The series of evolving collectibles can offset up to 28 tons of carbon

SAN FRANCISCO--(BUSINESS WIRE)--#NFT--Ecosapiens, a platform that offers tools for people to make a positive impact on the planet, has launched its first season of carbon offsetting digital collectibles, starting with its inaugural collectible, called a Chrysalis. The limited-series, free-to-mint Chrysalises were awarded to Ecosapiens’ 350 community members that completed the most planet-friendly tasks, and will act as a pass that enables those users to mint its namesake alpha collection – the world’s first carbon-backed collectibles, which effectively cancel out the average American’s carbon footprint for an entire year.

The Ecosapiens alpha collection will be launched on March 1 and will consist of 350 unique assets, each representing the ability to offset 16 tons of carbon emissions. Through the platform’s novel Impact-to-Earn model, owners can ‘evolve’ their Ecosapiens every week for eight consecutive weeks after the initial mint by purchasing upgrades. For $100 worth of ETH, owners can offset an additional two tons of carbon and evolve their Ecosapiens to become more artistically intricate and rare. A fully leveled-up Level 7 Ecosapien offsets a whopping 28 tons of carbon, and holders will automatically gain access to the Greenlist for the beta test and all future drops, be eligible for automatic airdrops, receive exclusive invites to events like conferences and dinner with the founders, and be able to join a gated chat in the Discord with other Level 7 holders.

Ecosapiens aims to make sustainable practices easier to access and to facilitate meaningful environmental impact. Ecosapiens was co-founded by mixed media sculpture artist Garret Kane and climate tech expert Nihar Neelakanti, who left his job at the prestigious venture capital firm Menlo Ventures to build this passion project.

“This project was fueled by my experience growing up on the west coast, where I watched wildfires grow larger and more frequent over the years,” said Nihar Neelakanti, Co-Founder and CEO of Ecosapiens. “Honestly, it was terrifying – and my peers and I felt like there wasn’t anything we could individually do about it. Through Ecosapiens, I hope to provide a truly productive outlet for the climate anxiety so many of us are feeling.”

Ecosapiens are more than a stagnant piece of digital art, their bodies subtly breathe, and the plants, minerals, and fungi that grow inside and among them oscillate, serving as a tribute to the significance of breath and the preservation of our atmosphere. Through their unique design and symbolism, Ecosapiens serve as a reminder of the importance of protecting and preserving the natural world for future generations.

“We’ve designed every one-of-one Ecosapien to evolve with each boost in carbon captured, becoming more intricate and beautiful each time,” said Garret Kane, Co-Founder and Chief Creative Officer of Ecosapiens. “Our team sees art as a tool for activism. Ecosapiens uses the reward of unique art collectibles and NFT rarity as a motivation for getting involved in caring for and healing the planet.”

The alpha collection sources its carbon credits from KOKO Kenya Tropical Forest Protection. KOKO is working to replace the use of charcoal, a major contributor to deforestation, with sustainable bioethanol cooking fuel through a network of self-service fuel stations. By providing an alternative to charcoal stoves, KOKO's affordable technology promotes the use of clean energy and efficient appliances, reducing the risk of respiratory diseases and protecting forests from being cleared. This accessible option has already benefited more than 2.5 million Kenyans, including a significant portion of households in Nairobi.

Ecoportal is the central hub for minting, upgrading and viewing carbon balance and credits, and exploring the climate projects that users support by owning an Ecosapien. Check out ecosapiens.xyz to learn more or to mint your own Ecosapien today.

About Ecosapiens

Ecosapiens is a Web3 platform that provides ways for individual people to make a positive impact on the planet, beginning with a perpetual carbon capture digital collectible series, through which reforestation projects are funded. The platform’s namesake collection, Ecosapiens, represents a new iteration of the human species that is more connected to and thoughtful about its impact on the planet. Key Ecosapiens investors include Boost Ventures, Slow Ventures, Menlo Ventures, Alumni Ventures and Charles River Ventures. Follow Ecosapiens on Twitter and Instagram and join us on Discord.

Ally Norton
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ORANGE, Conn.--(BUSINESS WIRE)--AVANGRID, Inc. (NYSE:AGR) posted its fourth quarter & full year 2022 earnings release and presentation in the Investors section of the Company’s website. Interested parties can access using the following link: www.avangrid.com.

In conjunction with the earnings release, AVANGRID will conduct a webcast conference call with financial analysts on Wednesday, February 22, 2023, beginning at 10:00 A.M. ET. AVANGRID’s Executive team will present an overview of the financial results followed by a question and answer session.

Interested parties, including analysts, investors and the media, may listen to a live audio-only webcast by accessing a link located in the Investors section of AVANGRID’s website at http://www.avangrid.com.

About AVANGRID: AVANGRID, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $40 billion in assets and operations in 24 U.S. states, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs more than 7,000 people and has been recognized by JUST Capital in 2021 and 2022 as one of the JUST 100 companies – a ranking of America’s best corporate citizens. In 2022, AVANGRID ranked second within the utility sector for its commitment to the environment and the communities it serves. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2022 for the fourth consecutive year by the Ethisphere Institute. For more information, visit www.avangrid.com.

Analysts: Alvaro Ortega 207-629-7412
Media: Kim Harriman 203-343-4481

High School and University Students to Compete for $20,000 in Prizes in Water Innovation Challenge

WASHINGTON--(BUSINESS WIRE)--#LetsSolveWater--Global water technology company Xylem (NYSE:XYL) is calling on students worldwide to join its mission of solving water challenges by signing up to the 2023 Global Student Innovation Challenge. The initiative invites high school and university students between the ages of 13 and 25 to compete for prizes by developing innovative solutions to the world's top water challenges. The registration deadline for this year’s challenge is March 1.

“From devastating storms and floods to droughts and pollutants, local communities and economies everywhere are feeling the impacts of escalating water challenges,” said Patrick Decker, President and Chief Executive Officer at Xylem. “By engaging students and fostering innovation, we have the power to turn the tide on the global water crisis. Our Student Innovation Challenge is an opportunity to bring together the brightest young minds from around the world and tap into their shared passion for innovation to help us shape a brighter future.”

Under the initiative, which is part of Xylem’s global youth program Xylem Ignite, students and their teams can win cash prizes for their project while receiving support from leading water sector experts. Students compete in either high school or university categories, with $5,000 awarded to the top project in each.

The 2023 challenges are focused on: The Water Impact of Green Hydrogen Production, Awareness to Action, Waterways Pollution Prevention Using Data Science, and Water-Energy-Emissions Nexus in Buildings. The deadline for project submissions is April 22, and the winners will be announced later this summer.

Last year, more than 800 high school and university students from more than 50 countries participated. Team SWiFT from Santa Clara, California, was awarded the 2022 grand prize in the high school category for their project to improve the life span of hand-powered water pumps which are commonly used to access water in rural communities.

Team AquaFlo from Canada won the 2022 grand prize in the university category for their design of two technical solutions to notify users when a water hand pump is out of service. Their concepts included a mobile app and an automated message service system.

