Highly experienced energy executive with demonstrated track record of leading teams and diversified platforms across E&P, Midstream Gathering & Processing

Fully aligned with Civitas’ founding principles of creating compelling value for all stakeholders

Interim CEO Benjamin Dell to continue as Civitas’ Chairman

DENVER--(BUSINESS WIRE)--Civitas Resources, Inc. (NYSE: CIVI) (“Civitas” or the “Company”), today named Chris Doyle its next President and Chief Executive Officer, effective May 2, 2022.

Mr. Doyle has over 25 years of domestic and international experience in Exploration and Production (“E&P”) and Midstream Gathering and Processing – having set the foundation for his career with over two decades at Anadarko Petroleum and Chesapeake Energy. He joins Civitas after serving as President and CEO of Primexx Energy Partners and leading a comprehensive transformation of the privately held Delaware Basin company. From 2016 to 2020, Mr. Doyle served as President and CEO of Olympus Energy, a privately held energy company with upstream and midstream assets in the Appalachian Basin. At both companies, Mr. Doyle helped create a culture anchored on operational excellence, accountability, transparency, and leading ESG performance.

Ben Dell, Civitas Chairman and interim CEO, said: “I am very pleased to welcome Chris to Civitas. The Board of Directors and I believe that his experience, judgment, and perspective will be instrumental as we continue to thoughtfully grow the Civitas platform with a clear objective of becoming a national leader among peers, while advancing the principles of the new E&P business model. At Civitas, we have always embraced bold ambitions, and under Chris’ leadership, we will continue working tirelessly to create compelling value for all stakeholders.”

Mr. Doyle said: “I have admired Civitas’ rapid emergence as a leader in the E&P space as it focused on strengthening alignment with shareholders, generating significant free cash, and leading responsible energy development in Colorado as the state’s first carbon neutral energy producer. I am particularly excited to join the Company at this stage of its evolution and growth trajectory, and I look forward to working closely with the entire Civitas team and all of our stakeholders to create lasting value.”

Civitas initiated a national search for its next CEO in February of this year. The search committee, comprised of members of its Board of Directors and advised by an executive search firm, sought to identify a new CEO who would further the Company’s core principles of executing on its prudent reinvestment strategy, returning meaningful cash to shareholders while maintaining a peer-leading balance sheet, realizing value creation via consolidation, and exhibiting continued ESG leadership. Following an extensive process, the Board unanimously agreed that Mr. Doyle was the right leader to help Civitas meet its significant potential.

About Civitas Resources, Inc.

Civitas Resources, Inc. is Colorado’s first carbon neutral oil & gas producer and is focused on developing and producing crude oil, natural gas and natural gas liquids in Colorado’s Denver-Julesburg Basin. The Company is committed to pursuing compelling economic returns and cash flow while delivering best-in-class cost leadership and capital efficiency. Civitas is dedicated to safety, environmental responsibility, and implementing industry leading practices to create a positive local impact. For more information about Civitas, please visit www.civitasresources.com.

Forward-looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. For a description of factors that may cause Civitas’ actual results, performance or expectations to differ from any forward-looking statements, please review the information under the heading “Risk Factors” included in Item 1A of Civitas’ 2021 Annual Report on Form 10-K and other documents of Civitas’ on file with the Securities and Exchange Commission. Any forward-looking statements made in this press release are qualified by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by Civitas will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, Civitas or its business or operations. Except as required by law, Civitas undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. We caution you that actual outcomes and results may differ materially from what is expressed, implied or forecasted by Civitas’ forward-looking statements.

Investor Relations:
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Webcast and Conference Call Scheduled for 4:30PM ET

MACON, Ga.--(BUSINESS WIRE)--Blue Bird Corporation (Nasdaq: BLBD), the leader in electric and cleaner-emission school buses, will release its fiscal 2022 second quarter financial results on May 12, 2022.

The public is invited to attend an audio webcast in which Blue Bird executives Matthew Stevenson, President and CEO, and Razvan Radulescu, CFO, will discuss results. This webcast will take place at 4:30PM ET on May 12, 2022. A slide presentation will be available to support the webcast.

• The webcast of the presentation will be available on the Investor Relations portion of Blue Bird’s website at http://investors.blue-bird.com. Please click on the link in the Events box in the lower right corner of the Blue Bird Investor Relations landing page to access the webcast.

• Participants desiring audio only or to ask questions during the Q&A portion of the call should dial 1-844-826-3035 or 1-412-317-5195.

A replay of the webcast will be available approximately two hours after the call concludes via the same link on Blue Bird’s website.

About Blue Bird Corporation

Blue Bird (NASDAQ: BLBD) is recognized as a technology leader and innovator of school buses since its founding in 1927. Our dedicated team members design, engineer and manufacture school buses with a singular focus on safety, reliability, and durability. Blue Bird buses carry the most precious cargo in the world – the majority of 25 million children twice a day – making us the most trusted brand in the industry. The company is the proven leader in low- and zero-emission school buses with more than 20,000 propane, natural gas, and electric powered buses in operation today. Blue Bird is transforming the student transportation industry through cleaner energy solutions. For more information on Blue Bird's complete product and service portfolio, visit www.blue-bird.com. For Blue Bird's line of emission-free electric buses, visit www.bluebirdelectricbus.com.

Mark Benfield
Blue Bird Corporation
(478)822-2315
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Lewis’ Leadership Spans Over 36 Years of Distinguished Military Service

TULSA, Okla.--(BUSINESS WIRE)--Empire Petroleum (NYSE American: EP) ("Empire" or the "Company"), an oil and gas company with current producing assets in Texas, Louisiana, North Dakota, Montana and New Mexico, announced today the appointment of Vice Admiral Andrew Lewis as Board Member, effective immediately. Vice Admiral Lewis replaces Anthony Kamin, who has served Empire as a Director since December 2016 and recently as Co-Chairman of the Board.

Vice Admiral Andrew Lewis was raised in Los Altos, California, and is a 1985 graduate of the U.S. Naval Academy. He was designated a Naval Aviator in April 1987 and has flown over 100 combat missions, accumulating over 5,300 flight hours and 1,100 carrier landings.

Lewis previously served as the Deputy Chief of Naval Operations for Operations, Plans and Strategy, vice director for Operations, and director of Fleet Training at Fleet Forces Command. His command tours included Carrier Strike Group 12, Naval Strike and Air Warfare Center, Carrier Air Wing (CVW) 3, Strike Fighter Squadron (VFA) 106, and Strike Fighter Squadron (VFA) 15. In 2018, Lewis was named Commander of the U.S. Second Fleet and NATO Joint Force Command Norfolk.

Following retirement from a 36-year military career in 2021, Lewis joined Business Executives for National Security. As Senior Vice President of Policy and Projects, Vice Admiral Lewis has worked collaboratively with business executives and leaders in the federal government’s national security enterprise to apply best business practices in addressing the nation’s most pressing security challenges.

“The entire Board is thrilled to have Vice Admiral Lewis join us. His experience re-establishing the Second Fleet in 2018 has been said to have been the military equivalent of establishing two successful startup companies responsible for maritime security in the Atlantic and into the Arctic. His experience should prove invaluable to our Board,” said Tommy Pritchard, Chief Executive Officer.

“We want to thank Tony for being an integral part of the Company since 2016. He has been instrumental in the company’s tremendous growth and we truly appreciate his leadership. We wish Tony the very best in his future endeavors,” said Mike Morrisett, President. “I also want to extend a warm welcome to Vice-Admiral Lewis as a new member of the Board of Directors.”

About Empire Petroleum

Empire Petroleum Corporation is a publicly traded, Tulsa-based oil and gas company with current producing assets in Texas, Louisiana, North Dakota, Montana and New Mexico. Management is focused on targeted acquisitions of proved developed assets with synergies with its existing portfolio of wells. More information about Empire can be found at www.empirepetrocorp.com.

Safe Harbor Statement

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements involve a wide variety of risks and uncertainties, and include, without limitations, statements with respect to the Company’s estimates, strategy and prospects. Such statements are subject to certain risks and uncertainties which are disclosed in the Company’s reports filed with the SEC, including its Form 10-K for the fiscal year ended December 31, 2021, and its other filings with the SEC. Readers and investors are cautioned that the Company’s actual results may differ materially from those described in the forward-looking statements due to a number of factors, including, but not limited to, the Company’s ability to acquire productive oil and/or gas properties or to successfully drill and complete oil and/or gas wells on such properties, general economic conditions both domestically and abroad, and other risks and uncertainties related to the conduct of business by the Company.

