DALLAS--(BUSINESS WIRE)--Flowserve Corporation (NYSE:FLS), a leading provider of flow control products and services for the global infrastructure markets, announced today that Scott Rowe, president and chief executive officer, will participate in a fireside chat at the 33rd Annual Pump, Valve and Water Systems Symposium in New York City, while Amy Schwetz, chief financial officer, will participate in a fireside chat at Citi’s 2023 Global Industrial Tech and Mobility Conference in Miami, Florida. Both events will occur on February 23, 2023.

A webcast of Mr. Rowe’s and Ms. Schwetz’s discussions may be available for shareholders and other interested parties at Flowserve’s Investor Resources page. Mr. Rowe’s webcast presentation will occur live at 10:30 a.m. EST, while Ms. Schwetz’s will be live at 2:40 pm EST.

About Flowserve: Flowserve Corp. is one of the world’s leading providers of fluid motion and control products and services. Operating in more than 55 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, 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.

Flowserve Contacts
Investor Contacts:
Jay Roueche, Vice President, Investor Relations & Treasurer, (972) 443-6560
Mike Mullin, Director, Investor Relations, (214) 697-8568

ANNAPOLIS, Md.--(BUSINESS WIRE)--Hannon Armstrong Sustainable Infrastructure Capital, Inc. ("Hannon Armstrong," "we," "our" or the "Company") (NYSE: HASI), a leading investor in climate solutions, today reported results for the fourth quarter and full year of 2022.

Financial Highlights

• Delivered $0.47 GAAP EPS on a fully diluted basis in 2022, compared with $1.51 in 2021

• Delivered $2.08 Distributable EPS on a fully diluted basis in 2022, compared to $1.88 Distributable EPS in 2021, representing 11% year-on-year growth

• Grew Portfolio 19% in 2022 to $4.3 billion and managed assets 11% to $9.8 billion compared to the end of 2021

• Reported GAAP-based Net Investment Income of $45 million in 2022, compared to $11 million in 2021

• Increased Distributable Net Investment Income in 2022 by 34% year-on-year to $180 million, compared to $134 million in 2021

• Closed $1.8 billion of investments in 2022, compared to $1.7 billion in 2021

• Reported pipeline of greater than $4.5 billion as of the end of 2022, compared to greater than $4 billion as of the end of 2021

• Increased dividend to $0.395 per share for the first quarter of 2023, representing a 5.3% increase over the dividend declared in the fourth quarter of 2022

• Announce 4% discount on 2023 Dividend Reinvestment and Stock Purchase Plan ("DRIP") for the first quarter

Guidance

• Affirm guidance that Distributable Earnings Per Share is expected to grow at a compound annual rate of 10% to 13% from 2021 to 2024, relative to the 2020 baseline of $1.55 per share, which is equivalent to a 2024 midpoint of $2.40 per share

• Affirm guidance that annual dividends per share is expected to grow at a compounded annual rate of 5% to 8%

Key Executive Changes

• Concurrent press release indicating Jeffrey W. Eckel will become Executive Chairman, Jeffrey A. Lipson CEO and Marc Pangburn CFO

ESG Highlight

• Estimated more than 600,000 metric tons of carbon emissions will be avoided annually by our transactions closed in 2022, equating to a CarbonCount^® score of 0.4 metric tons per $1,000 invested

"This company continues to execute quarter after quarter, year after year, growing Distributable EPS at 11% CAGR since our first full year of going public as a company," said Jeffrey W. Eckel, Hannon Armstrong Chairman and Chief Executive Officer, "and our prospects entering 2023 look outstanding."

"I believe we are showing investors that climate solutions investing is the best market to be in, we have the best clients in the industry and the best mission-driven team to execute on the incredible growth in the energy transition. "

A summary of our results is shown in the table below:

Financial Results

"Our capital and funding platform served us well in 2022 as we navigated rising interest rates by utilizing diverse funding sources," said Jeffrey A. Lipson, Chief Financial Officer and Chief Operating Officer, "the outlook for 2023 remains robust and I am enthusiastic about the transition and new roles for Jeff Eckel, Marc Pangburn, and myself."

Comparison of the year ended December 31, 2022 to the year ended December 31, 2021

Total revenue increased by $27 million, or 13%. Interest and rental income increased by $28 million, or 21%, due to a larger portfolio. Gain on sale and fee income decreased by $1 million, or 2%, primarily from a change in mix of assets being securitized, partially offset by increased deferred fee income.

Interest expense decreased by $6 million, or 5%, due to a one-time loss of $15 million on the redemption of senior unsecured notes in the prior year which did not recur, offset partially by additional expense from a larger average outstanding debt balance. Provision for loss on receivables increased by $12 million compared to the prior year as a result of new loans and loan commitments in the current year. Other expenses (compensation and benefits and general and administrative expenses) increased by $21 million primarily due to an increase in our employee headcount and compensation and additional investment in corporate infrastructure and corporate governance expense.

We recognized $31 million in income using the hypothetical liquidation at book value method (HLBV) for our equity method investments in 2022, compared to $126 million of HLBV income in 2021, primarily due to the impact of increasing power prices and the resulting unrealized mark to market losses on economic hedges used by some of our projects to reduce the impact of power price fluctuations. As these swaps are settled, the projects will sell power at the higher market price, offsetting the loss recognized on the power price hedges.

We recognized income tax expense of $7 million in 2022, compared to an income tax expense of $17 million in 2021, driven primarily by the lower HLBV income described above.

GAAP net income in 2022 was $42 million, compared to $127 million in 2021, driven primarily by the equity method investment income change discussed above. Distributable earnings in 2022 was $186 million, or an increase of approximately $27 million from 2021 due primarily to an increase in distributable earnings from equity method investments.

Leverage

The calculation of our fixed-rate debt and leverage ratios as of December 31, 2022 and December 31, 2021 are shown in the table below:

Guidance

The Company expects that annual distributable earnings per share will grow at a compounded annual rate of 10% to 13% from 2021 to 2024, relative to the 2020 baseline of $1.55 per share, which is equivalent to a 2024 midpoint of $2.40 per share. The Company also expects growth of annual dividends per share to be at a compounded annual rate of 5% to 8%. This guidance reflects the Company’s judgments and estimates of (i) yield on its existing portfolio; (ii) yield on incremental portfolio investments, inclusive of the Company’s existing pipeline; (iii) the volume and profitability of transactions; (iv) amount, timing, and costs of debt and equity capital to fund new investments; (v) changes in costs and expenses reflective of the Company’s forecasted operations; and (vi) the general interest rate and market environment. In addition, distributions are subject to approval by the Company’s Board of Directors on a quarterly basis. The Company has not provided GAAP guidance as discussed in the Forward-Looking Statements section of this press release.

Dividend

The Company is announcing today that its Board of Directors declared a quarterly cash dividend of $0.395 per share of common stock. This dividend will be paid on April 10, 2023, to stockholders of record as of April 3, 2023. We are also announcing a 4% discount on the 2023 Dividend Reinvestment and Stock Purchase Plan (“DRIP”) for the first quarter of 2023. Additional information on how shareholders can access the DRIP will be forthcoming.

Conference Call and Webcast Information

Hannon Armstrong will host an investor conference call today, Thursday, February 16, 2023, at 5:00 p.m. Eastern time. The conference call can be accessed live over the phone by dialing 1-877-407-0890 (Toll-Free) or +1-201-389-0918 (toll). Participants should inform the operator they want to be joined to the Hannon Armstrong call. The conference call will also be accessible as an audio webcast with slides on the Company’s website at investors.hannonarmstrong.com. An online replay will be available for a limited time beginning immediately following the call.

About Hannon Armstrong

Hannon Armstrong (NYSE: HASI) is the first U.S. public company solely dedicated to investments in climate solutions, providing capital to assets developed by leading companies in energy efficiency, renewable energy, and other sustainable infrastructure markets. With more than $9 billion in managed assets, our core purpose is to make climate positive investments with superior risk-adjusted returns. For more information, please visit hannonarmstrong.com or follow us on Twitter and LinkedIn.

Forward-Looking Statements:

Some of the information contained in this press release is forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) that are subject to risks and uncertainties. For these statements, we claim the protections of the safe harbor for forward-looking statements contained in such Sections. These forward-looking statements include information about possible or assumed future results of our business, financial condition, liquidity, results of operations, plans and objectives. When we use the words “believe,” “expect,” “anticipate,” “estimate,” “plan,” “continue,” “intend,” “should,” “may” or similar expressions, we intend to identify forward-looking statements. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future are forward-looking statements.

Forward-looking statements are subject to significant risks and uncertainties. Investors are cautioned against placing undue reliance on such statements. Actual results may differ materially from those set forth in the forward-looking statements. Factors that could cause actual results to differ materially from those described in the forward-looking statements include those discussed under the caption “Risk Factors” included in our most recent Annual Report on Form 10-K as well as in other periodic reports that we file with the U.S. Securities and Exchange Commission (the "SEC").

Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances, including, but not limited to, unanticipated events, after the date on which such statement is made, unless otherwise required by law. New factors emerge from time to time and it is not possible for management to predict all of such factors, nor can it assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained or implied in any forward-looking statement.

The Company has not provided GAAP guidance as forecasting a comparable GAAP financial measure, such as net income, would require that the Company apply the HLBV method to these investments. In order to forecast under the HLBV method, the Company would be required to make various assumptions related to expected changes in the net asset value of the various entities and how such changes would be allocated under HLBV. GAAP HLBV earnings over a period of time are very sensitive to these assumptions especially in regard to when a partnership transaction flips and thus the liquidation scenarios change materially. The Company believes that these assumptions would require unreasonable efforts to complete and if completed, the wide variation in projected GAAP earnings based upon a range of scenarios would not be meaningful to investors. Accordingly, the Company has not included a GAAP reconciliation table related to any distributable earnings guidance.

Estimated carbon savings are calculated using the estimated kilowatt hours, gallons of fuel oil, million British thermal units of natural gas and gallons of water saved as appropriate, for each project. The energy savings are converted into an estimate of metric tons of CO2 equivalent emissions based upon the project’s location and the corresponding emissions factor data from the U.S. Government and International Energy Agency. Portfolios of projects are represented on an aggregate basis.

EXPLANATORY NOTES

Non-GAAP Financial Measures

Distributable Earnings

We calculate distributable earnings as GAAP net income (loss) excluding non-cash equity compensation expense, provisions for loss on receivables, amortization of intangibles, non-cash provision (benefit) for taxes, losses or (gains) from modification or extinguishment of debt facilities, any one-time acquisition related costs or non-cash tax charges and the earnings attributable to our non-controlling interest of Hannon Armstrong Sustainable Infrastructure, L.P., a Delaware limited partnership (our “operating partnership”). We also make an adjustment to our equity method investments in the renewable energy projects as described below. We will use judgment in determining when we will reflect the losses on receivables in our distributable earnings, and will consider certain circumstances such as the time period in default, sufficiency of collateral as well as the outcomes of any related litigation. In the future, distributable earnings may also exclude one-time events pursuant to changes in GAAP and certain other adjustments as approved by a majority of our independent directors.

We believe a non-GAAP measure, such as distributable earnings, that adjusts for the items discussed above is and has been a meaningful indicator of our economic performance in any one period and is useful to our investors as well as management in evaluating our performance as it relates to expected dividend payments over time. As a REIT, we are required to distribute substantially all of our taxable income to investors in the form of dividends, which is a principal focus of our investors. Additionally, we believe that our investors also use distributable earnings, or a comparable supplemental performance measure, to evaluate and compare our performance to that of our peers, and as such, we believe that the disclosure of distributable earnings is useful to our investors.

Certain of our equity method investments in renewable energy and energy efficiency projects are structured using typical partnership “flip” structures where the investors with cash distribution preferences receive a pre-negotiated return consisting of priority distributions from the project cash flows, in many cases, along with tax attributes. Once this preferred return is achieved, the partnership “flips” and the common equity investor, often the operator or sponsor of the project, receives more of the cash flows through its equity interests while the previously preferred investors retain an ongoing residual interest. We have made investments in both the preferred and common equity of these structures. Regardless of the nature of our equity interest, we typically negotiate the purchase prices of our equity investments, which have a finite expected life, based on our underwritten cash flows discounted back to the net present value, based on a target investment rate, with the cash flows to be received in the future reflecting both a return on the capital (at the investment rate) and a return of the capital we have committed to the project. We use a similar approach in the underwriting of our receivables.

Under GAAP, we account for these equity method investments utilizing the HLBV method. Under this method, we recognize income or loss based on the change in the amount each partner would receive, typically based on the negotiated profit and loss allocation, if the assets were liquidated at book value, after adjusting for any distributions or contributions made during such quarter. The HLBV allocations of income or loss may be impacted by the receipt of tax attributes, as tax equity investors are allocated losses in proportion to the tax benefits received, while the sponsors of the project are allocated gains of a similar amount. The investment tax credit available for election in solar projects is a one-time credit realized in the quarter when the project is considered operational for tax purposes and is fully allocated under HLBV in that quarter (subject to an impairment test), while the production tax credit required for wind projects and electable for solar projects is a ten year credit and thus is allocated under HLBV over a ten year period. In addition, the agreed upon allocations of the project’s cash flows may differ materially from the profit and loss allocation used for the HLBV calculations in a given period. We also consider the impact of any OTTI in determining our income from equity method investments.

The cash distributions for those equity method investments where we apply HLBV are segregated into a return on and return of capital on our cash flow statement based on the cumulative income (loss) that has been allocated using the HLBV method. However, as a result of the application of the HLBV method, including the impact of tax allocations, the high levels of depreciation and other non-cash expenses that are common to renewable energy projects and the differences between the agreed upon profit and loss and the cash flow allocations, the distributions and thus the economic returns (i.