“The students that have come through the Xylem Global Student Innovation Challenge are some of the best and brightest,” said Austin Alexander, Vice President, Sustainability and Social Impact at Xylem. “Their ideas have the potential to transform the impact of water on our society. We’re privileged to be able to nurture and encourage their talent so that future generations can benefit from their innovative thinking and ideas.”

To learn more and to register for Xylem’s Global Student Innovation Challenge visit innovationchallenge.xylem.com.

About Xylem

Xylem (XYL) is a leading global water technology company committed to solving critical water and infrastructure challenges with innovation. Our more than 17,000 diverse employees delivered revenue of $5.5 billion in 2022. We are creating a more sustainable world by enabling our customers to optimize water and resource management, and helping communities in more than 150 countries become water-secure. Join us at www.xylem.com.

Houston Spencer, Xylem
+1 (914) 240-3046
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MIDLAND, Texas--(BUSINESS WIRE)--ProPetro Holding Corp. ("ProPetro" or "the Company") (NYSE: PUMP) today announced financial and operational results for the fourth quarter and full year of 2022.

Full Year 2022 Results

• Full year 2022 revenue of $1.3 billion, a 46% increase versus 2021.
• Net income of $2 million for the full year 2022, as compared to a net loss of $54 million in 2021.
• Full year 2022 Adjusted EBITDA⁽¹⁾ of $317 million, an increase of 134% versus 2021, with Adjusted EBITDA margins increasing from 15% to 25%.

Fourth Quarter 2022 Results and Highlights

• Fourth quarter revenue increased 5% to $349 million compared to $333 million for the prior quarter.
• Fourth quarter net income of $13 million, or $0.12 per diluted share, compared to net income of $10 million, or $0.10 per diluted share, for the prior quarter.
• Fourth quarter Adjusted EBITDA⁽¹⁾ decreased 7% to $84 million or 24% of revenues, compared to $90 million or 27% of revenues for the prior quarter.
• Fourth quarter effective utilization was 14.5 fleets compared to 14.8 fleets for the prior quarter.
• Fourth quarter net cash provided by operating activities of $125 million as compared to $72 million for the prior quarter.
• Fourth quarter Free Cash Flow⁽²⁾ was approximately $15 million as compared to negative Free Cash Flow of approximately $26 million for the prior quarter.
• Completed the acquisition of Silvertip Completion Services Operating, LLC ("Silvertip"), a Permian Basin-focused provider of wireline perforating and pumpdown services, on November 1, 2022.
• During the quarter, the Company ordered two additional electric hydraulic fracturing fleets (for a total of four fleets to be delivered in 2023) and completed its first long-term contract for the new electric offering.

Sam Sledge, Chief Executive Officer, commented, “The fourth quarter was an exciting end to a transformational year for ProPetro. Thanks to the hard work of our team throughout 2022, we improved profitability, executed a disciplined approach to asset deployment, and successfully pursued accretive growth, strengthening our business and positioning the Company for more sustained, long-term success. We have significantly advanced our strategy to industrialize the business, and are confident that ProPetro is well-positioned to execute on the many value-enhancing opportunities ahead in 2023 and beyond.”

David Schorlemer, Chief Financial Officer, commented, “2022 was a significant investment year for ProPetro in which we recapitalized our fleet, made important progress in transitioning to over 35% natural gas-burning equipment and executed an accretive transaction with Silvertip, all while protecting our liquidity. Despite a fourth quarter impacted by weather, holiday-related seasonality and the strategic repositioning of certain fleets, for the full year we were proud to deliver a revenue increase of 46%, an Adjusted EBITDA increase of 134% and an Adjusted EBITDA margin increase of 930 basis points as compared to the prior year.”

Fourth Quarter 2022 Financial Summary

Revenue was $349 million, compared to $333 million for the third quarter of 2022. Despite the Company's slight decrease in utilization, the increase in revenue is attributable to pricing increases and added revenue from Silvertip.

Cost of services, excluding depreciation and amortization of approximately $34 million, increased to $243 million from $224 million during the third quarter of 2022. The increase was also attributable to the Silvertip acquisition, additional strategic supply chain purchases, and cost inflation across all of our service lines in the fourth quarter of 2022.

General and administrative expense of $27 million decreased from $28 million in the third quarter of 2022. General and administrative expense excluding non-recurring expense (net) of $5 million relating to legal settlement and expenses (net of insurance recovery), stock-based compensation of $4 million, and other non-recurring expenses of $1 million was $22 million, or 6% of revenue, which is flat compared to the third quarter of 2022.

Net income totaled $13 million, or $0.12 per diluted share, compared to net income of $10 million, or $0.10 per diluted share, for the third quarter of 2022.

Adjusted EBITDA decreased to $84 million from $90 million for the third quarter of 2022. The decrease in Adjusted EBITDA was primarily attributable to our decreased utilization caused by our fleet repositioning efforts, and the combination of holiday seasonality and weather impacts, and the costs of activating our 15th fleet.

Liquidity and Capital Spending

As of December 31, 2022, we had cash and cash equivalents of $89 million and borrowings under our ABL Credit Facility were $30 million. Total liquidity at the end of the fourth quarter of 2022 was $155 million, which included cash and cash equivalents and available borrowing capacity under our ABL Credit Facility.

As of February 20, 2023, borrowings under the Company's ABL Credit Facility were $30 million and our total liquidity was approximately $143 million, consisting of cash and cash equivalents of $35 million and $107 million of availability under our ABL Credit Facility.

Capital expenditures incurred during the fourth quarter of 2022 were $89 million, the majority of which related to maintenance expenditures, our previously announced Tier IV DGB conversions, and approximately $18 million in strategic supply chain purchases of fixed asset inventory items. Net cash used in investing activities during the fourth quarter of 2022 was $110 million.

Guidance and Recent Results

ProPetro’s outlook for full year 2023 cash capital expenditures is expected to be between $250 million and $300 million, a reduction compared to 2022. The Company anticipates that ongoing fleet revitalization and strategic investments will continue to provide value for ProPetro’s shareholders.

Additionally, based on its current outlook for the first quarter of 2023, ProPetro anticipates frac fleet utilization ranging between 14.5 to 15.5 fleets.

In January of 2023, despite some weather impacts and running only 14 fleets for the majority of the month, the Company generated revenues of $136 million and incurred cost of services of $88 million, and general and administrative costs of $8 million, exclusive of stock-based compensation and other non-recurring items of approximately $2 million. Importantly, we now have our 15th frac fleet operational today and expect full year utilization to average between 15 and 16 fleets.

These preliminary results are subject to the completion of the customary quarterly and year-end closing and review process and may be subject to change after completion of the year-end audit. See Cautionary Statement Regarding Preliminary Financial Information below.

Outlook

Mr. Schorlemer added, “As we proceed in 2023, we expect that demand for our services will remain robust. Thanks to the work undertaken in the fourth quarter to reposition and reprice our assets, we began 2023 strong. We believe our January performance is a strong baseline and expect to build upon that momentum as we move through the balance of 2023.”

