Freitag’s decades of global industry experience will help drive Geothermic’s sustainable, hyper-efficient GeoHeat™ harvesting technology to the forefront of the global geo power market.

PALO ALTO, Calif.--(BUSINESS WIRE)--Geothermic Solution, Inc. (GSL), a leader in environmentally-friendly geothermal-harnessing technology, has named Hans-Christian Freitag its new Senior Vice President of Business Development. In this role, Freitag will focus on promoting GSL’s proprietary, enhanced closed-loop geothermal technology to new customers and industry partners in the global thermal energy market.

Freitag brings more than 30 years of energy technology, business development, and executive management experience to the new role. He comes to GSL from Baker Hughes, where he was most recently Vice President of Intelligent Software Solutions. Previously, he led the company’s global team of subsurface experts as Vice President of Geoscience and Petroleum Engineering.

Freitag holds a bachelor’s degree in physics from University of Technology, Berlin and a master’s degree in geophysics from University of Technology, Clausthal.

Freitag’s technical experience adds to GSL’s broad functional expertise across the geothermal value chain, which also includes advanced drilling techniques, enhanced heat flow processes, pipe-in-pipe/closed loop systems, and aboveground applications that leverage GeoHeat for heating and power generation.

With megawatt (MW)-scale pilot projects in the preparation stages, GeoHeat is ready for commercial-scale implementation. The closed-loop technology will enable high-efficiency extraction of energy from super-hot geologic formations in almost any area worldwide—at a fraction of the cost and water demands of conventional geothermal techniques.

“We are delighted to add another experienced and savvy professional to our rapidly growing GeoHeat harvesting team,” said Dr. Piotr Moncarz, NAE, president and CEO of GSL.

“I am delighted to join Geothermic Solution’s dynamic and innovative team,” said Freitag. “I’ve spent three decades working with oil and gas operators, focused on supplying affordable energy to meet the world’s demand through technology innovation. In this time, when energy security, the energy transition, and sustainability are of key concern, I look forward to utilizing this experience to enable the adoption and implementation of Geothermic’s minimally invasive, scalable, cost-efficient GeoHeat technology.”

Freitag joins GSL at a time when the company is actively pursuing new investment partnerships and in-field project opportunities.

For more information, or to schedule a meeting with Hans-Christian Freitag, visit https://www.geothermicsolution.com.

About GSL

Geothermic Solution, Inc. combines breakthrough technology from a wide range of scientific fields to harvest heat—cleanly and efficiently—from deep earth formations around the globe. Our innovative GeoHeat^TM closed-loop, heat-harvesting technology provides reliable, cost-efficient geothermal energy to off-grid installations, while minimizing water usage and carbon emissions. Learn more about partnering with Geothermic Solution at https://www.geothermicsolution.com.

Ted Moon, PhD
LaunchPad Writing + Research, LLC
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Temenos calculates carbon emissions of its own cloud operations to help banks in their race for net zero

Banks running on Temenos Banking Cloud benefit from more than 90% lower carbon emissions over traditional on premise infrastructures and applications

GENEVA--(BUSINESS WIRE)--Temenos (SIX: TEMN) today announced the availability of a carbon emissions calculator – one of the industry’s first - giving its customers deeper insight into carbon emissions data associated with their consumption of Temenos Banking Cloud services.

This approach has been introduced by Temenos to estimate its own cloud and SaaS operations’ carbon emissions. The calculator’s methodology has been independently verified by Grant Thornton, one of the world’s leading accounting and consultancy firms. The calculator leverages the data provided by Microsoft Cloud for Sustainability Emission Impact Dashboard services, to report carbon emissions metrics.

This new Environmental Social Governance (ESG) offering is provided to Temenos Banking Cloud customers as a tailored carbon impact assessment at no cost to help them gain carbon insights from using Temenos Banking services, allowing them to track progress towards reaching their sustainability targets and complying with growing climate-related regulation. The emissions calculator is embedded into the Temenos Banking Cloud client portal.

Migrating from legacy IT systems to cloud-based services can significantly improve carbon emissions. Banks are facing new reporting requirements from industry bodies such as the International Sustainability Standards Board (ISSB), which require them to provide deeper levels of transparency into their carbon emissions. Temenos helps meet these requirements by delivering a complete set of data on cloud emissions for each client in addition to the data provided by Microsoft on their Azure consumption. This enables banks to quantify the carbon impact annually from their Temenos Banking Cloud subscription, as well as see estimated carbon savings from running their workloads in the cloud vs. on-premises datacenters.

