Fourth Quarter

• Reported fourth-quarter earnings of $1.9 billion or $3.97 per share; adjusted earnings of $1.9 billion or $4.00 per share
• Generated $4.8 billion of operating cash flow
• Returned $1.2 billion to shareholders through dividends and share repurchases
• Authorized $5 billion increase to the share repurchase program
• Approved $2 billion 2023 capital program
• CPChem made final investment decisions on world-scale petrochemical projects
• Recently reached agreement to acquire all publicly held common units of DCP Midstream, LP

Full-Year 2022

• Reported 2022 earnings of $11.0 billion or $23.27 per share; adjusted earnings of $8.9 billion or $18.79 per share
• Generated $10.8 billion of operating cash flow
• Paid down $2.4 billion of debt and redeemed $500 million of DCP Midstream, LP’s preferred units
• Returned $3.3 billion to shareholders through dividends and share repurchases
• Increased quarterly dividend 5% to $0.97 per common share

HOUSTON--(BUSINESS WIRE)--$PSX--Phillips 66 (NYSE: PSX), a diversified energy company, announces fourth-quarter 2022 earnings of $1.9 billion, compared with earnings of $5.4 billion in the third quarter of 2022. Excluding special items of $15 million, the company had adjusted earnings of $1.9 billion in the fourth quarter, compared with third-quarter adjusted earnings of $3.1 billion.

“Our integrated portfolio positioned us to generate robust earnings and cash flow in 2022, supported by a favorable market environment, solid operations and strong safety performance,” said Mark Lashier, President and CEO of Phillips 66. “During 2022 we increased shareholder distributions and strengthened our balance sheet by repaying debt. Since July 2022, we have returned $2.4 billion to shareholders through share repurchases and dividends as we progress toward our commitment to return $10 billion to $12 billion by year-end 2024.

“We are focused on safely and reliably providing energy to meet the world’s growing energy needs. We are on track to deliver $1 billion of annualized savings by year-end 2023. In addition, we continue to grow our NGL business with the integration of DCP Midstream and recently reached an agreement to acquire all public common units. We remain committed to operating excellence and disciplined capital allocation as we execute our strategic priorities.”

Segment Results

During the fourth quarter, we made certain changes to the composition of our Midstream, Refining, and Marketing and Specialties segments to align with how our chief executive officer evaluates results and allocates resources. Prior period results for the affected segments and business lines have been recast for comparability. See the Basis of Presentation section below for further information.

Midstream

Midstream fourth-quarter 2022 pre-tax income was $656 million, compared with $3.6 billion in the third quarter of 2022. Midstream results in the fourth quarter included restructuring costs of $18 million related to the integration of DCP Midstream, LP and its general partner entities (collectively referred to as “DCP Midstream”), while third-quarter included a net gain of $3 billion related to the consolidation of DCP Midstream, DCP Sand Hills Pipeline, LLC, and DCP Southern Hills Pipeline, LLC, and the transfer of interest in Gray Oak Pipeline LLC, as a result of the merger of DCP Midstream, LLC, and Gray Oak Holdings, LLC, effective August 17, 2022.

Transportation fourth-quarter adjusted pre-tax income was $237 million, compared with adjusted pre-tax income of $229 million in the third quarter.

NGL and Other adjusted pre-tax income was $448 million in the fourth quarter, compared with adjusted pre-tax income of $412 million in the third quarter. The increase was mainly driven by higher fractionation volumes, as well as a full quarter of consolidated results of DCP Midstream, DCP Sand Hills Pipeline, LLC, and DCP Southern Hills Pipeline, LLC.

In the fourth quarter, the fair value of the company’s investment in NOVONIX, Ltd., decreased by $11 million compared with a $33 million decrease in the third quarter.

Chemicals

The Chemicals segment reflects Phillips 66’s equity investment in Chevron Phillips Chemical Company LLC (CPChem). Chemicals fourth-quarter 2022 reported and adjusted pre-tax income was $52 million, compared with $135 million in the third quarter of 2022. This decrease was mainly due to lower margins and volumes, partially offset by decreased utilities costs and the impact of third-quarter legal accruals. Global olefins and polyolefins utilization was 83% for the quarter.

Refining

Refining fourth-quarter 2022 pre-tax income was $1.6 billion, compared with pre-tax income of $2.9 billion in the third quarter of 2022. Refining results included hurricane-related insurance recovery benefits of $14 million and $24 million in the fourth quarter and third quarter, respectively.

Adjusted pre-tax income for Refining was $1.6 billion in the fourth quarter, compared with adjusted pre-tax income of $2.9 billion in the third quarter. The decrease was due primarily to lower realized margins. Realized margins declined from $26.87 per barrel in the third quarter to $19.73 per barrel in the fourth quarter mainly due to lower market crack spreads and clean product differentials. The global market crack spread, excluding RIN costs, decreased from $28.18 per barrel in the third quarter to $23.58 per barrel in the fourth quarter.

Pre-tax turnaround costs for the fourth quarter were $236 million. Crude utilization rate was 91% and clean product yield was 86%.

Marketing and Specialties

Marketing and Specialties fourth-quarter 2022 reported and adjusted pre-tax income was $539 million, compared with $828 million in the third quarter of 2022, mainly due to lower domestic and international marketing margins.

Corporate and Other

Corporate and Other fourth-quarter 2022 pre-tax costs were $340 million, compared with pre-tax costs of $320 million in the third quarter of 2022. Pre-tax costs included $60 million and $74 million of net restructuring costs related to business transformation in the fourth quarter and third quarter, respectively.

Adjusted pre-tax costs were $280 million in fourth-quarter 2022. The increase in the fourth quarter was mainly due to a transfer tax on a foreign entity reorganization, as well as higher employee-related expenses and net interest expense.

Financial Position, Liquidity and Return of Capital

Phillips 66 generated $4.8 billion in cash from operations in the fourth quarter of 2022. Excluding working capital impacts, operating cash flow was $2.7 billion.

During the quarter, Phillips 66 repaid $500 million of senior notes due April 2023 and DCP Midstream, LP redeemed its $500 million Series A preferred units. The company funded $753 million of share repurchases, $456 million in dividends and $713 million of capital expenditures and investments. The company ended the quarter with 466 million shares outstanding.

As of Dec. 31, 2022, the company had $12.8 billion of liquidity, reflecting $6.1 billion of cash and cash equivalents and committed capacity available of approximately $5.0 billion under Phillips 66’s revolving credit facility and approximately $1.7 billion under DCP Midstream, LP’s revolving credit and accounts receivable facilities. The company’s consolidated debt-to-capital ratio was 34% and its net debt-to-capital ratio was 24%.

Strategic Update

Phillips 66 continues to progress the priorities outlined at its recent investor day to increase shareholder value.

During the second half of 2022, the company returned $2.4 billion to shareholders through share repurchases and dividends, progressing toward its target of $10 billion to $12 billion in shareholder distributions between July 2022 and year-end 2024.

The recently announced $2 billion capital program includes a $200 million reduction of sustaining capital as part of our business transformation. In addition, Phillips 66 achieved over $300 million of run rate cost savings at the end of 2022 and is on track to deliver $800 million of run rate cost savings by the end of 2023.

In Midstream, Phillips 66 is executing its NGL growth strategy to enhance its wellhead-to-market value chain. In January 2023, Phillips 66 reached an agreement to acquire all publicly held common units of DCP Midstream, LP in exchange for cash. The transaction is expected to close in the second quarter of 2023 and will increase the company’s economic interest in DCP Midstream, LP to 86.8%. The total increase in the company’s economic interest in DCP Midstream, LP, including the company’s increased economic interest from the previously announced merger transaction, is expected to generate an incremental $1.0 billion of annual adjusted EBITDA. In addition, Phillips 66 expects to capture over $300 million of commercial and operating synergies.

Additionally, the company completed Frac 4 at the end of the third quarter, achieving full rates in early October. Frac 4 added 150,000 BPD, bringing the Sweeny Hub fractionation nameplate capacity to 550,000 BPD. Sweeny is the second largest fractionation hub in the U.S.

In Chemicals, CPChem and QatarEnergy reached a final investment decision in the fourth quarter of 2022 to construct an $8.5 billion integrated polymers facility on the U.S. Gulf Coast. CPChem owns a 51% equity share in the joint venture and QatarEnergy owns 49%. The Golden Triangle Polymers facility will include a 4.6 billion pounds per year ethane cracker and two high-density polyethylene units with a combined capacity of 4.4 billion pounds per year. Operations are expected to begin in 2026.

In January 2023, CPChem and QatarEnergy announced a final investment decision to construct a $6.0 billion integrated polymers complex in Ras Laffan, Qatar. The joint venture is owned 70% by QatarEnergy and 30% by CPChem. The Ras Laffan Petrochemical facility is expected to start up in late 2026 and will include a 4.6 billion pounds per year ethane cracker and two high-density polyethylene units with a total capacity of 3.7 billion pounds per year.

CPChem continues to pursue a portfolio of additional high-return growth projects including construction of a second world-scale unit to produce 1-hexene in Old Ocean, Texas, and the expansion of propylene splitter capacity at its Cedar Bayou facility. Both projects are expected to start up in the second half of 2023.

Phillips 66 is focused on improving refining operations to increase crude capacity availability, enhance market capture and reduce costs. In addition, the company is converting its San Francisco Refinery in Rodeo, California, into one of the world’s largest renewable fuels facilities. The Rodeo Renewed refinery conversion project is expected to begin commercial operations in the first quarter of 2024. Upon completion, the facility will have over 50,000 BPD (800 million gallons per year) of renewable fuel production capacity. The conversion will reduce emissions from the facility and produce lower carbon-intensity transportation fuels.

Investor Webcast

Later today, members of Phillips 66 executive management will host a webcast at noon EST to discuss the company’s fourth-quarter performance and provide an update on strategic initiatives. To access the webcast and view related presentation materials, go to phillips66.com/investors and click on “Events & Presentations.” For detailed supplemental information, go to phillips66.com/supplemental.

About Phillips 66

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

^{CAUTIONARY STATEMENT FOR THE PURPOSES OF THE “SAFE HARBOR” PROVISIONS
OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995}

^{This news release contains forward-looking statements within the meaning of the federal securities laws. Words such as “anticipated,” “estimated,” “expected,” “planned,” “scheduled,” “targeted,” “believe,” “continue,” “intend,” “will,” “would,” “objective,” “goal,” “project,” “efforts,” “strategies” and similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this news release are based on management’s expectations, estimates and projections as of the date they are made. These statements are not guarantees of future performance and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include: the effects of any widespread public health crisis and its negative impact on commercial activity and demand for refined petroleum products; the inability to timely obtain or maintain permits necessary for capital projects; changes to worldwide government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs like the renewable fuel standards program, low carbon fuel standards and tax credits for biofuels; fluctuations in NGL, crude oil, and natural gas prices, and petrochemical and refining margins; our ability to consummate the pending acquisition of the outstanding public common units of DCP Midstream, LP and the timing and cost associated therewith; our ability to achieve the expected benefits of the integration of DCP Midstream, LP and from the pending acquisition, if consummated; the diversion of management’s time on transaction and integration-related matters; the success of the company’s Business Transformation initiatives and the realization of savings from actions taken in connection therewith; unexpected changes in costs for constructing, modifying or operating our facilities; unexpected difficulties in manufacturing, refining or transporting our products; the level and success of drilling and production volumes around our midstream assets; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products, renewable fuels or specialty products; lack of, or disruptions in, adequate and reliable transportation for our NGL, crude oil, natural gas, and refined products; potential liability from litigation or for remedial actions, including removal and reclamation obligations under environmental regulations; failure to complete construction of capital projects on time and within budget; the inability to comply with governmental regulations or make capital expenditures to maintain compliance; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets, which may also impact our ability to repurchase shares and declare and pay dividends; potential disruption of our operations due to accidents, weather events, including as a result of climate change, acts of terrorism or cyberattacks; general domestic and international economic and political developments including armed hostilities (including the Russia-Ukraine war), expropriation of assets, and other political, economic or diplomatic developments; international monetary conditions and exchange controls; changes in governmental policies relating to NGL, crude oil, natural gas, refined petroleum products, or renewable fuels pricing, regulation or taxation, including exports; changes in estimates or projections used to assess fair value of intangible assets, goodwill and property and equipment and/or strategic decisions with respect to our asset portfolio that cause impairment charges; investments required, or reduced demand for products, as a result of environmental rules and regulations; changes in tax, environmental and other laws and regulations (including alternative energy mandates); political and societal concerns about climate change that could result in changes to our business or increase expenditures, including litigation-related expenses; the operation, financing and distribution decisions of equity affiliates we do not control; and other economic, business, competitive and/or regulatory factors affecting Phillips 66’s businesses generally as set forth in our filings with the Securities and Exchange Commission. Phillips 66 is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.}