Mr. Sledge concluded, “We are encouraged by our early 2023 results and the opportunities ahead for ProPetro. We continue to transition our fleet and remain disciplined with regard to capital deployment, both of which will allow us to advance our position as a leading completions-focused oilfield services company. At the same time, we are taking actions to ensure that ProPetro is positioned to meet head-on any broader industry headwinds that may arise. Moving forward, we are confident ProPetro is well-positioned to capitalize on a large and attractive market opportunity within the Permian Basin and drive enhanced returns for our shareholders in what we believe should be a multi-year up-cycle. We remain focused on the pillars of our strategy: optimizing our businesses, transitioning our fleet and executing strategic transactions to accelerate Free Cash Flow.”

Conference Call and Other Information

The Company will host a conference call at 8:00 AM Central Time on February 22, 2023, to discuss financial and operating results for the fourth quarter of 2022. The call will also be webcast on ProPetro’s website at www.propetroservices.com. To access the conference call, U.S. callers may dial toll free 1-844-340-9046 and international callers may dial 1-412-858-5205. Please call ten minutes ahead of the scheduled start time to ensure a proper connection. A replay of the conference call will be available for one week following the call and can be accessed toll free by dialing 1-877-344-7529 for U.S. callers, 1-855-669-9658 for Canadian callers, as well as 1-412-317-0088 for international callers. The access code for the replay is 8212202. The Company has also posted the scripted remarks on its website.

About ProPetro

ProPetro Holding Corp. is a Midland, Texas-based oilfield services company providing innovative completion services to leading upstream oil and gas companies engaged in the exploration and production of North American oil and natural gas resources. For more information visit www.propetroservices.com.

Forward-Looking Statements

Except for historical information contained herein, the statements and information in this news release and discussion in the conference call described above are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Statements that are predictive in nature, that depend upon or refer to future events or conditions or that include the words “may,” “could,” “plan,” “project,” “budget,” “predict,” “pursue,” “target,” “seek,” “objective,” “believe,” “expect,” “anticipate,” “intend,” “estimate,” and other expressions that are predictions of, or indicate, future events and trends and that do not relate to historical matters identify forward‑looking statements. Our forward‑looking statements include, among other matters, statements about our business strategy, industry, future profitability, expected fleet utilization, sustainability efforts, the future performance of newly improved technology, expected capital expenditures and the impact of such expenditures on our performance and capital programs. A forward‑looking statement may include a statement of the assumptions or bases underlying the forward‑looking statement. We believe that we have chosen these assumptions or bases in good faith and that they are reasonable.

Although forward‑looking statements reflect our good faith beliefs at the time they are made, forward-looking statements are subject to a number of risks and uncertainties that may cause actual events and results to differ materially from the forward-looking statements. Such risks and uncertainties include the volatility of oil prices, the operational disruption and market volatility resulting from the global macroeconomic uncertainty related to the Russia-Ukraine war, general economic conditions, including the impact of continued inflation and the risk of a global recession, and other factors described in the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, particularly the “Risk Factors” sections of such filings, and other filings with the Securities and Exchange Commission (the “SEC”). In addition, the Company may be subject to currently unforeseen risks that may have a materially adverse impact on it, including matters related to shareholder litigation. Accordingly, no assurances can be given that the actual events and results will not be materially different than the anticipated results described in the forward-looking statements. Readers are cautioned not to place undue reliance on such forward-looking statements and are urged to carefully review and consider the various disclosures made in the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other filings made with the SEC from time to time that disclose risks and uncertainties that may affect the Company’s business. The forward-looking statements in this news release are made as of the date of this news release. ProPetro does not undertake, and expressly disclaims, any duty to publicly update these statements, whether as a result of new information, new developments or otherwise, except to the extent that disclosure is required by law.

Cautionary Statement Regarding Preliminary Financial Information

The financial information for the month of January 2023 contained in this news release and discussed in the conference call described above is based upon information available to the Company as of the date hereof and is not a comprehensive statement of the Company’s financial results. Such information is preliminary and unaudited. The Company’s completed results to be reported for the full three months ended March 31, 2023 may differ materially from these preliminary results. Moreover, during the course of the preparation of the Company’s condensed consolidated financial statements and related notes to be included in the Company’s Quarterly Report on Form 10-Q for the three months ended March 31, 2023, adjustments related to the preliminary financial information presented herein may be identified. Any such adjustments may be material.

Reportable Segment Information

Non-GAAP Financial Measures

We define EBITDA as net income (loss) less (i) depreciation and amortization, (ii) interest expense and (iii) income tax expense (benefit). We define Adjusted EBITDA as EBITDA, plus (i) loss (gain) on disposal of assets, (ii) stock-based compensation, (iii) other expense (income), (iv) other general and administrative expense (net) and (v) severance expense. We define Free Cash Flow as net cash provided by operating activities less net cash used in investing activities. Adjusted EBITDA and Free Cash Flow are not financial measures presented in accordance with GAAP. We believe that the presentation of these non-GAAP financial measures provide useful information to investors in assessing our financial condition and results of operations. Net income (loss) is the GAAP measure most directly comparable to Adjusted EBITDA, and net cash provided by operating activities is the GAAP measure most directly comparable to Free Cash Flow. Non-GAAP financial measures should not be considered as alternatives to the most directly comparable GAAP financial measures. Non-GAAP financial measures have important limitations as analytical tools because they exclude some, but not all, items that affect the most directly comparable GAAP financial measures. You should not consider Adjusted EBITDA or Free Cash Flow in isolation or as a substitute for an analysis of our results as reported under GAAP. Because Adjusted EBITDA and Free Cash Flow may be defined differently by other companies in our industry, our definitions of these non-GAAP financial measures may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.

Reconciliation of Net Income (Loss) to Adjusted EBITDA

Investor Contacts:
David Schorlemer
Chief Financial Officer
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432-227-0864

Matt Augustine
Director, Corporate Development and Investor Relations
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432-848-0871

LOWELL, Ark.--(BUSINESS WIRE)--J.B. Hunt Transport Services, Inc. (NASDAQ: JBHT) Chief Executive Officer John Roberts, and Executive Vice President and President of Intermodal Darren Field will address the Raymond James 44th Annual Institutional Investors Conference at 7:30 a.m. eastern time on Wednesday, March 8, 2023. Investors may access the live presentation by visiting the Events and Presentations section of our Investor Relations website. A presentation replay will also be available on the Investor Relations site following the event.

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

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

About J.B. Hunt

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

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

U.S. Senate Majority Leader Charles E. Schumer, Congressman Joseph Morelle and state officials to attend

TORONTO--(BUSINESS WIRE)--Li-Cycle Holdings Corp. (“Li-Cycle”or the “Company”) (NYSE: LICY), an industry leader in lithium-ion battery resource recovery and the leading lithium-ion battery recycler in North America, today announced that it plans to hold an event on Monday, February 27, 2023 to announce significant news regarding its flagship Rochester Hub facility.

