash flow and adjusted free cash flow are non-GAAP financial measures.

We define EBITDA, a non‑GAAP financial measure, as net income or loss plus interest expense, minus interest income, plus income taxes and depreciation and amortization. We define adjusted EBITDA as EBITDA plus any pension and other post-employment benefit ("OPEB") plan expenses, adjustments for public offerings and related expenses, non‑cash gains or losses from foreign currency remeasurement of non‑operating assets and liabilities in our foreign subsidiaries where the functional currency is the U.S. dollar, stock-based compensation expense, non-cash fixed asset write-offs, related party payable - Tax Receivable Agreement adjustments, Change in Control charges that were triggered as a result of the ownership of our largest stockholder falling below 30% of our total outstanding shares and gains from the settlement of a value-added tax matter in Brazil. Adjusted EBITDA is the primary metric used by our management and our Board of Directors to establish budgets and operational goals for managing our business and evaluating our performance. For purposes of this release, a Change in Control occurred when Brookfield and any affiliates thereof ceased to own stock of the Company that constitutes at least thirty percent (30%) or thirty-five percent (35%), as applicable, of the total fair market value or total voting power of the stock of the Company (the "Change in Control").

We monitor adjusted EBITDA as a supplement to our GAAP measures, and believe it is useful to present to investors, because we believe that it facilitates evaluation of our period‑to‑period operating performance by eliminating items that are not operational in nature, allowing comparison of our recurring core business operating results over multiple periods unaffected by differences in capital structure, capital investment cycles and fixed asset base.

Michael Dillon
216-676-2000
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SAN JOSE, Calif.--(BUSINESS WIRE)--QuantumScape Corporation (NYSE: QS), a leader in developing next-generation solid-state lithium-metal batteries, today announced it will release 2022 fourth-quarter financial results after market close on Wednesday, February 15, 2023. This will be followed by a conference call at 2 p.m. Pacific Time (5 p.m. Eastern Time). Jagdeep Singh, co-founder and chief executive officer, and Kevin Hettrich, chief financial officer, will participate on the call.

Starting today, February 2, shareholders can submit and upvote questions they would like addressed on the earnings call. QuantumScape management will respond to a selection of the most upvoted questions. Please submit questions on this online Q&A platform. The company will accept questions on the Q&A platform until Tuesday, February 14, at 2 p.m. Pacific Time (5 p.m. Eastern Time).

The earnings call will be accessible live via a webcast on QuantumScape’s IR Events Calendar page. An archive of the webcast will be available shortly after the call for 12 months.

About QuantumScape Corporation

QuantumScape is on a mission to transform energy storage with solid-state lithium-metal battery technology. The company’s next-generation batteries are designed to enable greater energy density, faster charging and enhanced safety to support the transition away from legacy energy sources toward a lower carbon future. For more information, visit www.quantumscape.com.

For Investors
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For Media
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Reliability, Fuel-Flexibility and Lower Carbon Emissions Factored into Purchase Decision

LOS ANGELES--(BUSINESS WIRE)--$CGRN #AustrailianEnergy--Capstone Green Energy Corporation (NASDAQ: CGRN) announced that Optimal Group, Capstone’s authorized distributor in Australia, New Zealand, the Republic of Fiji and Papua New Guinea, received an order for a C800 Signature Series microturbine to power a remote oil and gas site and provide ancillary power to a compressor station. This is the fifth microturbine order from this customer and is expected to be commissioned in October 2023.

Australia, like many other countries, is seeking to decarbonize, and the Australian oil and gas industry is working to do its part. Capstone's green energy solutions align perfectly with the needs of the oil and gas industry and are currently used in all phases of production including upstream, midstream, and downstream operations in both onshore and offshore applications.

“Capstone microturbines are popular with energy producers for a reason. Our microturbines are known for their reliability and low maintenance requirements, in addition to a low carbon profile, all of which are essential for our customers who operate remote oil and gas sites, often in harsh conditions. In addition, the turbines can run on different types of fuel which can be particularly appealing at drilling sites,” said Darren Jamison, President and CEO of Capstone Green Energy.

“Many of the world’s largest energy companies are posting record 2022 profits, following a year of volatile fossil fuel prices amid Russia’s war in Ukraine. This is creating an increase in proposal activity for us in our oil and gas markets internationally, like today’s follow-on order from Australia and here at home, which is illustrated by the recent follow-on order from a leading U.S. oil and gas producer in the Marcellus Shale Play that added to its extensive fleet of Capstone systems,” added Jamison.