Banks running on Temenos Banking Cloud enjoy benefits of over 90% in carbon emission savings compared to on premise IT infrastructures. Temenos Banking Cloud is powered by Azure and uses services like Azure Kubernetes Service, Azure Functions, Azure SQL and more.

As an example, Flowe, a cloud-enabled digital bank built on green principles and powered by Temenos is carbon neutral.

Ivan Mazzoleni, Chief Executive Officer, Flowe, said: “We are proud that Flowe is the first digital bank in Italy to be certified as a B-Corp and is also carbon-neutral. Flowe went live in a record time of just five months, and we onboarded 15,000 customers in our first week alone reaching more than 600,000 clients today. Supported by Temenos Banking Cloud on Microsoft Azure, we’ve been able to bring new products to market quickly and offer truly personalized experiences in line with our sustainable mission. With Temenos, Flowe can grow sustainably, passing on benefits to customers for a cleaner, greener planet and a better society.”

EQ Bank is carbon neutral in its operations and supported by the Temenos Banking Cloud it has achieved 93.5 to 97.1% reduction in emissions compared to having an on-premise infrastructure.

“Temenos and Microsoft have been model partners to EQ Bank,” said Andrew Moor, Chief Executive Officer at EQ Bank. “They share our focus on ESG issues and readily provide a detailed breakdown of their carbon footprint whenever we request it. Using the Temenos Banking Cloud, we understand and can further reduce our carbon footprint, as we aim to set the standard for responsible, low-carbon banking in Canada.”

Max Chuard, Chief Executive Officer, Temenos, said: “Our mission is to help our clients with their digital transformation while providing them with the open cloud platform to transition to a low-carbon global economy. With this unique carbon emissions calculator, we are empowering our cloud customers to reduce the impact of their own operations and achieve their sustainability goals. We are transparent with our climate action commitments, determined to reduce our own environmental impact by setting science-based targets and improving the carbon efficiency of our products, while helping our clients transform into smart, sustainable organizations.”

Bill Borden, Corporate Vice President of Worldwide Financial Services, Microsoft, said: “The world's path to net zero depends on reliable and consistent measurement. This aspect is central to holding countries, industries and companies accountable for progress. We are pleased to be putting our combined strengths to work helping banks and financial institutions worldwide innovate faster using cloud capabilities to grow their business while meeting sustainability commitments.”

Temenos recently launched an ESG Investing-as-a-service helping banks and wealth managers meet the growing demand for sustainable investing. The company has embedded sustainability within its operations, value chain and product offering, with strong ESG governance, reporting and measurable targets. Temenos is also a part of a community of leading companies working with the Science Based Targets initiative (SBTi) to commit to science-based emissions reduction targets that are consistent with keeping global warming to 1.5 degrees Celsius. Temenos has cemented its leadership in the FTSE4Good and S&P Sustainability Indices and it has also been awarded an A- rating by the Carbon Disclosure Project (CDP). It has also obtained platinum recognition, placing Temenos among the top 1% performers assessed by EcoVadis.

– Ends –

About Temenos

Temenos (SIX: TEMN) is the world’s leading open platform for composable banking, creating opportunities for over 1.2 billion people around the world every day. We serve over 3000 banks from the largest to challengers and community banks in 150+ countries by helping them build new banking services and state-of-the-art customer experiences. The Temenos open platform helps our top-performing clients achieve return on equity three times the industry average and cost-to-income ratios half the industry average.

For more information, please visit www.temenos.com.

Media Contacts

Jessica Wolfe & Scott Rowe
Temenos Global Public Relations
Tel: +1 610 232 2793 & +44 20 7423 3857
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Alistair Kellie
Newgate Communications on behalf of Temenos
Tel: +44 20 7680 6550
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TULSA, Okla.--(BUSINESS WIRE)--Williams’ (NYSE: WMB) board of directors has approved a regular dividend of $0.425 per share, or $1.70 annualized, on the company’s common stock, payable on Dec. 26, 2022, to holders of record at the close of business on Dec. 9, 2022.

This is a 3.7% increase from Williams’ fourth-quarter 2021 quarterly dividend of $0.41 per share, paid in December 2021.

Some portion of this distribution may be considered a return of capital for tax purposes. Additional information regarding return of capital distributions is available at Williams’ investor relations website.

Williams has paid a common stock dividend every quarter since 1974.

