Veransa, a Zero-Waste Leader in Transforming Green Waste Into Beneficial Re-Use Products, Bolsters C-Suite With New Chief Financial Officer (CFO), Jeremy Pfeifer.

SARASOTA, Fla.--(BUSINESS WIRE)--#CircularEconomy--Veransa Group, Inc, a zero-waste leader in transforming green waste into beneficial re-use products on an industrial scale through vertical integration of waste collection/recycling centers with manufacturing facilities, announced hiring new Chief Financial Officer (CFO), Jeremy Pfeifer, as it continues a period of significant growth.

Jeremy brings over 20 years of experience as an accomplished finance executive, having previously served in leadership roles at four private equity or institutionally backed businesses, including Valet Living, a nationwide multifamily amenity services company that doubled in size during his tenure, and ArrMaz, a global leader in the production of specialty chemicals for industries. Jeremy has extensive experience managing and executing on both organic and inorganic company growth strategies which makes him ideally suited for Veransa’s expansion strategy. Jeremy is a licensed Certified Public Accountant in the state of Florida with a degree in finance and accounting from University of South Florida.

“We are excited to have Jeremy join our team. Jeremy’s leadership will accelerate Veransa’s buildout of an engaged and scalable finance team prepared to undertake due-diligence and acquisition integration as we expand, while providing high-level strategic financial planning support to the Company,” said Marc Owensby, CEO of Veransa.

“I am enthusiastic about joining Veransa. The company is uniquely positioned for significant growth in the coming years with a compelling vision, market strategy, and seasoned leadership team,” said Jeremy.

About Veransa:

Veransa (www.veransa.com) is a zero-waste leader in transforming urban wood and yard waste into valuable beneficial re-use products on an industrial scale. Veransa vertically integrates green and wood waste collection and recycling centers with organic products manufacturing facilities to achieve highest-value use, waste-to-organic commodities production. Veransa aggregates green waste and transforms it, using electrically powered processing equipment, into beneficial re-use products, including soil-regenerating, OMRI Listed^®, STA approved, organic compost and blended soils, that are free of biosolids or manure. It also processes wood waste into feedstock for mulch and renewable energy. Veransa is an Environmental, Social, and Governance (ESG) portfolio company of RFE Investment Partners.

About RFE:

RFE Investment Partners (www.rfeip.com) is a private equity firm focused on making control investments in established small market companies located in the United States. RFE is a long-standing Connecticut-based firm founded in 1980 with over 40 years of experience investing in the lower middle market. RFE’s investment strategy is to transform its portfolio companies from the lower end of the market to fully professionalized and market leading middle market companies. RFE is currently investing out of Fund IX.

Media Contact:
Roxane Teymourtash
240-413-3949
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DUBLIN--(BUSINESS WIRE)--The "Petrol Stations in Ireland - Industry Market Research Report" report has been added to ResearchAndMarkets.com's offering.

Operators in this industry sell automotive fuel such as petrol, diesel, autogas and alternative fuels directly to consumers. The majority of petrol stations also operate convenience stores and additional services such as car-washing facilities. A significant proportion of sales are made to drivers of heavy goods vehicles. Buses and coaches are not included in the industry as these often go through wholesalers rather than retail forecourts.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry's key players and their market shares.

Key Topics Covered:

ABOUT THIS INDUSTRY

• Industry Definition
• Main Activities
• Similar Industries
• Additional Resources

INDUSTRY AT A GLANCE

INDUSTRY PERFORMANCE

• Executive Summary
• Key External Drivers
• Current Performance
• Industry Outlook
• Industry Life Cycle

PRODUCTS & MARKETS

• Supply Chain
• Products & Services
• Demand Determinants
• Major Markets
• International Trade
• Business Locations

COMPETITIVE LANDSCAPE

• Market Share Concentration
• Key Success Factors
• Cost Structure Benchmarks
• Basis of Competition
• Barriers to Entry
• Industry Globalization

MAJOR COMPANIES

OPERATING CONDITIONS

• Capital Intensity
• Technology & Systems
• Revenue Volatility
• Regulation & Policy
• Industry Assistance

KEY STATISTICS

• Industry Data
• Annual Change
• Key Ratios

JARGON & GLOSSARY

Companies Mentioned

• Valero Energy (Ireland) Ltd
• Mullan Bros. Ltd
• Applegreen Ltd
• Hillingdon Investment Company Unlimited
• Circle K Ireland Fuels Ltd

   

   

For more information about this report visit https://www.researchandmarkets.com/r/kugun5

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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International segments drive solid performance offsetting impact of winter season on domestic dry-bulk business

ST. CATHARINES, Ontario--(BUSINESS WIRE)--#yourmarinecarrierofchoice--Algoma Central Corporation (TSX: ALC) today reported its results for the three months ended March 31, 2022. Revenues increased 10% to $85,103, compared to $77,599 in 2021. The Company reported a 13% improvement in net loss and a 68% improvement in EBITDA⁽¹⁾. Due to the closing of the canal system and the winter weather conditions on the Great Lakes - St. Lawrence Seaway, the majority of the Domestic Dry-Bulk fleet does not operate for most of the first quarter. All amounts reported below are in thousands of Canadian dollars, except for per share data and where the context dictates otherwise.

"Our first quarter results confirms the strength of our diversified business portfolio and the benefits of our growth in international markets," said Gregg Ruhl, President and CEO of Algoma Central Corporation. "Our Ocean Self-Unloader and Global Short Sea fleets generated strong results this quarter. Both segments are continuing to experience steady freight rates and we are seeing improved customer demand in most sectors. Although the majority of our domestic fleet was laid-up during the first quarter, our teams were busy conducting our winter maintenance program and preparing our fleet for the season. We also had some of our domestic vessels running in parts of the system during the first quarter and a shout out to those who weathered the elements to ensure that essential cargo, like road salt, was delivered," concluded Mr. Ruhl.

Financial Highlights: First Quarter 2022 Compared to 2021

• Net loss improved 13% to $19,571 compared to $22,416. Basic and diluted loss per share were $0.52 compared to $0.59.
• Global Short Sea Shipping segment equity earnings increased 73% to $2,500 compared to $1,444. The earnings improvement was driven by very strong charter rates realized in the mini-bulker sector.
• The Ocean Self-Unloader segment revenue increased 24% to $40,321 compared to $32,496 driven by higher fuel cost recoveries and a 14% increase in revenue days due to fewer dry-dockings compared to the first quarter of 2021. Operating earnings increased 40% to $6,108 compared to $4,369.
• Domestic Dry-Bulk segment revenue was essentially flat at $24,588 compared to $24,552, reflecting similar year-over-year revenue days. Operating loss improved 8% to $27,220 compared to $29,686 driven by lower operating costs.
• Revenue for Product Tankers decreased 1% to $18,036 compared to $18,217. This was due to the reduction in customer demand from our major customer, offset by higher fuel cost recoveries. Operating earnings decreased to a loss of $1,559 compared to earnings of $224 driven by a 7.5% reduction in revenue days and higher fuel prices.

Consolidated Statement of Earnings

EBITDA⁽¹⁾

The Company uses EBITDA as a measure of the cash generating capacity of its businesses. The following table provides a reconciliation of net earnings in accordance with GAAP to the non-GAAP EBITDA measure for the three months ended March 31, 2022 and 2021 and presented herein:

Select Financial Performance by Business Segment

The MD&A for the three months ended March 31, 2022 and 2021 includes further details. Full results for the three months ended March 31, 2022 and 2021 can be found on the Company’s website at www.algonet.com/investor-relations or on SEDAR at www.sedar.com.

2022 Business Outlook⁽²⁾

In the Domestic Dry-Bulk segment, the impact of the drought in Western Canada is a significant factor in 2022. We currently expect reduced grain volumes, at least until the 2022 fall harvest. Reduced grain volumes will impact the efficiency of some of our trade routes in the spring and summer and we have adjusted the pace of our vessel fit-out schedule to match vessel capacity to customer demand. In the near term, other commodities may also be affected by changing global trading patterns, resulting primarily from the war in Ukraine, and may cause some incremental demand from our customers. We are preparing to be as nimble as possible to respond to shifting customer requirements.

We expect Product Tanker utilization in 2022 to be similar to 2021 as our customers continue to recover from the impact that COVID-19 has had on the demand for wholesale petroleum products.