Capstone microturbines offer flexible, responsive power generation that can easily adjust to fluctuating or seasonal energy demands, reducing fuel usage and maintaining high levels of efficiency. This helps customers meet their environmental goals and be climate-friendly leaders.

“This is the fifth Capstone microturbine order from this customer, having been selected to drive emissions reductions and improve reliability for remote, unmanned locations in some of the harshest regions on the planet. Modular Capstone C1000 series turbines enable each site to be supplied with a uniform package, but tailored to each site’s maximum power demand,” said Kane Ravenscroft, Sales and Marketing Director for Optimal Group. “As the power demand fluctuates seasonally, this provides the capability to switch off excess modules, conserving fuel and cutting emissions.”

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 for green initiatives and execution on the Company's growth strategy 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 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 and enhance existing products; 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.

Capstone Green Energy
Investor and investment media inquiries:
818-407-3628
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In Colombia:
2022 Certified 2P Reserves of 110 Million BOE
With Net Present Value (after Tax) of $1.6 Billion
105% Reserve Replacement of Proven Developed Reserves

BOGOTA, Colombia--(BUSINESS WIRE)--GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator, today announced its independent oil and gas reserves assessment, certified by DeGolyer and MacNaughton Corp. (D&M), under PRMS methodology, as of December 31, 2022.

All reserves included in this release refer to GeoPark working interest reserves before royalties paid in kind, except when specified. All figures are expressed in US Dollars. Definitions of terms are provided in the Glossary on page 11.

2022 Year-End D&M Certified Oil and Gas Reserves and Highlights:

Colombia Reserves

• PD Reserves: Proven developed (PD) reserves in Colombia of 50.4 mmboe, with a PD reserve life index (RLI) of 4.1 years

• 1P Reserves: Proven (1P) reserves in Colombia of 69.9 mmboe, with a 1P RLI of 5.7 years. Net present value after tax discounted at 10% (NPV10 after tax) of 1P reserves of $1.1 billion

• 2P Reserves: Proven and probable (2P) reserves in Colombia of 109.9 mmboe, with a 2P RLI of 8.9 years. NPV10 after tax of 2P reserves of $1.6 billion

• 3P Reserves: Proven, probable and possible (3P) reserves in Colombia of 163.6 mmboe, with a 3P RLI of 13.3 years. NPV10 after tax of 3P reserves of $2.2 billion

• Future Development Capital: Future development capital to develop 1P, 2P and 3P reserves in Colombia of $2.2 per barrel, $2.1 per barrel and $2.2 per barrel, respectively

Consolidated Reserves

• PD Reserves: PD reserves of 56.0 mmboe, with a PD RLI of 4.0 years

• 1P Reserves: 1P reserves of 76.1 mmboe, with a 1P RLI of 5.4 years. NPV10 after tax of 1P reserves of $1.2 billion

• 2P Reserves: 2P reserves of 128.4 mmboe, with a 2P RLI of 9.1 years. NPV10 after tax of 2P reserves of $1.8 billion

• 3P Reserves: 3P reserves of 196.3 mmboe, with a 3P RLI of 13.9 years. NPV10 after tax of 3P reserves of $2.6 billion

• Future Development Capital: Future development capital to develop 1P, 2P and 3P reserves of $2.1 per barrel, $2.7 per barrel and $2.8 per barrel, respectively

Net Present Value and Value Per Share

• 2P NPV10 after tax of $1.8 billion
• Net debt-adjusted 2P NPV10 after tax of $24.7 per share ($21.0 per share in Colombia)

Recent Events (Not included in the 2022 Year-End D&M Certification)

• Llanos 34 (GeoPark operated, 45% WI): Guaco Sur 1 exploration well was spudded and reached total depth in December 2022. Initial testing activities carried out in the Guadalupe formation currently show a production rate of 976 bopd of 22 degrees API with 11% water cut, after two days of testing
• CPO-5 (GeoPark non-operated, 30% WI): Spudded the Yarico 1 exploration prospect in late January 2023, targeting an exploration prospect adjacent to the Mariposa field, expecting to reach total depth in late February or early March 2023. Yarico 1 is expected to be followed by the Halcon 1 exploration well, targeting an exploration prospect in the northern part of the block, adjacent to the Llanos 34 block  
• Llanos 87 (GeoPark operated, 50% WI): Tororoi 1 exploration well reached total depth in December 2022, with preliminary logging information indicating hydrocarbons in the Ubaque, Guadalupe (Barco) and Mirador formations. Currently drilling the Zorzal 1 exploration well, targeting to reach total depth by mid-February 2023