The Rochester Hub, which is on track to start commissioning in late 2023, is expected to be the first commercial hydrometallurgical battery resource recovery facility and the first source of recycled battery-grade lithium carbonate production in North America.

Brief remarks will be made by Li-Cycle’s co-founder and CEO, Ajay Kochhar, Li-Cycle leadership team members, and government officials who will be visiting the site. The event will include remarks from U.S. Senate Majority Leader Charles E. Schumer and Congressman Joseph Morelle.

Rochester Hub Video 
Li-Cycle recently posted a new video regarding the progress at the Rochester Hub, available here.

About Li-Cycle Holdings Corp. 
Li-Cycle (NYSE: LICY) is on a mission to leverage its innovative Spoke & Hub Technologies™ to provide a customer-centric, end-of-life solution for lithium-ion batteries, while creating a secondary supply of critical battery materials. Lithium-ion rechargeable batteries are increasingly powering our world in automotive, energy storage, consumer electronics, and other industrial and household applications. The world needs improved technology and supply chain innovations to better manage battery manufacturing waste and end-of-life batteries and to meet the rapidly growing demand for critical and scarce battery-grade raw materials through a closed-loop solution. For more information, visit https://li-cycle.com/.

Forward-Looking Statements 

Certain statements contained in this press release may be considered “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the U.S. Securities Act of 1933, as amended, Section 21 of the U.S. Securities Exchange Act of 1934, as amended, and applicable Canadian securities laws. Forward-looking statements may generally be identified by the use of words such as “believe”, “may”, “will”, “continue”, “anticipate”, “intend”, “expect”, “should”, “would”, “could”, “plan”, “potential”, “future”, “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. Forward-looking statements in this press release include but are not limited to statements about the expectation that Rochester Hub is on track to start commissioning in late 2023 and is expected to be the first commercial hydrometallurgical battery resource recovery facility and the first source of recycled battery-grade lithium carbonate production in North America. These statements are based on various assumptions, whether or not identified in this press release, made by Li-Cycle management, including but not limited to assumptions regarding the timing, scope and cost of Li-Cycle projects; the processing capacity and production of Li-Cycle facilities; Li-Cycle’s ability to source feedstock and manage supply chain risk; Li-Cycle’s ability to increase recycling capacity and efficiency; Li-Cycle’s ability to obtain financing on acceptable terms; Li-Cycle’s ability to retain and hire key personnel and maintain relationships with customers, suppliers and other business partners; general economic conditions; currency exchange and interest rates; compensation costs; and inflation. There can be no assurance that such assumptions will prove to be correct and, as a result, actual results or events may differ materially from expectations expressed in or implied by the forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Li-Cycle and are not guarantees of future performance. Li-Cycle believes that these risks and uncertainties include, but are not limited to, the following: Li-Cycle’s inability to economically and efficiently source, recover and recycle lithium-ion batteries and lithium-ion battery manufacturing scrap, as well as third party black mass, and to meet the market demand for an environmentally sound, closed-loop solution for manufacturing waste and end-of-life lithium-ion batteries; Li-Cycle’s inability to successfully implement its global growth strategy, on a timely basis or at all; Li-Cycle’s inability to manage future global growth effectively; Li-Cycle’s inability to develop the Rochester Hub and its Spoke network in a timely manner or on budget or that those projects will not meet expectations with respect to their productivity or the specifications of their end products; Li-Cycle’s failure to materially increase recycling capacity and efficiency; Li-Cycle may engage in strategic transactions, including acquisitions, that could disrupt its business, cause dilution to its shareholders, reduce its financial resources, result in incurrence of debt, or prove not to be successful; one or more of Li-Cycle’s current or future facilities becoming inoperative, capacity constrained or if its operations are disrupted; additional funds required to meet Li-Cycle’s capital requirements in the future not being available to Li-Cycle on commercially reasonable terms or at all when it needs them; Li-Cycle expects to incur significant expenses and may not achieve or sustain profitability; problems with the handling of lithium-ion battery cells that result in less usage of lithium-ion batteries or affect Li-Cycle’s operations; Li-Cycle’s inability to maintain and increase feedstock supply commitments as well as securing new customers and off-take agreements; a decline in the adoption rate of EVs, or a decline in the support by governments for “green” energy technologies; decreases in benchmark prices for the metals contained in Li-Cycle’s products; changes in the volume or composition of feedstock materials processed at Li-Cycle’s facilities; the development of an alternative chemical make-up of lithium-ion batteries or battery alternatives; Li-Cycle’s revenues for the Rochester Hub are derived significantly from a single customer; Li-Cycle’s insurance may not cover all liabilities and damages; Li-Cycle’s heavy reliance on the experience and expertise of its management; Li-Cycle’s reliance on third-party consultants for its regulatory compliance; Li-Cycle’s inability to complete its recycling processes as quickly as customers may require; Li-Cycle being subject to the risk of litigation or regulatory proceedings; Li-Cycle’s inability to compete successfully; increases in income tax rates, changes in income tax laws or disagreements with tax authorities; significant variance in Li-Cycle’s operating and financial results from period to period due to fluctuations in its operating costs and other factors; fluctuations in foreign currency exchange rates which could result in declines in reported sales and net earnings; unfavourable economic conditions, such as consequences of the global COVID-19 pandemic; natural disasters, unusually adverse weather, epidemic or pandemic outbreaks, cyber incidents, boycotts and geo-political events; failure to protect or enforce Li-Cycle’s intellectual property; Li-Cycle may be subject to intellectual property rights claims by third parties; Li-Cycle’s failure to effectively remediate the material weaknesses in its internal control over financial reporting that it has identified or if it fails to develop and maintain a proper and effective internal control over financial reporting.

These and other risks and uncertainties related to Li-Cycle’s business and the assumptions on which the forward-looking information is based are described in greater detail in the sections entitled “Item 3D. Risk Factors” and “Item 5. Operating and Financial Review and Prospects—Key Factors Affecting Li-Cycle’s Performance” and elsewhere in its Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission and the Ontario Securities Commission in Canada on February 6, 2023.

Li-Cycle assumes no obligation to update or revise any forward-looking statements, except as required by applicable law. These forward-looking statements should not be relied upon as representing Li-Cycle’s assessment as of any date subsequent to the date of this press release.

Investor Relations
Nahla A. Azmy
Sheldon D’souza
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Press
Louie Diaz
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8.1% Reduction to Take Effect March 1, 2023

WALL, N.J.--(BUSINESS WIRE)--Today, New Jersey Natural Gas (NJNG), the principal subsidiary of New Jersey Resources (NYSE: NJR) notified the New Jersey Board of Public Utilities (BPU) it will implement a bill credit and lower the Basic Gas Supply Service (BGSS) rate for residential and small commercial customers, effective March 1, 2023. With this bill credit and rate decrease, the typical NJNG customer using 1,000 therms per year will see a savings of $129.48, or 8.1%, on their annual bill.

