MT LAUREL, N.J.--(BUSINESS WIRE)--#cleanenergy--The Steam Generating Team (SGT), a joint venture between Framatome and United Engineers & Constructors, Inc. (United), has successfully completed the steam generator replacement project at the Tennessee Valley Authority (TVA) Watts Bar Unit 2 nuclear plant. The plant returned to full operations after all four original steam generators were replaced during the scheduled outage.

“This project, like many others performed by SGT, utilized our experienced team and proven processes customized for steam generator replacement,” said Art Lembo, President of SGT. “I’m especially proud of our team for completing this outage with zero recordable incidents and personnel exposure below ALARA goals, an accomplishment that speaks to SGT’s vigilance in industrial and radiological safety.”

Large component replacements are significant engineering and operational projects. To remove and replace the 67-foot, 360-ton steam generators through the reactor building, temporary openings in the reactor building dome, containment and steam generator enclosures were required. Precision measurements utilizing meticulous metrology practices, along with optimized 3D fit-up solutions and specialized machining enabled experts to precisely place the replacement steam generators back into the existing plant configuration.

“SGT’s performance in safely delivering this critical and technically complex project is a cornerstone in our commitment to support the long-term operations of our customers’ plants in North America,” said Catherine Cornand, senior executive vice president of the Installed Base Business Unit at Framatome.

“We are very happy to have performed a significant role for TVA in their investment in the life extension of the Watts Bar plant and its role in providing carbon-free, reliable power to the Tennessee Valley,” said Scott Reeder, Chief Executive Officer of United. “At United, our mission is to partner with our clients to deliver innovative and transformative infrastructure designed and built to meet the demands for today and for the future. As such, we are committed to continued support of nuclear technology as it takes its place in environmentally responsible carbon-free power supply.”

Steam generators serve as heat exchangers in pressurized water reactors. These components use the heat generated by the reactor to create steam that drives the turbines, which turns a generator and creates electricity.

SGT provides highly specialized heavy component replacement services and other major projects to the nuclear industry. Formed in 1991, SGT combines the knowledge of premier nuclear construction from United with Framatome’s world-leading supply of services, fuel, engineering and heavy components for nuclear power plants.

Operated by TVA in eastern Tennessee, Watts Bar Unit 2 produces 1,150 megawatts of continuous electricity, with the entire plant supplying enough power for 1.3 million homes daily.

About United
United Engineers & Constructors is an industry leading infrastructure engineering, procurement, construction and consulting company dedicated to improving lives by delivering the world’s most impactful solutions. Since 1905, we have served the power industry by providing comprehensive lifecycle services for the conventional generation, nuclear, transmission and distribution, renewable, and distributed energy markets. Together with our clients and partners, we are unified in our efforts to deliver innovative and transformative infrastructure designed and built to meet the demands of today and for the future. www.ueci.com

About Framatome
Framatome is an international leader in nuclear energy recognized for its innovative solutions and value added technologies for the global nuclear fleet. With worldwide expertise and a proven track record for reliability and performance, the company designs, services and installs components, fuel, and instrumentation and control systems for nuclear power plants. Its more than 14,000 employees work every day to help Framatome’s customers supply ever cleaner, safer and more economical low-carbon energy. Visit us at: www.framatome.com, and follow us on Twitter: @Framatome_ and LinkedIn: Framatome. Framatome is owned by the EDF Group (75.5%), Mitsubishi Heavy Industries (MHI – 19.5%) and Assystem (5%).

United
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Framatome
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• Third quarter 2022 GAAP earnings per share (EPS) of $1.86, Adjusted EPS (Non-GAAP) of $2.01
• Increases quarterly dividend 7%, to $0.6125 per share, annualized to $2.45
• Revises 2022 GAAP EPS guidance range to $3.33 to $3.43, revises Adjusted EPS (Non-GAAP) guidance range to $3.53 to $3.63 from $3.43 to $3.63

KANSAS CITY, Mo.--(BUSINESS WIRE)--Evergy, Inc. (NYSE: EVRG) today announced third quarter 2022 GAAP earnings of $428 million, or $1.86 per share, compared to GAAP earnings of $449 million, or $1.95 per share, for third quarter 2021.

Evergy’s third quarter 2022 adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) were $462 million and $2.01, respectively, compared to $452 million and $1.97, respectively, in third quarter 2021. Adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) are reconciled to GAAP earnings in the financial table included in this release.

Third quarter earnings were driven by higher weather-normalized demand, favorable weather, and higher transmission margin, partially offset by higher depreciation and amortization expense and higher interest expense.

"We finished the third quarter with solid results despite mounting challenges impacting our customers, our company and our communities – in particular, ongoing high inflation and increasing interest rates. Given results ahead of expectations driven by operational performance and warmer than normal weather, we are narrowing our 2022 adjusted earnings guidance range to $3.53 to $3.63 per share from $3.43 to $3.63 per share. We are also increasing our quarterly dividend by 7%, consistent with our stated targets," said David Campbell, Evergy President and Chief Executive Officer. "We'll make a strong push to the finish line in 2022 and drive ongoing execution as we continue to address these macroeconomic challenges in 2023."

Earnings Guidance

The Company revised its 2022 GAAP EPS guidance range to $3.33 to $3.43 from its original guidance of $3.37 to $3.57 and narrowed its 2022 adjusted EPS (Non-GAAP) guidance range to $3.53 to $3.63 from its original guidance of $3.43 to $3.63. Additionally, the Company reaffirmed its long-term adjusted EPS (Non-GAAP) annual growth target of 6% to 8% through 2025 from the $3.30 midpoint of the original 2021 adjusted EPS (Non-GAAP) guidance range. Adjusted EPS (non-GAAP) guidance is reconciled to GAAP EPS guidance in the financial table included in this release.

Dividend Declaration

The Board of Directors declared a dividend on the Company’s common stock of $0.6125 per share payable on December 20, 2022. The dividends are payable to shareholders of record as of November 18, 2022.

Earnings Conference Call

Evergy management will host a conference call Friday, November 4, with the investment community at 9:00 a.m. ET (8:00 a.m. CT). To view the webcast and presentation slides, please go to investors.evergy.com. To access via phone, investors and analysts will need to register using this link where they will be provided a phone number and access code.

Members of the media are invited to listen to the conference call and then contact Gina Penzig with any follow-up questions.

This earnings announcement, a package of detailed third-quarter financial information, the Company's quarterly report on Form 10-Q for the period ended September 30, 2022, and other filings the Company has made with the Securities and Exchange Commission are available on the Company's website at http://investors.evergy.com.

Adjusted Earnings (non-GAAP) and Adjusted Earnings Per Share (non-GAAP)

Effective in the third quarter of 2022, the calculation of adjusted earnings (non-GAAP) and adjusted EPS (non- GAAP) excludes the revenues collected from customers for the return on investment of the retired Sibley Station in the current period and the subsequent deferral of the cumulative amount of revenues collected since December 2018 for expected future refunds to customers. Management believes that this is a more representative measure of Evergy's recurring earnings, assists in the comparability of results and is consistent with how management reviews performance. Evergy's adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) for the three months ended and year to date September 30, 2021 have been recast, as applicable, to conform to the current year presentation.

In addition to net income attributable to Evergy, Inc. and diluted EPS, Evergy's management uses adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) to evaluate earnings and EPS without i.) the income or costs resulting from non-regulated energy marketing margins from the February 2021 winter weather event; ii.) gains or losses related to equity investments subject to a restriction on sale; iii.) the revenues collected from customers for the return on investment of the retired Sibley Station in the current period and the subsequent deferral of the cumulative amount of revenues collected since December 2018 for expected future refunds to customers; iv.) the estimated impairment loss on Sibley Unit 3; v.) the mark-to-market impacts of economic hedges related to Evergy Kansas Central's non-regulated 8% ownership share of Jeffrey Energy Center; and vi.) costs resulting from executive transition, severance and advisor expenses.

Adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) are intended to enhance an investor's overall understanding of results. Management believes that adjusted earnings (non-GAAP) provides a meaningful basis for evaluating Evergy's operations across periods because it excludes certain items that management does not believe are indicative of Evergy's ongoing performance or that can create period to period earnings volatility.

Adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) are used internally to measure performance against budget and in reports for management and the Evergy Board. Adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) are financial measures that are not calculated in accordance with GAAP and may not be comparable to other companies' presentations or more useful than the GAAP information provided elsewhere in this report.

The following tables provide a reconciliation between net income attributable to Evergy, Inc. and diluted earnings per common share as determined in accordance with GAAP and adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP).

GAAP to Non-GAAP Earnings Guidance

About Evergy

Evergy, Inc. (NYSE: EVRG), serves 1.6 million customers in Kansas and Missouri. Evergy’s mission is to empower a better future. Our focus remains on producing, transmitting and delivering reliable, affordable, and sustainable energy for the benefit of our stakeholders. Today, about half of Evergy’s power comes from carbon-free sources, creating more reliable energy with less impact to the environment. We value innovation and adaptability to give our customers better ways to manage their energy use, to create a safe, diverse and inclusive workplace for our employees, and to add value for our investors. Headquartered in Kansas City, our employees are active members of the communities we serve.

For more information about Evergy, visit us at http://investors.evergy.com.

Forward Looking Statements

Statements made in this document that are not based on historical facts are forward-looking, may involve risks and uncertainties, and are intended to be as of the date when made. Forward-looking statements include, but are not limited to, statements relating to Evergy's strategic plan, including, without limitation, those related to earnings per share, dividend, operating and maintenance expense and capital investment goals; the outcome of legislative efforts and regulatory and legal proceedings; future energy demand; future power prices; plans with respect to existing and potential future generation resources; the availability and cost of generation resources and energy storage; target emissions reductions; and other matters relating to expected financial performance or affecting future operations. Forward-looking statements are often accompanied by forward-looking words such as “anticipates,” “believes,” “expects,” “estimates,” “forecasts,” “should,” “could,” “may,” “seeks,” “intends,” “proposed,” “projects,” “planned,” “target,” “outlook,” “remain confident,” “goal,” “will” or other words of similar meaning. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from the forward-looking information.