^{Use of Non-GAAP Financial Information—This news release includes the terms “adjusted earnings,” “adjusted earnings per share” and “adjusted pre-tax income.” These are non-GAAP financial measures that are included to help facilitate comparisons of operating performance across periods and to help facilitate comparisons with other companies in our industry, by excluding items that do not reflect the core operating results of our businesses in the current period. References in the release to earnings refer to net income attributable to Phillips 66.}

^{This news release also includes the terms “sustaining capital” and “adjusted EBITDA,” which are non-GAAP financial measures. Sustaining capital is a component of total capital expenditures, which is the most directly comparably GAAP financial measure. Adjusted EBITDA, as used in this release, is a forward-looking non-GAAP financial measure. EBITDA is defined as estimated net income plus estimated net interest expense, income taxes, depreciation and amortization. Adjusted EBITDA is defined as estimated EBITDA plus the proportional share of selected equity affiliates’ estimated net interest expense, income taxes, depreciation and amortization less the portion of estimated adjusted EBITDA attributable to noncontrolling interests. Net income is the most directly comparable GAAP financial measure for the consolidated company and income before income taxes is the most directly comparable GAAP financial measure for operating segments. Adjusted EBITDA estimates depend on future levels of revenues and expenses, including amounts that will be attributable to noncontrolling interests, which are not reasonably estimable at this time. Accordingly, we cannot provide a reconciliation between projected adjusted EBITDA to consolidated net income or segment income before income taxes without unreasonable effort.}

^{Basis of Presentation— During the fourth quarter of 2022, we changed the internal financial information reviewed by our chief executive officer to evaluate results and allocate resources to reflect the realignment of certain businesses between segments and business lines. We determined this realignment resulted in a change in the composition of our operating segments. Accordingly, prior period results have been recast for comparability. The primary effects of this realignment included moving the results of certain processing assets at our Sweeny and Lake Charles refineries from the Midstream segment (NGL and Other) to the Refining segment. Additionally, commissions charged to the Refining segment by the Marketing and Specialties segment related to sales of specialty products were eliminated and the costs of the sales organization were reclassified from the Marketing and Specialties segment to the Refining segment. Additionally, we no longer present disaggregated business line results for our Chemicals and Marketing and Specialties segments.}

Jeff Dietert (investors)
832-765-2297
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Owen Simpson (investors)
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NEW YORK--(BUSINESS WIRE)--Beard Energy Transition Acquisition Corp. (NYSE: BRD, BRD.U, BRD.WS) (“BRD” or the “Company”) announced today the cancellation of its special meeting of stockholders (the “Special Meeting”) originally scheduled for February 1, 2023, and to withdraw from consideration by the stockholders of BRD the proposals set forth in BRD’s Definitive Proxy Statement on Schedule 14A filed with the U.S. Securities and Exchange Commission on January 11, 2023 (the “Definitive Proxy Statement”). As a result of the cancellation of the Special Meeting, the Company will not complete any redemption of shares of BRD Class A common stock previously elected by BRD’s stockholders. Any shares of BRD Class A common stock already submitted for redemption will be returned to stockholders promptly. BRD intends to continue to seek a target for its initial business combination prior to BRD’s scheduled termination date on May 29, 2023 (or August 29, 2023, if BRD chooses to exercise its option to extend the period of time to consummate a business combination by an additional three months).

About Beard Energy Transition Acquisition Corp.

BRD is a blank check company incorporated as a Delaware corporation and formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or assets. The Company’s efforts to identify a prospective target business will not be limited to a particular industry, although it intends to target high growth businesses focused on enhancing electric power grid reliability and resiliency through the energy transition infrastructure buildout.

Forward Looking Statements

This press release may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate,” “believe,” “estimate,” “expect,” “intend” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filings with the U.S. Securities and Exchange Commission (“SEC”). All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including, without limitation, uncertainties relating to our ability to complete our initial business combination and those set forth in the “Risk Factors” section in the Definitive Proxy Statement and in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on February 25, 2022, and our Quarterly Reports on Form 10-Q filed with the SEC on May 5, 2022, August 5, 2022, and November 7, 2022, and in other reports we file with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Investor or Media Contact:

Beard Energy Transition Acquisition Corp.
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SPRING, Texas--(BUSINESS WIRE)--Southwestern Energy Company (NYSE: SWN) today announced it will host a conference call and live audio webcast on February 24, 2023 to discuss fourth quarter and full year 2022 financial and operating results. The Company plans to release results on February 23, 2023 after market close, which will be available on SWN’s website at www.swn.com.

A replay will also be available on SWN’s website at www.swn.com following the call.

About Southwestern Energy

Southwestern Energy Company (NYSE: SWN) is a leading U.S. producer and marketer of natural gas and natural gas liquids focused on responsibly developing large-scale energy assets in the nation’s most prolific shale gas basins. SWN’s returns-driven strategy strives to create sustainable value for its stakeholders by leveraging its scale, financial strength and operational execution. For additional information, please visit www.swn.com and www.swn.com/responsibility.

Investor Contact
Brittany Raiford
Director, Investor Relations
(832) 796-7906
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 Included for fourth year in Bloomberg Index distinguishing firms worldwide for transparency in workplace gender reporting

HARTFORD, Conn. & BOSTON--(BUSINESS WIRE)--Affirming its commitment to diversity, equity and inclusion, Eversource is once again included in the annual Bloomberg Gender-Equality Index (GEI), which this year recognizes 484 companies from around the world that have demonstrated their commitment to advancing women's equality in the workplace and promoting transparency in gender reporting. This is the fourth time Eversource has been included in the index.

“Being recognized in the 2023 Bloomberg Gender-Equality Index is a rewarding confirmation of our journey in ensuring our commitment to diversity and inclusion as a core value at Eversource,” said Eversource Executive Vice President of Human Resources & Information Technology Christine Carmody. “It remains our continued focus to drive meaningful, positive change in our workplace and our communities by addressing racial and social justice and inequity.”

Bloomberg's standardized reporting framework offers public companies the opportunity to disclose information on the ways they promote gender equality in areas including representation in leadership roles, pay parity, sexual harassment policies, and creating an inclusive workplace culture. The Bloomberg GEI uses this framework to track how companies promote gender equality in these areas, and reporting companies that score above a globally established threshold - based on the extent of disclosures and the achievement of best-in-class statistics and policies - are included in the GEI.

Corporate disclosure of gender-related metrics is also important to investors, as a growing number of investors are looking to incorporate environmental, social and governance data into their investment decisions and demand for products and services using this data is on the rise.

“Congratulations to the companies that are included in the 2023 GEI,” said Peter T. Grauer, Chairman of Bloomberg. “We continue to see an increase in both interest and membership globally, reflecting a shared goal of transparency in gender-related metrics.”

Both the survey and the GEI are voluntary and have no associated costs. Bloomberg collected this data for reference purposes only. The index is not ranked. While all public companies are encouraged to disclose supplemental gender data for their company’s investment profile on the Bloomberg Terminal, those that have a market capitalization of USD1 billion are eligible for inclusion in the Index. For more information on the GEI and how to submit information for next year's index visit: https://www.bloomberg.com/gei.

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

Caroline Pretyman
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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 that it is a member of the 2023 Bloomberg Gender-Equality Index.

The Bloomberg Gender-Equality Index (GEI) is a modified market capitalization-weighted index that gauges the performance of public companies in promoting and reporting gender-related data. The GEI measures gender equality across five key pillars including leadership & talent pipeline, equal pay & gender pay parity, inclusive culture, anti-sexual harassment policies, and external brand.

Companies included in the GEI score above a global threshold defined by Bloomberg reflecting best-in-class disclosure and achievement of gender-related statistics and policies.

Sylvia Escovar, Chair of the GeoPark Board of Directors, said: “GeoPark is committed to promoting diversity and is very proud of its 20-year track record of shaping an inclusive culture where everyone is empowered to reach their full potential. As we strive to hire the most capable people available in the market, our team reflects the reality of the workforce around us, including a variety of ages, genders, backgrounds, orientations, ethnicities, and experiences.”

Marcela Vaca, Chair of Board SPEED-Sustainability Committee, said: “We are proud to have been included in the Bloomberg GEI for the second consecutive year, in recognition of our commitment to diversity, equity and inclusion. People are the driving force behind GeoPark's growth and success in becoming an industry leader across the region, and our approach to gender equality has been an integral part of that. We are honored to stand alongside best-in-class companies from 45 countries in different regions.”

"Congratulations to the companies that are included in the 2023 GEI," said Peter T. Grauer, Chairman of Bloomberg and Founding Chairman of the U.S. 30% Club. "We continue to see an increase in both interest and membership globally, reflecting a shared goal of transparency in gender-related metrics.”

NOTICE

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

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.

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 expected oil and gas production, drilling plan, financial performance, including expected free cash flow and shareholder returns, increasing shareholder returns, oil prices, commodity risk management contracts, and our capital expenditures plan. 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 filings with the U.S. Securities and Exchange Commission.

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

INVESTORS:
Stacy Steimel
Shareholder Value Director
T: +562 2242 9600
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Miguel Bello
Market Access Director
T: +562 2242 9600
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Diego Gully
Investor Relations Director
T: +55 21 9636 9658
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MEDIA:
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HOUSTON--(BUSINESS WIRE)--#DavidGrzebinski--The Greater Houston Port Bureau (“Port Bureau”) is pleased to announce that David Grzebinski, President and CEO of Kirby Corporation (“Kirby”), has been named the 2023 Maritime Leader of the Year. Grzebinski will be honored at the Port Bureau’s Annual Maritime Dinner on August 26, 2023. The Port Bureau Board of Directors named Grzebinski as the 2023 honoree for his steadfast commitment to improving the greater Houston port region.

Mr. Grzebinski joined Kirby in 2010 and has served as President and CEO since 2014. Mr. Grzebinski’s leadership has strengthened Kirby’s commitment to its core values – Safety, People, Integrity, Excellence and Community. Kirby is recognized for its guiding principle for safety: “No Harm to People, the Environment, and Equipment” and its robust environment, social, and governance (“ESG”) efforts.

“The Port Bureau is honored to name David Grzebinski as the 2023 Maritime Leader of the Year. Mr. Grzebinski has been a stalwart advocate for the tugboat, towboat, and barge industry and a leader in sustainability initiatives for the future of the industry,” said Bernt Netland, chairman of the Greater Houston Port Bureau.

Mr. Grzebinski is a Chartered Financial Analyst and holds a Master of Business Administration degree from Tulane University and a degree in chemical engineering from the University of South Florida. He serves on the boards of the Blue Sky Maritime Coalition, Coast Guard Foundation, and American Bureau of Shipping.

“First of all, I want to say thank you to our Kirby team. It is their commitment to our core values that makes Kirby what it is today. I am accepting this recognition on their behalf,” Grzebinski noted. “Being recognized in our hometown means a lot to us. The Houston Ship channel is the epicenter of the nation’s petroleum and chemical industries and thus also the epicenter of Kirby’s operations. Just about anywhere you look on the ship channel, you will see a Kirby boat or barge. We feel a special obligation to be an active contributor to this community.”

The Houston Ship Channel is the nation’s busiest waterway. Collectively, the more than 200 private and public terminals along the 52-mile channel make the area the nation’s largest port for waterborne tonnage and an essential economic engine for the Houston region, the state of Texas, and the U.S. Expansion of the Houston Ship Channel and improvements of the public facilities ensures its continued economic impacts.

Over 750 maritime, transportation, and industry professionals and their guests attend the Annual Maritime Dinner to recognize maritime leaders or companies that have exhibited outstanding leadership and support for the port region. Recent honorees include Port Houston Commission Chairman Ric Campo, Jim Teague, Co-CEO of Enterprise Products, ExxonMobil, and Shell Oil Company.

The Annual Maritime Dinner is supported by Title Sponsor Kirby Corporation and Queen of the Fleet Sponsors Callan Marine, Enterprise Products Partners, Kinder Morgan, Port Houston, and Shell (US) Trading Company. Proceeds from the Annual Maritime Dinner support the Port Bureau’s regional maritime advocacy efforts. Table and sponsorship opportunities and additional information are available online at www.txgulf.org/annual-dinner.

