• Gerber will be responsible for growing Schneider Electric’s microgrid business in North America, including go-to-market strategies for emerging market segments
• Her unique experience in driving solution adoption and consulting will support customers on their sustainability and resilience journeys

BOSTON--(BUSINESS WIRE)--#AccessToEnergy--Schneider Electric, the leader in the digital transformation of energy management and automation, today announced the appointment of Jana Gerber as President, Microgrid North America.

In this role, Gerber will be responsible for growing the commercial microgrid business in the region and supporting customers in their sustainability and resilience journeys. With a strong background in a variety of customer-facing capacities, she will oversee our North American go-to-market strategies and delivery.

"With more than 300 microgrid installations to date, we are on a mission to build a more decarbonized and digital world where more electricity sources are from renewables like microgrids,” said Annette Clayton, CEO, Schneider Electric North America. “These efforts require a skilled and innovative leader, which is exactly why Jana is uniquely positioned to take the business into the next phase of growth.”

With over two decades of experience at Schneider Electric, Gerber brings a deep knowledge of customer pain points and understanding around collaborative work across the organization. Her expertise in sustainability consulting services and strategic account management allows her to deliver tailored services for new and existing customers, with a particular focus on leading electrification efforts to build more resilient and sustainable operations for customers.

Dallas-based Gerber serves as a Board Member for the Association of Medical Facility Professionals North Texas Chapter and is a Go Red Executive Leadership Team and Circle of Red Member for the Dallas Chapter of the American Heart Association.

Jana graduated from Washington State University with a B.S. in Civil Engineering.

About Schneider Electric

Schneider’s purpose is to empower all to make the most of our energy and resources, bridging progress and sustainability for all. We call this Life Is On. Our mission is to be your digital partner for Sustainability and Efficiency.

We drive digital transformation by integrating world-leading process and energy technologies, end-point to cloud connecting products, controls, software and services, across the entire lifecycle, enabling integrated company management, for homes, buildings, data centers, infrastructure and industries.

We are the most local of global companies. We are advocates of open standards and partnership ecosystems that are passionate about our shared Meaningful Purpose, Inclusive and Empowered values. www.se.com

Discover Life Is On  Follow us on:  Twitter,  Facebook,  LinkedIn,  YouTube,  Instagram,  Blog

Hashtags: #Microgrid #LifeIsOn #AccessToEnergy #SchneiderElectric

Schneider Electric Media Relations – Vicki True; 774-613-1158; This email address is being protected from spambots. You need JavaScript enabled to view it.
PR agency for Schneider Electric – Lexie Janney; 540-520-3042; This email address is being protected from spambots. You need JavaScript enabled to view it.

First Quarter 2022 Highlights

• Net income of $5.7 million, or $0.11 per diluted Class A share, for the quarter ended March 31, 2022; Adjusted pro forma net income of $4.8 million, or $0.11 per diluted share for the quarter ended March 31, 2022
• Adjusted EBITDA of $15.7 million for the quarter ended March 31, 2022
• Paid a regular quarterly dividend of $0.105 per share on March 17, 2022

HOUSTON--(BUSINESS WIRE)--Solaris Oilfield Infrastructure, Inc. (NYSE:SOI) (“Solaris” or the “Company”), a leading independent provider of supply chain management and logistics solutions designed to drive efficiencies and reduce costs for the oil and natural gas industry, today reported financial results for the first quarter 2022.

Operational Update and Outlook

During the first quarter of 2022 an average of 75 mobile proppant management systems were fully utilized, which was up 19% from average fourth quarter 2021 levels.

“I’m proud of the results the Solaris team has achieved in what is shaping up to be a strong year for the company and our industry,” Solaris’ Chairman and Chief Executive Officer Bill Zartler commented. “We are encouraged by the positive contributions thus far from our top fill and AutoBlend^TM technologies and plan to continue to invest in these new technologies. Our first quarter results demonstrate our ability to expand our offering and generate incremental returns by continuing to innovate, while continuing to preserve our balance sheet strength and maintain our dividend.”

First Quarter 2022 Financial Review

Solaris reported net income of $5.7 million, or $0.11 per diluted Class A share, for first quarter 2022, compared to fourth quarter 2021 net income of $1.1 million, or $0.01 per diluted Class A share. Adjusted pro forma net income for first quarter 2022 was $4.8 million, or $0.11 per fully diluted share, compared to fourth quarter 2021 adjusted pro forma net income of $1.0 million, or $0.02 per fully diluted share. A description of adjusted pro forma net income and a reconciliation to net income attributable to Solaris, its most directly comparable generally accepted accounting principles (“GAAP”) measure, and the computation of adjusted pro forma earnings per fully diluted share are provided below.

Revenues were $56.9 million for first quarter 2022, which were up 24% from fourth quarter 2021, driven by an increase in systems deployed and improved pricing.

Adjusted EBITDA for first quarter 2022 was $15.7 million, which was up 60% from fourth quarter 2021. The increase in Adjusted EBITDA was driven by an increase in the number of fully utilized systems, pricing and mix improvement, an increase in last mile logistics profitability, and contribution from new technologies. A description of Adjusted EBITDA and a reconciliation to net income, its most directly comparable GAAP measure, is provided below.