In connection with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Evergy, Inc., Evergy Kansas Central, Inc. and Evergy Metro, Inc. (collectively, the Evergy Companies) are providing a number of risks, uncertainties and other factors that could cause actual results to differ from the forward-looking information. These risks, uncertainties and other factors include, but are not limited to: economic and weather conditions and any impact on sales, prices and costs; changes in business strategy or operations; the impact of federal, state and local political, legislative, judicial and regulatory actions or developments, including deregulation, re-regulation, securitization and restructuring of the electric utility industry; decisions of regulators regarding, among other things, customer rates and the prudency of operational decisions such as capital expenditures and asset retirements; changes in applicable laws, regulations, rules, principles or practices, or the interpretations thereof, governing tax, accounting and environmental matters, including air and water quality and waste management and disposal; the impact of climate change, including increased frequency and severity of significant weather events and the extent to which counterparties are willing to do business with, finance the operations of or purchase energy from the Evergy Companies due to the fact that the Evergy Companies operate coal-fired generation; prices and availability of electricity and natural gas in wholesale markets; market perception of the energy industry and the Evergy Companies; the impact of the Coronavirus (COVID-19) pandemic on, among other things, sales, results of operations, financial condition, liquidity and cash flows, and also on operational issues, such as supply chain issues and the availability and ability of the Evergy Companies’ employees and suppliers to perform the functions that are necessary to operate the Evergy Companies; changes in the energy trading markets in which the Evergy Companies participate, including retroactive repricing of transactions by regional transmission organizations (RTO) and independent system operators; financial market conditions and performance, including changes in interest rates and credit spreads and in availability and cost of capital and the effects on derivatives and hedges, nuclear decommissioning trust and pension plan assets and costs; impairments of long-lived assets or goodwill; credit ratings; inflation rates; the transition to a replacement for the London Interbank Offered Rate (LIBOR) benchmark interest rate; effectiveness of risk management policies and procedures and the ability of counterparties to satisfy their contractual commitments; impact of physical and cybersecurity breaches, criminal activity, terrorist attacks, acts of war and other disruptions to the Evergy Companies’ facilities or information technology infrastructure or the facilities and infrastructure of third-party service providers on which the Evergy Companies rely; Impact of the Russian, Ukrainian conflict on the global energy market; ability to carry out marketing and sales plans; cost, availability, quality and timely provision of equipment, supplies, labor and fuel; ability to achieve generation goals and the occurrence and duration of planned and unplanned generation outages; delays and cost increases of generation, transmission, distribution or other projects; the Evergy Companies’ ability to manage their transmission and distribution development plans and transmission joint ventures; the inherent risks associated with the ownership and operation of a nuclear facility, including environmental, health, safety, regulatory and financial risks; workforce risks, including those related to the Evergy Companies’ ability to attract and retain qualified personnel, maintain satisfactory relationships with their labor unions and manage costs of, or changes in, wages, retirement, health care and other benefits; disruption, costs and uncertainties caused by or related to the actions of individuals or entities, such as activist shareholders or special interest groups, that seek to influence Evergy’s strategic plan, financial results or operations; the possibility that strategic initiatives, including mergers, acquisitions and divestitures, and long-term financial plans, may not create the value that they are expected to achieve in a timely manner or at all; difficulties in maintaining relationships with customers, employees, regulators or suppliers; and other risks and uncertainties.

This list of factors is not all-inclusive because it is not possible to predict all factors. You should also carefully consider the information contained in our other filings with the Securities and Exchange Commission (SEC). Additional risks and uncertainties are discussed in the Annual Report on Form 10-K for the year ended December 31, 2021, filed by the Evergy Companies with the SEC, and from time to time in current reports on Form 8-K and quarterly reports on Form 10-Q filed by the Evergy Companies with the SEC. Each forward-looking statement speaks only as of the date of the particular statement. The Evergy Companies undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.

Investor Contact:
Pete Flynn
Director, Investor Relations
Phone: 816-652-1060
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Media Contact:
Gina Penzig
Manager, External Communications
Phone: 785-508-2410
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Media line: 888-613-0003

CONSTRUCT Business Operations Academy grads gained core competencies for job placement in energy, construction industries

CHICAGO--(BUSINESS WIRE)--ComEd today hosted community and workforce development partners for a graduation event honoring 36 new graduates of the 2022 CONSTRUCT Business Operations Academy program, which increases the pool of qualified minority candidates for entry-level administrative and project coordinator roles in the energy and construction industries.

The program, launched last year, is part of ComEd’s ongoing work to scale job training and education programs that will prepare communities for growing roles in the utility and construction industries.

“To ensure a pipeline of diverse, skilled and local talent that will power the clean energy transformation in Illinois, ComEd is deeply invested supporting and expanding job training and education programs,” said Louie Binswanger, SVP of governmental and regulatory affairs at ComEd. “Programs like the CONSTRUCT Business Operations Academy play a critical role as we work to connect more residents to skills training needed to take on jobs in energy and infrastructure. Congratulations to the graduates for completing this program which will prepare them for meaningful, well-paying careers in our field and a chance to impact their communities for the future.”

During the six-week program, participants learned the basics of business operations and project management, developed professional skills needed to succeed in an office environment, completed a capstone project with industry-specific case studies, and received job placement and support services from ComEd and its workforce agency partners. Participants who successfully completed the program received a $1,000 stipend and a Business Operations 101 certificate from St. Augustine College, as well as networking opportunities that can lead to key roles with local utility or construction companies.

“Participating in the ComEd Business Operations Academy has given me the confidence I need as I take next steps to pursue a career in project management,” said Jasmine Henderson-Dixon, a 2022 Business Operations Academy graduate and resident of Chicago’s Roseland community. “I am so grateful for the opportunity to learn through this 6-week program, which challenged me in the best way possible, and also gave me a chance to receive support and guidance form ComEd, my instructors, as well as my classmates. I’m proud of my accomplishments and look forward to next steps as I now feel I am ready to take the PMP exam.”

The program first launched in 2021 and prepared a cohort of primarily Black women for roles with ComEd’s administrative, project coordinator and customer service roles. The current graduating class is highly diverse, with nearly 90 percent minority graduates, and 21 total female participants in the graduating class. Participants represent communities across the entire region, with 27 zip codes represented in the class.

The Business Operations Academy training program is administered with support from several workforce agency partners, including Cara Collective, the Chicago Urban League, the Quad County Urban League, the YWCA Metropolitan Chicago and INTREN, which funds the program alongside ComEd.

“We are honored to partner with ComEd on their CONSTRUCT Business Operations Academy. Cara Collective’s mission is to build an inclusive economy by developing employment pathways,” said Kathleen St. Louis Caliento, President and CEO of Cara Collective. “Programs like CONSTRUCT help make those pathways a reality. Now, our job seekers are not only able to build an array of skillsets, they have the opportunity for gainful employment in the utilities and power industry.”

“INTREN is proud to have worked with CONSTRUCT for the last 10 years to support ComEd’s commitment to invite and train local, diverse candidates into the construction field,” said Matthew Turk, COO of INTREN. “Once again ComEd has creatively and boldly developed a new path forward, the Business Operations Academy, to introduce and train candidates for the backoffice and field work in the utility construction industry. We stand with ComEd in the goal to change lives and communities.”

ComEd's investments in training and recruitment help create a local talent pipeline that is prepared to meet future demands, as clean energy jobs are on the rise. Last year alone, the U.S. energy sector added more than 300,000 new jobs, outpacing overall U.S. employment growth (USEER 2022). Growth of the energy sector is expected to skyrocket thanks to significant federal investments that will help catalyze clean energy infrastructure development via the Inflation Reduction Act and the Infrastructure Investment and Jobs Act (IIJA).

ComEd offers a range of in-depth job training and apprenticeship style programs, including the CONSTRUCT Infrastructure Academy, Dawson Tech Overhead Electrical Line Workers training program – a partnership with the City Colleges of Chicago – and scholarship programs to support students in obtaining STEM degrees. As a result of its growing investment in career readiness and education across the region, ComEd’s job training and STEM education programs last year directly benefitted nearly 1,700 local residents.

For more on these career readiness programs, please visit www.comed.com/cleanenergyjobs.

# # #

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.

ComEd
Media Relations
312-394-3500

WALTHAM, Mass.--(BUSINESS WIRE)--Global Partners LP (NYSE: GLP) (“Global” or the “Partnership”) today reported financial results for the third quarter ended September 30, 2022.

“We delivered strong third-quarter results, driven by growth across all three segments of our business,” said Eric Slifka, the Partnership’s President and Chief Executive Officer. “Our Gasoline Distribution and Station Operations (GDSO) segment continued to perform well in the third quarter, reflecting increased activity at our convenience stores as a result of our recent acquisitions and higher retail fuel margins year-over-year. In our Wholesale segment, we continued to effectively manage our fuel inventory amid sustained backwardation in the gasoline and distillates markets. Our Commercial segment saw a year-over-year increase in bunkering activity.

“During the third quarter we expanded our GDSO footprint in the mid-Atlantic with the acquisition of Tidewater Convenience, a transaction that included 15 retail fuel and convenience store locations in Virginia,” Slifka continued. “At the end of the quarter, our GDSO portfolio totaled 1,684 sites, including 356 company-operated locations. Our portfolio of company-operated locations has grown more than 20 percent year over year. The M&A pipeline remains very active across all areas of our business, and we continue to evaluate potential opportunities that align with our strategic growth objectives.”

Financial Highlights

Net income was $111.4 million, or $3.12 per diluted common limited partner unit, for the third quarter of 2022 compared with net income of $33.6 million, or $0.86 per diluted common limited partner unit, in the same period of 2021.

Earnings before interest, taxes, depreciation and amortization (EBITDA) was $168.2 million in the third quarter of 2022 compared with $79.4 million in the same period of 2021.

Adjusted EBITDA was $168.5 million in the third quarter of 2022 versus $79.2 million in the same period of 2021.

Distributable cash flow (DCF) was $128.0 million in the third quarter of 2022 compared with $49.7 million in the same period of 2021.