• Platanillo (GeoPark operated, 100% WI): Alea NW 1 exploration well was spudded in September 2022 with preliminary logging information indicating hydrocarbons in the U and N formations. Production tests in the N formation started in January 2023, with initial rates of 245 bopd

2023 Work Program: Growing Production, Drilling More Wells and Giving Back to Shareholders

• 2023 production guidance of 39,500-41,500 boepd (assuming no production from the exploration drilling program)
• Self-funded 2023 capital expenditures program of $200-220 million to drill 50-55 gross wells (including 10-15 low-risk high-potential exploration and appraisal wells)
• At $80-90 per bbl Brent, GeoPark expects to generate an Adjusted EBITDA of $510-580 million and a free cash flow¹ of $120-140 million²
• Targeting to return approximately 40-50% of free cash flow after taxes to shareholders

Andrés Ocampo, Chief Executive Officer of GeoPark, said: “On the back of our large inventory of low-risk, low-cost and profitable reserves, once again GeoPark increased production, cash flow and shareholder returns in 2022. We begin 2023 uniquely positioned to continue generating value through development of our multi-year project inventory with more production and more drilling, including an extensive exploration program on proven acreage that can be quickly converted to production and cash flow and a strong commitment to return 40-50% of free cash flow to shareholders.”

Net Present Value per Share by Country

The table below presents GeoPark’s 2P NPV after tax per share, by country, as of December 31, 2022.

The table below illustrates the details of the net debt adjusted 2P NPV10 after tax per share:

(a) Net debt adjusted 2P NPV10 after tax per share is shown on a consolidated basis. Net debt considers financial debt of $497.6 million less $128.8 million of cash & cash equivalents (both figures unaudited and as of December 31, 2022).

2021 Year-End to 2022 Year-End Reserves Evolution

(*) Negative technical revisions of 2P and 3P reserves were mainly associated with the Llanos 34 and CPO-5 blocks and to a lesser extent in the Fell block, partially offset by positive technical revisions in the Platanillo block.

Future Development Capital – D&M Report (Undiscounted)

The tables below present D&M’s best estimate of future development capital (undiscounted)³ and the unit value per boe by category of certified reserves as of December 31, 2022:

2022 Year-End Reserves Summary

Following oil and gas production of 14.1 mmboe in 2022, D&M certified 2P reserves of 128.4 mmboe (91% oil and 9% gas) as of December 31, 2022. By country, the 2P reserves were 86% in Colombia, 11% in Chile, 2% in Brazil, and 1% in Ecuador.

Reserves Summary by Country and Category

Analysis by Country

Colombia

Llanos 34 block

Llanos 34 average gross production increased by 2% to 57,016 bopd (or 25,657 bopd net) in 2022 compared to 2021.

GeoPark’s drilling plan in 2022 in the Llanos 34 block was focused on low-risk development projects that resulted in net PD reserve additions with an 86% reserve replacement, and to a lesser extent in riskier delineation and appraisal wells that continued delineating the Jacana and Tigui fields.

The Llanos 34 block represented 85%, 80% and 79% of GeoPark’s 1P, 2P and 3P D&M certified reserves in Colombia, respectively.

GeoPark’s 2P D&M certified reserves in the Llanos 34 block in Colombia totaled 87.7 mmbbl in 2022 compared to 105.8 mmbbl in 2021, mainly resulting from 9.4 mmbbl production, 5.8 mmbbl of negative technical revisions and 2.9 mmbbl of economic factors.

As of December 31, 2022, the Llanos 34 block included approximately 49 future development drilling locations (2P, gross)⁴.

The 1P RLI was 6.3 years, while the 2P RLI was 9.4 years.

Gross original oil in place in the Llanos 34 block is estimated to be 0.85-1 billion barrels⁵. Cumulative production since 2012 to 2022 of approximately 156 mmbbl gross, representing a recovery of approximately 15-18% of the original oil in place, whereas the 2P reserves consider an ultimate recovery factor of approximately 38%.

CPO-5 block

CPO-5 average gross production reached a new record high and increased by 50% to 18,600 bopd in 2022 compared to 2021 with continuing strong reservoir performance in the Indico field.

