• Quarterly net income of $2,031 million and cash flow from operating activities of $3,089 million
• Upstream production of 430,000 gross oil-equivalent barrels per day driven by strong production at Kearl and Cold Lake
• Sustained strong Downstream operating performance with quarterly refinery capacity utilization of 100%, highest in over 40 years
• Reduced debt by $1 billion using proceeds from the sale of interests in XTO Energy Canada
• Quarterly dividend increased by 29 percent from 34 cents to 44 cents per share
• Completed accelerated normal course issuer bid program in October, returning over $1.9 billion to shareholders
• Announced intention to initiate a substantial issuer bid to purchase up to $1.5 billion of its common shares
• Released annual Corporate Sustainability Report, outlining the company's environmental, social and governance progress and focus areas

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

Imperial reported estimated net income in the third quarter of $2,031 million, compared to $2,409 million in the second quarter of 2022, as strong operating performance partly offset moderating commodity prices. Cash flow from operating activities was $3,089 million, up from $2,682 million in the second quarter of 2022.

“Imperial’s business lines delivered another quarter of exceptional operating performance, increasing the supply of crude and fuel products to support Canadian and global energy needs,” said Brad Corson, chairman, president and chief executive officer. “Our on-going focus on safe and reliable operations underpins our strong financial results and positions us well to continue capturing value from the current commodity price environment.”

Upstream production in the third quarter averaged 430,000 gross oil-equivalent barrels per day. At Kearl, quarterly total gross production increased substantially from the second quarter of 2022 to an average of 271,000 barrels per day following the completion of its annual turnaround. Subsequent to the third quarter, Kearl's October production continued to increase, achieving multiple single-day production records. At Cold Lake, quarterly production averaged 150,000 gross barrels per day, representing the fourth consecutive quarter with production at or above 140,000 barrels per day. Given the success of the company’s on-going optimization program and continued production strength at Cold Lake, Imperial is increasing its full-year guidance at Cold Lake to between 140,000 to 145,000 gross barrels per day for 2022.

In the Downstream, quarterly refining throughput averaged 426,000 barrels per day, with capacity utilization of 100 percent, the highest quarterly utilization in over 40 years, ensuring a stable supply of fuel products to meet Canadian demand. Petroleum product sales remained strong in the quarter, averaging 484,000 barrels per day. In September, Imperial signed a long-term contract with Air Products to supply low-carbon hydrogen for the company’s planned renewable diesel complex at its Strathcona refinery. A final investment decision for the renewable diesel complex is expected in the coming months.

In August, Imperial successfully completed the previously announced sale of its XTO Energy Canada assets to Whitecap Resources for a total cash consideration of approximately $0.9 billion (Imperial’s share), resulting in an after-tax gain of $208 million in the quarter. Proceeds from the sale were used to reduce debt by $1 billion, bringing the company's outstanding debt to $4.2 billion and debt-to-capital¹ ratio to 16 percent.

“The sale of Imperial’s XTO assets positions the company well to not only continue focusing Upstream resources on our core oil sands assets but also enabled us to further enhance our industry leading balance sheet and improve the company’s financial flexibility,” said Corson.

During the quarter, Imperial returned to shareholders $227 million in dividends paid and $1,512 million through accelerated share repurchases under the company's normal course issuer bid (NCIB) program. The company completed its NCIB program in October with an additional $434 million in share repurchases.

“Paying a reliable and growing dividend and returning surplus cash to shareholders remain key priorities for us” said Corson. “Imperial has generated substantial value for its shareholders this year and I am pleased to announce a 29 percent increase to our quarterly dividend as well as our plans to initiate a second substantial issuer bid this year, returning up to $1.5 billion to shareholders in the fourth quarter” said Corson.

Imperial continues to advance solutions to lower emissions in its operations. The company is a founding member of the Pathways Alliance, which continues to move forward with early work to support a major carbon capture and storage network in support of Canada’s goals to achieve net zero emissions. In early October, the Government of Alberta awarded the Pathways Alliance pore space to continue exploratory work on the development of a hub to safely and permanently store CO₂ from over 20 industry oil sands facilities and other interested industries in northern Alberta.

In September, Imperial released its annual Sustainability report which highlights progress and momentum in the company’s key environmental, social and governance focus areas and complements the company’s Advancing Climate Solutions report published earlier this year.

“The challenges we are facing today require collaboration across industry, governments, indigenous communities and other stakeholders,” said Corson. “It’s why we became a founding member of the Pathways Alliance to reduce oil sands emissions and to further develop and deploy game changing technology to meaningfully contribute to Canada’s energy future.”

Third quarter highlights

• Net income of $2,031 million or $3.24 per share on a diluted basis, up from $908 million or $1.29 per share in the third quarter of 2021. Net income excluding identified items¹ of $1,823 million in the third quarter of 2022, up from $908 million in the same period of 2021.
• Cash flows from operating activities of $3,089 million, up from $1,947 million in the same period of 2021. Cash flows from operating activities excluding working capital¹ of $2,543 million, up from $1,504 million in the same period of 2021.
• Capital and exploration expenditures totalled $392 million, up from $277 million in the third quarter of 2021.
• The company returned $1,739 million to shareholders in the third quarter of 2022, including $227 million in dividends paid and $1,512 million in share repurchases. Subsequent to the end of the third quarter, the company completed its NCIB program with an additional $434 million in share repurchases.
• Announced intention to initiate a substantial issuer bid to purchase for cancellation up to $1.5 billion of its common shares. The company anticipates terms and pricing will be determined and the offer will commence during the next two weeks.
• Production averaged 430,000 gross oil-equivalent barrels per day, compared to 435,000 barrels per day in the same period of 2021.
• Total gross bitumen production at Kearl averaged 271,000 barrels per day (193,000 barrels Imperial's share), compared to 274,000 barrels per day (194,000 barrels Imperial's share) in the third quarter of 2021. Subsequent to the third quarter, Kearl’s October production continued to increase, achieving multiple single-day production records.
• Gross bitumen production at Cold Lake averaged 150,000 barrels per day, up from 135,000 barrels per day in the third quarter of 2021, representing the fourth consecutive quarter with production at or above 140,000 barrels per day. Consistent with this sustained production performance, Imperial is increasing its 2022 production guidance at Cold Lake to between 140,000 - 145,000 barrels per day.
• The company's share of gross production from Syncrude averaged 62,000 barrels per day, compared to 78,000 barrels per day in the third quarter of 2021, primarily driven by the timing of planned turnaround activities.
• Refinery throughput averaged 426,000 barrels per day, up from 404,000 barrels per day in the third quarter of 2021. Capacity utilization reached 100 percent, the highest quarterly utilization in over 40 years, up from 94 percent in the third quarter of 2021, as the company continues to maximize production to meet Canadian demand.
• Petroleum product sales were 484,000 barrels per day, compared to 485,000 barrels per day in the third quarter of 2021.
• Chemical net income of $54 million in the quarter, compared to $121 million in the third quarter of 2021. Lower income was primarily driven by lower polyethylene margins.
• Announced long-term contract with Air Products to supply low-carbon hydrogen for Imperial’s proposed renewable diesel complex near Edmonton, Alberta. The complex is expected to produce more than 1 billion litres of renewable diesel per year from locally sourced feedstock and low-carbon hydrogen. A final investment decision will be made in the coming months.
• Completed, together with ExxonMobil Canada, the previously announced sale of XTO Energy Canada to Whitecap Resources for total cash consideration of approximately $1.9 billion ($0.9 billion Imperial’s share). As a result of the sale, Imperial recorded an after-tax gain of approximately $208 million in the third quarter of 2022. Proceeds from the sale were used to reduce outstanding debt by $1 billion, further enhancing the company’s industry leading balance sheet and improving financial flexibility.
• As a member of the Pathways Alliance, advanced early work to support the foundational carbon capture and storage network in northern Alberta as part of Pathways' goal to achieve net zero emissions. In early October, the Government of Alberta awarded the Pathways Alliance pore space to continue exploratory work on the development of a hub to safely and permanently store CO₂ from over 20 industry oil sands facilities and other interested industries in northern Alberta.
• Released annual Corporate Sustainability Report. The report highlights key environmental, social and governance focus areas and progress, complementing the company’s previously released Advancing Climate Solutions report.
• Announced unique collaboration with FLO that will support Canada’s net zero emissions goals by expanding FLO’s charging network for electric vehicles. This collaboration will jointly develop an electric vehicle charging service option for Imperial’s Esso and Mobil branded wholesalers and includes an agreement to transfer credits to Imperial under Canada’s Clean Fuel Regulations.

Current business environment

During the COVID-19 pandemic, industry investment to maintain and increase production capacity was restrained to preserve capital, resulting in underinvestment and supply tightness as demand for petroleum and petrochemical products recovered. Across late 2021 and the first half of 2022, this dynamic, along with supply chain constraints and a continuation of demand recovery, led to a steady increase in oil and natural gas prices and refining margins. In the first half of 2022, tightness in the oil and natural gas markets was further exacerbated by Russia’s invasion of Ukraine and subsequent sanctions imposed upon business and other activities in Russia. The price of crude oil and certain regional natural gas indicators increased to levels not seen for several years. Across the third quarter of 2022, high prices and economic uncertainty led to a tempering of demand for some products, causing crude oil prices and refining margins to soften relative to first half levels. Commodity and product prices are expected to remain volatile given the current global economic and geopolitical uncertainty affecting supply and demand.

Operating results
Third quarter 2022 vs. third quarter 2021

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

Price – Higher realizations were generally in line with increases in marker prices, driven primarily by increased demand and supply chain constraints. Average bitumen realizations increased by $21.14 per barrel generally in line with WCS, and synthetic crude oil realizations increased by $38.86 per barrel generally in line with WTI.

Volumes – Lower volumes were the result of timing of planned turnaround activities at Syncrude, partially offset by higher volumes at Cold Lake, primarily driven by continued focus on sustained performance and production optimization.

Royalty – Higher royalties primarily driven by improved commodity prices.

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

Other – Includes higher operating expenses of about $200 million, partially offset by favourable foreign exchange impacts of about $80 million.

Higher production at Cold Lake was primarily driven by continued focus on sustained performance and production optimization.

Lower production at Syncrude was primarily a result of the timing of planned turnaround activities.

Margins – Higher margins primarily reflect improved market conditions.

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

Margins – Lower margins primarily reflect weaker industry polyethylene margins.

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

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

Cash flow used in financing activities primarily reflects:

During the third quarter of 2022, the company decreased its long-term debt by $1 billion by partially repaying an existing facility with an affiliated company of ExxonMobil.

