Partnership to offer dual certification pathways for LEED and WELL, designed to help the global building sector lead on climate and health

SAN FRANCISCO--(BUSINESS WIRE)--The U.S. Green Building Council (USGBC) and the International WELL Building Institute (IWBI) announced today an expansion of their strategic partnership to accelerate the adoption of buildings that prioritize people, communities and the natural environment.

Beginning in early 2023, the partnership will focus on streamlining the process for achieving dual WELL and LEED certifications through a two-way crosswalk and a coordinated third-party review overseen by Green Business Certification Inc. (GBCI), the premier organization for independently recognizing excellence in green building performance and practice globally.

“By forging this stronger alliance with USGBC, we’re not only taking substantial steps to better support the uptake of WELL and LEED together, we’re also sending a powerful market signal that sustainability and health must go hand-in-hand,” said Rachel Hodgdon, President and CEO, IWBI. “IWBI and USGBC share a deep, collaborative ethos. This is a pivotal moment to double down on this partnership and seize opportunities to unlock new ideas and efficiencies, ignite more innovation and inspire our global community.”

In addition, through the partnership, USGBC and IWBI will extend and expand their shared efforts across several other priorities, including social equity, sustainable finance and advocacy.

“This is the next chapter in our partnership with IWBI, which has brought global attention and leadership to improving health and well-being in buildings and organizations around the world,” said Peter Templeton, President and CEO, USGBC and GBCI. “Not only are we doing more to bridge LEED and WELL in the market, we’re also coordinating across shared organizational objectives, such as elevating equity in the built environment, opening up new sources of capital for green and healthy buildings and bringing a unified voice to our shared priorities.”

The partnership will also explore future opportunities to accelerate the adoption of LEED and WELL, as well as the development of new tools and resources to support a growing green workforce.

About the International WELL Building Institute
The International WELL Building Institute (IWBI) is a public benefit corporation and the world’s leading organization focused on deploying people-first places to advance a global culture of health. IWBI mobilizes its community through the administration of the WELL Building Standard (WELL) and WELL ratings, management of the WELL AP credential, the pursuit of applicable research, the development of educational resources, and advocacy for policies that promote health and well-being everywhere. More information on WELL can be found here.

International WELL Building Institute pbc is a wholly owned subsidiary of Delos Living LLC. International WELL Building Institute, IWBI, the WELL Building Standard, WELL v2, WELL Certified, WELL AP, WELL Portfolio, WELL Score, The WELL Conference, We Are WELL, the WELL Community Standard, WELL Health-Safety Rating, WELL Health-Safety Rated, WELLEquity, WELL Performance Rated, WELL Performance Rating, Works with WELL, WELL and others, and their related logos are trademarks or certification marks of International WELL Building Institute pbc in the United States and other countries.

About USGBC
The U.S. Green Building Council (‘USGBC’) is committed to a prosperous and sustainable future through cost-efficient and energy saving green buildings. USGBC works toward its mission of market transformation through its LEED green building program, robust educational offerings, an international network of local community leaders, the annual Greenbuild International Conference & Expo, the Center for Green Schools and advocacy in support of public policy that encourages and enables green buildings and communities. For more information, visit usgbc.org and connect on Twitter, Facebook and LinkedIn.

Media contact:
Kristen Coco
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OKLAHOMA CITY--(BUSINESS WIRE)--Gulfport Energy Corporation (NYSE: GPOR) (“Gulfport” or the “Company”) today reported financial and operating results for the three months ended September 30, 2022 and provided an update on its 2022 development plan and financial guidance.

Third Quarter 2022 and Recent Highlights

• Delivered total net production of 914.9 MMcfe per day
• Completed four-well Extreme pad in the Utica and brought online at a combined gross peak production rate of approximately 140 MMcfe per day
• Reported $18.5 million of net loss and $172.7 million of adjusted EBITDA⁽¹⁾
• Generated $167.9 million of net cash provided by operating activities and $11.1 million of free cash flow⁽¹⁾
• Reaffirmed borrowing base of $1.0 billion with elected commitments to remain at $700 million
• Returned approximately $232.8 million of capital to shareholders through the repurchase of approximately 2.7 million shares of common stock through October 27, 2022
• Issued 2022 Corporate Sustainability Report and remain committed to delivering clean, low-carbon energy in a safe, environmentally responsible manner

"The third quarter marked the most active quarter of Gulfport's 2022 operational plan, as we completed 18 wells across our operating areas. Our third quarter production came in as expected, turning to sales nine wells in total, six of which occurred during September providing minimal production uplift for the quarter. Our base production and 2022 turn in lines continue to perform at or above expectations and we remain on track to bring online an additional 11 wells during the fourth quarter. We forecast a strong quarter over quarter production increase of more than 15%, and we reiterate our previously provided production guidance," commented Tim Cutt, CEO of Gulfport.