Empire:
Tommy Pritchard, CEO
Mike Morrisett, President
539-444-8002

Investor Relations:
Stephanie Prince
PCG Advisory
(646) 863-6341

EUCLID, Ohio--(BUSINESS WIRE)--#completiontools--Terves today announced that it has obtained a significant patent infringement, validity and lost profits judgment of over $700,000 against competitor Ecometal, Inc. and Nick Yuan over Terves’ patented TervAlloy dissolvable metal used by the fracking industry.

In Terves’ patent lawsuit in the U.S. District Court for the Northern District of Ohio, the Court ruled that Ecometal Inc., and Nick Yuan infringe both of Terves’s patents, U.S. Patent Nos. 10,329,653 and 10,689,740, and that those patents are valid.

A jury then awarded Terves lost profits of more than $700,000. In rendering that lost profit verdict, the jury determined that there are no available, alternate and non-infringing alternatives to Terves’s patented TervAlloy products.

At trial, Mr. Yuan testified under oath that Ecometal has stopped all shipments of any infringing material as of March 28, 2022 and that neither he nor his company Ecometal will ship any infringing material into the United States.

Terves’ CEO, Andrew Sherman states “Terves is pleased that the Court analyzed the law and facts to confirm that Ecometal and Mr. Yuan infringe, that Terves’ patents are valid. Also, the jury listened to all of the evidence closely and agreed with what we were seeking – lost profits damages based on the harm caused by that infringement.”

About Terves

Terves is the technology and cost leader in the development, manufacturing and sale of Engineered Response™ smart materials for the oil and gas industry. Terves’ intelligent materials sense and respond to their local wellbore environment to “do more”, such as dissolve, change dimensions, generate force or heat, destroy chemicals or bacteria, bond together, or solubilize and disperse based on change in time, temperature, pressure, PH, electrostatic charge, or other change in the local environment.

Terves is the leading manufacturer of dissolvable metals and dissolvable elastomers that are used for making frac balls, plugs, slips, seals and several other components used in oil and gas well completion and production; and have been used for completing tens of thousands of stages in North America, Europe, South America, Asia and MENA regions.

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The company enters the PJM and New York electricity markets with the addition of 31.5 MW of baseload capacity from two run-of-river hydroelectric facilities on the Allegheny River

BURLINGTON, Mass.--(BUSINESS WIRE)--FirstLight Power, a leading clean provider of renewable energy and energy storage resources, today announced the company has acquired two Western Pennsylvania hydroelectric facilities from H2O Power, a leading owner and operator of hydroelectric facilities in Ontario, Canada. Located on the Allegheny River and totaling 31.5 MW of baseload capacity, Allegheny 8 and Allegheny 9 are two run-of-river hydroelectric facilities that have provided a source of reliable, clean energy to the region for over three decades. Currently, the facilities are providing their hydropower to the New York market under a long-term power purchase agreement with New York State Electric and Gas Company (NYSEG). With the strategic acquisition, FirstLight continued the growth of the company’s clean energy portfolio while expanding its footprint into the PJM and New York electricity markets.

“With several strategic partnerships and acquisitions, 2022 has been an exciting year of growth for FirstLight, and we are pleased to now be able to directly deliver clean energy to New Yorkers on a daily basis through our acquisition of the Allegheny hydroelectric facilities,” said Alicia Barton, President and CEO of FirstLight. “We are also excited to welcome the Allegheny Hydro employees to our talented FirstLight team who collectively possess vast experience operating renewable and storage assets – both of which will be vital as we continue our expansion into new markets across North America.”

Situated approximately nine miles apart on the Allegheny River, the 13.6 MW Allegheny 8 project and 17.9 MW Allegheny 9 project are run-of-river hydroelectric stations located with existing federal lock and dam facilities operated by the US Army Corps of Engineers. The stations currently provide clean electricity to New York along a 40-mile transmission corridor, which is also part of the acquisition. As part of the transaction, which was completed on May 1, 2022, FirstLight will add five members of the Allegheny Hydro operations team.

The Allegheny acquisition follows several strategic partnerships that have further solidified FirstLight as a leading owner and operator of critical energy storage and renewable energy assets. In February, FirstLight announced a new partnership in Connecticut to advance new hybrid renewable energy projects across the state and the company was part a successful investment consortium that secured a lease in the recent New York Bight Offshore Wind auction. In March, the company announced a strategic partnership with Borrego to develop new solar and storage generation at FirstLight’s existing hydropower facilities in Massachusetts and Connecticut. These collaborations will advance the company’s commitment to help accelerate the Northeast’s path to a fully decarbonized electric grid.

About FirstLight Power

FirstLight Power (FirstLight) is a leading clean power producer, developer, and energy storage company serving North America. With a diversified portfolio that includes over 1,400 megawatts of operating renewable energy and energy storage technologies, FirstLight specializes in hybrid solutions that pair hydroelectric, pumped-hydro storage, utility-scale solar, large-scale battery, and offshore wind assets. The company’s mission is to accelerate the decarbonization of the electric grid by supporting the development, operation, and integration of renewable energy and storage solutions to advance an electric system that is clean, reliable, affordable, and equitable. Based in Burlington, MA, with operating offices in Northfield, MA and New Milford, CT, FirstLight is a steward of more than 14,000 acres and hundreds of miles of shoreline along some of the most beautiful rivers and lakes in the Northeast. To learn more, visit www.firstlightpower.com.

Len Greene, Head of Government Affairs & Communications
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MACON, Ga.--(BUSINESS WIRE)--Blue Bird Corporation (Nasdaq: BLBD), the leader in electric and low-emission school buses, applauds the 2022 Clean School Bus Rebate Program recently announced by the U.S. Environmental Protection Agency (EPA) as a critical step to putting student and community health first in student transportation. The program earmarks $500 million for the replacement of diesel-powered school buses with zero and low emission school buses. The funds will also assist school districts and other eligible participants to establish the required clean energy infrastructure.

The 2022 Clean School Bus Rebate Program is part of the Bipartisan Infrastructure Law (BIL) which provides a total of $5 billion over five years for clean school bus transportation. The program is designed to reduce air pollution and protect student and community health. It also aims to lower harmful greenhouse gas emissions which contribute to the existential threat of climate change.

The EPA's Clean School Bus Rebate Program provides prioritized support to school districts in low income, rural or tribal communities across the United States. The agency enables school districts to replace their diesel-powered school buses with zero or low emission school buses powered by electricity, propane, or natural gas.

“As the leader in electric and low-emission school buses, Blue Bird is delighted to help turn the EPA's grand vision of clean student transportation into reality,” said Matthew Stevenson, president and CEO, Blue Bird Corporation. “The Clean School Bus Rebate Program will benefit kids and communities across all 50 U.S. states. It's great news especially for underserved communities. Students from low-income areas are disproportionately impacted by diesel pollution from school buses, since 60 percent of students from low-income families ride the bus to school. Clean energy transportation means cleaner air to breathe.”

The EPA plans to accept online applications for three months starting in early May and notify applicants by October 2022. Selected school districts and other eligible participants are required to order the buses and supporting infrastructure by April 2023 to qualify for the rebates. Blue Bird subject matter experts are well-equipped to assist members of its dealer network and school districts to apply for program funds. Interested parties can contact Blue Bird specialists via This email address is being protected from spambots. You need JavaScript enabled to view it..

Blue Bird is the only U.S.-owned and operated school bus manufacturer in the United States. The company builds a full range of electric school buses which can carry a maximum of 84 passengers for up to 120 miles on a single charge. Depending on the charging infrastructure, the buses take between three and eight hours to recharge fully.

Apart from the benefits for student health and the environment, shifting to electric school buses can lead to significant cost saving opportunities long-term. Select Blue Bird customers reported fuel costs of up to 49 cents per mile for their diesel buses, compared to an average 14 cents per mile in energy costs for electric buses.

In addition, Blue Bird offers a comprehensive portfolio of low emission propane and natural gas-powered school buses. The company remains the proven clean transportation leader with more than 20,000 propane, natural gas, and electric-powered buses in operation today. Blue Bird manufactures its school buses in Fort Valley, Ga. The shift to clean transportation helps sustain approx. 2,000 well-paying manufacturing jobs. Blue Bird continues to ramp up production and fortify its supply chain to meet the increasing demand for zero and low emission school buses.

About Blue Bird Corporation

Blue Bird (NASDAQ: BLBD) is recognized as a technology leader and innovator of school buses since its founding in 1927. Our dedicated team members design, engineer and manufacture school buses with a singular focus on safety, reliability, and durability. Blue Bird buses carry the most precious cargo in the world – the majority of 25 million children twice a day – making us the most trusted brand in the industry. The company is the proven leader in low- and zero-emission school buses with more than 20,000 propane, natural gas, and electric powered buses in operation today. Blue Bird is transforming the student transportation industry through cleaner energy solutions. For more information on Blue Bird's complete product and service portfolio, visit www.blue-bird.com. For Blue Bird's line of emission-free electric buses, visit www.bluebirdelectricbus.com.

