Global gas processing executive to lead the company’s commercialization of innovative Direct Air Capture technology, targeting the removal of 500 million tons of CO2 by 2040.

CARY, N.C.--(BUSINESS WIRE)--Dr. Mary Haas has been appointed CEO of Sustaera Inc., a direct air capture technology company funded by Breakthrough Energy Ventures and the Grantham Foundation. The appointment is effective immediately, with Dr Haas also serving as a member of the company’s Board of Directors

Dr. Haas joins Sustaera from Air Products and Chemicals (NYSE:APD) where she most recently served as Executive Director and General Manager of the company’s $200 MM Global Equipment Division. Her accountability spanned all aspects of Strategy, Business Development, Sales, Research, Manufacturing, Supply Chain, and Project Delivery. Under her leadership, the division evolved significantly with multiple acquisitions and multiple geographic expansions, resulting in EBITDA growth of more than 150% in four years. Dr Haas brings nearly 20 years of gas processing experience to the Sustaera team, as well as global customer experience across all seven (7) continents. Her extensive career at Air Products includes leadership roles in Technology Development, Global Operations, Business Transformation, and Industrial Gas Sales. She holds a Lean Six Sigma Master Black Belt certification, with >$14 MM in productivity impact to the bottom line.

Chairman of the Sustaera board and Venture Partner at Breakthrough Energy Ventures, Dr. Dan Button highlights that “BEV is excited to have complemented a highly innovative, passionate team at Sustaera with an executive of Mary’s caliber. Her proven, global business leadership in the gas processing industry coupled with expertise in team development, quality systems and new technologies represent a tremendous asset to help Sustaera realize the full economic and climate potential of its breakthrough carbon removal solution.”

Sustaera Co-Founder and CTO, Dr. Raghubir Gupta adds, “We are thrilled to have Mary leading Sustaera moving forward as we look to begin developing multiple direct air capture plants in collaboration with multiple storage and business partners around the world. She brings with her exceptional industry and leadership experience that will take Sustaera to the next level of growth.”

Dr. Haas holds eight (8) patents and 40 scholarly publications/presentations. She received a 2018 Air Products Chairman Award for Leadership, and a 2013 Air Products Innovation Award. She has a PhD in Materials Science from Princeton University and is a passionate STEM advocate.

“I’m thoroughly impressed with the innovation and commitment of the Sustaera team”, shares Dr. Haas. “The technology is compelling as an economically viable solution, and the mission of carbon reduction has never been more important. Our strong partnership with investors and Department of Energy, as well as the team’s recent XPRIZE award reflect excellent momentum. I’m honored to contribute to the company’s future of growth and to add my expertise to a strong foundation”.

About Sustaera

Based in Cary, North Carolina, Sustaera is a Direct Air Capture technology startup with deep expertise in carbon capture, separations chemistry and process scale-up. Sustaera’s mission is to deliver low-cost, scalable, carbon removal systems to the world to “Restore the Carbon Balance”. Sustaera’s core technology is based on several patented breakthroughs in material science, process design, and modular manufacturing. The company is building a North America pilot plant, operational in 2023. More information at www.sustaera.com

Sudarshan Gupta
VP, Commercialization
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.sustaera.com

• Legislation currently includes 30% tax credit up to $40,000 on purchase of Hyliion Hypertruck ERX units

AUSTIN, Texas--(BUSINESS WIRE)--Hyliion Holdings Corp. (NYSE: HYLN) (“Hyliion”), a leader in electrified powertrain solutions for Class 8 semi-trucks, is pleased with the movement surrounding the Inflation Reduction Act of 2022, and its proposed legislation aiming to significantly reduce carbon emissions by 2030.

“We are encouraged by the agreement in the Senate and applaud any congressional efforts that make greener technology more accessible,” said Hyliion founder and CEO Thomas Healy. “The inclusion of $385 billion in energy and climate spending and tax breaks signals that Congress recognizes a reduction in greenhouse gas emissions, especially when it comes to the transportation industry, is imperative in addressing climate change.”

As currently written, Hyliion’s Hypertruck ERX will qualify fleets to receive a 30% tax credit up to $40,000 per vehicle adopted. This push against fossil fuel reliance further opens the door for the adoption low emissions technology like the Hypertruck ERX, which can achieve net-negative carbon emissions for commercial fleets when fueled with renewable natural gas.

“The carbon reduction investments included in the Inflation Reduction Act can have a transformative impact on a sustainable future, and we ask our federal government to keep its foot on the pedal to further accelerate the adoption of cleaner technologies in every sector. The tax credit offered in this bill presents a major opportunity for Hyliion to help the trucking industry and the country work toward achieving its ambitious but necessary carbon reduction goals,” added Healy.

About the Hypertruck ERX

The Hypertruck ERX™ is an electric powertrain that is recharged by an onboard natural gas generator for Class 8 commercial trucks that aims to provide lower operating costs, emissions reductions, and superior performance. Utilizing the 700+ commercial natural gas vehicle filling stations across North America, it enables long range and quick refueling, and when fueled with renewable natural gas, can provide net-negative carbon emissions to commercial fleets.

About Hyliion

Hyliion’s mission is to reduce the carbon intensity and greenhouse gas (GHG) emissions of Class 8 commercial trucks by being a leading provider of electrified powertrain solutions. Leveraging advanced software algorithms and data analytics capabilities, Hyliion offers fleets an easy, efficient system to decrease fuel and operating expenses while seamlessly integrating with their existing fleet operations. Headquartered in Austin, Texas, Hyliion designs, develops, and sells electrified powertrain solutions that are designed to be installed on most major Class 8 commercial trucks, with the goal of transforming the commercial transportation industry’s environmental impact at scale. For more information, visit www.hyliion.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 present or historical fact included in this press release, regarding Hyliion and its future financial and operational performance, as well as its strategy, future operations, estimated financial position, estimated revenues, and losses, projected costs, prospects, plans and objectives of management are forward looking statements. When used in this press release, including any oral statements made in connection therewith, 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, Hyliion expressly disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements herein, to reflect events or circumstances after the date of this press release. Hyliion cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Hyliion. These risks include, but are not limited to, Hyliion’s ability to disrupt the powertrain market, Hyliion’s focus in 2022 and beyond, the effects of Hyliion’s dynamic and proprietary solutions on its commercial truck customers, accelerated commercialization of the Hypertruck ERX™, the ability to meet 2022 and future product milestones, the impact of COVID-19 on long-term objectives, the ability to reduce carbon intensity and greenhouse gas emissions and the other risks and uncertainties set forth in “Risk Factors” section of Hyliion’s annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 24, 2022 for the year ended December 31, 2021. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. 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 different materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact Hyliion’s operations and projections can be found in its filings with the SEC. Hyliion’s SEC Filings are available publicly on the SEC’s website at www.sec.gov, and readers are urged to carefully review and consider the various disclosures made in such filings.

Hyliion Holdings Corp.
Ryann Malone
This email address is being protected from spambots. You need JavaScript enabled to view it.
(833) 495-4466

Sharon Merrill Associates, Inc.
Nicholas Manganaro
This email address is being protected from spambots. You need JavaScript enabled to view it.
(617) 542-5300

2022 Powering Safe Communities Program Awards Over $170,000 for Electric Vehicle Charging and Public Safety Projects Across Northern Illinois

DEKALB, Ill.--(BUSINESS WIRE)--ComEd today joined the Metropolitan Mayors Caucus (MMC) to announce the winners of grants to fund community infrastructure projects that promote public safety and access to clean transportation. As part of the annual Powering Safe Communities program, ComEd and MMC have awarded 21 community grants totaling $171,000 to help launch community-driven projects across the region, from innovative pedestrian safety technology to clean transportation projects that support the adoption of electric vehicles (EVs) and are designed to reduce carbon emissions and improve community resiliency.

“ComEd is proud to partner with the Metropolitan Mayors Caucus to spearhead investment in EV charging infrastructure, public safety and clean transportation projects across the region,” said Gil C. Quiniones, CEO of ComEd. “This year’s program fulfills our commitment to helping cities and towns across ComEd’s service territory achieve the vision of the Illinois Climate & Equitable Jobs Act and adopt new technology that will accelerate electrification, improve air quality and make our communities cleaner and safer for the future.”

The 2022 Powering Safe Communities grants mark the eighth year of the program, which has awarded 157 grants totaling $1.7 million to communities across northern Illinois. As a testament to growing interest in electric vehicles, the program in recent years has helped deliver $230,000 for clean transportation and EV charging projects.

"Through the Powering Safe Communities grants program, we are thrilled to be cutting carbon emissions and providing northern Illinois communities the infrastructure needed for climate progress," said Mayor Kevin Burns of Geneva, and Environment Committee Chairman of the Metropolitan Mayors Caucus. "Electric vehicles and charging stations have significant emission benefits over conventional vehicles. By working with ComEd to provide grant funding to communities and through the EV Readiness partnership, we are clearing the way to electrify our cities throughout the metropolitan region and beyond."

The grant announcement was made at the ribbon-cutting of a new EV charging station in the City of DeKalb, which was made possible by a 2021 ComEd Powering Safe Communities grant. Installation of the new charging station at Van Buer Plaza was completed in April 2022. In the short time the charging station has been open, it has connected 100 charging customers, creating nearly 600 kg in greenhouse gas savings.

“The electric vehicle charger provided by the ComEd and Metropolitan Mayors Caucus Powering Safe Communities program has been a tremendous addition to downtown DeKalb,” said DeKalb Mayor Cohen Barnes. “EV owners can visit our downtown’s shops and restaurants while charging up, supporting our local economy and environmental sustainability.”

The 21 ComEd Powering Safe Communities Program grant recipients for 2022 are:

City of Joliet: This grant will support the purchase and installation of two EV charging stations at the commuter parking lot adjacent to Gateway Center Train Station and Slammers Stadium – two key locations in the City’s new EV Charging Station Program designed to improve health outcomes and reduce reliance on fossil fuels.

City of Lake Forest: This project will help support the purchase, installation and maintenance costs for two new EV charging stations in the City’s Forest Avenue parking lot, located adjacent to historic Market Square in the heart of the City's Central Business District.

City of Rockford: The grant will support the purchase and installation of a dual-port level 2 EV charging station in downtown Rockford, allowing two cars to charge at one time. This would be the City's first step in advancing EV charging infrastructure and will be located in a high utilization area for the Rockford Region.