"To improve the efficiency of our 2023 development program, we have elected to add a top hole drilling rig in the Utica during the fourth quarter of 2022. This will accelerate our drilling program as we enter 2023 and begin drilling seven additional wells during 2022. The accelerated activity will enable us to execute a continuous completion program in the Utica, eliminating the risk of releasing crews in today's tight service market and providing the opportunity for increased efficiencies and cost savings. This additional capital, coupled with the recent decrease in commodity prices and widening of basis differentials, has resulted in an update to our full year 2022 free cash flow guidance to approximately $300 million."

"We continue to prioritize the return of capital to our shareholders through common stock repurchases, repurchasing a total of 2.7 million shares since initiating the program, reducing our outstanding common shares by over 10% compared to the start of the program. Consistent with 2022, we expect to return our 2023 free cash flow to shareholders, excluding acquisitions, while maintaining a conservative leverage ratio."

A company presentation to accompany the Gulfport earnings conference call can be accessed by clicking here.

1. A non-GAAP financial measure. Reconciliations of these non-GAAP measures and other disclosures are provided with the supplemental financial tables available on our website at www.gulfportenergy.com.

2022 Corporate Sustainability Report

Gulfport today released its 2022 Corporate Sustainability Report. The report is a direct reflection of Gulfport’s continuous improvement culture and incorporates numerous ESG data points. The Company continues prioritizing the delivery of low-emission hydrocarbons the world needs while maintaining our position as a responsible producer. The report is available at gulfportenergy.com/sustainability.

Common Stock Repurchase Program

Gulfport's Board of Directors previously authorized the Company to repurchase up to $300 million of its outstanding shares of common stock. Purchases under the repurchase program may be made from time to time in open market or privately negotiated transactions, and will be subject to available liquidity, market conditions, credit agreement restrictions, applicable legal requirements, contractual obligations and other factors. The repurchase program does not require the Company to acquire any specific number of shares. The Company intends to purchase shares under the repurchase program opportunistically with available funds while maintaining sufficient liquidity to fund its capital development program. The repurchase program may be suspended from time to time, modified, extended or discontinued by the board of directors at any time.

As of October 27, 2022, the Company had repurchased approximately 2.7 million shares of common stock at a weighted-average share price of $87.37 during 2022, totaling approximately $232.8 million in aggregate.

Operational Update

The table below summarizes Gulfport's operated drilling and completion activity for the third quarter of 2022:

Gulfport’s net daily production for the third quarter of 2022 averaged 914.9 MMcfe per day, primarily consisting of 615.6 MMcfe per day in the Utica and 299.2 MMcfe per day in the SCOOP. For the third quarter of 2022, Gulfport’s net daily production mix was comprised of approximately 89% natural gas, 8% natural gas liquids ("NGL") and 3% oil and condensate.

Capital Investment

Capital investment was $141.4 million (on an incurred basis) for the third quarter of 2022, of which $133.3 million related to drilling and completion (“D&C”) activity and $8.1 million related to leasehold and land investment.

For the nine-month period ended September 30, 2022, capital investment was $346.7 million (on an incurred basis), of which $322.5 million related to D&C activity and $24.2 million to leasehold and land investment.

Financial Position and Liquidity

As of September 30, 2022, Gulfport had approximately $8.3 million of cash and cash equivalents, $179.0 million of borrowings under its credit facility, $113.2 million of letters of credit outstanding and $550 million of outstanding 2026 Senior Notes.

Gulfport’s liquidity at September 30, 2022, totaled approximately $416 million, comprised of the $8.3 million of cash and cash equivalents and approximately $407.8 million of available borrowing capacity under its credit facility.

In September 2022, the company paid approximately $1.3 million in cash dividends on its preferred stock.

Fall Borrowing Base Redetermination

On October 31, 2022, Gulfport completed its semi-annual borrowing base redetermination during which the borrowing base was reaffirmed at $1.0 billion with the elected commitments to remain at $700 million.

Updated Full Year 2022 Guidance

Gulfport has updated its forecasted capital expenditures for D&C activity to include the addition of a top hole drilling rig in the Utica during the fourth quarter of 2022. This increased level of activity will allow for Gulfport to execute a continuous completion program during 2023, ultimately providing the opportunity for increased efficiencies and cost savings. Including this incremental activity, Gulfport now expects to invest in approximately $415 million on D&C capital during 2022. The Company continues to finalize the details of its 2023 development plan but assuming approximately 1.5 rigs in the Utica and a continuous rig program in the SCOOP, we are currently forecasting an increase of less than 5% in D&C capital for 2023 over 2022.

Gulfport has updated its guidance for its expected realized natural gas differential, before hedges, to $(0.30) to $(0.40) off NYMEX from a range of $(0.15) to $(0.25) previously. The widening differential is driven by actual settled prices during the months of September and October as well as current expectations for the remainder of the fourth quarter of 2022.

Taking into account the previously mentioned updates, Gulfport has also updated its free cash flow guidance for the year to approximately $300 million.

Gulfport's 2022 guidance assumes commodity strip prices as of October 10, 2022, adjusted for applicable commodity and location differentials, and no property acquisitions or divestitures.

Derivatives

Gulfport enters into commodity derivative contracts on a portion of its expected future production volumes to mitigate the Company's exposure to commodity price fluctuations. For details, please refer to the "Derivatives" section provided with the supplemental financial tables available on our website at ir.gulfportenergy.com.