Julianne Barclay
TSN Communications
M: +1.267.934.5340
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LIBERTY LAKE, Wash.--(BUSINESS WIRE)--Itron, Inc. (NASDAQ:ITRI) announced today financial results for its first quarter ended March 31, 2022. Key results for the quarter include (compared with the first quarter of 2021):

• Revenue of $475 million, compared with $520 million;
• Gross margin of 28.4%; compared with 32.2%;
• GAAP net income of $1 million, compared with $13 million;
• GAAP diluted earnings per share (EPS) of $0.02, compared with $0.30;
• Non-GAAP diluted EPS of $0.11, compared with $0.52;
• Adjusted EBITDA of $19 million, compared with $50 million;
• Free cash flow of $2 million compared with $39 million; and
• Total backlog of $3.9 billion, compared with $3.4 billion.

"In the first quarter of 2022, customer demand remained strong with a focus on our Networked Solutions and Outcomes offerings. While we continue to be impacted by the current supply constraints and an inflationary environment, we remain focused on driving our strategy forward," said Tom Deitrich, Itron's president and chief executive officer.

Summary of First Quarter Consolidated Financial Results
(All comparisons made are against the prior year period unless otherwise noted)

Revenue
Total first quarter revenue decreased 9% to $475 million, or 6%, excluding the impact of changes in foreign currency exchange rates. The decrease was due to the impact of component constraints limiting our ability to meet customer demand.

Device Solutions revenue declined 19%, and Networked Solutions and Outcomes revenue each decreased 3%.

Gross Margin
Consolidated company gross margin of 28.4% decreased 380 basis points from the prior year, primarily due to higher component costs and manufacturing inefficiencies related to component shortages.

Operating Expenses and Operating Income
GAAP operating expenses of $128 million decreased $8 million from the prior year, primarily due to lower restructuring, amortization and product development expenses. Non-GAAP operating expenses of $126 million decreased $2 million from the prior year primarily due to lower product development expenses.

GAAP operating income of $7 million was $24 million lower than the prior year and non-GAAP operating income of $9 million was $30 million lower than last year. The decreases were due to lower gross profit.

Net Income and Earnings per Share
Net income attributable to Itron, Inc. for the quarter was $1 million, or $0.02 per diluted share, compared with $13 million, or $0.30 per diluted share in 2021. The decrease was driven by lower GAAP operating income.

Non-GAAP net income, which excludes certain charges including amortization of intangible assets, amortization of debt placement fees, debt extinguishment, restructuring, loss on sale of business, acquisition and integration, and the income tax effect of those adjustments, was $5 million, or $0.11 per diluted share, compared with $22 million, or $0.52 per diluted share, in 2021. The lower year over year results were primarily due to lower non-GAAP operating income.

Cash Flow

Net cash provided by operating activities was $8 million in the first quarter compared with $50 million in the same quarter of 2021. Free cash flow was $2 million in the first quarter compared with $39 million in the prior year. The year over year decrease in cash flow was primarily due to higher variable compensation payments in the current period.

Other Measures

Total backlog was $3.9 billion and 12-month backlog was $1.6 billion, compared with $3.4 billion and $1.3 billion, respectively, in the prior year. Bookings in the quarter totaled $417 million.

Earnings Conference Call

Itron will host a conference call to discuss the financial results and guidance contained in this release at 10 a.m. EDT on May 2, 2022. The call will be webcast in a listen-only mode. Webcast information and conference call materials will be made available 10 minutes before the start of the call and will be accessible on Itron’s website at http://investors.itron.com/events.cfm. A replay of the audio webcast will be made available at http://investors.itron.com/events.cfm. A telephone replay of the conference call will be available through May 7, 2022. To access the telephone replay, dial 888-203-1112 or 719-457-0820 and enter passcode 3063181.

About Itron

Itron^® enables utilities and cities to safely, securely and reliably deliver critical infrastructure services to communities in more than 100 countries. Our portfolio of smart networks, software, services, meters and sensors helps our customers better manage electricity, gas and water resources for the people they serve. By working with our customers to ensure their success, we help improve the quality of life, ensure the safety and promote the well-being of millions of people around the globe. Itron is dedicated to creating a more resourceful world. Join us: www.itron.com.

Itron® is a registered trademark of Itron, Inc. All third-party trademarks are property of their respective owners and any usage herein does not suggest or imply any relationship between Itron and the third party unless expressly stated.

Cautionary Note Regarding Forward Looking Statements

This release contains, and our officers and representatives may from time to time make, "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical factors nor assurances of future performance. These statements are based on our expectations about, among others, revenues, operations, financial performance, earnings, liquidity, earnings per share, cash flows and restructuring activities including headcount reductions and other cost savings initiatives. This document reflects our current strategy, plans and expectations and is based on information currently available as of the date of this release. When we use words such as "expect", "intend", "anticipate", "believe", "plan", "goal", "seek", "project", "estimate", "future", "strategy", "objective", "may", "likely", "should", "will", "will continue", and similar expressions, including related to future periods, they are intended to identify forward-looking statements. Forward-looking statements rely on a number of assumptions and estimates. Although we believe the estimates and assumptions upon which these forward-looking statements are based are reasonable, any of these estimates or assumptions could prove to be inaccurate and the forward-looking statements based on these estimates and assumptions could be incorrect. Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. Actual results and trends in the future may differ materially from those suggested or implied by the forward-looking statements depending on a variety of factors. Therefore, you should not rely on any of these forward-looking statements. Some of the factors that we believe could affect our results include our ability to execute on our restructuring plans, our ability to achieve estimated cost savings, the rate and timing of customer demand for our products, rescheduling of current customer orders, changes in estimated liabilities for product warranties, adverse impacts of litigation, changes in laws and regulations, our dependence on new product development and intellectual property, future acquisitions, changes in estimates for stock-based and bonus compensation, increasing volatility in foreign exchange rates, international business risks, uncertainties caused by adverse economic conditions, including, without limitation those resulting from extraordinary events or circumstances such as the COVID-19 pandemic and other factors that are more fully described in Part I, Item 1A: Risk Factors included in our 2021 Annual Report and other reports on file with the SEC. We undertake no obligation to update or revise any forward-looking statement, whether written or oral.

Non-GAAP Financial Information

To supplement our consolidated financial statements, which are prepared in accordance with accounting principles generally accepted in the United States (GAAP), we use certain adjusted or non-GAAP financial measures, including non-GAAP operating expense, non-GAAP operating income, non-GAAP net income, non-GAAP diluted earnings per share (EPS), adjusted EBITDA, adjusted EBITDA margin, constant currency, and free cash flow. We provide these non-GAAP financial measures because we believe they provide greater transparency and represent supplemental information used by management in its financial and operational decision making. We exclude certain costs in our non-GAAP financial measures as we believe the net result is a measure of our core business. We believe these measures facilitate operating performance comparisons from period to period by eliminating potential differences caused by the existence and timing of certain expense items that would not otherwise be apparent on a GAAP basis. Non-GAAP performance measures should be considered in addition to, and not as a substitute for, results prepared in accordance with GAAP. We strongly encourage investors and shareholders to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. Our non-GAAP financial measures may be different from those reported by other companies.

About Non-GAAP Financial Measures

To supplement our consolidated financial statements, which are prepared in accordance with GAAP, we use certain non-GAAP financial measures, including non-GAAP operating expense, non-GAAP operating income, non-GAAP net income, non-GAAP diluted EPS, adjusted EBITDA, free cash flow, and constant currency. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP, and other companies may define such measures differently. For a reconciliation of each non-GAAP measure to the most comparable financial measure prepared and presented in accordance with GAAP, please see the table captioned Reconciliations of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measures.

We use these non-GAAP financial measures for financial and operational decision making and/or as a means for determining executive compensation. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and ability to service debt by excluding certain expenses that may not be indicative of our recurring core operating results. These non-GAAP financial measures facilitate management's internal comparisons to our historical performance, as well as comparisons to our competitors' operating results. Our executive compensation plans exclude non-cash charges related to amortization of intangibles and certain discrete cash and non-cash charges, such as acquisition and integration related expenses, loss on sale of business, or restructuring charges. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting and analyzing future periods. We believe these non-GAAP financial measures are useful to investors because they provide greater transparency with respect to key metrics used by management in its financial and operational decision making and because they are used by our institutional investors and the analyst community to analyze the health of our business.