Nine months 2022 vs. nine months 2021

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

Price – Higher realizations were generally in line with increases in marker prices, driven primarily by increased demand and supply chain constraints. Average bitumen realizations increased by $38.71 per barrel generally in line with WCS, and synthetic crude oil realizations increased by $51.90 per barrel generally in line with WTI.

Volumes – Lower volumes were primarily the result of downtime at Kearl in the first half of the year.

Royalty – Higher royalties primarily driven by improved commodity prices.

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

Other – Includes higher operating expenses of about $430 million, primarily higher energy prices, partially offset by favourable foreign exchange impacts of about $130 million.

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

Margins – Higher margins primarily reflect improved market conditions.

Other – Includes lower turnaround impacts of about $140 million, reflecting the absence of turnaround activities at Strathcona refinery and favourable foreign exchange impacts of about $70 million, partially offset by higher operating expenses of about $130 million, primarily from higher energy costs.

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

Improved petroleum product sales in 2022 primarily reflects increased demand.

Margins – Lower margins primarily reflect weaker industry polyethylene margins.

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

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

Cash flow used in financing activities primarily reflects:

During the third quarter of 2022, the company decreased its long-term debt by $1 billion by partially repaying an existing facility with an affiliated company of ExxonMobil.

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

Subsequent to the end of the third quarter, the company completed all share repurchases under its normal course issuer bid on October 21, 2022.

On October 28, 2022 the company announced its intention to launch a substantial issuer bid pursuant to which the company will offer to purchase for cancellation up to $1.5 billion of its common shares. The substantial issuer bid will be made through a modified Dutch auction, with a tender price range to be determined by the company at the time of commencement of the offer. Shares may also be tendered by way of a proportionate tender, which will result in a shareholder maintaining their proportionate share ownership. ExxonMobil has advised Imperial that it intends to make a proportionate tender in connection with the offer in order to maintain its proportionate share ownership at approximately 69.

Investor relations
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Media relations
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PORTLAND, Ore.--(BUSINESS WIRE)--Today GridStor, a developer and operator of grid-scale battery energy storage systems, announced the acquisition of a portfolio of storage projects currently in development in the greater Los Angeles area from Upstream Energy of San Diego. The portfolio consists of multiple projects representing over 500 MW / 2,000 MWh of capacity, or enough to power 375,000 California homes, with proposed on-line dates between 2024 to 2026.

The projects will be going online in an important time for California’s transition to clean energy, as the state works toward a carbon free electricity system by 2045. To meet these goals, the California Energy Commission projects that 49,000 MW of battery storage will be needed.

“California has urgent reliability needs, and battery storage is the best way to consistently incorporate clean energy onto the grid and curtail our dependence on fossil fuels,” said Chris Taylor, CEO of GridStor. “The large size and strategic locations of these new projects will position GridStor to become a major player in the California energy storage market as the transition to clean energy continues.”

The battery storage projects will be built on previously disturbed sites in urban areas in the LA basin area near existing power lines and substations, allowing the batteries to quickly connect to the electric grid upon completion. Once online, the projects will provide needed capacity for regional utilities to ensure power grid reliability and will be key to the increasing volumes of renewable energy being added to the state’s electric grid and managed by California's Independent System Operator (CAISO).

Once operating, the projects will aim to:

• Increase the resilience of the electric grid, helping ensure reliable power supply
• Allow grid operators to integrate more solar and wind power by storing renewable energy in periods of peak generation and delivering it during times of peak demand
• Generate large capital investments on underutilized land near existing grid infrastructure in urban and suburban areas
• Support local, state, and federal clean energy goals
• Create union construction jobs and contribute property taxes for host communities

“We look forward to collaborating with the GridStor team in the deployment of this critical part of the State’s electrical infrastructure,” said Ryan Hulett, Principal at Upstream Energy.

GridStor was established to build the critical infrastructure needed to transition the electricity grid toward a renewable, low-carbon future. GridStor is backed by the Sustainability and Infrastructure Investing groups within Goldman Sachs Asset Management (Goldman Sachs), a leading clean energy investor. GridStor has assembled a team of experienced professionals with over 125 years of combined energy experience to develop, design, construct and operate battery storage systems at scale.

GridStor’s target markets include regions seeing rapid growth of renewable energy sources, retirements of thermal power plants, increasing grid instability due to unpredictable climate events such as extreme heat and wildfires, and areas seeing higher energy demand and aging grid infrastructure.

Marathon Capital acted as exclusive financial advisor to Upstream Energy.

About GridStor

GridStor is enabling the transition to a clean energy grid by deploying flexible grid-connected batteries at scale. GridStor develops, acquires, and operates utility-scale, standalone battery storage projects primarily across North America. Visit us at www.gridstor.com and on LinkedIn.

About Goldman Sachs Asset Management

Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs (NYSE: GS), we deliver investment and advisory services for the world’s leading institutions, financial advisors, and individuals, drawing from our deeply connected global network and tailored expert insights, across every region and market—overseeing more than $2 trillion in assets under supervision worldwide as of September 30, 2022. Driven by a passion for our clients’ performance, we seek to build long-term relationships based on conviction, sustainable outcomes, and shared success over time. Follow us on LinkedIn.

Media Contact
Cassidy Monda
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503-320-3588

CALGARY, Alberta--(BUSINESS WIRE)--Imperial Oil Limited (TSE: IMO, NYSE American: IMO) today declared a quarterly dividend of 44 cents per share on the outstanding common shares of the company, payable on January 1, 2023, to shareholders of record at the close of business on December 2, 2022.

This fourth quarter 2022 dividend compares with the third quarter 2022 dividend of 34 cents per share.

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

Source: Imperial

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

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DUBLIN--(BUSINESS WIRE)--The "Supercapacitor Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.

The supercapacitor market is projected to grow at a CAGR of 20.69% during the forecast period to reach US$3,010.052 million by 2027, from US$807.096 million in 2020. Supercapacitors, double-layered capacitors, or ultracapacitors, are electronic devices with a comparatively higher capacitance value and lower voltage ranges. These energy storage devices are capable of bridging the gap between traditional capacitors and batteries.

Furthermore, their ability to store more energy than typical capacitors and produce more power than standard batteries, coupled with long-term stability and high cyclability, makes them appealing as energy storage devices. Owing to such attributes, they are found in diverse applications, either as an autonomous energy source or in combination with other energy storage devices like batteries. In particular, supercapacitors are commonly found in applications with fluctuating loads, such as portable media players, PDAs, GPS, and laptops.

They are also being used in microgrids to store energy in reverse conditions while quickly injecting power whenever demand is high, and production is low in the grids. Furthermore, they are also found in energy harvesting solutions, automotive segments, aerospace, and industrial segments. The growth in demand for supercapacitors in the aforementioned industries is expected to add impetus to the growth of the supercapacitor market.

Growth Factors:

The increase in electric automobile production is expected to increase the demand for supercapacitors in the projected period.

One of the most awaited innovations of the century is cost-effective, long-range, efficient electric vehicles. Power storage is arguably the most crucial component of an electric vehicle, with the tremendous potential to enable electric vehicles to outperform internal combustion engine vehicles. Supercapacitors are commonly used to deal with the storage issues of typical batteries. A supercapacitor's high-power density enables it to quickly charge or discharge a large amount of power without compromising its potential to sequester energy.

This makes supercapacitors advantageous in scenarios where a large amount of power must be supplied or captured in a short period of time, such as acceleration and regenerative braking, where supercapacitors capture the kinetic energy from deceleration that is normally dissipated as heat. As a result, supercapacitors are frequently used in hybrid vehicles like the Toyota FCHV and Lamborghini Sian. Several other automobile manufacturers are employing supercapacitors in their offering, owing to these appealing features.

For instance, in India, Omega Selki Pvt Ltd and Log 9 materials entered into a strategic partnership and launched a Rage+ Rapid EV in November 2021. With the latter's expertise in supercapacitor technology, this battery's performance is superior to that of typical EV batters. With this launch, the former is set to revolutionize the Indian EV market. Furthermore, according to Volkswagen's forecast in its 2021 Annual Report, the global market share of electric vehicles is expected to reach 50% by 2030. The growing number of renewable projects in recent years is yet another growth factor fuelling the expansion of market size.

The growing awareness of environmental sustainability, as well as numerous initiatives undertaken by governments and businesses, has resulted in an increase in the number of renewable projects. For instance, in March 2022, the state-run PGCIL (Power Grid Corporation of India) announced the approval of 5 power-grid projects worth 821 crores to strengthen the transmission system across multiple Indian states. While in East Asia, in November 2021, China Southern Power Grid, the country's major power grid, declared its intention to invest US$ 105 billion in grid network construction in the period 2021-2025 to boost renewable power consumption and power stability.

Market Segments:

By Type

• Pseudocapacitors
• Hybrid Capacitors
• Double Layer Supercapacitors

By Capacitance

• Upto 100F
• 100F - 1000F
• More than 1000F

By Industry Vertical

• Consumer Electronics
• Automotive
• Energy and Power
• Aerospace
• Industrial

By Geography

• North America
• US
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Europe
• Germany
• France
• UK
• Italy
• Middle East and Africa
• Saudi Arabia
• UAE
• Asia Pacific
• China
• Japan
• India
• South Korea
• Taiwan
• Thailand
• Indonesia

Key Topics Covered:

1. INTRODUCTION

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET DYNAMICS

5. SUPERCAPACITOR MARKET ANALYSIS, BY TYPE

6. SUPERCAPACITOR MARKET ANALYSIS, BY CAPACITANCE

7. SUPERCAPACITOR MARKET ANALYSIS, BY INDUSTRY VERTICAL

8. SUPERCAPACITOR MARKET ANALYSIS, BY GEOGRAPHY

9. COMPETITIVE ENVIRONMENT AND ANALYSIS

10. COMPANY PROFILES

Companies Mentioned

• Tokin Corporation
• Skeleton Technologies
• Maxwell Technologies, Inc. (acquired by Tesla, Inc.)
• Nippon Chemi-Con Corporation
• Panasonic Corporation
• Eaton
• CAP-XX
• IOXUS Inc.
• LS Mtron
• NAWATechnologies

For more information about this report visit https://www.researchandmarkets.com/r/4vl0a

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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DUBLIN--(BUSINESS WIRE)--The "Smart Energy Management Market by Energy Source, Offering, Function, End User and Geography - Global Forecasts to 2029" report has been added to ResearchAndMarkets.com's offering.

The global smart energy management market is expected to reach $47.64 billion by 2029, growing at a CAGR of 15.0% during the forecast period of 2022-2029.

The growth of this market is attributed to the rising energy consumption and price volatility, increasing awareness about carbon footprint management, growing inclination towards efficient energy management, and rising inclination towards corporate responsibility and brand image.