Third Quarter 2022 Conference Call

Gulfport will host a teleconference and webcast to discuss its third quarter of 2022 results beginning at 9:30 a.m. ET (8:30 a.m. CT) on Wednesday, November 2, 2022.

The conference call can be heard live through a link on the Gulfport website, www.gulfportenergy.com. In addition, you may participate in the conference call by dialing 866-373-3408 domestically or 412-902-1039 internationally. A replay of the conference call will be available on the Gulfport website and a telephone audio replay will be available from November 3, 2022 to November 17, 2022, by calling 877-660-6853 domestically or 201-612-7415 internationally and then entering the replay passcode 13731701.

Financial Statements and Guidance Documents

Third quarter of 2022 earnings results and supplemental information regarding quarterly data such as production volumes, pricing, financial statements and non-GAAP reconciliations are available on our website at ir.gulfportenergy.com.

Non-GAAP Disclosures

This news release includes non-GAAP financial measures. Such non-GAAP measures should be not considered as an alternative to GAAP measures. Reconciliations of these non-GAAP measures and other disclosures are provided with the supplemental financial tables available on our website at ir.gulfportenergy.com.

About Gulfport

Gulfport is an independent, natural gas-weighted exploration and production company focused on the exploration, acquisition and production of natural gas, crude oil and NGL in the United States with primary focus in the Appalachia and Anadarko basins. Our principal properties are located in eastern Ohio targeting the Utica formation and in central Oklahoma targeting the SCOOP Woodford and SCOOP Springer formations.

Forward Looking Statements

This press release includes “forward-looking statements” for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are statements other than statements of historical fact. They include statements regarding Gulfport’s current expectations, management's outlook guidance or forecasts of future events, projected cash flow and liquidity, inflation, share repurchases and other return of capital plans, its ability to enhance cash flow and financial flexibility, future production and commodity mix, plans and objectives for future operations, the ability of our employees, portfolio strength and operational leadership to create long-term value, the rejection of certain midstream contracts and the assumptions on which such statements are based. Gulfport believes the expectations and forecasts reflected in the forward-looking statements are reasonable, Gulfport can give no assurance they will prove to have been correct. They can be affected by inaccurate or changed assumptions or by known or unknown risks and uncertainties. Important risks, assumptions and other important factors that could cause future results to differ materially from those expressed in the forward-looking statements are described under "Risk Factors" in Item 1A of Gulfport’s annual report on Form 10-K for the year ended December 31, 2021 and any updates to those factors set forth in Gulfport's subsequent quarterly reports on Form 10-Q or current reports on Form 8-K (available at https://www.gulfportenergy.com/investors/sec-filings). Gulfport undertakes no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events.

Investors should note that Gulfport announces financial information in SEC filings, press releases and public conference calls. Gulfport may use the Investors section of its website (www.gulfportenergy.com) to communicate with investors. It is possible that the financial and other information posted there could be deemed to be material information. The information on Gulfport’s website is not part of this filing.

Investor Contact:
Jessica Antle – Director, Investor Relations
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405-252-4550

Media Contact
Reevemark
Hugh Burns / Paul Caminiti / Nicholas Leasure
212-433-4600

Appoints Tom Hofmann as CIO and names Patrick Gardner as first CPO to support company’s rapid growth

NEW YORK--(BUSINESS WIRE)--#DevOps--On the heels of a year of rapid growth that includes two acquisitions, Flashpoint, the globally trusted leader in actionable risk intelligence, today introduced Tom Hofmann as Chief Intelligence Officer (CIO) and Patrick Gardner as Chief Product Officer (CPO). Together, they bring more than 40 years of experience delivering intelligence and security products that help commercial and government organizations successfully identify cyber and physical threats, prevent attacks, and holistically reduce risk.

As CIO, Hofmann is responsible for Flashpoint’s overall intelligence strategy, including the norms, values, systems, processes, and culture of the company’s world-class analyst team. Prior to joining Flashpoint, Hofmann led cyber threat intelligence (CTI) operations at PNC, managed CTI collections at Booz Allen, and served as an Information Warfare Officer for the US Navy.

“Tom is one of the foremost intelligence and security experts in the world,” says Flashpoint CEO Josh Lefkowitz. “His experience, thought leadership, strong empathy with our customers, and perennial adaptability has transformed an incredibly talented group of individual analysts into a high-functioning, cross-collaborative team that efficiently handles the most difficult challenges our customers face today—from preventing ransomware attacks and card fraud to delivering on-the-ground situational awareness that supports national security and public safety missions.”

Gardner is a former executive at Symantec who most recently served as CTO at Time By Ping, an enterprise time-tracking software company. As CPO, Gardner will be responsible for Flashpoint’s overall product strategy, vision, and execution—delivering to customers a platform that helps them quickly identify and remediate risk across multiple use cases while leveraging artificial Intelligence and automation to accelerate repeatable security-related processes.