Non-GAAP operating expenses and non-GAAP operating income – We define non-GAAP operating expenses as operating expenses excluding certain expenses related to the amortization of intangible assets, restructuring, loss on sale of business, and acquisition and integration. We define non-GAAP operating income as operating income excluding the expenses related to the amortization of intangible assets, restructuring, loss on sale of business, and acquisition and integration. Acquisition and integration related expenses include costs, which are incurred to affect and integrate business combinations, such as professional fees, certain employee retention and salaries related to integration, severances, contract terminations, travel costs related to knowledge transfer, system conversion costs, and asset impairment charges. We consider these non-GAAP financial measures to be useful metrics for management and investors because they exclude the effect of expenses that are related to acquisitions and restructuring projects. By excluding these expenses, we believe that it is easier for management and investors to compare our financial results over multiple periods and analyze trends in our operations. For example, in certain periods, expenses related to amortization of intangible assets may decrease, which would improve GAAP operating margins, yet the improvement in GAAP operating margins due to this lower expense is not necessarily reflective of an improvement in our core business. There are some limitations related to the use of non-GAAP operating expenses and non-GAAP operating income versus operating expenses and operating income calculated in accordance with GAAP. We compensate for these limitations by providing specific information about the GAAP amounts excluded from non-GAAP operating expense and non-GAAP operating income and evaluating non-GAAP operating expense and non-GAAP operating income together with GAAP operating expense and operating income.

Non-GAAP net income and non-GAAP diluted EPS – We define non-GAAP net income as net income (loss) attributable to Itron, Inc. excluding the expenses associated with amortization of intangible assets, amortization of debt placement fees, debt extinguishment, restructuring, loss on sale of business, acquisition and integration, and the tax effect of excluding these expenses. We define non-GAAP diluted EPS as non-GAAP net income divided by diluted weighted-average shares outstanding during the period calculated on a GAAP basis and then reduced to reflect the anti-dilutive impact of the convertible note hedge transaction entered into in connection with the 0% Convertible Notes due 2026 issued in March 2021. We consider these financial measures to be useful metrics for management and investors for the same reasons that we use non-GAAP operating income. The same limitations described above regarding our use of non-GAAP operating income apply to our use of non-GAAP net income and non-GAAP diluted EPS. We compensate for these limitations by providing specific information regarding the GAAP amounts excluded from these non-GAAP measures and evaluating non-GAAP net income and non-GAAP diluted EPS together with GAAP net income attributable to Itron, Inc. and GAAP diluted EPS.

For interim periods the budgeted annual effective tax rate (AETR) is used, adjusted for any discrete items, as defined in Accounting Standards Codification (ASC) 740 - Income Taxes. The budgeted AETR is determined at the beginning of the fiscal year. The AETR is revised throughout the year based on changes to our full-year forecast. If the revised AETR increases or decreases by 200 basis points or more from the budgeted AETR due to changes in the full-year forecast during the year, the revised AETR is used in place of the budgeted AETR beginning with the quarter the 200 basis point threshold is exceeded and going forward for all subsequent interim quarters in the year. We continue to assess the AETR based on latest forecast throughout the year and use the most recent AETR anytime it increases or decreases by 200 basis points or more from the prior interim period.

Adjusted EBITDA – We define adjusted EBITDA as net income (loss) (a) minus interest income, (b) plus interest expense, depreciation and amortization, debt extinguishment, restructuring, loss on sale of business, acquisition and integration, and (c) excluding income tax provision or benefit. Management uses adjusted EBITDA as a performance measure for executive compensation. A limitation to using adjusted EBITDA is that it does not represent the total increase or decrease in the cash balance for the period and the measure includes some non-cash items and excludes other non-cash items. Additionally, the items that we exclude in our calculation of adjusted EBITDA may differ from the items that our peer companies exclude when they report their results. We compensate for these limitations by providing a reconciliation of this measure to GAAP net income (loss).

Free cash flow – We define free cash flow as net cash provided by operating activities less cash used for acquisitions of property, plant and equipment. We believe free cash flow provides investors with a relevant measure of liquidity and a useful basis for assessing our ability to fund our operations and repay our debt.

Itron, Inc.
Kenneth P. Gianella
Vice President, Investor Relations
(669) 770-4643

David Means
Director, Investor Relations
(737) 242-8448

Rebecca Hussey
Manager, Investor Relations
(509) 891-3574

BLACKWOOD, N.J.--(BUSINESS WIRE)--The GivePower Foundation and Vision Solar became partners in 2021; through their partnership, a percentage from every Vision Solar installation is donated to GivePower to fund solar energy project solutions for developing regions of the world. GivePower Foundation organizes trek retreats for their partners to allow them to experience firsthand the impact of their donations. In May, YTD we donated over $223,000.

Vision Solar participated in their first GivePower trek in Shuluwou in Colombia's indigenous capital, a remote village in northeast Colombia. Eight Vision Solar employees and two executives took part in the life-changing trek. Mike Eden (CRO), and Faraz Khan (CFO), were the two executives who attended the first trek to Colombia. Vision Solar installed solar energy solutions in village homes, schools, and community buildings. With these new clean energy solutions, education and livelihood can be advanced further.

“We were a team of 10 from Vision Solar who worked and lived with this community for 5 days. It has been a humbling experience to see this community thrive living in the harsh conditions of a desert. Yesterday night when they all saw power and light for the first time, it put smiles on the faces of the elderly, young, and kids. They now have access to TV, computers, and refrigeration for food security!” - Faraz Khan, CFO

"To be able to impact lives is something I have always strived to do. Vision Solar has donated and installed a solar system and batteries that will provide a community that has never seen power with electricity." - Mike Eden, CRO

“Anyone can donate money to a charity but it was a feeling like nothing else to actually put in the physical labor necessary to create solar energy solutions in the village.” - Derek M. - Vision Solar Employee

“Being in the solar industry it was very rewarding to see and experience the humanitarian applications of solar energy, and to give sustainable power to a community in need!“ - Macy G. - Vision Solar Employee

“When the light went on, it was just very exciting to see that it's just gonna really change their lives.” - Joey P., District Sales Manager, Vision Solar

For any inquiries regarding this press release, please feel free to contact John Czelusniak at This email address is being protected from spambots. You need JavaScript enabled to view it.

About Vision Solar:

Vision Solar is one of the fastest growing solar energy companies in the United States. Their full-service renewable energy company installs solar services for residential homes nationwide. Over the past three years, Vision Solar has grossed over $200+ million in revenue, with significant increase in projected growth to produce 1500+ high-quality Green Jobs by 2022. To learn more, visit: https://www.visionsolar.com

About GivePower:

GivePower is a 501 non-profit organization that develops clean water and energy systems in communities across the world. GivePower has installed 2,650 solar power installations in villages across 17 different countries and in underdeveloped areas of the United States. To learn more, visit https://www.givepower.org

John Czelusniak
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Vision Solar LLC

HOUSTON--(BUSINESS WIRE)--ConocoPhillips (NYSE: COP) today announced that Tim Leach, previously executive vice president, Lower 48, has become advisor to the chief executive officer, effective May 1, 2022. In addition to his new role, Leach will continue serving as a member of the company’s board of directors.

In conjunction with this change, the company also announced that Jack Harper, previously president, Permian for ConocoPhillips, and former president of Concho Resources, has assumed the role of executive vice president, Lower 48 and joined the ConocoPhillips executive leadership team, effective May 1, 2022. Harper has more than 25 years of experience leading operations, finance, corporate planning/strategy, capital markets and business development functions.

“Tim is an industry visionary who founded Concho in 2004 and grew it into one of the Permian’s largest and best-run producers. He has been instrumental in guiding our Lower 48 organization and driving value from the Concho transaction,” said Ryan Lance, ConocoPhillips chairman and chief executive officer. “He and I share a similar philosophy for this industry, and I am pleased that we will continue benefiting from his significant experience and strategic relationships in his new role and as a member of the board of directors. I am also pleased to welcome Jack to our executive leadership team. He is a proven leader who will ensure that our Lower 48 organization does its part in delivering on the company’s Triple Mandate of meeting energy transition pathway demand, generating competitive returns on and of capital and achieving our net-zero emissions ambition.”

“We ushered in a new era of energy leadership with the strategic combination of the ConocoPhillips and Concho assets, operations and teams. I am so proud of what we have accomplished thus far and look forward to continuing to work with Ryan to deliver value for ConocoPhillips,” said Leach. “I have also had the pleasure of working with Jack for close to 20 years. He brings tremendous experience and a true passion for this business, and I look forward to seeing Jack continue driving efficiency and value across the company’s low cost of supply Lower 48 business.”

--- # # # ---

About ConocoPhillips

ConocoPhillips is one of the world’s leading exploration and production companies based on both production and reserves, with a globally diversified asset portfolio. Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 14 countries, $91 billion of total assets and approximately 9,900 employees at Dec. 31, 2021. Production including Libya averaged 1,567 thousand barrels of oil equivalent per day for the 12 months ended Dec. 31, 2021, and proved reserves were 6.1 billion barrels of oil equivalent as of Dec. 31, 2021. For more information, go to www.conocophillips.com.

CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This news release contains forward-looking statements as defined under the federal securities laws. Forward-looking statements relate to future events, plans and anticipated results of operations, business strategies, and other aspects of our operations or operating results. Words and phrases such as “anticipate,” “estimate,” “believe,” “budget,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict,” “seek,” “should,” “will,” “would,” “expect,” “objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,” “effort,” “target” and other similar words can be used to identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. Where, in any forward-looking statement, the company expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to be reasonable at the time such forward-looking statement is made. However, these statements are not guarantees of future performance and involve certain risks, uncertainties and other factors beyond our control. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in the forward-looking statements. Factors that could cause actual results or events to differ materially from what is presented include the impact of public health crises, including pandemics (such as COVID-19) and epidemics and any related company or government policies or actions; global and regional changes in the demand, supply, prices, differentials or other market conditions affecting oil and gas, including changes resulting from any ongoing military conflict, including the conflict between Russia and Ukraine and the global response to it, or from a public health crisis or from the imposition or lifting of crude oil production quotas or other actions that might be imposed by OPEC and other producing countries and the resulting company or third-party actions in response to such changes; changes in commodity prices, including a prolonged decline in these prices relative to historical or future expected levels; insufficient liquidity or other factors, such as those listed herein, that could impact our ability to repurchase shares and declare and pay dividends such that we suspend our share repurchase program and reduce, suspend, or totally eliminate dividend payments in the future, whether variable or fixed; changes in expected levels of oil and gas reserves or production; potential failures or delays in achieving expected reserve or production levels from existing and future oil and gas developments, including due to operating hazards, drilling risks or unsuccessful exploratory activities; unexpected cost increases or technical difficulties in constructing, maintaining or modifying company facilities; legislative and regulatory initiatives addressing global climate change or other environmental concerns; investment in and development of competing or alternative energy sources; disruptions or interruptions impacting the transportation for our oil and gas production; international monetary conditions and exchange rate fluctuations; changes in international trade relationships, including the imposition of trade restrictions or tariffs on any materials or products (such as aluminum and steel) used in the operation of our business, including any sanctions imposed as a result of any ongoing military conflict, including the conflict between Russia and Ukraine; our ability to collect payments when due under our settlement agreement with PDVSA; our ability to collect payments from the government of Venezuela as ordered by the ICSID; our ability to liquidate the common stock issued to us by Cenovus Energy Inc. at prices we deem acceptable, or at all; our ability to complete any announced or any future dispositions or acquisitions on time, if at all; the possibility that regulatory approvals for any announced or any future dispositions or acquisitions will not be received on a timely basis, if at all, or that such approvals may require modification to the terms of the transactions or our remaining business; business disruptions following the acquisition of assets from Shell (the “Shell Acquisition”) or any other announced or any future dispositions or acquisitions, including the diversion of management time and attention; the ability to deploy net proceeds from our announced or any future dispositions in the manner and timeframe we anticipate, if at all; potential liability for remedial actions under existing or future environmental regulations; potential liability resulting from pending or future litigation, including litigation related directly or indirectly to our transaction with Concho Resources Inc.; the impact of competition and consolidation in the oil and gas industry; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; general domestic and international economic and political conditions or developments, including as a result of any ongoing military conflict, including the conflict between Russia and Ukraine; the ability to successfully integrate the assets from the Shell Acquisition or achieve the anticipated benefits from the transaction; unanticipated difficulties or expenditures relating to the Shell Acquisition; changes in fiscal regime or tax, environmental and other laws applicable to our business; and disruptions resulting from accidents, extraordinary weather events, civil unrest, political events, war, terrorism, cyber attacks or information technology failures, constraints or disruptions; and other economic, business, competitive and/or regulatory factors affecting our business generally as set forth in our filings with the Securities and Exchange Commission. Unless legally required, ConocoPhillips expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Dennis Nuss (media)
281-293-1149
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Investor Relations
281-293-5000
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Energy Transfer LNG Export to supply LNG to Gunvor Singapore Pte from its Lake Charles LNG Export Facility Under 20-year Agreement

DALLAS & SINGAPORE--(BUSINESS WIRE)--#energytransfer--Energy Transfer LP (NYSE: ET) and Gunvor Group Ltd today announced that Gunvor Singapore Pte Ltd (Gunvor) has entered into an LNG Sale and Purchase Agreement with Energy Transfer LNG Export, LLC (Energy Transfer LNG), a subsidiary of Energy Transfer LP, related to its Lake Charles LNG project.

Under the SPA, Energy Transfer LNG will supply 2 million tonnes of LNG per annum to Gunvor on a free-on-board (FOB) basis. The purchase price is indexed to the Henry Hub benchmark plus a fixed liquefaction charge. The SPA is for a term of 20 years, and first deliveries are expected to commence as early as 2026. The SPAs will become fully effective upon the satisfaction of the conditions precedent, including Energy Transfer LNG taking final investment decision (FID).

“We are pleased to partner with Energy Transfer, which is a significant step in executing Gunvor’s overall strategy of uncovering and securing low-cost resources and implementing competitive and reliable deliveries to our LNG buyers. We look forward to a successful, long-term relationship with the Energy Transfer team as their project continues to progress,” said Kalpesh Patel, Co-Head of LNG Trading of Gunvor.

“Gunvor is a well-known participant in the LNG industry, and we are excited to have them as a customer,” said Tom Mason, President of Energy Transfer LNG. “Gunvor’s commitment to Lake Charles further evidences the progress we are making towards taking FID by year end.”

Energy Transfer is one of the largest and most diversified midstream energy companies in North America, with a strategic footprint in all of the major U.S. production basins. Energy Transfer's Lake Charles LNG export facility will be constructed on the existing brownfield regasification facility and will capitalize on four existing LNG storage tanks, two deep water berths and other LNG infrastructure. Lake Charles LNG will also benefit from its direct connection to Energy Transfer’s existing Trunkline pipeline system that in turn provides connections to multiple intrastate and interstate pipelines. These pipelines allow access to multiple natural gas producing basins, including the Haynesville, the Permian and the Marcellus Shale.

About Gunvor

Gunvor is one of the world’s largest independent commodities trading houses by turnover, creating logistics solutions that safely and efficiently move physical energy from where it is sourced and stored to where it is demanded most. Gunvor has strategic investments in industrial infrastructure—refineries, pipelines, storage and terminals—that complement our core trading activity and generate sustainable value across the global supply chain for our customers. The company, which in 2021 generated US $135 billion in revenue on 240 million MT of volumes, is the leading independent global trader of liquefied natural gas (LNG).

About Energy Transfer

Energy Transfer LP (NYSE: ET) owns and operates one of the largest and most diversified portfolios of energy assets in North America, with a strategic footprint in all of the major U.S. production basins. Energy Transfer is a publicly traded limited partnership with core operations that include complementary natural gas midstream, intrastate and interstate transportation and storage assets; crude oil, natural gas liquids (NGL) and refined product transportation and terminalling assets; and NGL fractionation. Energy Transfer also owns Lake Charles LNG Company, as well as the general partner interests, the incentive distribution rights and 28.5 million common units of Sunoco LP (NYSE: SUN), and the general partner interests and 46.1 million common units of USA Compression Partners, LP (NYSE: USAC).

Forward Looking Statements

This press release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal law. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management’s control. An extensive list of factors that can affect future results are discussed in the Partnership’s Annual Report on Form 10-K and other documents filed from time to time with the Securities and Exchange Commission. In addition to the risks and uncertainties previously disclosed, the Partnership has also been, or may in the future be, impacted by new or heightened risks related to the COVID-19 pandemic, and we cannot predict the length and ultimate impact of those risks. The Partnership undertakes no obligation to update or revise any forward-looking statement to reflect new information or events.

The information contained in this press release is available on our website at energytransfer.com.

Investor Relations:
Bill Baerg
Brent Ratliff
Lyndsay Hannah
214-981-0795

Media Relations:
Vicki Granado
Lauren Atchley
214-840-5820
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TULSA, Okla.--(BUSINESS WIRE)--Francis Energy, LLC (Francis Energy), the owner and operator of the nation’s first comprehensive statewide network of electric vehicle (EV) fast charging infrastructure, announced today an equity investment in the company by Alliance Resource Partners, L.P. (NASDAQ: ARLP). The investment brings together two Tulsa-based American success stories to help change the way Americans drive for generations to come.

ARLP Chairman, President and Chief Executive Officer Joseph W. Craft III said of today’s announcement, “The growth of the electric vehicle market in the United States is undeniable and the need to buildout EV charging infrastructure to support this growth is critical. We view our investment with Francis Energy as an important step in ARLP’s participation in this next generation energy platform.”