Fox Lake Police Department: The grant will support the purchase and maintenance costs for two new License Plate Reader cameras, which will be used to monitor and reduce traffic along busy thoroughfares, and to protect public safety in the event of traffic infractions.

Maple Park Police Department: This grant will support the purchase of two solar powered portable speed signs to enhance the village's neighborhood traffic calming program. The signs will warn drivers when they exceed the speed limit and will log traffic data for future traffic calming decisions, including increased enforcement, engineering changes and making village roads safer for vehicles and residents.

Village of Buffalo Grove: The Village of Buffalo Grove will install three Level 2 charging stations at Fire Stations 26 and 27. The grant will be used to remove barriers to EV usage for Fire Department employees and will support the cost of installation for the Village Fire Department.

Village of Bull Valley: This grant will help the Village of Bull Valley to outfit 30 miles of winding rural roads with LED-lighted stop signs and additional pieces of equipment to improve driver compliance with stop signs and speed limits, calm traffic and increase overall driver and pedestrian safety when the roads are dark.

Village of Burnham: The grant will be used to support the purchase and installation of new radar speed monitor signs in traffic areas. These new solar powered signs will offer a sustainable method for alleviating traffic and improving roadway and pedestrian safety.

Village of Elburn: The grant will support the purchase and installation of one EV charging station available for public charging use, located at North 1st Street and East North Street.

Village of Franklin Park: The grant will be used to purchase and install four new EV charging stations. Two charging stations will be designated to serve municipal owned electric vehicles and the village’s public works facility and the other two charging stations can be used by the public at the Village Hall.

Village of Forest Park: The grant will support the installation of two EV charging stations located at the Constitution Court parking lot, serving patrons and employees along Madison Street, the Village's main street.

Village of Fox River Grove: The grant will be used to support driver safety initiatives through the purchase of new solar-powered radar signs to deter speeding, and road flares used to notify drivers in the event of a safety hazard.

Village of Lincolnwood: The grant will support the purchase and installation of a new EV charging station located in the Morse Avenue parking lot, serving patrons of Proesel Park and the Village Hall Campus.

Village of Lombard: The grant will be used to support installation of two new EV charging located within the central business district—marking the first public charging stations set to arrive to the Village.

Village of McCook: The grant will help support the addition of solar-powered radar signs, equipped with data collection technology, to help reduce high-speed motor traffic that poses a danger to other drivers and pedestrians. This project will enhance the Village’s enforcement efforts and protect community safety near community playgrounds and parks, and in the central business district.

Village of Niles: The grant will cover the costs of a new EV charging station and designation parking station on Church Street.

Village of Richmond: The grant will be used to install Richmond's first electric vehicle charging station in the downtown area, promoting the use of green transportation.

Village of Riverside: The grant will be used to support construction of two new EV charging stations located along East Burlington Street and Bloomingbank Road. Located near the train station and Riverside’s Central Business District, this project seeks to encourage green transportation by offering charging options to commuters and visitors.

Village of Shabbona: The grant will be used to support the addition of new speed radar signs to help alert traffic near schools, which see a high volume of tractor trailers due to the predominance of agriculture activity in the area.

Village of Wheeling: This grant will support the purchase of a new dual port charging station located at Wheeling Village Hall, serving employees as well as visitors free of charge. This new charging station will help Wheeling deliver the network of charging pace with growing demand for EVs, building on existing charging stations currently located at the local train station.

Willowbrook Police Department: The grant will help support the purchase of a new License Plate Reader Camera. This technology will help police officers monitor speeding in high-risk areas.

“In Rockford, we are focused on sustainability and stand in support of developing needed transportation alternatives for our region,” said Rockford Mayor Tom McNamara. “That’s why we’re thrilled to receive this grant for EV charging infrastructure that will help to advance our community’s future readiness.”

“In the Village of Burnham, we are very concerned with safe passage for our students in school zones and residents overall,” said Burnham Mayor Robert Polk. “We sincerely appreciate ComEd for assisting us with enhancing safety in our community through this grant that will help us to install the new solar powered radar speed monitor signs.”

The new funding to support clean transportation builds on ComEd’s ongoing efforts to accelerate EV adoption for the region. Last month, ComEd announced its Beneficial Electrification program, which, pending approval by the Illinois Commerce Commission, would provide $100 million annually to help communities promote equitable access to EVs, lower costs of EV adoption for customers and communities, and accelerate the buildout of a large network of EV charging infrastructure serving the region.

In May, ComEd announced a $225,000 investment to support the launch of the EV Ready Program – a joint initiative with the Metro Mayors Caucus aimed at reducing barriers to EV technology by helping communities to create policy and programs that support safe and equitable integration across the region.

These and other EV capacity building efforts by ComEd will support the goals of the recently enacted clean energy law in Illinois, the Climate and Equitable Jobs Act, which calls for putting 1 million EVs on the road by 2030. For residential customers who want to learn more about transitioning to EVs, ComEd offers an EV toolkit.

For more information on the Powering Safe Communities program, visit http://mayorscaucus.org/initiatives/environment/psc/.

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

County executives and project partners recently broke ground on the project

ROCKVILLE, Md.--(BUSINESS WIRE)--#cleanenergy--Standard Solar and Anne Arundel County Department of Public Works in Maryland have begun work to develop a solar project providing clean energy to Bureau of Utility Operations facilities. The systems will be located in Millersville and consist of a combination of four carports and seven rooftop solar arrays, totaling 1.3 megawatts (MW).

“This project shows that saving tax-payer money and protecting the environment do not have to be mutually exclusive,” said County Executive Steuart Pittman. “I am proud that Anne Arundel County is a leader in efforts to create affordable clean energy solutions where possible.”

The system is expected to cover more than 90% of the total annual electricity needs of the Bureau’s Complex. In the first year of production, the combined systems are predicted to generate 1,645 megawatt-hours (MWh) of clean electricity.

“This project is critical in helping Maryland further its position as a leader in the nation’s clean energy transition,” said Daryl Pilon, Director of Business Development, Standard Solar. “Working with local governments like Anne Arundel County to achieve sustainable operations while saving money is a fundamental piece of our nation’s energy solution. And, we’re particularly proud to add this project to the company’s ever-expanding portfolio in our home state.”

The Anne Arundel County Department of Public Works solar project is partially funded by a grant from Maryland Governor Hogan’s Energy Water Infrastructure Program.

Currently, Maryland’s Renewable Portfolio Standards (RPS) are on target to reach 50% clean electricity by 2030 and 100% by 2040. This project is another step towards helping the state achieve these ambitious goals.

About Standard Solar
Standard Solar is powering the nation’s energy transformation – channeling its project development capabilities, financial strength and technical expertise to deliver the benefits of solar, as well as solar + storage, to businesses, institutions, farms, governments, communities and utilities. Building on nearly two decades of sustainable growth and in-house and tax equity investment capital, Standard Solar is a national leader in the development, funding and long-term ownership and operation of commercial, industrial and community solar assets. Recognized as an established financial partner with immediate, deep resources, the company owns and operates more than 280 megawatts of solar, in 22 states, across the United States. Standard Solar is based in Rockville, Md. Learn more at standardsolar.com, LinkedIn and Twitter: @StandardSolar. For project acquisition and development inquiries, contact Daryl Pilon, 717-201-0402, This email address is being protected from spambots. You need JavaScript enabled to view it. and on LinkedIn.

PR Contact:
Leah Wilkinson
Wilkinson + Associates
703-907-0010
This email address is being protected from spambots. You need JavaScript enabled to view it.

ORLANDO--(BUSINESS WIRE)--Despite concerns over supply chain interruptions and tariff investigations, the U.S. solar industry saw record solar and energy storage demand in 2021. Eitri Foundry can attest to this, having one of its busiest years yet. Solar Power World has recognized the company's installation success by ranking Eitri Foundry at No. 1 in the state of Ohio on the 2022 Top Ohio Solar Contractors List, and at No. 114 on the national 2022 Top Solar Contractors list.

“We started Eitri Foundry to serve Ohio municipal partners because we saw the benefits of non-escalating, long-term energy contracts that our solar projects offer,” explains Lian Niu, Managing Member of Eitri Foundry. “Our projects have been an effective hedge against inflation and volatile energy markets, while also providing added tax revenues that support public services. We’ve focused on Ohio since day 1, so it’s an honor to have our partners embrace our work and being named #1 in the state is a momentous milestone for us!”

Eitri Foundry, an industry-leading solar energy development & EPC firm, has installed 17,985 kW in 2021, and a cumulative total of 39,200 kW in Ohio since being founded in 2017.

“We’re able to deliver on this scale because we have incredible local partners,” says Christopher McCabe, Director of Operations. Eitri works closely with local manufacturers, service providers, and community leaders to develop and build projects in a manner that ensure mutual success. “Looking forward, I’m certain that our commitment to our partnership-focused mentality will lead to continued growth and many more completed projects in the state.”

The Top Solar Contractors list is developed each year by industry magazine Solar Power World to honor the work of solar installers in the United States. Solar firms in the utility, commercial and residential markets are ranked by number of kilowatts installed in the previous year. Companies are grouped and listed by specific services, markets, and states.

About Eitri Foundry

Eitri Foundry provides development, design, construction, and finance services for solar energy projects. With a strong emphasis on value, partnerships, and community, we strive to bring the most cost-effective and benefit-producing solutions. Since 2017, Eitri has deployed ~$40M of private capital to promote public power projects that strengthen communities, support local jobs, spur economic development, and ultimately drive value to the local partners and neighbors in the communities we build for. Leveraging our core competencies, we produce industry-leading results such as a track record of project completion within 1 year or less.

About Solar Power World

Solar Power World is the leading online and print resource for news and information regarding solar installation, development, and technology. Since 2011, SPW has helped U.S. solar contractors — including installers, developers and EPCs in all markets — grow their businesses and do their jobs better.

Eitri Foundry
Aaron Bennet, community engagement specialist
407-543-6321
This email address is being protected from spambots. You need JavaScript enabled to view it.

Solar Power World
Kelly Pickerel, editor in chief
216-860-5259
This email address is being protected from spambots. You need JavaScript enabled to view it.

AMSTERDAM--(BUSINESS WIRE)--#insurance--AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of Mutua de Riesgo Maritimo, Sociedad de Seguros a Prima Fija (Murimar) (Spain).