In addition, modernization of aging infrastructure, upcoming smart city projects in developing economies, and integration of energy management systems with smart devices is expected to offer significant growth opportunities for the growth of this market.

However, the high initial cost of deployment, non-standardized guidelines, and lack of financial resources restrains the growth of this market to a certain extent.

Key questions answered in the report:

• Which are the high-growth market segments in terms of energy source, offering, function, end user, and countries?
• What is the historical market for smart energy management across the globe?
• What are the market forecasts and estimates from 2022-2029?
• What are the major drivers, restraints, and opportunities in the global smart energy management market?
• Who are the major players in the global smart energy management market, and what shares of the market do they hold?
• Who are the major players in various countries, and what shares of the market do they hold?
• How is the competitive landscape?
• What are the recent developments in the global smart energy management market?
• What are the different strategies adopted by the major players in the global smart energy management market?
• What are the geographical trends and high-growth countries?
• Who are the local emerging players in the global smart energy management market and how do they compete with the other players?

Companies Mentioned

• Asea Brown Boveri Ltd.
• General Electric Company
• Honeywell International Inc.
• Schneider Electric SE
• Emerson Electric Co.
• Johnson Controls International Plc
• Cisco Systems Inc.
• Siemens AG
• Driivz Ltd.
• Telit
• Tata Consultancy Services
• Robert Bosch GmbH
• Panasonic Corporation
• LG Electronics Inc.
• NEC Corporation
• SAGE Automation
• Vivint Inc.
• Alarm.com
• Ecobee
• EnergyHub Inc.
• Comcast Cable
• EcoFactor Inc.

Scope of the Report:

Smart Energy Management Market, by Energy Source

• Renewable
• Solar
• Wind
• Others
• Non-Renewable/Conventional

Smart Energy Management Market, by Offering

• Solution
• Smart Meters
• Data and Device Management
• PV Monitoring
• Smart Grid
• Power Electronics Devices
• Smart Energy Storage
• Communication Network Devices
• Other Solutions (Automatic Transfer Switch)
• Software
• Consulting & Services

Smart Energy Management Market, by Function

• Grid Operation
• Meter Data Management
• Grid Control, Management, & Monitoring
• Distribution Automation
• Microgrid Management
• Others (Smart Communication & Wide Area Monitoring)
• Renewable Energy Management
• Distributed Energy Management
• Energy Storage
• Grid Security / Cybersecurity

Smart Energy Management Market, by End User

• Energy Utilities Providers
• Consumers
• Residential
• Commercial
• Industrial
• Manufacturing
• Construction
• Telecom and IT
• Government & Public Sector
• Healthcare
• Other Industrial End-Users

Smart Energy Management Market, by Geography

• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Sweden
• Denmark
• Rest of Europe
• Asia-Pacific
• Japan
• China
• India
• South Korea
• Singapore
• Malaysia
• Australia & New Zealand
• Rest of Asia-Pacific
• Latin America
• Brazil
• Mexico
• Rest of Latin America
• Middle East & Africa
• UAE
• Israel
• Rest of MEA

For more information about this report visit https://www.researchandmarkets.com/r/hy9l78

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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SAN DIEGO--(BUSINESS WIRE)--Eolica Coromuel, S. De R.L. De C.V., an affiliate of Eurus Energy America Corporation, has begun commercial operation of Baja California Sur’s first wind generating facility. The 50-megawatt project built by Eolica Coromuel, Eurus Energy America’s Mexican subsidiary, began operating and is Eurus’ first investment within Mexico’s energy sector.

The project incorporates a 10 MW battery system that offers additional ancillary service support and grid reliability to Baja California Sur’s electrical system - generation from the facility is sold directly into the wholesale power market.

“The State of Baja California Sur has growing electricity demand. Coromuel project will provide this special region with renewable wind generation and contribute to overall grid stability via its integrated battery energy storage system,” said Hidenori Mitsuoka, President and CEO of Eurus Energy America.

“Responding to the region’s need for low-cost, carbon-free energy, Eurus proceeded with construction of this important project even though the pandemic, supply-chain disruptions and global economic volatility have made major projects more difficult over the past three years,” Mitsuoka added. “Eurus is committed to helping Mexico move forward toward a more sustainable future.”

Mitsuoka noted that successful completion of the project is due to the collective efforts of many, including Eurus’ contractor, Elecnor; its equipment suppliers GE and Wartsila; and valued landowner partners. Support from the state government, the Centro Nacional de Control de Energía and the Comisión Federal de Electricidad was indispensable, he added.

About Eurus Energy America

Eurus Energy America is the wholly owned subsidiary of Tokyo-based Eurus Energy Holdings (www.eurusenergy.com) and is responsible for North and South American renewable energy investment, now comprising over 600 MW megawatts in wind and solar power generation. Eurus Energy Holdings is a global developer, owner and operator of renewable energy facilities, including both wind and solar, with more than 3,400 megawatts worldwide. Eurus Energy America, headquartered in San Diego, California, has been active in the renewable energy sector for some 30 years, beginning operations of its first renewable power projects in California in 1987.

Eurus Energy America Corporation Contact:
Gilberto Garcia-Ruiz
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858-354-0928

CALGARY, Alberta--(BUSINESS WIRE)--Imperial Oil Limited (TSE: IMO, NYSE American: IMO) announced today that the Board of Directors, on the recommendation of a special committee of independent directors, has authorized the initiation of a substantial issuer bid (the “Offer”) pursuant to which the company will offer to purchase for cancellation up to $1,500,000,000 of its common shares (the “Shares”). The company anticipates that the terms and pricing will be determined, and the Offer will commence, during the next two weeks and will be completed before the end of December 2022. All amounts are in Canadian dollars.

Under the proposed issuer bid, which remains subject to obtaining the necessary exemptive relief under applicable securities laws in Canada and the United States, shareholders wishing to accept the Offer will have the opportunity to tender their Shares through a modified Dutch auction or through a proportionate tender which will result in them maintaining their proportionate Share ownership.

Exxon Mobil Corporation (“ExxonMobil”), Imperial’s majority shareholder, has advised Imperial that it intends to make a proportionate tender in connection with the Offer in order to maintain its proportionate Share ownership at approximately 69.6 percent following completion of the Offer.

The Offer referred to in this news release has not yet commenced. This news release is for informational purposes only and does not constitute an offer to buy or the solicitation of an offer to sell Shares. An offer to purchase the Shares will only be made pursuant to Offer documents to be filed with the applicable securities regulators in Canada and the United States, which remains subject to obtaining the necessary exemptive relief under applicable securities laws in Canada and the United States. The Offer will be optional for all shareholders, who will be free to choose whether to participate, how many Shares to tender and, in the case of auction tenders, at what price to tender within the specified range. Any shareholder who does not deposit any Shares (or whose Shares are not repurchased under the Offer) will realize a proportionate increase in equity interest in Imperial, to the extent that Shares are purchased under the Offer.

Imperial is one of Canada’s largest integrated oil companies. It is active in all phases of the petroleum industry in Canada, including the exploration for, and production and sale of, crude oil and natural gas. In Canada, it is a major producer of crude oil, the largest petroleum refiner and a leading marketer of petroleum products. It is also a major producer of petrochemicals. The company’s operations are conducted in three main segments: Upstream, Downstream and Chemical.

Cautionary statement: Statements of future events or conditions in this release, including projections, expectations and estimates are forward-looking statements. Forward-looking statements can be identified by words such as believe, anticipate, intend, propose, plan, expect, future, continue, likely, may, should, will and similar references to future periods. Forward-looking statements in this release include, but are not limited to, references to the aggregate amount of Shares to be purchased for cancellation under the Offer; the timing for determining the terms and pricing, commencement and expiration; the structure of the bid including a modified Dutch auction procedure and proportionate tender; and ExxonMobil’s intent to make a proportionate tender.

Forward-looking statements are based on the company's current expectations, estimates, projections and assumptions at the time the statements are made. Actual future financial and operating results, including expectations and assumptions concerning demand growth and energy source, supply and mix; commodity prices, foreign exchange rates and general market conditions; production rates, growth and mix; project plans, timing, costs, technical evaluations and capacities, and the company’s ability to effectively execute on these plans and operate its assets; that the necessary exemptive relief to proceed with the Offer under applicable securities laws in the United States and Canada will be received on the timeline anticipated; ExxonMobil making a proportionate tender in connection with the Offer; progression of COVID-19 and its impacts on Imperial’s ability to operate its assets; applicable laws and government policies, including restrictions in response to COVID-19; and capital and environmental expenditures could differ materially depending on a number of factors. These factors include global, regional or local changes in supply and demand for oil, natural gas, and petroleum and petrochemical products and resulting price, differential and margin impacts, including foreign government action with respect to supply levels and prices and the impact of COVID-19 on demand; the receipt, in a timely manner, of regulatory approvals; availability and allocation of capital; unanticipated technical or operational difficulties; operational hazards and risks; availability and performance of third-party service providers, including in light of restrictions related to COVID-19; management effectiveness and disaster response preparedness, including business continuity plans in response to COVID-19; currency exchange rates; political or regulatory events, including changes in law or government policy in response to COVID-19; general economic conditions; and other factors discussed in Item 1A risk factors and Item 7 management’s discussion and analysis of financial condition and results of operations of Imperial Oil Limited’s most recent annual report on Form 10-K and subsequent interim reports on Form 10-Q.

Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, some that are similar to other oil and gas companies and some that are unique to Imperial Oil Limited. Imperial’s actual results may differ materially from those expressed or implied by its forward-looking statements and readers are cautioned not to place undue reliance on them. Imperial undertakes no obligation to update any forward-looking statements contained herein, except as required by applicable law.

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

Source: Imperial

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NEW YORK--(BUSINESS WIRE)--New Fortress Energy Inc. (NASDAQ: NFE) (“NFE” or the “Company”) announced today that it has finalized its agreements with Comisión Federal de Electricidad (“CFE”) as part of a growing strategic alliance supported by His Excellency Andrés Manuel López Obrador, the President of Mexico, and by Manuel Bartlett, the CEO of CFE.

The final agreements, which were originally announced on July 5 and are expected to be executed at a ceremony planned for November 3 in Mexico City, involve (i) expanding and extending NFE’s supply of natural gas to multiple CFE power generation facilities in Baja California Sur, (ii) selling NFE’s 135 MW La Paz power plant to CFE, and (iii) creating a new FLNG hub off the coast of Altamira, Tamaulipas, with CFE supplying requisite feedgas to multiple NFE FLNG units using CFE’s existing and underutilized pipeline capacity.