Vessel supply at the Pool level is fairly well balanced for the remainder of the year. We are not currently expecting much impact from the war in Ukraine on the Pool business, aside from the effect of oil prices. Two Algoma vessels have significant dry-dockings later in the year. We remain optimistic that cargo volumes will grow gradually.

We are anticipating solid charter rates for the next quarter, building on a very strong first quarter market for the mini-bulker fleet, followed by gradual normalization over for the remainder of 2022. This outlook could change rapidly if global markets slow considerably. The cement sector is expected to remain steady for the 2022 season and we are expecting the third of three newly acquired cement carriers to be delivered in late June. Two handy-size bulk carriers will also join the handy-size fleet later this year.

Normal Course Issuer Bid

Effective March 21, 2022, the Company renewed its normal course issuer bid with the intention to purchase, through the facilities of the TSX, up to 1,890,457 of its Common Shares ("Shares") representing approximately 5% of the 37,800,943 Shares which were issued and outstanding as at the close of business on March 9, 2022 (the “NCIB”). No shares have been purchased to date under this NCIB.

Cash Dividends

The Company's Board of Directors have authorized payment of a quarterly dividend to shareholders of $0.17 per common share. The dividend will be paid on June 1, 2022 to shareholders of record on May 18, 2022.

Notes

(1) Use of Non-GAAP Measures

The Company uses several financial measures to assess its performance including earnings before interest, income taxes, depreciation, and amortization (EBITDA), free cash flow, return on equity, and adjusted performance measures. Some of these measures are not calculated in accordance with Generally Accepted Accounting Principles (GAAP), which are based on International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), are not defined by GAAP, and do not have standardized meanings that would ensure consistency and comparability among companies using these measures. From Management’s perspective, these non-GAAP measures are useful measures of performance as they provide readers with a better understanding of how management assesses performance. Further information on Non-GAAP measures please refer to page 2 in the Company's Management's Discussion and Analysis for the three months ended March 31, 2022.

(2) Forward-Looking Statements

Algoma Central Corporation’s public communications often include written or oral forward-looking statements. Statements of this type are included in this document and may be included in other filings with Canadian securities regulators or in other communications. All such statements are made pursuant to the safe harbour provisions of any applicable Canadian securities legislation. Forward-looking statements may involve, but are not limited to, comments with respect to our objectives and priorities for 2023 and beyond, our strategies or future actions, our targets, expectations for our financial condition or share price and the results of or outlook for our operations or for the Canadian, U.S. and global economies. The words "may", "will", "would", "should", "could", "expects", "plans", "intends", "trends", "indications", "anticipates", "believes", "estimates", "predicts", "likely" or "potential" or the negative or other variations of these words or other comparable words or phrases, are intended to identify forward-looking statements.

By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that predictions, forecasts, conclusions or projections will not prove to be accurate, that our assumptions may not be correct and that actual results may differ materially from such predictions, forecasts, conclusions or projections. We caution readers of this document not to place undue reliance on our forward-looking statements as a number of factors could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking statements.

Algoma owns and operates the largest fleet of dry and liquid bulk carriers operating on the Great Lakes - St. Lawrence Waterway, including self-unloading dry-bulk carriers, gearless dry-bulk carriers and product tankers. Since 2010 we have introduced 10 new build vessels to our domestic dry-bulk fleet, with one under construction and expected to arrive in 2024, making us the youngest, most efficient and environmentally sustainable fleet on the Great Lakes. Each new vessel reduces carbon emissions on average by 40% versus the ship replaced. Algoma also owns ocean self-unloading dry-bulk vessels operating in international markets and a 50% interest in NovaAlgoma, which owns and operates a diversified portfolio of dry-bulk fleets serving customers internationally. Algoma truly is Your Marine Carrier of Choice™. For more information about Algoma, visit the Company's website at www.algonet.com.

Gregg A. Ruhl
President & CEO
905-687-7890

Peter D. Winkley
Chief Financial Officer
905-687-7897

8minute’s smart technology solutions were recognized in the 2022 Energy and 2022 Established Excellence Categories

LOS ANGELES & SAN FRANCISCO--(BUSINESS WIRE)--8minute Solar Energy (8minute), one of the nation’s leading solar and energy storage developers, has been honored by Fast Company magazine for its innovative, advanced controls technology—the “brain” of a power plant that is enabling the next generation of smarter, more reliable clean energy. In the highly competitive World Changing Ideas Awards released annually by Fast Company, 8minute’s smart energy solutions were selected as an Honorable Mention in the Energy category and as a Finalist in Established Excellence category, which evaluates pioneering projects from companies that have been in business between 5 and 14 years.

“Enabled by our cutting-edge and rigorously-tested technology, 8minute is delivering energy without limitations—energy that’s lower cost, more reliable and cleaner than ever before. We are leading the industry’s shift from simple to smart solar—turning the sun into a fully dispatchable source of clean energy, delivered exactly when and where it’s needed,” said Dr. Tom Buttgenbach, Founder and CEO of 8minute. “To effectively combat climate change, our country must deploy renewables at a much faster rate, and 8minute’s solutions provide the confidence and tools to do so. I am proud of our team of engineers and innovators at 8minute, whose dedication to improving the future of energy continue to be recognized and push the industry in exciting new directions.”

Fast Company honored 8minute’s intelligent controls systems for smart power plants, which unlocks value previously unavailable from renewables. This technology integrates solar and battery storage into one seamless system to provide flexible, predictable output to the grid and helps utilities dynamically manage load. With over 18 GW of solar and 24 GWh of energy storage in development—enough energy to provide power for 20 million people—8minute is scaling and deploying these advanced controls across one of the largest development pipelines in the country. The company’s portfolio of record-breaking projects reflects its commitment to continuous innovation, reduced cost and improved reliability.

The World Changing Ideas awards are focused on elevating technology focused on societal good and tackling social inequality, climate change, and public health and other crises. The awards are judged by a panel of eminent Fast Company editors and reporters, who select winners and finalists from a pool of more than 2,997 entries across transportation, education, food, politics, technology, health, social justice, and more.

ABOUT 8MINUTE SOLAR ENERGY

As a record-breaking, unrivaled technology leader, 8minute Solar Energy (8minute) is championing the clean energy transition in the United States and shaping the future of energy through its next generation of smart solar power plants. Since its founding in 2009, 8minute has successfully put 2 GW of solar projects in operation and currently has over 18 GW of solar and 24 GWh of energy storage projects under development. By prioritizing technology and engineering innovation, 8minute’s best-in-class team has continued to set new industry records: developing the largest solar plant in the nation starting in 2011, delivering the first operational solar plant in the U.S. to beat fossil fuel prices in 2016, and securing a deal to deliver solar with storage at record-low prices in 2019. Now one of the largest solar developers in the country with an established track record of delivering above-market profitability, 8minute’s relentless pursuit of smart energy generation is unlocking growth and expanding access to affordable and reliable clean energy.

For more information, visit www.8minute.com, and follow 8minute on Twitter and LinkedIn.

Katie Struble
Director, Corporate Communications
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DUBLIN--(BUSINESS WIRE)--The "Global Emission Management Software Market By Component (Software and Services), By Industry (Manufacturing, IT & Telecom, Government Sector, Energy & Power, and Others), By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027" report has been added to ResearchAndMarkets.com's offering.

The Global Emission Management Software Market size is expected to reach $25.43 billion by 2027, rising at a market growth of 17.5% CAGR during the forecast period.

A software that helps companies to manage the processes related to the emissions of the industrial facilities or complicated sites is termed as emission management software. This software consists of the provision of functionality needed for industrial operations and for corporate demands like environmental reporting or KPI (Key Performance Indicator) supervising. Emission management software combines processes and people across various industrial units, which is expected to substantially contribute to risk mitigation.

The major functions of the emission management software are managing compliance with legal permits & regulations that implement critical operational boundaries and financial risks for industrial & non-industrial operation sites.

In addition, the ability of the solution to evaluate emissions prediction scenarios helps in making this software a tool for all kinds of planning and strategic decision items on an operational and corporate level, which is expected to attract more companies for its usage.

By using emission management software, enterprises can reduce the chances of human error, carry out efficient situation analysis, report and decrease the GHG (Green House Gases) emissions at all levels.

Market Growth Factors:

Efficient management and monitoring capabilities of emission management software

By using advanced emission management software, companies and manufacturing units can monitor their greenhouse and carbon emissions precisely and in real-time legacy emission management. In addition, this software can make it easier for the management to look after the emission stages in real-time as per the government compliances.