The Credit Ratings (ratings) reflect Murimar’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).

The revision of the outlooks to negative reflects pressure on Murimar’s ERM due to AM Best’s concerns about the appropriateness of its capital management, underwriting guidelines and risk culture in the context of significant business growth seen over the past 24 months and expansion plans.

Murimar’s balance sheet strength is underpinned by its risk-adjusted capitalisation, which remained at the strongest level at year-end 2021, as measured by Best’s Capital Adequacy Ratio (BCAR). The BCAR scores were affected negatively by a large claim reported from a new multi-risk product for small and medium enterprises. However, this was offset by positive results stemming from the mutual’s recent change in its reinsurance structure. The large claim has been paid fully and furthermore, corrective measures to address underwriting controls for co-insured policies have been put in place.

Murimar’s balance sheet strength is supported further by an adequate reserving approach, which has reported favourable reserve developments over the past five years. Offsetting factors for the balance sheet strength assessment include real estate holdings in Spain and a small capital base, which has the potential to exacerbate the sensitivity of its solvency position.

Murimar’s operating performance is considered adequate, taking into account AM Best’s expectations of stable future earnings. In recent years, the mutual’s underwriting results have shown a positive trend. In 2021, however, the large claim increased the mutual’s loss ratio to 80.4% and raised the combined ratio to 100.5% from 95.4% in 2020 (as calculated by AM Best). Prospectively, AM Best expects the mutual to achieve improved combined ratios compared with levels seen in 2020, following the change in its reinsurance structure. In addition, the mutual has taken steps to re-balance its current high-frequency and low-severity loss risk profile, as well as to improve its investment income through diversification of its asset portfolio.

Murimar is a niche insurer focused on marine hull and cargo insurance for small-to medium-sized vessels in Spain. Murimar ranks fourth overall in Spain’s marine market and first in its fishing vessel segment. In 2021, Murimar reported non-life gross written premium (GWP) of EUR 27.3 million. Distribution through Murimar’s strong agency network and effective client retention aided by its mutual status support the market positions. Although concentrated in its domestic market, Murimar has started to expand internationally over the past two years. In 2021, international business represented 22% of its GWP, reflecting a 21% increase in international premium over 2020 reported figures.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2022 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Giannina Carbajal Ortiz
Financial Analyst
+31 20 308 5428
This email address is being protected from spambots. You need JavaScript enabled to view it.

Dr. Angela Yeo
Senior Director, Analytics
+31 20 308 5421
This email address is being protected from spambots. You need JavaScript enabled to view it.

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
This email address is being protected from spambots. You need JavaScript enabled to view it.

Jeff Mango
Managing Director,
Strategy & Communications
+1 908 439 2200, ext. 5204
This email address is being protected from spambots. You need JavaScript enabled to view it.

New 2050 vision expands ambitious 2030 goals supporting clean, affordable transportation

MINNEAPOLIS--(BUSINESS WIRE)--Xcel Energy today announced a new transportation vision that drives toward providing the infrastructure and energy to run all vehicles in its service area on carbon-free electricity or other clean energy by 2050. Expanding upon the company’s existing 2030 electric vehicle (EV) vision supports its overall goal to become a net-zero energy provider by 2050. By enabling a zero-carbon transportation future, the company’s clean energy can also help customers save billions of dollars in fuel costs and deliver cleaner air for everyone.

“Xcel Energy is making incredible progress and has already reduced power sector carbon emissions by 50% since 2005,” said Bob Frenzel, chairman, president, and CEO of Xcel Energy. “As we expand our clean energy leadership to transportation, which is the largest emitter of greenhouse gases in the nation, we know that electric vehicles are a key component of our comprehensive strategy to be a net-zero energy provider by 2050.”

Xcel Energy’s zero-carbon transportation vision for 2050 includes:

• Providing the fueling infrastructure and energy system to run all vehicles in its service area on carbon-free electricity or other clean energy.
• Ensuring all customers can access affordable, convenient electric vehicle charging at or within one mile of their homes and that underserved communities have opportunities to participate in Xcel Energy programs and the economic development benefits associated with zero-carbon transportation.
• Operating a zero-carbon Xcel Energy fleet.

Xcel Energy was the first in the industry to set ambitious greenhouse gas goals across all the ways its customers use energy: electricity, heating and transportation. The new vision complements the company’s interim goal of enabling one out of five vehicles in the areas it serves to be electric by 2030 which was announced in August of 2020. Under its 2050 vision, all vehicles would run on zero-carbon fuel, which may be electricity or other clean energy like carbon-free hydrogen for future fuel cell electric vehicles.

“To avoid the most catastrophic effects of climate change, we must drastically reduce greenhouse gas emissions in the coming decades,” said Jason Albritton, director, climate and energy policy, The Nature Conservancy. “Meeting this challenge will require all companies to reduce emissions from their own operations and work collaboratively with governments, NGO partners, and customers to drive innovation and climate action. A carbon-free transportation sector is essential for meeting climate goals and will provide significant health benefits, particularly in urban areas. Today’s commitment from Xcel Energy is an important step and will hopefully serve as an example to businesses from all economic sectors while spurring additional state and federal policy action to address the climate crisis.”

“Xcel Energy’s goal for a zero-carbon transportation sector in their service territory by 2050 is the type of ambitious commitment needed to decarbonize one of the highest emitting sectors of the economy,” said Armond Cohen, President of Clean Air Task Force (CATF). “CATF looks forward to seeing concrete programs developed and implemented to achieve this goal—including further details on enabling an equitable transition and providing zero-carbon fuels like hydrogen for the transportation sector—and we hope to see other utilities pursuing similar commitments.”

With Xcel Energy increasing the amount of renewable and carbon-free energy on its system, an electric vehicle powered with Xcel Energy electricity in 2021 was over 55% cleaner than a conventional gasoline-powered vehicle and is expected to be at least 80% cleaner by 2030, under its plans for reducing carbon emissions. Lower cost is another key benefit – charging an EV during off-peak rate periods currently costs the equivalent of about $1 per gallon of gasoline or less, saving customers $1 billion annually on fuel by 2030.

“Xcel Energy has been a national leader in both decarbonizing its generation fleet and promoting forward-leaning policies on transportation electrification for the past several years, and now it is taking the conversation to a new level,” said Phil Jones, Executive Director, Alliance for Transportation Electrification (ATE). “In addition to its bold vision, Xcel Energy is also proposing specific and tangible programs in its States to accelerate progress now. The utility must play a key role in enabling this market transformation, engaging with its host sites and customers, and managing the charging data in a way that benefits both the customers and the overall electric grid. That is why ATE and I support this plan strongly and will work to bring these programs and tariffs to a tangible reality soon.”

To help make its clean transportation vision a reality, Xcel Energy will continue expanding programs, including those that make charging EVs at home, at work and on the go convenient and affordable for all customers. Its transportation vision supports everyone in the communities it serves to experience the benefits of electric transportation, whether they own an EV, use public transit, or benefit from improved air quality. The 2030 interim goal also aligns with several state targets in its service areas, such as those of Colorado and Minnesota.

“Xcel Energy is embarking on a vision to place diversity, equity and inclusion at the center of this strategy and sets a path forward to provide access to clean transportation for all,” said Terry Travis, managing partner of EVNoire. “We view this effort as a step towards a vision for a cleaner and greener transportation future benefitting all communities.”

Expanding electric vehicle programs and public charging

To help drive toward this clean transportation future, the company today filed proposals in Minnesota and Wisconsin for new and enhanced electric vehicle charging programs to make charging at home easy, fast and more affordable for all customers. The proposal also includes expanded solutions supporting public charging, businesses, multifamily buildings, community charging, transit and electric school buses.

The proposal would significantly increase the number of public EV charging stations in Minnesota and Wisconsin, making it easier for drivers to charge on the go, by adding about 750 high-speed charging stations across the two states, including up to about 1,500 charging ports total by 2026. This expansion positions the Upper Midwest as a national leader in accessible, affordable charging options, allowing Xcel Energy to work with interested communities and site hosts to locate charging stations in both urban and rural areas, particularly along interstates, state highways and other traffic corridors.

The proposal also enhances the successful EV Accelerate at Home program, which provides a turn-key option working with local electricians to install a home charger, in both states to better meet customers’ needs and expands programs and charger options to help businesses provide EV charging for employees, renters, fleet vehicles and the public.

These proposals are in addition to existing offers in some of Xcel Energy’s states that support the vision. In 2021, the company launched a record 14 new clean transportation programs in Colorado and Minnesota, and this year, rolled out a suite of new EV programs for customers in New Mexico. The new programs are in addition to those already offered to customers in Minnesota and Wisconsin.

In Minnesota, an electric school bus pilot is also proposed, as part of the company’s partnerships, research and innovation initiative. Through the school bus pilot, Xcel Energy will help address the significant upfront cost and operational challenges of transitioning to electric buses and better understand how these buses can most efficiently support and integrate into the electric grid, among other research objectives. Pending regulatory approval, the 32 buses will be used in a vehicle-to-grid demonstration project to help maximize the benefits of electric buses to schools and to the electric grid.

For more information on EVs and available programs, visit xcelenergy.com/EV.

About Xcel Energy

Xcel Energy (NASDAQ: XEL) provides the energy that powers millions of homes and businesses across eight Western and Midwestern states. Headquartered in Minneapolis, the company is an industry leader in responsibly reducing carbon emissions and producing and delivering clean energy solutions from a variety of renewable sources at competitive prices. For more information, visit xcelenergy.com or follow us on Twitter and Facebook.

Xcel Energy Media Relations
(612) 215-5300
www.xcelenergy.com

SYDNEY & NEW YORK & SAN FRANCISCO--(BUSINESS WIRE)--Xpansiv, the premier market-infrastructure platform for global carbon and environmental commodities, today completed its acquisition of APX, the leader in registry infrastructure for energy and environmental markets. The acquisition brings together two innovators with the technologies and capabilities to empower markets to scale with liquidity and efficiency.

Xpansiv connects buyers and sellers of environmental commodities and provides market data for voluntary carbon offsets, renewable energy credits (RECs), and low-carbon fuels—all critical elements of decarbonization. Xpansiv’s growing ecosystem supports companies seeking to meet environmental and emissions reduction goals.