Gross profit in the third quarter of 2022 was $328.4 million compared with $203.1 million in the same period of 2021, driven primarily by the GDSO and Wholesale segments.

Combined product margin, which is gross profit adjusted for depreciation allocated to cost of sales, was $351.3 million in the third quarter of 2022 compared with $223.9 million in the same period of 2021.

Combined product margin, EBITDA, Adjusted EBITDA, and DCF are non-GAAP (Generally Accepted Accounting Principles) financial measures, which are explained in greater detail below under “Use of Non-GAAP Financial Measures.” Please refer to Financial Reconciliations included in this news release for reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures for the three and nine months ended September 30, 2022 and 2021.

GDSO segment product margin was $261.6 million in the third quarter of 2022 compared with $177.7 million in the same period of 2021. Product margin from gasoline distribution increased to $188.0 million from $112.4 million in the year earlier period, primarily due to higher fuel margins (cents per gallon) and an increase in volume sold due to recent acquisitions. Product margin from station operations increased to $73.6 million from $65.3 million in the third quarter of 2021, primarily due to recent acquisitions.

Wholesale segment product margin was $79.3 million in the third quarter of 2022 compared with $42.3 million in the same period of 2021. The increase was primarily driven by more favorable market conditions, largely in gasoline and distillates.

Commercial segment product margin was $10.4 million in the third quarter of 2022 compared with $3.9 million in the same period of 2021, reflecting an increase in bunkering activity.

Sales were $4.6 billion in the third quarter of 2022 compared with $3.3 billion in the same period of 2021. Wholesale segment sales were $2.5 billion in the third quarter of 2022 compared with $1.8 billion in the third quarter of 2021. GDSO segment sales were $1.8 billion in the third quarter of 2022 versus $1.3 billion in the same period of 2021. Commercial segment sales were $326.2 million in the third quarter of 2022 compared with $202.5 million in the same period of 2021.

Volume was 1.3 billion gallons in each of the third quarters of 2022 and 2021. Wholesale segment volume was 779.2 million gallons in the third quarter of 2022 compared with 813.4 million gallons in the same period of 2021. GDSO volume was 430.0 million gallons in the third quarter of 2022 compared with 416.8 million gallons in the same period of 2021. Commercial segment volume was 102.1 million gallons in the third quarter of 2022 compared with 101.2 million gallons in the same period of 2021.

Recent Developments

• Global expanded its footprint in the mid-Atlantic region with the acquisition of Tidewater Convenience, Inc. The purchase included 15 gas stations and convenience store locations in Southeast Virginia.
• Global announced a quarterly cash distribution of $0.6250 per unit, or $2.50 per unit on an annualized basis, on all of its outstanding common units for the period from July 1, 2022 to September 30, 2022. The distribution will be paid November 14, 2022 to unitholders of record as of the close of business on November 8, 2022.

Business Outlook

“We have executed well through the first nine months of the year and begin the final quarter of 2022 with strong operational and financial momentum,” Slifka said. “While economic uncertainty associated with the inflationary environment merits a level of caution, we remain focused on leveraging our supply, marketing and terminalling assets to drive profitable growth across our businesses.”

Financial Results Conference Call

Management will review the Partnership’s third-quarter 2022 financial results in a teleconference call for analysts and investors today.

Please plan to dial in to the call at least 10 minutes prior to the start time. The call also will be webcast live and archived on Global Partners’ website, https://ir.globalp.com.

Use of Non-GAAP Financial Measures

Product Margin

Global Partners views product margin as an important performance measure of the core profitability of its operations. The Partnership reviews product margin monthly for consistency and trend analysis. Global Partners defines product margin as product sales minus product costs. Product sales primarily include sales of unbranded and branded gasoline, distillates, residual oil, renewable fuels and crude oil, as well as convenience store and prepared food sales, gasoline station rental income and revenue generated from logistics activities when the Partnership engages in the storage, transloading and shipment of products owned by others. Product costs include the cost of acquiring products and all associated costs including shipping and handling costs to bring such products to the point of sale as well as product costs related to convenience store items and costs associated with logistics activities. The Partnership also looks at product margin on a per unit basis (product margin divided by volume). Product margin is a non-GAAP financial measure used by management and external users of the Partnership’s consolidated financial statements to assess its business. Product margin should not be considered an alternative to net income, operating income, cash flow from operations, or any other measure of financial performance presented in accordance with GAAP. In addition, product margin may not be comparable to product margin or a similarly titled measure of other companies.

EBITDA and Adjusted EBITDA

EBITDA and Adjusted EBITDA are non-GAAP financial measures used as supplemental financial measures by management and may be used by external users of Global Partners’ consolidated financial statements, such as investors, commercial banks and research analysts, to assess the Partnership’s:

• compliance with certain financial covenants included in its debt agreements;
• financial performance without regard to financing methods, capital structure, income taxes or historical cost basis;
• ability to generate cash sufficient to pay interest on its indebtedness and to make distributions to its partners;
• operating performance and return on invested capital as compared to those of other companies in the wholesale, marketing, storing and distribution of refined petroleum products, gasoline blendstocks, renewable fuels, crude oil and propane, and in the gasoline stations and convenience stores business, without regard to financing methods and capital structure; and
• viability of acquisitions and capital expenditure projects and the overall rates of return of alternative investment opportunities.

Adjusted EBITDA is EBITDA further adjusted for gains or losses on the sale and disposition of assets and goodwill and long-lived asset impairment charges. EBITDA and Adjusted EBITDA should not be considered as alternatives to net income, operating income, cash flow from operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. EBITDA and Adjusted EBITDA exclude some, but not all, items that affect net income, and these measures may vary among other companies. Therefore, EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures of other companies.

Distributable Cash Flow

Distributable cash flow is an important non-GAAP financial measure for the Partnership’s limited partners since it serves as an indicator of success in providing a cash return on their investment. Distributable cash flow as defined by the Partnership’s partnership agreement is net income plus depreciation and amortization minus maintenance capital expenditures, as well as adjustments to eliminate items approved by the audit committee of the board of directors of the Partnership’s general partner that are extraordinary or non-recurring in nature and that would otherwise increase distributable cash flow.

Distributable cash flow as used in our partnership agreement also determines our ability to make cash distributions on our incentive distribution rights. The investment community also uses a distributable cash flow metric similar to the metric used in our partnership agreement with respect to publicly traded partnerships to indicate whether or not such partnerships have generated sufficient earnings on a current or historic level that can sustain distributions on preferred or common units or support an increase in quarterly cash distributions on common units. Our partnership agreement does not permit adjustments for certain non-cash items, such as net losses on the sale and disposition of assets and goodwill and long-lived asset impairment charges.

Distributable cash flow should not be considered as an alternative to net income, operating income, cash flow from operations, or any other measure of financial performance presented in accordance with GAAP. In addition, distributable cash flow may not be comparable to distributable cash flow or similarly titled measures of other companies.

About Global Partners LP

With approximately 1,700 locations primarily in the Northeast, Global Partners is one of the region’s largest independent owners, suppliers and operators of gasoline stations and convenience stores. Global also owns, controls or has access to one of the largest terminal networks in New England and New York, through which it distributes gasoline, distillates, residual oil and renewable fuels to wholesalers, retailers and commercial customers. In addition, Global engages in the transportation of petroleum products and renewable fuels by rail from the mid-continental U.S. and Canada. Global, a master limited partnership, trades on the New York Stock Exchange under the ticker symbol “GLP.” For additional information, visit www.globalp.com.

Forward-looking Statements

Certain statements and information in this press release may constitute “forward-looking statements.” The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could” or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on Global’s current expectations and beliefs concerning future developments and their potential effect on the Partnership. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting the Partnership will be those that it anticipates. Forward-looking statements involve significant risks and uncertainties (some of which are beyond the Partnership’s control) including, without limitation, the impact and duration of the COVID-19 pandemic and its impact on our counterparties, our customers and our operations and other assumptions that could cause actual results to differ materially from the Partnership's historical experience and present expectations or projections. We believe these assumptions are reasonable given currently available information. Our assumptions and future performance are subject to a wide range of business risks, uncertainties and factors, which are described in our filings with the Securities and Exchange Commission (SEC).

For additional information regarding known material factors that could cause actual results to differ from the Partnership’s projected results, please see Global’s filings with the SEC, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Global undertakes no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.

Gregory B. Hanson
Chief Financial Officer
Global Partners LP
(781) 894-8800

Sean T. Geary
Chief Legal Officer and Secretary
Global Partners LP
(781) 894-8800

HOUSTON--(BUSINESS WIRE)--Aris Water Solutions, Inc. (NYSE: ARIS) (“Aris” or the “Company”) today announced that its Board of Directors declared a dividend on its Class A common stock for the fourth quarter of 2022 of $0.09 per share. In conjunction with the dividend payment, a distribution of $0.09 per unit will be paid to unit holders of Solaris Midstream Holdings, LLC. The dividend will be paid on November 30, 2022 to holders of record of the Company’s Class A common stock as of the close of business on November 17, 2022. The distribution to unit holders of Solaris Midstream Holdings, LLC will be subject to the same payment and record dates.

About Aris Water Solutions, Inc.