“We are pleased to complete these agreements and expand our strategic alliance with CFE, which we expect to result in the delivery of our first FLNG unit by mid-2023 and enable the construction of a new LNG hub off the coast of Altamira,” said Wes Edens, Chairman and CEO of NFE. “I look forward to seeing President López Obrador next week, appreciate his continued support, and value the opportunity to demonstrate our commitment to producing cleaner, cheaper, and more reliable energy for Mexico and the world.”

Baja California Sur

In July 2021, NFE commenced commercial operations of an LNG regasification terminal in the port of Pichilingue, La Paz, Baja California Sur. The terminal, which features NFE’s proprietary ISOFlex system, is optimally positioned to supply natural gas to CFE’s generation facilities in the otherwise resource-stranded region, which include CTG La Paz and CTG Baja California Sur.

As part of the agreements, CFE and NFE will extend the term and increase the volume of NFE’s gas supply agreement to CFE’s power generation facilities in the region. Additionally, NFE will sell its own 135 MW Central Turbogás Amaunet power plant in La Paz to CFE, further enhancing NFE’s ability to internally fund strategic growth initiatives that service our customers’ needs amid a structurally short global LNG market.

The addition of this power plant to CFE’s generation fleet is expected to enhance system reliability, reduce power costs, and complement steps CFE is taking to expand the use of renewable energy resources and lower emissions in the region by nearly half a million tons of CO2 per year.

Altamira

NFE and CFE are collaborating on the creation of a new FLNG hub off the coast of Altamira, Tamaulipas.

Pursuant to the now finalized agreements, NFE will deploy multiple FLNG units of 1.4 MTPA each that utilize CFE’s existing firm pipeline transportation capacity on TC Energy’s Sur de Texas-Tuxpan Pipeline to deliver feedgas volumes to NFE.

NFE’s first FLNG unit, which is under construction at the Kiewit Offshore Services shipyard near Corpus Christi, Texas, is currently expected to achieve mechanical completion in March 2023, and will be delivered to Altamira for commencement of operations soon thereafter.

As part of the agreements, CFE would share in the production and marketing of a portion of the LNG volumes from the new Altamira offshore FLNG hub.

The transactions described in this press release are subject to customary terms and conditions and execution of the related agreements.

About New Fortress Energy

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

Cautionary Language Regarding Forward-Looking Statements

This communication contains forward-looking statements. All statements contained in this communication other than historical information are forward-looking statements that involve known and unknown risks and relate to future events, our future financial performance or our projected business results. You can identify these forward-looking statements by the use of forward-looking words such as “expects,” “may,” “will,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative version of those words or other comparable words. Forward looking statements include: execution of definitive agreements for, and the consummation, of each of the three transactions described in this press release; achieving mechanical completion of NFE’s first FLNG unit in March 2023 and delivering the unit to the Altamira region for commencement of operations soon thereafter in mid-2023; the power plant assisting the CFE in achieving enhanced system reliability, reducing power costs and lowering C02 emissions; and expected terms of the definitive agreements for the transactions and projects. It is uncertain whether any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what impact they will have on the results of operations and financial condition of the parties or the stock prices of such parties.

These forward-looking statements represent the Company’s expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are necessarily estimates based upon current information and are subject to risks, uncertainties and other factors, many of which are outside of the Company’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: the risk that the proposed transactions may not be completed in a timely manner or at all; risks related to the approval and execution of definitive documentation; risks related to the development, construction, completion or commissioning schedule for the facilities; the receipt of permits, approvals and authorizations from governmental and regulatory agencies on a timely basis or at all; unknown and unforeseen risks associated with the development of new technologies; risks related to liquefaction operations and production of natural gas and LNG; and the breach or failure by the parties to comply with the covenants and obligations under the related agreements. These factors are not necessarily all of the important factors that could cause actual results to differ materially from those expressed in any of NFE’s forward-looking statements. Other known or unpredictable factors could also have material adverse effects on future results.

Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for the Company to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in our annual report, quarterly and other reports filed with the SEC, which could cause its actual results to differ materially from those contained in any forward-looking statement. We undertake no duty to update these forward-looking statements, even though our situation may change in the future.

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Patrick Hughes
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DUBLIN--(BUSINESS WIRE)--The "Global Helical Submerged Arc Welded (HSAW) Steel Pipe Market (2022 Edition) - Analysis By Diameter, Application, By Region, By Country: Market Insights and Forecast with Impact of COVID-19 (2022-2027)" report has been added to ResearchAndMarkets.com's offering.

The Global Helical Submerged Arc Welded (HSAW) Steel Pipe Market was valued at USD 5.42 Billion in the year 2021.

HSAW pipes are mainly used in onshore transportation of oil and gas, and in water distribution. These pipes are also used in structural applications such as piling in civil engineering constructions including high-rise buildings and bridges. However, improvement in manufacturing technology and steel grades over the years has extended its use to high-pressure applications.

Also, improvement in investments in oil and gas industry amidst the surge in energy consumption worldwide, and replacement demand for most of the antiquated pipeline infrastructure, particularly in developed regions offers potential growth prospects.

Based on the diameter, 24-48 inches of HSAW Steel Pipe is expected to hold the largest share in Helical Submerged Arc Welded (HSAW) Steel Pipe Market. This is due to the growth in construction sector and also growth in infrastructure development is expected to spur growth for this segment.

Asia Pacific had the highest Helical Submerged Arc Welded (HSAW) Steel Pipe demand in 2021 and it is expected to remain the largest consumer base for the next few years. High demand is attributable to the growing construction sector, infrastructural investments and government initiatives in various countries, including China and India.

Additionally, the HSAW pipe is part of the Large Diameter Pipes (LDPs) category, which is a key route of transport for natural gas, oil, and other fluids from isolated locations of production and refining to consuming centres across national and international boundaries.

Hence, the spending patterns for oil and gas transportation drive the demand for large diameter pipes. As a result, the business stands to benefit from the constant need to replace old pipelines, especially in developed economies like the United States and Europe.

Also, boosting demand for HSAW pipes in non-oil and gas applications is the expanding population and the resulting increase in demand for potable water and public infrastructure.

The companies analysed in the report include ArcelorMittal SA, American Cast Iron Pipe Company, Jindal SAW Ltd., Shengli Oil & Gas Pipe Holdings, Nippon Steel, Northwest Pipe Company, Welspun Corp Ltd., Europipe Gmbh, MAN Industries, National Pipe Company Ltd.

Scope of the Report

• The report presents the analysis of Helical Submerged Arc Welded (HSAW) Steel Pipe market for the historical period of 2017-2021 and the forecast period of 2022-2027.
• The Global Helical Submerged Arc Welded (HSAW) Steel Pipe Market has been analysed by countries (United States, Canada, Brazil, Germany, United Kingdom, Russia, China, Japan, India, Saudi Arabia).
• Also, the attractiveness of the market has been presented by region, by Diameter, by Application.
• Also, the major opportunities, trends, drivers and challenges of the industry has been analysed in the report.
• The report tracks competitive developments, strategies, mergers and acquisitions and new product development.

Key Topics Covered:

1. Report Scope and Methodology

1.1 Scope of the Report

1.2 Research Methodology

1.3 Executive Summary

2. Strategic Recommendations

3. Global Helical Submerged Arc Welded (HSAW) Steel Pipe Market: Product Overview

4. Global Helical Submerged Arc Welded (HSAW) Steel Pipe Market: An Analysis

4.1 Global Helical Submerged Arc Welded (HSAW) Steel Pipe Market: Market Indicators

4.2 Market Size, By Value, 2017-2027

4.3 Market Size, By Volume, 2017-2027

4.4 Global Helical Submerged Arc Welded (HSAW) Steel Pipe Market: Growth and Forecast

4.5 Impact of COVID-19 on Global Helical Submerged Arc Welded (HSAW) Steel Pipe Market

5. Global Helical Submerged Arc Welded (HSAW) Steel Pipe Market: Segment Analysis

5.1 Global Helical Submerged Arc Welded (HSAW) Steel Pipe Market Segmentation, By Diameter

5.2 Competitive Positioning of Helical Submerged Arc Welded (HSAW) Steel Pipe Market: By Diameter (2021 & 2027)

5.3 By 18-24 inches, By Value (USD Billion), 2017-2027

5.4 By 24-48 inches, By Value (USD Billion), 2017-2027

5.5 By Above 48 inches, By Value (USD Billion), 2017-2027

6. Global Helical Submerged Arc Welded (HSAW) Steel Pipe Market: Segment Analysis

6.1 Global Helical Submerged Arc Welded (HSAW) Steel Pipe Market Segmentation, By Application

6.2 Competitive Positioning of Global Helical Submerged Arc Welded (HSAW) Steel Pipe Market, By Application (2021 & 2027)

6.3 By Water, By value (USD Billion), 2017-2027

6.4 By Construction, By Value (USD Billion), 2017-2027

6.5 By Oil & Gas, By value (USD Billion), 2017-2027

6.6 By Chemicals, By value (USD Billion), 2017-2027

6.7 By Others, By value (USD Billion), 2017-2027

7. Global Helical Submerged Arc Welded (HSAW) Steel Pipe Market: Regional Analysis

7.1 Competitive Positioning of Global Helical Submerged Arc Welded (HSAW) Steel Pipe Market: By Region (2021 & 2027)

8. Americas Helical Submerged Arc Welded (HSAW) Steel Pipe Market: An Analysis (2017-2027)

9. Europe Helical Submerged Arc Welded (HSAW) Steel Pipe Market: An Analysis (2017-2027)

10. Asia-Pacific Helical Submerged Arc Welded (HSAW) Steel Pipe Market: An Analysis (2017-2027)

11. Middle East and Africa Helical Submerged Arc Welded (HSAW) Steel Pipe Market: An Analysis (2017-2027)

12. Global Helical Submerged Arc Welded (HSAW) Steel Pipe Market Dynamics

12.1 Global Helical Submerged Arc Welded (HSAW) Steel Pipe Market Drivers

12.2 Global Helical Submerged Arc Welded (HSAW) Steel Pipe Market Restraints

12.3 Global Helical Submerged Arc Welded (HSAW) Steel Pipe Market Trends

13. Market Attractiveness and Strategic Analysis

13.1 Market Attractiveness Chart of Global Helical Submerged Arc Welded (HSAW) Steel Pipe Market - By Diameter (Year 2027)

13.2 Market Attractiveness Chart of Global Helical Submerged Arc Welded (HSAW) Steel Pipe Market - By Application (Year 2027)

13.3 Market Attractiveness Chart of Global Helical Submerged Arc Welded (HSAW) Steel Pipe Market - By Region (Year 2027)

14. Competitive Landscape

14.1 Recent Developments

14.2 Market Share of global leading companies

15. Company Profiles (Business Description, Financial Analysis, Business Strategy)

15.1 ArcelorMittal SA

15.2 American Cast Iron Pipe Company.

15.3 Jindal SAW Ltd.

15.4 Shengli Oil& Gas Pipe Holdings

15.5 Nippon Steel

15.6 Northwest Pipe Company

15.7 Welspun Corp Ltd

15.8 Europipe Gmbh

15.9 MAN Industries

15.10 National Pipe Company Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/2l05jr

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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CHICAGO--(BUSINESS WIRE)--$EXC--The Board of Directors of Exelon Corporation declared a regular quarterly dividend of $0.3375 per share on Exelon’s common stock. The dividend is payable on Friday, December 9, 2022, to Exelon’s shareholders of record as of 5 p.m. Eastern time on Tuesday, November 15, 2022.