“In today’s world, threats are cross-functional. What drew me to Flashpoint is its mission to help protect our customers’ assets, infrastructure, and personnel, and its firm belief that intelligence matters everywhere in organizations—not just for a single team,” says Gardner. “I’m energized to lead the way in realizing our vision as a singular risk intelligence platform that empowers organizations to detect threats holistically and work cross-functionally to mitigate them rapidly.”

This year, Flashpoint completed two key acquisitions to support its growth as the go-to risk intelligence suite for CTI, Vulnerability Management, Corporate Security, Public Safety, National Security, and Government teams. In January, Flashpoint acquired vulnerability intelligence leader Risk Based Security (RBS); and in August, Flashpoint acquired open source intelligence leader Echosec Systems.

“As the security vendor consolidation trend continues, Chief Security Officers, Chief Risk Officers, and Intelligence leaders in the Global 2000 and public sector are mitigating risk daily in an increasingly volatile world and economy,” says Flashpoint President Donald Saelinger. “The same holds true for our public sector customers who rely on Flashpoint’s open-source intelligence for geopolitical risk assessments, counterterrorism missions, misinformation and disinformation identification and response, crisis response, and more. We couldn’t be more excited for Tom and Patrick to work together to deliver solutions that bring our clients’ security and intelligence programs to the next level.”

To learn more about how Flashpoint can help the security teams in your organization detect, prioritize, and mitigate threats faster, reach out for a free trial.

About Flashpoint

Trusted by governments, commercial enterprises, and educational institutions worldwide, Flashpoint helps organizations protect their most critical assets, infrastructure, and stakeholders from security risks such as cyber threats, ransomware, fraud, physical threats, and more. Leading security practitioners—including physical and corporate security, cyber threat intelligence (CTI), vulnerability management, and vendor risk management teams—rely on the Flashpoint Intelligence Platform, comprising open source (OSINT) and closed intelligence, to proactively identify and mitigate risk and stay ahead of the evolving threat landscape. Learn more at flashpoint.io.

Kari Walker
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Jonathan Zalman
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DALLAS--(BUSINESS WIRE)--Energy Transfer LP (NYSE:ET) (“Energy Transfer” or the “Partnership”) today reported financial results for the quarter ended September 30, 2022.

Energy Transfer reported net income attributable to partners for the three months ended September 30, 2022 of $1.01 billion, a $371 million increase from the same period last year. For the three months ended September 30, 2022, net income per limited partner unit (basic and diluted) was $0.29 per unit.

Adjusted EBITDA for the three months ended September 30, 2022 was $3.09 billion compared to $2.58 billion for the three months ended September 30, 2021. In the third quarter 2022, the Partnership experienced a $126 million charge in the crude oil transportation and services segment related to a legal matter. In addition, Energy Transfer’s third quarter 2022 results were impacted by an approximately $130 million negative adjustment related to hedged inventory in the NGL and refined products transportation and services segment. These two items impacted third quarter 2022 Adjusted EBITDA by approximately $260 million in the aggregate.

Distributable Cash Flow attributable to partners, as adjusted, for the three months ended September 30, 2022 was $1.58 billion compared to $1.31 billion for the three months ended September 30, 2021.

The improved results were primarily due to higher volumes across all of our core segments and the impacts of the recent acquisition of Enable Midstream.

Key accomplishments and recent developments:

Operational

• Energy Transfer’s nation-wide system, with diverse products and services, is well-positioned throughout various markets. During the third quarter of 2022, each of Energy Transfer’s five core segments realized higher volumes compared with the same period in 2021.
  • Intrastate natural gas transportation volumes were up 28% and set a new Partnership record.
  • Interstate natural gas transportation volumes were up 43%.
  • Midstream gathered volumes were up 47% and set a new Partnership record.
  • NGL transportation volumes were up 5%.
  • NGL fractionation volumes were up 6% and set a new Partnership record.
  • Crude oil transportation and terminal volumes were up 10% and 14%, respectively.
• Energy Transfer’s Nederland terminal and related facilities serve as critical resources with access to the U.S. Strategic Petroleum Reserve (“SPR”). Higher SPR volumes and increased activity in the region drove transportation and terminal volumes at the Nederland and Houston terminals to new records during the third quarter.
• Mainline construction on the Gulf Run Pipeline was recently finished and the project remains on schedule to be completed by year-end

Strategic

• Over 90 percent of Energy Transfer’s growth capital spending is comprised of projects that are already on-line or expected to be on-line and contributing cash flow at very attractive returns before the end of 2023. The project backlog includes Gulf Run Pipeline in Louisiana, Grey Wolf and Bear processing plants in the Permian Basin, Fractionator VIII in Mont Belvieu and LPG facilities projects at Energy Transfer’s Nederland Terminal.
• In September 2022, Energy Transfer completed the acquisition of Woodford Express, LLC, which owns a Mid-Continent gas gathering and processing system, for approximately $485 million. The system, which is located in the heart of the SCOOP play, has 450 MMcf per day of cryogenic gas processing and treating capacity and over 200 miles of gathering and transportation lines, which are connected to Energy Transfer’s pipeline network. The system is supported by dedicated acreage with long-term, predominantly fixed-fee contracts with active, proven producers.
• In August 2022, Energy Transfer announced a 20-year LNG Sale and Purchase Agreement (“SPA”) with Shell NA LNG LLC. To date in 2022, the Partnership has entered into six long-term LNG SPAs. Under these SPAs, Energy Transfer LNG Export, LLC is expected to supply a total of 7.9 million tonnes of LNG per annum, with terms ranging from 18 to 25 years.
• In August 2022, the Partnership completed the previously announced sale of its 51% interest in Energy Transfer Canada for cash proceeds to Energy Transfer of approximately $302 million. The sale reduced Energy Transfer’s consolidated debt by approximately $850 million, which includes the use of proceeds to pay down Energy Transfer’s revolving credit facility and the deconsolidation of Energy Transfer Canada’s debt.