Capital Expenditures, Free Cash Flow and Liquidity

Capital expenditures in the first quarter 2022 were $11.8 million. The Company still expects maintenance capital expenditures for full year 2022 to be approximately $10 million. Growth capital expenditures are now expected to be between $40 million and $60 million for full year 2022, including investments in additional top fill and AutoBlend™ units.

Free cash flow (defined as net cash provided by operating activities less investment in property, plant and equipment) during first quarter 2022 was $(5.5) million and reflects increased working capital needs as activity levels for the company grew. Distributable cash flow (defined as Adjusted EBITDA less maintenance capital expenditures) was approximately $14 million for the first quarter 2022 and covered quarterly dividend distributions of approximately $5.0 million.

As of March 31, 2022, the Company had approximately $25.1 million of cash on the balance sheet. The Company’s credit facility remains undrawn, and total liquidity, including availability under the credit facility, was $75.1 million as of the end of the first quarter 2022.

Shareholder Returns

On February 24, 2022, the Company’s Board of Directors declared a cash dividend of $0.105 per share of Class A common stock, which was paid on March 17, 2022 to holders of record as of March 7, 2022. A distribution of $0.105 per unit was also approved for holders of units in Solaris Oilfield Infrastructure, LLC (“Solaris LLC”). Since initiating the dividend in December 2018, the Company has paid 14 consecutive quarterly dividends. Cumulatively, the Company has returned approximately $97 million in cash to shareholders through dividends and share repurchases since December 2018.

Conference Call

The Company will host a conference call to discuss its first quarter 2022 results on Friday, April 29, 2022 at 8:00 a.m. Central Time (9:00 a.m. Eastern Time). To join the conference call from within the United States, participants may dial (844) 413-3978. To join the conference call from outside of the United States, participants may dial (412) 317-6594. When instructed, please ask the operator to be joined to the Solaris Oilfield Infrastructure, Inc. call. Participants are encouraged to log in to the webcast or dial in to the conference call approximately ten minutes prior to the start time. To listen via live webcast, please visit the Investor Relations section of the Company’s website at http://www.solarisoilfield.com.

An audio replay of the conference call will be available shortly after the conclusion of the call and will remain available for approximately seven days. It can be accessed by dialing (877) 344-7529 within the United States or (412) 317-0088 outside of the United States. The conference call replay access code is 8754226. The replay will also be available in the Investor Relations section of the Company’s website shortly after the conclusion of the call and will remain available for approximately seven days.

About Solaris Oilfield Infrastructure, Inc.

Solaris Oilfield Infrastructure, Inc. (NYSE:SOI) provides mobile equipment that drives supply chain and execution efficiencies in the completion of oil and natural gas wells. Solaris’ patented equipment and systems are deployed in many of the most active oil and natural gas basins in the United States. Additional information is available on our website, www.solarisoilfield.com.

Website Disclosure

We use our website (www.solarisoilfield.com) as a routine channel of distribution of company information, including news releases, analyst presentations, and supplemental financial information, as a means of disclosing material non-public information and for complying with our disclosure obligations under the U.S. Securities and Exchange Commission’s (the “SEC”) Regulation FD. Accordingly, investors should monitor our website in addition to following press releases, SEC filings and public conference calls and webcasts. Additionally, we provide notifications of news or announcements on our investor relations website. Investors and others can receive notifications of new information posted on our investor relations website in real time by signing up for email alerts.

None of the information provided on our website, in our press releases, public conference calls and webcasts, or through social media channels is incorporated by reference into, or deemed to be a part of, this Current Report on Form 8-K or will be incorporated by reference into any other report or document we file with the SEC unless we expressly incorporate any such information by reference, and any references to our website are intended to be inactive textual references only.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Examples of forward-looking statements include, but are not limited to, our business strategy, our industry, our future profitability, the various risks and uncertainties associated with the extraordinary market environment and impacts resulting from the volatility in global oil markets and the COVID-19 pandemic, expected capital expenditures and the impact of such expenditures on performance, management changes, current and potential future long-term contracts and our future business and financial performance. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated by the forward-looking statements. Factors that could cause our actual results to differ materially from the results contemplated by such forward-looking statements include, but are not limited to the factors discussed or referenced in our filings made from time to time with the SEC. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

SOLARIS OILFIELD INFRASTRUCTURE, INC AND SUBSIDIARIES
RECONCILIATION AND CALCULATION OF NON-GAAP FINANCIAL AND OPERATIONAL MEASURES
(In thousands)
(Unaudited)

EBITDA AND ADJUSTED EBITDA

We view EBITDA and Adjusted EBITDA as important indicators of performance. We define EBITDA as net income, plus (i) depreciation and amortization expense, (ii) interest expense and (iii) income tax expense, including franchise taxes. We define Adjusted EBITDA as EBITDA plus (i) stock-based compensation expense and (ii) certain non-cash items and extraordinary, unusual or non-recurring gains, losses or expenses.

We believe that our presentation of EBITDA and Adjusted EBITDA provides useful information to investors in assessing our financial condition and results of operations. Net income is the GAAP measure most directly comparable to EBITDA and Adjusted EBITDA. EBITDA and Adjusted EBITDA should not be considered alternatives to net income presented in accordance with GAAP. Because EBITDA and Adjusted EBITDA may be defined differently by other companies in our industry, our definitions of EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures of other companies, thereby diminishing their utility. The following table presents a reconciliation of net income to EBITDA and Adjusted EBITDA for each of the periods indicated.