Aris Water Solutions, Inc. is a leading, growth-oriented environmental infrastructure and solutions company that directly helps its customers reduce their water and carbon footprints. Aris delivers full-cycle water handling and recycling solutions that increase the sustainability of energy company operations. Its integrated pipelines and related infrastructure create long-term value by delivering high-capacity, comprehensive produced water management, recycling and supply solutions to operators in the core areas of the Permian Basin. For more information about the Company, visit www.ariswater.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Examples of forward-looking statements include, but are not limited to, those regarding payments of dividends, and our implied cash flow or liquidity. In some cases, you can identify forward-looking statements by terminology such as “estimate,” “expect,” “intend,” “plan,” “believe,” “forecast,” “may,” “could” and variations of such words or similar expressions. The payment of any future dividends will be at the discretion of our board of directors. Our board of directors may elect to declare cash dividends depending on, among other things, our financial condition, results of operations, projections, liquidity, earnings, legal requirements, and restrictions in our debt. We have not adopted a written dividend policy. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated by the forward-looking statements. Factors that could cause our actual results to differ materially from the results contemplated by such forward-looking statements include but are not limited to the risk factors discussed or referenced in our filings made from time to time with the SEC. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

David Tuerff
Senior Vice President, Finance & Investor Relations
832-803-0367
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WIXOM, Mich.--(BUSINESS WIRE)--XL Fleet Corp. (NYSE: XL) (“XL Fleet” or the “Company”), a provider of subscription-based services that make it easy for homeowners and small businesses to own and maintain rooftop solar and battery storage, today announced that it will change its corporate name to Spruce Power Holding Corporation, effective November 14, 2022. The Company will be known as Spruce Power. Additionally, the Company will change its NYSE ticker symbol from “XL” to “SPRU” at the open of market trading on Monday, November 14, 2022.

“We are excited to execute on the next stage of our new corporate strategy with the official change of our company name,” said Eric Tech, current Chief Executive Officer of XL Fleet. “Renaming our company to Spruce Power reflects our new focus on the residential solar and energy services market. Most importantly, it positions us to build upon the strong brand recognition that Spruce has earned in the residential solar market since 2018.”

“Transitioning the Spruce Power name to our new public platform is an exciting achievement for our company,” added Christian Fong, President of Spruce Power. “Our new platform affords us the resources needed to elevate our company’s mission to a next level, and this change is only the beginning.” It is expected that Mr. Fong will be named CEO of the combined companies in the first quarter of 2023.

The Company’s common stock will continue to be listed on the NYSE. There is no action required by the Company’s current shareholders with respect to the company name or ticker symbol change. The Company’s CUSIP will change in connection with the name change.

About Spruce Power (formerly known as XL Fleet)

XL Fleet, who today announced the name change to Spruce Power, provides subscription-based services that make it easy for homeowners and small businesses to own and maintain rooftop solar and battery storage. Our as-a-service model allows consumers to access new technology without making a significant upfront investment or incurring maintenance costs. Our company has more than 52,000 subscribers across the United States. For additional information, please visit www.sprucepower.com.

Forward Looking Statements

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of management and are not predictions of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including but not limited to: expectations regarding the growth of the solar industry, home electrification, electric vehicles and distributed energy resources; the ability to successfully integrate the Spruce Power acquisition; the ability of XL Fleet to implement its plans, forecasts and other expectations with respect to Spruce Power’s business and realize the expected benefits of the acquisition; the ability to identify and complete future acquisitions; the ability to develop and market new products and services; the effects of pending and future legislation; the highly competitive nature of the Company’s business and markets; the ability to execute on and consummate business plans in anticipated time frames; litigation, complaints, product liability claims and/or adverse publicity; cost increases or shortages in the components or chassis necessary to support the Company’s products and services; the introduction of new technologies; the impact of the COVID-19 pandemic on the Company’s business, results of operations, financial condition, regulatory compliance and customer experience; the potential loss of certain significant customers; privacy and data protection laws, privacy or data breaches, or the loss of data; general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; the inability to convert its sales opportunity pipeline into binding orders; risks related to the rollout of the Company’s business and the timing of expected business milestones, including the ongoing global microchip shortage and limited availability of chassis from vehicle OEMs and our reliance on our suppliers; the effects of competition on the Company’s future business; the availability of capital; and the other risks discussed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K filed on March 31, 2022, subsequent Quarterly Reports on Form 10-Q and other documents that the Company files with the SEC in the future. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements speak only as of the date hereof and the Company specifically disclaims any obligation to update these forward-looking statements.

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

• Morgan Stanley Global Chemicals, Agriculture, and Packaging Conference at 11:00 am ET on Wednesday, November 9, 2022;
• Credit Suisse 10^th Annual Global Industrials Conference at 11:45 am ET on Wednesday, November 30, 2022.

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

About CF Industries Holdings, Inc.

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

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

Investors
Martin Jarosick
Vice President, Treasury and Investor Relations
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WILLISTON, Vt.--(BUSINESS WIRE)--iSun, Inc. (NASDAQ: ISUN) (the “Company”, or “iSun”), a leading solar energy and clean mobility infrastructure company with 50 years of experience accelerating the adoption of innovative electrical technologies, today announced that it will issue third quarter 2022 results before the market opens on Tuesday, November 15, 2022.

A conference call to discuss the results will take place at 8:30 AM ET. To participate in the call, please dial 1-888-506-0062 (domestic) or 1-973-528-0011 (international), using conference ID 141389.

The live webcast can be accessed through the Company’s Investor Relations website at investors.isunenergy.com.

A webcast replay of the call will be available at the same location beginning approximately one hour after the call’s completion. A telephonic replay will be available through November 29, 2022, and can be accessed by dialing 1-877-481-4010 (domestic) or 1-919-882-2331 (international), using conference code 47018.

About iSun Inc.

Since 1972, iSun has accelerated the adoption of proven, life-improving innovations in electrification technology. iSun has been the trusted electrical contractor to Fortune 500 companies for decades and has installed clean rooms, fiber optic cables, flight simulators, and over 400 megawatts of solar systems. The Company currently provides a comprehensive suite of solar services across residential, commercial, industrial & municipal, and utility scale projects and provides solar electric vehicle charging solutions for both grid-tied and battery backed solar EV charging systems. iSun believes that the transition to clean, renewable solar energy is the most important investment to make today and is focused on profitable growth opportunities. Please visit http://www.isunenergy.com for additional information.

For more information:
Investor Relations
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BOSTON--(BUSINESS WIRE)--Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent” or the “Company”), an innovation-driven leader in the fuel cell and hydrogen technology space, proudly announces that Von McConnell has agreed to join its board of directors.

Mr. McConnell has nearly forty years of executive experience in the telecommunications sector, including approximately twenty years working for Sprint Corporation (now T-Mobile), where his positions included serving as the Chief Operating Officer and Executive Director of Operations for Sprint’s 4G business unit. Furthermore, Mr. McConnell has also served as Sprint’s Executive Director of Advanced Labs & Innovation, where he was responsible for research and development, systems and network design, engineering, product evaluation, customer trials, and quality certification for all wireless systems and products. He is currently the founder and president of the TM Group, a successful technology consulting firm which has been engaged in venture capital acquisitions, 5G network rollouts, Division 1 university artificial intelligence programs, and other cutting edge technological commitments. Mr. McConnell is responsible for dozens of patent innovations.

“I am excited to welcome Von, who has decades of experience working with cutting-edge technology, to Advent’s board of directors,” said Dr. Vasilis Gregoriou, Advent’s Chief Executive Officer and Chairman. “We look forward to leveraging his experience and relationships in two global telecommunications corporations as Advent looks to unlock the next step of its own growth.”

Mr. McConnell stated: “During my career, I have seen technology, specifically cell phones, emerge from the fringes of science fiction to mainstream adoption to being ubiquitous. I believe that Advent’s fuel cell technology has the same potential. Where clean, carbon-free energy seemed an impossible pursuit just a few years ago, Advent’s state-of-the-art, cutting-edge MEAs and fuel cells are ready to deliver on that promise as a mainstream solution to the world’s carbon crisis. I am honored to join the board and can’t wait to help Advent develop its IPCEI Green HiPo project and see it enter into long-lasting, mutually beneficial corporate partnerships deploying its fuel cells around the world.”

Mr. McConnell will assume the remainder of Katrina Fritz’s Class I term as director. Ms. Fritz resigned from the Advent board on May 27, 2022. Mr. McConnell qualifies as an independent director under the definition established in the NASDAQ listing rules.

About Advent Technologies Holdings, Inc.

Advent Technologies Holdings, Inc. is a U.S. corporation that develops, manufactures, and assembles complete fuel cell systems as well as supplying customers with critical components for fuel cells in the renewable energy sector. Advent is headquartered in Boston, Massachusetts, with offices in California, Greece, Denmark, Germany, and the Philippines. With more than 150 patents issued, pending, and/or licensed for fuel cell technology, Advent holds the IP for next-generation HT-PEM that enables various fuels to function at high temperatures and under extreme conditions – offering a flexible “Any Fuel. Anywhere.” option for the automotive, aviation, defense, oil and gas, marine, and power generation sectors. For more information, visit www.advent.energy.

Cautionary Note Regarding Forward-Looking Statements

This press release includes forward-looking statements. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “expect,” “plan,” “could,” “may,” “will,” “believe,” “estimate,” “forecast,” “goal,” “project,” and other words of similar meaning. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, the Company’s ability to maintain the listing of the Company’s common stock on Nasdaq; future financial performance; public securities’ potential liquidity and trading; impact from the outcome of any known and unknown litigation; ability to forecast and maintain an adequate rate of revenue growth and appropriately plan its expenses; expectations regarding future expenditures; future mix of revenue and effect on gross margins; attraction and retention of qualified directors, officers, employees and key personnel; ability to compete effectively in a competitive industry; ability to protect and enhance Advent’s corporate reputation and brand; expectations concerning its relationships and actions with technology partners and other third parties; impact from future regulatory, judicial and legislative changes to the industry; ability to locate and acquire complementary technologies or services and integrate those into the Company’s business; future arrangements with, or investments in, other entities or associations; and intense competition and competitive pressure from other companies worldwide in the industries in which the Company will operate; and the risks identified under the heading “Risk Factors” in Advent’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 31, 2022, as well as the other information filed with the SEC. Investors are cautioned not to place considerable reliance on the forward-looking statements contained in this press release. You are encouraged to read Advent’s filings with the SEC, available at www.sec.gov, for a discussion of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this document, and the Company undertakes no obligation to update or revise any of these statements. Advent’s business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.