Financial

• Energy Transfer’s base business continues to execute well with performance ahead of expectations, driven by continued strong demand across Energy Transfer’s network. As a result, the Partnership now expects Adjusted EBITDA for the full year 2022 to be between $12.8 billion and $13.0 billion (previously $12.6 billion to $12.8 billion). The Partnership continues to expect its 2022 growth capital expenditures to be between $1.8 billion and $2.1 billion.
• In October 2022, Energy Transfer announced a quarterly cash distribution of $0.265 per common unit ($1.06 annualized) for the quarter ended September 30, 2022. This distribution represents a more than 70% increase over the third quarter of 2021. Future increases to the distribution level will continue to be evaluated quarterly with the ultimate goal of returning distributions to the previous level of $0.305 per common unit per quarter ($1.22 annualized) while balancing the Partnership’s leverage target, growth opportunities and unit buybacks.
• As of September 30, 2022, the Partnership’s revolving credit facility had $2.32 billion of available capacity.
• For the three months ended September 30, 2022, the Partnership invested approximately $500 million on growth capital expenditures.

Energy Transfer benefits from a portfolio of assets with exceptional product and geographic diversity. The Partnership’s multiple segments generate high-quality, balanced earnings with no single segment contributing more than 30% of the Partnership’s consolidated Adjusted EBITDA for the three or nine months ended September 30, 2022. The vast majority of the Partnership’s segment margins are fee-based and therefore have limited commodity price sensitivity.

Conference Call information:

The Partnership has scheduled a conference call for 3:30 p.m. Central Time/4:30 p.m. Eastern Time on Tuesday, November 1, 2022 to discuss its third quarter 2022 results and provide an update on the Partnership. The conference call will be broadcast live via an internet webcast, which can be accessed through www.energytransfer.com and will also be available for replay on the Partnership’s website for a limited time.

Energy Transfer LP (NYSE: ET) owns and operates one of the largest and most diversified portfolios of energy assets in the United States, with a strategic footprint 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 28.5 million common units of Sunoco LP (NYSE: SUN), and the general partner interests and 46.1 million common units of USA Compression Partners, LP (NYSE: USAC). For more information, visit the Energy Transfer LP website at www.energytransfer.com.

Sunoco LP (NYSE: SUN) is a master limited partnership with core operations that include the distribution of motor fuel to approximately 10,000 convenience stores, independent dealers, commercial customers and distributors located in more than 40 U.S. states and territories, as well as refined product transportation and terminalling assets. SUN’s general partner is owned by Energy Transfer LP (NYSE: ET). For more information, visit the Sunoco LP website at www.sunocolp.com.

USA Compression Partners, LP (NYSE: USAC) is a growth-oriented Delaware limited partnership that is one of the nation’s largest independent providers of natural gas compression services in terms of total compression fleet horsepower. USAC partners with a broad customer base composed of producers, processors, gatherers and transporters of natural gas and crude oil. USAC focuses on providing compression services to infrastructure applications primarily in high-volume gathering systems, processing facilities and transportation applications. For more information, visit the USAC website at www.usacompression.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, including future distribution levels and leverage ratio, 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. In addition to the risks and uncertainties previously disclosed, the Partnership has also been, or may in the future be, impacted by new or heightened risks related to the COVID-19 pandemic, and we cannot predict the length and ultimate impact of those risks. 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.

The following analysis of segment operating results includes a measure of segment margin. Segment margin is a non-GAAP financial measure and is presented herein to assist in the analysis of segment operating results and particularly to facilitate an understanding of the impacts that changes in sales revenues have on the segment performance measure of Segment Adjusted EBITDA.

Energy Transfer

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

DUBLIN--(BUSINESS WIRE)--The "Alternator Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 To 2030" report has been added to ResearchAndMarkets.com's offering.

Alternators Market are the devices that convert any kind of mechanical energy from a prime mover into alternating electric power (AC current), at specific voltage and frequency. Since its first introduction, alternators have become an essential part of modern day power generation system.

Rising demand for power for a variety of applications has resulted into an increase in the penetration of alternators. Applications such as automotive, industrial manufacturing and Processing, power plants and many others make extensive use of alternators in order to fulfill their power requirement. Alternators are used extensively in power generation plants using non-conventional energy sources.