ADJUSTED PRO FORMA NET INCOME AND ADJUSTED PRO FORMA EARNINGS PER FULLY DILUTED SHARE

Adjusted pro forma net income represents net income attributable to Solaris assuming the full exchange of all outstanding membership interests in Solaris LLC not held by Solaris Oilfield Infrastructure, Inc. for shares of Class A common stock, adjusted for certain non-recurring items that the Company doesn't believe directly reflect its core operations and may not be indicative of ongoing business operations. Adjusted pro forma earnings per fully diluted share is calculated by dividing adjusted pro forma net income by the weighted-average shares of Class A common stock outstanding, assuming the full exchange of all outstanding units of Solaris LLC (“Solaris LLC Units”), after giving effect to the dilutive effect of outstanding equity-based awards.

When used in conjunction with GAAP financial measures, adjusted pro forma net income and adjusted pro forma earnings per fully diluted share are supplemental measures of operating performance that the Company believes are useful measures to evaluate performance period over period and relative to its competitors. By assuming the full exchange of all outstanding Solaris LLC Units, the Company believes these measures facilitate comparisons with other companies that have different organizational and tax structures, as well as comparisons period over period because it eliminates the effect of any changes in net income attributable to Solaris as a result of increases in its ownership of Solaris LLC, which are unrelated to the Company's operating performance, and excludes items that are non-recurring or may not be indicative of ongoing operating performance.

Adjusted pro forma net income and adjusted pro forma earnings per fully diluted share are not necessarily comparable to similarly titled measures used by other companies due to different methods of calculation. Presentation of adjusted pro forma net income and adjusted pro forma earnings per fully diluted share should not be considered alternatives to net income and earnings per share, as determined under GAAP. While these measures are useful in evaluating the Company's performance, it does not account for the earnings attributable to the non-controlling interest holders and therefore does not provide a complete understanding of the net income attributable to Solaris. Adjusted pro forma net income and adjusted pro forma earnings per fully diluted share should be evaluated in conjunction with GAAP financial results. A reconciliation of adjusted pro forma net income to net income attributable to Solaris, the most directly comparable GAAP measure, and the computation of adjusted pro forma earnings per fully diluted share are set forth below.

Yvonne Fletcher
Senior Vice President, Finance and Investor Relations
(281) 501-3070
This email address is being protected from spambots. You need JavaScript enabled to view it.

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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CEDAR RAPIDS, Iowa--(BUSINESS WIRE)--Fluid Quip Technologies (FQT), a majority owned subsidiary of Green Plains Inc. (NASDAQ: GPRE), today unveiled DCO+™, a new technology to achieve record-high low-carbon renewable corn oil recovery in dry grind biofuel facilities. A recent full-scale demonstration of DCO+™ at Green Plains Wood River achieved a breakthrough 1.4 pounds per bushel low-carbon renewable corn oil yield when integrated in a full MSC™ system. As a standalone system, DCO+ can achieve up to a 40% increase in overall production of corn oil. FQT will offer this valuable solution to other biofuel plants throughout the industry.

DCO+™ utilizes FQT’s patented technologies to liberate additional distillers corn oil from the fiber fraction in the distillers grains. The DCO+™ technology was born from FQT’s patented MSC™ protein separation system and is integral to the high corn oil yields those systems produce.

“This new renewable corn oil capture technology comes from years of experience operating our MSC systems and is an immediate game changer for Green Plains and for the industry,” said Michael Franko, Managing Director, Fluid Quip Technologies. “With DCO+, independent plants looking for low-cost revenue enhancing projects can take advantage of up to 40% more corn oil, a valuable low-carbon feedstock for the rapidly expanding renewable diesel industry.”

Benefits of DCO+™ include:

• Up to 40% additional corn oil recovery
• Thin Stillage Clarification
• Organic acid reduction/healthier fermentation
• Lower suspended solids in evaporator stream
• Performance guarantees

FQT is now offering this game-changing technology package broadly to the industry.

About Fluid Quip Technologies

Fluid Quip Technologies® (FQT) provides proprietary technologies and engineering services to the biofuel and biochemical industries worldwide. FQT has commercialized multiple technologies to enhance the base corn-to-ethanol dry grind process, create new and novel alternative feed products, and supply the growing need for carbohydrate feedstocks into the biochemical market.

More information: www.fluidquiptechnologies.com.

Fluid Quip Technologies Contact
Keith Jakel | Director Sales & Marketing | 815.541.8411 | This email address is being protected from spambots. You need JavaScript enabled to view it.

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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Anupam Ghildyal
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HERZOGENAURACH, Germany--(BUSINESS WIRE)--Sports company PUMA has cut its own carbon emissions and those coming from its supply chain between 2017 and 2021, even though the business grew strongly during this period, as the company is on track to reduce its emissions by what scientists say is necessary to avoid the worst consequences of climate change.

PUMA’s own carbon emissions and those from purchased energy dropped by 88% in 2021 compared to the company’s 2017 base year. But PUMA also managed to reduce emissions in the supply chain, the most carbon-intensive part of its business. Even though PUMA recorded strong growth of 65% between 2017 and 2021, the company cut CO₂ emissions from its supply chain by 12 %. If adjusted for the sales growth, greenhouse gas emissions from PUMA’s supply chain fell by 46%.