The growing popularity of sustainable development

The rising popularity of sustainable development among governments is expected to increase their emphasis on the sustainable development of the region. According to a study published by International Energy Agency (IEA), about 31.5 Giga tons CO2 was generated across the world during the year 2020. This huge number of emissions is expected to increase the concerns of the authorities and thus, fuel the demand and growth of the emission management software market over the forecast period.

Market Restraining Factor:

High cost of management and implementation

The initial cost of deployment of emission management software is relatively high since this software is made to support all the possible processes related to emissions in the large-scale industries. In addition, there are several companies that are finding it difficult to implement this software due to the lack of proper infrastructure used to maintain and efficiently operate this software for better operational productivity.

Market Segments Covered in the Report:

By Component

• Software
  • Data Management
  • Asset Performance Optimization
  • Application Platform
  • Forecasting Analytics
  • Dashboard Tools
• Services
  • Consulting & Training
  • Support & Maintenance

By Industry

• Manufacturing
• IT & Telecom
• Government Sector
• Energy & Power
• Others

By Geography

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• UK
• France
• Russia
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• Singapore
• Malaysia
• Rest of Asia Pacific
• LAMEA
• Brazil
• Argentina
• UAE
• Saudi Arabia
• South Africa
• Nigeria
• Rest of LAMEA

Key Market Players

• IBM Corporation
• SAP SE
• Accenture PLC
• Broadcom, Inc. (CA Technologies, Inc.)
• NortonLifeLock, Inc.
• Fortive Corporation
• Greenstone plus
• Cority Software, Inc. (Thoma Bravo)
• Foresite Systems

For more information about this report visit https://www.researchandmarkets.com/r/s4sdfa

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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For E.S.T Office Hours Call 1-917-300-0470
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For GMT Office Hours Call +353-1-416-8900

SEATTLE--(BUSINESS WIRE)--Expeditors International of Washington, Inc. (NASDAQ: EXPD), today announced that on May 2, 2022 its Board of Directors declared a semi-annual cash dividend of $0.67 per share, payable on June 15, 2022 to shareholders of record as of June 1, 2022.

Expeditors is a global logistics company headquartered in Seattle, Washington. The Company employs trained professionals in 176 district offices and numerous branch locations located on six continents linked into a seamless worldwide network through an integrated information management system. Services include the consolidation or forwarding of air and ocean freight, customs brokerage, vendor consolidation, cargo insurance, time-definite transportation, order management, warehousing and distribution and customized logistics solutions.

Jeffrey S. Musser
President and Chief Executive Officer
(206) 674-3433

Bradley S. Powell
Senior Vice President and Chief Financial Officer
(206) 674-3412

Geoffrey Buscher
Director - Investor Relations
(206) 892-4510

Drivers as small business owners strategize to put extra money in their pockets

JERSEY CITY, N.J.--(BUSINESS WIRE)--#Buckleup--As the gig economy grows, so do the numbers of people opting to drive – whether to supplement their income for a savings goal, as a second job, or by making driving a full-time career. Each of these drivers operates a small business that must strategize how to put extra money in their pockets. With automotive inflation and gas prices at record highs, drivers are looking at all solutions to be more efficient and save on expenses.

Everyone is impacted by the recent jumps in inflation and gas prices. However, the impact on small businesses is often amplified. While decisions such as hours of operation, or evaluating cost-of-goods-sold expenses like insurance coverage are a given for brick-and-mortar businesses, these same considerations are also true for a less considered small business owner – a rideshare or delivery driver, whose primary costs-of-goods-sold are vehicle depreciation and fuel.

“Buckle understands the behaviors of rideshare and delivery drivers through our unique position serving all segments of gig driving. As a small business itself, Buckle knows first-hand the challenges of growing a business in the gig economy,” says Marty Young, CEO and Co-Founder of Buckle, the financial services company dedicated to serving drivers of the gig economy.

Inflation and Gas Prices Shift Driver Behaviors to Different Driving Platforms

As high inflation and gas prices hit their peak in March and April of 2022, Buckle noticed its drivers were making new decisions about their driving. Here's what they observed:

• During the weeks of March 13 and March 20, 2022 – the same weeks the U.S. national average price of a gallon of gas peaked at over 20-year highs – Buckle observed a shift in more drivers opting for delivery driving over rideshare driving, driven in large part by platform incentives.
• Drivers began to opt toward shorter, delivery-driving jobs and reduced their time taking rideshare jobs, which can be longer distances that require more gas and vehicle depreciation.
• Buckle also noted that longer-tenured drivers began to balance their driver workload more fully than before between “long haul” rideshare and “short haul” delivery-driving jobs.
• Buckle speculates this shift to more delivery driving jobs was an active business decision that helped drivers burn less gas and put fewer miles on their vehicles in the short term.
• The company also speculates that drivers accepting gigs from multiple rideshare and delivery platforms are able to more easily adjust their driving habits to account for fluctuating economic situations while still making driving a good business.
• Increasing a driver’s delivery gigs over rideshare driving can, however, present unanticipated challenges for these business owners. One example is the fact that many delivery platforms do not currently offer insurance coverage for their drivers, leaving them potentially underinsured or uninsured in the event of a loss.
• Since March, Buckle has seen drops in both delivery and rideshare activity. However, with the summer vacation season approaching, Buckle speculates that driving will increase once again as drivers take advantage of the seasonality of rideshare and delivery needs, and inflation spreads through all sectors of the economy.

Video assets are available at: https://spaces.hightail.com/space/iI0ktz490f

About Buckle

Buckle is the digital financial services company providing insurance products for the gig industry. Serving the vital, rising middle class, Buckle protects drivers covering personal, rideshare, and delivery driving for leading companies including Uber, Lyft, DoorDash, Gopuff, Instacart, Amazon Flex, Uber Eats, Grubhub, Favor, Postmates, and more. The company also offers insurance solutions for select partners. Buckle has received awards for 2022 including Best of Insurance, a Fastest Growing Company, Best Tech Startup, and more. Connect with us on Facebook, Twitter, LinkedIn, and www.buckleup.com.

Media:
Erica Netzley and Jenny Love
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(726) 262-5969

• Complements DXP’s previous air compressor acquisitions
• Adds scale and complete capabilities
• Continues to Accelerate End Market Diversification
• Attractive Margins and Cash Flow

HOUSTON--(BUSINESS WIRE)--DXP Enterprises, Inc. (NASDAQ: DXPE) today announced that it has completed the acquisition of Cisco Air Systems, Inc. (“Cisco”). Cisco is a leading distributor of air compressors and related products and services focused on serving the food & beverage, transportation and general industrial markets in the Northern California and Nevada territories. Financial terms of the transactions were not disclosed. DXP funded the acquisition with cash from the balance sheet and DXP Enterprises, Inc. common stock as consideration.

“We are pleased to announce the acquisition of Cisco and the first-tier capabilities, strong leadership and complete business model as a part of our air compressor growth efforts. We are excited to have Cisco join the DXP family. Cisco provides DXP with exceptional sales expertise that will enhance our efforts and our ability to collaborate and serve our customers. This acquisition is consistent with our growth strategy and demonstrates our commitment to expanding DXP into other products, markets and capabilities as well as maintaining our leading position as the largest distributor of rotating equipment in North America,” commented David Little, CEO of DXP.

Signing of the definitive agreements occurred on May 2, 2022. Sales and adjusted EBITDA for Cisco for the last twelve months ending March 31, 2022 were approximately $43.2 million and $7.0 million, respectively. Adjusted EBITDA was calculated as income before tax, plus interest, plus depreciation and amortization, plus non-recurring items that will not continue after the acquisition.

Kent Yee, CFO, stated “We are very excited to welcome the talented and hardworking employees of Cisco to the DXP team. Cisco is another exciting addition to DXP and our efforts to be a premier distributor. We continue to execute on our strategic priorities and strategy of making acquisitions in markets and business models where we can continue to enhance DXP. We look forward to scaling Cisco and further diversifying DXP. This acquisition complements our recent acquisitions of APO Pumps & Compressors and Total Equipment. We anticipate this acquisition to be accretive to earnings and will provide us with a strong platform going forward.”

About DXP Enterprises, Inc.