Michael Trontzos
Advent Technologies Holdings, Inc.
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HOUSTON--(BUSINESS WIRE)--Magnolia Oil & Gas Corporation (NYSE: MGY) (“Magnolia” or the “Company”), today announced the pricing of the previously announced underwritten block trade of 7,500,000 shares of the Company’s Class A common stock (the “Class A Common Stock”) by certain affiliates of EnerVest, Ltd. (the “Selling Stockholders”) resulting in total gross proceeds of $183 million (the “Offering”). The Offering is expected to close on or about November 8, 2022, subject to customary closing conditions. The Company will not sell any shares of its Class A Common Stock in the Offering or receive any proceeds from the Offering.

In connection with the Offering, the Company has agreed to purchase from the Selling Stockholders 2,000,000 shares of the Company’s Class B common stock at a price per share equal to the price per share at which the underwriter purchases shares of the Company’s Class A Common Stock in the Offering (the “Class B Common Stock Purchase”). The Offering is not conditioned upon the completion of the Class B Common Stock Purchase, but the Class B Common Stock Purchase is conditioned upon the completion of the Offering.

Following the closing of the Offering and Class B Common Stock Purchase, the Selling Stockholders will own 8,296,077 Class A and 21,826,805 Class B shares of the Company, or approximately 14% of the total outstanding shares of the Company.

J.P. Morgan is acting as the sole book-running manager for the Offering. The Offering is being made pursuant to an effective shelf registration statement, which has been filed with the Securities and Exchange Commission (the “SEC”) and became effective August 30, 2018. The Offering will be made only by means of a preliminary prospectus supplement and the accompanying base prospectus, copies of which may be obtained on the SEC’s website at www.sec.gov. Alternatively, J.P. Morgan will arrange to send you the preliminary prospectus supplement and related base prospectus if you request them by contacting: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: 1-866-803-9204, or by email at This email address is being protected from spambots. You need JavaScript enabled to view it..

This press release is neither an offer to sell nor a solicitation of an offer to buy any securities, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Magnolia Oil & Gas Corporation

Magnolia (MGY) 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.

Forward-Looking Statements

The information in this press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact included in this press release, including, without limitation, statements regarding the Offering and the Class B Common Stock Purchase, Magnolia’s future financial position, business strategy, budgets, projected revenues, projected costs and plans and objectives of management for future operations are forward-looking statements. When used in this press release, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Magnolia disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. Magnolia cautions you that these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Magnolia, incident to the development, production, gathering and sale of oil, natural gas and natural gas liquids (“NGLs”). In addition, Magnolia cautions you that the forward-looking statements contained in this press release are subject to the following factors: (i) the economic effects of the COVID-19 pandemic and actions taken by federal, state and local governments and other third parties in response to the pandemic; (ii) legislative, regulatory or policy changes, including those following the change in presidential administrations; (iii) the market prices of oil, natural gas and NGLs, and other products or services; (iv) the supply and demand for oil, natural gas, NGLs and other products or services, including impacts of actions taken by the Organization of the Petroleum Exporting Countries and other state-controlled oil companies; (v) production and reserve levels; (vi) geopolitical and business conditions in key regions of the world; (vii) drilling risks; (viii) economic and competitive conditions; (ix) the availability of capital resources; (x) capital expenditures and other contractual obligations; (xi) weather conditions; (xii) inflation rates; (xiii) the availability of goods and services; (xiv) cyber attacks; (xv) occurrence of property acquisitions or divestitures; (xvi) the integration of acquisitions; (xvii) general market, political and economic conditions, including as a result of COVID-19 and the political environment of oil-producing regions, including uncertainty or instability resulting from civil disorder, an outbreak or escalation of armed hostilities or acts of war or terrorism; and (xviii) the securities or capital markets and related risks such as general credit, liquidity, market and interest-rate risks. Should one or more of the risks or uncertainties described in this press release occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in Magnolia’s filings with the SEC, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2021. Magnolia’s SEC filings are available publicly on the SEC’s website at www.sec.gov.

Investors
Brian Corales
(713) 842-9036
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Media
Art Pike
(713) 842-9057
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MADISON, Wis.--(BUSINESS WIRE)--MGE Energy, Inc. (Nasdaq: MGEE) today issued its third-quarter 2022 financial update presentation.

The update is available on MGE Energy's website at:

mgeenergy.com/financialupdate

About MGE Energy

MGE Energy is a public utility holding company. Its principal subsidiary, Madison Gas and Electric, generates and distributes electricity to 159,000 customers in Dane County, Wis., and purchases and distributes natural gas to 169,000 customers in seven south-central and western Wisconsin counties. MGE's roots in the Madison area date back more than 150 years.

Investor relations contacts

Steve B. Schultz
Corporate Communications Manager
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Ken Frassetto
Director Shareholder Services and Treasury Management
608-252-4723 | This email address is being protected from spambots. You need JavaScript enabled to view it.

Bright eliminates barriers to rooftop solar adoption by removing cost and friction via a modern fintech platform

MEXICO CITY--(BUSINESS WIRE)--#LeoDiCaprio--Bright, the leading residential solar developer and financier in Mexico, announced today its entry into the commercial and industrial sector as it scales its offer to target a market representing >70% of the country's electric consumption. The company has executed its first portfolio of industrial projects with clients such as Grupo ABX, Muebles Jorman, Ladesa and Mariscal Moda Hombre, and is targeting an additional 50 MW of industrial deployments in the coming years. To capitalize the opportunity, Bright has also closed a round of growth equity from its long-time partner MGM Innova, with participation from actor and environmentalist Leonardo DiCaprio, bringing the total capital raised to >$50mm USD.

After clarity on the support by the federal government for distributed (rooftop) solar, hundreds of businesses have turned to the renewable alternative to alleviate or eliminate their rising commodity and electricity prices. “As a result, we’ve partnered with leading industrial solar installers to develop the most competitive and reliable solar financing product for the industry,” said Jonah Greenberger, CEO and co-founder at Bright. “Through creative financial structures, Bright now allows commercial and industrial clients to switch to solar at no upfront cost and a fixed price while generating immediate fiscal and operational savings of up to 30%.”

Bright tackles this challenge by partnering with local installers and providing the workflow automation and financing layer to enable scale and exponentially more customers.

“I’m proud to be an early investor in Bright, a company that was a pioneer in the early days of residential solar in Latin America and today is the largest distributed solar generation company in Mexico,” said Leonardo DiCaprio.

Through this platform, Bright is also able to provide access to low cost development bank funding via its partnership with the Interamerican Development Bank, which was put in place as a first of a kind deal in Mexico in 2015. As a result of this collaboration, IDB expects to deploy millions in solar across LatAm in the coming years. According to the International Energy Agency, energy demand in the region is expected to increase by 50 percent by 2030 because of increased private transport and land use changes, requiring estimated global investments of up to $1.5 trillion. Bright is here to accelerate this.

About Bright

Bright is Mexico’s #1 distributed generation solar provider (think Sunrun for the developing world, starting in Mexico). Bright provides a distributed solar operating system that enables thousands to offer cheaper electricity to homes at no upfront cost, working with an expansive network of project financiers, local installers, and local distributors to satisfy the resulting demand. Bright’s first market is Mexico, which has more sun, higher electricity rates, and lower labor costs than the US. Bright's investors include First Round Capital, Y Combinator, Leonardo DiCaprio, Daniel Servitje, the founders of Sunrun and Tesla, and other top Silicon Valley firms.

For more information or to see if you qualify for solar visit thinkbright.mx.

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OAKLAND, Calif.--(BUSINESS WIRE)--Primergy Solar Management, LLC (‘Primergy’), a leading developer, owner and operator of utility scale solar, distributed solar and energy storage, announced that it has submitted its initial permit application to La Plata County, Colorado for the proposed 155 MWac Hesperus Solar Project.

The proposed project is located eight miles from Durango and is expected to deliver enough zero-emission electricity to power up to 56,000 homes annually. The site design has evolved through important feedback from the State of Colorado, La Plata County, and various stakeholders. The permitting process timeline will be dictated by La Plata County and will include multiple open houses and public comment periods. The initial permit application addresses some early community questions and comments shared with Primergy prior to the filing.

“This is the first step in our journey to bring solar energy to the community around Hesperus, and we are grateful for the feedback we have already received from community members, La Plata County, and the State of Colorado,” said Kathryn Meyer, Director of Development at Primergy. “We look forward to working with our partners, landowners, and neighbors throughout the permitting process, and as we continue to develop and grow meaningful partnerships together.”

The Hesperus Solar Project is proposed to be located on approximately 1,900 acres in La Plata County on the Western Slope. The project includes 1,600 acres of private property, and 320 state-owned acres located on Fort Lewis College’s Old Fort at Hesperus Campus. The College and Primergy have entered into a solar energy planning lease to evaluate the suitability of those 320 acres for hosting a portion of the project.

When developing solar projects, Primergy’s approach includes complete ecosystem management, collaborative partnerships and equitable stakeholder engagement. An extensive archaeological survey, as well as aquatic, biological, geotechnical and geohazard surveys have been completed to ensure lasting community benefits.

Hesperus Solar is expected to generate $37 million in tax revenues over its lifespan. It will create more than 250 construction jobs and three permanent jobs. If approved, it is expected to be operational as soon as the end of 2025.

Primergy has 690MW of solar and 380MW of storage currently under construction and many projects under operation. The company also has several additional gigawatts of solar and storage expected to come online over the next three years as well as an active development pipeline for 2026 and beyond.

For more information about Primergy, please visit www.primergysolar.com and for more information about the Hesperus Solar Project, please visit primergysolar.com/our-projects/Hesperus.

About Primergy

Primergy is a developer, owner and operator focused on both distributed and utility scale solar PV and battery storage projects in North America with portfolios of nearly 10 GW of solar and battery energy storage projects in development, construction and operations in 17 different states. Primergy features a diverse and talented team with decades of experience in renewables project development, financing, construction and operations. Primergy is a portfolio company of Quinbrook Infrastructure Partners and represents Quinbrook’s principal solar and solar plus energy storage investment platform in North America.