Investor Contact:
Neha Gaddam
This email address is being protected from spambots. You need JavaScript enabled to view it.
410-571-6189

Media Contact:
Gil Jenkins
This email address is being protected from spambots. You need JavaScript enabled to view it.
443-321-5753

DALLAS--(BUSINESS WIRE)--Energy Transfer LP (NYSE: ET) today announced it has filed its annual report on Form 10-K for the year ended December 31, 2022 with the Securities and Exchange Commission (SEC).

Energy Transfer makes available on its website, www.energytransfer.com, annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and other information filed with or furnished to the SEC. Energy Transfer also will provide any unitholder with a printed copy of its annual report on Form 10-K, which includes audited financial statements, free of charge upon request. Such requests should be directed in writing to Investor Relations, 8111 Westchester Drive, Suite 600, Dallas, TX 75225.

About Energy Transfer

Energy Transfer LP (NYSE: ET) owns and operates one of the largest and most diversified portfolios of energy assets in the United States, with approximately 120,000 miles of pipeline and associated energy infrastructure. Energy Transfer’s strategic network spans 41 states with assets in all of the major U.S. production basins. Energy Transfer is a publicly traded limited partnership with core operations that include complementary natural gas midstream, intrastate and interstate transportation and storage assets; crude oil, natural gas liquids (“NGL”) and refined product transportation and terminalling assets; and NGL fractionation. Energy Transfer also owns Lake Charles LNG Company, as well as the general partner interests, the incentive distribution rights and approximately 34% of the outstanding common units of Sunoco LP (NYSE: SUN), and the general partner interests and approximately 47% of the outstanding common units of USA Compression Partners, LP (NYSE: USAC). For more information, visit the Energy Transfer LP website at www.energytransfer.com.

Forward-Looking Statements

This news release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal law. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management’s control. An extensive list of factors that can affect future results are discussed in the Partnership’s Annual Report on Form 10-K and other documents filed from time to time with the Securities and Exchange Commission. The Partnership undertakes no obligation to update or revise any forward-looking statement to reflect new information or events.

The information contained in this press release is available on our website at www.energytransfer.com.

Energy Transfer
Investor Relations:
Bill Baerg, Brent Ratliff, Lyndsay Hannah, 214-981-0795
or
Media Relations:
Vicki Granado, 214-840-5820

Jeff Lipson named President and CEO; Jeff Eckel will become Executive Chair; Marc Pangburn to succeed Lipson as CFO

ANNAPOLIS, Md.--(BUSINESS WIRE)--As part of our planned leadership succession process, the Board of Directors of Hannon Armstrong Sustainable Infrastructure Capital, Inc. ("Hannon Armstrong," "HASI," or the "Company") (NYSE: HASI) today announced three key executive appointments, effective March 1, 2023.

• Jeffrey A. Lipson, currently EVP, Chief Operating Officer (COO) & Chief Financial Officer (CFO), will become the President & Chief Executive Officer (CEO).

• Jeffrey W. Eckel, currently Chair, President & CEO, will assume the role of Executive Chair and continue leading the Board.

• Marc T. Pangburn, currently EVP and Co-Chief Investment Officer, will become CFO.

"Jeff Eckel, one of the most experienced CEOs in the clean energy industry, has had a significant impact on climate solutions investing. Over the past several decades, he has developed and executed a visionary strategy that has established HASI as a globally recognized climate solutions investor with a leading record of shareholder return," said Teresa M. Brenner, Lead Independent Director of the HASI Board. "He has cultivated a deep and skilled leadership team to support the company's continued growth. Jeff Lipson has demonstrated exceptional leadership with our company and throughout his career and is dedicated to our company’s mission. The Board is confident in his ability to lead our company and capitalize on the significant market opportunities in front of us," added Ms. Brenner.

"I am proud of this company’s strategy, its execution over the ten years as a public company, and the mission-driven talent we have attracted," said Mr. Eckel. "Jeff Lipson has been instrumental in our success, including the execution of our strategy, building a diverse funding platform, and improving many of our operational processes. I have tremendous confidence in him and the team as we envision the next chapter of this great company."

Mr. Lipson, 55, joined HASI in 2019 as CFO and also became COO in 2021. He has broad leadership experience in innovative financial institutions, including serving as the President and CEO of Congressional Bank (now Forbright Bank) and as Treasurer at CapitalSource. In his new role, Mr. Lipson is also expected to join the Company's Board of Directors.

Mr. Panburn, 37, joined HASI in 2013 and has been Co-Chief Investment officer since 2021. He has been instrumental in expanding HASI's investment capabilities into a market-leading platform and has been directly involved in strategic decisions and organizational development. Nathaniel J. Rose, currently the Co-Chief Investment Officer, will remain in his role as the Chief Investment Officer.

"I am grateful to Jeff, our Board, and our outstanding team for this opportunity," said Mr. Lipson. "HASI is a unique company driven by an unwavering mission and client focus, and we are well-positioned to take advantage of the abundant growth opportunities in the climate solutions market. I am eager to continue working closely with Jeff in his new role and with Marc, who has a demonstrated track record of significant success in building the business."

In addition to the above-mentioned executive management changes, the Company is pleased to announce that Susan D. Nickey will continue in her role as EVP and Chief Client Officer, with expanded duties to support the organization's strategic growth. Ms. Nickey has been a critical component of HASI's success while also working with a team of fellow industry leaders to develop the American Clean Power Association (ACP) into a formidable advocacy organization, of which she was recently appointed Chair-Elect of the ACP Board. "Susan is among the most respected individuals in the clean energy industry, and we congratulate her on this appointment," said Mr. Eckel. "We look forward to her taking on a larger role within the company as part of this organizational transition while continuing to provide leadership to ACP," said Mr. Lipson.

About Hannon Armstrong

Hannon Armstrong (NYSE: HASI) is the first U.S. public company solely dedicated to investments in climate solutions, providing capital to assets developed by leading companies in energy efficiency, renewable energy, and other sustainable infrastructure markets. With more than $9 billion in managed assets, our core purpose is to make climate positive investments with superior risk-adjusted returns. For more information, please visit hannonarmstrong.com or follow us on Twitter and LinkedIn.

Forward-Looking Statements

Some of the information contained in this press release is 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 that are subject to risks and uncertainties. For these statements, we claim the protections of the safe harbor for forward-looking statements contained in such Sections. These forward-looking statements include information about possible or assumed future results of our business, financial condition, liquidity, results of operations, plans and objectives. When we use the words "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "may" or similar expressions, we intend to identify forward-looking statements.

Forward-looking statements are subject to significant risks and uncertainties. Investors are cautioned against placing undue reliance on such statements. Actual results may differ materially from those set forth in the forward-looking statements. Factors that could cause actual results to differ materially from those described in the forward-looking statements include those discussed under the caption “Risk Factors” included in our most recent Annual Report on Form 10-K as well as in other periodic reports that we file with the U.S. Securities and Exchange Commission

Forward-looking statements are based on beliefs, assumptions and expectations as of the date of this press release. We disclaim any obligation to publicly release the results of any revisions to these forward-looking statements reflecting new estimates, events or circumstances after the date of this press release.

Media:
Gil Jenkins
This email address is being protected from spambots. You need JavaScript enabled to view it.
443-321-5753

Investors:
Neha Gaddam
This email address is being protected from spambots. You need JavaScript enabled to view it.
410-571-6189

SAN RAMON, Calif.--(BUSINESS WIRE)--Chevron Corporation (NYSE: CVX) and the Fab Foundation today announced the first recipients of an all-new fellowship program that supports STEM educators across the world. The Chevron Fab STEM Fellowship was awarded to Nathan Pritchett of Tulsa, Oklahoma and to Pieter Verduijn of Calabas, Aruba. The Chevron Fab STEM Fellowship is a one-year discovery program for outstanding educators to learn about, create and promote innovative and inclusive programs that teach STEM using digital fabrication and engage new and underrepresented student populations in STEM education and careers.

The program is inspired by Chevron's social investment strategy and the global Fab Lab network, both of which foster innovation, learning and invention. Fab Labs, with their suite of digital fabrication tools and prototyping machines — including laser cutters, 3D printers, vinyl cutters and milling machines — are inspiring young people across the world to learn about science, technology, engineering and math (STEM). These are safe and accessible places to play, create, learn, mentor and invent.

The Fellowship awards a stipend of $10,000 to each selected educator to use toward creating and disseminating new, inclusive practices around STEM education. The fellows will visit a few Fab Labs of their choice, anywhere in the world, to learn, to reflect, to co-create new curriculum and disseminate new practices. Their work will be published in podcasts, online blogs and through engagements at conferences and educational events over the coming year.

Fellow Nathan Pritchett is the executive director of Fab Lab Tulsa, a non-profit makerspace located in the Kendall-Whittier neighborhood of Tulsa, Oklahoma that provides community, education, workforce and business programming that teaches innovation, design-thinking, problem-solving and change-making, together with open and equitable access to 21st century advanced manufacturing and digital fabrication tools, equipment and technology. Pritchett is a technologist and futurist, guiding the organization’s vision of maker culture, as well as targeted outreach programs that empower current and future makers. Pritchett won based on his Green Power Racing education project with middle school students in Tulsa.

Fellow Pieter Verduijn was born in the Netherlands and lives and works in Aruba. He is a multilingual educator with 18 years of experience in the Dutch, Aruban and American education systems. At the International School of Aruba (ISA), Verduijn is the STEM teacher and EdTech coordinator. In his role at ISA, he creates and teaches engaging STEM lessons in an educational makerspace. In addition to teaching, he works to advance the maker movement locally and globally by organizing training sessions for teachers and projects for youth. Having children fabricate their imagination is key to his teaching philosophy. Verduijn won based on his Art Toys project, which students design and fabricate their own toys.

Educators applied from 21 countries, including the Unites States, Spain, Italy, India, Qatar, Nepal, Mexico, Peru and Kazakhstan. The panel of judges for the competition included four experts in digital fabrication, education and STEM outreach: Andrea Fields, educator and engineer of Cleveland, Ohio; Karen Rawls, senior social investment advisor of Houston, Texas; Brent Richardson, artist and educator of Waco, Texas and Corin Slown, associate professor of science education at California State University, Monterey Bay of Monterey, California.

“Chevron’s commitment to support professional development for STEM educators runs deep,” said Jennifer Michael, social investment manager at Chevron. “Programs such as the Chevron Fab STEM Fellowship will continue to inspire the next generation of problem solvers to help meet the world’s future energy needs.”

Chevron has supported Fab Labs and the maker movements in support of STEM education for more than a decade. The partnership created a substantial and impactful network of educational fab labs in communities where it operates by engaging with over 100,000 students and community members across Chevron’s U.S-based operations.

“The Chevron Fab STEM Fellowship will serve as a platform to unite community stakeholders to take bold action towards breaking down long-standing barriers for student success in the STEM fields and ensure 21st century career readiness and global competitiveness,” said Sherry Lassiter, president and chief executive officer of Fab Labs. “We are excited to grow our STEM educational partnership and impact across the world. The Chevron Fab STEM Fellowship will deepen a network of science and technology experts committed to advancing innovation and collaboration to learn about successful, inclusive and accessible STEM teaching practices that can emulate in Fab labs, classrooms and maker spaces across the world.”

About Chevron

Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to achieving a more prosperous and sustainable world. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We are focused on lowering the carbon intensity in our operations and growing lower carbon businesses along with our traditional business lines. More information about Chevron is available at www.chevron.com.

About Fab Foundation

The Fab Foundation is a U.S. non-profit 501(c) 3 organization that emerged from MIT’s Center for Bits and Atoms. Our mission is to provide access to the tools, the knowledge and the financial means to educate, innovate and invent using technology and digital fabrication to allow anyone to make (almost) anything, and thereby creating opportunities to improve lives and livelihoods around the world. The foundation partners with mission-aligned organizations, consultants and Fab Lab technical mentors to serve a global community of makers and change agents. More information about the Fab Foundation is available at http://www.fabfoundation.org/

Randy Stuart -- 713-283-8609

• Half-way milestone crossed in ambition to save 800 million tonnes of CO₂ emissions for customers
• Progress doubled in sustainable packaging and access to energy at the same time

MISSISSAUGA, Ontario--(BUSINESS WIRE)--Schneider Electric, the leader in the digital transformation of energy management and automation, recognized as a leading sustainability practitioner by independent Environmental, Social and Governance (ESG) ratings, announced today strong annual sustainability impact results alongside its 2022 financial performance.

“Despite increased geopolitical and economic uncertainty, in 2022, we remained focused on accelerating the transition to a cleaner and fairer world,” confirms Gwenaëlle Avice-Huet, Schneider Electric’s Chief Strategy & Sustainability Officer. “The close integration of corporate strategy, quality and sustainability is a factor of success to provide digitization, electrification, efficiency and sustainability solutions that tackle today’s energy, climate and cost of living crises.”

Schneider’s Sustainability Impact (SSI) program includes 11 global targets to be met by 2025 complemented by hundreds of local goals led by regional and country teams. It contributes to Schneider Electric’s six long-term commitments, spanning ESG considerations, in support of the United Nations Sustainable Development Goals.

The company publishes progress on all these goals every quarter in a dedicated report.

Here are some highlights of the Schneider Sustainability Impact in 2022:

• Schneider Electric becomes one of the first corporates in the world to get the Net-Zero targets for its entire value chain validated by the Science Based Targets initiative
• Schneider Electric’s solutions and services helped customers save and avoid 440 million tonnes of CO₂ since 2018, with more than 90 million more in 2022 alone
• On top of that, the company’s top suppliers reduced their own CO₂ emissions by 10 per cent through its Zero Carbon project, and the Group initiated supplier engagement to advance decent work standards in its supply chain
• 45 per cent of all packaging from the company is now made without single-use plastic and use recycled cardboard, up from 21 per cent in 2021
• The company also expanded access to green and reliable electricity to 5.5 million people through its solutions and projects in 2022
• About 70,000 people benefited from its energy management training programs as well
• Schneider Electric launched its Sustainability School for all employees, so everyone can really understand the Planet and People challenges and do more at work and also in their personal lives

Overall progress made to fight Climate change, improve Resource efficiency, reinforce Trust and Equal opportunities, and empower all Generations contributed to a full-year Sustainability Impact score of 4.91/10, well above the target of 4.70 for the year. This result is an integral part of Schneider Electric’s short-term incentives for more than 64,000 managers in the Group – an example of how it lives up to Impact company principles.