The post-recession revival of the automotive industry is one of the major factors contributing to the rise in demand for alternators. Every modern day on-road vehicle is equipped with an alternator in order to provide AC electric supply to different modules of the vehicle. With the consistent rise in automotive industry, the demand for alternator is also expected to demonstrate considerable growth during the forecast period.

Similarly, perpetually rising power consumption across applications such as marine, telecommunication towers, commercial and residential infrastructures is another prominent factor promoting the alternator market. In addition, alternators are used for locomotive traction motors, marine and mining application. Growing heavy industries and consistent rising demand for AC power supply is expected to continue boosting the overall alternator market in the following years.

In order to help strategic decision makers, the report also includes competitive profiling of the leading alternator manufacturers, their strategies, market positioning and key developments. Other in-depth analysis provided in the report includes:

• Current and future market trends to justify the forthcoming attractive markets within the alternator market.
• Market fuellers, market impediments, and their impact on the market growth
• Market inclination insights including evolution of alternators and key trend analysis for alternator market
• In-depth competitive environment analysis
• Trailing 2-Year market size data (2020 - 2021)
• SRC (Segment-Region-Country) Analysis 

Market Segmentation

Voltage Range

• Low Voltage
• Medium Voltage
• High Voltage

Design

• Salient Pole Type
• Smooth Cylindrical Type

Application

• Automotive
• Industrial
• Marine
• Power Plant
• Stand-by Power
• Others

Region Segment (2020-2030; US$ Million)

• North America
• U.S.
• Canada
• Rest of North America
• UK and European Union
• UK
• Germany
• Spain
• Italy
• France
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia Pacific
• Latin America
• Brazil
• Mexico
• Rest of Latin America
• Middle East and Africa
• GCC
• Africa
• Rest of Middle East and Africa

Global Impact of Covid-19 Segment (2020-2021; US$ Million )

• Pre Covid-19 situation
• Post Covid-19 situation

Key Questions Answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Alternator market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2030.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Alternator market?
• Which is the largest regional market for Alternator market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Alternator market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Alternator market worldwide?

Key Topics Covered:

1. Preface

2. Executive Summary

3. Alternator Market: Business Outlook & Market Dynamics

4. Alternator Market: By Voltage Range, 2020-2030, USD (Million)

5. Alternator Market: By Design, 2020-2030, USD (Million)

6. Alternator Market: By Application, 2020-2030, USD (Million)

7. North America Alternator Market, 2020-2030, USD (Million)

8. UK and European Union Alternator Market, 2020-2030, USD (Million)

9. Asia Pacific Alternator Market, 2020-2030, USD (Million)

10. Latin America Alternator Market, 2020-2030, USD (Million)

11. Middle East and Africa Alternator Market, 2020-2030, USD (Million)

12. Company Profile

Companies Mentioned

• Controlled Power Technologies Ltd.
• Valeo Group
• Lucas Electrical Ltd.
• Controlled Power Technologies Ltd.
• ASIMCO Technologies Ltd.
• Hitachi Automotive Systems Ltd.
• Hella KGaA Hueck & Co
• Mitsubishi Electric Corporation
• The Bosch Group
• Denso Corporation
• Mitsuba Corporation
• Cummins Inc.
• Emerson
• Electric Co.

For more information about this report visit https://www.researchandmarkets.com/r/jcapfn

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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Achieves Record Third Quarter Adjusted EBITDA

OKLAHOMA CITY, Okla.--(BUSINESS WIRE)--LSB Industries, Inc. (NYSE: LXU) (“LSB” or the “Company”) today announced results for the third quarter ended September 30, 2022.

Third Quarter 2022 Highlights

• Net sales of $184 million compared to $127 million in the third quarter of 2021
• Adjusted EBITDA⁽¹⁾ of $50 million compared to $38 million in the third quarter of 2021
• Adjusted EPS⁽¹⁾ of $0.27 compared to $0.07 in the third quarter of 2021
• Cash Flow from Operations of $38 million and Capital Expenditures of $16 million
• Total liquidity of approximately $450 million as of September 30, 2022
• Successfully completed major turnarounds at two facilities during past three months
• Repurchased approximately 7 million shares during the third quarter

"We delivered strong top and bottom line growth as compared to last year despite executing two turnarounds in this year's third quarter versus one in last year's third quarter," stated Mark Behrman, LSB’s President and CEO. "We continued to benefit from higher selling prices compared to last year, and our strategic commercial initiatives that enabled us to optimize our sales mix in the face of a rapidly changing market environment. Pricing remains well above year-ago levels and there are multiple supply and demand factors currently at play that we expect will continue to support strong pricing for the final two months of 2022 and for 2023, if not longer."

"Even with the reduced volumes resulting from our third quarter scheduled maintenance activities at our Pryor and El Dorado facilities, we once again generated meaningful positive operating cash flow. Our increasingly strong balance sheet enabled us to complete a total of $100 million of share repurchases for a total of approximately 7.6 million shares since the program began in May. These repurchases included 5.5 million shares that we bought from our largest shareholder, efficiently returning capital to our shareholders while not diminishing the liquidity of our stock."

