IRVING, Texas--(BUSINESS WIRE)--ExxonMobil said today that Jennifer Driscoll has been appointed vice president of investor relations, effective Feb. 7, replacing Stephen Littleton, who has elected to retire after 30 years of service.

“We welcome Jennifer to ExxonMobil and will leverage her knowledge and experience to enhance our communication with shareholders,” said Kathryn Mikells, senior vice president and chief financial officer. “I’d like to thank Stephen for his many contributions to the company’s success during his career and wish him all the best in retirement.”

Driscoll joins ExxonMobil from Caterpillar, Inc., where she was director of investor relations since 2019. Previously, Driscoll held senior investor relations positions at DuPont de Nemours, Inc., Campbell Soup Company and Best Buy Co., Inc.

Driscoll began her career with Dain Rauscher, which was later acquired by RBC Capital Markets. She holds an MBA from the University of St. Thomas in Saint Paul, Minnesota.

Littleton, who has been investor relations vice president since 2020, joined Exxon Company USA in 1992 as a financial analyst at the Baytown Refinery. Following assignments of increasing responsibility in the United States, Angola and Hungary, Littleton was appointed assistant controller of the corporation in 2015 and became vice president for business services, Fuels & Lubricants Company in 2018.

Littleton graduated from the University of Missouri-St. Louis with a bachelor’s degree in business administration, and he holds an MBA from the University of Texas at Austin.

About ExxonMobil

ExxonMobil, one of the largest publicly traded international energy companies, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is one of the largest refiners and marketers of petroleum products, and its chemical company is one of the largest in the world. To learn more, visit exxonmobil.com and the Energy Factor.

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Media Relations
972-940-6007

COLUMBUS, Ind.--(BUSINESS WIRE)--Werner Enterprises (Nasdaq: WERN), a premier transportation and logistics provider, and Cummins Inc. (NYSE: CMI), global power solutions provider, have announced that Werner will begin validation and integration of Cummins’ recently announced 15-liter natural gas and 15-liter hydrogen internal combustion engines in its vehicles. Cummins will begin integrating these new powertrains in Werner trucks in the second half of 2022, starting with the 15-liter natural gas product.

“Werner is a transportation leader focused on reducing its carbon footprint, and Cummins is uniquely positioned to help provide low carbon options successfully and seamlessly using multiple power solutions,” said Srikanth Padmanabhan, Vice President and President, Engine Business, Cummins. “Our solutions include our newest heavy-duty natural gas engine and our heavy-duty hydrogen ICE engine currently being developed. Our broad range of powertrain solutions from advanced diesel, natural gas, hydrogen to electrification allows Cummins to provide multiple options that meet our customers’ specific business needs and sustainability targets today. The next generation Cummins powertrains will provide a clear path to transition towards a zero- emission future.”

"The options Cummins is providing align with our longstanding focus on sustainability and reducing our carbon footprint,” said Derek Leathers, Chairman, President and Chief Executive Officer, Werner Enterprises. “They understand the priority we place on using technology to minimize our impact on the environment. By being proactive now, we are ensuring a better future for everyone, and I look forward to this collaborative effort.”

"This collaboration will combine the extensive experience and expertise of both our companies to provide Werner’s fleet with a safe and reliable solution that will help them meet their sustainability and operational targets while providing Cummins valuable operational and performance data to help us optimize our product offerings," said Amy Boerger, Vice President and General Manager, North America at Cummins. "These collaborations allow us to refine and optimize our technologies to make the shift to zero-emissions commercial transportation solutions across diverse markets much more quickly."

The 15-liter natural gas engine announced in October of 2021 can be paired with a Cummins Eaton Automated Transmission Technologies Endurant HD Transmission and Cummins Fuel Delivery System, ensuring a purpose-built and fully integrated natural gas powertrain. Other transmission pairings will be available at launch for specialized applications. The 15-liter engine will offer ratings up to 500 horsepower and 1,850 ft-lbs of torque, while not requiring selective catalytic reduction (SCR) to meet 2024 California or Environmental Protection Agency emission standards, providing a potentially carbon-negative solution when powered with renewable natural gas (RNG).

Hydrogen engines offer OEMs and end-users the benefit of adaptability by continuing to use familiar mechanical drivelines with vehicle and equipment integration. This mirrors current powertrains while continuing to provide the power and capability for meeting application needs.