“We never stop working to meet our customers’ expectations for safe, reliable service at a reasonable cost,” said Steve Westhoven, President and CEO of New Jersey Natural Gas. “Following a period of volatility and higher natural gas costs, we are pleased to see prices come down and to pass these savings on to our customers. We will continue to monitor market conditions and use our expertise to manage costs and provide savings to our customers whenever possible.”

The bill credit, totaling $34.6 million, is a one-time reduction that will be in effect March 1, 2023 to March 31, 2023. The typical residential heat customer using 134.3 therms during the month of March 2023 will see a savings of $67.88 on their upcoming natural gas bill.

NJNG is also reducing its BGSS rate by $0.0616 per therm. This represents an annual savings of $61.60 on a typical customers’ annual bill. NJNG does not earn a return on the cost of natural gas used to serve its customers. This bill credit and rate decease does not affect NJNG’s profitability.

NJNG is able to provide this bill credit and rate reduction due to recent lower wholesale natural gas prices, anticipated rate case refunds from interstate pipelines and the company’s supply management strategies.

Even with this bill credit and rate decrease, NJNG recognizes many customers may still be struggling to pay their energy bills and has resources to help. Any customer who is having trouble paying their bills should contact NJNG to learn about available Energy Assistance programs that can provide needed relief, such as deferred payment arrangements, budget plans, utility bill payment assistance, one-time grants and low- or no-cost energy efficiency programs to help reduce consumption and lower bills.

If you or someone you know is a NJNG utility residential customer in need of assistance, call 800-221-0051 and say "energy assistance" at the prompt to speak with an NJNG customer service representative or email us at This email address is being protected from spambots. You need JavaScript enabled to view it..

About New Jersey Resources

New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR is composed of five primary businesses:

• New Jersey Natural Gas, NJR’s principal subsidiary, operates and maintains over 7,700 miles of natural gas transportation and distribution infrastructure to serve more than 570,000 customers in New Jersey’s Monmouth, Ocean, Morris, Middlesex and Burlington counties.
• NJR Clean Energy Ventures invests in, owns and operates solar projects with a capacity of more than 430 megawatts, providing residential and commercial customers with low-carbon solutions.
• NJR Energy Services manages a diversified portfolio of natural gas transportation and storage assets and provides physical natural gas services and customized energy solutions to its customers across North America.
• Storage & Transportation serves customers from local distributors and producers to electric generators and wholesale marketers through its ownership of Leaf River Energy Center and the Adelphia Gateway Pipeline, as well as our 50 percent equity ownership in the Steckman Ridge natural gas storage facility.
• NJR Home Services provides service contracts as well as heating, central air conditioning, water heaters, standby generators, solar and other indoor and outdoor comfort products to residential homes throughout New Jersey.

NJR and its more than 1,300 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve^® and initiatives such as The SAVEGREEN Project^® and The Sunlight Advantage^®. For more information about NJR:

www.njresources.com.
Follow us on Twitter @NJNaturalGas.
“Like” us on facebook.com/NewJerseyNaturalGas.

Media:
Mike Kinney
732-938-1031
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Investor:
Adam Prior
732-938-1145
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HOUSTON--(BUSINESS WIRE)--Tidewater Inc. (NYSE: TDW) (“Tidewater” or the “Company”) announced today an earnings conference call has been scheduled for Tuesday, February 28, 2023, at 8:00 a.m. Central Time, during which President and Chief Executive Officer Quintin Kneen will discuss results for the three months ending December 31, 2022.

Investors and interested parties may listen to the earnings conference call via telephone by calling +1.888.770.7135 if calling from the U.S. or Canada (+1.929.203.0820 if calling from outside the U.S.) and provide Conference ID: 2444624 prior to the scheduled start time. A live webcast of the call will also be available in the Investor Relations section of Tidewater’s website at investor.tdw.com.

A replay of the conference call will be available beginning at 11:00 a.m. Central Time on February 28, 2023, and will continue until 11:59 p.m. Central Time on March 28, 2023. To access the reply, access the Investor Relations section of Tidewater’s website at investor.tdw.com.

The conference call will contain forward-looking statements in addition to statements of historical fact. The actual achievement of any forecasted results or the unfolding of future economic or business developments in a way anticipated or projected by the Company involves numerous risks and uncertainties that may cause the Company’s actual performance to be materially different from that stated or implied in the forward-looking statements. Such risks and uncertainties include, among other things, risks associated with the general nature of the oilfield service industry and other factors discussed within the “Risk Factors” section of Tidewater’s most recent Forms 10-Q and 10-K.

Tidewater owns and operates the largest fleet of offshore support vessels in the industry, with 65 years of experience supporting offshore energy exploration, production and offshore wind activities worldwide. To learn more, visit www.tdw.com.

West P. Gotcher
Vice President Finance & Investor Relations
+1.713.470.5285
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BRYN MAWR, Pa.--(BUSINESS WIRE)--The board of directors of Essential Utilities Inc. (NYSE: WTRG) today declared a quarterly cash dividend of $0.2870 per share, payable June 1, 2023, to all shareholders of record on May 12, 2023.

The June 2023 dividend payment of $0.2870 per share represents a $0.0188, or 7% increase over the June 2022 dividend payment of $0.2682 per share. Essential Utilities has paid consecutive quarterly cash dividends for 78 years and has increased the dividend 32 times in the last 31 years.

About Essential
Essential Utilities, Inc. (NYSE: WTRG) delivers safe, clean, reliable services that improve quality of life for individuals, families, and entire communities. With a focus on water, wastewater and natural gas, Essential is committed to sustainable growth, operational excellence, a superior customer experience, and premier employer status. We are advocates for the communities we serve and are dedicated stewards of natural lands, protecting more than 7,600 acres of forests and other habitats throughout our footprint.

Operating as the Aqua and Peoples brands, Essential serves approximately 5.5 million people across 10 states. Essential is one of the most significant publicly traded water, wastewater service and natural gas providers in the U.S. Learn more at www.essential.co.

WTRGF

Media Contact:
Jeanne Russo
Vice President, Communications
Media Hotline: 1.877.325.3477
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Investor Contact:
Brian Dingerdissen
Vice President, IR and Treasurer
O: 610.645.1191
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THE WOODLANDS, Texas--(BUSINESS WIRE)--Excelerate Energy, Inc. (NYSE: EE) (the “Company” or “Excelerate”) will release its fourth quarter and full year 2022 results on Monday, March 27, 2023, following the close of U.S. financial markets. The earnings release and presentation for the fourth quarter 2022 results will be available on the investor page of the Company’s website at www.excelerateenergy.com.

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

ABOUT EXCELERATE ENERGY

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

Investors
Craig Hicks
Excelerate Energy
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Media
Stephen Pettibone / Frances Jeter
FGS Global
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Co-hosted with Southern California Edison, the event will provide natural refrigerant technician training from multiple manufacturers and industry experts

MILL VALLEY, Calif.--(BUSINESS WIRE)--#NatRefTraining--The North American Sustainable Refrigeration Council (NASRC), a 501(c)(3) environmental nonprofit working to advance climate-friendly natural refrigerants in supermarkets, today announced the first-ever Natural Refrigerant Training Summit in Irwindale, California April 4 – 6, 2023. Created for refrigeration technicians of all experience levels, the event is free to attend and will offer comprehensive training on the latest natural refrigerant technologies.