Related resources:

• 2022 Schneider Sustainability Impact report
• Full 2022 Financial and Extra-financial release
• Schneider Electric Sustainability reports
• Latest ESG ratings and awards
• Sustainability Disclosure Dashboard
• Sustainability.com page link for more

About Schneider Electric

Schneider’s purpose is to empower all to make the most of our energy and resources, bridging progress and sustainability for all. We call this Life Is On.

Our mission is to be your digital partner for Sustainability and Efficiency.

We drive digital transformation by integrating world-leading process and energy technologies, end-point to cloud connecting products, controls, software and services, across the entire lifecycle, enabling integrated company management, for homes, buildings, data centers, infrastructure and industries.

We are the most local of global companies. We are advocates of open standards and partnership ecosystems that are passionate about our shared Meaningful Purpose, Inclusive and Empowered values.

www.se.com/ca

Discover Life Is On

Follow us on: Twitter | Facebook | LinkedIn | YouTube | Instagram | Blog

Discover the newest perspectives shaping sustainability, electricity 4.0, and next generation automation on Schneider Electric Insights

Hashtags: #ESG, #Impactcompany

Media:
Media Relations - Edelman on behalf of Schneider Electric, Juan Pablo Guerrero
Phone: +1 416 875 7173, Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Record full year 2022 revenue of $363 million, nearly triple full year 2021 revenue

Introducing full-year 2023 guidance and reaffirm plan to achieve positive adjusted EBITDA in 2H’2023

Extending EV charging offering with ChargePoint partnership

Fourth Quarter and Full Year 2022 Financial and Operating Highlights

Financial Highlights – Fourth Quarter 2022

• Record Revenue of $156 million, up from $53 million (+194%) in Q4 2021 and sequentially up 56% versus Q3 2022 revenue of $100 million
• GAAP Gross Margin of 8%, up from (3)% in Q4 2021
• Non-GAAP Gross Margin of 11%, up from 5% in Q4 2021
• Net Loss of $35 million versus Net Loss of $34 million in Q4 2021
• Adjusted EBITDA of $(10) million versus $(12) million in Q4 2021
• Ended Q4 2022 with $250 million in cash, cash equivalents, and short-term investments

Financial Highlights - Full Year 2022

• Record Revenue of $363 million, up from $127 million (+186%) in 2021
• GAAP Gross Margin of 9%, up from 1% in 2021
• Non-GAAP Gross Margin of 13%, up from 9% in 2021
• Net Loss of $124 million versus Net Loss of $101 million in 2021
• Adjusted EBITDA of $(46) million versus $(30) million in 2021

Operating Highlights – Fourth Quarter 2022

• Record bookings of $458 million in Q4 2022, up from $217 million (+111%) in Q4 2021
• Contracted backlog of $969 million at end of Q4 2022, up from $817 million (+19%) at end of Q3 2022
• Contracted storage assets under management (AUM) of 2.5 gigawatt hours (GWh) at end of Q4 2022, up from 2.4 GWh (+4%) at end of Q3 2022
• Solar monitoring AUM of approximately 25 gigawatts (GW), unchanged from Q3 2022
• Contracted Annual Recurring Revenue (CARR) of $65 million, up from $61 million (+7%) at end of Q3 2022

Operating Highlights – Full Year 2022

• 12-month Pipeline of $7.1 billion at end of 2022, down from $7.2 billion (-1%) at end of Q3 2022, and up from $4.0 billion (+78%) at end of Q4 2021
• Bookings of $1.1 billion, up from $417 million (+153%) in 2021
• Contracted backlog of $969 million at end of 2022, up from $449 million (+116%) at end of 2021
• Contracted storage assets under management (AUM) of 2.5 gigawatt hours (GWh) at end of 2022, up from 1.6 GWh (+56%) at end of 2021

SAN FRANCISCO--(BUSINESS WIRE)--Stem, Inc. (“Stem” or the “Company”) (NYSE: STEM), a global leader in artificial intelligence (AI)-driven energy solutions and services, announced today its financial results for the three and 12 months ended December 31, 2022. Reported results reflect AlsoEnergy’s operations from February 1, 2022 through December 31, 2022.

John Carrington, Chief Executive Officer of Stem, commented, “We executed well in 2022, with record performance across multiple metrics including revenue, storage AUM, contracted backlog, and CARR. We delivered these strong results while effectively managing several headwinds that faced the wider industry, including supply chain volatility, interconnection and permitting delays, cost inflation, and import restrictions, which is a testament to our exceptional employees.

“Our commercial success continued in the fourth quarter, including a record $458 million in new bookings, which exceeded our entire bookings for full year 2021, and a backlog of nearly $1 billion exiting the year. CARR grew 7% sequentially, to $65 million, and our services revenue grew 17% sequentially, reflecting our focus on and success in growing our long-term, high-margin software and services revenue. We are excited about our new partnerships, including a joint EV charging offering with ChargePoint, which we expect will benefit customers and drive higher growth and margins for the Company. Our fourth quarter results were in line with the interim update we provided in early January.

“We are introducing full-year 2023 financial and operating guidance, which reflects another year of strong forecasted growth across all of our key metrics. As previously discussed, we are actively driving towards achieving positive adjusted EBITDA, which we continue to expect to occur in the second half of 2023, marking an exciting milestone in the Company’s trajectory and setting the foundation for increased profitability in the years to come.”

Fourth Quarter and Full Year 2022 Financial and Operating Results

Financial Results

Fourth quarter 2022 revenue increased 194% to a record $156 million, versus $53 million in the fourth quarter of 2021. Full year 2022 revenue increased 186% to a record $363 million versus $127 million in full year 2021. Higher hardware revenue from Front-of-the-Meter (FTM) partnership agreements drove a majority of the increase for the quarter and the year, in addition to $18 million and $58 million of revenue contribution from AlsoEnergy for the quarter and year, respectively.

Fourth quarter 2022 GAAP Gross Margin was $13 million, or 8%, versus $(2) million, or (3)%, in the fourth quarter of 2021, and $9 million, or 9%, in the third quarter of 2022. Full year 2022 GAAP Gross Margin was $33 million, or 9%, versus full year 2021 GAAP Gross Margin of $1 million, or 1%. The year-over-year increase in GAAP Gross Margin for the fourth quarter and full year resulted primarily from higher hardware sales and additional higher-margin software and services revenues, including from AlsoEnergy.

Fourth quarter 2022 Non-GAAP Gross Margin was $17 million, or 11%, versus $3 million, or 5%, in the fourth quarter of 2021, and $12 million, or 13% in the third quarter of 2022. The year-over-year increase in Non-GAAP Gross Margin for the fourth quarter and full year resulted from higher volumes. In percentage terms, the year-over-year increase in Non-GAAP Gross Margin resulted from a higher mix of software and services, inclusive of AlsoEnergy, and higher hardware margins.

Fourth quarter 2022 Net Loss was $35 million versus fourth quarter 2021 Net Loss of $34 million. Full year 2022 Net Loss was $124 million versus full year 2021 Net Loss of $101 million. For the quarter and the year, the increase was primarily driven by higher personnel costs, including increases in stock-based compensation of $2.7 million and $15.1 million in fourth quarter and full year 2022, respectively.

Fourth quarter 2022 Adjusted EBITDA was $(10) million compared to $(12) million in the fourth quarter of 2021. Full year 2022 Adjusted EBITDA was $(46) million compared to $(30) million in full year 2021. For the year, lower Adjusted EBITDA was primarily driven by higher operating expenses resulting from increased personnel costs and continued investment in our growth initiatives.

The Company ended the fourth quarter of 2022 with $250 million in cash, cash equivalents, and short-term investments, consisting of $88 million in cash and cash equivalents and $162 million in short-term investments, as compared to $294 million in cash, cash equivalents, and short-term investments at the end of the third quarter 2022. The primary uses of cash during the fourth quarter of 2022 related to purchases of hardware for customer projects, which are expected to convert to revenue in coming quarters.

Operating Results

Contracted Backlog was $969 million at the end of the fourth quarter of 2022, compared to $817 million as of the end of the third quarter of 2022, representing a 19% sequential increase. The increase in Contracted Backlog in the fourth quarter of 2022 resulted from quarterly bookings of $458 million, partially offset by revenue recognition, a contract cancellation, and contract amendments. Bookings of $458 million in the fourth quarter of 2022 increased by 111% year-over-year versus $217 million in fourth quarter 2021. Full year 2022 bookings of $1.1 billion were more than two times higher than full year 2021 bookings of $417 million.

Fourth quarter 2022 contracted storage AUM increased 56% year-over-year and 4% sequentially to 2.5 GWh, driven by new contracts.

Fourth quarter 2022 CARR increased to $65 million, up from $61 million as of the end of the third quarter of 2022, an 7% sequential increase. The Company believes that CARR is an important operating metric because it provides visibility into the long-term growth in the Company’s high-margin software revenue.

The Company’s 12-month Pipeline was $7.1 billion at the end of the fourth quarter of 2022, compared to $7.2 billion at the end of the third quarter of 2022, representing a 1% sequential decrease. The Company will no longer report 12-month Pipeline beginning with the first quarter of 2023, as we believe that Contracted Backlog is a better indicator of near and medium term revenue given the more established nature of the Company’s growth trajectory.

The following table provides a summary of backlog at the end of the fourth quarter of 2022, compared to backlog at the end of the third quarter of 2022 ($ millions):

The Company continues to diversify its supply chain, adopt alternative technologies, and deploy a portion of its balance sheet to position the Company to meet the expected significant growth in customer demand. COVID-19 and its subvariants, potential import tariffs, and general economic, geopolitical, and business conditions, including the ongoing conflict between Russia and Ukraine and rising tensions between China and Taiwan, continue to affect and cause uncertainty in the supply chain and project timelines, and the Company has been affected by volatility in the costs of equipment and labor, and by rising interest rates. The Company continues to actively work to mitigate these effects on its financial and operational results, although there is no guarantee of the extent to which the Company will be successful in these efforts.

Recent Business Highlights

On January 31, 2023, the Company announced a joint eMobility offering with ChargePoint Holdings, Inc., a leading electric vehicle (EV) charging network. The joint offering is expected to help generate economic, environmental, and resilience benefits for owners, developers, and operators of EV charging stations. The offering will 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.

On December 8, 2022, the Company announced four 9.9 megawatt standalone battery energy storage projects in Texas with REX Storage Holdings, LLC (REX), an independent power producer focused on Electric Reliability Council of Texas (ERCOT) power customers. REX is a joint venture between Regis Energy Partners LP, an independent developer, owner, and operator of energy storage systems, and Excelsior Energy Capital (EEC), a leading investment fund focused on renewable power generation. The projects represent the first of a $400 million equity commitment by REX to acquire additional projects from Regis’ development pipeline in ERCOT.

Outlook

The Company’s full-year 2023 guidance ranges are as follows ($ millions, unless otherwise noted):

The Company’s full-year 2023 Revenue and Bookings projected quarterly performance are as follows:

Conference Call Information

Stem will hold a conference call to discuss this earnings press release and business outlook on Thursday, February 16, 2023 beginning at 5:00 p.m. Eastern Time. The conference call and accompanying slides may be accessed via a live webcast on a listen-only basis on the Events & Presentations page of the Investor Relations section of the Company’s website at https://investors.stem.com/events-and-presentations. The call can also be accessed live over the telephone by dialing (855) 327-6837, or for international callers, (631) 891-4304 and referencing Stem. A replay will be available shortly after the call and can be accessed by dialing (844) 512-2921 or for international callers by dialing (412) 317-6671. The passcode for the replay is 10020963. An archive of the webcast will be available on the Company’s website at https://investors.stem.com/overview for 12 months after the call.

Use of Non-GAAP Financial Measures

In addition to financial results determined in accordance with U.S. generally accepted accounting principles (“GAAP”), this earnings press release contains the following non-GAAP financial measures: Adjusted EBITDA and Non-GAAP Gross Margin.

We use these non-GAAP financial measures for financial and operational decision-making and to evaluate our operating performance and prospects, develop internal budgets and financial goals, and to facilitate period-to-period comparisons. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses and expenditures that may not be indicative of our operating performance, such as stock-based compensation and other non-cash charges, as well as discrete cash charges that are infrequent in nature. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, and analyzing future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to our historical performance and liquidity as well as comparisons to our competitors’ operating results, to the extent that competitors define these metrics in the same manner that we do. We believe these non-GAAP financial measures are useful to investors both because they (1) allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) are used by investors and analysts to help them analyze the health of our business. These non-GAAP financial measures should be considered in addition to, not as a substitute for, or superior to, other measures of financial performance prepared in accordance with GAAP. For reconciliation of Adjusted EBITDA and Non-GAAP Gross Margin to their most comparable GAAP measures, see the section below entitled “Reconciliations of Non-GAAP Financial Measures.”

Definitions of Non-GAAP Financial Measures

We define Adjusted EBITDA as net loss before depreciation and amortization, including amortization of internally developed software, net interest expense, further adjusted to exclude stock-based compensation and other income and expense items, including transaction and acquisition-related charges, the change in fair value of warrants and embedded derivatives, vesting of warrants, loss on extinguishment of debt, litigation settlement, and income tax provision or benefit. The expenses and other items that we exclude in our calculation of Adjusted EBITDA may differ from the expenses and other items, if any, that other companies may exclude when calculating Adjusted EBITDA.

We define non-GAAP gross margin as gross margin excluding amortization of capitalized software and impairments related to decommissioning of end-of-life systems.

See the section below entitled “Reconciliations of Non-GAAP Financial Measures.”

About Stem

Stem provides clean energy solutions and services designed to 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 to help improve returns across energy projects, including storage, solar, and EV fleet charging. For more information, visit www.stem.com.