About Williams

As the world demands reliable, low-cost, low-carbon energy, Williams (NYSE: WMB) will be there with the best transport, storage and delivery solutions to reliably fuel the clean energy economy. Headquartered in Tulsa, Oklahoma, Williams is an industry-leading, investment grade C-Corp with operations across the natural gas value chain including gathering, processing, interstate transportation, storage, wholesale marketing and trading of natural gas and natural gas liquids. With major positions in top U.S. supply basins, Williams connects the best supplies with the growing demand for clean energy. Williams owns and operates more than 30,000 miles of pipelines system wide – including Transco, the nation’s largest volume and fastest growing pipeline – and handles approximately 30 percent of the natural gas in the United States that is used every day for clean-power generation, heating and industrial use. Learn how the company is leveraging its nationwide footprint to incorporate clean hydrogen, next generation gas and other innovations at www.williams.com.

Portions of this document may constitute “forward-looking statements” as defined by federal law. Although the company believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. Any such statements are made in reliance on the “safe harbor” protections provided under the Private Securities Reform Act of 1995. Additional information about issues that could lead to material changes in performance is contained in the company’s annual and quarterly reports filed with the Securities and Exchange Commission.

MEDIA:
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(800) 945-8723

INVESTOR CONTACT:
Danilo Juvane
(918) 573-5075

Grace Scott
(918) 573-1092

AKRON, Ohio--(BUSINESS WIRE)--$BW #renewableenergy--Babcock & Wilcox (B&W) (NYSE: BW) announced today that its B&W Environmental segment has been awarded a contract to study the application of B&W’s SolveBright^TM solvent-based carbon dioxide (CO₂) capture solution for CONSOL Energy’s advanced coal and biomass-based 21^st Century Power Plant project, which is currently in development. B&W selected Honeywell UOP’s Advanced Solvent Carbon Capture (ASCC) process technology for the CO₂ capture aspect of the project.

CONSOL Energy is evaluating post-combustion carbon capture technologies as part of a U.S. Department of Energy/National Energy Technology Laboratory (NETL)’s 21st Century Power Plants initiative, which is intended to support the development of the coal and biomass plants of the future to provide secure, stable, and reliable power while utilizing otherwise unusable waste coal fines. The Worley Group is serving as lead contractor to CONSOL and is coordinating the technology evaluation.

The proposed 21^st Century Power Plant will have four pressurized fluid bed boiler combustors, each with CO₂ emission capture targets of approximately 781,000 metric tonnes per year. B&W’s SolveBright technology, which is part of its ClimateBright^TM suite of decarbonization and hydrogen technologies, is a post-combustion solution that would be used to treat the flue gas stream from a Pressurized Fluidized Bed Combustor (PFBC) power plant to capture CO₂ and generate clean energy with near-zero emissions.

“We are excited that B&W and Honeywell UOP have been selected for this study to determine how our advanced carbon capture technologies can be utilized on this ground-breaking clean energy project,” said B&W Executive Vice President and Chief Operating Officer Jimmy Morgan. “B&W’s proven SolveBright technology, which includes our experience with the design and construction of large field-erected absorbers, scrubbing systems and our development history of amine-based solvent systems, combined with Honeywell UOP’s amine-based solvent system experience and their ASCC technology, give us the ability to deliver a truly innovative decarbonization solution.”

B&W’s SolveBright scrubbing system, which is highly flexible and can incorporate a variety of solvents and process technologies, absorbs CO₂ directly from the plant’s flue gas using a regenerable solvent that is then recycled for re-use.

Barry Glickman, vice president and general manager, Honeywell Sustainable Technology Solutions said, “We are excited to pair Honeywell UOP’s innovative ASCC technology with B&W’s SolveBright carbon capture solution for CONSOL. The combination of Honeywell’s process technology expertise and B&W’s capabilities in large-scale, energy equipment design and construction is particularly well-suited for CONSOL’s project requirements. Post-combustion carbon capture is a viable, ready now solution that can reduce the CO₂ footprint of the power sector and we look forward to demonstrating this at CONSOL’s 21^st Century Power Plant.”

Honeywell’s Advanced Solvent Carbon Capture technology utilizes a proprietary, second generation solvent, enabling efficient carbon capture from post-combustion flue gas sources. This point source CO₂ removal technology can be retrofitted within existing plants or included as part of a new installation and can be used to reduce emissions in hard to abate industries including fossil fuel power, steel, cement, and other industry.

About Babcock & Wilcox

Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises, Inc. is a leader in energy and environmental products and services for power and industrial markets worldwide. Follow us on LinkedIn and learn more at babcock.com.

Forward-Looking Statements

B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to the awarding of a contract to study the application of B&W’s SolveBright solvent-based CO₂-capture technology for a project. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties. For a more complete discussion of these risk factors, see our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. We caution readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and we undertake no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.