Xpansiv and APX are long-term strategic partners, and Xpansiv exchange CBL is fully integrated with leading registries that operate on APX infrastructure. In March 2022, Xpansiv acquired a 20% minority ownership interest in APX.

Earlier this month, Blackstone announced that funds managed by Blackstone Energy Partners (“Blackstone”) committed $400 million to lead a strategic investment in Xpansiv. Blackstone’s capital injection enabled Xpansiv to complete the APX acquisition.

“The APX addition enables integration across the environmental commodities lifecycle,” said Xpansiv Chief Strategy Officer Nathan Rockliff. “From registry infrastructure to portfolio management, exchange, and market intelligence, we help companies efficiently meet their environmental commitments with the required scale and transparency.”

“Over the years partnering with Xpansiv, our firms have come to share a common vision for high-integrity, scalable market infrastructure,” said APX CEO Joe Varnas. “With our combined capabilities, we’re empowering the world’s transition to clean energy and sustainability.”

"We’re pleased to increase our customer offerings in this space to include APX’s impressive registry tools and services,” said Xpansiv President and COO John Melby. “By expanding our already robust infrastructure, we’re giving market participants the innovative tools needed to scale, and the platform to support their ESG and climate goals.”

Perella Weinberg Partners LP is acting as exclusive financial adviser to Xpansiv, and Venable LLP is acting as its legal adviser. Goldman Sachs & Co. LLC is acting as exclusive financial adviser to APX, while DLA Piper is acting as its legal adviser.

About Xpansiv

Xpansiv provides the market infrastructure and data platform for carbon, renewable, and digital energy commodities. These Intelligent Commodities bring transparency and liquidity to markets, empowering participants to value energy, carbon, and water to meet the challenges of an information-rich, resource-constrained world. The company’s main business units include CBL, the largest spot exchange for ESG commodities, including carbon, renewable energy certificates, and Digital Natural Gas; H2OX, the leading spot exchange for water; XSignals, which provides end-of-day and historical market data; EMA, the leading multi-registry portfolio management system for all environmental commodities; and APX, the leading provider of registry infrastructure for energy and environmental markets. Xpansiv is the digital nexus where sustainability and price signals merge. Xpansiv.com

About APX

APX is the leading provider of innovative technology and dynamic end-to-end service solutions for environmental commodity and power markets. The company’s 25-year history and expertise spans carbon and renewable energy credit markets, sustainable commodity markets, power generation asset management, physical power markets, and demand response program administration. In this capacity, APX serves a diverse set of clients globally, including standards bodies, regulators, government entities, and NGOs. Headquartered in San Jose, California, APX is dedicated to providing leading-edge market solutions on a foundation of trust, integrity, and experience. APX.com

Rob Dalton, Xpansiv, This email address is being protected from spambots. You need JavaScript enabled to view it.
Charlie Morrow and Taylor Fenske, Cognito Media, This email address is being protected from spambots. You need JavaScript enabled to view it.

HOUSTON--(BUSINESS WIRE)--Magnolia Oil & Gas Corporation (NYSE: MGY) announced today that its Board of Directors has declared a cash dividend of $0.10 per share of Class A common stock, and a cash distribution of $0.10 per Class B unit payable on September 1, 2022 to shareholders of record as of August 12, 2022. In addition, and beginning with this distribution, Magnolia will move to a quarterly dividend payment from a semi-annual distribution schedule. Today’s announcement represents a $0.40 per share annualized rate or a 43 percent increase to Magnolia’s dividend compared to the $0.28 per share distribution for full year 2021. Magnolia’s next quarterly dividend is expected to be declared in November and paid in December.

“Today’s increase to the base dividend reflects our ongoing confidence in the business and our continued strong operating and financial performance,” said Steve Chazen, Magnolia’s Chairman, President and CEO. “Our dividend framework is aligned with the characteristics of our business model and reinforces our plan. These principles include maintaining our low leverage, limiting our capital spending to allow for consistent and sizable free cash flow generation while providing moderate volume growth and strong pre-tax margins. So far this year, we have lowered our share count by more than 10 million shares and expect to reduce our outstanding shares by at least 1 percent per quarter going forward. We expect our total production to grow in excess of 10 percent this year.

“Part of Magnolia’s total shareholder return proposition is a differentiated approach toward dividends that is meant to appeal to long-term investors who seek dividend safety, dividend growth, and a dividend that is paid out of actual earnings generated by the business. We believe that the increased dividend payment level is secure and sustainable with product prices at less than half their current level and expect our dividend to grow annually as we continue to execute our business plan. This includes delivering mid-single digit annual production growth and the continued reduction of our outstanding shares. Magnolia plans to revisit the dividend payment rate next February based on our full-year 2022 financial results and recast in a $55 oil price environment.”

About Magnolia Oil & Gas

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

Brian Corales
713-842-9036
This email address is being protected from spambots. You need JavaScript enabled to view it.

Appoints Five Distinguished Energy Industry Leaders as Senior Advisors

HOUSTON--(BUSINESS WIRE)--Veriten, an innovative knowledge platform focused on the energy, technology, and environmental future, today announced the addition of five distinguished energy industry leaders as senior advisors to the firm. This prestigious group of strategy, operations and policy experts will form a new Strategic Advisory Board to enhance Veriten’s content and expand the platform, augment the firm’s strategic thinking, and serve as an expert resource for exploring the vast array of issues and opportunities presented by the ongoing energy transition.

The formation of the Strategic Advisory Board follows the recent addition of Brett Rampal as Director, Nuclear and Power Strategy, which expanded Veriten's capabilities in nuclear research.

“Our team is excited and honored that Greg Armstrong, Leslie Beyer, Naomi Boness, Bill Flores and Arjun Murti are joining Veriten as Senior Advisors,” said Maynard Holt, Veriten’s Founder and CEO. “Each of these leaders has been actively engaged with Veriten since our firm’s inception, providing expertise and guidance to help build our knowledge platform; we are pleased to formalize their role by forming our Strategic Advisory Board. With so many changes happening every day in energy and our world more broadly, having this amazing group to regularly consult with is going to make us even stronger as we frame the future of energy.”

“The addition of Greg, Leslie, Naomi, Bill and Arjun is a leap forward for us in terms of our ability to reach the world’s decision makers, make energy policy recommendations, explore the complicated energy landscape, and expand the platform” added Jeff Tillery, Veriten’s COO. “Our team is delighted to formally welcome them and continue benefiting from their knowledge, networks, and curiosity.”

Veriten’s New Strategic Advisory Board

Greg Armstrong
Greg Armstrong is the co-founder and former Chairman and CEO of Plains All American Pipeline, L.P., one of the largest crude oil midstream companies in North America. He currently serves as a director of Plains; NOV, Inc.; and Memorial Hermann Healthcare System and also serves as a member of the Baker Institute Board of Advisors at Rice University. He is a member of the adjunct faculty for the University of Oklahoma’s Executive MBA in Energy program; the Advisory Board of the Cox School’s Maguire Energy Institute at Southern Methodist University; and the National Petroleum Council, where he served as Chairman from 2017 to 2019. He previously served as a director in the Federal Reserve System for eleven years, retiring as Chair of The Dallas Fed in 2021. Mr. Armstrong was recognized as a Distinguished Alumnus of Southeastern Oklahoma State University in 2011 and was inducted into the Texas Business Hall of Fame in 2015.

Leslie Beyer
Leslie Beyer is CEO of the Energy Workforce & Technology Council in Houston, Texas, the largest energy technology and services association representing 600,000 workers and more than 400 companies. Ms. Beyer is a leading industry advocate in a variety of areas including global energy market, energy workforce impacts, supply chain, regulatory environment, energy expansion, ESG best practices and DEI in the energy sector. Highlights of Ms. Beyer’s career include 15 years in Washington, D.C. serving in policy and public affairs roles in the U.S. Senate, multiple presidential campaigns, The White House Executive Office of the President, U.S. State Department and U.S. Department of Housing and Urban Development. After government service, Ms. Beyer began a career in advocacy as Director, Member and Board Relations with the National Association of Manufacturers, collaborating with member companies on targeted priority legislative issues and lobbying efforts, primarily in the energy industry.

She is an Independent Director on the Board of Natural Gas Services Group, Inc. serving as Compensation Committee Chair, and the Audit and ESG Committees. She also serves on the Advisory Board of UNC Kenan-Flagler Business School Energy Center and Editorial Advisory Board of World Oil. Leslie was named to Hart Energy’s Top 25 Women in Energy in 2021, Energy Transition Economist 100 Women of the Energy Transition in 2021, and Houston Business Journal’s Most Admired CEOs in 2022.

Naomi Boness
Dr. Naomi Boness (PhD) is the Managing Director of the Natural Gas Initiative (NGI) at Stanford University and Co-Managing Director of the Stanford Hydrogen Initiative. She is an experienced practitioner in the energy sector with a focus on using her background in reservoir geophysics and technoeconomic modeling to develop technology solutions related to natural gas, hydrogen, and decarbonization in both the developed and the developing world. In addition to managing the research portfolio, Dr. Boness teaches classes in earth science and energy engineering, most recently designing a graduate class on the Hydrogen Economy.

Prior to Stanford, she held a variety of technical and management positions at Chevron. Dr. Boness is also a Director at Aemetis, a renewable fuels company, a member of the Renewable Natural Gas Coalition Advisory Committee, and an advisor to a number of energy startups. As an advocate for women and gender equality, she is a member of the organizing committee for the Women in Clean Energy, Education and Empowerment (C3E) Initiative.

Dr. Boness holds a Ph.D. in geophysics from Stanford University, a M.Sc. in geological sciences from Indiana University and a B.Sc. in geophysics from the University of Leeds.

Bill Flores
Bill Flores is an entrepreneur, business leader, and public policy leader. He most recently served as the U.S. Representative for the 17th Congressional District of Texas from 2011 through 2021. Mr. Flores has also served in board governance and senior leadership positions for numerous public and private entities. His work has emphasized job creation and retention while generating significant value for investors, including public company shareholders, private-equity investors, public sector pensions, and retirement funds.

During his service as Representative for the 17th Congressional District of Texas during the 112th through 116th Congresses (2011 through 2021), Mr. Flores served on the following committees – House Energy & Commerce Committee, House Budget Committee, House Natural Resources Committee, and House Veterans Affairs Committee. His work on behalf of constituents and organizations, particularly those related to Veterans and job creators, resulted in numerous recognitions for public service.