Forward-Looking Statements

This earnings press release, as well as other statements we make, contains “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 statements about our financial and performance targets and other forecasts or expectations regarding, or dependent on, our business outlook; the expected benefits of the combined Stem/AlsoEnergy company; our ability to secure sufficient and timely inventory from suppliers; our ability to meet contracted customer demand; our ability to manage supply chain issues and manufacturing or delivery delays; our joint ventures, partnerships and other alliances; forecasts or expectations regarding energy transition and global climate change; reduction of greenhouse gas (“GHG”) emissions; the integration and optimization of energy resources; our business strategies and those of our customers; our ability to retain or upgrade current customers, further penetrate existing markets or expand into new markets; our ability to manage our supply chains and distribution channels and the effects of natural disasters and other events beyond our control; our response to the COVID-19 pandemic and our preparedness for other widespread health emergencies (and government and business responses thereto); the ongoing conflict in Ukraine; the expected benefits of the Inflation Reduction Act of 2022 on our business; and future results of operations, including Adjusted EBITDA. 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 our inability to secure sufficient and timely inventory from our suppliers, and provide us with contracted quantities of equipment; our inability to meet contracted customer demand; supply chain interruptions and manufacturing or delivery delays; disruptions in sales, production, service or other business activities; 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; the ongoing effects of the COVID-19 pandemic on our workforce, operations, financial results and cash flows; the ongoing conflict in Ukraine; the results of operations and financial condition of our customers and suppliers; pricing pressure; inflation; weather and seasonal factors; our inability to continue to grow and manage our growth effectively; our inability to attract and retain qualified employees and key personnel; our inability 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 discussed in this release and 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. Forward-looking and other statements in this release regarding our environmental, social, and other sustainability plans and goals are not an indication that these statements are necessarily material to investors or required to be disclosed in our filings with the SEC. In addition, historical, current, and forward-looking environmental, social, and sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. Statements in this earnings 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 Investor Contacts
Ted Durbin, Stem
Marc Silverberg, ICR
This email address is being protected from spambots. You need JavaScript enabled to view it.

Stem Media Contacts
Suraya Akbarzad, Stem
This email address is being protected from spambots. You need JavaScript enabled to view it.

HOUSTON--(BUSINESS WIRE)--Orion Engineered Carbons (NYSE: OEC), a specialty chemical company, today announced financial results for the full year and fourth quarter of 2022.

Full Year 2022 Highlights

• Net sales of $2,030.9 million, up $484.1 million, year over year
• Net income of $106.2 million, down $28.5 million, year over year. Prior year included the Evonik cash settlement of $79.5 million
• Diluted EPS of $1.73, down $0.48, year over year. Prior year included the Evonik cash settlement of $1.30 per share
• Adjusted Diluted EPS¹ of $1.96, up $0.23, year over year
• Record Adjusted EBITDA¹ of $312.3 million, up $43.9 million, year over year

Fourth Quarter 2022 Highlights

• Net sales of $462.1 million, up $69.4 million, year over year
• Net income of $12.2 million, up $11.1 million, year over year
• Diluted EPS of $0.20, up $0.19, year over year
• Adjusted Diluted EPS¹ of $0.26, up $0.08, year over year
• Adjusted EBITDA¹ of $65.2 million, up $12.9 million, year over year

“The fourth quarter capped a great year. Full year revenues grew 31 percent from 2021 with record Adjusted EBITDA of $312 million, up 16 percent,” said Corning Painter, Orion’s chief executive officer. “The team achieved this despite high inflation, uncertain energy supplies, significantly adverse foreign exchange rates, and the war in Ukraine. More importantly, we have positioned ourselves to thrive in 2023 with what we believe will be sustained higher rubber carbon black margins. It should be a pivotal year for Orion and our shareholders.”

Jeff Glajch, Orion’s chief financial officer added, “We are well on our way to completing our $50 million share buyback. We have purchased in excess of $15 million of shares since initiating the program in the fourth quarter of 2022. In 2023, we are well positioned to expand free cash flow of approximately $100 million, grow Adjusted EBITDA to between 12 and 22 percent and reduce our debt ratios.”

Fourth Quarter 2022 Overview:

Volumes decreased by 8.0 kmt, year over year, reflecting customer destocking, a slowing economy and supply chain challenges, mainly impacting specialty volumes.

Net sales increased by $69.4 million, or 17.7%, year over year, driven primarily by improved base pricing, passing through higher feedstock costs, favorable product mix in both segments and higher volume in Rubber Carbon Black segment. Those were partially offset by lower volume in the Specialty Carbon Black segment and unfavorable foreign currency translation impacted both segments. Increased cogeneration revenue, a by-product, also benefited both segments.

Gross profit increased by $21.4 million, or 28.4%, year over year, primarily driven by pricing measures, favorable product mix in both segments and higher volume in Rubber Carbon Black segment. Those were partially offset by lower volume in the Specialty Carbon Black segment.

Income from operations increased by $23.1 million, or 179.1%, to $36.0 million, year over year, driven by pricing measures, favorable product mix in both segments, higher volume in Rubber Carbon Black segment and higher cogeneration revenue. Those were partially offset by lower volume in the Specialty Carbon Black segment and higher fixed costs.

Adjusted EBITDA increased by $12.9 million, or 24.7%, to $65.2 million, year over year, primarily due to pricing measures, favorable product mix in both segments and higher volume in Rubber Carbon Black segment. Those were partially offset by lower volume in the Specialty Carbon Black segment, unfavorable impact of foreign currency translation and higher fixed costs.

Quarterly Business Segment Results

Specialty volumes decreased by 13.1 kmt, or 21.9%, year over year, reflecting customer destocking and lower demand, primarily in polymers, related to the weakening economy.

Specialty Adjusted EBITDA decreased by $5.4 million, or 17.8%, to $24.9 million, year over year, primarily due to lower volume, unfavorable impact of foreign currency translation and higher fixed costs.

Year over year, Adjusted EBITDA margin decreased 350 basis points to 17.0%.

Rubber Carbon Black volumes rose by 5.1 kmt, or 3.1%, year over year, reflecting the startup of our most recent air emission controls system compared to what we experienced last year.

Net sales increased by $70.7 million, or 28.8%, to $315.8 million, year over year, primarily due to pricing and the impact of passing through higher feedstock costs and higher volume, partially offset by unfavorable product mix.

Rubber Adjusted EBITDA increased by $18.3 million, or 83.2%, to $40.3 million, year over year, driven by pricing, passing through higher feedstock costs and higher volume, partially offset by unfavorable impact of foreign currency translation and higher fixed costs.

Adjusted EBITDA margin rose 380 basis points to 12.8%, year over year.

Liquidity

As of December 31, 2022. the Company had liquidity of $292.2 million, including cash and equivalents of $60.8 million, $165.9 million in availability remaining under our revolving credit facility, including ancillary lines, $25.0 million undrawn on the term-loan for Huaibei, China, and $40.5 million under other available credit lines. Net debt was $858.9 million and net leverage was 2.75x.

Outlook

“For full year 2023, despite all the uncertainties in the global economy, we are projecting an Adjusted EBITDA range of $350 million to $380 million, up 17 percent at the midpoint compared with 2022. Additionally, we are projecting full year 2023 Adjusted EPS of $2.30 to $2.60, up 25 percent at the midpoint. We expect free cash flow of approximately $100 million in 2023. This is a clear step towards realizing our 2025 goal of a mid-cycle Adjusted EBITDA earnings capacity of $500 million. On a full year basis, we are assuming foreign exchange at a rate equivalent to 2022 ($1.05/Euro) and Brent oil prices of $80 per barrel in our base guidance range. Compared to a quarter ago, we anticipate a slight weakening in miles driven but greater improvement in our specialty markets,” Mr. Painter concluded.

Conference Call

As previously announced, Orion will hold a conference call tomorrow, Friday, February 17, 2023, at 8:30 a.m. (EST). The dial-in details for the live conference call are as follow:

A replay of the conference call may be accessed by phone at the following numbers through February 24, 2023:

Additionally, an archived webcast of the conference call will be available on the Investor Relations section of the company’s website at www.orioncarbons.com.

To learn more about Orion, visit the company’s website at www.orioncarbons.com, where we regularly post information including notification of events, news, financial performance, investor presentations and webcasts, non-GAAP reconciliations, SEC filings and other information regarding our company, its businesses and the markets it serves.

About Orion Engineered Carbons

Orion Engineered Carbons (NYSE: OEC) is a leading global supplier of carbon black, a solid form of carbon produced as powder or pellets. The material is made to customers’ exacting specifications for tires, coatings, ink, batteries, plastics and numerous other specialty, high-performance applications. Carbon black is used to tint, colorize, provide reinforcement, conduct electricity, increase durability and add UV protection. Orion has innovation centers on three continents and 14 plants worldwide, offering the most diverse variety of production processes in the industry. The company’s corporate lineage goes back more than 160 years to Germany, where it operates the world’s longest-running carbon black plant. Orion is a leading innovator, applying a deep understanding of customers’ needs to deliver sustainable solutions. For more information, please visit orioncarbons.com.

Cautionary Statement for the Purposes of the “Safe Harbor” Provisions of the Private Securities Litigation Reform Act of 1995

This document contains and refers to certain forward-looking statements with respect to our financial condition, results of operations and business, including those in the “Outlook” and “Quarterly Business Segment Results” sections above. These statements constitute forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among others, statements concerning the potential exposure to market risks, statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions and statements that are not limited to statements of historical or present facts or conditions. Forward-looking statements are typically identified by words such as “anticipate,” "assume," “assure,” “believe,” “confident,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “objectives,” “outlook,” “probably,” “project,” “will,” “seek,” “target” “to be,” and other words of similar meaning.

These forward-looking statements include, without limitation, statements about the following matters: • our strategies for (i) strengthening our position in Specialty Carbon Black or Rubber Carbon Black, (ii) increasing our Specialty or Rubber Carbon Black margins and (iii) strengthening the competitiveness of our operations; • our cash flow projections; • the installation and operation of pollution control technology in our United States (“U.S.”) manufacturing facilities pursuant to the U.S. Environmental Protection Agency (“EPA”) consent decree described herein; • the outcome of any in-progress, pending or possible litigation or regulatory proceedings; the expectations regarding environmental-related costs and liabilities; • the expectations regarding the performance of our industry and the global economy, including with respect to foreign currency rates; • the sufficiency of our cash on hand and cash provided by operating activities and borrowings to pay our operating expenses, satisfy our debt obligations and fund capital expenditures; • the ability to pay dividends; • the ability to have access to new debt providers; • our anticipated spending on, and the timely completion and anticipated impacts of, capital projects including growth projects, emission reduction projects and the construction of new plants; • our projections and expectations for pricing, financial results and performance in 2023 and beyond; • the status of contract negotiations with counterparties and the impact of new contracts on our growth; • the implementation of our natural gas and other raw material consumption reduction contingency plan; • the demand for our specialty products; • our expectation that the markets we serve will continue to remain stable or grow; and • out ability to mitigate the impacts of the outbreak of COVID-19 and variances thereof;

All these forward-looking statements are based on estimates and assumptions that, although believed to be reasonable, are inherently uncertain. Therefore, undue reliance should not be placed upon any forward-looking statements. There are important factors that could cause actual results to differ materially from those contemplated by such forward-looking statements. These factors include, among others: • the negative or uncertain worldwide economic conditions and developments; • the volatility and cyclicality of the industries in which we operate; • the operational risks inherent in chemicals manufacturing, including disruptions due to technical facilities, severe weather conditions or natural disasters; • our dependence on major customers and suppliers; • the unanticipated fluctuations in demand for our specialty products, including due to factors beyond our control; • our ability to compete in the industries and markets in which we operate; • our ability to address changes in the nature of future transportation and mobility concepts which may impact our customers and our business; • our ability to develop new products and technologies successfully and the availability of substitutes for our products; • our ability to implement our business strategies; • our ability to respond to changes in feedstock prices and quality; • our ability to realize benefits from investments, joint ventures, acquisitions or alliances; our ability to negotiate with counterparties on terms satisfactory to us and the satisfactory performance by such counterparties of their obligations to us as well as our ability to meet our performance obligations towards such counterparties; • our ability to realize benefits from planned plant capacity expansions and site development projects and the impact of potential delays to such expansions and projects; • our information technology systems failures, network disruptions and breaches of data security; • our relationships with our workforce, including negotiations with labor unions, strikes and work stoppages; • our ability to recruit or retain key management and personnel; • our exposure to political or country risks inherent in doing business in some countries; • any and all impacts from the Russian war against Ukraine and/or any escalation thereof as well as related energy shortages or other economic or physical impairments or disruptions; • the geopolitical events in the European Union (“EU”), relations amongst the EU member states as well as future relations between the EU and other countries and organizations; • the environmental, health and safety regulations, including nanomaterial and greenhouse gas emissions regulations, and the related costs of maintaining compliance and addressing liabilities; • the possible future investigations and enforcement actions by governmental, supranational agencies or other organizations; • our operations as a company in the chemical sector, including the related risks of leaks, fires and toxic releases; • the market and regulatory changes that may affect our ability to sell or otherwise benefit from co-generated energy; • any litigation or legal proceedings, including product liability, environmental or asbestos related claims; • our ability to protect our intellectual property rights and know-how; • our ability to generate the funds required to service our debt and finance our operations; • any fluctuations in foreign currency exchange and interest rates; • the availability and efficiency of hedging; • any changes in international and local economic conditions, including with regard to the dollar and the euro, dislocations in credit and capital markets and inflation or deflation; the effects of the COVID-19 pandemic on our business and results of operations; • the potential impairments or write-offs of certain assets; • any required increases in our pension fund contributions; • the adequacy of our insurance coverage; • any changes in our jurisdictional earnings mix or in the tax laws or accepted interpretations of tax laws in those jurisdictions; • any challenges to our decisions and assumptions in assessing and complying with our tax obligations; and • the potential difficulty in obtaining or enforcing judgments or bringing legal actions against Orion Engineered Carbons S.A. (a Luxembourg incorporated entity) in the U.S. or elsewhere outside Luxembourg; and • any current or future changes to disclosure requirements and obligations, related audit requirements and our ability to comply with such obligations and requirements.