The summit was inspired by NASRC’s Workforce Development Assessment Report recommendations, which outlined the commercial refrigeration industry’s increasingly critical technician shortage. Published in January 2023, the report proposed data-driven solutions to improve technician recruitment, training, and retention to grow the workforce.

“A key takeaway from our workforce development assessment was the need to increase training opportunities and prepare technicians for the transition to climate-friendly refrigerants,” said Danielle Wright, executive director of NASRC. “The goal of this event is to provide convenient, comprehensive, and relevant training for technicians to ensure their ongoing success in the future.”

Leading industry experts and manufacturers will provide concurrent training sessions on CO2 fundamentals, CO2 installation, maintenance and troubleshooting, CO2 case controllers, propane (R-290) self-contained cases, and micro-distributed systems. For a complete list of training providers and up-to-date program information, visit nasrc.org/training.

While the training portion of the event is open to refrigeration technicians, local HVACR students are invited to participate in a networking session on April 4 to increase exposure to natural refrigerant technologies and build industry connections.

The training summit is offered free of charge thanks to the generous support of premium event sponsors: AHT Cooling Systems USA, BITZER US, CAREL USA, Climate Pros, CoolSys, Emerson, Hillphoenix, Parker Sporlan, Piping Industry Progress & Education (PIPE), and The Arcticom Group.

Register for the free Natural Refrigerant Training Summit.

About the North American Sustainable Refrigeration Council

The North American Sustainable Refrigeration Council (NASRC) is a 501(c)(3) environmental nonprofit working to advance climate-friendly natural refrigerants and reduce greenhouse gas emissions caused by traditional HFC refrigerants. We collaborate with stakeholders from across the industry, including over 51,000 food retail locations, to eliminate the barriers to natural refrigerants in supermarkets. For more information, visit nasrc.org, LinkedIn, Twitter and YouTube.

Media Contact
Morgan Smith
North American Sustainable Refrigeration Council
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585-217-2254

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

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

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

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

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

About Cummins Inc.

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

Forward-looking disclosure statement

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

Jon Mills
Cummins Inc.
Director, External Communications
317-658-4540
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MADISON, Wis.--(BUSINESS WIRE)--MGE Energy, Inc. (Nasdaq: MGEE), today reported financial results for the fourth quarter of 2022 and for the full year of 2022.

MGE Energy's earnings for the full year of 2022 were $111.0 million, or $3.07 per share, compared to $105.8 million, or $2.92 per share, for the same period in the prior year.

MGE's investments in new, cost-effective, and carbon-free renewable generation are helping to fuel the Company's asset growth. These investments are steps toward achieving 80% carbon reduction by 2030, from 2005 levels, and net-zero carbon electricity by 2050. The Badger Hollow I solar project was completed in November 2021, which contributed to increased electric earnings in 2022. The second phase of the Badger Hollow (solar), Red Barn (wind), and Paris (solar) projects are expected to be completed in 2023.

MGE's new customer information system contributed to electric and gas asset growth, which drove additional earnings in 2022 compared to the prior year. The new system went live in September 2021.

During 2022, gas retail therm deliveries increased approximately 15 percent compared to the prior year, primarily due to colder weather in 2022. Gas use by commercial and industrial customers was approximately 16 percent higher during 2022 and gas residential consumption increased by approximately 14 percent.

MGE Energy's earnings for the fourth quarter of 2022 were $21.1 million, or 58 cents per share, compared to $13.1 million, or 36 cents per share, for the same period in the prior year. This increase is primarily due to increased earnings from the growth of electric and gas asset base and the timing of costs in 2021. Fourth quarter earnings were lower in 2021 due to the timing of when 2021 depreciation and other operations and maintenance costs were collected in rates and when the costs were incurred. Significant capital projects were placed in service near the end of 2021.

About MGE Energy

MGE Energy is a public utility holding company. Its principal subsidiary, Madison Gas and Electric, generates and distributes electricity to 161,000 customers in Dane County, Wis., and purchases and distributes natural gas to 173,000 customers in seven south-central and western Wisconsin counties. MGE's roots in the Madison area date back more than 150 years.

Forward-looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements are based on MGE Energy's current expectations, estimates and assumptions regarding future events, which are inherently uncertain. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to revise or update publicly any such forward-looking statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to our business in general, please refer to the “Risk Factors” sections in our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission.

Steve B. Schultz
Corporate Communications Manager
608-252-7219 | This email address is being protected from spambots. You need JavaScript enabled to view it.

Ken Frassetto
Investor Relations
608-252-4723 | This email address is being protected from spambots. You need JavaScript enabled to view it.

HOUSTON--(BUSINESS WIRE)--$PSX--Mark Lashier, President and CEO of Phillips 66 (NYSE: PSX), and Jeff Dietert, Vice President of Investor Relations, will speak at the 51^st Annual Scotia Howard Weil Energy Conference on Tuesday, March 7, 2023, at 9:30 a.m. ET.

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

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

About Phillips 66

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

Jeff Dietert (investors)
832-765-2297
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Owen Simpson (investors)
832-765-2297
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Thaddeus Herrick (media)
855-841-2368
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• The two investors have partnered with EO to back its growth plans and vision of becoming the global leader in EV fleet charging

• EO serves some of the world’s largest fleet operators, including Amazon, DHL, Go-Ahead, and Tesco, and ranked 45 on the Financial Times’ FT1000 list of Europe’s fastest-growing companies in 2022

LONDON--(BUSINESS WIRE)--EO Charging, a leading provider of electric vehicle (EV) charging solutions for fleets, has today announced it has secured approximately US$ 80 million in equity investment from Vortex Energy, a leading energy transition investment firm, and Zouk Capital, a private equity and infrastructure fund manager, to accelerate its growth plans and global expansion strategy. The two investors are coming together in a partnership that will support EO’s path towards global leadership in EV fleet charging as zero-emission transportation adoption accelerates.

Founded in 2014 by entrepreneur Charlie Jardine, EO is focused on smart charging solutions for electric car, van, truck and bus fleets. Its unique end-to-end solutions offer customers everything they need to transition to electric at scale and pace, no matter the size of their fleet - from smart fleet consultations, AC and DC hardware and cloud-based management software to depot installations, grid connections, and 24/7/365 operations and maintenance service.

The British company plans to further expand its fleet charging solutions business in North America and across Europe, whilst maintaining its position as leader in the fast-developing UK market.

Charlie Jardine, Founder and CEO of EO Charging, said: “We’re super excited to welcome Vortex Energy as our new growth investor alongside our long-term and trusted partner, Zouk Capital. The combined knowledge, international experience, and funding capacity will accelerate our growth, expand geographic reach, and drive innovation to deliver an ever-advancing suite of solutions to our customers not only in the UK and Europe but in fast-growing markets like North America.”