DXP Enterprises, Inc. is a leading products and service distributor that adds value and total cost savings solutions to industrial customers throughout the United States, Canada and Dubai. DXP provides innovative pumping solutions, supply chain services and maintenance, repair, operating and production ("MROP") services that emphasize and utilize DXP’s vast product knowledge and technical expertise in rotating equipment, bearings, power transmission, metal working, industrial supplies and safety products and services. DXP's breadth of MROP products and service solutions allows DXP to be flexible and customer-driven, creating competitive advantages for our customers. DXP’s business segments include Service Centers, Innovative Pumping Solutions and Supply Chain Services. For more information, go to www.dxpe.com.

The Private Securities Litigation Reform Act of 1995 provides a “safe-harbor” for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made by or to be made by the Company) contains statements that are forward-looking. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future; and accordingly, such results may differ from those expressed in any forward-looking statement made by or on behalf of the Company. These risks and uncertainties include, but are not limited to; ability to obtain needed capital, dependence on existing management, leverage and debt service, domestic or global economic conditions, and changes in customer preferences and attitudes. In some cases, you can identify forward-looking statements by terminology such as, but not limited to, “may,” “will,” “should,” “intend,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “goal,” or “continue” or the negative of such terms or other comparable terminology. For more information, review the Company’s filings with the Securities and Exchange Commission.

Kent Yee
Senior Vice President CFO
713-996-4700 – www.dxpe.com
THE INDUSTRIAL DISTRIBUTION EXPERTS

RockCreek-managed fund, in partnership with minority banks and community-based lending institutions, will provide needed capital to help minority-owned businesses grow, create jobs, and expand in underserved and under-resourced communities served by Exelon.

CHICAGO--(BUSINESS WIRE)--Exelon announced today that RockCreek, one of the world’s largest diverse-owned global investment firms, has opened applications for the $36 million Exelon-funded Racial Equity Capital Fund to support minority-owned businesses in Exelon’s service areas in Delaware, the District of Columbia, Maryland, Illinois, New Jersey and Pennsylvania.

Exelon, which serves more than 10 million customers through its six electric and gas utilities, announced last fall that it had partnered with the Exelon Foundation to create the Racial Equity Capital Fund. The fund will help minority businesses obtain capital to fuel growth and spur job opportunities in communities that have historically been underserved, under-resourced, and overlooked by investors and traditional funding sources. The fund will provide loans and equity investments for numerous minority businesses throughout Exelon’s service areas over the next three years, with estimated loan amounts between $100,000 and $300,000, and equity investments of nearly $1 million.

“With this fund, we are empowering small, minority-owned businesses to grow their capacity, increase revenue and hire more employees,” said Calvin Butler, chief operating officer and senior executive vice president of Exelon. “We have identified financial partners who understand the unique challenges these businesses face, but who also share our vision and are eager to reinvigorate the communities we both serve.”

RockCreek has forged partnerships with minority-owned lending institutions and community-based banks to increase the investment capacity of the Racial Equity Capital Fund. The fund will invest in minority-owned businesses who have historically lacked access to capital to sustain operations, grow revenues, create jobs, and increase wellbeing throughout underserved and under-resourced communities.

“Capital is the fuel that allows businesses to grow, create jobs, and strengthen communities, and for too long, minority-owned businesses – and entire communities – have been neglected by financial markets,” said Afsaneh Beschloss, Founder and CEO of RockCreek. “The Racial Equity Capital Fund will bring this critical fuel directly to minority-owned businesses and will continue serving their communities in the years ahead.”

Initial partners in this effort include Providence Bank & Trust; United Bank of Philadelphia; and City First Bank, National Association of Washington, DC. RockCreek continues to seek out and engage with other potential partners throughout Exelon’s service areas.

The partnerships are the next step in the launch of the $36 million initiative, which is funded by Exelon and managed by RockCreek. RockCreek will select businesses for financing and manage the fund to serve as a continuing resource to help grow businesses, create jobs, and strengthen the communities Exelon serves.

Interested businesses can access the application here or contact RockCreek at This email address is being protected from spambots. You need JavaScript enabled to view it. for more information about the program.

About Exelon

Exelon (Nasdaq: EXC) is a Fortune 200 company and the nation’s largest utility company, serving more than 10 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric (ACE), Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power & Light (DPL), PECO Energy Company (PECO), and Potomac Electric Power Company (Pepco). More than 18,000 Exelon employees dedicate their time and expertise to supporting our communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and volunteerism. Follow Exelon on Twitter @Exelon.

About RockCreek

One of the largest woman and diverse-owned global investment firms, RockCreek applies data-driven technology to invest sustainably and inclusively. Founded in 2003 by CEO Afsaneh Beschloss, former Treasurer and Chief Investment Officer of the World Bank, RockCreek has more than $16 billion in assets. RockCreek has invested more than $7.4 billion in diverse firms, including over $990 million in Black owned firms, and $6.3 billion in sustainable investments including climate, health, education, job creation, and affordable housing since its inception. Follow RockCreek on Twitter @RockCreekGroup and on LinkedIn.

Exelon Media Hotline
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First-quarter 2022 Highlights

• Net Sales of $459.0 million, up 29.6% year-over-year
• Diluted net income per share of $0.09, $0.03 on an adjusted basis⁽¹⁾
• Adjusted EBITDA⁽¹⁾ of $31.2 million, up $10.1 million year-over-year

MILWAUKEE--(BUSINESS WIRE)--The Manitowoc Company, Inc. (NYSE: MTW), (the “Company” or “Manitowoc”) a leading global manufacturer of cranes and lifting solutions, today reported first-quarter net income of $3.1 million, or $0.09 per diluted share. On an adjusted basis, first-quarter net income⁽¹⁾ was $1.0 million, or $0.03 per diluted share.

Net sales in the first-quarter increased 29.6% year-over-year to $459.0 million and were unfavorably impacted by $15.8 million from changes in foreign currency exchange rates. Adjusted EBITDA⁽¹⁾ was $31.2 million, an increase of $10.1 million from the prior year. In addition, Adjusted EBITDA percentage improved by approximately 80 basis-points year-over-year to 6.8%.

First-quarter orders of $481.5 million increased $7.9 million, or 1.7% over the prior year. Orders were unfavorably impacted by $14.6 million from changes in foreign currency exchange rates. Backlog as of March 31, 2022 totaled $1,033.4 million, an increase of 56.0% year-over-year, and an increase of 2.2% from December 31, 2021.

"I am pleased with our overall performance during the quarter. While our revenue was lower than planned mainly due to continuing supply chain and logistics challenges, the team was able to generate $31 million of Adjusted EBITDA, exceeding our expectations,” commented President and Chief Executive Officer, Aaron Ravenscroft. “The Ukrainian crisis combined with the severe COVID measures taken in China have further exacerbated the global macroeconomic environment. The recent acceleration of inflation, particularly in Europe, combined with further deterioration in our supply chain will place added pressure on crane demand and our margins throughout the remainder of the year. As a result, we believe that our full-year results will be on the lower-end of the Adjusted EBITDA guidance previously communicated.”

“While we see clear signs of an economic slowdown in the near-term, the backdrop for a crane renaissance remains unchanged – crane fleets continue to age beyond historic levels, and the U.S. infrastructure bill has been approved. Manitowoc will continue to invest in our four breakthrough initiatives and we remain committed to our CRANES+50 strategy, which is to grow our non-new machine sales by 50% in the next five years,” concluded Ravenscroft.

Investor Conference Call

The Manitowoc Company will host a conference call for security analysts and institutional investors to discuss its first-quarter earnings on Wednesday, May 4, 2022, at 10:00 a.m. ET (9:00 a.m. CT). A live audio webcast of the call, along with the related presentation, published in conjunction with this press release, can be accessed in the Investor Relations section of Manitowoc’s website at www.manitowoc.com. A replay of the conference call will also be available at the same location on the website.

About The Manitowoc Company, Inc.

The Manitowoc Company was founded in 1902 and has over a 119-year tradition of providing high-quality, customer-focused products and support services to its markets. Manitowoc is one of the world's leading providers of engineered lifting solutions. Manitowoc, through its wholly-owned subsidiaries, designs, manufactures, markets, and supports comprehensive product lines of mobile hydraulic cranes, lattice-boom crawler cranes, boom trucks, and tower cranes under the Aspen Equipment, Grove, Manitowoc, MGX Equipment Services, National Crane, Potain, and Shuttlelift brand names.