Investor Contact:
Investor Relations
Babcock & Wilcox
704.625.4944
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Media Contact:
Ryan Cornell
Public Relations
Babcock & Wilcox
330.860.1345
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HOUSTON--(BUSINESS WIRE)--Ranger Energy Services, Inc. (NYSE: RNGR) (“Ranger” or the “Company”) announced today the appointment of Justin Whitley to the position of General Counsel and Corporate Secretary, effective October 24, 2022.

Stuart Bodden, President, and Chief Executive Officer of Ranger stated, “I am excited that Justin will be joining Ranger. He brings a deep understanding of the oil service business and has an operational partnership mentality that we value here at Ranger. He will be a great addition to the team and provide legal advice on a wide range of commercial, operational and strategic matters.”

Mr. Whitley brings nearly two decades of legal experience in the oil and gas industry. Most recently, Justin was the Deputy General Counsel for Parker Wellbore, where he managed the legal and risk departments and provided a broad range of legal support including negotiating commercial transactions, supporting acquisitions and corporate development, managing litigation, and advising operations in all global locations. Prior to his time at Parker Wellbore, he served as litigation counsel at reputable law firms in Houston, including Winstead PC, representing a diverse group of clients in energy, commercial, and other matters.

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.

Ranger Energy Services, Inc.

Melissa Cougle, (713) 935-8900
Chief Financial Officer

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• Reported net income attributable to Valero stockholders of $2.8 billion, or $7.19 per share
• Reported adjusted net income attributable to Valero stockholders of $2.8 billion, or $7.14 per share
• Reduced debt by $1.25 billion in September, bringing Valero’s aggregate debt reduction since the second half of 2021 to approximately $3.6 billion

SAN ANTONIO--(BUSINESS WIRE)--Valero Energy Corporation (NYSE: VLO, “Valero”) today reported net income attributable to Valero stockholders of $2.8 billion, or $7.19 per share, for the third quarter of 2022, compared to $463 million, or $1.13 per share, for the third quarter of 2021. Excluding the adjustments shown in the accompanying earnings release tables, adjusted net income attributable to Valero stockholders was $2.8 billion, or $7.14 per share, for the third quarter of 2022, compared to $545 million, or $1.33 per share, for the third quarter of 2021.

“Refining fundamentals remain strong as product demand through our system has surpassed 2019 levels, while global product supply remains constrained due to capacity reductions and high natural gas prices in Europe are setting a higher floor on margins,” said Joe Gorder, Valero’s Chairman and Chief Executive Officer. “We continue to maximize refining utilization in a safe, reliable and environmentally responsible manner to provide essential products.”

Refining

The Refining segment reported operating income of $3.8 billion for the third quarter of 2022, compared to $835 million for the third quarter of 2021. Adjusted operating income for the third quarter of 2021 was $911 million. Refining throughput volumes averaged 3.0 million barrels per day in the third quarter of 2022, which was 141 thousand barrels per day higher than the third quarter of 2021. Refinery utilization rate was 95 percent in the third quarter of 2022, compared to 91 percent in the third quarter of 2021.

Renewable Diesel

The Renewable Diesel segment, which consists of the Diamond Green Diesel (DGD) joint venture, reported $212 million of operating income for the third quarter of 2022, compared to $108 million for the third quarter of 2021. Renewable diesel sales volumes averaged 2.2 million gallons per day in the third quarter of 2022, which was 1.6 million gallons per day higher than the third quarter of 2021. The higher sales volumes in the third quarter of 2022 were due to DGD 1 downtime in the third quarter of 2021 resulting from Hurricane Ida and the impact of additional volumes from DGD 2, which started up in the fourth quarter of 2021.

Ethanol

The Ethanol segment reported $1 million of operating income for the third quarter of 2022, compared to a $44 million operating loss for the third quarter of 2021. Adjusted operating income for the third quarter of 2021 was $4 million. Ethanol production volumes averaged 3.5 million gallons per day in the third quarter of 2022.

Corporate and Other

General and administrative expenses were $214 million in the third quarter of 2022, compared to $195 million in the third quarter of 2021. The effective tax rate for the third quarter of 2022 was 22 percent.

Investing and Financing Activities

Net cash provided by operating activities was $2.0 billion in the third quarter of 2022. Included in this amount was a $1.5 billion unfavorable change in working capital and $119 million of net cash provided by operating activities associated with the other joint venture member’s share of DGD, excluding changes in DGD’s working capital. Excluding these items, adjusted net cash provided by operating activities was $3.4 billion in the third quarter of 2022.