About the Greater Houston Port Bureau

The Greater Houston Port Bureau helps over 260 member companies work together to promote cooperation and efficiency within the maritime community by providing vessel information, port information, networking, and advocacy. For more information, visit www.txgulf.org or call 713-678-4300.

About Kirby Corporation

Kirby Corporation, based in Houston, Texas, is the nation’s largest domestic tank barge operator transporting bulk liquid products throughout the Mississippi River System, on the Gulf Intracoastal Waterway, and coastwise along all three United States coasts. Through its wholly owned subsidiaries, Kirby is a leading distributer and services provider to industrial markets. For more information, visit https://kirbycorp.com/.

Annual Maritime Dinner Inquiries:
Tanya Scott, Greater Houston Port Bureau
713-678-4300
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2022 GAAP EPS Range Now Expected to be $2.50 to $2.60

2022 Revenue and Adjusted EPS Ranges Unchanged

Gibraltar to Announce Fourth Quarter Financial Results on February 22

BUFFALO, N.Y.--(BUSINESS WIRE)--$ROCK #ROCK--Gibraltar Industries, Inc. (Nasdaq: ROCK), a leading manufacturer and provider of products and services for the renewable energy, residential, agtech and infrastructure markets, today announced it will record a fourth quarter 2022 non-cash charge estimated to be $14 million, or $0.35 per share, to write down assets associated with its processing equipment business, which was classified as held for sale as of March 31, 2022, to estimated fair market value. As a result, the Company now expects GAAP earnings per share for the year ended December 31, 2022 to be in the range of $2.50 to $2.60, down from the prior estimated range of $2.90 to $3.00. The revenue range of $1.38 billion to $1.43 billion and adjusted EPS range of $3.30 to $3.40 for the year ended December 31, 2022 are unaffected by the write-down.

Chairman and CEO Bill Bosway stated, “The depressed dynamics of the cannabis and hemp processing equipment market led us to pursue a divestiture of these assets. As we continue our efforts to sell this business, we have determined that its estimated fair market value is less than its carrying amount, and therefore will be taking a charge to adjust book value to estimated market value. We continue to focus on our core Agtech greenhouse solutions that support our growers in the produce, commercial and cannabis markets.”

Gibraltar has provided an estimate of the non-cash charge and a range of expected GAAP earnings because the closing procedures for the fiscal quarter and year ended December 31, 2022 are not yet complete. The preliminary financial information presented in this press release reflects current expectations based solely on information available as of the date of this press release and is subject to change, and may be adjusted as a result of, among other things, the completion of the Company’s financial and operating closing procedures, customary audit procedures, and other developments that may occur before the completion of these procedures. Accordingly, you should not place undue reliance on these preliminary financial results, which may differ materially from actual results. See “Forward-Looking Statements” below for a discussion of certain factors that could result in differences between the preliminary estimated unaudited consolidated financial results reported in this press release and actual results.

Fourth Quarter 2022 Conference Call Details

Gibraltar plans to release its fourth quarter 2022 financial results at approximately 7:30 a.m. ET on Wednesday, February 22, 2023, and will host a conference call that will be webcast live that same day starting at 9:00 a.m. ET. Those who wish to listen to the conference call should visit the Investors section of the Company’s website at www.gibraltar1.com. The call also may be accessed by dialing (877) 407-3088 or (201) 389-0927. For interested individuals unable to join the live conference call, a webcast replay will be available on the Company’s website for one year.

About Gibraltar

Gibraltar is a leading manufacturer and provider of products and services for the renewable energy, residential, agtech, and infrastructure markets. Gibraltar’s mission, to make life better for people and the planet, is fueled by advancing the disciplines of engineering, science, and technology. Gibraltar is innovating to reshape critical markets in comfortable living, sustainable power, and productive growing throughout North America. For more please visit www.gibraltar1.com.

Forward-Looking Statements

Certain information set forth in this news release, other than historical statements, contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that are based, in whole or in part, on current expectations, estimates, forecasts, and projections about the Company’s business, and management’s beliefs about future operations, results, and financial position. These statements are not guarantees of future performance and are subject to a number of risk factors, uncertainties, and assumptions. Actual events, performance, or results could differ materially from the anticipated events, performance, or results expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from current expectations include, among other things, the availability and pricing of our principal raw materials and component parts, supply chain challenges causing project delays and field operations inefficiencies and disruptions, availability of labor at our manufacturing and distribution facilities or on our project sites, further impacts of COVID-19 on our customers, suppliers, employees, operations, business, liquidity and cash flows, the loss of any key customers, adverse effects of inflation, other general economic conditions and conditions in the particular markets in which we operate, changes in customer demand and capital spending, competitive factors and pricing pressures, our ability to develop and launch new products in a cost-effective manner, our ability to realize synergies from newly acquired businesses, disruptions to our IT systems, the impact of regulation (including the Department of Commerce’s solar panel anti-circumvention investigation and the Uyghur Forced Labor Prevention Act (UFLPA)), rebates, credits and incentives and variations in government spending and our ability to derive expected benefits from restructuring, productivity initiatives, liquidity enhancing actions, and other cost reduction actions. Before making any investment decisions regarding our company, we strongly advise you to read the section entitled “Risk Factors” in our most recent annual report on Form 10-K and Quarterly Report on Form 10-Q which can be accessed under the “SEC Filings” link of the “Investor Info” page of our website at www.Gibraltar1.com. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable law or regulation.

Adjusted Financial Measures

To supplement Gibraltar’s consolidated financial statements presented on a GAAP basis, Gibraltar also discussed certain adjusted financial measures in this news release, including adjusted earnings per share (EPS), a non-GAAP financial measure. Adjusted EPS excludes special charges consisting of restructuring costs primarily associated with 80/20 simplification or lean initiatives, senior leadership transition costs, acquisition related costs, the operating losses generated by our processing business that has been classified as held-for-sale along with other adjustments to other income below operating profit. These special charges are excluded since they may not be considered directly related to the Company’s ongoing business operations. The adjusted measures exclude the results of the Processing business since it was classified as held for sale as of March 31, 2022. The results of the Processing business are considered non-recurring due to the Company’s commitment during the first quarter of 2022 to a plan to sell the Processing business. In evaluating its business, the Company considers and uses these non-GAAP financial measures as supplemental measures of its operating performance. The Company believes that the presentation of results excluding these items provides meaningful supplemental data to investors that are indicative of the Company’s core operating results and facilitates comparison of operating results across reporting periods as well as comparison with other companies.

Reconciliations of non-GAAP measures related to full-year 2022 guidance have not been provided due to the unreasonable efforts it would take to provide such reconciliations due to the high variability, complexity and uncertainty with respect to forecasting and quantifying certain amounts that are necessary for such reconciliations.

LHA Investor Relations
Jody Burfening/Carolyn Capaccio
(212) 838-3777
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Together, the companies aim to help EV charging sites achieve ESG goals, while generating economic and resiliency benefits

CAMPBELL, Calif.--(BUSINESS WIRE)--ChargePoint Holdings, Inc. (NYSE: CHPT), a leading electric vehicle (EV) charging network, and Stem (NYSE: STEM), a global leader in AI-driven clean energy solutions and services, announced an agreement to accelerate the deployment of EV charging and battery storage solutions for highway corridor DC fast charging and other EV charging applications like fleet charging. By combining EV charging with battery storage and AI driven energy management, EV site hosts can benefit from lower operating costs and added energy resiliency.

ChargePoint will analyze the EV charging demand at EV site locations looking to install DC chargers, assess their eligibility for incentive programs—including the National Electric Vehicle Infrastructure (NEVI)—and work with Stem to determine if a battery energy storage system may reduce the EV site’s operating costs. Additionally, the companies aim to integrate ChargePoint’s Express Plus advanced fast charging platform, with Stem’s clean energy platform, Athena^®, and on-site energy storage. This joint solution has the potential to help businesses meet their ESG goals, especially when paired with on-site solar, and lower an EV site host’s utility bills by reducing costly demand charges, which can represent a significant portion of EV charging operating costs. EV site hosts in areas with high utility demand charges can reduce or avoid these costs by utilizing battery storage to mitigate demand peaks. Through energy storage-managed EV charging, customers can protect themselves against the risk of potential utility rate changes.

“An integrated ChargePoint and Stem solution broadens the number of sites that can support high-speed charging economically at scale,” said Pasquale Romano, CEO, ChargePoint.

This agreement comes as the federal government is investing billions of dollars in EV charging through the Bipartisan Infrastructure Law, including $7.5 billion for highway and community charging. Funding programs like NEVI are designed to help accelerate the buildout of the infrastructure required to support the widespread adoption of EVs.

“Stem is excited to partner with ChargePoint to help customers quickly design, develop, and operate cost-effective EV charging infrastructure projects that deliver real value,” said John Carrington, CEO at Stem. “The combination of Stem’s solar and storage management leadership and ChargePoint’s EV charging leadership will help empower customers to confidently invest in proven EV strategies with on-site renewables and storage for both immediate and long-term operational, economic and environmental value.”

Express Plus is one of the most advanced high power DC fast charge platforms available in the U.S. market and is designed specifically for fueling and convenience, retail and highway corridor charging locations. Express Plus can deliver up to 500kW per port, depending on the configuration, and is designed to easily scale to meet future demand as EV adoption and vehicle capability grows. With its modular design and liquid-cooled cables, Express Plus can efficiently charge today’s and tomorrow’s electric vehicles. The benefits of Express Plus are amplified with data from Stem’s on-site energy storage system and clean energy platform that learns from EV charging behaviors.

About ChargePoint

ChargePoint is creating a new fueling network to move people and goods on electricity. Since 2007, ChargePoint has been committed to making it easy for businesses and drivers to go electric with one of the largest EV charging networks in North America and Europe and a comprehensive portfolio of charging solutions. The ChargePoint cloud subscription platform and software-defined charging hardware are designed to include options for every charging scenario from home and multifamily to workplace, parking, hospitality, retail and transport fleets of all types. Today, one ChargePoint account provides access to hundreds of thousands of places to charge in North America and Europe. To date, more than 133 million charging sessions have been delivered, with drivers plugging into the ChargePoint network on average every second. For more information, visit the ChargePoint pressroom, the ChargePoint Investor Relations site, or contact the ChargePoint North American or European press offices or Investor Relations.

About Stem

Stem (NYSE: STEM) provides clean energy solutions and services that maximize the economic, environmental, and resiliency value of energy assets and portfolios. Stem’s leading AI-driven enterprise software platform, Athena® enables organizations to deploy and unlock value from clean energy assets at scale. Powerful applications, including AlsoEnergy’s PowerTrack, simplify and optimize asset management and connect an ecosystem of owners, developers, assets, and markets. Stem also offers integrated partner solutions that improve returns across energy projects, including storage, solar, and EV fleet charging. For more information, visit www.stem.com.

Forward-Looking Statements

This press release contains forward-looking statements that involve risks, uncertainties, and assumptions including statements regarding the expected benefits to EV drivers and site hosts of the partnership between ChargePoint and Stem and the timing and scope of the implementation of the proposed partnership. Any statements that are not of historical fact may be forward-looking statements. Words used such as “anticipates,” “believes,” “continues,” “designed,” “estimates,” “expects,” “goal,” “intends,” “likely,” “may,” “ongoing,” “plans,” “projects,” “pursuing,” “seeks,” “should,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these words. All forward-looking statements contained in this press release, including the occurrence, timing and release of any integration of Express Plus with Athena^®, any expected benefits to EV drivers, EV owner/operators and EV site hosts as a result of the partnership between ChargePoint and Stem and the integration of Express Plus with Athena^®, any anticipated reductions in charging costs or utility costs, any increases in electricity management, resiliency, or rate management features for EV site hosts, and the benefits for any EV charging site and use of any funds that may be made available by means of the NEVI program are based on ChargePoint’s current assumptions, expectations and beliefs, and involve substantial risks and uncertainties that may cause results, performance or achievement to materially differ from those expressed or implied by these forward-looking statements. Further information regarding these risks and uncertainties are included in the filings by ChargePoint Holdings, Inc., with the U.S. Securities and Exchange Commission. ChargePoint makes these statements as of the date of this press release, and ChargePoint undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required under applicable law.