Bryson Hull for Primergy
202-657-2855
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Safe and sustainable energy storage solution is first utility-scale deployment for BWP

WILSONVILLE, Ore.--(BUSINESS WIRE)--ESS Inc. (“ESS”) (NYSE: GWH), a leading manufacturer of long-duration iron flow batteries for commercial and utility-scale energy storage applications, and Burbank Water and Power (BWP) in California have entered into an agreement for ESS to deliver BWP’s first utility-scale battery storage project. Under the agreement, a 75 kW / 500kWh ESS Energy Warehouse™ will be installed and connected to a 265 kW solar array on the BWP EcoCampus.

The iron flow battery will support the increased use of renewable power and allow excess renewable energy to be stored and used as baseload energy for Burbank, improving the resilience and reliability of the grid. ESS iron flow battery technology is safe and non-toxic, offers a 25-year lifespan without capacity degradation, and is manufactured in the United States using domestically sourced, earth-abundant materials.

“ESS is pleased to partner with Burbank Water and Power to deploy the first long-duration energy storage project in the city,” said Hugh McDermott, ESS SVP of Business Development and Sales. “BWP is demonstrating the central role that energy storage will play in a decarbonized grid – supporting increasing amounts of renewable energy and enhancing operational resilience. We look forward to working with them to achieve their ambitious climate goals.”

“BWP is already using small-scale battery technology at our substations, but we see the value in adding considerably more storage to the network. This initiative will be the largest battery installed in Burbank, providing enough renewable power for 300 homes annually,” says Mandip Samra, Assistant General Manager for Power Supply at BWP. “The project is a big step forward to help meet our goal of having a greenhouse gas-free power supply by 2040 and providing energy storage for Burbank now and for decades to come.”

Long-duration energy storage will play a critical role in achieving California’s ambitious decarbonization goal: 100% zero-emission electricity by 2045. The California Energy Storage Alliance (CESA) estimates that the state will need nearly one gigawatt-hour (1000 MWh) of long-duration storage by 2030 to integrate intermittent renewable energy and optimize assets for a cleaner, more affordable and reliable grid.

The ESS Energy Warehouse™ is expected to be installed in Burbank by December 2023.

About ESS, Inc.
At ESS (NYSE: GWH), our mission is to accelerate global decarbonization by providing safe, sustainable, long-duration energy storage that powers people, communities and businesses with clean, renewable energy anytime and anywhere it’s needed. As more renewable energy is added to the grid, long-duration energy storage is essential to providing the reliability and resiliency we need when the sun is not shining, and the wind is not blowing.

Our technology uses earth-abundant iron, salt and water to deliver environmentally safe solutions capable of providing up to 12 hours of flexible energy capacity for commercial and utility-scale energy storage applications. Established in 2011, ESS Inc. enables project developers, independent power producers, utilities and other large energy users to deploy reliable, sustainable long-duration energy storage solutions. For more information visit www.essinc.com.

About BWP
BWP is a community-owned utility that provides reliable, affordable, and sustainable water and electric services to more than 55,000 residential and business customers in the City of Burbank, California. BWP has been operating for over 100 years, including nine years as an APPA RP3 Diamond level provider.

Forward-Looking Statements
This communication contains certain forward-looking statements regarding ESS and its management team’s expectations, hopes, beliefs, or intentions regarding the future. The words “estimate,” “expect,” “will” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Examples of forward-looking statements include, among others, statements regarding the Company’s ability to execute on orders and the Company’s relationships with third parties. These forward-looking statements are based on ESS' current expectations and beliefs concerning future developments. Many factors could cause actual future events to differ materially. Except as required by law, ESS is not undertaking any obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

ESS Contacts
Investors:
Erik Bylin
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Media:
Morgan Pitts
503.568.0755
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BWP Media Contact
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Navigating Near-term Challenges in the Operating Environment

GrafTech’s Facility in Monterrey, Mexico Remains Temporarily Suspended

BROOKLYN HEIGHTS, Ohio--(BUSINESS WIRE)--GrafTech International Ltd. (NYSE: EAF) ("GrafTech" or the "Company") today announced financial results for the quarter and nine months ended September 30, 2022.

Third Quarter 2022 Highlights

• Net income of $93 million

• Earnings per share ("EPS")⁽¹⁾ of $0.36 and adjusted EPS⁽¹⁾⁽²⁾ of $0.37

• Adjusted EBITDA⁽²⁾ of $129 million, for a 42% adjusted EBITDA margin⁽³⁾

• Sales volume of 36 thousand metric tons ("MT")

• Production volume of 38 thousand MT

• Cash flow from operating activities of $68 million

CEO Comments

"Third quarter results fell short of our expectations, reflecting near-term challenges in the operating environment," said Marcel Kessler, Chief Executive Officer and President. “Ongoing geopolitical tensions and global economic uncertainty have softened near-term demand for steel and, therefore, graphite electrodes. This, combined with the current inflationary environment and the impact of the suspension of our operations in Mexico, led to declines in our key operating and financial metrics for the quarter."

"I am proud of our team as they are working tirelessly to navigate the current market uncertainties, while pursuing all options to ensure our operations in Mexico can resume as promptly as possible," said Mr. Kessler. "In addition, we are aligning operating and capital expenditures with the current environment as we remain committed to maintaining a strong balance sheet. We are confident that these actions, supported by an industry-leading position and our sustainable competitive advantages, will optimally position GrafTech to benefit from the long-term growth of the graphite electrode market and to deliver future shareholder value."

Net sales for the third quarter of 2022 were $304 million, a decrease of 13% compared to $347 million in the third quarter of 2021. The decrease primarily reflected lower sales volume, including the impact of approximately four thousand MT of customer orders, predominately related to short-term agreements and spot sales ("non-LTA"), that could not be shipped due to the suspension of our operations in Monterrey, Mexico. A shift in the mix of our business to non-LTA volume from volume derived from our take-or-pay agreements that had initial terms of three-to-five years ("LTA") also contributed to the decline in net sales. These factors were partially offset by improved pricing on non-LTA volume.

Net income for the third quarter of 2022 was $93 million, or $0.36 per share, compared to $120 million, or $0.45 per share, in the third quarter of 2021. Adjusted EBITDA⁽²⁾ was $129 million in the third quarter of 2022, compared to $172 million in the third quarter of 2021, with the decline primarily reflecting lower sales volume and higher costs. We estimate that the suspension of our operations in Monterrey, Mexico had a negative impact of approximately $13 million on adjusted EBITDA in the third quarter of 2022, primarily reflecting the foregone sales volume. Adjusted EBITDA margin⁽³⁾ was 42% for the third quarter of 2022.

In the third quarter of 2022, cash flow from operating activities was $68 million and adjusted free cash flow⁽⁴⁾ was $52 million, with both measures decreasing compared to the same period in 2021 reflecting higher working capital and lower net income. For the third quarter of 2022, 41% of adjusted EBITDA⁽²⁾ was converted to adjusted free cash flow⁽⁵⁾.

GrafTech reported sales volume of 36 thousand MT in the third quarter of 2022, a decrease of 18% compared to the third quarter of 2021, consisting of 23 thousand MT of LTA volume and 13 thousand MT of non-LTA volume.

For the third quarter of 2022, the weighted-average realized price for our LTA volume was $9,400 per MT. For our non-LTA volume, the weighted-average realized price for graphite electrodes delivered and recognized in revenue in the third quarter of 2022 was $6,000 per MT, an increase of approximately 30% compared to the third quarter of 2021 and consistent with the weighted-average non-LTA price for the first six months of 2022.

Production volume was 38 thousand MT in the third quarter of 2022, a decrease of 5% compared to the third quarter of 2021. Annual planned maintenance work at our two European facilities occurred in the third quarter of both years.

Steel market capacity utilization rates have been as follows:

The table of estimated shipments of graphite electrodes under existing LTAs has been updated as follows to reflect our current expectations^(14)(15):

Update on Operations in Monterrey, Mexico

On September 15, 2022, inspectors from the State Attorney’s Office for the Secretary of Environment of the State of Nuevo León, Mexico issued a temporary suspension notice for our operations located in Monterrey, Mexico, as described in our Current Report on Form 8-K furnished on September 16, 2022. Currently, production operations in Monterrey remain shut down while certain activities, including movement of existing inventory, are permitted to continue.

While we are complying with the suspension notice, we strongly disagree with the course of action taken by the state authorities and will continue to seek resolution, including a restart of our Monterrey production operations. As we work to resolve this matter as promptly as possible, we are pursuing all available legal remedies, as well as engaging in dialogue with the respective state and local authorities involved in these matters. However, at this time, we are not able to assess how long production operations at our Monterrey facility will remain suspended.

Our facility in Monterrey has been operating since 1959, has over 550 employees and represents approximately 60 thousand MT of annual production capacity, or 30% of our total annual production capacity excluding St. Marys. Monterrey's operations can produce a broad portfolio of products, including various sizes of graphite electrodes and pins, and is currently our only site that produces the pin stock utilized for all of our graphite electrodes.

As such, we are pursuing several alternatives with respect to production and sourcing of pin stock as well as other mitigation activities to minimize the impact on our business and our customers if the Monterrey suspension continues for the foreseeable future. These include a potential restart of our St. Marys, Pennsylvania facility, where the scope of production is currently limited to graphitizing and machining of electrodes and pins⁽¹¹⁾. We anticipate these mitigation activities will take the first half of 2023 to fully implement, and we cannot provide any assurance that such measures will be effective in limiting the impact of the suspension.

Until operations in Monterrey are resumed or mitigation activities are successfully implemented, our ability to fulfill customer orders will be significantly impacted. Specific to the fourth quarter of 2022, after considering current pin stock inventory, we estimate the suspension will impact approximately 10 thousand MT to 12 thousand MT of such customer orders.

Capital Structure and Capital Allocation

As of September 30, 2022, GrafTech had cash and cash equivalents of $109 million and total debt of approximately $921 million. Maintaining a prudent and disciplined capital allocation strategy remains a priority for the Company. In the third quarter of 2022, we retained all of our free cash flow to increase the Company's liquidity position in order to support financial flexibility as we manage through near-term challenges, including the suspension of our operations in Monterrey. In the first half of the year, we repaid $110 million of our long-term debt and repurchased 6.7 million shares of our common stock for an aggregate of $60 million. We continue to expect full-year capital expenditures to be in the range of $70 million to $80 million in 2022.