About Exelon

Exelon (Nasdaq: EXC) is a Fortune 200 company and the nation’s largest energy delivery company, serving more than 10 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric (ACE), Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power & Light (DPL), PECO Energy Company (PECO), and Potomac Electric Power Company (Pepco). More than 18,000 Exelon employees dedicate their time and expertise to powering a cleaner and brighter future for our customers and communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and volunteerism. Follow Exelon on Twitter @Exelon.

Andrew Plenge
Investor Relations
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Nick Alexopulos
Corporate Communications
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Positive net income, revenue growth and significant margin expansion define a successful quarter.

HOUSTON--(BUSINESS WIRE)--Ranger Energy Services, Inc. (NYSE: RNGR) (“Ranger” or the “Company”) announced today its results for its fiscal quarter ended September 30, 2022.

– Revenue for the third quarter of 2022 was $177.0 million, an increase of $23.4 million, or 15%, from $153.6 million in the prior quarter and an increase of over 100% from the prior year.

– Net income for the third quarter was $13.6 million, an improvement of $14.0 million from a reported net loss of $0.4 million in the second quarter of the year and an increase of $22.7 million, or 250%, from the third quarter of 2021.

– Adjusted EBITDA⁽¹⁾ of $30.3 million increased 69%, or $12.3 million from the $18.0 million reported in the second quarter driven by increased activity and expanding margins across all segments.

– Net debt was reduced by 19%, or $13.2 million, from the prior quarter with operating cash flow of $10.7 million for the third quarter.

– Wireline Services Adjusted EBITDA of $11.4 million, growth of $7.1 million, or 165%, from $4.3 million reported in the prior quarter as a result of increased pricing and successful internal initiatives.

CEO Comments

Stuart Bodden, the Company’s Chief Executive Officer, noted “Ranger delivered another quarter of strong performance, with all three of our business segments showing increased revenue and expanded margins during the quarter. On a consolidated basis, revenue increased 15% quarter over quarter, while Adjusted EBITDA grew 69%. Adjusted EBITDA margins exceeded 17% achieving our stated goal of a 15% margin run rate by year end. Our strong performance is the direct result of the hard work of our teams and our continued focus on customer service and disciplined execution. After a year of integration efforts, our leadership is aligning behind our shared objectives and continuing to find incremental efficiencies and opportunities. All of our acquisitions executed last year are now delivering strong returns demonstrating the value of our consolidation strategy. In consideration of our outstanding Q3 performance, we now expect revenue to range between $615 and $620 million for the full year with Adjusted EBITDA margins near the top end of prior guidance of 13%.

Mr. Bodden continued, “We have high standards for Ranger and are continuing to raise our expectations for the company. We have performed well, matured as an organization and improved our financial health on the back of the acquisitions completed during 2021, with teams that believe we can and will take advantage of additional opportunities to improve further. The best illustration of outstanding performance is acknowledgment from a customer and we are proud that this quarter one of our crews received “Rig of the Quarter” from Pioneer Natural Resources in the Permian region. We are proud of this rig crew and local management for operating with the excellence that earned them this recognition.

“As we look to the future, we understand our shareholders expect the business to continue its strong performance and pursue opportunities to maximize the long-term value of the Company. This quarter, Management and the Board have revisited our strategic priorities, which first and foremost, includes ensuring the Company has a resilient balance sheet that can withstand virtually any storm. The other strategic priority is growth, whether organic or inorganic, which is important for a company of our size operating in a fragmented sector. Our financial results have demonstrated our ability to successfully integrate companies and be an effective consolidator, and we believe there is a need for further consolidation within our existing and adjacent product lines. Going forward, we will continue to evaluate these priorities in keeping with our goal to maximize shareholder value.”

Consolidated Company Results

Company revenue increased to $177.0 million in the third quarter of 2022, up from $153.6 million in the second quarter and up from $81.7 million in the third quarter of the prior year. Asset utilization and pricing increases both contributed to the improved revenue across segments.

Operating expense for the third quarter totaled $159.0 million as compared to $155.8 million for the prior quarter. The increase in operating costs were largely a result of an increase in operating activity for the quarter.

The Company is reporting a net income of $13.6 million, an increase of $14.0 million, for the third quarter compared to a $0.4 million loss in the second quarter of the year. The increase is attributable to increased profit margins across all of the reporting segments.

General and administrative costs were $11.0 million for the third quarter, a decrease of $1.2 million from $12.2 million during the second quarter. The decrease was predominately from less integration, severance, and legal costs as compared to the prior quarter.

Adjustments to EBITDA at a consolidated level were affected by several non-cash items this quarter that included asset sale impacts, bargain purchase gain and severance and reorganization costs.

Our key financial focus in the coming quarters will be on making incremental improvements to operating efficiency to facilitate additional margin expansion and improve cash flows that will be deployed toward paying down our debt. Current internal projections suggest the fourth quarter of the year will bring about seasonality leading to moderate declines in financial performance that is likely to continue into the first quarter. We anticipate a meaningful pickup in activity again as we exit the first quarter of 2023. The Company is using the second half of 2022 as a 2023 budget baseline and does believe that there are additional opportunities to grow from these levels. Budgeting discussions have been initiated and the Company will provide further guidance when year end results are reported.

Business Segment Financial Results

High Specification Rigs

High Specification Rigs segment revenue increased by $3.7 million to $79.7 million in the third quarter from $76.0 million in the second quarter. Rig hours increased to 123,000 hours in the third quarter from 119,900 hours in the second quarter of the year. The increase in rig hours was coupled with an increase of $16, or 3%, in the hourly average rig rate to $648 in the third quarter from $632 in the second quarter, driving an overall revenue increase of 5%.

Operating income increased by $4.6 million to $10.7 million in the third quarter from $6.1 million in the second quarter. Adjusted EBITDA increased 20%, or $2.8 million, to $17.0 million in the third quarter from $14.2 million in the second quarter. The increase in operating income and Adjusted EBITDA was largely the result of the increases in profit margins during the quarter due to declining operating expenses as compared to the second quarter.

Wireline Services

Wireline Services segment revenue increased to $60.6 million, up $11.1 million, or 22% in the third quarter from $49.5 million in the second quarter. The increase in revenue was primarily attributable to an increase in activity, as demonstrated by an increase in 1,200 completed stages from 8,000 in the second quarter to 9,200 in the third quarter.

Operating income increased to $8.6 million, up $7.1 million, or over 400% in the third quarter, up from $1.5 million in the second quarter. Adjusted EBITDA increased $7.1 million to $11.4 million in the third quarter, up from $4.3 million in the second quarter. The increase in operating income and Adjusted EBITDA was driven by both increased activity for all Wireline Services and expanding profit margins, attributable to several efforts implemented earlier in the year. We believe we will continue to see further improvements in this segment during 2023.

Processing Solutions and Ancillary Services

Processing Solutions and Ancillary Services segment revenue increased by 30%, or $8.6 million, to $36.7 million in the third quarter from $28.1 million in the second quarter. The increase in revenue was attributable to the various lines of business including coil tubing, rentals and fishing and plug and abandonment services, which continued to show meaningful growth and margin expansion this quarter.

Operating income increased $4.1 million to $9.2 million in the third quarter, up from $5.1 million in the second quarter of the year. Adjusted EBITDA increased 106%, or $5.4 million, to $10.5 million in the third quarter, as compared to $5.1 million in the second quarter of the year. The increase in operating income and Adjusted EBITDA was driven by increased margins on improvements in revenue.

Balance Sheet Summary

We ended the third quarter with $35.7 million of liquidity, consisting of $30.5 million of capacity on our revolving credit facility and $5.2 million of cash.

Our aggregate net debt at the end of the third quarter was $57.5 million, a decrease of $13.2 million, as compared to $70.7 million at the end of the second quarter. The decrease is attributable to additional payments on our revolving credit facility, coupled with the extinguishment of Term Loan B and payments made to term debt with proceeds from asset sales.

Our net debt includes certain financing arrangements which we adjust for comparability. When looking at aggregate adjusted net debt⁽¹⁾, we ended the third quarter at $45.2 million, a decrease of $13.1 million, as compared to $58.3 million at the end of the second quarter. Of our total debt balance, $18.0 million is term debt.

We had an outstanding balance on our revolving credit facility of $24.9 million at the end of the third quarter compared to $33.9 million at the end of the second quarter.

The Company continues to anticipate capital expenditures of approximately $15.0 million for the full year of 2022.

Conference Call

The Company will host a conference call to discuss its results from the third quarter of 2022 on October 28, 2022 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). To join the conference call participants are encouraged to login to the webcast via this link.

An audio replay of the conference call will be available shortly after the conclusion of the call and will remain available for approximately seven days. The replay will also be available in the Investor Resources section of the Company’s website shortly after the conclusion of the call and will remain available for approximately seven days.

About Ranger Energy Services, Inc.

Ranger is one of the largest providers of high specification mobile rig well services, cased hole wireline services, and ancillary services in the U.S. oil and gas industry. Our services facilitate operations throughout the lifecycle of a well, including the completion, production, maintenance, intervention, workover and abandonment phases.

Cautionary Statement Concerning Forward-Looking Statements

Certain statements contained in this press release constitute “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. These forward-looking statements represent Ranger’s expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Ranger’s control that could cause actual results to differ materially from the results discussed in the forward-looking statements.

Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, Ranger does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for Ranger to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in our filings with the Securities and Exchange Commission. The risk factors and other factors noted in Ranger’s filings with the SEC could cause its actual results to differ materially from those contained in any forward-looking statement.

RANGER ENERGY SERVICES, INC.

SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES

(UNAUDITED)

Note Regarding Non‑GAAP Financial Measure

The Company utilizes certain non-GAAP financial measures that management believes to be insightful in understanding the Company’s financial results. These financial measures, which include Adjusted EBITDA and Adjusted Net Debt, should not be construed as being more important than, or as an alternative for, comparable U.S. GAAP financial measures. Detailed reconciliations of these Non-GAAP financial measures to comparable U.S. GAAP financial measures have been included below and are available in the Investor Relations sections of our website at www.rangerenergy.com. Our presentation of Adjusted EBITDA and Adjusted Net Debt should not be construed as an indication that our results will be unaffected by the items excluded from the reconciliations. Our computations of these Non-GAAP financial measures may not be identical to other similarly titled measures of other companies.

Adjusted EBITDA

We believe Adjusted EBITDA is a useful performance measure because it allows for an effective evaluation of our operating performance when compared to our peers, without regard to our financing methods or capital structure. We exclude the items listed above from net income or loss in arriving at Adjusted EBITDA because these amounts can vary substantially within our industry depending upon accounting methods, book values of assets, capital structures and the method by which the assets were acquired. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are reflected in Adjusted EBITDA.

We define Adjusted EBITDA as net income or loss before net interest expense, income tax provision or benefit, depreciation and amortization, equity‑based compensation, acquisition-related, severance and reorganization costs, gain or loss on disposal of assets, and certain other non-cash and certain items that we do not view as indicative of our ongoing performance.

The following tables are a reconciliation of net income or loss to Adjusted EBITDA for the three months ended September 30, 2022 and June 30, 2022, in millions:

Adjusted Net Debt

We believe Net Debt and Adjusted Net Debt are useful performance measures of liquidity, financial health and provides an indication of our leverage. We define Net Debt as current and long-term debt, finance leases, other financing obligations, offset by cash and cash equivalents. We define Adjusted Net Debt as Net Debt, less a facility financing lease, to be analogous to the calculation of certain financial covenants. All debt and other obligations present the principal balances outstanding as of the respective periods.

The following tables are a reconciliation of consolidated debt and cash and cash equivalents to Net Debt and Adjusted Net Debt as of September 30, 2022 and June 30, 2022:

Company Contact:
Melissa Cougle
Chief Financial Officer
(713) 935-8900
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DUBLIN--(BUSINESS WIRE)--The "Anaerobic Digestion Deployment in the UK 2022 Edition" report has been added to ResearchAndMarkets.com's offering.

The reassuring vibrancy of the industry is evident post COVID-19. Although there hasn't been any significant leap in deployment, the publisher continues to see a steady rise in activity which is required in order to deliver and maintain a strong, healthy and resilient sector.

The report provides a comprehensive regional breakdown of sector development in Scotland, Wales, Northern Ireland and the 9 regions of England, providing detailed information on feedstock requirements, installed capacity and output type (combined heat & power or biomethane-to-grid) for every project.

This 2022 edition of the annual report provides a comprehensive regional breakdown of sector development in Scotland, Wales, Northern Ireland and the 9 regions of England.

Highlights

• Extensive market data and analysis on current and future development trends
• Regional breakdown of the 9 regions of England, Scotland, Wales, and Northern Ireland, with maps and timeline graphs illustrating regional development trends.
• Detailed sector commentary and comprehensive overview of policy and incentives affecting the anaerobic digestion development landscape.
• Comprehensive excel database of more than 1000 planned and operational Anaerobic Digestion facilities in the UK.
• Includes site name and location; feedstock type, source and volumes; energy output type and capacity; and development status.

Reasons to buy

• To inform investment and policy decisions in the anaerobic digestion sector by understanding the current and future anaerobic digestion market and policy landscape
• To enable targeting of sales and marketing effort for anaerobic digestion service and product providers, based on technical or regional focus.
• To identify the competition and quantify feedstock requirements of the anaerobic digestion industry

Key Topics Covered:

1 Introduction

2 Policy & Incentives

2.1 Smart Export Guarantee (SEG)

2.2 Contracts for Difference

2.3 Northern Ireland Renewables Obligation

2.4 Renewable Heat Incentive

2.5 Green Gas Support Scheme

2.6 Northern Ireland Renewable Heat Incentive

2.7 Sustainability Criteria

2.8 Feedstock Restrictions

2.9 Renewable Transport Fuel Obligation

3 Deployment Analysis Criteria

3.1 Definitions

3.2 Assumptions

4 United Kingdom

5 Scotland

6 Wales

7 Northern Ireland

8 England

9 North West of England

10 North East of England

11 Yorkshire & Humber

12 West Midlands

13 East Midlands

14 East of England

15 South West of England

16 South East of England

17 Greater London

For more information about this report visit https://www.researchandmarkets.com/r/3vqs35

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

In collaboration with leading environmental groups and public/private stakeholders, the 52-page report provides blueprint for decarbonization of the maritime transportation and goods movement in LA.

LOS ANGELES--(BUSINESS WIRE)--AltaSea at the Port of Los Angeles released a 52-page white paper that illustrates how Southern California is exceptionally well situated to jumpstart an economically self-sustaining green hydrogen economy. AltaSea led the research and drafting of the white paper with a number of partners, including 7th Generation Advisors, Accenture, Energy Independence Now, and Momentum.

The report shows that California has the vast majority of hydrogen refueling stations in the United States, 71% of total number of hydrogen fuel cell electric vehicles (FCEVs) in the United States, and an abundance of hard-to-electrify sectors that would benefit from hydrogen-electric technologies. These strengths, the report said, are backed by one of the globe’s strongest economies. In 2021, California’s gross domestic product (GDP) was $3.36 trillion, representing 14.6% of the total U.S. economy. If it were a country, California would have the fifth largest economy in the world.

“Both California as a whole and the Southern California region in particular are leading efforts to decarbonize the state’s modern economy, while creating new jobs, advancing equity, and tackling some of the state’s most pressing environmental challenges, including drought, wildfires, extreme heat, poor air quality, and pollution,” said the report, which can be downloaded at: https://www.socalh2.org/vision.

“Our research underscores the many opportunities to decarbonize maritime transportation and goods movement, especially in ports, using hydrogen,” said AltaSea President & CEO Terry Tamminen, architect of California’s pioneering Hydrogen Highway. “Clean renewable hydrogen for ships and heavy-duty vehicles means cleaner air and reduced carbon pollution.”

As a part of this larger, statewide effort, AltaSea has been engaged with many organizations in Southern California to form the Southern California Green Hydrogen Cluster. Since early 2022, this informal group of stakeholders has met regularly to discuss the much-anticipated DOE Regional Clean Hydrogen Hubs funding solicitation and how the region can best support a statewide application to this program.

“We are just scratching the surface of how an investment in the environmentally and economically sustainable green hydrogen market can benefit our planet,” Tamminen said. “The research we have conducted and presented in this white paper makes it clear that a renewable hydrogen hub in California would accelerate the transition to a carbon-neutral economy and would create high-quality jobs, improve air quality and drive down costs.”

AltaSea expressed its appreciation to the U.S. Department of Energy (DOE) for its leadership, guidance, and funding of the statewide California Renewable Hydrogen Hub under development by the California Governor’s Office of Business and Economic Development—GO-Biz.

About AltaSea at the Port of Los Angeles

AltaSea at the Port of Los Angeles is dedicated to accelerating scientific collaboration, advancing an emerging blue economy through business innovation and job creation, and inspiring the next generation, all for a more sustainable, just, and equitable world.

For more information on AltaSea, please visit: https://altasea.org

Jacob Scott
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412-445-7719

HOUSTON--(BUSINESS WIRE)--Magnolia Oil & Gas Corporation (NYSE: MGY) announced today that its Board of Directors has declared a regular quarterly cash dividend of $0.10 per share of Class A common stock, and a cash distribution of $0.10 per Class B unit, payable on December 1, 2022 to shareholders of record as of November 7, 2022.

About Magnolia Oil & Gas Corporation
Magnolia is a publicly traded oil and gas exploration and production company with operations primarily in South Texas in the core of the Eagle Ford Shale and Austin Chalk formations. Magnolia focuses on generating value for shareholders through steady production growth, strong pre-tax margins, and free cash flow. For more information, visit www.magnoliaoilgas.com.

Magnolia Oil & Gas Corporation

Investors
Brian Corales
(713) 842-9036
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Media
Art Pike
(713) 842-9057
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DUBLIN--(BUSINESS WIRE)--The "Deep Sea, Coastal, And Great Lakes Global Market Report 2022: By Application" report has been added to ResearchAndMarkets.com's offering.

This report provides strategists, marketers and senior management with the critical information they need to assess the global deep sea, coastal, and great lakes market as it emerges from the COVID-19 shut down.

The global deep sea, coastal, and great lakes transportation market is expected to grow from $490.34 billion in 2021 to $518.76 billion in 2022 at a compound annual growth rate (CAGR) of 5.8%. The market is expected to grow to $628.88 billion in 2026 at a compound annual growth rate (CAGR) of 4.9%.

Companies Mentioned

• A.P. Moller-Maersk A/S
• China Ocean Shipping Company Limited
• Cargill Incorporated
• CMA CGM S.A.
• Hapag-Lloyd AG
• Evergreen Marine corp.
• K-Line
• Hyundai Merchant Marine Co. ltd.
• Nippon Yusen
• Kuehne + Nagel International AG

Reasons to Purchase

• Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies
• Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates
• Create regional and country strategies on the basis of local data and analysis
• Identify growth segments for investment
• Outperform competitors using forecast data and the drivers and trends shaping the market
• Understand customers based on the latest market research findings
• Benchmark performance against key competitors
• Utilize the relationships between key data sets for superior strategizing
• Suitable for supporting your internal and external presentations with reliable high quality data and analysis

The deep sea, coastal, and great lakes transportation market consists of sales of the deep sea, coastal, and great lakes transportation services and related goods by entities (organizations, sole traders, and partnerships) that provide deep sea, coastal, and great lakes transportation of passengers and cargo using watercraft, such as ships, barges, and boats.

The main types in the deep sea, coastal, and great lakes transportation market are deep-sea transport and coastal and great lakes transport. Deep-sea transport refers to the maritime transport of goods on intercontinental routes, crossing oceans as opposed to short sea shipping through relatively short distances. The market is also segmented by application into onshore and offshore.

Asia-Pacific was the largest region in the deep sea, coastal, and great lakes transportation market in 2021. Western Europe was the second largest region in the deep sea, coastal, and great lakes transportation market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

Water transportation service companies are increasingly using sensor technologies to enable monitoring of remote locations of ships. A sensor is a device that detects and responds to some type of input from the physical environment. The specific input could be light, heat, motion, moisture, pressure, or any one of several other environmental phenomena present in the ship. Sensors in remote locations of ships collect data autonomously and relay the data to the control room in real-time. The data captured by the sensor allows ship owners to improve the overall maintenance cycle of visits, including condition monitoring and condition-based monitoring. For instance, NoraSens and Silicon Radar are some of the company's manufacturing sensors for ships.