You should not place undue reliance on forward-looking statements. We present certain financial measures that are not prepared in accordance with U.S. GAAP and may not be comparable to other similarly titled measures of other companies. These non-U.S. GAAP measures are Adjusted EBITDA, Adjusted EPS, Net debt and Capital expenditures. Adjusted EBITDA, Adjusted EPS and Net debt are not measures of performance under U.S. GAAP and should not be considered in isolation or construed as substitutes for Net sales, consolidated profit (loss) for the period, Income from operations, Gross profit or other U.S. GAAP measures as an indicator of our operations in accordance with U.S. GAAP. For a reconciliation of these non-U.S. GAAP financial measures to the most directly comparable U.S. GAAP measures, see table titled Reconciliation of Non-GAAP to GAAP Financial Measures.

Factors that could cause our actual results to differ materially from those expressed or implied in such forward-looking statements include those factors detailed under the captions “Cautionary Statement for Purposes of the “Safe Harbor” Provisions of the Private Securities Litigation Reform Act of 1995” and “Risk Factors” in our Annual Report in Form 10-K for the year ended December 31, 2022 and in Note Q. Commitments and Contingencies to our audited Consolidated Financial Statements regarding contingent liabilities, including litigation. It is not possible for our management to predict all risk factors and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statement - including those in the “Outlook” and “Quarterly Business Segment Results” sections above - as a result of new information, future events or other information, other than as required by applicable law.

Reconciliation of Non-GAAP Financial Measures

We present certain financial measures that are not prepared in accordance with GAAP or the accounting standards of any other jurisdiction and may not be comparable to other similarly titled measures of other companies. For a reconciliation of these non-GAAP financial measures to their nearest comparable GAAP measures, see section Reconciliation of Non-GAAP Financial Measures below.

These non-GAAP measures include, but are not limited to, Gross profit per metric ton, Adjusted EBITDA, Net Working Capital, Capital Expenditures, Segment Adjusted EBITDA Margin (in percentage), Discretionary Cash Flow and Free Cash Flow.

We define Gross profit per metric ton as Gross profit divided by volume measured in metric tons. We define Adjusted EBITDA as Income from operations before depreciation and amortization, share-based compensation, and non-recurring items (such as, restructuring expenses, consulting fees related to Company strategy, legal settlement gain, etc.) plus Earnings in affiliated companies, net of tax. We definite Net Working Capital as Inventories, net plus Accounts receivable, net minus Accounts payable. We define Capital Expenditures as Cash paid for the acquisition of intangible assets and property, plant and equipment. We define Segment Adjusted EBITDA Margin (in percentage) as Segment Adjusted EBITDA divided by segment revenue. We define Discretionary Cash Flow as Adjusted EBITDA less capital expenditures for maintenance and EPA less cash paid for interest and taxes. We define Free Cash Flow as Adjusted EBITDA less Total Capital Expenditures and cash paid for dividends, interest, and taxes.

Adjusted EBITDA is used by our chief operating decision maker (“CODM”) to evaluate our operating performance and to make decisions regarding allocation of capital, because it excludes the effects of items that have less bearing on the performance of our underlying core business. We use this measure, together with other measures of performance under GAAP, to compare the relative performance of operations in planning, budgeting and reviewing our business. We believe these measures are useful measures of financial performance in addition to Net income, Income from operations and other profitability measures under GAAP, because they facilitate operating performance comparisons from period to period. By eliminating potential differences in results of operations between periods caused by factors such as depreciation and amortization methods, historic cost and age of assets, financing and capital structures and taxation positions or regimes, we believe that Adjusted EBITDA provides a useful additional basis for evaluating and comparing the current performance of the underlying operations. In addition, we believe these non-GAAP measures aid investors by providing additional insight into our operational performance and help clarify trends affecting our business.

However, other companies and analysts may calculate non-GAAP financial measures differently, so making comparisons among companies on this basis should be done carefully. Non-GAAP measures are not performance measures under GAAP and should not be considered in isolation or construed as substitutes for Net sales, Net income, Income from operations, Gross profit and other GAAP measures as an indicator of our operations in accordance with GAAP.

We are not able to reconcile the forward-looking non-GAAP financial measures to the closest corresponding GAAP measure without unreasonable efforts because we are unable to predict the ultimate outcome of certain significant items. These items include, but are not limited to, significant legal settlements, tax and regulatory reserve changes, restructuring costs and acquisition and financing related impacts.

Reconciliation of Non-GAAP to GAAP Financial Measures

The following tables present a reconciliation of each

INVESTOR CONTACT:
Wendy Wilson
Investor Relations
+1 281-974-0155

SANTA CRUZ, Calif.--(BUSINESS WIRE)--Joby Aviation, Inc. (NYSE:JOBY), a company developing all-electric aircraft for commercial passenger service, today announced it is beginning testing at the National Full-Scale Aerodynamic Complex (NFAC), the world’s largest wind tunnel facility, at NASA’s Ames Research Center in California’s Silicon Valley.

The NFAC, managed by the U.S. Air Force’s Arnold Engineering Development Complex, contains the two largest operational wind tunnels in the world. Data from propeller testing in the NFAC — widely considered to be the gold standard for aircraft aerodynamics and performance — was instrumental in the development of a range of iconic vehicles, including the space shuttle, the V-22 Osprey, the F-35 Joint Strike Fighter, and a number of next-generation helicopters.

Joby is believed to be the first electric vertical take-off and landing (eVTOL) company to test its propeller in the NFAC’s 40-by-80 foot wind tunnel.

“Testing is a critical part of our aircraft program and the opportunity to gather data on the performance of our propellers in one of the world’s largest wind tunnels is an exciting step toward commercialization,” said JoeBen Bevirt, Founder and CEO of Joby.

“This facility helped introduce historic aircraft to the world, and now it’s doing the same for the next generation of sustainable aviation,” he added.

Lt Col Tom Meagher, Lead for AFWERX Prime programs, commented: “A cornerstone of the AFWERX Agility Prime program is fostering interagency partnerships and collaboration to progress the advanced air mobility segment. The NFAC testing is a perfect example of utilizing unique government test resources and infrastructure critical to enabling industry progression.”

The test campaign will cover all tilt angles and speeds through the expected flight envelope, providing Joby with consistent and high-fidelity data on the performance, loads, and acoustics of its propeller systems in support of its certification program with the Federal Aviation Administration (FAA).

Working in partnership with the U.S. Air Force and NASA, Joby is installing a production-intent electric propulsion unit and propeller assembly in the wind tunnel mounted to a six-degree-of-freedom force and moment balance to capture performance data. The blades are instrumented to measure the loads experienced while rotating, and a representative wing section of the Joby aircraft allows careful analysis of aerodynamic interference effects.

The NFAC propeller test campaign is expected to produce data of unparalleled quality – exceeding what is captured during normal flight testing – due to superior instrumentation and precise control of variables. The full test campaign is expected to take several months to complete.

Joby and NASA previously partnered on a variety of projects exploring electric aircraft technology, including the design of the agency’s all-electric X-57 Maxwell prototype. The agency also completed a two-week acoustic testing program with Joby in 2022 as part of NASA’s Advanced Air Mobility National Campaign.

With more than 1,000 test flights completed, Joby’s piloted, all-electric aircraft is designed to offer a faster and quieter method of aerial transportation across cities and communities with zero operating emissions. Joby expects to launch commercial aerial ridesharing service in the United States in 2025.

About Joby

Joby Aviation, Inc. (NYSE:JOBY) is a California-based transportation company developing an all-electric, vertical take-off and landing aircraft which it intends to operate as part of a fast, quiet, and convenient service in cities around the world. To learn more, visit www.jobyaviation.com.

Forward Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding the development and performance of our aircraft, including our expectation to start commercial passenger service in 2025, the expected benefits of our testing program with NFAC; and our current expectations relating to our business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate”, “estimate”, “expect”, “project”, “plan”, “intend”, “believe”, “may”, “will”, “should”, “can have”, “likely” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. All forward looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including: our ability to launch our aerial ridesharing service and the growth of the urban air mobility market generally; our ability to produce aircraft that meet our performance expectations in the volumes and on the timelines that we project, and our ability to launch our service; the competitive environment in which we operate; our future capital needs; our ability to adequately protect and enforce our intellectual property rights; our ability to effectively respond to evolving regulations and standards relating to our aircraft; our reliance on third-party suppliers and service partners; uncertainties related to our estimates of the size of the market for our service and future revenue opportunities; and other important factors discussed in the section titled “Risk Factors” in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the “SEC”) on March 28, 2022, and in future filings and other reports we file with or furnish to the SEC. Any such forward-looking statements represent management’s estimates and beliefs as of the date of this presentation. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.

Joby Aviation
Investors:
This email address is being protected from spambots. You need JavaScript enabled to view it.

Media:
This email address is being protected from spambots. You need JavaScript enabled to view it.

DALLAS--(BUSINESS WIRE)--Matador Resources Company (NYSE: MTDR) (“Matador”) today announced the promotion of Brian J. Willey to Chief Financial Officer, President of Midstream Operations and Executive Vice President, effective as of February 16, 2023. Mr. Willey will continue to serve as the President of San Mateo Midstream, LLC, Matador’s midstream joint venture, among his other duties. Mr. Willey joined Matador in February 2014 and most recently served as Matador’s President and General Counsel of Midstream Operations and Executive Vice President of Matador as well as President of San Mateo Midstream, LLC.

Soon after Mr. Willey joined Matador in February 2014 as its Deputy General Counsel, Mr. Willey was appointed as Co-General Counsel. He was then promoted to Vice President and Co-General Counsel in August 2016 and became Senior Vice President and Co-General Counsel in July 2018. In March 2022, Mr. Willey was promoted to President of San Mateo and Senior Vice President, President and General Counsel of Midstream. Mr. Willey was promoted to President and General Counsel of Midstream Operations and Executive Vice President in October 2022.

Mr. Willey previously served as a senior associate in the Dallas office of Baker Botts L.L.P. where his practice focused on corporate matters, including mergers and acquisitions, public and private securities offerings, venture capital transactions and SEC compliance matters as well as board of director and corporate governance matters.

Mr. Willey received a Bachelor of Science degree in Accounting in 2002 from Brigham Young University, where he graduated magna cum laude. He received his law degree in 2005 from The University of Texas School of Law, where he graduated with High Honors and was a member of the Order of the Coif in addition to being named a Chancellor and an Associate Editor on the Texas Law Review. Mr. Willey also served a church mission in the Philippines from 1995 to 1997.

Joseph Wm. Foran, Matador’s Founder, Chairman and Chief Executive Officer, stated, “Brian has been a key member of Matador since he joined us. The Board and I congratulate him on this promotion to Chief Financial Officer and all of us look forward to working with him in that role. Brian’s accounting and legal background have served him well. To this point, Brian has assisted primarily in building our legal department and midstream business since he joined Matador in 2014. In this new role, Brian will serve as Matador’s principal financial officer and will have the opportunity to develop deeper relationships with our directors, investors, lenders, analysts and other stakeholders as well as playing a larger role in planning, strategy and personnel decisions. Michael Frenzel has done a tremendous job serving as the principal financial officer for the Company over the past year, and I look forward to us continuing to work with him in his longtime role as Executive Vice President and Treasurer and as a member of the finance and special projects teams.”

About Matador Resources Company

Matador is an independent energy company engaged in the exploration, development, production and acquisition of oil and natural gas resources in the United States, with an emphasis on oil and natural gas shale and other unconventional plays. Its current operations are focused primarily on the oil and liquids-rich portion of the Wolfcamp and Bone Spring plays in the Delaware Basin in Southeast New Mexico and West Texas. Matador also operates in the Eagle Ford shale play in South Texas and the Haynesville shale and Cotton Valley plays in Northwest Louisiana. Additionally, Matador conducts midstream operations in support of its exploration, development and production operations and provides natural gas processing, oil transportation services, natural gas, oil and produced water gathering services and produced water disposal services to third parties.

For more information, visit Matador Resources Company at www.matadorresources.com.

Forward-Looking Statements

This press release includes “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. “Forward-looking statements” are statements related to future, not past, events. Forward-looking statements are based on current expectations and include any statement that does not directly relate to a current or historical fact. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as “could,” “believe,” “would,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “should,” “continue,” “plan,” “predict,” “potential,” “project,” “hypothetical,” “forecasted” and similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Such forward-looking statements include, but are not limited to, statements about guidance, projected or forecasted financial and operating results, future liquidity, the payment of dividends, results in certain basins, objectives, project timing, expectations and intentions, regulatory and governmental actions and other statements that are not historical facts. Actual results and future events could differ materially from those anticipated in such statements, and such forward-looking statements may not prove to be accurate. These forward-looking statements involve certain risks and uncertainties, including, but not limited to, the following risks related to financial and operational performance: general economic conditions; the Company’s ability to execute its business plan, including whether its drilling program is successful; changes in oil, natural gas and natural gas liquids prices and the demand for oil, natural gas and natural gas liquids; its ability to replace reserves and efficiently develop current reserves; the operating results of the Company’s midstream oil, natural gas and water gathering and transportation systems, pipelines and facilities, the acquiring of third-party business and the drilling of any additional salt water disposal wells; costs of operations; delays and other difficulties related to producing oil, natural gas and natural gas liquids; delays and other difficulties related to regulatory and governmental approvals and restrictions; impact on the Company’s operations due to seismic events; availability of sufficient capital to execute its business plan, including from future cash flows, available borrowing capacity under its revolving credit facilities and otherwise; its ability to make acquisitions on economically acceptable terms; its ability to integrate acquisitions; the operating results of and the availability of any potential distributions from our joint ventures; weather and environmental conditions; the impact of the worldwide spread of the novel coronavirus, or COVID-19, or variants thereof, on oil and natural gas demand, oil and natural gas prices and its business; and the other factors which could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. For further discussions of risks and uncertainties, you should refer to Matador’s filings with the Securities and Exchange Commission (“SEC”), including the “Risk Factors” section of Matador’s most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. Matador undertakes no obligation to update these forward-looking statements to reflect events or circumstances occurring after the date of this press release, except as required by law, including the securities laws of the United States and the rules and regulations of the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.