CHPT-IR

ChargePoint
AJ Gosselin
Director, Corporate Communications
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Patrick Hamer
VP, Capital Markets and Investor Relations
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Stem Contact
Suraya Akbarzad, Stem
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• Quarterly net income of $1,727 million and cash flow from operating activities of $2,797 million
• Upstream production of 441,000 gross oil-equivalent barrels per day during fourth quarter, driven by continued strength at Kearl and Cold Lake, and higher production at Syncrude
• Maintained strong refining capacity utilization, achieving best ever quarterly utilization of 101 percent
• Returned more than $2.1 billion to shareholders in the fourth quarter, including successful completion of substantial issuer bid
• Declared first quarter dividend of 44 cents per share
• Approved $720 million project to construct largest renewable diesel facility in Canada
• Announcing company-wide goal to achieve net zero (Scope 1 and 2) by 2050 in operated assets

CALGARY, Alberta--(BUSINESS WIRE)--Imperial (TSE: IMO) (NYSE American: IMO):

Imperial reported estimated net income in the fourth quarter of $1,727 million and cash flow from operating activities of $2,797 million, compared to net income of $2,031 million and cash flow from operating activities of $3,089 million in the third quarter of 2022. Fourth quarter results reflected strong operating performance across all business segments and robust diesel crack spreads, which were offset by lower upstream realizations. Full-year estimated net income was $7,340 million with cash flow from operating activities of $10,482 million.

“Our financial results this past year are the strongest in company history, driven by record operating performance across our assets,” said Brad Corson, chairman, president and chief executive officer. “Throughout 2022 our operations remained focused on ensuring a stable supply of energy products to Canadian and global markets, supporting continued economic growth and capturing significant value for our shareholders.”

Upstream production in the fourth quarter averaged 441,000 gross oil-equivalent barrels per day, bringing full-year production to 416,000 gross oil-equivalent barrels per day. At Kearl, quarterly total gross production averaged 284,000 barrels per day, in-line with the asset's previous record quarterly production set in the fourth quarter of 2020. Kearl's second half production was the highest in the asset's history, fully recovering from early 2022 cold weather impacts, bringing full-year production to 242,000 total gross barrels per day. At Cold Lake, quarterly gross production averaged 141,000 barrels per day with annual production of 144,000 barrels per day, the highest full-year production since 2018. At Syncrude, quarterly production increased to 87,000 gross barrels per day following the completion of its planned turnaround in the third quarter of 2022, with full-year production of 77,000 barrels per day representing the highest annual production in Syncrude history.

In the Downstream, throughput in the fourth quarter averaged 433,000 barrels per day with capacity utilization of 101 percent, the highest quarterly utilization in company history, as Imperial continues to maximize production to meet Canadian demand. Full-year throughput averaged 418,000 barrels per day with capacity utilization of 98 percent, the highest full-year utilization in company history. Fourth quarter petroleum product sales averaged 487,000 barrels per day, with annual petroleum product sales averaging 475,000 barrels per day.

During the quarter, Imperial returned $2,145 million to shareholders, through dividend payments, accelerated completion of the company's annual normal course issuer bid program and successful completion of the company's $1.5 billion substantial issuer bid program in December. Throughout 2022, the company returned over $7 billion to its shareholders. “Imperial continued delivering on its long-standing commitment by returning record cash to shareholders in 2022 through our reliable and growing dividend and industry-leading share repurchase programs,” said Corson.

In January, Imperial announced it will further help Canada achieve its net zero goals by approving a $720 million renewable diesel project located at the company’s Strathcona Refinery near Edmonton. The project will be the largest of its kind in Canada, designed to produce more than one billion litres of renewable diesel annually primarily from locally sourced feedstocks and could help reduce greenhouse gas emissions by about 3 million metric tons per year, as determined in accordance with Canada's Clean Fuel Regulations. Site preparation and initial construction work is underway with renewable diesel production expected to start in early 2025, subject to regulatory approvals.

As part of the company’s efforts to provide solutions that lower the greenhouse gas emissions intensity of our operations and provide lower life-cycle emissions products to our customers, Imperial is implementing a company-wide goal to achieve net zero emissions (Scope 1 and 2) by 2050 in its operated assets through collaboration with government and industry partners. Successful technology development and supportive fiscal and regulatory frameworks will be needed to achieve this goal. This work builds on Imperial’s previously announced net-zero goal for operated oil sands as part of the Pathways Alliance initiative, as well as the company’s 2030 emission intensity reduction goal for operated oil sands. The company plans to achieve its net zero goal by applying oil sands recovery technologies that use less steam, implementing carbon capture and storage and implementing efficiency projects including the use of lower carbon fuels at its operations.

“We continue to make progress on advancing lower-carbon solutions that support our journey to net zero, including our strategic growth investment in the Strathcona Renewable Diesel project,” said Corson. “This project will create jobs for the local economy, help our customers reduce their emissions and further enhance Imperial’s low-carbon product offering.”

Fourth quarter highlights

• Net income of $1,727 million or $2.86 per share on a diluted basis, up from $813 million or $1.18 per share in the fourth quarter of 2021.

• Cash flows from operating activities of $2,797 million, up from $1,632 million in the same period of 2021. Cash flows from operating activities excluding working capital¹ of $2,452 million, up from $1,648 million in the same period of 2021.

• Capital and exploration expenditures totaled $488 million, up from $441 million in the fourth quarter of 2021.

• The company returned $2,145 million to shareholders in the fourth quarter of 2022, including $211 million in dividends paid and $1,934 million in share repurchases, through its normal course issuer bid and completion of the $1,500 million substantial issuer bid program in December.

• Production averaged 441,000 gross oil-equivalent barrels per day, compared to 445,000 gross oil-equivalent barrels per day in the same period of 2021. Adjusting for the sale of XTO Energy Canada, which closed in the third quarter of 2022, production increased by 11,000 gross oil-equivalent barrels per day compared to the same period in 2021.

• Total gross bitumen production at Kearl averaged 284,000 barrels per day (201,000 barrels Imperial's share), in-line with the asset's previous record quarterly production set in the fourth quarter of 2020 and up from 270,000 barrels per day (191,000 barrels Imperial's share) in the fourth quarter of 2021.

• Gross bitumen production at Cold Lake averaged 141,000 barrels per day, compared to 142,000 barrels per day in the fourth quarter of 2021.

• The company's share of gross production from Syncrude averaged 87,000 barrels per day, up from 79,000 barrels per day in the fourth quarter of 2021.

• Refinery throughput averaged 433,000 barrels per day, up from 416,000 barrels per day in the fourth quarter of 2021. Capacity utilization reached 101 percent, the highest quarterly utilization in company history, up from 97 percent in the fourth quarter of 2021, as the company continues to maximize production to meet Canadian demand.

• Petroleum product sales were 487,000 barrels per day, compared to 496,000 barrels per day in the fourth quarter of 2021.

• Chemical net income of $41 million in the quarter, compared to $64 million in the fourth quarter of 2021. Lower income was primarily driven by lower polyethylene margins.

• Approved $720 million project to construct largest renewable diesel facility in Canada. The project, located at Imperial's Strathcona Refinery near Edmonton, is designed to produce more than one billion litres of renewable diesel annually, primarily from locally sourced feedstocks and could help reduce greenhouse gas emissions by about 3 million metric tonnes per year, as determined in accordance with Canada's Clean Fuel Regulations. Site preparation and initial construction work is underway with renewable diesel production expected to start in early 2025, subject to regulatory approvals.

• Announcing company-wide goal to achieve net zero (Scope 1 and 2) by 2050 in operated assets, through collaboration with government and industry partners. This builds on Imperial’s previously announced net zero goal for operated oil sands as part of the Pathways Alliance initiative, as well as the company’s 2030 emission intensity reduction goal for its operated oil sands.

• The Pathways Alliance entered into a Carbon Sequestration Evaluation Agreement with the Government of Alberta, enabling the Alliance to immediately start a detailed evaluation of its proposed geological storage hub, which would be one of the world’s largest carbon capture and storage projects.

Recent business environment

During the COVID-19 pandemic, industry investment to maintain and increase production capacity was restrained to preserve capital, resulting in underinvestment and supply tightness as demand for petroleum and petrochemical products recovered. Across late 2021 and the first half of 2022, this dynamic, along with supply chain constraints, and a continuation of demand recovery, led to a steady increase in oil and natural gas prices and refining margins.

Demand for petroleum and petrochemical products has grown in 2022, with the company's financial results benefiting from stronger prices and margins. Commodity and product prices are expected to remain volatile given the current global economic uncertainty and geopolitical events affecting supply and demand.

The general rate of inflation in Canada and many other countries experienced a brief decline in the initial stage of the COVID-19 pandemic, before starting to increase steadily in 2021 due to imbalanced recoveries between supply and demand in the global economy. The underlying factors include, but are not limited to, supply chain disruptions, shipping bottlenecks, labour constraints, and side effects from monetary and fiscal expansions. Prices for services and materials continue to respond to the fast changing dynamics involving economic growth, overall inflation, commodity markets, and industry activities. The company closely monitors market trends and works to mitigate both operating and capital cost impacts in all price environments through efficient project management practices, and general productivity improvements.

Operating results
Fourth quarter 2022 vs. fourth quarter 2021

Upstream
Net income (loss) factor analysis
millions of Canadian dollars

Price – Lower bitumen realizations were primarily driven by the widening WTI/WCS spread. Average bitumen realizations decreased by $5.68 per barrel generally in line with WCS, and synthetic crude oil realizations increased by $22.68 per barrel.

Volumes – Higher volumes were the result of improved plant performance at Kearl and lower unplanned downtime at Syncrude, partially offset by the absence of XTO Energy Canada production following the divestment in the third quarter of 2022.

Royalty – Higher royalties primarily driven by improved commodity prices.

Other – Favourable foreign exchange impacts of about $160 million, partially offset by higher operating expenses of about $70 million, resulting primarily from higher energy prices.

Marker prices and average realizations

Production

Higher production at Kearl was primarily driven by improved plant performance and the absence of extreme cold weather in December 2021.

Downstream
Net income (loss) factor analysis
millions of Canadian dollars

Margins – Higher margins primarily reflect improved market conditions.

Other – Improved volumes of about $60 million, favourable foreign exchange impacts of about $60 million, absence of the prior year unfavourable out-of-period inventory adjustment of $60 million, partially offset by higher operating expenses of about $50 million.

Refinery utilization and petroleum product sales

Improved refinery throughput in the fourth quarter of 2022 was primarily driven by economic optimization across the downstream supply chain.

Chemicals
Net income (loss) factor analysis
millions of Canadian dollars

Corporate and other

Liquidity and capital resources

Cash flow generated from operating activities primarily reflects higher Upstream realizations, improved Downstream margins, and favourable working capital impacts.

Cash flow used in investing activities primarily reflects higher additions to property, plant and equipment.

Cash flow used in financing activities primarily reflects:

The company completed share repurchases under its normal course issuer bid on October 21, 2022.

On November 4, 2022, the company commenced a substantial issuer bid pursuant to which it offered to purchase for cancellation up to $1.5 billion of its common shares through a modified Dutch auction and proportionate tender offer. The substantial issuer bid was completed on December 14, 2022, with the company taking up and paying for 20,689,655 common shares at a price of $72.50 per share, for an aggregate purchase of $1.5 billion and 3.4 percent of Imperial's issued and outstanding shares at the close of business on

October 31, 2022. This included 14,399,985 shares purchased from Exxon Mobil Corporation by way of a proportionate tender to maintain its ownership percentage at approximately 69.6 percent.

Full-year 2022 vs. full-year 2021

Current year results include favourable identified items¹ of $208 million related to the company's gain on the sale of interests in XTO Energy Canada.

Upstream
Net income (loss) factor analysis
millions of Canadian dollars

Price – Higher realizations were generally in line with increases in marker prices, driven primarily by increased demand. Average bitumen realizations increased by $26.76 per barrel generally in line with WCS, and synthetic crude oil realizations increased by $43.85 per barrel.

Volumes – Lower volumes were primarily the result of downtime at Kearl in the first half of the year, partly offset by higher production at Syncrude and Cold Lake.

Royalty – Higher royalties primarily driven by improved commodity prices.

Identified Items¹ – Current year results include favourable identified items¹ related to the company's gain on the sale of interests in XTO Energy Canada.

Other – Higher operating expenses of about $500 million, primarily from higher energy prices, partially offset by favourable foreign exchange impacts of about $270 million, and higher electricity sales at Cold Lake of about $60 million due to increased prices.