Mr. Craft added, “The Francis Energy team has demonstrated their ability to successfully develop a business model deploying EV charging sites that can be scaled across the nation. We believe ARLP’s relationships with utilities, industrial customers and federal and state governments, along with our technology and manufacturing capabilities will accelerate Francis Energy’s deployment of this critical infrastructure. We are excited to be a part of this historic endeavor.”

Under the agreement, the Francis Energy executive team will continue its day-to-day management of the company and, as a significant minority shareholder, ARLP will hold a seat on the Francis Energy board of directors.

Francis Energy Founder and Chief Executive Officer David Jankowsky noted, “Having a strategic partner like Alliance Resource Partners will help Francis Energy expand our buildout of a public EV fast-charging network that reaches beyond the Midwest and into the eastern United States.”

Mr. Jankowsky added, “Alliance Resource Partners is one of the preeminent diversified public energy companies in the U.S. and its support of Francis Energy reinforces our position as a leader in transforming transportation.”

Francis Energy has built the first in the nation comprehensive statewide network of fast chargers across the state of Oklahoma with stations virtually every 50 miles. The Oklahoma network ensures rural areas, tribal lands, and underserved communities have reliable access to EV charging stations and serves as a successful model in building a public charging network across middle America. The company won competitive state grants earlier this year in Missouri and Kansas to build new charging stations along heavily traveled interstate highways.

Francis Energy recently announced partnerships to expand its national charging network with two fuel and convenience store operators ─ Fuel Maxx, in the Houston metro area, and Wally’s, at a new charging center located outside St. Louis. Francis is currently expanding its fast-charging network into 35 states.

Francis Energy was advised by Perella Weinberg Partners and Skadden, Arps, Slate, Meagher & Flom.

ARLP was advised by Rose, Grasch, Camenisch & Mains.

About Francis Energy, LLC

Francis Energy's mission is to create regional networks of public access electric vehicle charging equipment in order to encourage and support the widespread adoption of electric vehicles. Its business strategy is to develop, construct, and operate electric vehicle ("EV") charging infrastructure projects in under-served rural and urban markets throughout the Midwest. Francis has a track record of success in developing and constructing EV charging infrastructure, including building and operating one of the largest EV charging networks in the USA. For more information, visit https://francisenergy.com

About Alliance Resource Partners, L.P.

ARLP is a diversified energy company that is currently the second largest coal producer in the eastern United States. ARLP also generates royalty income from mineral interests it owns in strategic coal, oil & gas producing regions in the United States. In addition, ARLP is positioning itself as an energy provider for the future by leveraging its core technology and operating competencies to make strategic investments in the fast-growing energy and infrastructure transition.

News, unit prices and additional information about ARLP, including filings with the Securities and Exchange Commission are available at http://www.arlp.com. For more information, contact the investor relations department of ARLP at (918) 295-7674 or via e-mail at This email address is being protected from spambots. You need JavaScript enabled to view it..

For Francis Energy contact Tom Alexander 202-262-4284
For Alliance Resource Partners, L.P. contact Brian L. Cantrell 918-295-7673

– Double-Digit Increases in Revenues and Adjusted EBITDA, Led by Construction Products and Engineered Structures

– Results Ahead of Expectation on Utility Structures Performance and Solid Execution from Cyclical Businesses Despite Headwinds

– Divestiture of Storage Tanks Business Advances Portfolio Simplification

DALLAS--(BUSINESS WIRE)--Arcosa, Inc. (NYSE: ACA) (“Arcosa,” the “Company,” “We,” or “Our”), a provider of infrastructure-related products and solutions, today announced results for the first quarter ended March 31, 2022.

First Quarter Highlights (All comparisons are versus the prior year quarter unless noted otherwise)

• Revenues of $535.8 million, up 22%
• Net income of $20.2 million and Adjusted Net Income of $20.9 million
• Diluted EPS of $0.41, up 28%, and Adjusted Diluted EPS of $0.42, up 20%
• Adjusted EBITDA of $73.4 million, up 30%
• Operating cash flow of $24.5 million and Free Cash Flow of $(1.4) million

On April 26, 2022, the Company announced it entered into a definitive agreement to sell its storage tanks business to Black Diamond Capital Management, LLC for $275 million in cash. The transaction is expected to close in the second half of 2022 and is subject to customary closing conditions, including regulatory approvals in the U.S. and Mexico.

“Arcosa’s first quarter results exceeded our expectations, with Adjusted EBITDA growth of 30% outpacing revenue growth,” said Antonio Carrillo, President and Chief Executive Officer. “I am very pleased with our strong start to the year, as our portfolio of businesses generated solid performance in a challenging environment.

“In addition, we significantly advanced our long-term vision to reduce the complexity of Arcosa’s overall portfolio with the agreement to sell our storage tanks business. We intend to invest the proceeds into our key growth businesses. The divestiture aligns with our focused strategy to shift our business mix towards less cyclical, higher-margin growth opportunities that leverage our core strengths and drive long-term shareholder value creation.”

Carrillo continued, “Led by contributions from recent acquisitions and supported by organic growth, Construction Products performed well during the quarter, delivering a 26% increase in Adjusted Segment EBITDA. Construction activity remained healthy, and we experienced another quarter of broad pricing gains across our portfolio. Favorable market conditions and improved efficiencies in our utility structures business, coupled with solid execution in our cyclical businesses, elevated our first quarter performance.

“We are focused on closely managing inflationary pressures, proactively raising prices and carefully monitoring raw material costs. Global steel prices remain elevated, recouping declines observed earlier in the first quarter ahead of the escalating conflict in Ukraine. As a result, the market expectation is for steel prices to remain high through at least the remainder of 2022.

“Benefiting from our ability to secure competitive steel pricing, we received $105 million of orders in our barge business during the first quarter, representing the highest quarterly level of orders in two years. The profitability of these orders remains low, but they reflect the significant pent-up replacement demand for hopper barges and fill our planned capacity for 2022, while helping to leverage our fixed costs. In addition, the new orders provide critical production continuity into 2023, positioning us to remain flexible and participate in the anticipated recovery.”

Carrillo concluded, “We ended the quarter with ample liquidity and improved our Free Cash Flow compared to last year.”

2022 Outlook and Guidance

The Company made the following adjustments to its full year guidance:

• Tightened its full year 2022 Adjusted EBITDA guidance range to $290 million to $305 million, from its prior guidance range of $280 million to $305 million.

• Expects to update its full year 2022 guidance for the sale of its storage tanks business at the close of the transaction.

Commenting on the outlook, Carrillo noted, “Our first quarter performance strengthens our ability to achieve our full year 2022 guidance, and we are therefore raising the mid-point of our Adjusted EBITDA range. Fundamentals for our key growth businesses, Construction Products and Engineered Structures, remain favorable and we are managing our cyclical businesses well, with first quarter performance exceeding our expectations. We look forward to closing the sale of our storage tanks business later this year and are actively working on our pipeline of investment opportunities to redeploy the proceeds in a timely manner.”

First Quarter 2022 Results and Commentary

Construction Products

• Revenues increased 38% to $211.5 million primarily driven by recent acquisitions, along with higher volumes and pricing in our recycled aggregates and specialty materials businesses as well as increased volumes and higher steel prices in our shoring products business.

• Revenues in our legacy natural aggregates business were up slightly as strong pricing gains were partially offset by anticipated volume declines in Central Texas as certain larger projects rolled off.

• Adjusted Segment EBITDA increased 26% to $41.3 million, representing a 19.5% margin compared to 21.5% in the prior year.

• The decrease in margin primarily reflected the addition of StonePoint Materials, with margins below the segment average and operations more exposed to seasonal winter weather in the first quarter.

Engineered Structures

• Revenues increased 21% year-over-year to $250.5 million driven by higher pricing across all product lines, which more than offset lower volumes in wind towers.

• Adjusted Segment EBITDA increased 38% to $36.3 million, representing a 14.5% margin compared to a 12.8% margin a year ago.

• The increase in Adjusted Segment EBITDA was primarily driven by higher pricing in our utility structures and storage tanks businesses as well as improved margins in our utility structures business resulting from a favorable product mix and increased efficiencies.

• Order activity for utility, telecom, and traffic structures continued to be healthy during the quarter, with a book-to-bill above 1.0, driven by grid hardening and reliability initiatives, the 5G build-out, and road infrastructure investment.

• The combined backlog for utility, wind, and related structures at the end of the first quarter was $421.0 million compared to $437.5 million at the end of the fourth quarter of 2021.

Transportation Products

• Revenues were $73.8 million, down 8% year-over-year. Barge revenues decreased 19% driven by lower tank barge deliveries, partially offset by a slight increase in hopper barge deliveries. Conversely, steel components revenues increased 20% primarily due to higher volumes to support improving demand in the North American railcar market.