PUMA focused on purchasing 100% renewable electricity through renewable electricity tariffs and renewable energy attribute certificates, moving the company’s car fleet to electric engines, using more sustainable materials and efficiency improvements at a factory level to achieve this reduction.

“For the first time, we published the numbers for our entire value chain, and we have made some real progress towards achieving our climate ambitions over the last years. Our own emissions and those from purchased energy were reduced by more than what is needed to do our part to keep climate change below 1.5 degrees,” said Stefan Seidel, Senior Head of Corporate Sustainability. “We will not stop here and continue to make improvements to live up to our Forever Better sustainability strategy.”

Using less carbon intensive raw materials is an important pillar of PUMA’s sustainability strategy. In 2021, PUMA expanded the use of recycled polyester to 55% in its Apparel products, as part of its strategy to use 75% recycled polyester in its Apparel and Accessories by 2025. Overall, PUMA wants to make nine out of ten products from more sustainable materials by 2025. In 2021 this was already the case for six out of ten products.

As a founding member of the Fashion Industry Charter for Climate Action, facilitated by UN Climate, PUMA recognises the fashion industry’s important role in decarbonization and is also working with other brands, governments and NGOs to reduce CO₂ emissions throughout the supply chain.

For more information, you can read 2021 PUMA’s Sustainability Report on https://about.puma.com/en/sustainability/reporting .

PUMA is one of the world’s leading sports brands, designing, developing, selling and marketing footwear, apparel and accessories. For more than 70 years, PUMA has relentlessly pushed sport and culture forward by creating fast products for the world’s fastest athletes. PUMA offers performance and sport-inspired lifestyle products in categories such as Football, Running and Training, Basketball, Golf, and Motorsports. It collaborates with renowned designers and brands to bring sport influences into street culture and fashion. The PUMA Group owns the brands PUMA, Cobra Golf and stichd. The company distributes its products in more than 120 countries, employs about 16,000 people worldwide, and is headquartered in Herzogenaurach/Germany.

Media Contact:
Robert-Jan Bartunek
Corporate Communications - PUMA SE
+49 9132 81 3134
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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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• Reported earnings of $6.3 billion; adjusted earnings of $6.5 billion
• Cash flow from operations of $8.1 billion; free cash flow of $6.1 billion
• Record Permian Basin unconventional production

SAN RAMON, Calif.--(BUSINESS WIRE)--Chevron Corporation (NYSE: CVX) today reported earnings of $6.3 billion ($3.22 per share - diluted) for first quarter 2022, compared with $1.4 billion ($0.72 per share - diluted) in first quarter 2021. Included in the current quarter were pension settlement costs of $66 million. Foreign currency effects decreased earnings by $218 million. Adjusted earnings of $6.5 billion ($3.36 per share - diluted) in first quarter 2022 compares to adjusted earnings of $1.7 billion ($0.90 per share - diluted) in first quarter 2021.

Sales and other operating revenues in first quarter 2022 were $52 billion, compared to $31 billion in the year-ago period.

Earnings Summary

“First quarter financial performance saw return on capital employed increase to 14.7 percent and our balance sheet strengthen further,” said Mike Wirth, Chevron’s chairman and chief executive officer. The company’s debt ratio and net debt ratio declined to 16.7 and 10.8 percent, respectively.

“Chevron is doing its part to grow domestic supply with U.S. oil and gas production up 10 percent over first quarter last year,” Wirth continued. Chevron’s worldwide net oil equivalent production in the first quarter was 3.06 million barrels per day. Permian Basin unconventional production grew to a record 692,000 barrels of oil equivalent per day in the first quarter, as the company raised its 2022 guidance to 700,000 - 750,000 barrels per day, an increase of over 15 percent from 2021.

“Consistent with our plans, we’re investing to grow both traditional and new energy business lines,” Wirth added. The company’s capital expenditures during the quarter increased to $2.8 billion, 10 percent higher than last year. The total of full-year capital spending and announced acquisitions is expected to be more than 50 percent higher than 2021.

Chevron accelerated plans to grow its renewable fuels business with the announced agreement to acquire Renewable Energy Group, Inc. and the signing of definitive transaction agreements with Bunge North America, Inc. The company also advanced its hydrogen, carbon capture and offsets businesses with an agreement with Iwatani Corporation of America to build 30 hydrogen fueling stations in California, an investment in Carbon Clean, a global leader in cost-effective industrial carbon capture, and an agreement with Restore the Earth Foundation, Inc. on a carbon offsets reforestation project of up to 8,800 acres in Louisiana.

The company also closed its previously announced agreement with Neste Corporation to acquire its Group III base oil business and NEXBASE™ brand on April 1, 2022, strengthening its position as a leading supplier of premium base oils.

“While we continue to respond to the energy-related challenges of today, we are deeply saddened by the tragic events in Ukraine and hope for a peaceful resolution soon,” Wirth concluded.

UPSTREAM

Worldwide net oil-equivalent production was 3.06 million barrels per day in first quarter 2022. International production decreased 8 percent, while U.S. production increased 10 percent compared to the same period a year ago.

U.S. upstream operations earned $3.24 billion in first quarter 2022, compared with $941 million a year earlier. The improvement was primarily due to higher realizations and higher sales volumes.

The company’s average sales price per barrel of crude oil and natural gas liquids was $77 in first quarter 2022, up from $48 a year earlier. The average sales price of natural gas was $4.10 per thousand cubic feet in first quarter 2022, up from $2.15 in last year’s first quarter.