The countries covered in the deep sea, coastal, and great lakes transportation market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam.

For more information about this report visit https://www.researchandmarkets.com/r/38dgtg

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

The energy planning software company is working with Gurobi to answer the industry’s most pressing questions.

BEAVERTON, Ore.--(BUSINESS WIRE)--#DecisionIntelligence--Gurobi Optimization, LLC, the leader in decision intelligence technology and creator of the world’s fastest mathematical optimization solver, announced its new partnership with encoord, a software company that provides tools, data, and advisory services to help energy stakeholders plan for change and make better strategic decisions.

“There is an obvious need for change in the energy world,” explained Dr. Carlo Brancucci, CEO of encoord. “Decision makers need to make key decisions that have not only economic impacts, but also social and environmental impacts. We help our customers make those decisions more efficiently and with a higher degree of reliability. Gurobi is helping us accomplish this, for an even bigger impact on our customers.”

encoord’s core technology is the Scenario Analysis Interface for Energy Systems (SAInt), a software platform for modeling and planning energy networks and markets.

Dr. Kwabena Pambour, encoord’s CTO and inventor of SAInt, studied the interdependency of electricity and gas networks in Europe and recognized the industry need for an integrated planning tool that could answer today’s most pressing energy questions.

“The European Commission was very interested in security of supply,” explained Pambour. “They wanted to know: What happens if there is a shortage of gas supply due to a political crisis, similar to what is happening now? How do we actually operate the network? How do these disruptions propagate from one network to the other? So, I started developing a tool that could solve both gas and electricity in the same platform.”

Until 2020, SAInt had primarily served as a platform for running simulations of electricity and gas networks. Since then, the team developed and incorporated new, cutting-edge optimization modeling capabilities using linear and mixed integer linear optimization solvers, while using Gurobi as one of the solvers.

“That's when we first contacted Gurobi to ask about the potential of linking SAInt optimization models to Gurobi’s solver,” said Pambour. “We found that the proposed partnership aligned with our vision as a company in terms of growth and the type of experience we want to offer to our customers.”

The partnership offers encoord’s customers the ability to run far more simulations and computations than they could previously, to a higher degree of confidence in their results.

“The computational scale we can now offer to our customers through the Gurobi partnership is significantly larger than what we could offer them before,” Pambour emphasized.

Although the partnership is relatively new, both parties are very pleased with the experience thus far.

“Gurobi is a fantastic company to work with and so far the experience has been excellent,” said Brancucci. “We feel very lucky to be in this partnership because we believe it’s going to support our growth as we help our customers plan for the energy transition. It helps us meet their needs to a larger extent than we could with other data or with other solvers.”

Gurobi’s COO, Duke Perrucci, echoed that sentiment: “We’re very excited about our partnership with encoord because they are helping the energy industry plan for the future and catalyze the changes that are absolutely needed today.”

To learn more about encoord and how they help energy stakeholders plan for the energy transition, visit www.encoord.com.

To learn more about Gurobi and their partnerships with innovative companies like encoord, visit www.gurobi.com.

About encoord

encoord Inc. provides software tools, data, and advisory services to help energy stakeholders plan for the energy transition. encoord’s core technology is the Scenario Analysis Interface for Energy Systems (SAInt), a software platform to model and plan energy networks and markets. encoord works with utilities, network operators, technology and project developers, regulatory agencies, and research organizations to solve operational and strategic challenges. With offices in the US and Germany, encoord serves customers internationally to change the future of energy.

About Gurobi Optimization

With Gurobi’s decision intelligence technology, you can make optimal business decisions in seconds. From workforce scheduling, portfolio management, and marketing optimization, to supply chain design, and everything in between, Gurobi identifies your optimal solution, out of trillions of possibilities.

As the leader in decision intelligence, Gurobi delivers easy-to-integrate, full-featured software and best-in-class support, with an industry-leading 98% customer satisfaction rating.

Founded in 2008, Gurobi has operations across the Americas, Europe, and Asia. Over 2,500 global customers across 40+ industries run on Gurobi, including SAP, Air France, and the National Football League, as well as half of the Fortune 10 and 70% of top global tech companies. For more information, please visit https://www.gurobi.com/ or call +1 713 871 9341.

Nell-Marie Colman
(540) 952 9719
Gurobi Optimization
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ATLANTIC CITY, N.J.--(BUSINESS WIRE)--Atlantic Shores Offshore Wind Project 1, LLC (Atlantic Shores Project 1), a wholly owned subsidiary of Atlantic Shores Offshore Wind, LLC (Atlantic Shores), a 50:50 partnership between Shell New Energies US LLC and EDF-RE Offshore Development, LLC, announced it has selected Ramboll as the design and structural engineering firm for the turbine foundations on its 1.5 GW offshore wind project.

Located approximately 10-20 miles off the coast of Atlantic City, New Jersey, the project will generate enough clean energy to power more than 700,000 homes and bring $848 million in guaranteed local economic benefits to the state. This is the largest single project in New Jersey and third largest in the United States. Atlantic Shores is also making significant economic development investments, including a comprehensive job training program and an innovative 10 MW green hydrogen pilot.

Ramboll is a global leader in the design of offshore wind turbine foundations and will contribute its decades of experience and knowledge in the offshore wind industry to the design of wind turbine foundations for Atlantic Shores Project 1.

“Atlantic Shores Project 1 is thrilled to partner with Ramboll on our foundation design and helping us set industry benchmarks for safety, reliability, and efficiency,” said Rain Byars, Technical & Delivery Director for Atlantic Shores Offshore Wind. “Ramboll is the right choice to perform this critical work as Atlantic Shores literally lays the foundation for New Jersey’s clean energy transition. With our recent announcement of Vestas as preferred turbine supplier, adding the expertise and experience of Ramboll to our 1.5 GW offshore wind project is yet another vote of confidence in Atlantic Shores Project 1 and Atlantic Shores’ entire 5+ GW portfolio.”

Ramboll will provide a comprehensive design service to be led by a group of experts across the United States and Europe. This work will accelerate the deployment of offshore wind resources and support New Jersey’s thriving clean energy economy by creating jobs and local employment opportunities over the life of the project.

“We are proud to partner with Atlantic Shores Offshore Wind on the design of its turbine foundations and support New Jersey in reaching its offshore wind development targets,” said Tim Fischer, Global Senior Director of Wind for Ramboll. “With a local presence of more than 2,000 staff across the US and from our recently expanded offices in Princeton, Ramboll is well-positioned to contribute its industry knowledge to the local clean tech sector and help New Jersey achieve its ambitious climate goals.”

About Atlantic Shores Offshore Wind:

Atlantic Shores Offshore Wind is a 50:50 joint venture between EDF Renewables and Shell New Energies US LLC. Both companies come with decades of experience developing onshore and offshore projects across the globe. Atlantic Shores Offshore Wind is composed of over 100 experts dedicated to delivering its 5+GW portfolio, strategically positioned to meet the growing demands of multiple East Coast Markets.

Atlantic Shores Offshore Wind is developing a portfolio of wind farms off the coast of New Jersey and New York that will be a major source of clean, affordable energy for the state and region; this includes a 1.5 GW project off the coast of Atlantic City that will power 700,000 homes by 2027 and 2028. Atlantic Shores has three additional projects that will provide power to hundreds of thousands more.

We invite you to learn more about Atlantic Shores Offshore Wind by visiting our website at www.atlanticsshoreswind.com and following us on our social media channels:

www.linkedin.com/company/atlantic-shores-wind
www.facebook.com/atlshoreswind
www.instagram.com/atlshoreswind
www.twitter.com/ATLShoresWind

About Ramboll:

Ramboll is a global architecture, engineering and consultancy company founded in Denmark in 1945. Our 16,500 experts create sustainable solutions across Buildings, Transport, Energy, Environment & Health, Water, Management Consulting and Architecture & Landscape. Across the world, Ramboll combines local experience with a global knowledge base to create sustainable cities and societies. We combine insights with the power to drive positive change for our clients, in the form of ideas that can be realized and implemented. For more information, please visit https://ramboll.com/

Terence Kelly
Head of External Affairs
Atlantic Shores Offshore Wind
Mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Tel: +1 (347) 834-3957

Phil Chinitz
External Affairs Consultant | PR
Atlantic Shores Offshore Wind
Mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Tel: +1 (516) 659-9369

Morten Peick
Senior Group Director, Clients Communication & Marketing
Ramboll
Atlantic Shores Offshore Wind
Mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Tel: +45 5161 6065

ICC Approves Plan to Create Customer Savings, Protect the Environment

CHICAGO--(BUSINESS WIRE)--#AdvancedMetering--The Illinois Commerce Commission today approved an innovative collaboration that enables Peoples Gas and North Shore Gas to securely transmit natural gas meter data via ComEd’s smart grid communications network, creating new efficiencies and cost savings for gas customers and reducing carbon emissions. Together, the two natural gas providers serve more than 1 million customers, and the majority receive their electricity service from ComEd.

ComEd’s Advanced Metering Infrastructure (AMI) is a combination of smart meters, communications networks, and data management systems. It has played a key role in ComEd’s ability to deliver record-level reliability, fewer outages and improved customer satisfaction while keeping bills flat.

Up to now, Peoples Gas and North Shore Gas have read their customers’ meters by driving a vehicle down every street and transmitting data from each meter via radio signal. AMI will remove that fleet of vehicles from the street, eliminating more than 580,000 driving miles per year and 626 tons of carbon emissions per year. In addition to helping the environment, the cost savings from the reduced driving and other efficiencies will more than offset the cost of AMI. Operational savings for Peoples Gas and North Shore Gas — and in turn, their customers — will total an estimated $5.5 million per year.

Connecting to ComEd’s AMI network also will enable Peoples Gas and North Shore Gas customers to view analytics that detail their energy usage and help them control costs. Fewer in-person appointments will be needed as more tasks are able to be completed remotely.

“Using AMI will reduce costs for customers and enhance our level of service,” said Torrence Hinton, president of Peoples Gas and North Shore Gas. “Combined with the environmental benefits, this is a great step forward for everyone we serve, and across the Chicago region.”

"Our smart grid investments offer value not only for ComEd customers but for other Illinois utilities," said Terence Donnelly, ComEd president and COO. "We are eager to demonstrate the benefits of this innovative solution to the customers we share with Peoples Gas and North Shore Gas."

North Shore Gas expects to complete the implementation of AMI by the end of 2023. Peoples Gas expects to finish implementation by the end of 2024. Installation of any new equipment required will occur in unison with other maintenance work, such as routine safety inspections.