The 2022 drilling plan executed by the operator in the CPO-5 block included successful development drilling in the Indico field and a new oil discovery, Cante Flamenco, that resulted in overall net PD and 1P reserve additions with a 200% and 157% reserve replacement.

During 2022, D&M updated its review of the geological model in the Indico field that included a reinterpretation of the 3D seismic and structural geology based on new information provided by new wells drilled that resulted in negative technical revisions to net 2P reserves for approximately 7 mmbbl and to net 3P reserves for approximately 31 mmbbl. The 2023 work program includes drilling activities to continue delineating the northwestern part of the Indico field.

The CPO-5 block represented 9%, 11% and 12%, of GeoPark’s 1P, 2P and 3P D&M certified reserves in Colombia, respectively.

GeoPark’s 2P D&M certified reserves in CPO-5 totaled 12.6 mmbbl in 2022 compared to 20.0 mmbbl in 2021, mainly reflecting 2.0 mmbbl production and negative technical revisions of approximately 7 mmbbl, partially offset by discoveries of 1.9 mmbbl.

The 1P RLI was 3.8 years, while the 2P RLI was 6.2 years.

The 2023 drilling campaign includes the drilling of 4-6 gross wells, including 1-2 development wells and 3-4 exploration wells. The exploration program targets high-potential nearfield projects adjacent to and on trend with the Llanos 34 block.

Total Colombia (Llanos 34, CPO-5, Platanillo and Llanos 32 blocks)

GeoPark’s 2P D&M certified reserves in Colombia totaled 109.9 mmbbl in 2022 compared to 135.8 mmbbl in 2021, resulting from 12.3 mmboe production, negative technical revisions of 11.0 mmbbl (mainly in the Llanos 34 and CPO-5 blocks, partially offset by positive revisions in the Platanillo block) and 4.4 mmbbl of lower reserves due to economic factors, partially offset by 1.9 mmbbl reserve additions in the CPO-5 block related to the discovery of the Cante Flamenco oil field.

As of December 31, 2022, GeoPark blocks in Colombia included approximately 78 future development drilling locations (2P, gross)⁶.

The 1P RLI was 5.7 years, while the 2P RLI was 8.9 years.

Chile

GeoPark’s 2P D&M certified reserves in Chile totaled 14.6 mmboe in 2022 compared to 17.3 mmboe in 2021, with lower reserves resulting from negative revisions of 1.9 mmboe and oil and gas production of 0.9 mmboe.

The 1P RLI was 4.8 years and the 2P RLI was 17.1 years.

The Fell block (GeoPark operated, 100% WI) represented 100% of GeoPark 2P D&M certified reserves in Chile.

The 2P D&M reserves in Chile were 35% oil and 65% gas.

Brazil

GeoPark’s 2P D&M certified reserves in Brazil totaled 2.0 mmboe compared to 2.5 mmboe in 2021, reflecting production of 0.5 mmboe during 2022.

The 1P RLI was 3.0 years and the 2P RLI was 3.7 years.

The Manati field (GeoPark non-operated, 10% WI) represented 100% of GeoPark Brazil 2P D&M certified reserves.

The 2P D&M reserves in Brazil were less than 1% oil and condensate, and more than 99% gas.

Ecuador

GeoPark’s 2P D&M certified reserves in Ecuador totaled 1.8 mmbbl which resulted from successful exploration drilling activities executed in 2022 in the Perico (GeoPark non-operated, 50% WI) and Espejo (GeoPark operated, 50% WI) blocks. Further development and appraisal drilling activities are expected in 2023 to continue delineating the fields.

The 1P RLI was 1.5 years and the 2P RLI was 5.8 years.

The Perico and Espejo blocks represented 100% of GeoPark Ecuador 2P D&M certified reserves.

The 2P D&M reserves in Ecuador were 100% oil.

The 2023 drilling campaign includes drilling of 3-4 gross appraisal and exploration wells in the Espejo and Perico blocks.

Argentina

In November 2021, GeoPark accepted an offer to divest the Aguada Baguales, El Porvenir and Puesto Touquet blocks representing 100% of GeoPark’s reserves in Argentina for $16 million. The transaction closed in January 2022.

Net Present Value After Tax Summary

The table below details D&M certified NPV10 after tax as of December 31, 2022, as compared to 2021:

Tax Reform in Colombia

In November 2022 Colombia’s Congress approved a tax reform that contemplates an increase in the government take for the oil and gas industry that is effective beginning fiscal year 2023. The main impacts include provisions that prevent the deduction of royalties paid to the government from the income tax calculation and the establishment of a surcharge linked to Brent oil price.