Net oil-equivalent production of 1.18 million barrels per day in first quarter 2022 was up 109,000 barrels per day from a year earlier. The increase was primarily due to net production increases in the Permian Basin and the absence of impacts from winter storm Uri. The net liquids component of oil-equivalent production in first quarter 2022 increased 10 percent to 880,000 barrels per day, and net natural gas production increased 11 percent to 1.83 billion cubic feet per day, compared to last year’s first quarter.

International upstream operations earned $3.70 billion in first quarter 2022, compared with $1.41 billion a year ago. The increase in earnings was primarily due to higher realizations, which were partially offset by lower sales volumes. Foreign currency effects had an unfavorable impact on earnings of $92 million between periods.

The average sales price for crude oil and natural gas liquids in first quarter 2022 was $93 per barrel, up from $56 a year earlier. The average sales price of natural gas was $8.87 per thousand cubic feet in the first quarter, up from $4.72 in last year’s first quarter.

Net oil-equivalent production of 1.88 million barrels per day in first quarter 2022 was down 170,000 barrels per day from first quarter 2021. The decrease was primarily due to normal field declines, the absence of production following expiration of the Rokan concession in Indonesia and unfavorable entitlement effects due to higher prices, partially offset by the absence of curtailments. The net liquids component of oil-equivalent production decreased 16 percent to 856,000 barrels per day in first quarter 2022, while net natural gas production of 6.12 billion cubic feet per day was largely unchanged compared to last year's first quarter.

DOWNSTREAM

U.S. downstream operations reported earnings of $486 million in first quarter 2022, compared with a loss of $130 million a year earlier. The increase was mainly due to higher margins on refined product sales and higher earnings from the 50 percent-owned Chevron Phillips Chemical Company.

Refinery crude oil input in first quarter 2022 increased 4 percent to 915,000 barrels per day from the year-ago period, as the company increased refinery runs in response to higher demand.

Refined product sales of 1.22 million barrels per day were up 16 percent from the year-ago period, mainly due to higher gasoline and jet fuel demand as travel restrictions associated with the pandemic continue to ease.

International downstream operations reported a loss of $155 million in first quarter 2022, compared with earnings of $135 million a year earlier. The decrease was mainly due to higher operating expenses, lower margins on refined product sales, and a $36 million unfavorable swing in foreign currency impacts between periods.

Refinery crude oil input of 619,000 barrels per day in first quarter 2022 increased 15 percent from the year-ago period due to higher demand.

Refined product sales of 1.33 million barrels per day in first quarter 2022 increased 5 percent from the year-ago period, mainly due to higher demand for gasoline and jet fuel as restrictions from the pandemic continue to ease.

ALL OTHER

All Other consists of worldwide cash management and debt financing activities, corporate administrative functions, insurance operations, real estate activities and technology companies.

Net charges in first quarter 2022 were $1.01 billion, compared to $978 million a year earlier. The increase in net charges between periods was mainly due to an unfavorable swing in foreign currency effects and higher employee benefit costs, partially offset by lower pension expenses.

CASH FLOW FROM OPERATIONS

Cash flow from operations in the first three months of 2022 was $8.1 billion, compared with $4.2 billion in 2021. Excluding working capital effects, cash flow from operations in the first three months of 2022 was $9.0 billion, compared with $5.1 billion in 2021.

CAPITAL AND EXPLORATORY EXPENDITURES

Capital and exploratory expenditures in the first three months of 2022 were $2.8 billion, compared with $2.5 billion in 2021. The amounts included $725 million in 2022 and $678 million in 2021 for the company’s share of expenditures by affiliates, which did not require cash outlays by the company. Expenditures for upstream represented 88 percent of the company-wide total in 2022.

Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to achieving a more prosperous and sustainable world. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We are focused on lowering the carbon intensity in our operations and seeking to grow lower carbon businesses along with our traditional business lines. More information about Chevron is available at www.chevron.com.

NOTICE

Chevron’s discussion of first quarter 2022 earnings with security analysts will take place on Friday, April 29, 2022, at 8:00 a.m. PT. A webcast of the meeting will be available in a listen-only mode to individual investors, media, and other interested parties on Chevron’s website at www.chevron.com under the “Investors” section. Prepared remarks for today’s call, additional financial and operating information and other complementary materials will be available prior to the call at approximately 3:30 a.m. PT and located under “Events and Presentations” in the “Investors” section on the Chevron website.

As used in this news release, the term “Chevron” and such terms as “the company,” “the corporation,” “our,” “we,” “us” and “its” may refer to Chevron Corporation, one or more of its consolidated subsidiaries, or to all of them taken as a whole. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs.

Please visit Chevron’s website and Investor Relations page at www.chevron.com and www.chevron.com/investors, LinkedIn: www.linkedin.com/company/chevron, Twitter: @Chevron, Facebook: www.facebook.com/chevron, and Instagram: www.instagram.com/chevron, where Chevron often discloses important information about the company, its business, and its results of operations.