In 2022, EO launched its latest generation of EV chargers, the EO Genius 2 and EO Mini Pro 3, and most recently announced it has created a new multi-source financing and services platform, MOBILITe. The new initiative will help fleets accelerate EV adoption via a fixed-price as-a-service solution, eliminating upfront capital investment while optimising EV savings.

“The transition to electric vehicles remains one of the most pressing challenges of our generation. Businesses everywhere are under pressure to move to a zero-emission fleet fast and require innovative solutions and trusted suppliers. EO has quickly established itself a leadership position in this emerging space. We have the funding and service offering to develop that leadership on a global scale as the market continues to grow and grow. I’m confident EO is in a strong position for 2023 and beyond,” Jardine continued.

Vortex Energy is a global energy transition investment firm. It launched Vortex Energy IV in 2021 to target all energy transition verticals, including generation, energy storage, EV charging facilities, as well as supply and demand-side energy services across international markets, which saw it invest to date c. €300m in Ignis Energia to fund growth plans and transform Ignis into a fully integrated renewable IPP in Spain and other geographies.

Karim Moussa, CEO of Vortex Energy, commented, “EV charging is a fascinating transformational industry. Major investments in charging infrastructure are needed to pave the way for a carbon-neutral world. Vortex is extremely happy to have partnered with EO as one of the leading providers of charging solutions in Europe. We are highly committed to supporting EO’s growth path alongside Zouk Capital, a reputable partner with a stellar track record”.

This latest round of fundraising was led by Zouk Capital, one of the UK’s leading investors in EV charging, which has been working with EO since 2018. Zouk is particularly experienced in investing and scaling electric vehicle charging infrastructure and manages the UK Treasury’s £420m Charging Infrastructure Investment Fund (CIIF).

Colin Campbell, Partner at Zouk Capital, commented, “The team at Zouk is extremely happy to continue to support EO and to partner with Vortex to help further develop EO’s global leadership position in EV fleet charging. EO is an exciting company - it dominates the fleet sector, and is growing rapidly in the truck and bus sectors. It is clear that EO has a very special opportunity ahead of it as the transition to net zero accelerates.”

Over the past three years, EO has grown significantly and has now deployed over 80,000 chargers to businesses and consumers around the world, including Amazon, DHL, Uber and Tesco. In 2022, EO ranked on the Financial Times’ FT1000 list of Europe’s fastest-growing companies (#45) for the second year running.

EO Charging has been advised by Evercore (M&A) and Birketts (legal). Vortex Energy has been advised by Improved Corporate Finance (M&A), White & Case (legal) and PwC (financial and tax). Zouk Capital has been advised by Fladgate (legal).

-Ends-

Notes to Editor

About EO:

EO Charging (EO) is a global leader in electric vehicle (EV) charging that specialises in turnkey EV infrastructure solutions for commercial fleets. EO designs and manufactures its own proprietary smart charging software and hardware for fleets and homeowners, as well as offering depot design, electrical installation, grid upgrades and ongoing operations and maintenance for car, van, truck, and bus fleets.

Founded in 2014, EO’s technology is already used by many of the world’s largest fleet operators and it distributes its hardware to over 35 countries in major markets around the world.

To learn more, please visit www.EOcharging.com and follow us @EOCharging on Twitter and LinkedIn.

About Vortex Energy:

Vortex Energy was established in 2014 as an investment platform to pursue energy transition investments globally. Vortex Energy is managed by Beaufort Management, which comprises of a team of 17 international energy, infrastructure, and private equity professionals.

As of 2022, Vortex Energy, aggregated, managed and divested a substantial European portfolio of wind and solar assets (net capacities of c. 822MW operational assets). Further, Vortex Energy recently invested in Ignis Energia to build out a global c. 20GW renewable energy portfolio in Europe, the USA, LatAm, and Asia. Through its four investment vehicles, Vortex Energy has invested c. €1.6bn in energy transition, spanning (directly and indirectly) the UK, Spain, France, Portugal, Belgium, Italy, and the USA.

Currently, Vortex has its investment and asset management team working out of Abu Dhabi (ADGM), London, and Madrid.

Learn more about us at www.vortexenergy.ae

About Zouk Capital:

Zouk Capital is an infrastructure and private equity fund manager investing in the sustainable economy. Zouk’s investment strategy focuses on the opportunities emerging at the intersection of infrastructure, technology, and sustainability in response to some of the most pressing environmental and social challenges of our time. Our Infrastructure track focuses on investing in environmental infrastructure and renewable energy in sectors such as electric vehicle charging infrastructure, waste-to-energy, and distributed small-scale energy, in Europe and the UK. The team’s deep-seated commitment to sustainability ensures that ESG is placed at the core of every investment. Based in London, Zouk manages approximately €1billion, including the £420m Charging Investment Fund (CIIF), sponsored by the UK Government and focussed on the public EV charging market in the UK.

More info: www.zouk.com

Press:
Carlotta Saxton, +44 7949 176 400
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Privately owned company expands footprint for a total of 14 offices in six states

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

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

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

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

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

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

For more information visit www.americanpipinginspection.com

Marnie Fernandez
(c) 918-381-4505
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• Reported and Adjusted Fourth Quarter Earnings Per Share (EPS) of 92 cents and 63 cents, respectively
• Fourth quarter bookings increased 14.2% year-over-year to $1.11 billion
• Full year 2022 Reported and Adjusted EPS of $1.44 and $1.10, respectively
• 3D growth strategy, combined with supportive project environment, delivered full year 2022 bookings of $4.45 billion, up 17.8% year-over-year
• Year-end backlog of $2.74 billion increased 36.5% year-over-year, establishing the foundation for strong expected revenue and Adjusted EPS growth in 2023
• Velan acquisition accelerates 3D strategy and enhances the FCD portfolio; expected to close by the end of the second quarter of 2023

DALLAS--(BUSINESS WIRE)--Flowserve Corporation (NYSE: FLS), a leading provider of flow control products and services for the global infrastructure markets, today announced its financial results for the fourth quarter and full year ended December 31, 2022.