Following retirement from Congress to focus on family and private sector governance positions, Mr. Flores has again become active in service on corporate and non-profit boards including his appointment as Vice-Chair and independent board member of the Electricity Reliability Council of Texas (ERCOT).

Arjun Murti
Arjun Murti brings a deep knowledge and experience base with over 30 years as an equity research analyst with global experience covering oil & gas E&P, midstream, and refining along with clean & new energy technologies, geopolitics, and energy & climate policy. He is a director of ConocoPhillips, a senior advisor to the energy group at Warburg Pincus, and an advisory board member for Columbia University’s Center on Global Energy Policy. Previously, Mr. Murti was a partner, co-director of Americas equity research, and equity research analyst at Goldman Sachs until his retirement in 2014. Prior to joining Goldman in 1999, he was a buy-side equity research analyst at J.P. Morgan Asset Management. His career began in the early 1990s at Petrie Parkman & Co, a Denver-based oil and gas boutique investment bank.

Mr. Murti is also publisher of Super-Spiked on Substack, sits on the international think tank for the Minister of Petroleum of India, and is a member of the India Advisory Board at The Nature Conservancy.

About Veriten
Veriten is a knowledge and media platform focused on energy, technology, and environmental trends. Independent and employee-owned, we provide diverse perspectives, technical expertise, a robust analytical approach, and fact-based content to guide all stakeholders across traditional and new energy markets. Veriten’s mission is to help advance the world’s efforts to achieve sustainable energy security with greater abundance, greater reliability, lower cost, and minimal environmental harm. To reach this goal, we create and share knowledge and facilitate discussion that improves the quality of energy-related decision-making. We provide a global networking platform for policymakers, futurists, entrepreneurs, academics, non-profit organizations, individual citizens, and energy stakeholders to find viable market-based solutions that achieve the world’s energy and environmental goals.

Tammy Duong
Chief of Staff & Marketing Director
T: 832.982.0009
This email address is being protected from spambots. You need JavaScript enabled to view it.

Or visit: www.veriten.com

FERGUS FALLS, Minn.--(BUSINESS WIRE)--Otter Tail Corporation (Nasdaq: OTTR) today announced financial results for the quarter ended June 30, 2022.

SUMMARY

Compared to the quarter ended June 30, 2021:

• Consolidated operating revenues increased 40% to $400 million.
• Consolidated net income increased 104% to $86 million.
• Diluted earnings per share increased 103% to $2.05 per share.

The corporation is increasing its 2022 diluted earnings per share guidance range to $6.83 to $7.13 from its previous range of $5.15 to $5.45.

CEO OVERVIEW

“Otter Tail Corporation, through the efforts of our employees, achieved record financial results for the quarter ended June 30, 2022,” said President and CEO Chuck MacFarlane. “Our Plastics segment completed another outstanding quarter as demand continued to outpace supply. This along with an increase in resin prices continued to drive an increase in the sales price of PVC products resulting in a further strengthening of spreads.

“Electric segment earnings increased 22.2 percent compared to the second quarter of 2021, driven by increased commercial and industrial sales and finalization of interim rate refunds in connection with the conclusion of our Minnesota Rate Case. Manufacturing segment earnings increased 32.4 percent compared to the second quarter of 2021 primarily at BTD Manufacturing, Inc. (BTD) due to increases in sales prices, volumes and favorable cost absorption.

“In June 2022, Otter Tail Power exercised its option to purchase the Ashtabula III wind farm, located in eastern North Dakota, for $49.7 million, subject to certain closing adjustments. We have purchased the wind-generated electricity from the Ashtabula III wind farm since 2013, pursuant to a purchase power agreement, and that agreement granted us the option to purchase the wind farm. The purchase is subject to certain customary closing conditions and regulatory approval, and will add 62.4 megawatts of capacity to our owned generation assets. We anticipate the transaction will close in January 2023.

“Otter Tail Power filed its Integrated Resource Plan in September of 2021. The requests in the five-year action plan include the addition of dual fuel capability at our Astoria Station natural gas plant, the addition of 150 MW of solar generation in 2025 and the commencement of the process to withdraw from our 35 percent ownership in Coyote Station by December 31, 2028. After incorporating the requests included in the Integrated Resource Plan, we now anticipate capital expenditures in our Electric segment of nearly $1 billion over the next five years, which will result in a compounded annual growth rate in average rate base of approximately 6.0 percent from the end of 2021 to the end of 2026.

“We continue to make progress on the development of Otter Tail Power’s 49.9 MW Hoot Lake Solar project, which is being constructed on and near the retired Hoot Lake Plant property in Fergus Falls, Minnesota. The project is expected to be completed in 2023 and has received renewable rider eligibility approval in Minnesota. The location of Hoot Lake Solar offers us a unique opportunity to utilize our existing Hoot Lake transmission rights, substation and land. We have contracts in place for thin-film panels which reduces supply chain risks related to the United States ban on goods from the Xinjiang region of China and the U.S Department of Commerce investigation.

“Our investments in Hoot Lake Solar, those requested in our Integrated Resource Plan, and other capital expenditure plans allow us to improve our customers’ experience, reduce operating and maintenance expenses, reduce emissions and improve reliability. We are targeting to reduce carbon emissions from our owned generation resources approximately 50 percent from 2005 levels by 2025 and 97 percent from 2005 levels by 2050.

“Otter Tail Power’s new load with a customer that is a builder and operator of next-generation data centers, which provide substantial computing power to blockchain infrastructure and support Bitcoin mining, came online during the first quarter.

“The Minnesota Public Utility Commission (MPUC) issued its written order on our Minnesota Rate Case on February 1, 2022. The written order included approval of a return on equity of 9.48 percent on a 52.5 percent equity layer, a revenue decoupling mechanism and numerous other items. Final rates took effect on July 1, 2022. Interim rate refunds will be applied as a credit to customer accounts beginning in August 2022.

“The MPUC approved our new Electric Utility Infrastructure Cost Recovery Rider. This approval allows Otter Tail Power Company to recover costs related the Advanced Metering Infrastructure and Outage Management System projects.

“Our Manufacturing segment continues to experience a volatile steel market. Steel prices peaked in the fourth quarter of 2021 at historically high levels with prices now declining to below $1,000 per ton. We successfully managed through the high priced finished goods inventory during the first six months of 2022. Steel lead times continue to improve. We remain focused on managing our steel supply to ensure we continue to receive material on time.

“Demand for PVC pipe continues to outpace supply causing sales prices to continue to increase at a rate above raw material price increases which led to record second quarter earnings. We continue to experience some supply chain issues that are limiting production and the ability to build finished goods inventory.

“The headline for the quarter is certainly the continued excellent financial performance of our Plastics Segment. However, it is important to note our business model is performing well. Our electric segment is expected to deliver an 8.4% compounded annual growth rate in earnings per share from 2017 through the year ending 2022 based on the current midpoint of our guidance. The combined compounded annual growth rate for the electric and manufacturing segment, inclusive of corporate costs, for the same time frame is 8.8%.

“Our long-term focus remains on executing our growth strategies. For our electric utility, our strategy is to continue to invest in rate base growth opportunities and drive efficiency, create a more predictable earnings stream, maintain our credit quality and preserve our ability to pay dividends.

“Our 2021 earnings mix was 59% from our manufacturing platform and is now expected to be 73% for 2022. This change from our long term goal of 70% electric and 30% manufacturing platform has been driven by the plastics pipe business and the unique market conditions in 2021 and 2022. We currently expect to see elevated earnings from our manufacturing platform into 2023 with our earnings mix returning to 65% from our electric segment and 35% from our manufacturing platform beginning in 2024.

“Our strategic initiatives to grow our business and achieve operational, commercial and talent excellence continue to strengthen our position in the markets we serve. We remain confident in our long-term ability to grow earnings per share in the range of 5 to 7 percent compounded annual growth rate off a base of $2.34 in 2020. We are increasing our 2022 diluted earnings per share guidance to a range of $6.83 to $7.13 from our updated annual guidance of $5.15 to $5.45 primarily due to continued strong performance from our Plastics Segment in the second quarter of 2022 and expected performance for the remainder of the year.”

QUARTERLY DIVIDEND

On August 1, 2022 the corporation’s Board of Directors declared a quarterly common stock dividend of $0.4125 per share. This dividend is payable September 9, 2022 to shareholders of record on August 15, 2022.

CASH FLOWS AND LIQUIDITY

Our consolidated cash provided by operating activities for the six months ended June 30, 2022 was $175.6 million compared to $68.6 million for the six months ended June 30, 2021. The increase in cash provided by operating activities was primarily due to a $85.5 million increase in net income.

Investing activities for the six months ended June 30, 2022 included capital expenditures of $70.8 million compared to $76.9 million for the six months ended June 30, 2021. The decrease in capital expenditures was primarily due to a lower amount of capital investment activity at Otter Tail Power in the second quarter of 2022 compared to the previous year.

Financing activities for the six months ended June 30, 2022 included the issuance of $90.0 million of long-term debt at Otter Tail Power through a private placement offering, as described below. The proceeds from the debt offering were used, in part, to repay short-term borrowings, fund capital expenditures, and for other general corporate purposes. Financing activities for the six months ended June 30, 2022 also included net repayments of short-term borrowings of $91.2 million and dividend payments of $34.4 million. Financing activities for the six months ended June 30, 2021 included net proceeds from short-term borrowings of $47.0 million, primarily incurred to fund construction projects at Otter Tail Power, and dividend payments of $32.4 million.

The following table presents the amount of available borrowing capacity under our lines of credit at June 30, 2022 and December 31, 2021:

In June 2021, Otter Tail Power entered into a Note Purchase Agreement to issue a total of $230.0 million of new long-term debt in the form of senior unsecured notes. The notes were issued in three separate tranches. In November 2021, the 2.74% Series 2021A notes and the 3.69% Series 2021B notes were issued for proceeds of $40.0 million and $100.0 million, respectively. The 3.77% Series 2022A notes were issued in May 2022 for proceeds of $90.0 million. We intend to use a portion of the proceeds from the Series 2022A notes to repay $30.0 million of long-term debt maturing in August 2022.

SEGMENT PERFORMANCE

Electric Segment

The following table shows heating and cooling degree days as a percent of normal.