Non-GAAP Financial Measures - This news release includes adjusted earnings/(loss), which reflect earnings or losses excluding significant non-operational items including impairment charges, write-offs, severance costs, gains on asset sales, unusual tax items, effects of pension settlements and curtailments, foreign currency effects and other special items. We believe it is useful for investors to consider this measure in comparing the underlying performance of our business across periods. The presentation of this additional information is not meant to be considered in isolation or as a substitute for net income (loss) as prepared in accordance with U.S. GAAP. A reconciliation to net income (loss) attributable to Chevron Corporation is shown in Attachment 5.

This news release also includes cash flow from operations excluding working capital, free cash flow and free cash flow excluding working capital. Cash flow from operations excluding working capital is defined as net cash provided by operating activities less net changes in operating working capital, and represents cash generated by operating activities excluding the timing impacts of working capital. Free cash flow is defined as net cash provided by operating activities less cash capital expenditures, and represents the cash available to creditors and investors after investing in the business. Free cash flow excluding working capital is defined as net cash provided by operating activities excluding working capital less cash capital expenditures and represents the cash available to creditors and investors after investing in the business excluding the timing impacts of working capital. The company believes these measures are useful to monitor the financial health of the company and its performance over time. A reconciliation of cash flow from operations excluding working capital, free cash flow and free cash flow excluding working capital are shown in Attachment 3.

This news release also includes net debt ratio. Net debt ratio is defined as total debt less cash and cash equivalents and marketable securities as a percentage of total debt less cash and cash equivalents and marketable securities, plus Chevron Corporation stockholders’ equity, which indicates the company’s leverage, net of its cash balances. The company believes this measure is useful to monitor the strength of the company’s balance sheet. A reconciliation of net debt ratio is shown in Attachment 2.

CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This news release contains forward-looking statements relating to Chevron’s operations and energy transition plans that are based on management’s current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential,” “ambitions,” “aspires” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for the company’s products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changes to government policies in the countries in which the company operates; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions; disruptions in the company’s global supply chain, including supply chain constraints and escalation of the cost of goods and services; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic, market and political conditions, including the military conflict between Russia and Ukraine and the global response to such conflict; changing refining, marketing and chemicals margins; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; development of large carbon capture and offset markets; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates, particularly during the COVID-19 pandemic; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce greenhouse gas emissions; the potential liability resulting from pending or future litigation; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; material reductions in corporate liquidity and access to debt markets; the receipt of required Board authorizations to implement capital allocation strategies, including future stock repurchase programs and dividend payments; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 20 through 25 of the company's 2021 Annual Report on Form 10-K and in subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements.

Braden Reddall -- +1 925-842-2209

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

• Oceanit’s EDGE (Energy & Decarbonization for the Global Environment) launch coincides with OTC2022 (Offshore Technology Conference) in Houston, TX.
• Energy efficiency, green hydrogen, sustainable energy, and decarbonization are among top priorities for global energy transformation

HOUSTON--(BUSINESS WIRE)--Oceanit, the energy and climate innovator, announces the launch of its EDGE (Energy & Decarbonization for the Global Environment) in-house incubator, coinciding with OTC2022. Energy efficiency, hydrogen tech, and decarbonization are among the top EDGE priorities.

“To slow climate change impacts on the planet, we must develop sustainable fuels and clean energy technologies, such as hydrogen and geothermal, and radically improve the ways we generate energy today,” said Dr. Patrick Sullivan, Oceanit CEO. “EDGE is our internal incubator where we are taking fresh approaches to improving traditional industry technologies and working at great speed to rethink the entire energy ecosystem.”

Oceanit’s energy transformation work will examine four priority areas within the EDGE incubator:

• Create advanced materials that upgrade efficiency, improve safety, and can be endowed with ‘smart’ responses
• Build next-gen AI to safeguard and enhance infrastructure and systems
• Develop decarbonization technologies that capture and store CO₂
• Enable clean and sustainable energy sources, like green hydrogen

Oceanit Breakthroughs

HeatX™ surface treatment is a water-based technology for heat transfer surfaces in refineries, power plants, desalination plants, and more. HeatX increases efficiency and protects surfaces from deposition and corrosion while being safe for the environment. On average, 60% of potential energy is currently lost to heat during fossil fuel energy generation — HeatX substantially increases efficiency, reducing carbon emissions.

Oceanit’s Scanite™ “smart cement” provides an intelligent monitoring capability for energy producers — improving safety and reliability in natural gas and geothermal wells, while protecting economies and reducing climate impacts on ecosystems and the environment.

The U.S. Department of Energy recently selected Oceanit to develop several breakthrough hydrogen technologies. Oceanit’s “HALO” system utilizes directed energy to produce clean hydrogen from wastewater and other waste byproducts produced in industrial business, such as gas production. HydroPel is Oceanit’s nanocomposite formulated to prevent hydrogen embrittlement, enabling transmission of H₂ through the U.S.’s already-existing natural gas infrastructure. And the HyDIOS system uses advanced optics and AI to monitor H₂/natural gas blends for safe transmission.

Through the launch of EDGE and its established agenda for innovation, Oceanit is committing to addressing this era’s most critical challenge — energy transformation and decarbonization for our planet.

Oceanit will be demonstrating EDGE technologies at their 2022 Energy Transformation Technology Showcase on May 3rd at Greentown Labs Houston, 4200 San Jacinto Street, at 5:00 pm CDT. 14 Oceanit energy and climate technologies will be demonstrated live. Please contact This email address is being protected from spambots. You need JavaScript enabled to view it. to learn more.