Mr. Behrman continued, "Over the next several years, we believe we have an opportunity to continue to drive shareholder value through ongoing improvement of our operating rates, continued product optimization and potential debottlenecking projects. We believe these projects could materially increase the production capacities of our facilities, enhancing our profit margins as we capitalize on the operating leverage inherent in our business model. We expect to formalize and announce our debottlenecking plans in early 2023."

"In addition, we continue to advance our decarbonization activities. In April we announced our CO₂ capture and sequestration or 'blue' ammonia project at our El Dorado facility where we intend to initially capture approximately 450,000 tons of CO₂ annually. We have made significant advancements on data collection necessary for a Class VI permit application and expect to file that application in the second quarter of 2023. Additionally, in May we announced a feasibility study for a zero-carbon or 'green' ammonia project at our Pryor facility and we are in the final stages of completing that study. We will report on the results of the feasibility study when it is complete."

Mr. Behrman concluded, "As we head into the final months of 2022 we are highly enthusiastic about our near and longer term prospects for profitable growth, free cash flow generation and increased shareholder value given the favorable outlook for our markets coupled with the company-specific initiatives we have underway. Supporting that belief, on Monday we announced an increase of $75 million to our share repurchase program bringing the total repurchase program to $175 million."

Third Quarter Results Overview

Comparison of 2022 to 2021 quarterly periods:

• Net sales increased during the quarter driven by stronger pricing for all of our products for sales made at both spot pricing as well as those related to a rise in the Tampa ammonia benchmark price, to which many of our contracts are tied. The benefit of stronger pricing was partially offset by lower sales volumes due largely to turnarounds at two of our facilities that took place in the third quarter of 2022 versus only one turnaround in the third quarter of 2021.

• The year-over-year improvement in operating income and adjusted EBITDA primarily resulted from higher selling prices, partially offset by higher natural gas feedstock prices and lower sales volumes.

The following tables provide key sales metrics for our products:

Financial Position and Capital Expenditures

As of September 30, 2022, our total liquidity was approximately $450 million, including $385 million in cash and short-term investments and approximately $65 million of borrowing availability under our Working Capital Revolver. Total long-term debt, including the $10 million current portion, was $714 million on September 30, 2022 compared to $528 million on December 31, 2021.

Interest expense for the third quarter of 2022 was $12 million as compared to $13 million in the third quarter of 2021.

During the third quarter we repurchased approximately $90 million of the Company’s stock at an average price of approximately $13 per share under the share repurchase plan that our Board of Directors increased from the $50 million originally authorized on May 16, 2022 to $100 million on August 8, 2022.

Capital expenditures were approximately $16.1 million for the third quarter of 2022. For the full year 2022, total capital expenditures are expected to be approximately $65 million.

Outlook

Market conditions remain intact to keep fertilizer prices above historical averages for the remainder of 2022 and full year 2023. Farmer economics continue to be very favorable as a result of strong global demand for corn in the face of constrained supply. Key factors include the impact on global corn supplies of dry conditions in South America, the Western U.S. and parts of Europe coupled with continued high demand for corn from China. As a result, corn prices remain above 10-year averages and farmer profitability is meaningfully positive despite inflation across their cost inputs. In order to maximize yield in 2023 to capitalize on these favorable economics, we expect demand for agricultural ammonia to be strong through November and into December as farmers seek to replenish the nitrogen in their soil in advance of the coming Spring planting season.

Natural gas costs in Europe continue to be a major driver of high fertilizer prices. While down from the peak levels reached in August, which caused operations at numerous European ammonia facilities to cease due to prohibitively high production costs, natural gas prices in Europe remain well above historical averages. Moving into the winter heating season it appears possible that European gas prices could rise again if temperatures are below average for periods of time as supply remains tight. This would limit or prevent many of the continent's ammonia facilities from resuming production, keeping nitrogen fertilizer prices high. Despite energy cost inflation in the U.S., domestic natural gas prices remain a fraction of those in Europe, giving U.S. ammonia producers a substantial cost advantage in the global market.

The impact of the Russian invasion of Ukraine and the ongoing conflict in the region has contributed to the constraints to both global grain and ammonia supplies, as well as an aggravating factor to Europe's high gas prices. Ukraine is one of the world’s largest exporters of corn while Russia is among the world’s largest exporters of wheat and ammonia and was historically a major supplier of gas to much of Europe. At this point, it seems likely that even if the current unstable geopolitical situation in the region were to be resolved soon, the global supply of these commodities would still be short to meet demand throughout the entirety of 2023 and beyond.

With respect to industrial markets, demand remains stable from domestic end-use markets, while orders from customers producing products largely for export to Europe and Asia have softened to a degree given weakening international economies. Importantly, in addition to our contractual agreements with industrial customers that specify minimum volumes, our product mix flexibility helps us mitigate the impact of a reduction in demand from certain end markets by shifting production to products with stronger demand. An example would be our ability to reduce our nitric acid volumes in favor of increased production of ammonium nitrate. Relative to this, we have been experiencing favorable trends in our mining business as rising global consumption of coal has strengthened demand and pricing for ammonium nitrate, a product we sell to mining services companies for use in aggregates and metals mining operations. Overall, despite growing global recessionary forces, our industrial and mining business remains stable as a whole.