Mac Schmitz
Vice President – Investor Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
(972) 371-5225

NEWCASTLE & HOUSTON--(BUSINESS WIRE)--TechnipFMC (NYSE: FTI) has been awarded a significant⁽¹⁾ contract for subsea production systems by Equinor for its Irpa oil and gas development on the Norwegian Continental Shelf.

Awarded under the companies’ framework agreement, the contract covers the supply and installation support of subsea trees, control systems, structures, and connections, as well as tooling.

Jonathan Landes, President, Subsea at TechnipFMC, commented: “This project will utilize our standardized production system, which was designed to meet the specific demands of the Norwegian Continental Shelf. The award demonstrates Equinor’s confidence in our technology, quality, and ability to deliver. We’re delighted to continue supporting them.”

(1) For TechnipFMC, a “significant” contract is between $75 million and $250 million.

Important Information for Investors and Securityholders

Forward-Looking Statement

This release contains "forward-looking statements" as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. The words “expect,” “believe,” “estimated,” and other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. Such forward-looking statements involve significant risks, uncertainties and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. For information regarding known material factors that could cause actual results to differ from projected results, please see our risk factors set forth in our filings with the United States Securities and Exchange Commission, which include our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any of our forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by law.

About TechnipFMC

TechnipFMC is a leading technology provider to the traditional and new energy industries, delivering fully integrated projects, products, and services.

With our proprietary technologies and comprehensive solutions, we are transforming our clients’ project economics, helping them unlock new possibilities to develop energy resources while reducing carbon intensity and supporting their energy transition ambitions.

Organized in two business segments — Subsea and Surface Technologies — we will continue to advance the industry with our pioneering integrated ecosystems (such as iEPCI™, iFEED™ and iComplete™), technology leadership and digital innovation.

Each of our approximately 20,000 employees is driven by a commitment to our clients’ success, and a culture of strong execution, purposeful innovation, and challenging industry conventions.

TechnipFMC uses its website as a channel of distribution of material company information. To learn more about how we are driving change in the industry, go to www.TechnipFMC.com and follow us on Twitter @TechnipFMC.

Investor relations
Matt Seinsheimer
Vice President, Investor Relations
Tel: +1 281 260 3665
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

James Davis
Senior Manager, Investor Relations
Tel: +1 281 260 3665
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Media relations
Nicola Cameron
Vice President, Corporate Communications
Tel: +44 1383 742297
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Catie Tuley
Director, Public Relations
Tel: +1 713 876 7296
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

CEO Christie Obiaya Announces Swift and Bold Strategic Priorities

PASADENA, Calif.--(BUSINESS WIRE)--Heliogen, Inc. (“Heliogen”) (NYSE: HLGN), a leading provider of AI-enabled concentrating solar energy technology, today published a letter to shareholders signaling a renewed strategic focus to capitalize on evolving customer demand, emerging market conditions and enhanced operational efficiency. The full text of the letter below can also be found at investors.heliogen.com.

Dear Fellow Shareholders,

I am honored to serve as Heliogen’s new CEO and to have the opportunity to share with you my plan to accomplish our mission of changing the world by decarbonizing industry with our breakthrough concentrated solar thermal technology. Since joining Heliogen two years ago, I have been continuously impressed by our innovative, passionate, and talented employees combined with our disruptive, differentiated technology. But I understand talent and technology alone are not enough. To accomplish our goals, we need to address near-term challenges. I recognize the need for Heliogen to rapidly take bold steps to respond to customer demand and market conditions and to become leaner. I have also taken the time to listen and learn from our stakeholders, who I believe will be excited about these changes. I am more convinced than ever that our company has the potential to be a leader in the industry and deliver significant value to our customers and to our shareholders.

Today I am sharing with you the core pillars that will serve as the basis for our comprehensive plan to respond to market feedback, streamline our operations, and significantly improve our financial condition. My top priorities are:

• Sales: Our first obligation is to respond to emerging market conditions by prioritizing our fastest path to growing our revenue backlog. Put simply, this is the most effective way for Heliogen to demonstrate product-market fit and prove the value of our technology to our investors. Our sales efforts will be focused squarely on driving forward our industrial steam product, which is our product with the highest level of technical readiness. This product has a unique ability to provide zero-carbon energy for two critical applications: providing steam for industrial processes and providing steam for green hydrogen production when paired with solid oxide electrolyzers. The industrial steam market provides us with a significant opportunity while the green hydrogen market is nascent but growing rapidly, turbocharged by the Inflation Reduction Act.
• First installation of commercial-scale projects: I understand the importance of having real-world operating data from commercial projects, and my experience in developing and building large-scale energy projects gives me a unique perspective of what it takes to be successful in this critical phase of Heliogen’s trajectory. Based on market feedback, we believe having data from completed projects will unlock demand from prospective customers for whom “operating commercial-scale project” is a must-have selection criterion. That list of prospective customers is quite long, and we need a different approach of converting “prospective” to “contracted” for those who are not early adopters of technology. We are confident that getting projects in the ground will usher in a larger customer base, ultimately charting the path for companies who want to license our technology and build it themselves.
• Reducing our cost structure: By aggressively cutting costs, streamlining our operations, and focusing our efforts on driving tangible, immediate results, we can meaningfully extend our liquidity runway. This would reduce our need for external capital as we drive toward funding our business with internally generated cash flows from operations. This decision will give us the time we need to further develop projects, putting us in a more advantageous position to pursue a future capital raise that should take us to cashflow breakeven. We currently believe we have sufficient funding to meet our obligations through early 2024, and I am working on a plan to extend this runway through late 2024.
• Regaining NYSE listing compliance: As we accomplish the goals outlined above, we hope to create the shareholder value necessary to regain compliance without the need for a reverse stock split. However, we still plan to seek a shareholder vote at our 2023 annual meeting to approve a reverse stock split in case such action is determined to be necessary or appropriate.

Market feedback indicates that successful implementation of these priorities, along with the favorable market incentives, should provide us with more attractive financing alternatives and elicit additional interest from investors, to allow us to raise additional capital in the future at potentially more favorable terms than are currently available. I look forward to sharing the more concrete details underpinning our plan during our fourth quarter and full-year 2022 earnings conference call in March.

I want to thank you for your continued support and confidence in our company. With our world-class team and groundbreaking concentrated solar thermal technology, I am confident in our ability to meet our strategic goals in the near-term and to accomplish our mission of changing the world by decarbonizing industry while delivering value to our shareholders.

Sincerely,

Christie Obiaya
Chief Executive Officer

About Heliogen
Heliogen is a renewable energy technology company focused on decarbonizing industry and empowering a sustainable civilization. The company’s concentrating solar energy and thermal storage systems aim to deliver carbon-free heat, steam, power, or green hydrogen at scale to support round-the-clock industrial operations. Powered by AI, computer vision and robotics, Heliogen is focused on providing robust clean energy solutions that accelerate the transition to renewable energy, without compromising reliability, availability, or cost. For more information about Heliogen, please visit heliogen.com.

Forward-Looking Statements
This press release contains certain 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. Statements that are not historical in nature, including the words “anticipate,” “expect,” “suggests,” “plan,” “believe,” “intend,” “estimates,” “targets,” “projects,” “should,” “could,” “would,” “may,” “will,” “forecast” and other similar expressions are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding (i) plans to prioritize our industrial steam product; (ii) expectations for future customer growth; (iii) our cost reduction initiatives; (iv) regaining NYSE listing compliance; and (v) potential future opportunities to raise capital. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) our financial and business performance, including risk of uncertainty in our financial projections and business metrics and any underlying assumptions thereunder; (ii) our ability to execute our business model, including market acceptance of our planned products and services and achieving sufficient production volumes at acceptable quality levels and prices; (iii) our ability to access sources of capital to finance operations, growth and future capital requirements; (iv) our ability to maintain and enhance our products and brand, and to attract and retain customers; (v) our ability to scale in a cost effective manner; (vi) changes in applicable laws or regulations; (vii) the ongoing impacts of the COVID-19 pandemic and the potential impacts of Russia’s invasion of Ukraine on our business; (viii) developments and projections relating to our competitors and industry; (ix) our ability to access sources of capital to finance operations, growth and future capital requirements; and (x) our ability to protect our intellectual property. You should carefully consider the foregoing factors and the other risks and uncertainties disclosed in the “Risk Factors” section in Part I, Item 1A in our Annual Report on Form 10-K/A for the annual period ended December 31, 2021 and other documents filed by Heliogen from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Heliogen assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

Heliogen Investors:
Louis Baltimore
VP, Investor Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.

Heliogen Media:
Cory Ziskind
ICR, Inc.
This email address is being protected from spambots. You need JavaScript enabled to view it.

ORANGE, Conn.--(BUSINESS WIRE)--Today AVANGRID, Inc. (NYSE:AGR) announced that its Board of Directors declared a quarterly dividend of $0.44 per share on its Common Stock. This dividend is payable April 3, 2023 to shareholders of record at the close of business on March 1, 2023.

AVANGRID also announced that the date of its 2023 Annual Meeting of Shareholders will be Tuesday, June 13, 2023. Because the 2023 Annual Meeting of Shareholders will be held more than 30 days prior to the anniversary date of the previous annual meeting of shareholder, the deadlines set forth in AVANGRID's definitive proxy statement filed with the U.S. Securities and Exchange Commission (the "SEC") on June 2, 2022 for shareholder proposals for consideration at the 2023 Annual Meeting of Shareholders no longer apply.

The new deadline is the close of business on April 14, 2023 (which AVANGRID has determined to be a reasonable time before it expects to begin to print and distribute its proxy materials prior to the 2023 Annual Meeting of Shareholders) for proposals to be considered for inclusion in this year’s proxy materials for the 2023 Annual Meeting of Shareholders pursuant to Rule 14a-8 under the Exchange Act.

Shareholders who intend to present proposals for action at the 2023 Annual Meeting of Shareholders must ensure that such proposals are received by the Corporation’s Secretary at Avangrid, Inc., 180 Marsh Hill Road, Orange, Connecticut 06477, on or before the close of business on April 14, 2023. In addition to complying with this deadline, shareholder proposals must comply with all applicable SEC rules, including Rule 14a-8, and the requirements set forth in AVANGRID’s Amended and Restated Bylaws and applicable law.

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 approximately 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.

Investors:
Alvaro Ortega
This email address is being protected from spambots. You need JavaScript enabled to view it.
207.629.7412

TULSA, Okla.--(BUSINESS WIRE)--NGL Energy Partners LP (NYSE:NGL) (“NGL,” “our,” “we,” or the “Partnership”) announced a permanent commitment in our ABL Facility of $600 million. On April 13, 2022, the Partnership amended the ABL Facility to increase the commitments to $600 million under the accordion feature within the ABL Facility and agreed to reduce the commitments back to the original $500 million on or before March 31, 2023. This Amendment extends the maturity date of the additional $100 million of commitments through February 2026, the remaining term of the ABL Facility.

“As I mentioned on our earnings call on February 9^th, we were in the process of increasing our ABL Facility to $600 million permanently. This amendment provides NGL additional financial flexibility to support the significant growth in our Water Solutions segment and a higher commodity price environment,” stated Brad Cooper, NGL’s CFO.

Forward-Looking Statements

This press release includes “forward-looking statements.” All statements other than statements of historical facts included or incorporated herein may constitute forward-looking statements. Actual results could vary significantly from those expressed or implied in such statements and are subject to a number of risks and uncertainties. While NGL believes such forward-looking statements are reasonable, NGL cannot assure they will prove to be correct. The forward-looking statements involve risks and uncertainties that affect operations, financial performance, and other factors as discussed in filings with the Securities and Exchange Commission. Other factors that could impact any forward-looking statements are those risks described in NGL’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other public filings. You are urged to carefully review and consider the cautionary statements and other disclosures made in those filings, specifically those under the heading “Risk Factors.” NGL undertakes no obligation to publicly update or revise any forward-looking statements except as required by law.

NGL provides Adjusted EBITDA guidance that does not include certain charges and costs, which in future periods are generally expected to be similar to the kinds of charges and costs excluded from Adjusted EBITDA in prior periods, such as income taxes, interest and other non-operating items, depreciation and amortization, net unrealized gains and losses on derivatives, lower of cost or net realizable value adjustments, gains and losses on disposal or impairment of assets, gains and losses on early extinguishment of liabilities, equity-based compensation expense, acquisition expense, revaluation of liabilities and items that are unusual in nature or infrequently occurring. The exclusion of these charges and costs in future periods will have a significant impact on the Partnership’s Adjusted EBITDA, and the Partnership is not able to provide a reconciliation of its Adjusted EBITDA guidance to net income (loss) without unreasonable efforts due to the uncertainty and variability of the nature and amount of these future charges and costs and the Partnership believes that such reconciliation, if possible, would imply a degree of precision that would be potentially confusing or misleading to investors.

About NGL Energy Partners LP

NGL Energy Partners LP, a Delaware limited partnership, is a diversified midstream energy company that transports, stores, markets and provides other logistics services for crude oil, natural gas liquids and other products and transports, treats and disposes of produced water generated as part of the oil and natural gas production process. For further information, visit the Partnership’s website at www.nglenergypartners.com.

David Sullivan, 918-481-1119
Vice President - Finance
This email address is being protected from spambots. You need JavaScript enabled to view it.

NEWCASTLE & HOUSTON--(BUSINESS WIRE)--TechnipFMC (NYSE: FTI) has been awarded a significant⁽¹⁾ contract for the subsea production system for Equinor’s Verdande project on the Norwegian Continental Shelf.