After considering the recently approved tax reform, GeoPark’s consolidated NPV10 after tax of 1P and 2P reserves were lowered by approximately 10-12%⁷.

Oil Price Forecast

The price assumptions used to estimate the feasibility of PRMS reserves and NPV10 after tax in 2022 and 2021 D&M reports are detailed in the table below:

OTHER NEWS

Reporting Date for 4Q2022 Results Release, Conference Call and Webcast

GeoPark will report its 4Q2022 and Annual 2022 financial results on Wednesday, March 8, 2023 after the market close.

In conjunction with the 4Q2022 results press release, GeoPark management will host a conference call on March 9, 2023 at 10:00 am (Eastern Standard Time) to discuss the 4Q2022 financial results.

To listen to the call, participants can access the webcast located in the Invest with Us section of the Company’s website at www.geo-park.com, or by clicking below:

https://events.q4inc.com/attendee/741237333

Interested parties may participate in the conference call by dialing the numbers provided below:

United States Participants: 844-200-6205
International Participants: +1 929-526-1599
Passcode: 824273

Please allow extra time prior to the call to visit the website and download any streaming media software that might be required to listen to the webcast.

An archive of the webcast replay will be made available in the Invest with Us section of the Company’s website at www.geo-park.com after the conclusion of the live call.

NOTICE

Additional information about GeoPark can be found in the Invest with Us section of the website at www.geo-park.com

The reserve estimates provided in this release are estimates only, and there is no guarantee that the estimated reserves will be recovered. Actual reserves may eventually prove to be greater than, or less than, the estimates provided herein. Statements relating to reserves are by their nature forward-looking statements.

Gas quantities estimated herein are reserves to be produced from the reservoirs, available to be delivered to the gas pipeline after field separation prior to compression. Gas reserves estimated herein include fuel gas.

Rounding amounts and percentages: Certain amounts and percentages included in this press release have been rounded for ease of presentation. Percentage figures included in this press release have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, certain percentage amounts in this press release may vary from those obtained by performing the same calculations using the figures in the financial statements. In addition, certain other amounts that appear in this press release may not sum due to rounding.

Oil and gas production figures included in this release are stated before the effect of royalties paid in kind, consumption and losses.

All evaluations of future net revenue contained in the D&M Reports are after the deduction of cash royalties, development costs, operating expenses, production and profit taxes, fees, earn out payments, well abandonment costs, and country income taxes from the future gross revenue. It should not be assumed that the estimates of future net revenues presented in the tables represent the fair market value of the reserves. The actual production, revenues, taxes and development, and operating expenditures with respect to the reserves associated with the Company's properties may vary from the information presented herein, and such variations could be material. In addition, there is no assurance that the forecast price and cost assumptions contained in the D&M Report will be attained, and variances could be material.

CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION

This press release contains statements that constitute forward-looking statements. Many of the forward looking statements contained in this press release can be identified by the use of forward-looking words such as ‘‘anticipate,’’ ‘‘believe’’, ‘‘could,’’ ‘‘expect,’’ ‘‘should,’’ ‘‘plan,’’ ‘‘intend,’’ ‘‘will,’’ ‘‘estimate’’ and ‘‘potential,’’ among others.

Forward-looking statements that appear in a number of places in this press release include, but are not limited to, statements regarding the intent, belief or current expectations, regarding various matters including NPV10 after tax and NPV10 after tax/share estimations, our reserves, the estimated future revenues, capital expenditures, Adjusted EBITDA, free cash flows, expected production guidance, oil price forecast and shareholder returns. Forward-looking statements are based on management’s beliefs and assumptions, and on information currently available to the management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors.

Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances or to reflect the occurrence of unanticipated events. For a discussion of the risks facing the Company which could affect whether these forward-looking statements are realized, see the Company’s filings with the U.S. Securities and Exchange Commission (SEC).

This press release contains a number of oil and gas metrics, including NPV after tax per share, reserve life index, net debt-adjusted NPV per share, etc., which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies and should not be used to make comparisons. Such metrics have been included herein to provide readers with additional measures to evaluate the Company's performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods.

Information about oil and gas reserves: The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proven, probable and possible reserves that meet the SEC's definitions for such terms. GeoPark uses certain terms in this press release, such as "PRMS Reserves" that SEC guidelines do not permit GeoPark from including in filings with the SEC.