Capital investments totaled $602 million in the third quarter of 2022, of which $185 million was for sustaining the business, including costs for turnarounds, catalysts and regulatory compliance. Excluding capital investments attributable to the other joint venture member’s share of DGD and those related to other variable interest entities, capital investments attributable to Valero were $479 million.

Valero further reduced its debt by $1.25 billion in September. This transaction, combined with a series of debt reduction and refinancing transactions completed since the second half of 2021, have collectively reduced Valero’s debt by approximately $3.6 billion.

“Our strong balance sheet remains the cornerstone of our capital allocation framework,” said Gorder. “We have significantly reduced our debt since the second half of 2021 and will continue to evaluate further reductions.”

Liquidity and Financial Position

Valero ended the third quarter of 2022 with $9.6 billion of total debt, $1.9 billion of finance lease obligations and $4.0 billion of cash and cash equivalents, compared to $13.0 billion of total debt, $1.6 billion of finance lease obligations and $2.3 billion of cash and cash equivalents at the end of the first quarter of 2021. As a result, the debt to capitalization ratio, net of cash and cash equivalents, was approximately 24 percent as of September 30, 2022, down from the pandemic high of 40 percent as of March 31, 2021.

Strategic Update

Refinery optimization projects that are expected to reduce costs and improve margin capture are progressing on schedule. The Port Arthur Coker project, which is expected to increase the refinery’s throughput capacity, while also improving turnaround efficiency, is expected to be completed in the first half of 2023.

The DGD project adjacent to the Port Arthur refinery (DGD 3), which is expected to have renewable diesel production capacity of 470 million gallons per year, is currently in the start-up process and is expected to be operational in November. The total annual DGD production capacity is expected to increase to 1.2 billion gallons of renewable diesel and 50 million gallons of renewable naphtha upon commencement of DGD 3’s operations.

BlackRock and Navigator’s carbon sequestration project is still expected to begin startup activities in late 2024. Valero is expecting to be the anchor shipper with eight of its ethanol plants connected to this system, producing a lower carbon intensity ethanol product expected to be marketed in low-carbon fuel markets that should result in a higher product margin.

Conference Call

Valero’s senior management will hold a conference call at 10 a.m. ET today to discuss this earnings release and to provide an update on operations and strategy.

About Valero

Valero Energy Corporation, through its subsidiaries (collectively, “Valero”), is a multinational manufacturer and marketer of petroleum-based and low-carbon liquid transportation fuels and petrochemical products, and sells its products primarily in the United States (“U.S.”), Canada, the United Kingdom (“U.K.”), Ireland and Latin America. Valero owns 15 petroleum refineries located in the U.S., Canada and the U.K. with a combined throughput capacity of approximately 3.2 million barrels per day. Valero is a joint venture member in Diamond Green Diesel Holdings LLC, which through its subsidiary owns a renewable diesel plant in Norco, Louisiana with a production capacity of 700 million gallons per year, and Valero owns 12 ethanol plants located in the Mid-Continent region of the U.S. with a combined production capacity of approximately 1.6 billion gallons per year. Valero manages its operations through its Refining, Renewable Diesel, and Ethanol segments. Please visit www.investorvalero.com for more information.

Valero Contacts

Investors:
Homer Bhullar, Vice President – Investor Relations and Finance, 210-345-1982
Eric Herbort, Director – Investor Relations, 210-345-3331
Gautam Srivastava, Senior Manager – Investor Relations, 210-345-3992

Media:
Lillian Riojas, Executive Director – Media Relations and Communications, 210-345-5002

Safe-Harbor Statement

Statements contained in this release and the accompanying tables that state the company’s or management’s expectations or predictions of the future are forward-looking statements intended to be covered by the safe harbor provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. The words “believe,” “expect,” “should,” “estimates,” “intend,” “target,” “will,” “plans,” “forecast,” and other similar expressions identify forward-looking statements. Forward-looking statements in this release and the accompanying tables include those relating to Valero’s greenhouse gas emissions targets, expected timing of completion and performance of projects, future market and industry conditions, future operating and financial performance, and management of future risks. It is important to note that actual results could differ materially from those projected in such forward-looking statements based on numerous factors, including those outside of the company’s control, such as legislative or political changes or developments, market dynamics, cyberattacks, weather events, and other matters affecting Valero’s operations or the demand for Valero’s products. These factors also include, but are not limited to, the uncertainties that remain with respect to the Russia-Ukraine conflict, the impact of inflation on margins and costs, economic activity levels, the COVID-19 pandemic, variants of the COVID-19 virus, governmental and societal responses thereto, and the adverse effects the foregoing may have on Valero’s business or economic conditions generally. For more information concerning these and other factors that could cause actual results to differ from those expressed or forecasted, see Valero’s annual report on Form 10-K, quarterly reports on Form 10‑Q, and other reports filed with the Securities and Exchange Commission and available on Valero’s website at www.valero.com.