Footnote

⁽¹⁾ Adjusted net income (loss), adjusted diluted net income (loss) per share, adjusted EBITDA, adjusted operating income and free cash flows are financial measures that are not in accordance with GAAP. For a reconciliation to the comparable GAAP numbers please see schedule of “Non-GAAP Financial Measures” at the end of this press release. Manitowoc believes these non-GAAP financial measures provide important supplemental information to both management and investors regarding financial and business trends used in assessing its results of operations. Manitowoc believes excluding specified items provides a more meaningful comparison to the corresponding reporting periods and internal budgets and forecasts, assists investors in performing analysis that is consistent with financial models developed by investors and research analysts, provides management with a more relevant measure of operating performance and is more useful in assessing management performance.

Forward-looking Statements

This press release includes “forward-looking statements” intended to qualify for the safe harbor from liability under the Private Securities Litigation Reform Act of 1995. Any statements contained in this press release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current expectations of the management of the Company and are subject to uncertainty and changes in circumstances. Forward-looking statements include, without limitation, statements typically containing words such as “intends,” “expects,” “anticipates,” “targets,” “estimates,” and words of similar import. By their nature, forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results and developments to differ materially include, among others:

• The negative impacts COVID-19 has had and will continue to have on Manitowoc’s business, financial condition, cash flows, results of operations and supply chain, as well as customer demand (including future uncertain impacts);
• actions of competitors;
• changes in raw material and commodity prices;
• changes in economic or industry conditions generally or in the markets served by Manitowoc;
• unanticipated changes in customer demand, including changes in global demand for high-capacity lifting equipment, changes in demand for lifting equipment in emerging economies and changes in demand for used lifting equipment;
• failure to comply with regulatory requirements related to the products the Company sells;
• the ability to capitalize on key strategic opportunities and the ability to implement Manitowoc’s long-term initiatives;
• the ability to complete and appropriately integrate acquisitions, strategic alliances, joint ventures or other significant transactions;
• unanticipated changes in revenues, margins and costs;
• geographic factors and political and economic conditions and risks;
• the ability to increase operational efficiencies across Manitowoc and to capitalize on those efficiencies;
• Geo-political events, including the ongoing conflict between Russia and Ukraine, could lead to market disruptions, including significant volatility in commodity prices (including oil and gas), energy prices, inflation, consumer behavior, supply chain, and credit and capital markets, and could result in the impairment of assets;
• other risk factors detailed in Manitowoc's 2021 Annual Report on Form 10-K and its other filings with the United States Securities and Exchange Commission.

Manitowoc undertakes no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise. Forward-looking statements only speak as of the date on which they are made. Information on the potential factors that could affect the Company's actual results of operations is included in its filings with the Securities and Exchange Commission, including but not limited to its Annual Report on Form 10-K for the fiscal year ended December 31, 2021.

Non-GAAP Financial Measures

Non-GAAP Items

Adjusted net income (loss), adjusted diluted net income (loss) per share, adjusted EBITDA, adjusted operating income and free cash flows are financial measures that are not in accordance with GAAP. Manitowoc believes these non-GAAP financial measures provide important supplemental information to both management and investors regarding financial and business trends used in assessing its results of operations. Manitowoc believes excluding specified items provides a more meaningful comparison to the corresponding reporting periods and internal budgets and forecasts, assists investors in performing analysis that is consistent with financial models developed by investors and research analysts, provides management with a more relevant measure of operating performance and is more useful in assessing management performance.

Adjusted EBITDA and Adjusted Operating Income

The Company defines adjusted EBITDA as earnings before interest, income taxes, depreciation and amortization, plus an addback of restructuring and certain other charges. The reconciliation of net income (loss) to EBITDA, and further to adjusted EBITDA and to adjusted operating income and operating income for the three months ended March 31, 2022 and 2021 and trailing twelve months, are summarized as follows. All dollar amounts are in millions:

Ion Warner
SVP, Marketing and Investor Relations
+1 414-760-4805

Targets align the company’s financial portfolios with the companywide goal of net-zero greenhouse gas emissions by 2050

SAN FRANCISCO--(BUSINESS WIRE)--Wells Fargo today announced its interim targets for reducing greenhouse gas emissions attributable to its financing activities in the Oil & Gas and Power sectors. The 2030 reduction targets for these sectors, based on a 2019 baseline, are:

• Oil & Gas sector: 26% reduction in absolute emissions
• Power sector: 60% reduction in portfolio emissions intensity

This is an important step in the company’s work to realize its goal of net-zero greenhouse gas emissions by 2050, including client emissions attributable to its financing. The company intends to reach this net-zero ambition by continuing to support and work with its clients and providing the capital needed to meet the demands of today while working to transition to a low carbon future.

The targets are detailed in CO2eMission^SM, Wells Fargo’s methodology for aligning its financial portfolios to the goals of the Paris Agreement and setting interim, emissions-based targets to guide that alignment. This methodology takes a sectoral approach, which recognizes that each sector of the economy is unique and will have its own decarbonization pathway. CO2eMission is available on this website. Wells Fargo’s approach is informed by the target-setting guidelines of the Net-Zero Banking Alliance (NZBA), which the company joined in 2021.

The company expects to publicly report on the progress made against the targets for Oil & Gas and Power and plans to set additional targets for other key emitting sectors.

About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets, proudly serves one in three U.S. households and more than 10% of small businesses in the U.S., and is a leading middle market banking provider in the U.S. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 37 on Fortune’s 2021 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy. News, insights, and perspectives from Wells Fargo are also available at Wells Fargo Stories.

Additional information may be found at www.wellsfargo.com | Twitter: @WellsFargo.

Cautionary Statement About Forward-Looking Statements
This news release contains forward-looking statements about our future financial performance and business. Because forward-looking statements are based on our current expectations and assumptions regarding the future, they are subject to inherent risks and uncertainties. Do not unduly rely on forward-looking statements as actual results could differ materially from expectations. Forward-looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date. For information about factors that could cause actual results to differ materially from our expectations, refer to our reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the Securities and Exchange Commission and available on its website at www.sec.gov.

News Release Category: WF-CF

Media
Beth Richek, 704-374-2545
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Investor Relations
John Campbell, 415-396-0523
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HOUSTON--(BUSINESS WIRE)--Today Western Midstream Partners, LP (NYSE: WES) (“WES” or the “Partnership”) announced the appointment of Kristen Shults to Senior Vice President and Chief Financial Officer, effective on May 2, 2022.

In this role, Shults will continue to lead the organization’s Finance, Investor Relations, Communications, and Sustainability teams, with additional oversight of the Accounting organization.

“Since becoming a stand-alone midstream enterprise, our team has made tremendous progress in reducing our cost structure, increasing our operational efficiency, and returning value back to stakeholders through debt reduction, unit buybacks, and attractive distributions,” said President and CEO Michael Ure. “Kristen’s acumen, work ethic, and commitment at WES has made her an invaluable part of this effort, and I look forward to building upon our strong foundation with her steady leadership.”

“I’m excited to further expand my role and lead such a highly talented and diverse group of professionals,” Shults said. “Their talent and dedication to excellence, along with our culture of sustainability and operational efficiency, instill great confidence in me that the best is yet to come at WES.”

Shults joined Western Midstream in 2019 as Vice President, Investor Relations and Communications, and most recently served as Senior Vice President, Finance and Sustainability. She has 15 years of accounting and finance experience, including 10 years within the oil and natural gas industry. She served in various roles of increasing responsibility with Anadarko Petroleum Corporation’s tax organization, and began her career at Ernst & Young, LLP. Shults holds a Bachelor of Business Administration and Masters in Professional Accounting from The University of Texas at Austin and is a Certified Public Accountant, licensed in Texas.

ABOUT WESTERN MIDSTREAM

Western Midstream Partners, LP (“WES”) is a Delaware master limited partnership formed to acquire, own, develop, and operate midstream assets. With midstream assets located in Texas, New Mexico, Colorado, Utah, Wyoming, and Pennsylvania, WES is engaged in the business of gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, natural-gas liquids, and crude oil; and gathering and disposing of produced water for its customers. In its capacity as a natural-gas processor, WES also buys and sells natural gas, natural-gas liquids, and condensate on behalf of itself and as an agent for its customers under certain contracts.

For more information about Western Midstream Partners, LP, please visit www.westernmidstream.com.