Marker prices and average realizations

Production

Lower production at Kearl was primarily a result of downtime in the first half of the year.

Downstream
Net income (loss) factor analysis
millions of Canadian dollars

Margins – Higher margins primarily reflect improved market conditions.

Other – Lower turnaround impacts of about $140 million, reflecting the absence of turnaround activities at Strathcona refinery, improved volumes of about $130 million, favourable foreign exchange impacts of about $120 million, absence of the prior year unfavourable out-of-period inventory adjustment of $74 million, partially offset by higher operating expenses of about $190 million.

Refinery utilization and petroleum product sales

Improved refinery throughput in 2022 was primarily driven by increased demand and reduced turnaround activity.

Improved petroleum product sales in 2022 primarily reflects increased demand.

Chemicals
Net income (loss) factor analysis
millions of Canadian dollars

Margins – Lower margins primarily reflect weaker industry polyethylene margins.

Corporate and other

Liquidity and capital resources

Cash flow generated from operating activities primarily reflects higher Upstream realizations, improved Downstream margins, and favourable working capital impacts.

Cash flow used in investing activities primarily reflects higher additions to property, plant and equipment, which were partially offset by proceeds from the sale of interests in XTO Energy Canada.

Cash flow used in financing activities primarily reflects:

On June 27, 2022, the company announced that it had received final approval from the Toronto Stock Exchange for a new normal course issuer bid to continue its then existing share repurchase program. The program enabled the company to purchase up to a maximum of 31,833,809 common shares during the period

June 29, 2022 to June 28, 2023. The program completed on October 21, 2022 as a result of the company purchasing the maximum allowable number of shares under the program.

On May 6, 2022, the company commenced a substantial issuer bid pursuant to which it offered to purchase for cancellation up to $2.5 billion of its common shares through a modified Dutch auction and proportionate tender offer. The substantial issuer bid was completed on June 15, 2022, with the company taking up and paying for 32,467,532 common shares at a price of $77.00 per share, for an aggregate purchase of $2.5 billion and 4.9 percent of Imperial’s issued and outstanding shares at the close of business on May 2, 2022. This included 22,597,379 shares purchased from Exxon Mobil Corporation by way of a proportionate tender to maintain its ownership percentage at approximately 69.6 percent.

On November 4, 2022, the company commenced a substantial issuer bid pursuant to which it offered to purchase for cancellation up to $1.5 billion of its common shares through a modified Dutch auction and proportionate tender offer.

Investor relations
(587) 476-4743

Media relations
(587) 476-7010

• NextLab Low Carbon is produced by decreasing plant emissions during the production process and has the same technical characteristics as traditional LAB
• Existing detergents could reduce their carbon footprint by using NextLab Low Carbon without having to reformulate their products
• NextLab Low Carbon is available for the North American market

ORLANDO, Fla.--(BUSINESS WIRE)--Cepsa Química, the world's leading producer of linear alkylbenzene (LAB), announced today that its new product, NextLab Low Carbon is available for the North American market.

Cepsa Química's NextLab Low Carbon is a product manufactured using renewable energy instead of conventional fossil fuels. This change in the energy sources used for the production process has a positive impact on the environmental characteristics of the product, allowing a reduction in GHG emissions derived from the production of this new sustainable LAB.

The NextLab Low Carbon keeps the same technical characteristics as the traditional LAB, but with a smaller carbon footprint. Preliminary data from the comparative Life Cycle Assessment underway shows that this product reduces the GHG (cradle-to-gate) footprint between 10-20% compared to the manufacture of traditional LAB. This means that, simply by using NextLab Low Carbon in the manufacture of detergents, more sustainable products can be achieved without the need for reformulation.

The NextLab product platform, that comprises NextLab Low Carbon, was created with the aim of helping the home care industry, which consumes around 7.7 million tonnes of surfactants annually, to achieve its sustainability goals while meeting the environmental demands of consumers.

Bécancour

NextLab Low Carbon will be supplied to the North American market from Cepsa Química's plant in Bécancour (Canada), which by 2023 will be using renewable fuels instead of fossil fuels in its production, making it the ideal production center for the manufacture of this product. This facility also has the state-of-the-art technology, Detal Plus technology, for the manufacture of linear alkylbenzene, the main component in the manufacture of most biodegradable detergents.

The Detal Plus technology, developed by Cepsa Química, together with Universal Oil Products (UOP), creates a safer, more efficient and sustainable production process than previous systems. In addition, the use of raw materials and electricity is optimised, GHG emissions decrease, and water consumption is reduced by 40% per year, while the quality and versatility of the LAB produced are improved.

Linear alkylbenzene (LAB), the main component of linear alkylbenzene sulphonate (LAS), is used in the production of a large number of the biodegradable detergents currently on the market. LAS is the most widely used biodegradable surfactant in this type of products thanks to its excellent properties, which make it a necessary component, both in traditional detergent formats (powder or detergent bars) and in more sophisticated products (single-dose capsules or high concentration liquid detergents).

Cepsa is a leading international company committed to sustainable mobility and energy with a solid technical experience after more than 90 years of activity. The company also has a world-leading chemicals business with increasingly sustainable operations. In 2022, Cepsa presented its new strategic plan for 2030, Positive Motion, which projects its ambition to be a leader in sustainable mobility, biofuels, and green hydrogen in Spain and Portugal, and to become a benchmark in the energy transition. The company places customers at the heart of its business and will work with them to help them advance their decarbonization objectives. ESG criteria inspire everything Cepsa does as it advances toward its Net Positive objective. This decade, it will reduce its Scope 1 and 2 CO2 emissions by 55% and the carbon intensity index of its energy products sales, which includes Scope 1, 2 & 3 by 15-20%, with the goal of reaching net zero emissions by 2050.

Cepsa Química is a world leader in its sector and is leading the shift towards sustainable chemistry, with a clear commitment to the fight against climate change and the transition to a circular, non-fossil economy. The company leads the worldwide production of LAB, the primary raw material used in biodegradable detergents, where Cepsa Química is a pioneer player. It is also number one in the production of cumene, an intermediate product used in the production of phenol and acetone, which are the primary raw materials for the manufacture of engineering plastics and of which it is the world’s second-largest producer.

Cepsa Química currently employs more than 1,000 people and has plants in seven countries world worldwide (Spain, Germany, Brazil, Canada, China, Indonesia, and Nigeria).

Alicia Stanford
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407-575-7514

Amaia Monroy
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Alba Zamora
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CALGARY, Alberta--(BUSINESS WIRE)--Imperial Oil Limited (TSE: IMO, NYSE American: IMO) today declared a quarterly dividend of 44 cents per share on the outstanding common shares of the company, payable on April 1, 2023, to shareholders of record at the close of business on March 3, 2023.

This first quarter 2023 dividend compares with the fourth quarter 2022 dividend of 44 cents per share.

Imperial has a long and successful history of growth and financial stability in Canada as a leading member of the petroleum industry. The company has paid dividends every year for over a century and has increased its annual dividend payment for 28 consecutive years.

Source: Imperial

After more than a century, Imperial continues to be an industry leader in applying technology and innovation to responsibly develop Canada’s energy resources. As Canada’s largest petroleum refiner, a major producer of crude oil, a key petrochemical producer and a leading fuels marketer from coast to coast, our company remains committed to high standards across all areas of our business.

For further information:

Investor relations
(587) 476-4743

Media relations
(587) 476-7010

PORTLAND, Ore.--(BUSINESS WIRE)--Chargeway, an industry leading electric vehicle (EV) software platform, to be a company featured in Big Ben: An Icon of Democracy and Leadership – an official publication for the History of Parliament Trust.

The History of Parliament Trust – one of the most ambitious and authoritative academic projects in British history – is delighted to be unveiling a new publication entitled Big Ben: An Icon of Democracy and Leadership at the Palace of Westminster on 1 February 2023.

Chargeway was chosen to be included in the publication, highlighting the company's leadership in clean energy innovation for simplifying EV charging technology. Their software and popular Chargeway app allows EV owners to enjoy the charging experience for any EV on the road.

“It is an honor to be taking part in this international celebration of such an iconic symbol of time,” says Chargeway Founder and CEO, Matt Teske. “In developing Chargeway we focused on taking time to look at how owning a car impacts people’s lives. We are at a unique moment in history that will define how future generations move and power their lives in cleaner ways. Our mission is to make the transition from gas to electric easy so people can have a positive impact on the future - as the clock ticks forward.”

The beautifully designed, 240-page hardback book has been produced in partnership with leading publisher St James’s House, and written by a team of academics and industry experts. Exploring the origins and history of Big Ben and the Palace of Westminster, the fully illustrated publication celebrates the 180th anniversary and recent renovation of the famous clock tower as a global symbol of democracy and leadership. Richard Freed, Founder of St James’s House, said: “We’re honoured to be launching this wonderful book in the Palace of Westminster, within the shadow of the newly renovated Big Ben – one of the world’s most iconic structures.”

As the world transitions to electrified transportation there is a need to help people easily understand how switching to electric fuel will work in their lives. Chargeway’s unique interface of identifying EV charging options creates a simple and universal way of visualizing what to expect when fueling an EV.

Chargeway’s software platform translates the complexities of EV charging technology into a simple system that identifies plug types as color and shapes, and power levels as simple numbers, allowing drivers to easily navigate the various options for EV charging. Currently available in North America, Chargeway allows drivers to locate charging stations based on their vehicle selected, estimate EV charging times and plan road trips with ease. The mobile app is available in both the Apple App Store and Google Play Store.

Media
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New program aims to address equity and employment gaps, support career advancement and provide training for underserved youth and adults

BALTIMORE--(BUSINESS WIRE)--In celebration of its first anniversary as a stand-alone company on Feb. 2, Constellation (NASDAQ: CEG), the nation’s largest producer of carbon-free energy, announced today it is launching a $1 million workforce development program as part of its commitment to foster equitable change in underserved communities. The new program, called Powering Change, will provide grants to five nonprofit organizations focused on improving job awareness and training, providing advancement and upskilling opportunities and breaking down employment barriers for individuals from underrepresented communities.

“We’re proud to support these five nonprofits and the significant work they’re leading to connect hard-working women and men with long-term, good-paying careers,” said Joe Dominguez, president and CEO, Constellation. “As we mark our one-year anniversary, Powering Change exemplifies Constellation’s commitment to strengthening our communities and building the workforce of the future.”

The five nonprofits receiving grant funding in the program’s first year are:

• INROADS: A national organization focused on delivering innovative leadership development programs and creative solutions that identify and elevate ethnically diverse and underrepresented high school and college students throughout their careers.
• Chicago Women in Trades: Supporting women in Illinois and Pennsylvania through pre-apprenticeship training programs, job site visits, job shadowing and other wraparound services.
• SkillsUSA: Prepares middle school, high school and college/postsecondary students for careers in trade, technical and skilled service occupations. Funding will support students in Illinois, Maryland, New York and Pennsylvania.
• National Urban League: Promotes economic empowerment through education and job training, housing and community workforce development for youth and adults. Constellation’s funding will focus on programs across New York State.
• Vehicles for Change: Maryland-based organization that empowers families with financial challenges to achieve economic and personal independence through car ownership and technical training.

“INROADS is excited and honored to partner with Constellation to create a pipeline of diverse and qualified talent for the energy field,” said Forest T. Harper, president and CEO, INROADS. “Constellation’s investment in INROADS not only prepares deserving students for career success, but also expands our reach into clean energy careers. We commend Constellation’s forward thinking and commitment to creating a diverse future workforce for an industry so critical to environmental sustainability and America’s economic success.”

The launch of Powering Change caps off a successful inaugural year for Constellation, which included hiring approximately 2,000 new employees throughout its operations. Already the nation’s largest generator of carbon-free energy, Constellation is working to lead the response to the climate crisis, helping power homes and businesses across the U.S. with clean energy, reliably and affordably.

In its first year, Constellation committed to produce 95 percent of its energy from carbon-free sources by 2030 and 100 percent by 2040 as well as achieve a 100 percent reduction in operational emissions by 2040. Constellation also launched a collaboration with Microsoft to develop carbon-free energy matching technology and began work on the nation’s first nuclear-powered clean hydrogen facility at its Nine Mile Point plant in New York.

Last year, Constellation donated more than $12.5 million to charitable causes, with $4.6 million of that total coming from employee contributions. Constellation employees also demonstrated their commitment to their communities by logging more than 80,000 volunteer hours in 2022.