Use of Non-GAAP Financial Information

This earnings release and the accompanying earnings release tables include references to financial measures that are not defined under U.S. generally accepted accounting principles (GAAP). These non-GAAP measures include adjusted net income attributable to Valero stockholders, adjusted earnings per common share – assuming dilution, Refining margin, Renewable Diesel margin, Ethanol margin, adjusted Refining operating income, adjusted Renewable Diesel operating income, adjusted Ethanol operating income, adjusted net cash provided by operating activities, and capital investments attributable to Valero. These non-GAAP financial measures have been included to help facilitate the comparison of operating results between periods. See the accompanying earnings release tables for a reconciliation of non-GAAP measures to their most directly comparable GAAP measures. Note (g) to the earnings release tables provides reasons for the use of these non-GAAP financial measures.

Investors:
Homer Bhullar, Vice President – Investor Relations and Finance, 210-345-1982
Eric Herbort, Director – Investor Relations, 210-345-3331
Gautam Srivastava, Senior Manager – Investor Relations, 210-345-3992

Media:
Lillian Riojas, Executive Director – Media Relations and Communications, 210-345-5002

HOUSTON--(BUSINESS WIRE)--Cheniere Energy, Inc. (“Cheniere”) (NYSE American: LNG) today highlighted details of its quarterly dividend, which was previously announced on September 12, 2022. Cheniere's Board of Directors has declared a quarterly cash dividend of $0.395 per common share payable on November 16, 2022 to shareholders of record as of the close of business on November 8, 2022.

About Cheniere

Cheniere Energy, Inc. is the leading producer and exporter of liquefied natural gas (“LNG”) in the United States, reliably providing a clean, secure, and affordable solution to the growing global need for natural gas. Cheniere is a full-service LNG provider, with capabilities that include gas procurement and transportation, liquefaction, vessel chartering, and LNG delivery. Cheniere has one of the largest liquefaction platforms in the world, consisting of the Sabine Pass and Corpus Christi liquefaction facilities on the U.S. Gulf Coast, with total production capacity of approximately 45 million tonnes per annum (“mtpa”) of LNG in operation and an additional 10+ mtpa of expected production capacity under construction. Cheniere is also pursuing liquefaction expansion opportunities and other projects along the LNG value chain. Cheniere is headquartered in Houston, Texas, and has additional offices in London, Singapore, Beijing, Tokyo, and Washington, D.C.

For additional information, please refer to the Cheniere website at www.cheniere.com and Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, filed with the Securities and Exchange Commission.

Forward-Looking Statements

This press release contains certain statements that may include “forward-looking statements” within the meanings of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical or present facts or conditions, included herein are “forward-looking statements.” Included among “forward-looking statements” are, among other things, (i) statements regarding Cheniere’s financial and operational guidance, business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding regulatory authorization and approval expectations, (iii) statements expressing beliefs and expectations regarding the development of Cheniere’s LNG terminal and pipeline businesses, including liquefaction facilities, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements, (vi) statements regarding future discussions and entry into contracts, and (vii) statements relating to Cheniere’s capital deployment, including intent, ability, extent, and timing of capital expenditures, debt repayment, dividends, and share repurchases. Although Cheniere believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere’s periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere does not assume a duty to update these forward-looking statements.

Cheniere Energy, Inc.

Investors
Randy Bhatia, 713-375-5479
Frances Smith, 713-375-5753

Media Relations
Eben Burnham-Snyder, 713-375-5764
Phil West, 713-375-5586

• Reported net income of $0.60 per diluted share.
• Adjusted net income per diluted share more than doubled from the same period last year.
• Revenue of $5.4 billion, increased 39% year-over-year.
• Operating margin of 16%, increased 393 basis points year-over-year over adjusted operating margin.
• Cash flow from operating activities of $753 million and free cash flow of $543 million.

HOUSTON--(BUSINESS WIRE)--Halliburton Company (NYSE: HAL) announced today net income of $544 million, or $0.60 per diluted share, for the third quarter of 2022. This compares to net income for the second quarter of 2022 of $109 million, or $0.12 per diluted share, and the adjusted net income for the second quarter of 2022, excluding impairments and other charges, of $442 million, or $0.49 per diluted share. Halliburton's total revenue for the third quarter of 2022 was $5.4 billion compared to total revenue of $5.1 billion in the second quarter of 2022. Reported operating income was $846 million in the third quarter of 2022 compared to reported operating income of $374 million and adjusted operating income of $718 million in the second quarter of 2022.