This news release contains forward-looking statements. WES’s management believes that its expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove correct. A number of factors could cause actual results to differ materially from the projections, anticipated results, or other expectations expressed in this news release. These factors include our ability to meet financial guidance or distribution expectations; the ultimate impact of efforts to fight COVID-19 on the global economy and any related impact on commodity demand and prices; our ability to safely and efficiently operate WES’s assets; the supply of, demand for, and price of oil, natural gas, NGLs, and related products or services; our ability to meet projected in-service dates for capital-growth projects; construction costs or capital expenditures exceeding estimated or budgeted costs or expenditures; and the other factors described in the “Risk Factors” section of WES’s most-recent Form 10-K and Form 10-Q filed with the Securities and Exchange Commission and other public filings and press releases. WES undertakes no obligation to publicly update or revise any forward-looking statements.

WESTERN MIDSTREAM CONTACTS

Daniel Jenkins
Director, Investor Relations
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832.636.1009

Shelby Keltner
Manager, Investor Relations
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832.636.1009

From a simple yet innovative ocean trash skimmer to a global authority on ocean health; Seabin is a data-led clean-tech start up, with the ambitious goal of cleaning up 100 cities by 2050.

SYDNEY--(BUSINESS WIRE)--Australian clean-tech startup, Seabin, has today announced their first official global expansion, opening operations in Los Angeles. As part of their 100 Smarter Cities For Cleaner Oceans campaign, Marina Del Rey in Los Angeles has been selected as the first of three planned locations in the LA region as the second city after Sydney, Australia.

About Seabin

The Seabin unit is a “trash skimmer” designed to be installed in the water of marinas, yacht clubs, ports and any water body with a calm environment and suitable services available. The unit moves up and down with the tide, collecting all floating rubbish and skimming the surface of the water by pumping water into the device. A single Seabin unit can intercept floating debris, macro and micro plastics and even micro fibers, and a single unit can catch 1.4 tons of floating debris per year. The Seabin was recognised as one of the best inventions of 2018 by Time Magazine.

Cleaning up 100 Cities by 2050

The expansion to LA is part of the startup's vision of having an engaged presence in 100 cities around the world. Local team members will proactively work with the community, researchers, and corporations to obtain data and then support policy making and new legislation at the local, state, federal, and international levels to directly address the problem both in the water and on the ground.

“I’m extremely excited to launch our second city in LA and to have Marina Del Rey as our first location, followed by Port of LA and Long Beach. We spent weeks meeting the community, interviewing for positions related to the city pilot and speaking with corporates who want to support the Seabin x LA program, and everyone is simply brimming with positivity and enthusiasm to see these simple yet practical solutions come to LA” says Pete Ceglinski, CEO & Cofounder of Seabin.

The first city pilot in Sydney is now operating full time with 5 full time employees, 40 community volunteers and a broad portfolio of corporate sponsors building impact into their business models, marketing campaigns, and end of year reporting.

“Our partners in Sydney now include brands like Discovery Channel, Ben & Jerrys, Yamaha, IBM and many more other corporates who are building enviro impact solutions into their operations, we are excited to do the same now in LA with local and multinational corporates” continues Pete Ceglinski.

The Marina Del Rey – LA city pilot will create up to five full-time employment positions over the three year term, and clean-up expectations are set at an estimated 54 tons of microplastics, plastic fibers and other items captured over the three year period.

“Our marina community has long advocated for cleaner water ways and would conduct clean-ups after each storm event we had using pool skimmer nets. When Seabin technology became available we were early adopters, installing three units in our marina in 2019. We have noticed a substantial difference in our water quality, generated community awareness and started great conversations about single use plastics. We are so excited to be the second city location in the world's first 100 cities by 2050 campaign” says Bryan Plante, Marina Manager at Marina Harbor Anchorage.

“Seabin’s work provides valuable insight on issues pertinent to a cleaner LA coastline. Braid Theory is excited to support the company’s tech-forward monitoring and analysis approach, assisting in data-driven decision making in the region” said Ann Carpenter, CEO of Braid Theory, an impact accelerator entity based in Port of LA who also supports ocean innovation and new technologies.

Rather than lobby and pitch for financial support from the city, Seabin is launching a GoFundMe page to take action and start cleaning now. Currently Seabin has an estimated $150,000 pledged from American and multinational corporations, which will be used to create and drive momentum in the GoFundMe campaign.

The Seabin LA GoFundMe campaign finishes on June 8th – World Oceans Day – and the official city launch will see operations starting in Marina Del Rey, in July 2022.

For more information visit Seabin’s GoFundMe or visti seabinproject.com/, and follow The Seabin Project on Instagram @seabin_project.

>>>Click here for high-resolution images<<<

For further information or interview requests:
Jonas Tobias, Senior Account Manager at Compass Studio, on +61 431 906 814 or This email address is being protected from spambots. You need JavaScript enabled to view it.

OKLAHOMA CITY--(BUSINESS WIRE)--Gulfport Energy Corporation (NYSE: GPOR) (“Gulfport” or the “Company”) today reported financial and operating results for the three months ended March 31, 2022 and provided an update on its 2022 development plan and financial guidance.

First Quarter 2022 and Recent Highlights

• Delivered total net production of 1,008 MMcfe per day
• Reported $492.0 million of net loss and $235.3 million of adjusted EBITDA⁽¹⁾
• Generated $253.7 million of net cash provided by operating activities and $116.8 million of free cash flow⁽¹⁾
• Repurchased approximately 748 thousand shares of common stock for a total of $63 million as of May 2, 2022
• Expanded common stock repurchase program from $100 million to $200 million

Updated Full Year 2022 Outlook

• Increased expected capital expenditures to approximately $400 million⁽²⁾
• Increased forecasted free cash flow generation to a range of $375 million to $425 million at current strip prices

"Gulfport reported strong first quarter 2022 results, driven by the continued outperformance of our 2021 development program, excellent uptime during the winter months and the addition of five new SCOOP wells performing above expectations. As a result, we generated significant free cash flow, which allowed us to begin executing on our common stock repurchase program while maintaining a strong financial position and leverage below 1.0x," commented Tim Cutt, CEO of Gulfport.

"Our outlook for free cash flow continues to improve, despite the growing inflationary effects that has led us to increase our capital outlook for the year. Our development program builds during the second quarter, before peaking in the third, which results in executing a high percentage of our program at higher service rates."

"We continue to prioritize the return of capital to shareholders and are pleased to announce the expansion of our common stock repurchase program, which is now authorized up to $200 million during 2022."

A company presentation to accompany the Gulfport earnings conference call can be accessed by clicking here.

1. A non-GAAP financial measure. Reconciliations of these non-GAAP measures and other disclosures are provided with the supplemental financial tables available on our website at www.gulfportenergy.com.
2. Assumes midpoint of 2022 guidance.

Expanded Common Stock Repurchase Program
Gulfport's board of directors recently expanded the Company's previously announced common stock repurchase program and Gulfport is now authorized to repurchase up to $200 million of its outstanding shares of common stock through December 31, 2022. Purchases under the repurchase program may be made from time to time in open market or privately negotiated transactions, and will be subject to available liquidity, market conditions, credit agreement restrictions, applicable legal requirements, contractual obligations and other factors. The repurchase program does not require the Company to acquire any specific number of shares. The Company intends to purchase shares under the repurchase program opportunistically with available funds while maintaining sufficient liquidity to fund its capital development program. The repurchase program may be suspended from time to time, modified, extended or discontinued by the board of directors at any time.

As of May 2, 2022, the Company had repurchased 748 thousand shares of common stock at a weighted-average share price of $84.26 during 2022, totaling approximately $63 million in aggregate.

Operational Update
The table below summarizes Gulfport's operated drilling and completion activity for the first quarter of 2022:

Gulfport’s net daily production for the first quarter of 2022 averaged 1,008.1 MMcfe per day, primarily consisting of 779.1 MMcfe per day in the Utica and 228.9 MMcfe per day in the SCOOP. For the first quarter of 2022, Gulfport’s net daily production mix was comprised of approximately 92% natural gas, 6% natural gas liquids ("NGL") and 2% oil and condensate.

Capital Investment
Capital investment was $100.4 million (on an incurred basis) for the first quarter of 2022, of which $94.3 million related to drilling and completion (“D&C”) activity and $6.1 million related to leasehold and land investment.