The contract – awarded under TechnipFMC’s framework agreement with Equinor – covers the complete subsea production system including subsea trees and structures, control systems, connections, tooling, and installation support.

Jonathan Landes, President, Subsea at TechnipFMC, commented: “This latest contract highlights the close relationship we have with Equinor under the framework agreement. We are delighted that Equinor is once again placing trust in our technology.”

⁽¹⁾ For TechnipFMC, a “significant” contract is between $75 million and $250 million.

Important Information for Investors and Securityholders

Forward-Looking Statement

This release contains "forward-looking statements" as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. The words “expect,” “believe,” “estimated,” and other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. Such forward-looking statements involve significant risks, uncertainties and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. For information regarding known material factors that could cause actual results to differ from projected results, please see our risk factors set forth in our filings with the United States Securities and Exchange Commission, which include our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any of our forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by law.

About TechnipFMC

TechnipFMC is a leading technology provider to the traditional and new energy industries, delivering fully integrated projects, products, and services.

With our proprietary technologies and comprehensive solutions, we are transforming our clients’ project economics, helping them unlock new possibilities to develop energy resources while reducing carbon intensity and supporting their energy transition ambitions.

Organized in two business segments — Subsea and Surface Technologies — we will continue to advance the industry with our pioneering integrated ecosystems (such as iEPCI™, iFEED™ and iComplete™), technology leadership and digital innovation.

Each of our approximately 20,000 employees is driven by a commitment to our clients’ success, and a culture of strong execution, purposeful innovation, and challenging industry conventions.

TechnipFMC uses its website as a channel of distribution of material company information. To learn more about how we are driving change in the industry, go to www.TechnipFMC.com and follow us on Twitter @TechnipFMC.

Investor relations

Matt Seinsheimer
Senior Vice President, Investor Relations and Corporate Development
Tel: +1 281 260 3665
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

James Davis
Senior Manager, Investor Relations
Tel: +1 281 260 3665
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Media relations

Nicola Cameron
Vice President, Corporate Communications
Tel: +44 1383 742297
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Catie Tuley
Director, Public Relations
Tel: +1 713 876 7296
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

THE WOODLANDS, Texas--(BUSINESS WIRE)--Chevron Phillips Chemical (CPChem) and Charter Next Generation (CNG) announced today that overwrap film made with CPChem’s Marlex^® Anew™ Circular Polyethylene is bound for store shelves in the U.S. Versatile and efficient, overwrap films help preserve food, keep medical instruments secure and sterile, and provide lightweight and durable product packaging.

“Together with CNG, we are transforming waste plastics into useful products and demonstrating real-world, commercial scale applications of circular plastics,” said Jay Bickett, CPChem’s Vice President of Polymers. “This collaboration is a great example of the new possibilities unlocked by advanced recycling.”

CPChem leverages its established advanced recycling program to produce Marlex^® Anew™ Circular Polyethylene, which is certified through International Sustainability and Carbon Certification (ISCC) PLUS using the free attribution model. This process uses pyrolysis oil, made from difficult-to-recycle waste plastics, as a feedstock to produce a circular polyethylene with characteristics identical to CPChem’s original Marlex^® polyethylene.

For more than a decade, CNG has used recycled content as a component in a number of its food and consumer packaging films, and recently announced ISCC PLUS certification at its Lexington, Ohio campus. This location is one of the single largest extrusion sites in the world and serves key markets such as towel and tissue overwrap, fresh produce, protein, e-commerce and more.

“CNG is excited to bring films using Marlex^® Anew™ Circular Polyethylene to consumers,” said Doug Latreille, Chief Commercial Officer at CNG. “With our Lexington campus now ISCC PLUS certified, CNG is well positioned to offer circular products like these films to customers on a commercial scale.”

CPChem continues to explore applications for its circular polyethylene and enhance its advanced recycling program. The company recently worked with Phillips 66 to process pyrolysis oil in a successful commercial scale trial at the Phillips 66 Sweeny Refinery in Old Ocean, Texas. The Phillips 66 site has also received ISCC PLUS certification, verifying the refinery meets the standards to convert pyrolysis oil into circular feedstocks, which can be used to produce CPChem’s Marlex^® Anew™ Circular Polyethylene.

About Chevron Phillips Chemical

“Chevron Phillips Chemical” includes Chevron Phillips Chemical Company LLC and its wholly-owned subsidiaries. Chevron Phillips Chemical is one of the world’s top producers of olefins and polyolefins and a leading supplier of aromatics, alpha olefins, styrenics, specialty chemicals, plastic piping and polymer resins. With approximately 5,000 employees, Chevron Phillips Chemical and its affiliates own nearly $18 billion in assets, including 31 manufacturing and research facilities in six countries. Chevron Phillips Chemical is equally owned indirectly by Chevron Corporation U.S.A. Inc. and Phillips 66 Company, and is headquartered in The Woodlands, Texas. For more information about Chevron Phillips Chemical, visit www.cpchem.com.

About Charter Next Generation

Charter Next Generation is North America’s leading independent producer of high-performance, sustainable films used in flexible packaging and other end-use markets. Known for sustainable, innovative products and world-class manufacturing capabilities, the company’s quality and expertise are unsurpassed. Its sustainability-first mindset, and relentless pursuit of excellence, make it an ideal partner to help brand owners reach their long-term sustainability goals. www.cnginc.com

Lisa Trow
This email address is being protected from spambots. You need JavaScript enabled to view it.
346-452-6531

Bill Singer
This email address is being protected from spambots. You need JavaScript enabled to view it.
856-981-0991

DEERFIELD, Ill.--(BUSINESS WIRE)--CF Industries Holdings, Inc. (NYSE: CF) today announced that the Company will present at the following conferences in February:

• Citi's 2023 Global Industrial Tech and Mobility Conference at 9:40 am ET on Tuesday, February 21, 2023;
• Barclays Industrial Select Conference at 10:55 am ET on Wednesday, February 22, 2023.

Investors who wish to access the live conference webcasts should visit the Investor Relations section of the company’s website at www.cfindustries.com. A replay of the webcasts will be available on the CF Industries Holdings, Inc. website for 180 days following the events.

About CF Industries Holdings, Inc.

At CF Industries, our mission is to provide clean energy to feed and fuel the world sustainably. With our employees focused on safe and reliable operations, environmental stewardship, and disciplined capital and corporate management, we are on a path to decarbonize our ammonia production network – the world’s largest – to enable green and blue hydrogen and nitrogen products for energy, fertilizer, emissions abatement and other industrial activities. Our manufacturing complexes in the United States, Canada, and the United Kingdom, an unparalleled storage, transportation and distribution network in North America, and logistics capabilities enabling a global reach underpin our strategy to leverage our unique capabilities to accelerate the world’s transition to clean energy. CF Industries routinely posts investor announcements and additional information on the Company’s website at www.cfindustries.com and encourages those interested in the Company to check there frequently.

Media
Chris Close
Director, Corporate Communications
847-405-2542 – This email address is being protected from spambots. You need JavaScript enabled to view it.

Investors
Martin Jarosick
Vice President, Treasury and Investor Relations
847-405-2045 – This email address is being protected from spambots. You need JavaScript enabled to view it.

Adds rail connectivity in world’s largest domestic logistics market

SYDNEY--(BUSINESS WIRE)--WiseTech Global (ASX:WTC), developer of the leading logistics execution software CargoWise, today announces its acquisition of Blume Global (Blume), provider of a leading solution facilitating intermodal rail in North America, for US$414 million. Headquartered in the United States, Blume is being acquired from funds managed by Apollo, EQT and other minority shareholders.

North America is the world’s largest domestic logistics region¹, and Blume manages intermodal containers and chassis on behalf of 6 of the 7 Class 1 US railroads, ocean carriers and other intermodal equipment providers including global freight forwarders and Beneficial Cargo Owners (BCOs). Blume is a high-growth recurring revenue business and is expected to generate FY24² revenues in the range of US$65 million to US$70 million representing annual growth of 45% to 55%. Before operational synergies, on a standalone basis, Blume expects to achieve FY24 EBITDA margins of approximately 10% and be cash-flow breakeven by the end of FY24.

Richard White, Founder and CEO of WiseTech Global, said: “This is another strategically significant acquisition that follows our acquisition of Envase Technologies last month. It further extends our capability in one of our six key CargoWise development priority areas, integrating rail into our landside logistics offering in North America, the most complex and largest logistics region in the world. Blume also brings significant new talent, a portfolio of other valuable product capabilities, and further enhances our product development skill set. This transaction demonstrates WiseTech’s continued investment in its CargoWise ecosystem, improving visibility and process efficiencies end-to-end across the supply chain for our customers.”

Blume Global’s CEO Pervinder Johar said: “Joining the WiseTech Global group means greater scale and resources to make logistics processes more productive, agile, dependable, and sustainable with innovative execution and visibility solutions. We want to thank the team at Apollo for helping to stand up and grow Blume as a standalone company and are thrilled to embark on this next chapter to drive even greater digital innovation in this sector.”

Justin Korval, Partner in Apollo Hybrid Value, and Antoine Munfakh, Partner in Apollo Private Equity, said: “This transaction underscores the tremendous growth of Blume since establishing it as an independent company in 2019. By providing meaningful growth capital and strategic support, Blume’s management team was empowered to pursue an ambitious expansion strategy and successfully develop an industry leading supply-chain technology platform. We wish Pervinder and the entire team the best in this exciting next chapter.”

Further information on this acquisition and WiseTech’s performance and outlook will be provided at the Company’s half year earnings briefing at 10am on 22 February 2023 (AEDT). Please register here.

About WiseTech Global

WiseTech Global is a leading developer and provider of software solutions to the logistics execution industry globally. Our customers include over 18,000³ of the world’s logistics companies across more than 170 countries, including 41 of the top 50 global third-party logistics providers and 24 of the 25 largest global freight forwarders worldwide⁴.

At WiseTech, we are relentless about innovation, adding over 4,900 product enhancements to our global platform in the past five years while bringing meaningful continual improvement to the world’s supply chains. Our breakthrough software solutions are renowned for their powerful productivity, extensive functionality, comprehensive integration, deep compliance capabilities, and truly global reach. For more information, visit www.wisetechglobal.com and www.cargowise.com.

¹ Logistics Market: Global Industry Analysis and Forecast (2022-2029) (maximizemarketresearch.com).
² Year end 30 June 2024.
³ Includes customers on CargoWise and platforms of acquired businesses whose customers may be counted with reference to installed sites
⁴ Armstrong & Associates: Top 50 Global 3PLs & Top 25 Global Freight Forwarders ranked by 2021 logistics gross revenue/turnover and freight forwarding volumes - Updated 4 August 2022

Media contact information:
Claire Hosegood: +61 411 253 663 | This email address is being protected from spambots. You need JavaScript enabled to view it.

HOUSTON--(BUSINESS WIRE)--$PSX--Richard Harbison, Senior Vice President of Refining at Phillips 66 (NYSE: PSX), and Jeff Dietert, Vice President of Investor Relations, will participate in a fireside chat at the Bank of America Securities 2023 Refining Conference on Thursday, March 2, 2023, at 12 p.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
This email address is being protected from spambots. You need JavaScript enabled to view it.

Owen Simpson (investors)
832-765-2297
This email address is being protected from spambots. You need JavaScript enabled to view it.

Thaddeus Herrick (media)
855-841-2368
This email address is being protected from spambots. You need JavaScript enabled to view it.

TORONTO--(BUSINESS WIRE)--Superior Plus Corp. (“Superior”) (TSX: SPB) announced today its financial and operating results for the fourth quarter and year ended December 31, 2022. Unless otherwise expressed, all financial figures are expressed in Canadian dollars.

• Fourth Quarter 2022 Adjusted EBITDA¹ of $182.6 million, a 28% increase from the prior year
• Fourth Quarter net earnings of $63.0 million, an increase of $49.2 million from the prior year
• Full-year 2022 Adjusted EBITDA of $449.8 million, a 13% increase compared to the prior year and above the midpoint of the guidance range of $425 million to $465 million
• Net loss from continuing operations for the twelve months ended December 31, 2022 of $87.9 million, compared to net earnings from continuing operations of $17.2 million in the prior year
• Superior is introducing its 2023 Pro Forma Adjusted EBITDA¹ guidance range of $585 million to $635 million with a midpoint of $610 million, which includes the expected full twelve months of Certarus 2023 Adjusted EBITDA in the range of $140 million to $150 million. The economic benefit of Certarus’ expected 2023 Adjusted EBITDA will be retained in the business

Adjusted EBITDA and Pro Forma Adjusted EBITDA are Non-GAAP Financial Measures. See “Non-GAAP Financial Measures and Reconciliations” section below.

In announcing these results, Luc Desjardins, President and Chief Executive Officer said, “We are very proud of what we accomplished in 2022 with our operational results and progression of our strategic initiatives. Through our resilient business model in the propane distribution businesses, we were able to overcome challenges related to COVID-19 health measures earlier in the year, rising inflation and labour costs, and the impact from volatile commodity costs. We were able to deliver Adjusted EBITDA of $449.8 million, which was a $51.4 million increase from 2021. We also achieved record Adjusted EBITDA in the fourth quarter and continued executing on our Superior Way Forward strategy, closing eight acquisitions in 2022 for total consideration of $519 million and announcing the transformative acquisition of Certarus.”

Mr. Desjardins continued, “Although 2023 has started off warmer than expected in some of our operating regions, we are excited for 2023 as we expect our propane distribution business will continue to benefit from the acquisitions completed in 2021 and 2022, and the recently announced Certarus acquisition is expected to provide us with a significant organic growth segment in the low carbon mobile fuels industry. The Certarus business is expected to position us well for a low carbon future, giving us exposure to the rapidly growing Compressed Natural Gas (“CNG”), Renewable Natural Gas (“RNG”) and hydrogen markets, while also enabling us to achieve our Superior Way Forward goals two years ahead of target in 2024.”