“Halliburton’s third quarter results demonstrate the strength of our strategy in action. Total company revenue grew 6% sequentially, as activity and pricing increased simultaneously in North America and International markets. Operating income grew 18% compared to adjusted operating income from the second quarter with strong margin performance in both divisions,” commented Jeff Miller, Chairman, President and CEO.

“In all markets, Halliburton’s strong financial results demonstrate the execution of our strategic priorities. I believe structural demand for more oil and gas supply will provide strong tailwinds for our business, and Halliburton is well-positioned to deliver improved profitability and increased returns for shareholders.

“Our third quarter international performance demonstrates the earnings power of our strategy to deliver profitable international growth through improved pricing, selective contract wins, and the competitiveness of our technology offerings. Our year over year growth and margin expansion demonstrated by both divisions this quarter give me confidence in the earnings power of our international business.

“In North America, I see continued revenue growth -- the inbounds for calendar slots are stronger than I have ever seen at this point in the year. Our solid performance in the third quarter was the result of our strategy to maximize value and cash flow in this extremely tight market.

“Looking forward, we see activity increasing around the world -- from the smallest to the largest countries and producers. We intend to continue to execute on our strategic priorities and drive free cash flow and returns for our shareholders. I believe these strategies equip Halliburton to outperform under any market condition, but especially to maximize returns through this upcycle.” concluded Miller.

Operating Segments

Completion and Production

Completion and Production revenue in the third quarter of 2022 was $3.1 billion, an increase of $225 million, or 8%, when compared to the second quarter of 2022, while operating income was $583 million, an increase of $84 million, or 17%. These results were driven by increased pressure pumping services primarily in North America land, and increased completion tool sales in Middle East/Asia.

Drilling and Evaluation

Drilling and Evaluation revenue in the third quarter of 2022 was $2.2 billion, an increase of $58 million, or 3%, when compared to the second quarter of 2022, while operating income was $325 million, an increase of $39 million, or 14%. These results were due to improved drilling-related services in the Western Hemisphere and Middle East/Asia and increased project management activity and wireline services internationally. These improvements were partially offset by decreased drilling services in Norway, and decreased wireline services in the Gulf of Mexico.

Both divisional results were negatively impacted by the wind down and sale of our Russian operations.

Geographic Regions

North America

North America revenue in the third quarter of 2022 was $2.6 billion, a 9% increase when compared to the second quarter of 2022. This increase was primarily driven by increased pressure pumping services and drilling-related services in North America land. These increases were partially offset by decreased activity across multiple product service lines in the Gulf of Mexico.

International

International revenue in the third quarter of 2022 was $2.7 billion, a 3% increase when compared to the second quarter of 2022.

Latin America revenue in the third quarter of 2022 was $841 million, an 11% increase sequentially, due to increased well construction services and project management activity in Mexico and higher fluids and project management activity in Suriname. Partially offsetting these increases was lower project management activity in Colombia.

Europe/Africa revenue in the third quarter of 2022 was $639 million, an 11% decrease sequentially. Almost all of this reduction was related to exiting our Russia business along with decreased activity in the North Sea. These decreases were partially offset by increased well intervention services across the region.

Middle East/Asia revenue in the third quarter of 2022 was $1.2 billion, a 6% increase sequentially, primarily resulting from increased activity in Saudi Arabia, higher completion tool sales in Qatar, and increased drilling services in Indonesia and Malaysia. Partially offsetting these increases was lower activity in Vietnam.

Other Financial Items

During the third quarter of 2022, Halliburton redeemed the entire $600 million outstanding principal amount of its 3.50% senior notes due 2023 using cash on hand.

During the third quarter of 2022, Halliburton completed the sale of its Russia operations to its former Russia-based management team, which now owns and operates Halliburton’s former Russian business under the name BurService LLC, independent from Halliburton. As a result, Halliburton no longer conducts operations in Russia.

Selective Technology & Highlights

• Halliburton and TechnipFMC renewed their Technology Alliance after a successful completion of an initial 5-year alliance agreement. The Alliance accelerates the development and commercialization of new technologies that deliver integrated production solutions that span surface, subsea, and subsurface applications.