About Constellation

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

Powering Change Nonprofits – Quotes/Info

INROADS

“INROADS is excited and honored to partner with Constellation to create a pipeline of diverse and qualified talent for the energy field,” said Forest T. Harper, president and CEO, INROADS. “Constellation’s investment in INROADS not only prepares deserving students for career success, but also expands our reach into clean energy careers. We commend Constellation’s forward thinking and commitment to creating a diverse future workforce for an industry so critical to environmental sustainability and America’s economic success.”

Founded in 1970, INROADS delivers innovative programs and creative solutions that identify, accelerate, and elevate the development of underrepresented talent throughout their careers. Through this development, students become equipped for corporate and community leadership that effects community renewal, social change and elevates economic status and quality of life. INROADS has more than 30,000 alumni, over 1,300 interns and serves 6,000+ students and 250+ corporate clients. Learn more at INROADS.org and connect with us on Facebook, Twitter, Instagram, and LinkedIn: @INROADSInc.

Chicago Women in Trades

“With Constellation’s support, Chicago Women in Trades will continue to develop our new pre-apprenticeship program in Philadelphia, doubling the number of low-income women served, and will provide enhanced case management, placement assistance and support services to remove barriers to employment for aspiring tradeswomen,” said Jayne Vellinga, executive director, Chicago Women in Trades. “Because Constellation is a major employer in the industry, its leadership in expanding equity for women matters, and we are excited about what can be accomplished together.”

Founded in 1981, Chicago Women in Trades (CWIT) is a nonprofit organization committed to improving women’s economic equity by increasing the number of women working in well-paid, skilled trades jobs traditionally held by men. Originally established by tradeswomen as a support network, CWIT addresses the barriers that prohibit women and girls from entering and succeeding in male-dominated industries by creating opportunities and promoting equitable workplaces and conditions.

National Urban League

“Providing young workers with opportunities for advancement and employment are key to improve quality of life and address the many systemic issues that contribute to barriers of employment,” said Marc H. Morial, president and CEO, National Urban League. “The National Urban League is proud of this newly forged partnership with Constellation that will allow us to continue to provide essential services like job training and workforce development to our constituents and close the employment gap.”

The National Urban League is a historic civil rights organization dedicated to economic empowerment in order to elevate the standard of living in historically underserved urban communities. The National Urban League spearheads the efforts of its 92 local affiliates through the development of programs, public policy research and advocacy, providing direct services that impact and improve the lives of more than 2 million people annually nationwide. Visit www.nul.org and follow us on Facebook, Twitter and Instagram: @NatUrbanLeague.

SkillsUSA

“SkillsUSA is thrilled to partner with Constellation. With their support, we can continue our essential work to close the skills gap, while presenting robust opportunities for young workers who enjoy challenging careers that offer stability and benefits,” said Chelle Travis, executive director, SkillsUSA. “Because of Constellation’s support, SkillsUSA will generate more awareness among students considering the skilled workforce as a career option.”

SkillsUSA is a partnership of students, teachers and industry working together to ensure America has a skilled workforce. We help each student excel. A nonprofit national education association, SkillsUSA serves middle-school, high-school and college/postsecondary students preparing for careers in trade, technical and skilled service occupations.

Vehicles for Change

“Our partnership with Constellation will provide 30 individuals and families with vehicles, giving them access to better employment and quality of life,” said Martin Schwartz, president and CEO, Vehicles for Change. “Constellation's support helps us end generational poverty and alleviate financial hardship for low-income families.”

Vehicles for Change (VFC) accepts and repairs donated cars and awards them to pre-qualified families for as little as $950, enabling low-income families to become self-sufficient. As a nonprofit organization, VFC receives 99 percent of its car donations from the public. Since 1999, VFC has awarded more than 7,600 cars to low-income families, changing the lives of more than 26,000 people. Eligible families are referred to VFC through partnering social service-type agencies. Our Full Circle Training Program interns repair donated vehicles as a part of their hands-on training. The training program is an employer-driven, paid internship, social enterprise program designed to provide auto-technician training to individuals with multiple barriers to employment, including many recently released from prison. VFC car donors gain a substantial tax advantage unavailable to most other charities. For additional information about Vehicles for Change or to donate a vehicle, visit www.vehiclesforchange.org or call 410-242-9674.

Dave Snyder
Constellation Communications
410-470-9700
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NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Clean Energy Fuels Corp. (Nasdaq:CLNE) announced today it will release financial results for the fourth quarter of 2022 on February 28, 2023 after market close, followed by an investor conference call at 4:30 p.m. Eastern time (1:30 p.m. Pacific time). President and Chief Executive Officer of Clean Energy Andrew J. Littlefair and Chief Financial Officer Robert M. Vreeland will host the call.

Investors interested in participating in the live call can dial 1.877.407.0784 from the U.S. and international callers can dial 1.201.689.8560. A telephone replay will be available approximately two hours after the call concludes through Tuesday, March 28, 2023, by dialing 1.844.512.2921 from the U.S., or 1.412.317.6671 from international locations, and entering Replay Pin Number 13735987.

There also will be a simultaneous, live webcast available on the Investor Relations section of the Company's web site at www.cleanenergyfuels.com, which will be available for replay for 30 days.

About Clean Energy Fuels Corp.

Clean Energy Fuels Corp. is the country’s largest provider of the cleanest fuel for the transportation market. Our mission is to decarbonize transportation through the development and delivery of renewable natural gas (RNG), a sustainable fuel derived from organic waste. Clean Energy allows thousands of vehicles, from airport shuttles to city buses to waste and heavy-duty trucks, to reduce their amount of climate-harming greenhouse gas. We operate a vast network of fueling stations across the U.S. and Canada. Visit www.cleanenergyfuels.com and follow @ce_renewables on Twitter.

Robert M. Vreeland, CFO
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Interoperable electric vehicle charging infrastructure solution will be designed to capture and maximize EV value streams, plus support to help offset up to 80% of project costs via NEVI incentives

SAN FRANCISCO--(BUSINESS WIRE)--Stem (NYSE: STEM), a global leader in AI-driven clean energy solutions and services, announced its joint eMobility offering with ChargePoint Holdings, Inc. (NYSE: CHPT), a leading electric vehicle (EV) charging network. Stem and ChargePoint are developing a joint offering that will aim to help generate economic, environmental, and resilience benefits for owners, developers, and operators of EV charging stations. The offering is expected to integrate Athena^®, Stem’s clean energy platform, on-site energy storage, and ChargePoint’s Express Platform to help drive cost savings and maximize value now and over the lifetime of the assets. The joint offering, plus support from Stem energy experts, will help asset owners navigate federal and state processes for securing funding incentives offered through the $5 billion National Electric Vehicle Infrastructure (NEVI) Program for added EV charging asset value that could offset up to 80% of project costs, where available. Beyond NEVI-qualified projects, all commercial EV charging sites with high energy demands will be able to leverage the joint offering to help maximize operational savings while providing backup power for resiliency.

As part of the Bipartisan Infrastructure Law (BIL), the NEVI Program provides $5 billion over five years to strategically deploy EV charging infrastructure and establish an interconnected network to facilitate data collection, access, and reliability. On-site energy storage systems like those offered by Stem have already been identified by states like California and Texas as potential EV charging strategies that provide grid stability, high reliability, and minimized demand charges.

Stem’s Athena platform, the foundation for its fully integrated, interoperable eMobility solution, learns from EV charging behaviors in addition to optimizing and controlling batteries, solar photovoltaics (PV), and microgrids. The companies intend to integrate Athena’s core optimization services, such as optimizing demand charges and time of use rates, with ChargePoint’s Express Plus management software to reduce costs, increase resiliency, and minimize greenhouse gas (GHG) emissions. ChargePoint’s Express Plus is designed specifically for fueling and convenience, retail and highway corridor charging locations. The Express Plus system can deliver up to 500 kilowatts (kW) per port, depending on the configuration, and is designed to easily scale to meet future demand as EV adoption and vehicle capability grows. Additionally, ChargePoint’s charge management software provides control and insights into charging behavior and system status. Together, the cloud-based integration will allow for data sharing for higher uptime, lower costs, and an improved user experience. The joint solution will be designed to empower customers to:

• Enable resilience: Continue EV charging during outages driving resilience into electrification strategies.
• Overcome grid constraints: Mitigate constrained grid conditions and accelerate charging deployments by using solar + storage.
• Optimize operational savings: Maximize program revenues and utility bill savings by using power from mixed resources.
• ​Maximize on-site renewable use in EV charging: Reduce GHG emissions from fleet charging using stored solar energy on-site, and cleaner energy from the grid.

“Stem is excited to partner with ChargePoint to help customers quickly design, develop, and operate cost-effective EV charging infrastructure projects that deliver real value,” said John Carrington, CEO at Stem. “Electrification of transportation is creating a new load category that is expected to equal one-third of all U.S. electrical load. For Stem, eMobility is expected to represent approximately 50% of our behind-the-meter activity in three years, representing a multi-billion opportunity with our Fortune 500 customers.”

“An integrated ChargePoint and Stem solution broadens the number of sites that can support high-speed charging economically at scale,” said Pasquale Romano, CEO, ChargePoint.

Learn more about how Stem’s eMobility solutions can help secure NEVI funding for EV charging infrastructure, visit https://www.stem.com/resources/incentives-programs/nevi/.

About Stem

Stem (NYSE: STEM) provides clean energy solutions and services that maximize the economic, environmental, and resiliency value of energy assets and portfolios. Stem’s leading AI-driven enterprise software platform, Athena® enables organizations to deploy and unlock value from clean energy assets at scale. Powerful applications, including AlsoEnergy’s PowerTrack, simplify and optimize asset management and connect an ecosystem of owners, developers, assets, and markets. Stem also offers integrated partner solutions that improve returns across energy projects, including storage, solar, and EV fleet charging. For more information, visit www.stem.com.

About ChargePoint

ChargePoint is creating a new fueling network to move people and goods on electricity. Since 2007, ChargePoint has been committed to making it easy for businesses and drivers to go electric with one of the largest EV charging networks in North America and Europe and a comprehensive portfolio of charging solutions. The ChargePoint cloud subscription platform and software-defined charging hardware are designed to include options for every charging scenario from home and multifamily to workplace, parking, hospitality, retail and transport fleets of all types. Today, one ChargePoint account provides access to hundreds of thousands of places to charge in North America and Europe. To date, more than 133 million charging sessions have been delivered, with drivers plugging into the ChargePoint network on average every second. For more information, visit the ChargePoint pressroom, the ChargePoint Investor Relations site, or contact the ChargePoint North American or European press offices or Investor Relations.

Forward-Looking Statements

This release, as well as other statements we make, contain “forward-looking statements” within the meaning of the federal securities laws, which include any statements that are not historical facts. Such statements often contain words such as “expect,” “may,” “can,” “believe,” “predict,” “plan,” “potential,” “projected,” “projections,” “forecast,” “estimate,” “intend,” “anticipate,” “ambition,” “goal,” “target,” “think,” “should,” “could,” “would,” “will,” “hope,” “see,” “likely,” and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain, such as the success of the relationship between Stem and ChargePoint and the projects discussed in this release, as well as the potential revenue opportunity represented by eMobility with Fortune 500 customers. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including but not limited to changing business, economic and political conditions in the markets in which we operate; the ongoing effects of the COVID-19 pandemic on our workforce, operations, financial results and cash flows; the effects of the ongoing conflict in Ukraine; our inability to secure sufficient inventory from our suppliers to meet customer demand, and provide us with contracted quantities of equipment; supply chain interruptions and manufacturing or delivery delays; disruptions in sales, production, service or other business activities; the risk that the total addressable market as a result of the Inflation Reduction Act is not as expected; the results of operations and financial condition of our customers and suppliers; our inability to achieve our financial and performance targets and other forecasts and expectations; the risk that the global commitment to decarbonization may not materialize as we predict, or even if it does, that we might not be able to benefit therefrom; our inability to help customers reduce GHG emissions to the extent desired; our inability to integrate and optimize energy resources; pricing pressure; inflation; weather and seasonal factors; general economic, geopolitical and business conditions in key regions of the world, including inflationary pressures, general economic slowdown or a recession, increasing interest rates, and changes in monetary policy; challenges, disruptions and costs of integrating our company following our acquisition of AlsoEnergy and achieving anticipated synergies, or such synergies taking longer to realize than expected; risks that the integration disrupts current plans and operations that may harm our business; uncertainty as to the effects of the transaction on the long-term value of our common stock; our ability to continue to grow and to manage our growth effectively; our ability to attract and retain qualified employees and key personnel; our ability to comply with, and the effect on their businesses of, evolving legal standards and regulations, particularly concerning data protection and consumer privacy and evolving labor standards; risks relating to the development and performance of our energy storage systems and software-enabled services; our inability to retain or upgrade current customers, further penetrate existing markets or expand into new markets; the risk that our business, financial condition and results of operations may be adversely affected by other political, economic, business and competitive factors; and other risks and uncertainties set forth in our most recent Forms 10-K, 10-Q and 8-K filed with or furnished to the SEC. If one or more of these or other risks or uncertainties materialize (or the consequences of any such development changes), or should our underlying assumptions prove incorrect, actual outcomes may vary materially from those reflected in our forward-looking statements. Statements in this press release are made as of the date of this release, and Stem disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.