Financial Position and Liquidity
As of March 31, 2022, Gulfport had approximately $5.9 million of cash and cash equivalents, $25.0 million of borrowings under its New Credit Facility, $113.2 million of letters of credit outstanding and $550 million of outstanding 2026 Senior Notes.

Gulfport’s liquidity at March 31, 2022, totaled approximately $568 million, comprised of the $5.9 million of cash and cash equivalents and approximately $561.8 million of available borrowing capacity under its New Credit Facility.

In March 2022, the company paid approximately $1.5 million in cash dividends on its preferred stock.

Spring Borrowing Base Redetermination
Gulfport recently completed its spring borrowing base redetermination and on May 2, 2022, the Company entered into the first amendment to its credit agreement (the “Amendment”) governing the New Credit Facility. The Amendment, among other things, increased the borrowing base under the New Credit Facility from $850 million to $1 billion, with aggregate elected lender commitments to remain at $700 million. In addition, the Amendment eased certain requirements and limitations related to hedging, amended the covenants governing certain restricted payments and provides for the transition from a LIBOR to a SOFR benchmark. The Amendment increases Gulfport's financial flexibility to continue to execute our business plan and provides additional clarity around our ability to return capital to shareholders.

2022 Guidance Update
Driven by increasing inflationary effects, Gulfport has updated its forecasted capital expenditures for D&C activity and expects to invest in a range of $355 million to $395 million during 2022. In addition, based on activity to date and planned activity, Gulfport has increased its forecasted leasehold and land investment to approximately $25 million during 2022.

Taking into account the previously mentioned updates in combination with a significant increase in commodity prices, Gulfport has updated its expected free cash flow (non-GAAP measure) and forecasted taxes other than income per Mcfe guidance for 2022.

Derivatives
Gulfport enters into commodity derivative contracts on a portion of its expected future production volumes to mitigate the Company's exposure to commodity price fluctuations. For details, please refer to the "Derivatives" section provided with the supplemental financial tables available on our website at ir.gulfportenergy.com.

First Quarter 2022 Conference Call
Gulfport will host a teleconference and webcast to discuss its first quarter of 2022 results beginning at 9:00 a.m. ET (8:00 a.m. CT) on Wednesday, May 4, 2022.

The conference call can be heard live through a link on the Gulfport website, www.gulfportenergy.com. In addition, you may participate in the conference call by dialing 866-373-3408 domestically or 412-902-1039 internationally. A replay of the conference call will be available on the Gulfport website and a telephone audio replay will be available from May 5, 2022 to May 19, 2022, by calling 877-660-6853 domestically or 201-612-7415 internationally and then entering the replay passcode 13729307.

Financial Statements and Guidance Documents
First quarter of 2022 earnings results and supplemental information regarding quarterly data such as production volumes, pricing, financial statements and non-GAAP reconciliations are available on our website at ir.gulfportenergy.com.

Non-GAAP Disclosures
This news release includes non-GAAP financial measures. Such non-GAAP measures should be not considered as an alternative to GAAP measures. Reconciliations of these non-GAAP measures and other disclosures are provided with the supplemental financial tables available on our website at ir.gulfportenergy.com.

About Gulfport
Gulfport is an independent natural gas-weighted exploration and production company focused on the exploration, acquisition and production of natural gas, crude oil and NGL in the United States with primary focus in the Appalachia and Anadarko basins. Our principal properties are located in eastern Ohio targeting the Utica formation and in central Oklahoma targeting the SCOOP Woodford and SCOOP Springer formations.

Forward Looking Statements
This press release includes “forward-looking statements” for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are statements other than statements of historical fact. They include statements regarding Gulfport’s current expectations, management's outlook guidance or forecasts of future events, projected cash flow and liquidity, inflation, share repurchases, its ability to enhance cash flow and financial flexibility, future production and commodity mix, plans and objectives for future operations, the ability of our employees, portfolio strength and operational leadership to create long-term value, the rejection of certain midstream contracts and the assumptions on which such statements are based. Gulfport believes the expectations and forecasts reflected in the forward-looking statements are reasonable, Gulfport can give no assurance they will prove to have been correct. They can be affected by inaccurate or changed assumptions or by known or unknown risks and uncertainties. Important risks, assumptions and other important factors that could cause future results to differ materially from those expressed in the forward-looking statements are described under "Risk Factors" in Item 1A of Gulfport’s annual report on Form 10-K for the year ended December 31, 2021 and any updates to those factors set forth in Gulfport's subsequent quarterly reports on Form 10-Q or current reports on Form 8-K (available at https://www.gulfportenergy.com/investors/sec-filings). Gulfport undertakes no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events.

Investors should note that Gulfport announces financial information in SEC filings, press releases and public conference calls. Gulfport may use the Investors section of its website (www.gulfportenergy.com) to communicate with investors. It is possible that the financial and other information posted there could be deemed to be material information. The information on Gulfport’s website is not part of this filing.

Investor Contact:
Jessica Antle – Director, Investor Relations
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405-252-4550

Media Contact
Reevemark
Hugh Burns / Paul Caminiti / Nicholas Leasure
212-433-4600

PowerFlex X includes a full suite of products — Nexus, Axcess, Cortex, and Exact — that work together to control, monitor, and optimize a client's onsite solar, battery storage, and EV charging systems

SAN DIEGO--(BUSINESS WIRE)--PowerFlex, an EDF Renewables Company, today announced the unveiling of its PowerFlex X product platform, which provides real-time monitoring and intelligent control of onsite energy assets with patented software and hardware. PowerFlex X enables organizations and enterprises to integrate and co-optimize multiple technologies — including solar, battery storage, electric vehicle (EV) charging, and microgrid systems — to reduce energy costs and increase resiliency.

PowerFlex X consists of four products that seamlessly work together to help clients manage their onsite energy portfolio: Cortex is the intelligent system of algorithms, including Adaptive Load Management of EV charging, that enables the continuous monitoring and optimization of all energy asset operations; Nexus is the hardware that connects the onsite systems to the central platform; Exact is the modeling tool that forecasts the system’s impact on utility bills and carbon emission reductions; and Axcess is the single sign-in portal that allows customers to view their distributed energy resources all in one place. With PowerFlex X, customers gain a holistic view of their onsite energy assets with unprecedented transparency and ease of reporting.

“With the rapid increase in renewable energy and EV adoption, we recognized the need to bring intelligent solutions to our customers who are moving to onsite renewables and electric transportation,” said Raphael Declercq, CEO, PowerFlex. “We created PowerFlex X to optimize integrated energy solutions on the sites of our commercial customers and also to lessen the impact on the electricity grid. With PowerFlex X, we support the swift transition to clean energy with a suite of products that make our projects more sustainable and cost-competitive.”

As a single, full-service provider, PowerFlex delivers scalable onsite solutions to accelerate the decarbonization of energy sources. The company is part of EDF Renewables, a market leading independent power producer and service provider with 35 years of expertise in renewable energy. In 2017, the company began offering commercial EV charging solutions, leveraging its proprietary Adaptive Load Management (ALM) software, developed by a Caltech research group to optimize power consumption across a large network of charging stations. PowerFlex later consolidated with EnterSolar, a leading commercial solar developer, in 2021 to broaden its onsite solar offerings. As an experienced project developer, the company has now expanded its software and hardware development to bring a comprehensive energy management platform, PowerFlex X.

About PowerFlex:

PowerFlex, an EDF Renewables company, is a leading national provider of intelligent onsite energy solutions that support carbon-free electrification and transportation. The Company delivers integrated solar, storage, EV charging, and microgrid systems to businesses and organizations. As a single full-service provider, PowerFlex customizes clean technology solutions to help clients achieve their energy and sustainability goals. Through the comprehensive PowerFlex X platform, PowerFlex leverages patented smart software to control, monitor, and optimize a client's distributed energy resources to reduce cost and maximize return on investment. For more information, visit www.powerflex.com. Connect with us on LinkedIn, YouTube, and Twitter.

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MIDLAND, Texas--(BUSINESS WIRE)--ProPetro Holding Corp. ("ProPetro" or "the Company") (NYSE: PUMP) today announced financial and operational results for the first quarter of 2022.

First Quarter 2022 and Recent Highlights

• Total revenue for the quarter increased 15% to $283 million compared to $246 million for the fourth quarter of 2021.