• Halliburton Labs announced it selected three new companies to participate in its collaborative environment to advance cleaner, affordable, and reliable energy. As a Halliburton Labs participant, AW-Energy, RedShift Energy, and Renkube will receive access to a broad range of industrial capabilities, technical expertise, and mentorships to scale their respective businesses.

• Halliburton and CeraPhi Energy have entered into an exclusive drilling and intervention services agreement in exchange for in-kind engineering and project management support to CeraPhi. CeraPhi Energy has turned to Halliburton for its global expertise in well engineering and its seven decades of geothermal experience as part of CeraPhi’s plan to develop a global geothermal energy development company.

• Halliburton announced that it has signed a Memorandum of Understanding (MoU) with the Saudi Data and Artificial Intelligence Authority (SDAIA) to address national and global energy challenges with DS365.ai to create data science and artificial intelligence (AI) applications and solutions. The two groups will share technologies and co-develop innovative solutions to aid in sustainability and subsurface prediction efforts for the oil and gas sector.

• Halliburton introduced the HalVue® service for real-time wireline data visualization to expand current features on the HalVue® platform. HalVue is a real-time data monitoring application that gives customers a consistent view of data across operations as it comes in from the rig to help maximize asset value.

• Halliburton Company announced the implementation of the Halliburton Digital Well Program® and Digital Well Operation DecisionSpace® 365 cloud solutions as the foundation for PETRONAS enterprise digital Well Integrated Operation (WIO). The selection marks the culmination of a two-year technology assessment with multiple technology providers.

• Halliburton received two prestigious 2022 World Oil Awards, which recognize the upstream oil and gas industry’s leading innovations. Halliburton won the “Best Deepwater Technology Award” for its BrightStar® service and the “Best Oilfield Fluids and Chemicals Award” for the Halliburton Baroid BaraHib™ Gold trackable inhibitive system.

• Halliburton recently hosted its annual Halliburton Charity Golf Tournament and raised more than $3.4 million for 101 U.S. nonprofit organizations. The tournament has raised more than $28 million for charities since it started 27 years ago.

About Halliburton

Halliburton is one of the world’s leading providers of products and services to the energy industry. Founded in 1919, we create innovative technologies, products, and services that help our customers maximize their value throughout the life cycle of an asset and advance a sustainable energy future. Visit us at www.halliburton.com.

Forward-looking Statements

The statements in this press release that are not historical statements, including statements regarding future financial performance, are forward-looking statements within the meaning of the federal securities laws. These statements are subject to numerous risks and uncertainties, many of which are beyond the company's control, which could cause actual results to differ materially from the results expressed or implied by the statements. These risks and uncertainties include, but are not limited to: the impact of COVID-19 and any variants, the related economic repercussions and resulting negative impact on demand for oil and gas, operational challenges relating to COVID-19 and efforts to mitigate the spread of the virus, including logistical challenges, protecting the health and well-being of our employees, performance of contracts and supply chain disruptions; the ability of the OPEC+ countries to agree on and comply with production quotas; the continuation or suspension of our stock repurchase program, the amount, the timing, and the trading prices of Halliburton common stock, and the availability and alternative uses of cash; changes in the demand for or price of oil and/or natural gas; potential catastrophic events related to our operations, and related indemnification and insurance matters; protection of intellectual property rights and against cyber-attacks; compliance with environmental laws; changes in government regulations and regulatory requirements, particularly those related to oil and natural gas exploration, radioactive sources, explosives, chemicals, hydraulic fracturing services, and climate-related initiatives; assumptions regarding the generation of future taxable income, and compliance with laws related to and disputes with taxing authorities regarding income taxes; risks of international operations, including risks relating to unsettled political conditions, war, including the ongoing Russia and Ukraine conflict and any expansion of that conflict, the effects of terrorism, foreign exchange rates and controls, international trade and regulatory controls and sanctions, and doing business with national oil companies; weather-related issues, including the effects of hurricanes and tropical storms; changes in capital spending by customers, delays or failures by customers to make payments owed to us, and the resulting impact on our liquidity; execution of long-term, fixed-price contracts; structural changes and infrastructure issues in the oil and natural gas industry; maintaining a highly skilled workforce; availability and cost of raw materials; and agreement with respect to and completion of potential dispositions, acquisitions and integration and success of acquired businesses and operations of joint ventures. Halliburton's Form 10-K for the year ended December 31, 2021, Form 10-Q for the quarter ended June 30, 2022, recent Current Reports on Form 8-K and other Securities and Exchange Commission filings discuss some of the important risk factors identified that may affect Halliburton's business, results of operations, and financial condition. Halliburton undertakes no obligation to revise or update publicly any forward-looking statements for any reason.