INVESTORS:

Stacy Steimel
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Shareholder Value Director
T: +562 2242 9600

Miguel Bello
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Market Access Director
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Diego Gully
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Investor Relations Director
T: +5411 4312 9400

MEDIA:
Communications Department
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HOUSTON--(BUSINESS WIRE)--Cactus, Inc. (NYSE: WHD) (“Cactus” or the “Company”) today announced that it will issue its fourth quarter and full year 2022 earnings release after market close on Wednesday, February 22, 2023. The Company will host a conference call to discuss financial and operational results on Thursday, February 23, 2023 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time).

The call will be webcast on Cactus’ website at www.CactusWHD.com. Please access the webcast at least 10 minutes ahead of the start time to ensure a proper connection. An archived version will be available on the Company’s website shortly after the end of the call.

About Cactus, Inc.

Cactus designs, manufactures, sells and rents a range of highly engineered wellhead and pressure control equipment. Its products are sold and rented principally for onshore unconventional oil and gas wells and are utilized during the drilling, completion and production phases of its customers’ wells. In addition, it provides field services for all its products and rental items to assist with the installation, maintenance and handling of the wellhead and pressure control equipment. Cactus operates service centers throughout the United States and Australia, while also providing equipment and services in select international markets.

Cactus, Inc.
John Fitzgerald, 713-904-4655
Director of Corporate Development and Investor Relations
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Patented Technology by SET is Gamechanger for Water and Gas AMI Endpoints

CARLSBAD, Calif.--(BUSINESS WIRE)--#IoT--Smart Earth Technologies (SET) announced today the launch and expansion of their new 330 Product Series featuring solar technology that extends the endpoint battery to a full 20-year life span without compromising environmental durability.

“Consistent with our legacy of innovation, SET is the first to offer a battery based solar enhanced water and gas AMI solution,” said Vivek Beri, CEO of SET. “SET has solved the dilemma of extending battery life while enhancing functionality and environmental sustainability.”

Battery powered Advanced Metering Infrastructure (AMI) endpoints require a power source to “wake up” and send meter data to the Head End System (HES). Relying strictly on battery power to accomplish this can lead to limited functionality and sometimes life span. Other solutions have attempted to address the power management challenge by offering a replaceable battery solution. However, that approach invites water intrusion, reduces environmental sustainability, and requires increased maintenance by utility personnel. SET’s patented solution uses solar energy to significantly support and extend the battery life, thereby delivering substantial return on investment (ROI) to utilities.

“SET is committed to innovating the most environmentally sustainable, reliable, and useful solution in the Advanced Metering Infrastructure industry for electric, water, and gas utilities. It is inspiring to live in a time where creative, agile design in technology can deliver excellence for utilities, their consumers, and the public at large,” continued Beri.

The SET brand was recently expanded by CrescoNet to include gas and electric solutions. The 330 Product Series adds solar boost AMI endpoints for water and gas utilities to SET’s product portfolio.

About Smart Earth Technologies (SET)
SET is the premier global provider of environmentally sustainable utility management solutions for electric, gas, and water utilities. The technology is a highly resilient and secure, public, and private LTE/5G standards-based advanced metering infrastructure (AMI) and Internet of Things (IoT), meter-neutral solution. SET is leading the way with groundbreaking solutions such as solar powered endpoints, expanded data capacity, secure battery life, and industry leading scalability for software systems. SET is the largest provider of DER data and control services, providing measurement, command and control of varied DER products and vendors with no meter dependency. Part of the CrescoNet family, both CrescoNet and SET are committed to economic, sustainable, and environmental advancement in energy, water, and waste management across the globe. For more information on Smart Earth Technologies visit www.smartearthtechnologies.com.

Press Contact:
Kim Glassman, This email address is being protected from spambots. You need JavaScript enabled to view it., 877.515.7627, Extension 3

Funding supports acquisition, development, and ongoing operations to build up to 5 gigawatts of solar projects in Texas, California, Louisiana, and beyond

RICHMOND, Calif.--(BUSINESS WIRE)--Pristine Sun Corporation has announced a $250 million capital commitment from strategic private equity and family office investors to develop renewable energy projects. The equity commitment will allow Pristine Sun to develop, finance, and build up to 5 gigawatts (GW) of its solar projects, depending on the capital stack structure.