Conference Call

LSB’s management will host a conference call covering the third quarter results on Wednesday, November 2, 2022 at 10:00 am ET / 9:00 am CT to discuss these results and recent corporate developments. Participating in the call will be President & Chief Executive Officer, Mark Behrman and Executive Vice President & Chief Financial Officer, Cheryl Maguire. Interested parties may participate in the call by dialing (888) 437-3179 / (862) 298-0702. Please call in 10 minutes before the conference is scheduled to begin and ask for the LSB conference call. To coincide with the conference call, LSB will post a slide presentation at www.lsbindustries.com on the webcast section of the Investor tab of our website.

To listen to a webcast of the call, please go to the Company’s website at www.lsbindustries.com at least 15 minutes prior to the conference call to download and install any necessary audio software. If you are unable to listen live, the conference call webcast will be archived on the Company’s website.

LSB Industries, Inc.

LSB Industries, Inc., headquartered in Oklahoma City, Oklahoma, manufactures and sells chemical products for the agricultural, mining, and industrial markets. The Company owns and operates facilities in Cherokee, Alabama, El Dorado, Arkansas and Pryor, Oklahoma, and operates a facility for a global chemical company in Baytown, Texas. LSB’s products are sold through distributors and directly to end customers primarily throughout the United States. Committed to improving the world by setting goals that will reduce our environmental impact on the planet and improve the quality of life for all of its people, the Company is well positioned to play a key role in the reduction of global carbon emissions through its planned carbon capture and sequestration, and zero carbon ammonia strategies. Additional information about LSB can be found on its website at www.lsbindustries.com.

Forward-Looking Statements

Statements in this release that are not historical are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance including the effects of the COVID-19 pandemic and anticipated performance based on our growth and other strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or actual achievements to differ materially from the results, level of activity, performance or anticipated achievements expressed or implied by the forward-looking statements. Significant risks and uncertainties may relate to, but are not limited to, business and market disruptions related to the COVID-19 pandemic, market conditions and price volatility for our products and feedstocks, as well as global and regional economic downturns, including as a result of the COVID-19 pandemic, that adversely affect the demand for our end-use products; disruptions in production at our manufacturing facilities and other financial, economic, competitive, environmental, political, legal and regulatory factors. These and other risk factors are discussed in the Company’s filings with the Securities and Exchange Commission (SEC).

Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for our management to predict all risks and uncertainties, nor can management 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. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. Neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. Unless otherwise required by applicable laws, we undertake no obligation to update or revise any forward-looking statements, whether because of new information or future developments.

See Accompanying Tables

Non-GAAP Reconciliations

This news release includes certain “non-GAAP financial measures” under the rules of the Securities and Exchange Commission, including Regulation G. These non-GAAP measures are calculated using GAAP amounts in our consolidated financial statements.

EBITDA and Adjusted EBITDA Reconciliation

EBITDA is defined as net income (loss) plus interest expense, less gain (loss) on extinguishment of debt, plus depreciation and amortization (D&A) (which includes D&A of property, plant and equipment and amortization of intangible and other assets), plus provision (benefit) for income taxes. Adjusted EBITDA is reported to show the impact of non-cash stock-based compensation, one time/non-cash or non-operating items-such as, one-time income or fees, loss (gain) on sale of a business and/or other property and equipment, certain fair market value (FMV) adjustments, and consulting costs associated with reliability and purchasing initiatives (Initiatives). We historically have performed Turnaround activities on an annual basis; however, we have moved towards extending Turnarounds to a two or three-year cycle. Rather than being capitalized and amortized over the period of benefit, our accounting policy is to recognize the costs as incurred. Given these Turnarounds are essentially investments that provide benefits over multiple years, they are not reflective of our operating performance in a given year.

We believe that certain investors consider EBITDA a useful means of measuring our ability to meet our debt service obligations and evaluating our financial performance. In addition, we believe that certain investors consider adjusted EBITDA as more meaningful to further assess our performance. We believe that the inclusion of supplementary adjustments to EBITDA is appropriate to provide additional information to investors about certain items.

EBITDA and adjusted EBITDA have limitations and should not be considered in isolation or as a substitute for net income, operating income, cash flow from operations or other consolidated income or cash flow data prepared in accordance with GAAP. Because not all companies use identical calculations, this presentation of EBITDA and adjusted EBITDA may not be comparable to a similarly titled measure of other companies. The following table provides a reconciliation of net income (loss) to EBITDA and adjusted EBITDA for the periods indicated. Adjusted EBITDA margin is calculated by taking adjusted EBITDA divided by Net Sales.

Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Share

Adjusted Net Income (Loss) and Adjusted Net Income (Loss) per share have been adjusted for the impact of the closing of the Exchange Transaction on September 27, 2021 as well as the one time/non-cash or non-operating items referred to in the above section relating to Adjusted EBITDA.

Company Contact:
Cheryl Maguire, Executive Vice President & CFO
(405) 510-3524

Fred Buonocore, CFA, Vice President of Investor Relations
(405) 510-3550
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