About Oceanit

Oceanit, a “Mind to Market” company, creates disruptive technology from fundamental science and moves these technologies into the marketplace. With headquarters in Honolulu, Oceanit employs approximately 200 scientists, researchers, engineers, and entrepreneurs in Hawai’i, California, Texas, Washington D.C., and beyond. Oceanit practices a proprietary discipline called ‘Intellectual Anarchy’ that reimagines innovation — empowering teams to break down traditional silos, transcend disciplines, and cross-pollinate ideas and expertise. Oceanit creates breakthrough ideas, insights, discoveries, and developments, and through spin-outs, corporate co-development partnerships, licensing, and direct manufacturing, Oceanit delivers the future. For more information, please visit https://www.oceanit.com.

Elisabeth Hershman
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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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First Quarter Highlights include:

• Revenue in the first quarter was up 32% from the first quarter of 2021. With our improving outlook, Civeo is raising its full year 2022 guidance;
• Reported first quarter revenues of $165.7 million and net income of $0.9 million; and
• Delivered first quarter Adjusted EBITDA of $25.6 million.

HOUSTON & CALGARY, Alberta--(BUSINESS WIRE)--Civeo Corporation (NYSE:CVEO) today reported financial and operating results for the first quarter ended March 31, 2022.

“In the first quarter of 2022, Civeo capitalized on the continued recovery across all three regions, and especially in our Canadian business. We experienced a substantial year-over-year increase in our Canadian lodge billed rooms, coupled with increased Canadian mobile camp activity," stated Bradley J. Dodson, Civeo's President and Chief Executive Officer.

Mr. Dodson continued, "We are experiencing increased accommodation needs in Canada for the turnaround season along with continued mobile camp activity in British Columbia, both of which should benefit the second and third quarters of 2022. In Australia, activity is also improving in our Bowen Basin villages as met coal prices remain constructive and we are starting to see expansionary spending by the miners there. We continue to manage inflationary pressures globally, including both labor and food costs. Labor inflation is most acute in Western Australia; however, we are beginning to see improving margins in our integrated services business. As a result of the overall improvement in our outlook, we are raising our full year guidance.”

Mr. Dodson concluded, "Over the past two years, the resiliency of our teams and our commitment to deleveraging and serving our customers have created the financial and operational flexibility we need to succeed in a range of operating environments and deliver returns for our shareholders."

First Quarter 2022 Results

In the first quarter of 2022, Civeo generated revenues of $165.7 million and reported net income of $0.9 million, or $0.06 per diluted share. During the first quarter of 2022, Civeo produced operating cash flow of $2.0 million, Adjusted EBITDA of $25.6 million and free cash flow of $0.7 million.

By comparison, in the first quarter of 2021, Civeo generated revenues of $125.4 million and reported a net loss of $10.0 million, or $0.70 per diluted share. During the first quarter of 2021, Civeo produced operating cash flow of $12.8 million, Adjusted EBITDA of $16.2 million and free cash flow of $16.1 million.

Overall, the increase in revenues and Adjusted EBITDA in the first quarter of 2022 compared to the first quarter of 2021 was primarily driven by a significant increase in Canadian lodge billed rooms and increased Canadian mobile camp activity, as well as an increase in Australian village billed rooms. The year-over-year decrease in operating cash flow and free cash flow was primarily a result of working capital increases in 2022 that resulted in a decrease in operating cash flow and free cash flow of $10.9 million and $15.4 million, respectively, year-over-year. The increase in working capital in the first quarter of 2022 was largely due to timing of payments and receipts that is expected to unwind in the second and third quarters of 2022.

Business Segment Results

(Unless otherwise noted, the following discussion compares the quarterly results for the first quarter of 2022 to the results for the first quarter of 2021.)

Canada

During the first quarter of 2022, the Canadian segment generated revenues of $96.0 million, operating income of $4.0 million and Adjusted EBITDA of $17.2 million, compared to revenues of $61.9 million, an operating loss of $7.7 million and Adjusted EBITDA of $10.8 million in the first quarter of 2021. The first quarter of 2021 operating loss and Adjusted EBITDA included $2.8 million of other income related to proceeds from the Canadian Emergency Wage Subsidy program (CEWS), compared to zero in the first quarter of 2022, and a $0.9 million gain on sale of a Canadian manufacturing facility.

On a constant currency basis, the Canadian segment experienced a 55% period-over-period increase in revenues largely due to a 32% year-over-year increase in billed rooms, driven by increased customer activity as a result of the recovery of oil prices and a reduced impact from COVID-19. Adjusted EBITDA for the Canadian segment increased 59% year-over-year primarily due to the aforementioned dynamics.

Australia

During the first quarter of 2022, the Australian segment generated revenues of $63.5 million, operating income of $6.1 million and Adjusted EBITDA of $15.4 million, compared to revenues of $59.6 million, operating income of $3.3 million and Adjusted EBITDA of $12.8 million in the first quarter of 2021. Results from the first quarter of 2022 reflect the impact of a weakened Australian dollar relative to the U.S. dollar, which decreased revenues and Adjusted EBITDA by $4.2 million and $1.0 million, respectively.

On a constant currency basis, the Australian segment experienced a 14% period-over-period increase in revenues, driven by a 12% year-over-year increase in billed rooms due to increased customer maintenance activity in the Bowen Basin. Adjusted EBITDA from the Australian segment increased 21% year-over-year due to higher village occupancy in the Bowen Basin, partially offset by higher labor costs across the village and integrated services businesses.