Source: Stem, Inc.

Stem Contact
Suraya Akbarzad, Stem
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ChargePoint Contact
AJ Gosselin
Director, Corporate Communications
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Game-Changing DI NIC Brings Computing Power and Control to Third-Party Devices at the Grid Edge, Enables New Applications for Low-Voltage Network and Distributed Energy Management

LIBERTY LAKE, Wash.--(BUSINESS WIRE)--#DistributedIntelligence--As the pioneer in distributed intelligence (DI), Itron, Inc. (NASDAQ: ITRI) announced it is extending its groundbreaking DI platform to enable intelligence in any device, accelerating the energy transition. The company unveiled its new DI network interface card (NIC) that enables edge computing in third-party devices, moving grid analysis, decision-making and control to the grid’s edge, resulting in a significant improvement in time to action, greatly improved situational awareness, more accurate analysis and advanced event detection. The first-of-its-kind DI NIC will be pivotal in creating new applications for the integration of distributed energy resources, such as electric vehicles and solar, into the low-voltage network.

With this groundbreaking technology, Itron and third-party technology companies, including energy retailers, aggregators or distribution companies, are accelerating innovation. When available, these devices can leverage Itron’s existing industrial IoT network infrastructure, which is proven at scale with more than 200 million connected endpoints deployed globally. Utilities and cities can then seamlessly add DI-enabled third-party devices to existing or new Itron networks, extending the capabilities of the solution and tapping into Itron’s growing DI ecosystem.

Itron’s innovative DI NIC paves the path for a wider range of host devices to deliver distributed intelligence, extending the reach of Itron’s DI platform beyond advanced metering infrastructure (AMI) to in-home smart electrical panels, load control switches, electric vehicle charging (EV) management, smart solar inverters, grid sensors and more. Initial applications will link the low-voltage network with home energy management. This will allow utilities to offer an end-to-end solution from home energy management to low-voltage network management using Itron’s single, real-time platform, thereby increasing consumer satisfaction, reducing expensive infrastructure upgrades, improving resilience and helping utilities meet their carbon reduction goals.

As part of the launch, Itron is collaborating with Lumin to enable edge intelligence in the companies' smart electrical panels. DI-enabled smart panels will help utilities manage load throughout the distribution network, including down to specific circuits within a home in strict coordination with distributed energy resources behind the meter. This allows utilities to implement summer and winter demand response programs without deploying additional hardware. Pre-integrated solutions like this are a cost-efficient way for flexible demand management programs to reduce peak power and put the consumer in charge of their energy management real-time.

Partner Enablement

Itron’s partner enablement program provides a framework for third-party companies to integrate the DI NIC into their hardware devices. Partners have access to developer tools and resources to optimize, improve and extend their service offering, and all partner technologies undergo Itron’s rigorous integration process to ensure compatibility and security. This is complementary to Itron’s DI Software Development Kits, which enable third parties to develop their own apps for the Itron DI platform. Existing and new Itron partners are invited to bring their technology to Itron to expand the edge intelligence platform, helping deliver value to customers.

Use Cases

With Itron’s DI NIC, third parties can enable a multitude of use cases, such as:

Customer and Employee Safety

• Improving employee safety through the detection of high temperature events (micro arcing), high impedance, meter bypass and other problems at the metering endpoint

Consumer Engagement

• Helping consumers better manage their energy usage by providing them with insight into their energy usage and the associated contributing loads

Grid Operations and Optimization

• Renewables monitoring and control which helps manage their potential impacts to grid operations
• Detection of electric vehicle (EV) and photovoltaic (PV) technology which supports utility outreach programs and a better management of those resources in the grid
• Active transformer load management to help preserve transformers lifetime and reduce unplanned outages
• Grid sensors to provide utilities with up-to-date assets location within the distribution network topology
• Detection of power quality issues such as harmonics, voltage swell, voltage sag, voltage spikes that cause capacity and equipment issues.
• Augmented voltage monitoring capabilities to monitor, manage and optimize grid operations
• Enhanced demand response programs by means of more granular and near-real-time load shedding
• Improving disaster restoration times through sophisticated fault-detection algorithms that can determine the fault location and type

Quotes

“With the launch of our DI NIC, we are extending Itron’s IoT platform leadership, enabled by distributed intelligence, to new applications. This marks a significant milestone in enabling intelligence and control at the grid edge, helping our customers achieve a new level of distribution system visibility and resilience,” said Don Reeves, senior vice president of Outcomes at Itron. “With more than 5 million DI-enabled smart endpoints shipped, Itron is a true expert in delivering distributed intelligence. We are bringing this capability to third-party devices to accelerate the energy transition, helping integrate more distributed energy resources in the low voltage network. We are excited to collaborate with other technology companies, like Lumin, to integrate this groundbreaking technology into their devices.”

“Lumin helps homeowners control their home’s microgrid to enhance and protect their solar and energy storage investment, participate in demand response programs, and manage their energy in real-time to avoid costly service upgrades and electric panel replacements, which is needed when adding EV chargers or switching to electric appliances. The new DI NIC allows Lumin to use the existing network infrastructure connecting millions of homes as the foundation to integrate distributed microgrids into the larger grid,” said Alex Bazhinov, President and Founder of Lumin. “Transitioning to a clean, renewable energy future and electrifying homes requires rapid deployment of new infrastructure to help the grid accommodate and manage behind-the-meter resources. Itron’s technology enables us to get there faster while ensuring communications reliability for utilities and customers that rely on Lumin’s load management and real-time data capabilities to balance the grid and provide critical demand response. And most importantly, this integration is a significant stepping stone to supporting affordable, reliable, and carbon-free electricity for our customers.”

Availability

Itron is working with partners now to deliver DI capabilities within their products in early 2024. To learn more and get involved, visit developer.itron.com or contact us via email at This email address is being protected from spambots. You need JavaScript enabled to view it.. To see a DI demonstration, visit Itron Booth 2514 at DISTRIBUTECH, Feb. 7-9, 2023.

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.

Additional Resources

• LinkedIn: www.linkedin.com/company/itroninc
• Twitter: https://twitter.com/ItronInc
• Newsroom: www.itron.com/company/newsroom
• Blog: https://blogs.itron.com

Itron, Inc.
Alison Mallahan
Senior Manager, Corporate Communications
509-891-3802
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The ZincFive Battery Cabinet is a compact, reliable, safe and sustainable megawatt class UPS energy storage system.

PORTLAND, Ore.--(BUSINESS WIRE)--ZincFive®, the world leader in nickel-zinc (NiZn) battery-based solutions for immediate power applications, announced the launch of the newest generation of BC Series UPS Battery Cabinets – the BC 2.

ZincFive BC Series UPS Battery Cabinets are the first nickel-zinc battery energy storage solution with backward and forward compatibility with megawatt class UPS inverters. The BC 2 offers the smallest footprint per kilowatt, improving on the previous record-holder, ZincFive’s original BC battery cabinet. In addition, ZincFive’s NiZn technology offers minimal maintenance requirements, no thermal runaway, and the higher reliability demanded for mission-critical data centers while placing an emphasis on sustainability. ZincFive’s nickel-zinc batteries have a significantly lower end-to-end climate impact than lead-acid and lithium batteries, as validated by an expert third-party analysis.

The BC 2 Battery Cabinet measures only 21" in width, giving it an industry-leading compact footprint. The cabinet is robust, having passed a seismic shake test to an S_DS of 2.29 g, resulting in a strong global seismic footprint. Other features include active cooling for a wide operating temperature range, simple maintenance, and easy conduit landing connections. ZincFive's newest BC 2 Battery Cabinet provides optimized design and packaging while utilizing the same reliable NiZn batteries that have been delivering best-in-class power density as well as superior safety and sustainability for over 10 years. The BC 2 Battery Cabinet ships fully assembled with batteries in the cabinet and delivers a strong Total Cost of Ownership (TCO) advantage for mission-critical data centers.

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About ZincFive, Inc.

ZincFive is the world leader in innovation and delivery of nickel-zinc batteries and power solutions. With more than 90 patents awarded, ZincFive technology harnesses The Power of Good Chemistry™ to propel the world forward. ZincFive technology leverages the safety and sustainability of nickel-zinc chemistry to provide high power density and performance to mission critical applications. ZincFive is a privately held company based in Tualatin, Oregon. For more information, visit www.zincfive.com.

ZincFive is a registered trademark and the ZincFive logo and The Power of Good Chemistry are trademarks of ZincFive, Inc.

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CHICAGO, I.L. & DURHAM, N.C.--(BUSINESS WIRE)--#grocery--stow Robotics, the warehouse automation business unit within stow Group, and Phononic, the global leader in solid state cooling technology, announce a strategic alliance to provide cold chain fulfillment solutions that serve the retail grocery industry across North America and Europe. Combining stow Robotics’ automation expertise with Phononic’s sustainable active cooling technology, the two companies are collaborating to design, develop and scale solutions for cold chain fulfillment, particularly for grocery automated fulfillment centers.

stow Group is one of the leading suppliers of industrial storage solutions. Through stow Robotics, stow Group is implementing warehouse automation for every industrial need with its growing platform of scalable and innovative automated technologies. The strategic alliance with Phononic strengthens and builds upon stow Robotics’ leading position in the global warehouse automation market – now enhanced with technology and designs from Phononic’s innovative Actively-Cooled Tote platform and anchored by the company’s next generation solution, to be announced shortly.

Phononic’s cooling solution enables grocery retailers the ability to deploy automated solutions in an existing footprint, reducing large upfront capital costs while lowering operating labor and maintenance costs, and adding flexibility while fractionalizing across tri-temperature environments. Phononic’s connected services for the Actively-Cooled Tote platform also provide seamless integration with warehouse automation systems and dynamic response for inventory and order management. Additionally, Phononic’s solid state cooling and refrigeration innovation uses a safe and sustainable refrigerant: H₂O mixed with naturally available CO₂, featuring a Global Warming Potential (GWP) of just 1 or less. This approach produces the safest and lowest GWP rating in the industry compared to other commonly used refrigerants that contribute to climate change.

Storing and picking frozen items is an expensive and cumbersome exercise, requiring an entire building to be kept at minus temperatures and employees to work within this intolerable environment to select items and consolidate them with the ambient and chilled part of orders. The strategic alliance between stow Robotics and Phononic offers revolutionary advantages to the market, allowing frozen items to be stored alongside ambient and chilled products in the same system, and providing flexibility when the proportion between temperature controlled and ambient SKUs change. Additionally, mixed orders can be fulfilled in a single step, avoiding the usual time-consuming consolidation process. The e.Scala shuttles deliver temperature-controlled items as well as ambient items to the pick station in any required sequence.

“stow Robotics is thrilled to work with Phononic and welcome their cooling technology and design solutions into our scalable automation work with key customers in North America and Europe,” said Brian Keiger, Director of Business Development and Marketing at stow Robotics. “We have a unique technology that fits nicely in the gap between other automation solutions in the market for customers at a specific point in their journey, and our strict adherence to standard components and modular deployments allows our innovative e.Scala solution to be installed and commissioned quickly, resulting in an accelerated return on investment.”

Rainer Buchmann, senior advisor to stow Robotics, adds, “Phononic’s IoT software and dynamic messaging will enable e.Scala to act more intelligently and promptly to inventory and order management scenarios. With this alliance, we’re accelerating our shared vision of marshalling the most advanced technology for the present and future of warehouse automation.”