Outlook

The current environment for the steel industry remains volatile with key markets, such as Europe, continuing to experience weakening demand as broader macroeconomic conditions deteriorate. Steel industry trends have also softened somewhat in the U.S., although the market remains comparatively healthy and more stable. As a result, we expect graphite electrode demand to remain soft in the fourth quarter of 2022 and into 2023 reflecting market dynamics, which continue to be dictated by geopolitical conflict and economic uncertainty.

At the same time, as is the case for nearly all industries, costs remain elevated for raw materials, energy and logistics. Due to the current inflationary environment, we anticipate sequential cost increases to continue in the fourth quarter of 2022.

In addition to the efforts to resolve the situation involving our Monterrey, Mexico facility, we are aligning operating and capital expenditures with the current environment as we remain committed to maintaining a strong balance sheet. Longer term, we remain confident that the steel industry’s accelerating efforts to decarbonize will lead to increased adoption of the electric arc furnace method of steelmaking, driving long-term demand for graphite electrodes. The actions we are taking will optimally position GrafTech to benefit from that long-term growth. In addition, our vertical integration into petroleum needle coke production via our Seadrift facility is a critical differentiator from our competitors and foundational for our ability to reliably deliver high-quality graphite electrodes.

Conference Call Information

In connection with this earnings release, you are invited to listen to our earnings call being held on November 4, 2022 at 10:00 a.m. (EDT). The webcast and accompanying slide presentation will be available on our investor relations website at: http://ir.graftech.com. The earnings call dial-in number is +1 (888) 396-8049 toll-free in North America or +1 (416) 764-8646 for overseas calls, conference ID: 84245557. Archived replays of the conference call and webcast will be made available on our investor relations website at: http://ir.graftech.com. GrafTech also makes its complete financial reports that have been filed with the Securities and Exchange Commission ("SEC") and other information available at: www.GrafTech.com. The information on our website is not part of this release or any report we file or furnish to the SEC.

About GrafTech

GrafTech International Ltd. is a leading manufacturer of high-quality graphite electrode products essential to the production of electric arc furnace steel and other ferrous and non-ferrous metals. The Company has a competitive portfolio of low-cost, ultra-high power graphite electrode manufacturing facilities, including three of the highest capacity facilities in the world. We are the only large-scale graphite electrode producer that is substantially vertically integrated into petroleum needle coke, a key raw material for graphite electrode manufacturing. This unique position provides us with competitive advantages in product quality and cost.

________________________

Cautionary Note Regarding Forward-Looking Statements

This press release and related discussions may contain forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect our current views with respect to, among other things, financial projections, plans and objectives of management for future operations, and future economic performance. Examples of forward-looking statements include, among others, statements we make regarding future estimated revenues and volumes derived from our LTAs, future pricing of non-LTAs, anticipated levels of capital expenditures, and guidance relating to earnings per share and adjusted EBITDA. You can identify these forward-looking statements by the use of forward-looking words such as “will,” “may,” “plan,” “estimate,” “project,” “believe,” “anticipate,” “expect,” “foresee,” “intend,” “should,” “would,” “could,” “target,” “goal,” “continue to,” “positioned to,” “are confident,” or the negative versions of those words or other comparable words. Any forward-looking statements contained in this press release are based upon our historical performance and on our current plans, estimates and expectations considering information currently available to us. The inclusion of this forward-looking information should not be regarded as a representation by us that the future plans, estimates, or expectations contemplated by us will be achieved. Our expectations and targets are not predictions of actual performance and historically our performance has deviated, often significantly, from our expectations and targets. These forward-looking statements are subject to various risks and uncertainties and assumptions relating to our operations, financial results, financial condition, business, prospects, growth strategy and liquidity. Accordingly, there are or will be important factors that could cause our actual results to differ materially from those indicated in these statements. We believe that these factors include, but are not limited to: the ultimate impact the COVID-19 pandemic has on our business, results of operations, financial condition and cash flows, including the duration and spread of any variants, the duration and scope of related government orders and restrictions, the impact on our employees, and the disruptions and inefficiencies in our supply chain; the ultimate impact the conflict between Russia and Ukraine has on our business, results of operations, financial condition and cash flows, including the duration and scope of such conflict, its impact on disruptions and inefficiencies in our supply chain and our ability to procure certain raw materials; the possibility that we may be unable to implement our business strategies, including our ability to secure and maintain longer-term customer contracts, in an effective manner; the cyclical nature of our business and the selling prices of our products, which may decline in the future, may lead to periods of reduced profitability and net losses in the future; the impact of inflation and our ability to mitigate the effect on our costs; the risks and uncertainties associated with litigation, arbitration, and like disputes, including disputes related to contractual commitments; the possibility that global graphite electrode overcapacity may adversely affect graphite electrode prices; our dependence on the global steel industry generally and the electric arc furnace steel industry in particular; the sensitivity of our business and operating results to economic conditions, including any recession, and the possibility others may not be able to fulfill their obligations to us in a timely fashion or at all; the competitiveness of the graphite electrode industry; our dependence on the supply of raw materials, including decant oil, petroleum needle coke, and energy, and disruptions in supply chains for these materials; our manufacturing operations are subject to hazards; changes in, or more stringent enforcement of, health, safety and environmental regulations applicable to our manufacturing operations and facilities; the legal, compliance, economic, social and political risks associated with our substantial operations in multiple countries; the possibility that fluctuation of foreign currency exchange rates could materially harm our financial results; the possibility that our results of operations could deteriorate if our manufacturing operations were substantially disrupted for an extended period, including as a result of equipment failure, climate change, regulatory issues, natural disasters, public health crises, such as the COVID-19 pandemic, political crises or other catastrophic events, including the suspension of our operations located in Monterrey, Mexico and our ability to resume operations in Monterrey; our dependence on third parties for certain construction, maintenance, engineering, transportation, warehousing and logistics services; the possibility that we are unable to recruit or retain key management and plant operating personnel or successfully negotiate with the representatives of our employees, including labor unions; the sensitivity of goodwill on our balance sheet to changes in the market; the possibility that we are subject to information technology systems failures, cybersecurity attacks, network disruptions and breaches of data security; our dependence on protecting our intellectual property and the possibility that third parties may claim that our products or processes infringe their intellectual property rights; the possibility that our indebtedness could limit our financial and operating activities or that our cash flows may not be sufficient to service our indebtedness; the possibility that restrictive covenants in our financing agreements could restrict or limit our operations; the fact that borrowings under certain of our existing financing agreements subject us to interest rate risk; the possibility that disruptions in the capital and credit markets could adversely affect our results of operations, cash flows and financial condition, or those of our customers and suppliers; the possibility that the market price of our common stock could be negatively affected by sales of substantial amounts of our common stock in the public markets, including by Brookfield Asset Management Inc. and its affiliates ("Brookfield"); the possibility that we may not pay cash dividends on our common stock in the future; and the fact that our stockholders have the right to engage or invest in the same or similar businesses as us.

These factors should not be construed as exhaustive and should be read in conjunction with the Risk Factors and other cautionary statements that are included in our most recent Annual Report on Form 10-K and other filings with the SEC. The forward-looking statements made in this press release relate only to events as of the date on which the statements are made. Except as required by law, we do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

Non‑GAAP Financial Measures

In addition to providing results that are determined in accordance with GAAP, we have provided certain financial measures that are not in accordance with GAAP. EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted EPS, free cash flow, adjusted free cash flow, and adjusted free cash flow conversion are non-GAAP financial measures.

We define EBITDA, a non‑GAAP financial measure, as net income or loss plus interest expense, minus interest income, plus income taxes and depreciation and amortization. We define adjusted EBITDA as EBITDA plus any pension and other post-employment benefit ("OPEB") plan expenses, adjustments for public offerings and related expenses, non‑cash gains or losses from foreign currency remeasurement of non‑operating assets and liabilities in our foreign subsidiaries where the functional currency is the U.

Michael Dillon
216-676-2000
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NEW YORK--(BUSINESS WIRE)--Volta Inc. ("Volta" or "the Company") (NYSE: VLTA) today announced that the Company will host its third quarter 2022 earnings conference call on Monday, November 14, 2022, at 5:00 p.m. (Eastern Time).

Interested investors and other parties can listen to the live conference call webcast by logging onto the Investor Relations section of the Company's website at https://investors.voltacharging.com.

The conference call can be accessed live over the phone by dialing + 1-888-999-6281 (domestic) or + 1-848-280-6550 (international). A telephonic replay will be available approximately two hours after the call by dialing +1-844-512-2921 or, for international callers, +1-412-317-6671. The PIN for the replay is 11152525. The replay will be available until 11:59 p.m. Eastern Time on November 28, 2022.

About Volta Inc.