The capital commitment will support Pristine Sun on proposed and active renewable-energy projects in Texas, California, and Louisiana, and allow the company to explore additional opportunities in the continental U.S.

Since 1996, Pristine Sun and affiliates have developed solar and wind farms totaling over 25 GW (including projects sold to other parties), with another 20 GW of projects in the pipeline.

“We’re thrilled to have this capital commitment,” said Troy Helming, Founder and Chairman of Pristine Sun Corporation. “We have an aggressive plan to rapidly develop significant solar projects in California, Texas, and Louisiana. Three projects will exceed 1 GW, making them some of the largest in the world. 1 GW is about the capacity of two to three large coal or natural gas plants. $250 million will allow us to develop, construct, and operate these projects to power hundreds of thousands of homes and businesses with clean energy. The demand for low-cost renewable energy has never been greater, and we’re delighted to continue as a leader in the clean power revolution.”

About Pristine Sun Corporation

Pristine Sun Corporation (www.pristinesun.com) develops utility-scale renewable energy solar and wind projects. Since 1995, the company has been developing solar and wind farms in rural and suburban areas in 22 states of the USA and several countries around the world.

Pristine Sun, 100% owned by the Helming family office, has built more than 350 solar power plants (including those sold to other companies), which is enough to power tens of thousands of homes with clean, renewable, low-cost energy.

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

Jeff Irvine
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The two firms will bring advanced decision management and mathematical optimization technology to multiple industries

LAGOS, Nigeria & JOHANNESBURG--(BUSINESS WIRE)--Global analytics software provider FICO today announced a partnership with FPG Technologies & Solutions LTD, a member of FlexiP Group, to bring advanced decision management and analytics tools to companies across West Africa. FPG will sell, implement and support FICO® Blaze Advisor® decision rules management system and FICO® Xpress Optimization, leading tools that businesses use to automate high-volume decisions, rapidly change strategies and leverage advanced analytics to improve performance.

More information: http://www.flexipgroup.com/

“West African companies are engaged in digital transformation initiatives that have gotten extra momentum from the pandemic,” said Rex Mafiana, CEO of FlexiP Group, a leading enterprise IT solutions provider and systems integrator, with specialties in financial services, telecommunication, energy, oil & gas, and healthcare. “Across all industries, it’s critical to be able to automate more decisions, to change strategies faster, and to increase efficiency. FICO has world-class tools that can help our customers be more competitive, and also help our own development team develop new products.”

“Rules management and mathematical optimization are the core technologies for better decisions,” said Mark Farmer, who manages partner relationships for FICO in EMEA. “FPG has deep domain expertise in multiple industries in West Africa, and can help businesses there use these technologies to transform their performance.”

As FICO’s flagship rules authoring solution, FICO® Blaze Advisor® decision rules management system maximizes control over high-volume operational decisions. Blaze Advisor provides businesses across multiple industries with a scalable solution that delivers unprecedented agility and actionability for smarter, transparent, and better business decisions.

FICO® Xpress Optimization allows businesses to easily build, deploy and use optimization solutions that crunch through millions of potential scenarios to find the ideal solution. Standard capabilities include scalable high-performance solvers and algorithms, flexible modeling environments, rapid application development, comparative scenario analysis and reporting capabilities, for on-premises and cloud installations.

FICO was named Best Technology Provider for Data Analytics at the 2022 Credit Awards, and a Leader in The Forrester Wave™: Digital Decisions Platforms.

About FICO

FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 200 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in nearly 120 countries do everything from protecting 2.6 billion payment cards from fraud, to helping people get credit, to ensuring that millions of airplanes and rental cars are in the right place at the right time.

Learn more at https://www.fico.com

About FPG

FPG Technologies & Solutions Limited (a member of FlexiP Group) is an information technology company committed to helping you and your organization achieve extreme business agility with confidence!

https://flexipgroup.com/about-fpg-ts/

FICO and Blaze Advisor are registered trademarks of Fair Isaac Corporation in the U.S. and other countries.

FICO PR for Africa
Nichollars Khoza
Britespark Communications
076 099 2099
010 001 0113
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FPG MEDIA/PRESS
Chidiebere Nwankwo
StraightLine Media Mgt & Communications
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The acquisition enables SEW to deliver end-to-end digital customer and workforce experiences, together with the trusted Integration platform for all IT-OT environments, will accelerate utilities’ digital transformation and grid modernization.