Said Dana Krug, SVP, Cold Chain Fulfillment at Phononic, “Joining forces with stow Robotics, a technology-driven leader in warehouse automation, allows Phononic to continue designing and providing the most critical, flexible end-to-end solutions for cold chain fulfillment in grocery retail. We’re excited to work closely with stow Robotics to deliver advanced cooling technology for this rapidly expanding sector with a global partner that is committed to innovation.”

About stow Robotics:

stow Robotics is the warehouse automation business unit within stow Group. stow Group is one of the leading suppliers of industrial storage solutions. stow Group, headquartered in Belgium, has about 2,000 employees across Europe and North America. The company has a pan-European production footprint with 10 industrial facilities all over Europe and a global commercial organization. For more information on the company, visit: www.stow-robotics.com.

About Phononic:

As the global leader in solid state cooling technology, Phononic is driving the world to a more sustainable way to cool. Its transformational technology reduces greenhouse gas (GhG) emissions and supports climate goals, while meeting the demanding performance needs of the market. The company’s thermoelectric devices and integrated products are mission critical to how people work and communicate; how automobiles ‘see’; to the protection and effective delivery of life-saving vaccines and drugs; to cooling solutions supporting grocery cold chain fulfillment needs; and to innovative methods that cool living and work spaces. For more information on the company, visit: www.phononic.com.

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Phononic
Meghan Orencole
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978-270-1598

Believes Green Plains’ Ongoing Transformation Faces Numerous Long-Term Risks, Ranging from Economic Volatility to Secular Headwinds to Policy Shifts

Contends the Board Should Proactively Evaluate Sale Options to Maximize the Value of the Company’s Disruptive AgTech IP Portfolio and Green Plains’ Position as a Major Feedstock Producer in the Rapidly Consolidating Renewable Diesel Industry

Estimates a Sale to a Strategic Acquirer Would Yield $50 Per Share or More for Shareholders, Likely Representing the Best Risk-Adjusted Path Forward

CLEVELAND--(BUSINESS WIRE)--Ancora Holdings Group, LLC (together with its affiliates, “Ancora” or “we”), which is the second largest shareholder of Green Plains Inc. (NASDAQ: GPRE) (“Green Plains” or the “Company”) with ownership of nearly 7% of the Company’s outstanding common shares, today released the below letter that it has sent to the Company’s Board of Directors (the “Board”).

January 31, 2023

Green Plains Inc.
1811 Aksarben Drive
Omaha, Nebraska 68106
Attn: The Board of Directors

Members of the Board of Directors,

Ancora Holdings Group, LLC (together with its affiliates, “Ancora” or “we”) is the second largest shareholder of Green Plains Inc. (NASDAQ: GPRE) (“Green Plains” or the “Company”), with ownership of nearly 7% of the Company’s outstanding common shares. We want to begin by commending the Board of Directors (the “Board”) and management for beginning to transform Green Plains from an ethanol producer to a sustainable biorefinery platform with significant long-term potential. Since Ancora became a shareholder two years ago, Chief Executive Officer Todd Becker has consistently engaged with us to detail the Company’s progress and reiterate his ambitious vision. Mr. Becker’s engagement and the Board’s willingness to enact a subset of our proposed governance enhancements last year have helped Ancora and Green Plains maintain an increasingly positive dialogue.

While leadership’s efforts have created significant value over the past two years, the Company’s transformation still represents a bet on the long-term potential seen by Mr. Becker and the Board. Clearly, the Board was very comfortable continually doubling down on this bet prior to the economy contracting, interest rates rising and growth companies seeing their valuation multiples reset. In 2023, however, the macro environment presents a much larger challenge to Green Plains. This reality compounds the political, execution and operating risks inherently associated with the Company continuing its transformation.

Given the aforementioned risks, and the fact that Green Plains’ underlying value is significantly greater than where its shares are trading today, we are asking the Board to commence a review of value-maximizing strategic alternatives. As detailed in this letter, we believe Green Plains’ initial transformation efforts have made it a highly attractive business for strategic acquirers in the agricultural products and energy sectors.

The Value Created by Green Plains’ Initial Transformation Efforts

Green Plains’ 2021 acquisition of Fluid Quip Technologies helped accelerate its transformation and has produced significant value for shareholders by adding several disruptive technologies to the Company’s portfolio. These new technologies, particularly Green Plains’ new AgTech assets, have enabled the Company to begin producing ultra-high protein ingredients and industrial grade clean sugar, while also enhancing the platform’s renewable corn oil production. Given the scarcity and highly coveted nature of these new co-products, they provide Green Plains with a strategic advantage over its competitors.

The renewable diesel industry is expected to experience significant growth over the next two years as several major expansion projects come online. Green Plains finds itself in an envious position with a clear path to produce roughly 400 million pounds of renewable corn oil, which is a scarce and valuable feedstock for the renewable diesel industry. This sort of scarce, low-carbon intensity feedstock has attracted buyers in the sector who have recently acquired similar companies at very healthy multiples. We believe that the value of Green Plains’ renewable corn oil will continue to multiply, but the time to maximize its value could be in the next 12 months as renewable diesel producers look to secure low-carbon intensity feedstock before their production begins.

Green Plains is also in the process of commercializing its clean sugar ingredients, which we estimate will be the most disruptive aspect of the Company’s AgTech portfolio. If the Company is successful in this venture, we believe its clean sugar ingredients will become a significant competitive threat to the industrial grade dextrose and glucose oligopoly that Archer-Daniels-Midland Company, Ingredion Incorporated, Tate & Lyle Plc. and Cargill Incorporated have operated in for decades. Green Plains’ clean sugar initiatives represent the highest margin opportunity in the Company’s portfolio, and we believe the strategic nature of this co-product would attract significant interest from competitors. It is our belief that Green Plains’ ties to the ethanol industry are masking the value of its strategic and highly competitive co-products.

An Overview of the Market, Execution and Political Risks Associated with Green Plains Swinging for the Fences as a Standalone Company

Despite Green Plains’ long-term potential, there are several factors outside of the Company’s control that could potentially derail its progress. The commercialization of ultra-high protein ingredients is making slower progress than previously thought, with the economics of the opportunity yet to yield meaningful financial results. At the same time, the Company’s aspirations to decarbonize its operations rely on the Summit Carbon Solutions Pipeline being completed over the next three years. The successful completion of this project is pivotal to Green Plains’ ability to capture the sustainable aviation fuel market over the remainder of the decade. These are all inherent risks that are outside of the Company’s control and represent a meaningful risk to long-term value creation potential for Green Plains’ stakeholders.

Additional detail on our concerns include:

• Market Risk: Every single day there are fewer fuel-burning cars on the road. According to BloombergNEF, more than 50% of the automobiles in the U.S. will be electric by 2030. This number could ultimately be larger – and on a shorter time horizon – based on the tens of billions of dollars in investments that global automotive companies are making in electric vehicle production. Beyond the automotive world, other major consumers of fossil and alternative fuels have sped up their transitions to solar and other renewable power sources due to the war in Ukraine and sustained supply chain headwinds. The market’s demand-side risk is a legitimate threat to the Company’s business over the long term.

• Execution Risk: Corn oil production and high-protein ingredients have been in high demand while the flow of legacy fuels has been hindered by price and shipping issues. Looking ahead, clean sugar could create significant upside value for Green Plains over time. But there are considerable challenges associated with the development, execution and commercialization of Green Plains’ clean sugar ingredients over the next several years. Building and maintaining proper production in this area can be extremely capital intensive when it comes to facilities, personnel, shipping and hedging. Global energy companies with significant scale, long-term international relationships and more capital are best positioned to take the risks and, if those risks pay off, dominate the marketplace.

• Political Risk: While the current Democratic administration in the U.S. has been bullish on the “Green” energy transition, Republicans have been far less supportive. The House of Representatives just swung back to the Republicans, suggesting further political change may be coming to Washington, D.C. in 2024. If there were to be a change in the administration, we suspect it could be a negative headwind for the Company’s products.

The Rationale for a Near-Term Review of Strategic Alternatives

In light of these realities, we believe it is in the best interests of all shareholders for the Board to promptly retain an independent financial advisor to carry out a market test and see what qualified buyers would pay to acquire all of Green Plains. We contend that this is a very logical and responsible step in light of the numerous long-term risks that shareholders will be required to assume if Green Plains continues pursuing its transformation in the public market. Running a comprehensive process is a prudent way to identify whether shareholders can be de-risked and receive a sizable premium this year that would be entirely based on the Company’s long-term potential. Our analysis and diligence indicate that strategic buyers with considerable cash on their balance sheets could be interested in acquiring the Company at a significant premium to current trading prices.

In recent years, there has been significant interest in renewable energy companies, such as Green Plains, by sizable strategic buyers for whom the current financing markets are not a concern. BP Plc., Chevron Corporation and Neste Corporation, for example, have all been active buyers in the sector. We believe there would likewise be tremendous interest in acquiring the entire Green Plains business from multiple strategic buyers from both the agricultural products and energy industries. We estimate a strategic buyer would pay $50 per share, or more, to acquire Green Plains in a robust strategic process.

Most buyers would rather join an organized auction than approach the Board with an unsolicited indication of interest. You have very experienced Board advisors who can surely attest that potential acquirers should not be expected to knock on the door. As such, telling us that "the Board is always open to fielding offers and exploring alternatives” is not a sufficient response.

Next Steps

In closing, we want to reiterate our appreciation for the efforts put forth by the Board and management in recent years. We do, however, believe the best path to delivering shareholders an optimal risk-adjusted return is by pursuing a full sale of the Company given the meaningful risks we have identified and the considerable demand for renewable assets by well-funded buyers.

We welcome the opportunity to present our analysis to the Board and provide recommendations for proceeding with a successful review process.

Sincerely,

About Ancora

Founded in 2003, Ancora Holdings Group, LLC offers integrated investment advisory, wealth management and retirement plan services to individuals and institutions across the United States. The firm's comprehensive service offering is complemented by a dedicated team that has the breadth of expertise and operational structure of a global institution, with the responsiveness and flexibility of a boutique firm. For more information about Ancora, please visit https://ancora.net.

Longacre Square Partners
Charlotte Kiaie / Scott Deveau, 646-386-0091
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NEW YORK--(BUSINESS WIRE)--DarrowEverett LLP, a full-service business law firm with offices in seven states, is continuing its investigation into alleged product issues with Generac PWRcell system equipment, and continues to represent solar energy companies who have suffered damages as a result of issues with PWRcell systems that the companies installed on customer homes.

“While a myriad of law firms have emerged to seek justice for Generac stockholders and consumers with Generac solar systems, DarrowEverett has focused solely on representing installers who have been harmed by Generac’s allegedly faulty products and misrepresentations,” said Michael Burke, Partner, and Head of DarrowEverett’s Business Litigation Practice. “As a result, we’ve developed a detailed understanding of Generac’s equipment and the nature of the issues that installers are facing, making us uniquely qualified to represent solar installers across the country who have experienced losses due to the failures of SnapRS pieces and other PWRcell components.”

Generac Power Systems (GNRC), a multi-billion dollar, publicly traded company, is facing at least one high profile lawsuit from a large, multistate installer over alleged problems with PWRcell equipment. That lawsuit was filed last August in U.S. District Court in Virginia. Generac, a longtime manufacturer of generators and energy storage equipment, recently entered the solar energy market through its acquisitions of Pika Energy and Chilicon Power.

“Not only is DarrowEverett best positioned to prosecute installer-related claims against Generac, but our vast experience in the renewable energy industry allows us to assist installers with various other legal and business issues they face due to these alleged Generac product issues,” said Douglas Otto, Partner, and DarrowEverett Business Litigation Practice Leader.

Solar companies that have experienced issues with Generac PWRcell equipment are encouraged to contact DarrowEverett at 212-335-2090.

About DarrowEverett LLP

DarrowEverett LLP is a full-service business law firm with offices in Boston, Providence, RI, New York, Nashville, Tenn., Charlotte, NC, Charleston, SC and Miami. The firm, with a team of over 70, offers a diversity of services, including banking & finance, business litigation & dispute resolution, commercial real estate, corporate & business acquisitions, energy & natural resources, environmental, government investigations, healthcare & life sciences, intellectual property & technology, labor & employment, private equity, capital markets & securities, private wealth services, regulatory & compliance, restructuring, and tax. In addition, DarrowEverett serves a wide range of domestic & international publicly traded & privately held companies, and nonprofit organizations. To learn more, visit www.darroweverett.com.

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Chad Gottlieb
Partner, Chief Growth Officer
(305) 686-5159
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