U.S.

The U.S. segment generated revenues of $6.2 million, an operating loss of $1.6 million and Adjusted EBITDA of $0.0 million in the first quarter of 2022, compared to revenues of $3.9 million, an operating loss of $2.6 million and negative Adjusted EBITDA of $1.2 million in the first quarter of 2021. Revenues and Adjusted EBITDA increased year-over-year primarily due to the increase in the U.S. oil and gas rig count, which led to an improvement in Civeo's wellsite services and offshore businesses.

Financial Condition

As of March 31, 2022, Civeo had total liquidity of approximately $83.1 million, consisting of $76.7 million available under its revolving credit facilities and $6.4 million of cash on hand.

Civeo’s total debt outstanding on March 31, 2022 was $177.9 million, a $2.8 million increase since December 31, 2021. The increase consisted of unfavorable foreign currency translation of $3.1 million, partially offset by $0.3 million in debt payments from cash flow generated by the business.

Civeo reduced its net leverage ratio to 1.40x as of March 31, 2022 from 1.49x as of December 31, 2021.

During the first quarter of 2022, Civeo invested $3.6 million in capital expenditures, which was relatively consistent with the $3.4 million invested during the first quarter of 2021. Capital expenditures in both periods were predominantly related to maintenance spending on the Company’s lodges and villages.

Full Year 2022 Guidance

For the full year of 2022, Civeo is raising its previously provided revenue and Adjusted EBITDA guidance range to $660 million to $675 million and $95 million to $102 million, respectively. The Company is maintaining its full year 2022 capital expenditure guidance of $20 million to $25 million.

Conference Call

Civeo will host a conference call to discuss its first quarter 2022 financial results today at 11:00 a.m. Eastern time. This call is being webcast and can be accessed at Civeo's website at www.civeo.com. Participants may also join the conference call by dialing (877) 423-9813 in the United States or (201) 689-8573 internationally and using the conference ID 13729407#. A replay will be available after the call by dialing (844) 512-2921 in the United States or (412) 317-6671 internationally and using the conference ID 13729407#.

About Civeo

Civeo Corporation is a leading provider of hospitality services with prominent market positions in the Canadian oil sands and the Australian natural resource regions. Civeo offers comprehensive solutions for lodging hundreds or thousands of workers with its long-term and temporary accommodations and provides food services, housekeeping, facility management, laundry, water and wastewater treatment, power generation, communications systems, security and logistics services. Civeo currently operates a total of 27 lodges and villages in Canada, Australia and the U.S., with an aggregate of over 28,000 rooms. Civeo is publicly traded under the symbol CVEO on the New York Stock Exchange. For more information, please visit Civeo's website at www.civeo.com.

Forward Looking Statements

This news release contains forward-looking statements within the meaning of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are those that do not state historical facts and are, therefore, inherently subject to risks and uncertainties. The forward-looking statements herein include the statements regarding Civeo’s future plans and outlook, including guidance, current trends and liquidity needs, and ability to pay down debt are based on then current expectations and entail various risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. Such risks and uncertainties include, among other things, risks associated with global health concerns and pandemics, including the COVID-19 pandemic, any increases in or severity of COVID-19 cases (including due to existing or new variants) and the risk that room occupancy may decline if our customers are limited or restricted in the availability of personnel who may become ill or be subjected to quarantine, risks associated with the general nature of the accommodations industry, risks associated with the level of supply and demand for oil, coal, iron ore and other minerals, including the level of activity, spending and developments in the Canadian oil sands, the level of demand for coal and other natural resources from, and investments and opportunities in, Australia, and fluctuations or sharp declines in the current and future prices of oil, natural gas, coal, iron ore and other minerals, risks associated with failure by our customers to reach positive final investment decisions on, or otherwise not complete, projects with respect to which we have been awarded contracts, which may cause those customers to terminate or postpone contracts, risks associated with currency exchange rates, risks associated with the company’s ability to integrate acquisitions, risks associated with labor shortages, risks associated with the development of new projects, including whether such projects will continue in the future, risks associated with the trading price of the company’s common shares, availability and cost of capital, risks associated with general global economic conditions, global weather conditions, natural disasters and security threats and changes to government and environmental regulations, including climate change, and other factors discussed in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of Civeo’s most recent annual report on Form 10-K and other reports the company may file from time to time with the U.S. Securities and Exchange Commission. Each forward-looking statement contained herein speaks only as of the date of this release. Except as required by law, Civeo expressly disclaims any intention or obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Information

EBITDA is a non-GAAP financial measure that is defined as net income (loss) plus interest, taxes, depreciation and amortization, and Adjusted EBITDA is defined as EBITDA adjusted to exclude certain other unusual or non-operating items. Free cash flow is a non-GAAP financial measure that is defined as net cash flows provided by operating activities less capital expenditures plus proceeds from asset sales.

See “Non-GAAP Reconciliation” below for additional information concerning non-GAAP financial measures, including a reconciliation of the non-GAAP financial information presented in this press release to the most directly comparable financial information presented in accordance with GAAP. Non-GAAP financial information supplements and should be read together with, and is not an alternative or substitute for, the Company’s financial results reported in accordance with GAAP. Because non-GAAP financial information is not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures.

- Financial Schedules Follow -