Financial Highlights:

• Net earnings from continuing operations of $63.0 million in the fourth quarter compared to $13.8 million in the prior year quarter primarily due to higher revenue and gross profit and a gain on derivatives and foreign currency translation of borrowings, partially offset by higher selling, distribution and administrative expenses (“SD&A”), finance expense and income tax expense. Basic and diluted earnings per share from continuing operations attributable to Superior was $0.27 per share, an increase of $0.23 from $0.04 per share in the prior year quarter due to the aforementioned reasons, partially offset by the impact of the increased number of weighted average shares outstanding.
• Adjusted EBITDA for the fourth quarter was $182.6 million, an increase of $40.4 million compared to the prior year quarter, primarily due to higher EBITDA from operations², partially offset by higher corporate costs² and a realized loss on foreign currency hedges compared to a realized gain in the prior year quarter. EBITDA from operations increased primarily due to higher Adjusted EBITDA in U.S. retail propane distribution (“U.S. Propane”), North American wholesale propane distribution (“Wholesale Propane”) and Canadian retail propane distribution (“Canadian Propane”).
• U.S. Propane Adjusted EBITDA for the fourth quarter was $116.7 million an increase of $36.8 million from the prior year quarter of $79.9 million primarily due to the impact of acquisitions completed in the current year and, to a lesser extent, higher average margins related to increased prices to offset inflation and the impact of the weaker Canadian dollar on the translation of U.S. denominated transactions, partially offset by rising costs due to inflation, labour and fuel.
• Canadian Propane Adjusted EBITDA for the fourth quarter was $58.3 million, an increase of $4.7 million from the prior year quarter of $53.6 million or 9% primarily due to higher average margins related to increased sales prices to offset the impact of inflation, partially offset by higher operating costs² related to the rising costs due to inflation labour and fuel.
• Wholesale Propane Adjusted EBITDA for the fourth quarter was $22.7 million an increase of $13.1 million from the prior year quarter of $9.6 million primarily due to contribution from the acquisition of Kiva Energy Inc. (“Kiva”).
• Corporate costs for the fourth quarter were $11.0 million compared to $4.6 million in the prior year quarter. The increase is primarily due to higher insurance costs, professional fees, the impact of inflation and higher incentive plan costs. Superior realized a loss on foreign currency hedging contracts of $4.1 million compared to a gain of $3.7 million in the prior year quarter due to lower average hedge rates relative to changes in exchange rates.
• Adjusted Operating Cash Flow (“AOCF”) before transaction and other costs² was $152.8 million for the fourth quarter, an increase of $21.2 million from the prior year quarter primarily due to higher Adjusted EBITDA discussed above, partially offset by higher interest expense and current taxes. Interest expense increased by $9.8 million or 55% primarily to due to higher average debt balances compared to the prior year quarter and higher interest rates related to the Bank of Canada and the Federal Reserve raising rates. AOCF per share before transaction, restructuring and other costs was $0.66, per share, a decrease of $0.02 per share or 3% from the prior year quarter AOCF per share of $0.64 per share. The decrease on a per share basis is primarily due to the impact from the increase in the weighted average shares outstanding, partially offset by the increase in AOCF before transaction, restructuring and other costs.
• Net loss from continuing operations for the twelve months ended December 31, 2022 was $87.9 million, compared to net earnings from continuing operations of $17.2 million in the prior year. The decrease is primarily due to a loss on derivatives and foreign currency translation of borrowings and higher SD&A, partially offset by a higher gross profit, lower finance expense and income tax expense.
• Adjusted EBITDA for the twelve months ended December 31, 2022 was $449.8 million, an increase of $51.4 million or 13% compared to the prior year primarily due to higher EBITDA from operations, partially offset by higher corporate costs and a realized loss on foreign currency hedging contracts.
• Superior’s Leverage Ratio² for the trailing twelve months (“TTM”) ended December 31, 2022, was 4.1x compared to 3.9x at December 31, 2021 primarily due to the impact of the higher USD/CAD exchange rate on USD denominated debt. On a constant currency basis, using the USD/CAD rate at December 31, 2021, Superior’s Leverage Ratio at December 31, 2022 would be consistent. Superior’s Leverage Ratio is expected to be within Superior’s targeted range of 3.5x to 4.0x at the anticipated closing of the Certarus acquisition.

² EBITDA from operations and AOCF before transaction and other costs are Non-GAAP Financial Measures. Leverage Ratio is a Non-GAAP ratio. See “Non-GAAP Financial Measures and Reconciliations” section below. Operating costs and corporate costs are supplementary financial measures.

Acquisition Update

• On November 9, 2022, Superior acquired the assets of McRobert Fuels, a retail propane and distillates distributor located in Strathroy, Ontario for an aggregate purchase price of approximately $18.1 million including adjustments for working capital.
• On December 22, 2022 Superior announced it had entered into a definitive arrangement agreement to acquire Certarus Ltd. (“Certarus”), a leading North American low carbon energy solutions provider (the “Certarus Acquisition”). Under the terms of the Certarus Acquisition, Superior will acquire all the outstanding common shares of Certarus, representing an equity value of $853 million, and assume Certarus’ outstanding net debt of $196 million, for a total acquisition value of $1.05 billion. The Certarus shareholders will receive $353 million in cash and $500 million of Superior common shares priced at $10.25 per share, representing approximately 17% pro forma ownership. On February 14, 2023, 99.9% of the common shares represented at a special meeting of Certarus shareholders voted in favour of the Certarus Acquisition. In addition, the waiting period under the Hart-Scott-Rodino Act in the United States, where over 85% of Certarus’ revenues are generated, expired on February 13, 2023. Superior expects the transaction will close in the first half of 2023, subject to satisfaction of the remaining customary closing conditions.
• Certarus’ business has performed better than expected, achieving record monthly Adjusted EBITDA in December 2022, only to be surpassed again in January 2023. The free cash flow generated from operations during the period before closing will be reinvested into the business helping drive organic growth and enhancing the value of Certarus at closing.

Announcement of Executive Appointments

The Board of Directors of Superior is pleased to announce the appointment of Allan MacDonald as President and Chief Executive Officer and as a Director of Superior commencing April 3, 2023.

Allan’s experience covers a wide array of business and management roles. For more than 11 years, he held numerous strategic and operational roles at Canadian Tire Corporation, the most recent being Executive Vice President & Chief Operations Officer. Allan has had a very successful career in sales and finance roles in telecom, oil and gas, retail and distribution industries. Allan is an energetic, focused, dynamic and value driven leader with a track record of delivering on expectations. Strategic, he also has proven operational effectiveness. He brings a wealth of experience in many different public and private companies and these past successes make him the ideally qualified to lead Superior. Allan holds an MBA from Henley Management College in England and a Bachelor of Business Administration from Acadia University in Nova Scotia Canada.

“I am honored and fortunate to have the opportunity to lead this company and I am looking forward to working with an incredible group of talented executives and dedicated employees to continue the growth and evolution of Superior Plus Corp.” said Allan MacDonald.

The appointment of Allan MacDonald as CEO of Superior follows an extensive recruitment process overseen by a succession committee of the Superior board of directors using global leadership advisory firm Egon Zehnder, which saw a wide variety of exceptional candidates vetted and interviewed.

“Allan made a strong impression on the board with his vision, intellect and capability to lead our North American based organization and continue to leverage our capabilities to strengthen the organization internally by focusing on internal growth, operational improvement and continuing to execute accretive tuck-in acquisitions. His exceptional distribution and executive expertise combined with his customer focus and strong human values will benefit all of our stakeholders”, David Smith, Chair of the Board said.

Consistent with Superior’s previously announced transition plan, with a new CEO selected, Luc Desjardins, will be stepping down from his role as CEO effective April 3, 2023, and will remain available in an advisory role until July 31, 2023 to ensure a seamless transition. The Board of Directors wishes to acknowledge Luc’s contribution throughout his twelve-year tenure at Superior. He is leaving an organization very well positioned to grow and evolve under new leadership. His passion, dedication and determination will be missed.

In addition, Superior is also pleased to announce that Andy Peyton, President of Superior’s U.S. Propane business, has been promoted to the newly created position of Chief Operating Officer of Superior’s North American propane distribution business.

“By appointing Andy Peyton to this newly created role, we wanted to leverage his strong business acumen and operational experience to improve and further strengthen Superior’s retail propane business in North America, remarked David Smith, Chair of the Board.

Update on Superior Way Forward

• As previously communicated, Superior expects to achieve the $1.9 billion acquisition target at the close of the Certarus Acquisition, which is three years ahead of expectations. Superior also expects to achieve the Superior Way Forward EBITDA from operations target range of $700 million to $750 million by the end of 2024, which is two years ahead of expectations.

Normal Course Issuer Bid

• On October 11, 2022, the TSX accepted Superior’s notice of intention to establish a new normal course issuer bid program (the “NCIB”). The NCIB permits the purchase of up to 10.1 million shares of Superior’s common shares, representing approximately 5% of the issued and outstanding common shares as of September 30, 2022, by way of normal course purchases effected through the facilities of the TSX and/or alternative Canadian trading systems.
• During the fourth quarter of 2022, Superior purchased and cancelled approximately 1.0 million shares at a volume weighted average price of $10.06 per share.

2023 Pro Forma Adjusted EBITDA Guidance

Superior is introducing its 2023 Pro Forma Adjusted EBITDA guidance range of $585 million to $635 million, which includes the expected pro forma full twelve months of Certarus 2023 Adjusted EBITDA in the range of $140 million to $150 million. Based on the midpoint of the 2023 Pro Forma Adjusted EBITDA guidance range, this is a 36% increase compared to the full year 2022 Adjusted EBITDA of $449.8 million. The increase is due to the expected contribution from the Certarus Acquisition and first quarter contribution from the Kamps, Kiva and Quarles acquisitions completed in 2022, partially offset by warmer weather experienced in January 2023.

Key assumptions related to the 2023 Adjusted EBITDA guidance, pro forma the acquisition of Certarus include:

• Adjusted EBITDA in 2023 for Superior’s businesses, including corporate costs and realized gains or losses on foreign exchange hedging contracts and excluding the results of Certarus, is expected to be in the range of $445 million to $485 million.
• Adjusted EBITDA in 2023 for Certarus’ business is expected to be in the range of $140 million to $150 million assuming an average mobile storage unit (“MSUs”) count of 655 trailers in 2023 and average EBITDA per MSU consistent with Certarus’ historic results.
• Adjusted EBITDA in 2023 for U.S. Propane is anticipated to be higher than 2022 primarily due to the full year contribution from the Kamps and Quarles acquisitions and tuck-in acquisitions completed in 2023, higher average margins, cost-saving initiatives and realized synergies, partially offset by warmer weather experienced in January 2023. Average weather where Superior operates in the U.S., as measured by degree days, for the remainder of 2023 is expected to be consistent with the five-year average.
• Adjusted EBITDA in 2023 for Canadian Propane is anticipated to be modestly lower than 2022 due to reduced sales of carbon offset credits, warmer weather in the first quarter of 2023 compared to 2022, the impact of the CEWS benefit being terminated and the impact of inflation on operating costs, partially offset by an increase in commercial sales volumes and higher average margins. Average weather as measured by degree days for the remainder of 2023 is expected to be consistent with the five-year average.
• Adjusted EBITDA in 2023 for Wholesale Propane is anticipated to be consistent with 2022 due to full year contribution from the Kiva acquisition and increased third-party sales volumes related to sales and marketing initiatives, offset by by anticipated weaker market fundamentals relative to 2022, the impact of a stronger Canadian dollar on the translation of U.S. denominated transactions and warmer weather in the first quarter.
• A USD/CAD foreign exchange rate of 1.33.
• Corporate costs in the range of $20 million to $25 million consistent with historical results primarily due to lower insurance costs and professional fees, partially offset by the impact of inflation and higher travel costs.
• Long-term incentive plan costs in the range of $5 million to $10 million.

Debt and Leverage Update

Superior is focused on managing both Net debt and its Leverage Ratio. Superior’s Leverage Ratio on December 31, 2022 was 4.1x, compared to 4.3x at September 30, 2022. Superior is maintaining its targeted Leverage Ratio at 3.5x to 4.0x while it continues to focus on integrating acquisitions and executing on the Superior Way Forward initiatives, including achievement of the anticipated organic growth in the Certarus business. Superior expects to be in the target range of 3.5x to 4.0x at the close of the acquisition of Certarus.

MD&A and Financial Statements

Superior’s MD&A, the audited Consolidated Financial Statements and the Notes to the audited Consolidated Financial Statements as at and for the year ended December 31, 2022 provide a detailed explanation of Superior’s operating results. These documents are available online on Superior’s website at www.superiorplus.com under the Investor Relations section and on SEDAR under Superior’s profile at www.sedar.com.

2022 Fourth Quarter Conference Call

Superior will conduct a conference call and webcast for investors, analysts, brokers and media representatives to discuss the 2022 fourth quarter and full year financial results will be held at 10:30 AM EDT on Friday February 17, 2023. To listen to the live webcast, please use the following link: Register Here. The webcast will be available for replay on Superior's website at: www.superiorplus.com under the Events section.

Non-GAAP Financial Measures and Reconciliation

Throughout this news release, Superior has identified specific terms that it uses that are not standardized measures under International Financial Reporting Standards (“Non-GAAP Financial Measures”) and, therefore may not be comparable to similar financial measures disclosed by other issuers. Reconciliations of these Non-GAAP Financial Measures to the most directly comparable financial measures in Superior’s annual financial statements are provided below. Certain additional disclosures for these Non-GAAP Financial Measures, including an explanation of the composition of these financial measures, how they provide helpful information to an investor, and any additional purposes management uses for them, are incorporated by reference from the “Non-GAAP Financial Measures and Reconciliations” section in Superior’s 2022 Annual MD&A dated February 16, 2023, available on www.sedar.com.

Beth Summers Executive Vice President and Chief Financial Officer
Phone: (416) 340-6015

Rob Dorran Vice President, Capital Markets
Phone: (416) 340-6003
Toll Free: 1-866-490-PLUS (7587)