Volta Inc. (NYSE: VLTA) is an industry-leading electric vehicle ("EV") charging and media company. Volta's unique network of charging stations powers vehicles and drives business growth while accelerating a clean energy future. Volta delivers value to site partners, brands, and consumers by installing charging stations that feature large-format digital advertising screens located steps away from the entrances of popular commercial locations. Retailers can attract and influence foot traffic, advertisers can precisely target audiences, and EV drivers can charge their vehicles seamlessly as they go about their daily routines. Volta's extensive network leverages its proprietary PredictEV™ platform, which uses sophisticated behavioral science and machine learning technology to help commercial property owners, cities, and electric utilities plan EV infrastructure intelligently, efficiently, and equitably. To learn more, visit www.voltacharging.com.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of federal securities laws. These forward-looking statements generally are identified by words such as “anticipate,” “believe,” “estimate,” “expect,” “future,” “intend,” “may,” “opportunity,” “plan,” “potential,” “project,” “should,” “strategy,” “will,” “would,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to the factors, risks and uncertainties included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and our Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2022 and June 30, 2022, as such factors may be updated from time to time in our other filings with the Securities and Exchange Commission (the "SEC"), accessible on the SEC’s website at www.sec.gov and the Investor Relations section of our website at www.voltacharging.com. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

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THOUSAND OAKS, Calif.--(BUSINESS WIRE)--All amounts are in U.S. Dollars unless otherwise indicated:

THIRD QUARTER 2022 HIGHLIGHTS

• Adjusted EBITDA⁽¹⁾ was $6.9 million in the third quarter of 2022 compared to $1.7 million in the third quarter of 2021, an increase of 296%. The increase was primarily due to an increase in production of 77% and an increase in average prices of 43%, partially offset by higher realized losses from commodity contracts in the third quarter of 2022
• Net income for the third quarter of 2022 was $9.3 million compared to net income of $0.6 million for the third quarter of 2021 due to increases in average prices and production and an unrealized gain on commodity contracts of $4.6 million in the third quarter of 2022
• Revenue, net of royalties was $9.9 million in the third quarter of 2022 compared to $3.9 million for the third quarter of 2021, which was an increase of 152%, as average prices increased by 43% and production increased by 77%
• Average netback from operations⁽²⁾ for the third quarter of 2022 was $55.16/boe, an increase of 54% from the prior year third quarter due to higher prices in 2022. Average netback including commodity contracts⁽²⁾ for the third quarter of 2022 was $49.69 per boe, an increase of 84% from the prior year third quarter
• Average production for the third quarter of 2022 was 1,702 BOEPD, an increase of 77% compared to third quarter 2021 production of 960 BOEPD. This increase is due to production from the Barnes 7-3H well and the Barnes 8-4H well
• Production and operating expenses per barrel averaged $7.77 per BOE in the third quarter of 2022 compared to $8.40 per BOE in the second quarter of 2021, a decrease of 8%. The decrease was due to increased production which reduced the per barrel fixed costs partially offset by higher production taxes due to an increase in prices
• In October 2022, the credit facility was redetermined and the borrowing base was increased from $20 million to $25 million. After the redetermination, the Company has $8.8 million of available borrowing capacity

1. Adjusted EBITDA is considered a non-GAAP measure. Refer to the section entitled “Non-GAAP Measures” of this earnings release.
2. Netback from operations and netback including commodity contracts are considered non-GAAP ratios. Refer to the section entitled “Non-GAAP Measures” of this earnings release.

KEI’s President and Chief Executive Officer, Wolf Regener commented:

“We are pleased that the Company generated third quarter 2022 adjusted EBITDA⁽¹⁾ of $6.9 million which was an increase of almost 300% from the prior year quarter. The Barnes 7-3H well and the Barnes 8-4H well, the first two wells in our 2022 drilling program, continue to exceed management’s type curve.

We are excited that we will bring three wells into production during the fourth quarter. The Company has just completed drilling the Glenn 16-3H well, which is the fifth well in our 2022 drilling program. The Emery 17-2H and Brock 9-3H wells have already been drilled. Completion operations on the Emery 17-2H well have begun, with production expected later in November. The completion operations on the Brock 9-3H well and the Glenn 16-3H well will be done concurrently immediately after the Emery 17-2H well with production expected in December.

Average production for the third quarter of 2022 was 1,702 BOEPD, an increase of 77% compared to third quarter 2021 production of 960 BOEPD due to new production from the Barnes 7-3H well and the Barnes 8-4H well.

Adjusted EBITDA⁽¹⁾ was $6.9 million for the third quarter of 2022 compared to $1.7 million for the prior year third quarter, an increase of 296%. The increase was primarily due to an increase in average prices of 43% and an increase in production of 77%, partially offset by higher realized losses from commodity contracts in the third quarter of 2022.

Net income in the third quarter of 2022 was $9.3 million, compared to a net income of $0.6 million in the third quarter of 2021. The increases were due to higher production and higher average prices and an unrealized gain on commodity contracts of $4.6 million in the third quarter of 2022.

Netback from operations⁽²⁾ increased to $55.16 per BOE in the third quarter of 2022 compared to $35.87 per BOE in the third quarter of 2021, an increase of 54%. Netback including commodity contracts⁽²⁾ for the third quarter of 2022 was $49.69 per BOE, an increase of 84% from the prior year third quarter. The 2022 increases compared to the same periods in the prior year were due to the increase in average prices.

Net revenue was $9.9 million in the third quarter of 2022 compared to $3.9 million for third quarter of 2021, which was an increase of 152% due to higher prices and higher production.

Operating expenses averaged $7.77 per BOE in the third quarter of 2022 compared to $8.40 per BOE in the third quarter of 2021, a decrease of 8%. The decrease was due to increased production which reduced the per barrel fixed costs partially offset by higher production taxes due to an increase in prices.

In October 2022, the credit facility with BOK Financial was redetermined and the borrowing base was increased from $20 million to $25 million. After the redetermination, the Company now has $8.8 million of available borrowing capacity.”

Third Quarter 2022 versus Third Quarter 2021

Oil and gas gross revenues totaled $12.7 million in the third quarter of 2022 versus $5.0 million in the third quarter of 2021. Oil revenues increased $6.7 million or 162% to $10.8 million as average oil prices increased by $23.91 per barrel or 34% to $93.52 and oil production increased by 95% to 1,252 boepd. Natural gas revenues increased by $0.7 or 219% to $1.0 million as natural gas prices increased $6.12/mcf or 149% and average natural gas production increased by 238 mcfpd or 28%. Natural gas liquids (NGLs) revenues increased $0.3 million or 55% as NGL prices increased 3% to $35.33/boe and NGL production increased by 91 boepd or 51%.

Average third quarter 2022 production per day increased 742 boepd or 77% from the third quarter of 2021. The increase was due to new production from the Barnes 7-3H well and the Barnes 8-4H well.

Production and operating expenses increased to $1.2 million in the third quarter of 2022, an increase of 64%. Operating expenses averaged $7.77 per BOE for the third quarter of 2022 compared to $8.40 per BOE for the same period in 2021. The decrease was due to increased production which reduced the per barrel fixed costs partially offset by higher production taxes due to an increase in prices.

Depletion and depreciation expense increased $1.0 million or 113% due to increased production and a higher PP&E balance after the reversal of previous impairment in the fourth quarter of 2021.

General and administrative expenses increased $0.3 million or 39% in the third quarter of 2022 due to due to increases in payroll costs and director fees in 2022 and additional non-recurring professional costs related to the share consolidation process.

Interest expense increased by 19% in the third quarter of 2022 compared to the same period in the prior year due to higher interest rates partially offset by principal payments on the credit which reduced the outstanding loan balance.

Finance income increased by $4.6 million in the third quarter of 2022 compared to the third quarter of 2021 due to realized gains on commodity contracts in the third quarter of 2022.

FIRST NINE MONTHS 2022 HIGHLIGHTS

• Adjusted EBITDA⁽¹⁾ was $18.3 million in the first nine months of 2022 compared to $4.7 million in the first nine months of 2021, an increase of 288%. The increase was primarily due to an increase in average prices of 66% and an increase in production of 58%, partially offset by higher realized losses from commodity contracts in the first nine months of 2022
• Net income for the first nine months of 2022 was $13.9 million compared to net loss of $1.3 million for the third quarter of 2021 due to increases in average prices and production and an unrealized gain on commodity contracts of $1.6 million in the first nine months of 2022
• Revenue, net of royalties was $27.8 million in the first nine months of 2022 compared to $10.7 million for first nine months of 2021, an increase of 160%, due to an increase in average production and average prices
• Average netback from operations⁽²⁾ for the first nine months of 2022 was $57.05/boe, an increase of 81% from the prior year period due to higher prices in 2022. Netback including commodity contracts⁽²⁾ for the first nine months of 2022 was $48.50/boe which was 93% higher than the prior year period
• Average production for the first nine months of 2022 was 1,563 BOEPD, an increase of 58% compared to first nine months 2021 production of 991 BOEPD. This increase is due to production from the Barnes 7-3H well and the Barnes 8-4H well
• Production and operating expenses per barrel averaged $8.17 per BOE in the both the first nine months of 2022 and 2021 as the decrease from increased production which reduced the per barrel fixed costs was offset by higher production taxes due to an increase in prices

1. Adjusted EBITDA is considered a non-GAAP measure. Refer to the section entitled “Non-GAAP Measures” of this earnings release.
2. Netback from operations and netback including commodity contracts are considered non-GAAP ratios. Refer to the section entitled “Non-GAAP Measures” of this earnings release.

First Nine Months of 2022 versus First Nine Months of 2021

Oil and gas gross revenues totaled $35.9 million in the first nine months of 2022 versus $13.7 million in the first nine months of 2021, an increase of 163%. Oil revenues were $31.3 million in the first nine months of 2022 versus $11.5 million in the same period of 2021, an increase of 172% as average oil prices increased 60% to $100.91 a barrel and oil production increased by 69% to 1,137 boepd. Natural gas revenues increased $1.3 million or 157% due to an average natural gas price increase of 106% and a 25% increase in natural gas production. NGL revenue increased $1.1 million or 86% due to an average NGL price increase of 33% and an increase in NGL production of 40% in the first nine months of 2022 compared to the comparable prior year period.

Average production per day for the first nine months of 2022 increased 58% from the prior year comparable period. The increase was due to new production from the Barnes 7-3H well and the Barnes 8-4H well.

Production and operating expenses increased to $3.5 million or 58% in the first nine months of 2022 compared to the prior year period. Production and operating expenses per barrel averaged $8.17 per BOE in the both the first nine months of 2022 and 2021 as the decrease from increased production which reduced the per barrel fixed costs was offset by higher production taxes due to an increase in prices.

Depletion and depreciation expense increased $2.4 million due to increased production and a higher PP&E balance after the reversal of previous impairment in the fourth quarter of 2021.

General and administrative expenses increased $0.4 million or 17% in the first nine months of 2022 due to due to increases in payroll costs and director fees in 2022 and additional non-recurring professional costs related to the share consolidation process.

Finance income increased by $1.6 million due to unrealized gains on financial commodity contracts recorded in 2022.

Finance expense decreased $1.0 million in the first nine months of 2022 due to an unrealized loss on commodity contracts of $3.0 million in 2021 partially offset by higher realized losses on commodity contracts which increased by $2.0 million compared to the prior year period.