The following table summarizes the estimated effect on diluted earnings per share of the difference in retail kilowatt-hour (kwh) sales under actual weather conditions and expected retail kwh sales under normal weather conditions in 2022 and 2021.

Retail Revenues increased $24.6 million primarily due to the following:

• A $15.8 million increase in fuel recovery revenues primarily due to increased purchased power costs resulting from increased natural gas and market energy prices, increased purchased power volumes due to a planned outage at Coyote Station during the second quarter of 2022, and increased customer demand.
• A $5.2 million increase in retail sales volumes from commercial and industrial customers, primarily due to a new commercial customer load in North Dakota.
• A $4.1 million increase in interim rate revenue due to the finalization of the interim rate refund, as approved by the MPUC in the second quarter of 2022.

These increases were partially offset by a $0.9 million decrease in conservation improvement program (CIP) revenue as CIP spending, and related cost recovery, decreased compared to the previous year.

Production Fuel costs increased $2.6 million as a result of increased fuel cost per kwh, which was partially offset by a 21% decrease in kwhs generated from our fuel-burning plants due to our planned outage at Coyote Station and the retirement of Hoot Lake Plant in May 2021.

Purchased Power costs to serve retail customers increased $13.0 million due to a 64% increase in the price of purchased power per kwh, a 32% increase in the volume of purchased power resulting from the planned outage at Coyote Station, the retirement of Hoot Lake Plant and increased customer demand.

Operating and Maintenance Expense increased $5.7 million primarily due to a $3.0 million increase in maintenance costs from the planned outage at Coyote Station, higher labor costs arising from storm restoration work, and increased travel costs driven by higher fuel costs for our vehicle fleet and increased travel activities. These increased costs were partially offset by decreases in expenses related to our Minnesota rate case and lower CIP expenses compared to the previous year.

Income Tax Expense increased $1.9 million primarily due to increased income before income taxes.

Manufacturing Segment

Manufacturing segment operating revenues increased primarily due to a $11.6 million increase in material costs at BTD, which are passed through to customers in the form of higher sales prices, as a result of increased steel prices. Operating revenues also benefited from an 8% increase in sales volumes as end market demand remains strong and our customers’ supply chains have begun to improve, resulting in more predictable shipping volumes for our products. Gross profit margins during the second quarter of 2022 were positively impacted by increased sales volumes and favorable cost absorption.

Increases in sales prices at T.O. Plastics due to strong customer demand in the horticulture sector and increases related to inflationary costs being experienced across the business also contributed to the segment increase in operating revenues. Despite increases in material costs, gross profit margins increased due to increased sale prices, favorable cost absorption, and decreased net freight costs due to passing through freight surcharges to customers. Increases in operating revenues and gross profit margins contributed to the increase in earnings in the second quarter of 2022.

Plastics Segment

Plastics segment operating revenues and net income increased in the second quarter of 2022 primarily due to an 86% increase in the price per pound of PVC pipe sold. Sales prices continued to increase during the quarter due to increases in the cost of resin, strong demand for PVC pipe products and limited PVC pipe inventories. The increase in sales price well exceeded the 30% increase in the cost of PVC resin and other input materials. The supply and demand market conditions in the second quarter of 2022 were a continuation of the unique market dynamics experienced throughout 2021. Throughout 2021 and the first half of 2022, we, along with other PVC pipe manufacturers, experienced various supply constraints, affecting the availability of PVC resin, additives or other ingredients used to make PVC pipe, which prevented us and others from being able to build inventory levels. Sales volumes decreased 6% in the second quarter of 2022, despite strong customer demand for PVC pipe, due to these supply constraints and low inventory levels.

Corporate Costs

The increase in our corporate net loss was primarily the result of investment losses on our corporate-owned life insurance policies and other investments during the second quarter of 2022 compared to investment gains in the second quarter of the previous year. Increased employee benefit expenses related to increases in our estimated health insurance claim costs also contributed to the increase in our corporate net loss compared to the previous year. The gains and losses related to our corporate-owned life insurance policies are non-taxable. Exclusive of these gains and losses, we experienced a decrease in our taxable net loss compared to the previous year, which resulted in a decrease in our income tax benefit.

2022 BUSINESS OUTLOOK

We are increasing our 2022 diluted earnings per share guidance to $6.83 to $7.13 in light of our results for the first half of 2022 and our forecast for the remainder of the year, primarily driven by currently expected performance in our Plastics segment. The midpoint of our revised 2022 diluted earnings per share guidance of $6.98 per share reflects a 65% growth rate from our 2021 diluted earnings per share of $4.23.

The segment components of our revised 2022 diluted earnings per share guidance range compared with 2020 and 2021 actual earnings are as follows:

The following items contributed to our revised 2022 earnings guidance:

• We are increasing our previous guidance for our Electric Segment based on the following:
  • Favorable weather for the first six months of 2022 and normal weather for the remainder of 2022.
  • Increased interim rate revenue due to the finalization of the interim rate refund, as approved by the MPUC in the second quarter of 2022.

• The above reasons along with the following items support the expected net income growth of 7.5% over 2021:
  • Year over year increase in rate base along with increased load growth from new and existing commercial and industrial customers. Our ending rate base in 2021 grew by 13.7% to $1.6 billion.
  • Lower expected plant outage costs in 2022. The Big Stone Plant outage costs in 2021 were higher than the Coyote Plant outage costs in 2022.
  • The discount rate for our pension plan for 2022 is 3.03% compared with 2.78% in 2021. For each 25 basis point increase in the discount rate, pension expense decreases approximately $1.3 million. The assumed long-term rate of return for 2022 is 6.30% compared with 6.51% in 2021. For each 25 basis point decrease in this rate, pension expense increases approximately $0.9 million. These changes result in a net decrease in pension expense for 2022.
  • Lower interest expense as the $140 million notes issued in November 2021 have a lower interest rate compared to the $140 million of notes that were refinanced.

• These items are expected to be partially offset by:
  • Higher depreciation and property tax expense driven by increasing rate base.
  • Labor costs are expected to be higher in 2022 as open positions were filled during the last half of 2021 and are expected to be employed for all of 2022.
  • Increasing insurance costs related to an increase in insurable values and an increase in insurance rates due to competitive market conditions as well as increasing operating and maintenance expenses due to inflationary pressures resulting from our current economic environment.

• We are maintaining our guidance for our Manufacturing segment and continue to expect net income from this segment to increase 7.3% compared with 2021 based on the following:
  • An increase in sales at BTD driven by end market demand as our customers continue to build inventory to fill shortages created by supply chain challenges. While we have been generally able to meet our customers’ on time delivery requirements, our customers have other supply chain challenges which impact their ability to consistently take our product in line with their production timelines. Steel lead times have improved back to pre-pandemic timeframes. While mill prices have moderated during the first half of 2022, steel costs are expected to remain historically high through the year. These costs could put additional pressure on our profitability if we are unable to pass cost increases on to our customers on a timely basis. While scrap metal prices are expected to remain at current levels through the last half of 2022, we expect annual scrap metal revenues will be lower in 2022. We continue to work on improving labor efficiencies in order to enhance our gross margins.
  • An increase in earnings from T.O. Plastics driven in large part by a full year of increases in product prices that occurred throughout 2021, increased volume of product sold and improved manufacturing productivity.
  • Backlog for the manufacturing companies of approximately $245 million for 2022 compared with $181 million one year ago.

• We are increasing our previous guidance for our Plastics segment based on the following:
  • Demand for PVC pipe for the last half of 2022 is now expected to be much stronger than our previous expectations. This has resulted in expectations of higher sales volumes, sales prices and related operating margins for the last half of 2022 as compared to our May 2, 2022 guidance. Resin prices are expected to decline for the last half of 2022 based on recent announcements from resin suppliers. This is expected to put downward pressure on sales prices during the last half of the year resulting in lower operating margins as compared to the first half of 2022.
  • Levels of finished goods inventory continue to be low as PVC pipe manufacturers have not been able to build inventory levels given supply constraints related to additives and other ingredients used to make PVC pipe.
  • The updated guidance still reflects lower volumes of pounds of pipe sold in 2022 driven by the extremely low levels of finished goods inventory at the beginning of the year.
  • There could be additional upside to our current year earnings guidance should sales volumes, sales prices and related operating margins remain stronger than the assumptions used in our updated earnings guidance.

• We are revising our corporate cost guidance for 2022. This is due to investment losses on our corporate-owned life insurance policies and other investments during the second quarter of 2022 and an expected increase in health insurances costs in our self-insured health plan due to higher claims experience.

CONFERENCE CALL AND WEBCAST

The corporation will host a live webcast on Tuesday, August 2, 2022, at 10:00 a.m. CDT to discuss its financial and operating performance.

The presentation will be posted on our website before the webcast. To access the live webcast, go to www.ottertail.com/presentations and select “Webcast.” Please allow time prior to the call to visit the site and download any software needed to listen in.

Media contact: Stephanie Hoff, Director of Corporate Communications, (218) 739-8535
Investor contact: Tyler Akerman, Manager of Investor Relations, (800) 664-1259

Latest Edition of the NESC Will Go into Effect in February 2023 to Help Deliver a Safer and More Sustainable Electric Power Supply

PISCATAWAY, N.J.--(BUSINESS WIRE)--#IEEESA--IEEE, the world's largest technical professional organization dedicated to advancing technology for humanity, and the IEEE Standards Association (IEEE SA) today announced the release of the 2023 National Electrical Safety Code® (NESC®). Published by IEEE SA and typically updated every five years to stay current with changes in the industry and technology, the NESC specifies best practices for the safety of electric supply and communication utility systems at both public and private utilities. The NESC sets the ground rules and guidelines for practical safeguarding of workers and the public during the installation, operation, or maintenance of power, telephone, cable TV, and railroad signal systems.

Just as it has done for more than a century, the NESC is continuously evolving and being refined to embrace new technologies for a more sustainable future. The potential impacts of recent and emerging technologies are reflected in the new Code.

Notable changes to the 2023 NESC include:

• Significant revisions were made in Section 14 covering batteries, addressing new battery technologies, energy storage, and backup power.
• A new Section 19 for photovoltaic generating stations addresses general codes, location, grounding configurations, vegetation management, DC overcurrent protection, and DC conductors. These new rules accommodate large-scale solar power projects.
• All stand-alone tables for metric measurements have been removed from the main code body and moved to Annex 1. For tables that include both English and metric values, the revised Code presents numerical values in the customary “inch-foot-pound” system first and the corresponding metric values following in parentheses to help prevent misreading errors.
• In the Clearances section, as well as in the specification of the Grade of Construction, the Code further clarifies the use of non-hazardous fiber optic cables.