• Adjusted Segment EBITDA decreased 24% year-over-year to $6.6 million, representing an 8.9% margin compared to a 10.8% margin a year ago. Segment margins declined due to overall lower volumes.

• During the quarter, we received orders of approximately $105 million in our barge business, primarily for hopper barges. These orders fill our planned capacity for 2022 and extend our backlog into 2023.

• Backlog at the end of the quarter was $150.6 million compared to $92.7 million at the end of the fourth quarter of 2021. We expect to deliver 72% of our current backlog in 2022 with the remainder scheduled to deliver in 2023.

Corporate and Other Financial Notes

• Excluding acquisition and divestiture-related costs, corporate expenses were $12.1 million in the first quarter, slightly lower than the prior year.

• Acquisition and divestiture-related costs, which have been excluded from Adjusted EBITDA for both periods, were $0.9 million in the first quarter compared to $1.7 million in the prior year.

• The effective tax rate for the quarter was 24.1% compared to 21.7% in the prior year. The increase in the tax rate was primarily due to increased state and foreign taxes.

Cash Flow and Liquidity

• Operating cash flow was $24.5 million up from $0.4 million in the prior year.

• Working capital was a use of cash of $38.1 million for the quarter, driven by increased volumes and higher steel prices, and improved from prior year's $46.7 million use of cash.

• Capital expenditures were $25.9 million resulting in Free Cash Flow of $(1.4) million for the first quarter, up from $(19.5) million in the prior year.

• We ended the quarter with total liquidity of $435.1 million, including $88.6 million of cash, and net debt to Adjusted EBITDA was 2.0X for the trailing twelve months.

Non-GAAP Financial Information

This earnings release contains financial measures that have not been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Reconciliations of non-GAAP financial measures to the closest GAAP measure are included in the accompanying tables to this earnings release.

Conference Call Information

A conference call is scheduled for 8:30 a.m. Eastern Time on April 29, 2022 to discuss 2022 first quarter results. To listen to the conference call webcast, please visit the Investor Relations section of Arcosa’s website at https://ir.arcosa.com. A slide presentation for this conference call will be posted on the Company’s website in advance of the call at https://ir.arcosa.com. The audio conference call number is 800-459-5343 for domestic callers and 203-518-9553 for international callers. The conference ID is ARCOSA and the passcode is 389417. An audio playback will be available through 11:59 p.m. Eastern Time on May 13, 2022, by dialing 800-925-9627 for domestic callers and 402-220-5390 for international callers. A replay of the webcast will be available for one year on Arcosa’s website at https://ir.arcosa.com/news-events/events-presentations.

About Arcosa

Arcosa, Inc. (NYSE:ACA), headquartered in Dallas, Texas, is a provider of infrastructure-related products and solutions with leading positions in construction, engineered structures, and transportation markets. Arcosa reports its financial results in three principal business segments: the Construction Products segment, the Engineered Structures segment, and the Transportation Products segment. For more information, visit www.arcosa.com.

Some statements in this release, which are not historical facts, are “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements about Arcosa’s estimates, expectations, beliefs, intentions or strategies for the future. Arcosa uses the words “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “intends,” “forecasts,” “may,” “will,” “should,” “guidance,” “outlook,” “strategy,” and similar expressions to identify these forward-looking statements. Forward-looking statements speak only as of the date of this release, and Arcosa expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein, except as required by federal securities laws. Forward-looking statements are based on management’s current views and assumptions and involve risks and uncertainties that could cause actual results to differ materially from historical experience or our present expectations, including but not limited to assumptions, risks and uncertainties regarding the impact of the COVID-19 pandemic on Arcosa’s customer demand for Arcosa’s products and services, Arcosa’s supply chain, Arcosa’s employees’ ability to work because of COVID-19 related illness, the health and safety of our employees, the effect of governmental regulations imposed in response to the COVID-19 pandemic; assumptions, risks and uncertainties regarding achievement of the expected benefits of Arcosa’s spin-off from Trinity; tax treatment of the spin-off; failure to successfully integrate acquisitions or divest any business, or failure to achieve the expected benefits of acquisitions or divestitures; market conditions and customer demand for Arcosa’s business products and services; the cyclical nature of, and seasonal or weather impact on, the industries in which Arcosa competes; competition and other competitive factors; governmental and regulatory factors; changing technologies; availability of growth opportunities; market recovery; ability to improve margins; the impact of inflation and costs of materials; and Arcosa’s ability to execute its long-term strategy, and such forward-looking statements are not guarantees of future performance. For further discussion of such risks and uncertainties, see "Risk Factors" and the "Forward-Looking Statements" section of "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Arcosa's Form 10-K for the year-ended December 31, 2021 and as may be revised and updated by Arcosa's Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

TABLES TO FOLLOW

INVESTOR CONTACTS
Gail M. Peck
Chief Financial Officer

Erin Drabek
Director of Investor Relations

T 972.942.6500
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David Gold
ADVIS IRY Partners

T 212.661.2220
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MEDIA CONTACT
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Partnership Accelerates Ubiquitous Energy’s Discovery and Deployment of New Transparent Solar Materials Using Artificial Intelligence

REDWOOD CITY, Calif.--(BUSINESS WIRE)--Ubiquitous Energy, a next-generation technology company that provides truly transparent solar products, has announced a long-term partnership with Citrine Informatics, the leading artificial intelligence service provider for materials development. Ubiquitous Energy will utilize the Citrine Platform for AI-driven materials discovery, accelerating the discovery and deployment of its proprietary transparent solar materials.

Urgent climate change imperatives, disruptive geopolitical realities, and shifting consumer trends have coalesced to create surging demand for renewable energy sources, and solar power is at the forefront of this movement.

Ubiquitous Energy is the world leader in transparent solar technology. To further advance its competitive edge, the company continues to develop new, more efficient transparent solar materials at the molecular level. This requires the company’s scientists and engineers to think differently and use cutting-edge technology to accelerate research.

“We are exploring a near-infinite space of new material possibilities, so we need the ability to rapidly identify and assess the most promising materials. Citrine’s artificial intelligence platform allows us to do that,” said Miles Barr, Ubiquitous Energy co-founder and CTO. “By systematically incorporating artificial intelligence into our discovery and development process, we have already reduced the development time for new materials by over 50%, accelerating the time to market for future generations of our transparent solar materials.”

The announcement follows Ubiquitous Energy launching and implementing the Citrine Platform for transparent solar materials in 2021. The effort was made possible by close collaboration between the two companies, which put in place an AI-driven new materials development workflow around Ubiquitous Energy’s proprietary semiconductor materials. The initial success paved the way for the companies to enter a long-term partnership agreement.

“It’s exciting to see the platform being used by pioneering startups as well as large multinationals. In each case, the value of AI-driven R&D is clear and transformational,” said Citrine Informatics CEO Greg Mulholland. “Citrine’s mission is to enable a greener, more efficient world by accelerating the development and deployment of next-generation materials and chemicals, like those being pioneered by Ubiquitous Energy. This project achieves this in a very direct way.”

About Ubiquitous Energy

Headquartered in Silicon Valley, Ubiquitous Energy is a next-generation technology company that provides energy-efficient, transparent solar windows to both commercial and residential customers. A world leader in transparent photovoltaics, its award-winning technology was born from some of the world’s most prestigious university labs and is the world’s only truly transparent solar product. UE Power™ is a solar coating that integrates into standard windows without sacrificing beauty, design or vision, with endless possibilities for future applications. For more information please visit us at https://ubiquitous.energy/ or connect with us via Facebook, Twitter, or LinkedIn.

About Citrine Informatics

Citrine Informatics is the award-winning materials informatics platform for data-driven materials and chemicals development. It won the 2017 World Materials Forum Start-up Challenge, the 2018 AI Breakthrough award as the “Best AI-based Solution for Manufacturing,” and 2020-2021 Cleantech 100 honors. The Citrine Platform combines smart materials data infrastructure and AI, which accelerates development of cutting-edge materials, facilitates product portfolio optimization, and codifies research IP, enabling its reuse and preventing its loss. Citrine’s customers include Panasonic, Michelin, LANXESS, and some of the biggest and most respected names in the materials and chemicals industry in Asia, North America, and Europe. Find out more at citrine.io.

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Strategically advantaged to deliver more resilient and increased cash flow

SPRING, Texas--(BUSINESS WIRE)--Southwestern Energy Company (NYSE: SWN) today announced financial and operating results for the first quarter ended March 31, 2022.