• Net income for the quarter was $12 million, or $0.11 per diluted share, compared to net loss of $20 million, or $0.20 per diluted share, for the fourth quarter of 2021.

• Adjusted EBITDA⁽¹⁾ for the quarter increased 81% to $67 million or 24% of revenues compared to $37 million for the fourth quarter of 2021.

• Effective utilization for the first quarter improved 9.6% to 13.7 fleets compared to 12.5 fleets for the fourth quarter of 2021 without expanding marketed fleet count.

• Net cash provided by operating activities for the quarter of $25 million as compared to $45 million for the fourth quarter of 2021.

• Negative Free Cash Flow⁽²⁾ for the quarter was approximately $39 million as compared to positive Free Cash Flow of approximately $26 million for the fourth quarter of 2021.

• Achieved a Company record of over 600 monthly pumping hours on a single Simul-Frac fleet in March.

⁽¹⁾ Adjusted EBITDA is a Non-GAAP financial measure and is described and reconciled to net income (loss) in the table under “Non-GAAP Financial Measures”.

⁽²⁾ Free Cash Flow is a Non-GAAP financial measure and is described and reconciled to cash from operating activities in the table under “Non-GAAP Financial Measures".

Sam Sledge, Chief Executive Officer, commented, “Despite operational headwinds mainly attributable to sand-related issues in the first quarter, our team achieved healthy margin expansion and a high utilization rate without expanding our marketed fleet count from the previous quarter. We attribute this success to the hard work and effort our team put into executing on our returns-focused strategy to take advantage of improved market conditions and increased demand for our services, all bolstered by first-in-class service at the wellsite. We expect this trend to continue as we take deliveries and deploy more of our Tier IV Dynamic Gas Blending ("DGB" or "dual-fuel") conversions in the coming weeks and months. That said, we anticipate the balance of the year to be challenging as managing input costs, supply chain pressures, human capital, and operational risks will only become more difficult as the pressure pumping market tightens further."

David Schorlemer, Chief Financial Officer, commented, "We are encouraged with the significant improvement in our margins during the first quarter. However, we remain committed to our strict fleet deployment strategy and focus on our pursuit of margin-over-market share. Remaining focused on capital-efficient growth through pricing improvements and efficient operations, while continuing to make strategic investments to transition our pressure pumping assets to lower-emissions and natural gas-powered equipment, is the foundation of the Company's returns-focused strategy."

First Quarter 2022 Financial Summary

Revenue for the first quarter of 2022 was $283 million, compared to revenue of $246 million for the fourth quarter of 2021. The 15% increase was attributable to our increased effectively utilized fleet count of 13.7 fleets, from 12.5 fleets in the fourth quarter of 2021 and improved pricing across our fleets in the first quarter of 2022.

Cost of services, excluding depreciation and amortization of approximately $32 million, for the first quarter of 2022 increased to $197 million from $187 million during the fourth quarter of 2021. The 5% increase was attributable to the increased operational activity levels in the first quarter of 2022.

General and administrative expense of $32 million for the first quarter of 2022 increased from $24 million in the fourth quarter of 2021. General and administrative expense, exclusive of a net expense of $13 million relating to a non-recurring net legal expense of approximately $2 million and non-cash items consisting of stock-based compensation of approximately $11 million, was $19 million, or 7% of revenue, for the first quarter of 2022 compared to 9% of revenue for the fourth quarter of 2021. The decrease in our general and administrative expense as a percentage of revenue was driven by higher revenue in the first quarter and benefits from our cost optimization initiatives.

Net income for the first quarter of 2022 totaled $12 million, or $0.11 per diluted share, compared to net loss of $20 million, or $0.20 per diluted share, for the fourth quarter of 2021. Net income benefitted from a non-recurring state tax refund of approximately $11 million.

Adjusted EBITDA increased to $67 million for the first quarter of 2022 from $37 million for the fourth quarter of 2021. The increase in Adjusted EBITDA was primarily attributable to increased activity, fleet repositioning and improved pricing across our fleet.

Liquidity and Capital Spending

As of March 31, 2022, total cash was $71 million and the Company remained debt free. Total liquidity at the end of the first quarter of 2022 was $127 million including cash and $56 million of available capacity under the Company’s revolving credit facility.

Capital expenditures incurred during the first quarter of 2022 were $72 million, the majority of which related to maintenance expenditures and our previously announced Tier IV DGB conversions. Net cash used in investing activities from our statement of cash flow during the first quarter of 2022 was $64 million.

Outlook

Mr. Sledge concluded, "Our team is encouraged by the step change in performance during the first quarter. However, the operational and logistical headwinds we experienced validate our belief that operating margins in pressure pumping do not reflect levels needed to justify the additional risk ProPetro assumes in marketing and deploying any additional horsepower. This is especially true in a market that is currently near sold-out levels and where operating margins should continue to expand. As a result, we continue to concentrate efforts on optimizing the full-cycle cash-on-cash return profiles of our currently operating fleets and do not expect to market additional capacity in the second quarter.

As previously mentioned, we will continue to strategically convert many of our conventional diesel assets into more marketable natural gas-powered equipment that will be placed with E&P’s that have core acreage positions and sizeable drilling inventories. Above all else, we are most focused on operating our business and collaborating with customers in a manner that allows us to significantly expand our earnings power and create value for all stakeholders in the ProPetro value chain. This will be accomplished through intense operational and financial discipline that we believe mimics the actions exhibited by many of our upstream partners and customers over the past few years.”

Conference Call Information

The Company will host a conference call at 8:00 AM Central Time on Wednesday, May 4, 2022, to discuss financial and operating results for the first quarter of 2022. The call will also be webcast on ProPetro’s website at www.propetroservices.com. To access the conference call, U.S. callers may dial toll free 1-844-340-9046 and international callers may dial 1-412-858-5205. Please call ten minutes ahead of the scheduled start time to ensure a proper connection. A replay of the conference call will be available for one week following the call and can be accessed toll free by dialing 1-877-344-7529 for U.S. callers, 1-855-669-9658 for Canadian callers, as well as 1-412-317-0088 for international callers. The access code for the replay is 5730343.

About ProPetro

ProPetro Holding Corp. is a Midland, Texas-based oilfield services company providing pressure pumping and other complementary services to leading upstream oil and gas companies engaged in the exploration and production of North American unconventional oil and natural gas resources. For more information visit www.propetroservices.com.

Forward-Looking Statements

Except for historical information contained herein, the statements and information in this news release are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Statements that are predictive in nature, that depend upon or refer to future events or conditions or that include the words “may,” “could,” “plan,” “project,” “budget,” “predict,” “pursue,” “target,” “seek,” “objective,” “believe,” “expect,” “anticipate,” “intend,” “estimate,” and other expressions that are predictions of, or indicate, future events and trends and that do not relate to historical matters identify forward‑looking statements. Our forward‑looking statements include, among other matters, statements about our business strategy, industry, future profitability, expected fleet utilization, sustainability efforts, the future performance of newly improved technology, expected capital expenditures and the impact of such expenditures on our performance and capital programs. A forward‑looking statement may include a statement of the assumptions or bases underlying the forward‑looking statement. We believe that we have chosen these assumptions or bases in good faith and that they are reasonable.

Although forward‑looking statements reflect our good faith beliefs at the time they are made, forward-looking statements are subject to a number of risks and uncertainties that may cause actual events and results to differ materially from the forward-looking statements. Such risks and uncertainties include the volatility of oil prices, the operational disruption and market volatility resulting from the COVID-19 pandemic, the global macroeconomic uncertainty related to the Russia-Ukraine war, and other factors described in the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, particularly the “Risk Factors” sections of such filings, and other filings with the Securities and Exchange Commission (the “SEC”). In addition, the Company may be subject to currently unforeseen risks that may have a materially adverse impact on it, including matters related to shareholder litigation. Accordingly, no assurances can be given that the actual events and results will not be materially different than the anticipated results described in the forward-looking statements. Readers are cautioned not to place undue reliance on such forward-looking statements and are urged to carefully review and consider the various disclosures made in the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other filings made with the SEC from time to time that disclose risks and uncertainties that may affect the Company’s business. The forward-looking statements in this news release are made as of the date of this news release. ProPetro does not undertake, and expressly disclaims, any duty to publicly update these statements, whether as a result of new information, new developments or otherwise, except to the extent that disclosure is required by law.

Reportable Segment Information