“The 2023 NESC includes updates throughout, many of which address emerging technologies such as solar and wind energy, distributed energy/microgrids, batteries and energy storage, and wireless small cell networks,” said Nelson Bingel, chair of the NESC Committee. “We’re grateful to the many participants who contributed to the 2023 edition, and we welcome new contributors to join our NESC team.”

Like previous versions, the 2023 edition will be available in digital, printed, e-learning, and mobile-app formats. This edition consists of initial sections covering scope, purpose, and grounding methods, followed by sections that include specific rules for electric supply stations, overhead lines, underground lines, and safety-related work practices.

A companion document, the 2023 NESC Handbook, is available with the Code. The Handbook includes all of the rules of the Code but also provides insights and commentary on the rules and how to apply them from the experts who helped develop the Code, including historical notes to provide context for Code revisions and additions.

Information on updates to the code can be found on the NESC homepage. The 2023 NESC and handbook are available for purchase at the IEEE Standards store and available for subscription at the IEEE Xplore® Digital Library.

About IEEE SA

IEEE Standards Association (IEEE SA) is a collaborative organization where innovators raise the world’s standards for technology. IEEE SA provides a globally open, consensus-building environment and platform that empowers people to work together in the development of leading-edge, market-relevant technology standards, and industry solutions shaping a better, safer and sustainable world. Learn more about IEEE SA.

About IEEE

IEEE is the world’s largest technical professional organization dedicated to advancing technology for the benefit of humanity. Through its highly cited publications, conferences, technology standards, and professional and educational activities, IEEE is the trusted voice in a wide variety of areas ranging from aerospace systems, computers, and telecommunications to biomedical engineering, electric power, and consumer electronics. Learn more about IEEE.

Media
Tania Olabi-Colon, Brand Marketing & Communications Director
Olivia Wang, Marketing & Communications Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.

Continued Strong Operational Performance – 97% Revenue Efficiency in 2Q 2022
Four Floater Reactivation Projects Completed in Advance of Multi-Year Contracts
Approximately $560 Million of Contract Backlog Added
Stacked Drillship VALARIS DS-17 Awarded 540-Day Contract Offshore Brazil
Jackup VALARIS 115 Awarded Four-Year Contract Offshore Brunei

HAMILTON, Bermuda--(BUSINESS WIRE)--Valaris Limited (NYSE: VAL) ("Valaris" or the "Company") today reported second quarter 2022 results.

President and Chief Executive Officer Anton Dibowitz said, “I would like to thank the Valaris team for their continued focus on delivering the safe, reliable and efficient operations that our customers have come to expect from us, in particular the achievement of 97% revenue efficiency during the second quarter and 98% through the first half of the year, a period in which several rigs have commenced new contracts following reactivations or shipyard projects.”

Dibowitz commented, “I am extremely proud of the entire Valaris team for having now successfully executed reactivation projects on four of our preservation stacked floaters after having secured contracts for these rigs in 2021. Last year, we set out to build our contract backlog by reactivating some of our high quality stacked fleet for long-term contracts, and these rigs which are now all on contract are expected to generate a combined annualized EBITDA of more than $100 million.”

Dibowitz added, “The fundamental outlook for our industry remains constructive, with spot Brent crude prices above $100 per barrel for most of the past five months and two-year and five-year forward prices above $80 per barrel and $70 per barrel, respectively. As a result, we continue to see an increase in both contracting and tendering activity across both floater and jackup markets.”

Dibowitz concluded, “Since reporting our first quarter 2022 results, we have been awarded new contracts and extensions with associated contract backlog of approximately $560 million, with several new contracts awarded at leading-edge rates for their respective markets. We are particularly pleased to have secured yet another contract for one of our preservation stacked drillships, VALARIS DS-17, and we look forward to partnering with Equinor on their flagship Bacalhau project in Brazil. We expect Brazil to be a significant growth market for high-specification floaters over the next several years and we are well-positioned to benefit by now adding a third rig to this strategic basin. We were also awarded a four-year contract with Brunei Shell Petroleum in Southeast Asia for jackup VALARIS 115. This represents the largest backlog award for a benign environment jackup outside of the Middle East this year and provides further evidence of the improving market for modern benign environment jackups.”

Second Quarter Review

Net income was $113 million in the second quarter 2022 compared to a net loss of $40 million in the first quarter 2022. Adjusted EBITDA increased to $29 million in the second quarter from negative $31 million in the first quarter. Adjusted EBITDAR increased to $54 million in the second quarter from $31 million in the first quarter.

Revenues increased to $413 million in the second quarter 2022 from $318 million in the first quarter 2022. Excluding reimbursable items, revenues increased to $385 million in the second quarter from $291 million in the first quarter. The increase was primarily due to a $51 million fee related to the termination of a contract for drillship VALARIS DS-11, as well as higher utilization and average day rates for both the floater and jackup fleets.

Contract drilling expense increased to $362 million in the second quarter 2022 from $331 million in the first quarter 2022. Excluding reimbursable items, contract drilling expense increased to $334 million in the second quarter from $305 million in the first quarter, primarily due to more operating days for the floater fleet, increased costs of certain claims and costs associated with the VALARIS DS-11 contract termination. This was partially offset by lower reactivation costs, which decreased to $24 million in the second quarter from $61 million in the first quarter as reactivated rigs returned to work.

Loss on impairment of $35 million in the second quarter 2022 related to the termination of a contract for VALARIS DS-11. Costs incurred for capital upgrades specific to the customer requirements resulted in a pre-tax, non-cash loss on impairment during the quarter. There was no loss on impairment in the first quarter 2022.

Depreciation expense decreased to $22 million in the second quarter 2022 from $23 million in the first quarter 2022. General and administrative expense of $19 million in the second quarter 2022 was in line with the first quarter 2022.

Other income increased to $149 million in the second quarter 2022 from $9 million in the first quarter 2022. Second quarter other income included a gain on sale of assets of $135 million primarily related to the sale of jackups VALARIS 113, 114 and 36 as well as additional proceeds received in the current quarter on the sale of a rig in a prior year, compared to a $2 million gain on sale of assets related to the sale of jackup VALARIS 67 in the first quarter.

Tax expense was $20 million in the second quarter 2022 compared to a tax benefit of $1 million in the first quarter 2022. The second quarter tax provision included $6 million of discrete tax expense primarily attributable to income associated with a contract termination. The first quarter tax provision included $15 million of discrete tax benefit primarily related to a reduction in liabilities for unrecognized tax benefits associated with tax positions taken in prior years. Adjusted for discrete items, tax expense of $14 million in the second quarter was in line with the first quarter.

Cash and cash equivalents and restricted cash decreased to $577 million as of June 30, 2022, from $608 million as of March 31, 2022. Net working capital increased due to a ramp up in operating activities as rigs returned to work following reactivation and special survey projects and the $51 million DS-11 termination fee that was subsequently collected in July. In addition to the increase in net working capital, we incurred $61 million of capital expenditures. These were partially offset by $145 million of net proceeds from the sale of assets, primarily related to jackups VALARIS 113 and 114.

Segment Review

Floaters

Floater revenues increased to $188 million in the second quarter 2022 from $100 million in the first quarter 2022. Excluding reimbursable items, revenues increased to $171 million in the second quarter from $87 million in the first quarter. The increase was primarily due to a $51 million termination fee related to the termination of a contract for VALARIS DS-11, as well as the impact of VALARIS DPS-1 and DS-16 returning to work following reactivation projects and VALARIS DPS-5 returning to work following a special periodic survey. This was partially offset by idle time between contracts for VALARIS MS-1 and mobilization time between contracts for VALARIS DS-12.

Contract drilling expense increased to $165 million in the second quarter 2022 from $148 million in the first quarter 2022. Excluding reimbursable items, contract drilling expense increased to $148 million in the second quarter from $135 million in the first quarter primarily due to higher activity levels, increased costs of certain claims and costs associated with the VALARIS DS-11 contract termination. These were partially offset by lower reactivation costs, which declined to $24 million in the second quarter from $61 million in the first quarter.

Jackups

Jackup revenues increased to $186 million in the second quarter 2022 from $181 million in the first quarter 2022. Excluding reimbursable items, revenues increased to $180 million in the second quarter from $170 million in the first quarter primarily due to more operating days for VALARIS 249, which commenced a contract offshore New Zealand during the first quarter. This was partially offset by VALARIS 141 rolling off contract in April prior to commencement of a three-year bareboat charter agreement with ARO that is expected to begin in August.

Contract drilling expense increased to $142 million in the second quarter 2022 from $139 million in the first quarter 2022. Excluding reimbursable items, contract drilling expense increased to $136 million in the second quarter from $129 million in the first quarter primarily due to higher repair and maintenance costs largely related to leg repairs on VALARIS 107.

ARO Drilling

Revenues increased to $116 million in the second quarter 2022 from $111 million in the first quarter 2022 primarily due to a full quarter of operations for VALARIS 140, which was added to the leased fleet late in the first quarter. This was partially offset by VALARIS 36 completing its contract in May before returning to Valaris and being sold. Contract drilling expense decreased to $82 million in the second quarter from $84 million in the first quarter. Operating income was $16 million in the second quarter compared to $5 million in the first quarter. EBITDA was $31 million in the second quarter compared to $22 million in the first quarter.

Other

Revenues increased marginally to $39 million in the second quarter 2022 from $38 million in the first quarter 2022. Contract drilling expense increased to $25 million in the second quarter from $16 million in the first quarter primarily due to increased costs of certain claims. Operating income was $13 million in the second quarter compared to $22 million in the first quarter. EBITDA was $15 million in the second quarter compared to $23 million in the first quarter.