• Generated $972 million net cash provided by operating activities, $861 million net cash flow (non-GAAP) and $317 million free cash flow (non-GAAP)
• Reduced debt by $508 million, consistent with disciplined capital allocation framework, utilizing free cash flow and seasonal working capital changes
• Reported total production of 425 Bcfe, or 4.7 Bcfe per day, including 4.2 Bcf per day of gas and 91 MBbls per day of liquids
• Operational performance on track; invested $544 million of capital consistent with front-end loaded plan to bring 32 wells to sales during the quarter
• Completed responsibly sourced gas well certifications of all Appalachia production; Haynesville certifications expected to be complete by year-end; progressing continuous monitoring project across the portfolio
• In April, announced Amended and Restated Credit Agreement; becomes unsecured upon receipt of an investment grade rating, maturity extended to 2027 and borrowing base increased to $3.5 billion while retaining elected commitments of $2.0 billion

“Southwestern Energy delivered another strong quarter following the timely and successful integration of our Haynesville assets, highlighting the strength of the Company’s strategically positioned business. Our amended and restated credit agreement is evidence of our progress to achieving investment grade. We believe our increasing and more resilient free cash flow generation capability coupled with our improved business and financial risk profile has created real value for our shareholders,” said Bill Way, Southwestern Energy President and Chief Executive Officer.

“Recent global events underscore the importance of energy security and highlight the vital role of US natural gas, both domestically and globally. Today, SWN is differentially positioned to help meet the growing global demand for US natural gas as the second largest natural gas-focused producer in the US, already delivering 1.5 Bcf per day directly to LNG. Our strategically advantaged transportation portfolio enables the Company to reach diversified premium markets, including the capability of delivering approximately 65% of natural gas production to the LNG corridor and Gulf Coast. This marketing advantage is complemented by our deep Tier 1 inventory, strong and improving financial and credit profile, and an enterprise-wide commitment to RSG,” continued Way.

For the quarter ended March 31, 2022, Southwestern Energy recorded a net loss of $2.7 billion, or ($2.40) per diluted share, primarily due to the mark-to-market of unsettled derivatives. Excluding this and other one-time items, adjusted net income (non-GAAP) was $447 million, or $0.40 per diluted share, and Adjusted EBITDA (non-GAAP) was $905 million. Net cash provided by operating activities was $972 million, net cash flow (non-GAAP) was $861 million and free cash flow (non-GAAP) was $317 million.

The Company utilized free cash flow generated in the first quarter of 2022 for debt reduction. In January, the Company retired the remaining $201 million of senior notes due March 2022. As of March 31, 2022, Southwestern Energy had total debt of $4.9 billion and net debt to adjusted EBITDA (non-GAAP) of 1.7x. At the end of the quarter, the Company had access to $1.7 billion of liquidity, with $174 million of borrowings under its revolving credit facility and $147 million in outstanding letters of credit. In January 2022, the Company received an upgrade to its long-term debt issuer rating from S&P to BB+, placing the Company one notch below investment grade credit rating.

In April 2022, the Company announced an Amended and Restated Credit Agreement that extended the maturity date of its existing credit facility by three years to April 2027 with an aggregate maximum revolving credit amount and borrowing base of $3.5 billion, and no change to elected commitments of $2.0 billion. The Agreement provides for the release of subsidiary guarantors and collateral, as well as other terms consistent with standard “fall away” provisions, upon receipt of an investment grade rating from either S&P or Moody’s and the satisfaction of certain other conditions. Furthermore, upon receipt of two investment grade ratings from S&P, Moody’s or Fitch, the Agreement provides for terms consistent with investment grade peers, including the replacement of all financial covenants with a debt to capitalization financial covenant. Returning to investment grade remains a key financial objective for the Company, aligned with its strategic priorities.

As indicated in the table below, first quarter 2022 weighted average realized price, including $0.25 per Mcfe of transportation expenses, was $4.88 per Mcfe excluding the impact of derivatives. Including derivatives, weighted average realized price (including transportation) for the first quarter was up 28% from $2.54 per Mcfe in 2021 to $3.24 per Mcfe in 2022 primarily due to higher commodity prices including an 84% increase in NYMEX Henry Hub and a 63% increase in WTI. First quarter 2022 weighted average realized price before transportation expense and excluding the impact of derivatives was $5.13 per Mcfe.

Operational Results

Total net production for the quarter ended March 31, 2022 was 425 Bcfe, of which 88% was natural gas, 10% NGLs and 2% oil. Capital investments totaled $544 million for the first quarter of 2022, consistent with the Company’s front-end loaded capital program, with 33 wells drilled, 37 wells completed and 32 wells placed to sales.

Appalachia – In the first quarter, total production was 259 Bcfe, with NGL production of 77 MBbls per day and oil production of 14 MBbls per day. The Company drilled 18 wells, completed 17 wells and placed 11 wells to sales with an average lateral length of 12,667 feet.

Haynesville – In the first quarter, total production was 166 Bcf. There were 15 wells drilled, 20 wells completed and 21 wells placed to sales in the quarter with an average lateral length of 8,215 feet.

Second Quarter 2022 Guidance Update

Based on current market conditions, Southwestern expects second quarter production and price differentials to be within the following ranges.

Conference Call

Southwestern Energy will host a conference call and webcast on Friday, April 29, 2022 at 9:30 a.m. Central to discuss first quarter 2022 results. To participate, dial US toll-free 877-883-0383, or international 412-902-6506 and enter access code 6924406. The conference call will webcast live at www.swn.com.

To listen to a replay of the call, dial 877-344-7529, International 412-317-0088, or Canada Toll Free 855-669-9658. Enter replay access code 3957714. The replay will be available until May 6, 2022.

About Southwestern Energy

Southwestern Energy Company (NYSE: SWN) is a leading U.S. producer and marketer of natural gas and natural gas liquids focused on responsibly developing large-scale energy assets in the nation’s most prolific shale gas basins. SWN’s returns-driven strategy strives to create sustainable value for its stakeholders by leveraging its scale, financial strength and operational execution. For additional information, please visit www.swn.com and www.swn.com/responsibility.

Forward Looking Statement

This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. These statements are based on current expectations. The words “anticipate,” “intend,” “plan,” “project,” “estimate,” “continue,” “potential,” “should,” “could,” “may,” “will,” “objective,” “guidance,” “outlook,” “effort,” “expect,” “believe,” “predict,” “budget,” “projection,” “goal,” “forecast,” “model,” “target”, “seek”, “strive,” “would,” “approximate,” and similar words are intended to identify forward-looking statements. Statements may be forward looking even in the absence of these particular words.

Examples of forward-looking statements include, but are not limited to, the expectations of plans, business strategies, objectives and growth and anticipated financial and operational performance, including guidance regarding our strategy to develop reserves, drilling plans and programs, estimated reserves and inventory duration, projected production and sales volume and growth rates, commodity prices, projected average well costs, generation of free cash flow, expected benefits from acquisitions, potential acquisitions and strategic transactions, the timing thereof and our ability to achieve the intended operational, financial and strategic benefits of any such transactions or other initiatives. These forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events. All forward-looking statements speak only as of the date of this news release. The estimates and assumptions upon which forward-looking statements are based are inherently uncertain and involve a number of risks that are beyond our control. Although we believe the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and we cannot assure you that such statements will be realized or that the events and circumstances they describe will occur. Therefore, you should not place undue reliance on any of the forward-looking statements contained herein.

Factors that could cause our actual results to differ materially from those indicated in any forward-looking statement are subject to all of the risks and uncertainties incident to the exploration for and the development, production, gathering and sale of natural gas, NGLs and oil, most of which are difficult to predict and many of which are beyond our control. These risks include, but are not limited to, commodity price volatility, inflation, lack of availability of drilling and production equipment and services, environmental risks, drilling and other operating risks, legislative and regulatory changes, the uncertainty inherent in estimating natural gas and oil reserves and in projecting future rates of production, cash flow and access to capital, the timing of development expenditures, a change in our credit rating and an increase in interest rates, our ability to maintain leases that may expire if production is not established or profitably maintained, our ability to transport our production to the most favorable markets or at all, any increase in severance or similar taxes, the impact of the adverse outcome of any material litigation against us or judicial decisions that affect us or our industry generally, the effects of weather or power outages, increased competition, the financial impact of accounting regulations and critical accounting policies, the comparative cost of alternative fuels, credit risk relating to the risk of loss as a result of non-performance by our counterparties, impacts of world health events, including the COVID-19 pandemic, cybersecurity risks, geopolitical and business conditions in key regions of the world, our ability to realize the expected benefits from acquisitions, including our mergers with GEP Haynesville, LLC, Montage Resources Corporation and Indigo Natural Resources LLC, and any other factors described under Item 7. “Management's Discussion and Analysis of Financial Condition and Results of Operations” and under Item 1A. “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2021.

We have no obligation and make no undertaking to publicly update or revise any forward-looking statements, except as required by applicable law. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.