IRVINE, Calif.--(BUSINESS WIRE)--SEW, the leading provider of digital customer and workforce experience cloud platforms, announced the acquisition of 3Insys - Provider of an Agile Integration Platform delivering complete system, data, and security integration of IT-OT environments for the Energy and Utility industry. 3Insys products allow utilities to standardize on how applications are integrated into an organization, making it easier to automate business processes and share data across all applications. This combination will build upon the industry leadership to better serve energy and utility providers and compete in the global marketplace.

The acquisition will bolster SEW’s capability to deliver and implement end-to-end digital customer and workforce experience platforms and provide comprehensive solutions to address challenges associated with utilities and their critical infrastructure; solve underlying technical issues related to and integration of disparate and new systems that pose significant implementation challenges. The acquisition and the complementary strengths will help SEW deliver advanced solutions that simplify System, Data, and Security Integration and make integration as easy as plug-and-play.

Headquartered in California, 3Insys is the #1 Provider of Utility Integration Platform as a Service (iPaaS) for System Integration, Data Integration, Identity Management, API Management, and Robotic Process Automation.

3Insys takes pride in building Insightful, Innovative, and Intelligent Systems that assist electric, water, and gas utilities to securely orchestrate data flows and robotize complex operational processes throughout their IT-OT systems and environments.

SEW’s CX and WX Platform, together with 3Insys, will allow utilities to benefit from complete digital customer and workforce experience transformation, together with improved business processes. At heart, both the organizations and platforms are vertically focused, resulting in positive and immense acquisition synergies.

“We are excited to close on our acquisition of 3Insys and look forward to partnering with talented associates and a management team led by Aras Raiani to support and grow the business well into the future. We are extending our SEW family and building an ecosystem of products and solutions that enable global utility transformation,” said Deepak Garg, CEO, and Founder SEW. “Aras is a seasoned executive, and we’re confident that our partnership will enable 3Insys to thrive, expand its service offerings, and build on its strong legacy.”

“The energy and utility industry are preparing for a long-term transition guided by net-zero, distributed generation, integration of renewables, eMobility, digital transformation, automation, and grid modernization. To aid and prepare, utilities require systems, platforms, and capabilities which allow smoother and future-ready transformation. SEW has the vision to become the utilities’ trusted partner, assisting and providing guidance to obtain sustainability in managing energy and water. We are excited to join SEW and bring even more value to the energy and water utility ecosystem with Integrated Connected Platforms,” said Aras Raiani, CEO and Founder 3Insys.

About SEW

SEW, with its innovative and industry-leading cloud platforms, delivers the best Digital Customer Experiences (CX) and Workforce Experiences (WX), powered by AI, ML, and IoT Analytics, to the global energy, water, and gas providers. At SEW, the vision is to Engage, Empower, and Educate billions of people to save energy and water. We partner with businesses to deliver platforms that are easy-to-use, integrate seamlessly, and help build a strong technology foundation that allows them to become future-ready.

Learn more about SEW here: www.SEW.Ai

Mashal Dhawan
SEW
Chief Marketing Officer
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CLEVELAND--(BUSINESS WIRE)--Intelligent power management company Eaton has been named one of the World’s Most Admired Companies by FORTUNE magazine for the sixth straight year.

"We're honored to be named among the world's most admired companies once again," said Craig Arnold, Eaton chairman and chief executive officer. "This recognition reflects our broader commitment to operating in a way that benefits our stakeholders and all of society. We’re proud of the work our teams do every day to improve the lives of the people we serve."

FORTUNE’s list of the World’s Most Admired Companies is based on company surveys and peer ratings from top executives, directors and members of the financial community. They rate enterprises in their own industry on nine criteria, from investment value and quality of management and products to social responsibility and ability to attract talent.

Eaton is an intelligent power management company dedicated to improving the quality of life and protecting the environment for people everywhere. We are guided by our commitment to do business right, to operate sustainably and to help our customers manage power ─ today and well into the future. By capitalizing on the global growth trends of electrification and digitalization, we’re accelerating the planet’s transition to renewable energy, helping to solve the world’s most urgent power management challenges, and doing what’s best for our stakeholders and all of society.

Founded in 1911, 2023 marks Eaton’s 100th anniversary of being listed on the NYSE. We reported revenues of $19.6 billion in 2021 and serve customers in more than 170 countries. For more information, visit www.eaton.com. Follow us on Twitter and LinkedIn.

Jennifer Tolhurst
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