Fresh Start Accounting

Valaris emerged from Chapter 11 bankruptcy protection on April 30, 2021 (the "Effective Date"). Upon emergence, Valaris applied fresh start accounting which resulted in Valaris becoming a new reporting entity for accounting and financial reporting. Accordingly, our financial statements and notes after the Effective Date are not comparable to our financial statements and notes prior to that date. As required by GAAP, results for the second quarter must be presented separately for the predecessor period from April 1, 2021, through April 30, 2021 (the "Predecessor" period) and the successor period from May 1, 2021, through June 30, 2021 (the "Successor" period). However, the Company has combined certain results of the Predecessor and Successor periods ("Combined" results) as non-GAAP measures to compare the combined second quarter with other quarters since we believe it provides the most meaningful basis to analyze our results. The Predecessor and Successor results for the second quarter are more fully discussed in our quarterly report on Form 10-Q for the period ended June 30, 2021 filed with the SEC on August 3, 2021.

As previously announced, Valaris will hold its second quarter 2022 earnings conference call at 9:00 a.m. CT (10:00 a.m. ET) on Tuesday, August 2, 2022. An updated investor presentation will be available on the Valaris website after the call.

About Valaris Limited

Valaris Limited (NYSE: VAL) is the industry leader in offshore drilling services across all water depths and geographies. Operating a high-quality rig fleet of ultra-deepwater drillships, versatile semisubmersibles, and modern shallow-water jackups, Valaris has experience operating in nearly every major offshore basin. Valaris maintains an unwavering commitment to safety, operational excellence, and customer satisfaction, with a focus on technology and innovation. Valaris Limited is a Bermuda exempted company. To learn more, visit the Valaris website at www.valaris.com.

Forward-Looking Statements

Statements contained in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include words or phrases such as "anticipate," "believe," "estimate," "expect," "intend," "likely," "plan," "project," "could," "may," "might," "should," "will" and similar words and specifically include statements regarding expected financial performance; expected utilization, day rates, revenues, operating expenses, rig commitments and availability, cash flows, contract status, terms and duration, contract backlog, capital expenditures, insurance, financing and funding; the effect, impact, potential duration and other implications of the COVID-19 pandemic; impact of our emergence from bankruptcy; the offshore drilling market, including supply and demand, customer drilling programs, stacking of rigs, effects of new rigs on the market and effect of the volatility of commodity prices; expected work commitments, awards and contracts; letters of intent; scheduled delivery dates for rigs; performance of our joint venture with Saudi Aramco; the timing of delivery, mobilization, contract commencement, availability, relocation or other movement of rigs; future rig reactivations; expected divestitures of assets; general economic, market, business and industry conditions, including inflation and recessions, trends and outlook; general political conditions, including political tensions, conflicts and war (such as the ongoing conflict in Ukraine); future operations; increasing regulatory complexity; the outcome of tax disputes; assessments and settlements; and expense management. The forward-looking statements contained in this press release are subject to numerous risks, uncertainties and assumptions that may cause actual results to vary materially from those indicated, including the COVID-19 outbreak and global pandemic and the related public health measures implemented by governments worldwide, which may, among other things, impact our ability to staff rigs and rotate crews; cancellation, suspension, renegotiation or termination of drilling contracts and programs, including drilling contracts which grant the customer termination right if FID is not received with respect to projects for which the drilling rig is contracted; potential additional asset impairments; failure to satisfy our debt obligations; our ability to obtain financing, service our debt, fund capital expenditures and pursue other business opportunities; adequacy of sources of liquidity for us and our customers; the effects of our emergence from bankruptcy on the Company's business, relationships, comparability of our financial results and ability to access financing sources; actions by regulatory authorities, or other third parties; actions by our security holders; commodity price fluctuations and volatility, customer demand, new rig supply, downtime and other risks associated with offshore rig operations; severe weather or hurricanes; changes in worldwide rig supply and demand, competition and technology; consumer preferences for alternative fuels; increased scrutiny of our Environmental, Social and Governance practices and reporting responsibilities; changes in customer strategy; future levels of offshore drilling activity; governmental action, civil unrest and political and economic uncertainties; terrorism, piracy and military action; risks inherent to shipyard rig reactivation, upgrade, repair, maintenance or enhancement; our ability to enter into, and the terms of, future drilling contracts; suitability of rigs for future contracts; the cancellation of letters of intent or letters of award or any failure to execute definitive contracts following announcements of letters of intent, letters of award or other expected work commitments; the outcome of litigation, legal proceedings, investigations or other claims or contract disputes; governmental regulatory, legislative and permitting requirements affecting drilling operations; our ability to attract and retain skilled personnel on commercially reasonable terms; environmental or other liabilities, risks or losses; debt restrictions that may limit our liquidity and flexibility; and cybersecurity risks and threats. In addition to the numerous factors described above, you should also carefully read and consider "Item 1A. Risk Factors" in Part I and "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II of our most recent annual report on Form 10-K, which is available on the SEC's website at www.sec.gov or on the Investor Relations section of our website at www.valaris.com. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to update or revise any forward-looking statements, except as required by law.

Investor & Media Contact:
Tim Richardson
Director - Investor Relations
+1-713-979-4619

PARIS--(BUSINESS WIRE)--In accordance with the regulations relating to share buybacks, Technip Energies (PARIS:TE) (ISIN:NL0014559478) declares the following purchases of its own shares during the week of July 25 to July 29, 2022.

These transactions were carried out as part of a buyback program with a discretionary mandate carried out by an investment services provider making decisions relating to the acquisition of Technip Energies shares independently.

For detailed information on the transactions carried out and on the objectives of the shares purchases, please refer to the detailed declaration available on https://investors.technipenergies.com/financial-information/notice-trading-own-shares.

About Technip Energies
Technip Energies is a leading Engineering & Technology company for the energy transition, with leadership positions in Liquefied Natural Gas (LNG), hydrogen and ethylene as well as growing market positions in blue and green hydrogen, sustainable chemistry and CO₂ management. The company benefits from its robust project delivery model supported by extensive technology, products and services offering.

Operating in 34 countries, our 15,000 people are fully committed to bringing our client’s innovative projects to life, breaking boundaries to accelerate the energy transition for a better tomorrow.

Technip Energies is listed on Euronext Paris with American depositary receipts (“ADRs”) traded over-the-counter in the United States.

For further information: https://www.technipenergies.com.

Phillip Lindsay
Vice-President, Investor Relations
Tel: +44 203 429 3929
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Media Relations

Stella Fumey
Director, Press Relations & Digital Communications
Tel: +33 1 85 67 40 95
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Jason Hyonne
Press Relations & Social Media Lead
Tel: +33 1 47 78 22 89
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

PHOENIX--(BUSINESS WIRE)--onsemi (the “Company”) (Nasdaq: ON) today announced results for the second quarter of 2022 with the following highlights:

• Record revenue of $2,085.0 million, an increase of 25% year-over-year
• Record GAAP and non-GAAP gross margin of 49.7%
• GAAP operating margin of 28.0% increased 1,110 basis points year-over-year
• Record non-GAAP operating margin of 34.5% increased 1,490 basis points year-over-year
• GAAP diluted earnings per share of $1.02 as compared to $0.42 in the quarter a year ago
• Non-GAAP diluted earnings per share more than doubled year-over-year to $1.34 from $0.63 on 25% increase in revenue
• LTM free cash flow margin of 17%

“Our ability to execute on our business transformation continues to deliver record revenue performance with 25% year-over-year growth and non-GAAP gross margin expansion of 1,130 basis points to 49.7% in the second quarter. These financial results validate our momentum in the market and the differentiation of our intelligent power and sensing solutions. Our leadership in the accelerating megatrends of vehicle electrification, ADAS, energy infrastructure and factory automation have enabled us to extend long term supply agreements and increase demand visibility. While we are optimistic about our outlook, we remain sensitive to dynamic market conditions. The structural changes we implemented over the past 18 months have reduced the volatility in our financials, and we have positioned the company to be more resilient in all business environments,” said Hassane El-Khoury, president and CEO of onsemi.

Selected financial results for the quarter are shown below with comparable periods (unaudited):

THIRD QUARTER 2022 OUTLOOK

The following table outlines onsemi's projected third quarter of 2022 GAAP and non-GAAP outlook.

TELECONFERENCE

onsemi will host a conference call for the financial community at 9 a.m. Eastern Time (ET) on August 1, 2022 to discuss this announcement and onsemi’s 2022 second quarter results. The Company will also provide a real-time audio webcast of the teleconference on the Investor Relations page of its website at http://www.onsemi.com. The webcast replay will be available at this site approximately one hour following the live broadcast and will continue to be available for approximately 30 days following the conference call. Investors and interested parties can also access the conference call by pre-registering here.

About onsemi

onsemi (Nasdaq: ON) is driving disruptive innovations to help build a better future. With a focus on automotive and industrial end-markets, the company is accelerating change in megatrends such as vehicle electrification and safety, sustainable energy grids, industrial automation, and 5G and cloud infrastructure. onsemi offers a highly differentiated and innovative product portfolio, delivering intelligent power and sensing technologies that solve the world’s most complex challenges and leads the way to creating a safer, cleaner, and smarter world. onsemi is recognized as a Fortune 500^® company and included in the S&P 500^® index. Learn more about onsemi at www.onsemi.com.

onsemi and the onsemi logo are trademarks of Semiconductor Components Industries, LLC. All other brand and product names appearing in this document are registered trademarks or trademarks of their respective holders. Although the Company references its website in this news release, information on the website is not to be incorporated herein.

This document includes “forward-looking statements,” as that term is defined in 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 facts, included or incorporated in this document could be deemed forward-looking statements, particularly statements about the future financial performance of onsemi, including financial guidance for the year ending December 31, 2022. Forward-looking statements are often characterized by the use of words such as “believes,” “estimates,” “expects,” “projects,” “may,” “will,” “intends,” “plans” or “anticipates” or by discussions of strategy, plans or intentions. All forward-looking statements in this document are made based on our current expectations, forecasts, estimates and assumptions and involve risks, uncertainties and other factors that could cause results or events to differ materially from those expressed in the forward-looking statements. Certain factors that could affect our future results or events are described under Part I, Item 1A “Risk Factors” in the 2021 Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 14, 2022 (the “2021 Form 10-K”) and from time to time in our other SEC reports. Readers are cautioned not to place undue reliance on forward-looking statements. We assume no obligation to update such information, except as may be required by law. You should carefully consider the trends, risks and uncertainties described in this document, our 2021 Form 10-K and subsequent reports filed with or furnished to the SEC before making any investment decision with respect to our securities. If any of these trends, risks or uncertainties actually occurs or continues, our business, financial condition or operating results could be materially adversely affected, the trading prices of our securities could decline, and you could lose all or part of your investment. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by this cautionary statement.