The innovative collaboration between ComEd, Peoples Gas and North Shore Gas to eliminate the cost of having two separate networks transmitting meter data will be a model for efficiency and environmental sustainability for utility companies across the United States.

ComEd is a unit of Chicago-based Exelon Corporation (NASDAQ: EXC), a Fortune 200 energy company with approximately 10 million electricity and natural gas customers – the largest number of customers in the U.S. ComEd powers the lives of more than 4 million customers across northern Illinois, or 70 percent of the state’s population. For more information visit ComEd.com and connect with the company on Facebook, Twitter, Instagram and YouTube.

North Shore Gas, a subsidiary of WEC Energy Group (NYSE: WEC), is a regulated natural gas delivery company that serves more than 163,000 residential, commercial and industrial customers in 54 communities within the northern suburbs of Chicago. You can find more information about natural gas safety, energy efficiency and other energy-related topics at northshoregasdelivery.com. Follow us on Twitter and Facebook @northshoregas.

Peoples Gas, a subsidiary of WEC Energy Group (NYSE: WEC), is a regulated natural gas delivery company that serves more than 878,000 residential, commercial and industrial customers in the city of Chicago. You can find more information about natural gas safety, energy efficiency and other energy-related topics at peoplesgasdelivery.com. Follow us on Twitter and Facebook @peoplegaschi.

Peoples Gas and North Shore Gas
David Schwartz
312-240-7854
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ComEd
Media Relations: 312-394-3500

ANAHEIM, Calif.--(BUSINESS WIRE)--Phoenix Motor Inc. (Nasdaq: PEV) (“Company” or “Phoenix”), a leader in manufacturing all-electric, medium-duty vehicles, today announced the appointments of Dr. Frank Lee as Vice President of Engineering, and Dr. Bo Yang as Vice President of Fuel Cell Business.

In commenting on the appointments, Dr. Lance Zhou, CEO of Phoenix Motor Inc., said, “We are excited to add such experienced veterans to the team. Frank brings a wealth of knowledge of the EV development process. Bo will utilize his vast experience in fuel cells and zero-emission, heavy duty trucks and buses to develop and monetize our fuel cell assets.”

Chris Wang, CFO of Phoenix Motor, commented, “The additions of Frank and Bo will add depth to our strong management team as we execute on our global growth strategy and will help guide Phoenix’s trajectory in the rapidly-evolving zero-emission vehicle revolution.”

Dr. Frank Lee brings over 30 years of experience in vehicle development, with expertise in auto body structure, power train integration (EV, EREV, PHEV & ICE) and vehicle integration, as well as vehicle product strategy and product development systems. Dr. Lee most recently served as Vice President of Vehicle Integration at Karma Automotive, an Irvine, CA based EV manufacturer. Previously Dr. Lee has held senior leadership positions including Chief Engineer for BYD Auto, Deputy General Manager for Beiben Trucks, VP and Senior Chief Engineer for Geely Holding Group, as well as senior technique leadership positions in General Motors and Ford Motor Company. Dr. Lee earned his Ph.D. In Engineering Mechanics from Ohio State University, in Columbus, Ohio, and his MA in Mechanics and BS in Mechanics from the Huazhong University of Science and Technology.

Dr. Bo Yang brings 21 years of experience, primarily in fuel cell power systems and zero-emission heavy duty trucks and buses. Dr. Yang most recently served as Air Resources Engineer for the California Air Resources Board, working on numerous zero-emission regulation and deployment projects. Previously, Dr. Yang spent ten years as Senior Product and Process Engineer for Altergy Systems, a fuel cell engineering and manufacturing company, in Folsom, CA. Bo’s early experience was as Research Scientist/Director at Hoku Scientific in Hawaii. Dr. Yang earned his Ph.D. in Materials Science and Engineering from the University of Texas at Austin, his MS in Inorganic Materials and BS in Materials Science and Engineering from Zhejiang University in China.

About Phoenix Motor Inc.

Phoenix Motor Inc., a pioneer in the electric vehicle (“EV”) industry, designs, builds, and integrates electric drive systems and light and medium duty EVs and sells electric forklifts and electric vehicle chargers for the commercial and residential markets. Phoenix operates two primary brands, “Phoenix Motorcars”, which is focused on commercial products including medium duty EVs (shuttle buses, school buses, municipal transit vehicles and delivery trucks, among others), electric vehicle chargers and electric forklifts, and “EdisonFuture”, which intends to offer light-duty EVs. Phoenix endeavors to be a leading designer, developer and manufacturer of electric vehicles and electric vehicle technologies. For more information, please visit: www.phoenixmotorcars.com and www.edisonfuture.com.

Forward-Looking Statements

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are no guarantee of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company’s ability to convert concept trucks and vans into production and sales; the Company’s product development timeline and expected start of production; development of competitive trucks and vans manufactured and sold by the Company’s competitors and major industry vehicle companies; the Company’s ability to scale in a cost-effective manner; the Company’s future capital requirements and sources and uses of cash; the Company’s ability to obtain funding for its future operations; the Company’s financial and business performance; changes in the Company’s strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects and plans; the implementation, market acceptance and success of its business model; expectations regarding the Company’s ability to obtain and maintain intellectual property protection and not infringe on the rights of others; and other risks contained in the Offering prospectus and reports filed by the Company with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, including those set forth in the Risk Factors section of the Company's registration statement and Offering prospectus, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

Investor Relations Contacts:
Mark Hastings, SVP & Head of Investor Relations
Sioban Hickie, ICR Inc.
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PLANO, Texas--(BUSINESS WIRE)--#blueoil--Denbury Inc. (NYSE: DEN) (“Denbury” or the “Company”) today announced that its subsidiary, Denbury Carbon Solutions, LLC., has executed a 20-year definitive agreement to provide CO₂ transportation and storage services to Lake Charles Methanol (“LCM”) in association with LCM’s planned “blue” methanol project.

LCM’s world class facility will be located along the Calcasieu River near Lake Charles, Louisiana, approximately 10 miles from Denbury’s Green Pipeline. The facility is designed to utilize Topsoe’s SynCOR^TM technology to convert natural gas into hydrogen which will be synthesized into methanol, while incorporating permanent carbon capture and sequestration. The process is anticipated to deliver over 500 million kilograms of hydrogen per year as a feedstock to produce 3.6 million metric tons per year (“mmtpa”) of “blue” methanol, while capturing approximately 1 mmtpa of CO₂. This is a CO₂ equivalent to removing the emissions of 200,000 cars from the road each year.

LCM is finalizing its major permits to begin construction, and securing services for LCM’s carbon transportation and sequestration is a major milestone. The project is expected to reach a Final Investment Decision in 2023 with first production anticipated in 2027.

The CO₂ to be captured by LCM will be transported by Denbury to the Green Pipeline and then to one of multiple planned sequestration sites along Denbury’s expansive Gulf Coast CO₂ pipeline network. In association with the project, Denbury intends to construct a pipeline connection from the Lake Charles industrial area to its Green Pipeline. The Company anticipates that the new pipeline will facilitate the transportation and storage of significant additional CO₂ emissions from the Lake Charles industrial area, which are currently estimated at 20 mmtpa.

Nik Wood, Senior VP and head of Denbury Carbon Solutions, commented, “We’re excited to reach this significant agreement with LCM on its innovative Blue Methanol project. In addition to serving LCM’s CO₂ transportation and storage plans, our pipeline network expansion into the Lake Charles area will position Denbury to help other industrial customers in the area decarbonize their businesses. We look forward to working with LCM on this exciting low-carbon project, reducing CO₂ emissions and creating value for Denbury shareholders.”

Don Maley, Chief Executive Officer of Lake Charles Methanol, said, “Our partnership in carbon sequestration with Denbury will help LCM achieve industry leading low-carbon intensity clean hydrogen and blue methanol, completing a transformation of the LCM project into one of the leading U.S. industrial projects decarbonizing production of methanol at scale. Denbury’s world class carbon sequestration infrastructure pairs well with LCM’s best in class use of innovative technology to achieve clean hydrogen production as defined by the Inflation Reduction Act and the Bipartisan Infrastructure Framework. We are excited to be part of this new clean hydrogen fuels future along with our long-term methanol offtake customers and all of the other stakeholders in Lake Charles and Louisiana.”

ABOUT DENBURY

Denbury is an independent energy company with operations and assets focused on Carbon Capture, Use and Storage (CCUS) and Enhanced Oil Recovery (EOR) in the Gulf Coast and Rocky Mountain regions. For over two decades, the Company has maintained a unique strategic focus on utilizing CO₂ in its EOR operations and since 2012 has also been active in CCUS through the injection of captured industrial-sourced CO₂. The Company currently injects over four million tons of captured industrial-sourced CO₂ annually, with an objective to fully offset its Scope 1, 2, and 3 CO₂ emissions by 2030, primarily through increasing the amount of captured industrial-sourced CO₂ used in its operations. For more information about Denbury, visit www.denbury.com.

The Denbury Carbon Solutions team was formed in January 2020 to advance Denbury’s leadership in the anticipated high-growth CCUS industry, leveraging Denbury’s unique capabilities and assets that were developed over the last 20-plus years through its focus on CO₂ EOR.

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ABOUT LAKE CHARLES METHANOL

Lake Charles Methanol, LLC (LCM) is a Clean Hydrogen project located in Lake Charles, LA that will use advanced natural gas reforming technology and permanent carbon capture and sequestration to produce low-carbon intensity hydrogen for conversion to Blue Methanol. Construction of the project is expected to start in the second half of 2023. The project is estimated at a $4 billion capital investment with construction contracts to be sourced out of the Greater Lake Charles area, along with 200 permanent jobs when operational. Approximately 30% of all materials will be purchased in the local economy with substantial employment during the construction period with up to 750 workers onsite per day during peak construction periods. For more information about Lake Charles Methanol, please visit www.lakecharlesmethanol.com.

This press release contains forward-looking statements that involve risks and uncertainties, including the contingencies related to the plant being financed and built, and the timing thereof, the accuracy of estimated quantities of CO₂ offtake, and obtaining Class VI permits required for permanent CO₂ sequestration. These statements are based on engineering, geological, financial and operating assumptions that Denbury believes are reasonable based on currently available information; however, their achievement are subject to a wide range of business risks, and there is no assurance that these goals and projections can or will be met. Actual results may vary materially. In addition, any forward-looking statements represent Denbury’s estimates only as of today and should not be relied upon as representing its estimates as of any future date. Denbury assumes no obligation to update these forward-looking statements.

Brad Whitmarsh, 972.673.2020, This email address is being protected from spambots. You need JavaScript enabled to view it.
Beth Bierhaus, 972.673.2554, This email address is being protected from spambots. You need JavaScript enabled to view it.