Fourth Quarter 2022 Highlights (all comparisons to the 2021 fourth quarter, unless otherwise noted)

• Reported Earnings Per Share (EPS) of $0.92 and Adjusted EPS¹ of $0.63
  • Reported EPS includes a net after-tax adjusted gain of $38.3 million, comprised of tax valuation allowance release of $59.3 million, reversal of previous reserve accruals totaling $5.9 million and a net realignment benefit of $1.9 million, partially offset by additional Russia exit related charges of $9.8 million and below-the-line currency expense of $19.0 million

• Total bookings were $1.11 billion, up 14.2%, or 19.4% on a constant currency basis
  • Original equipment bookings were $556.1 million, or 50% of total bookings, up 18.5%, or 24.0% on a constant currency basis
  • Aftermarket bookings were $550.6 million, or 50% of total bookings, up 10.1%, or 15.1% on a constant currency basis

• Sales were $1.04 billion, up 13.0%, or 18.6% on a constant currency basis
  • Original equipment sales were $499.8 million, up 14.3%, or 20.3% on a constant currency basis
  • Aftermarket sales were $539.1 million, up 11.9%, or 16.9% on a constant currency basis

• Reported gross and operating margins were 28.4% and 10.1%, respectively
  • Adjusted gross and operating margins² were 28.8% and 10.8%, respectively

• Backlog at December 31, 2022 was $2.74 billion, up 36.5% versus December 31, 2021, or up 39.2% on a constant currency basis

Full Year 2022 Highlights (all comparisons to full year 2021, unless otherwise noted)

• Reported Earnings Per Share (EPS) of $1.44 and Adjusted EPS¹ of $1.10
  • Reported EPS includes a net after-tax adjusted gain of $44.3 million, comprised of tax valuation allowance release of $59.3 million, the reversal of previous reserve accruals totaling $8.0 million, below-the-line currency gain of $8.1 million and realignment net benefit of $2.0 million, partially offset by Russia exit related charges of $30.9 million and a discrete asset write-down of $2.3 million

• Total bookings were $4.45 billion, up 17.8%, or 22.7% on a constant currency basis
  • Original equipment bookings were $2.28 billion, or 51% of total bookings, up 27.1%, or 32.3% on a constant currency basis
  • Aftermarket bookings were $2.16 billion, or 49% of total bookings, up 9.4%, or 14.0% on a constant currency basis

• Sales were $3.62 billion, up 2.1%, or 6.8% on a constant currency basis
  • Original equipment sales were $1.71 billion, up 0.1%, or 5.1% on a constant currency basis
  • Aftermarket sales were $1.91 billion, up 3.9%, or 8.4% on a constant currency basis

“We demonstrated improved operational performance in the fourth quarter, resulting in the highest quarterly level of revenue since 2019 and expanded year-over-year adjusted operating margin. In addition, we delivered another quarter of strong bookings that increased our near-record backlog,” said Scott Rowe, Flowserve’s President and Chief Executive Officer. “Our Diversification, Decarbonization and Digitization growth strategy, which is directly aligned to serve the needs of a changing energy landscape, is delivering results and accelerating our growth. Our recently announced acquisition of Velan Inc. will also further our 3D strategy, while enhancing our FCD valve offerings, with highly complementary products in the nuclear, cryogenic and defense markets following close.”

Rowe concluded, “In 2023, I am confident we can build on our fourth quarter momentum while continuing to capitalize on supportive end-markets, which reflect the need for increased energy security and enhanced decarbonization investments. With our near record $2.7 billion backlog, continued executional improvement and planned cost initiatives to address inflationary pressures, we fully expect our results in 2023 will generate significant long-term value for all stakeholders.”

2023 Guidance³
Flowserve reaffirms its Reported and Adjusted EPS guidance for 2023, which was initiated on February 10, 2023, as well as certain other financial metrics, as shown in the table below.

This outlook excludes any contribution from the expected acquisition of Velan Inc., announced previously. Additionally, Flowserve’s 2023 Adjusted EPS target range also excludes expected adjusted items including realignment charges of approximately $20 million, as well as the potential impact of below-the-line foreign currency effects and certain other discrete items which may arise during the course of the year.

Fourth Quarter and Full Year 2022 Results Conference Call
Flowserve will host its conference call with the financial community on Wednesday, February 22^nd at 11:00 AM Eastern. Scott Rowe, president and chief executive officer, as well as other members of the management team will be presenting. The call can be accessed by shareholders and other interested parties at www.flowserve.com under the “Investor Relations” section.

About Flowserve
Flowserve Corp. is one of the world’s leading providers of fluid motion and control products and services. Operating in more than 50 countries, the company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. More information about Flowserve can be obtained by visiting the company’s Web site at www.flowserve.com.

Safe Harbor Statement: This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as, "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.

The forward-looking statements included in this news release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the following: the impact of the global outbreak of COVID-19 on our business and operations; a portion of our bookings may not lead to completed sales, and our ability to convert bookings into revenues at acceptable profit margins; changes in global economic conditions and the potential for unexpected cancellations or delays of customer orders in our reported backlog; our dependence on our customers’ ability to make required capital investment and maintenance expenditures; if we are not able to successfully execute and realize the expected financial benefits from our strategic transformation and realignment initiatives or integrate and realize the synergies of any acquisition, our business could be adversely affected; risks associated with cost overruns on fixed-fee projects and in taking customer orders for large complex custom engineered products; the substantial dependence of our sales on the success of the oil and gas, chemical, power generation and water management industries; the adverse impact of volatile raw materials prices on our products and operating margins; economic, political and other risks associated with our international operations, including military actions, trade embargoes, epidemics or pandemics or changes to tariffs or trade agreements that could affect customer markets, particularly North African, Russian and Middle Eastern markets and global oil and gas producers, and non-compliance with U.S. export/re-export control, foreign corrupt practice laws, economic sanctions and import laws and regulations; increased aging and slower collection of receivables, particularly in Latin America and other emerging markets; our exposure to fluctuations in foreign currency exchange rates, including in hyperinflationary countries such as Venezuela and Argentina; our furnishing of products and services to nuclear power plant facilities and other critical processes; potential adverse consequences resulting from litigation to which we are a party, such as litigation involving asbestos-containing material claims; expectations regarding acquisitions and the integration of acquired businesses; our relative geographical profitability and its impact on our utilization of deferred tax assets, including foreign tax credits; the potential adverse impact of an impairment in the carrying value of goodwill or other intangible assets; our dependence upon third-party suppliers whose failure to perform timely could adversely affect our business operations; the highly competitive nature of the markets in which we operate; environmental compliance costs and liabilities; potential work stoppages and other labor matters; access to public and private sources of debt financing; our inability to protect our intellectual property in the U.S., as well as in foreign countries; obligations under our defined benefit pension plans; our internal control over financial reporting may not prevent or detect misstatements because of its inherent limitations, including the possibility of human error, the circumvention or overriding of controls, or fraud; the recording of increased deferred tax asset valuation allowances in the future or the impact of tax law changes on such deferred tax assets could affect our operating results; our information technology infrastructure could be subject to service interruptions, data corruption, cyber-based attacks or network security breaches, which could disrupt our business operations and result in the loss of critical and confidential information; ineffective internal controls could impact the accuracy and timely reporting of our business and financial results; and other factors described from time to time in our filings with the Securities and Exchange Commission.

All forward-looking statements included in this news release are based on information available to us on the date hereof, and we assume no obligation to update any forward-looking statement.

The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, management believes that non-GAAP financial measures which exclude certain non-recurring items present additional useful comparisons between current results and results in prior operating periods, providing investors with a clearer view of the underlying trends of the business. Management also uses these non-GAAP financial measures in making financial, operating, planning and compensation decisions and in evaluating the Company's performance. Throughout our materials we refer to non-GAAP measures as “Adjusted.” Non-GAAP financial measures, which may be inconsistent with similarly captioned measures presented by other companies, should be viewed in addition to, and not as a substitute for, the Company’s reported results prepared in accordance with GAAP.