Additionally, the 15-liter hydrogen engine can use zero-carbon green hydrogen fuel, produced by Cummins-manufactured electrolyzers. The projected investment in renewable hydrogen production globally will provide a growing opportunity for the deployment of hydrogen-powered fleets utilizing either Cummins fuel cell or engine power.

About Werner Enterprises

Werner Enterprises, Inc. (Nasdaq: WERN) delivers superior truckload transportation and logistics services to customers across the United States, Mexico and Canada. With 2020 revenues of $2.4 billion, an industry-leading modern truck and trailer fleet, over 13,000 talented associates and our innovative Werner EDGE technology, we are an essential solutions provider for customers who value the integrity of their supply chain and require safe and exceptional on-time service. Werner provides Dedicated and One-Way Truckload services as well as Logistics services that include truckload brokerage, freight management, intermodal and final mile. As an industry leader, Werner is deeply committed to promoting sustainability and supporting diversity, equity and inclusion. More information can be found at www.werner.com.

About Cummins Inc.

Cummins Inc., a global power leader, is a corporation of complementary business segments that design, manufacture, distribute and service a broad portfolio of power solutions. The company’s products range from diesel, natural gas, electric and hybrid powertrains and powertrain-related components including filtration, aftertreatment, turbochargers, fuel systems, controls systems, air handling systems, automated transmissions, electric power generation systems, batteries, electrified power systems, hydrogen generation and fuel cell products. Headquartered in Columbus, Indiana (U.S.), since its founding in 1919, Cummins employs approximately 57,800 people committed to powering a more prosperous world through three global corporate responsibility priorities critical to healthy communities: education, environment and equality of opportunity. Cummins serves its customers online, through a network of company-owned and independent distributor locations, and through thousands of dealer locations worldwide and earned about $1.8 billion on sales of $19.8 billion in 2020. Learn more at cummins.com.

Jon Mills
Cummins Inc.
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317.658.4540

BROOMFIELD, Colo.--(BUSINESS WIRE)--Today, Navajo Transitional Energy Company (NTEC) announced the retirement of its inaugural Chief Executive Officer (CEO), Clark Moseley, and appointment of Vern Lund as his successor.

In 2013, the Navajo Nation established NTEC as an autonomous commercial entity with the goal of purchasing the Navajo Mine, preserving the associated jobs and revenues, and achieving greater sovereignty over their natural resources. As CEO, Mr. Moseley, led the organization to take over mine operations, improve performance and contractual certainty, perform overdue reclamation, and return millions of dollars to the Navajo Nation in both profit and community programs.

Having secured the future of the Navajo Mine, Mr. Moseley identified and executed upon opportunities to create multi-general solutions by responsibly expanding the company’s revenue base, allowing for investments in rare earth minerals, helium, and more.

“Throughout my career I have operated by a core principle, do the right thing. That is what we’ve done here,” said Clark Moseley, outgoing CEO. “Developing and leading the NTEC team into the world-class energy company it is today has been one of the highest honors of my career.”

Mr. Moseley officially retires on January 31st and the Board of Directors has appointed Vern Lund as the new CEO of NTEC. Mr. Lund brings over 25 years of diverse experience in mining and energy to his new leadership role at NTEC. For the past year he has worked closely with the NTEC team as the VP of Commercial and Operations.

“Over the past year, I have been impressed by the quality of the individuals working for NTEC and I am extremely excited to lead this group of high performing employees as we execute on our goals,” said Vern Lund, Incoming CEO. “We will continue to drive excellence at our mines while aggressively pursuing diversification and growth opportunities not only for NTEC and our employees, but for the Navajo Nation and its people.”

Mr. Lund will work closely with the NTEC Board and use his experience to continue the success of NTEC as an industry leader. He will focus on safety and profitability, while strengthening relationships with customers, industry partners, and the leadership of the Navajo Nation.

“I want to thank Clark and wish him all the best in retirement. Through his leadership and vision, Clark has secured the company and poised us for future success. As he departs, I am confident that the future of the company is bright with Mr. Lund at the helm,” said Tim McLaughlin, Board Chairman.

About NTEC

NTEC is a single member limited liability company, organized under the laws of the Navajo Nation, that owns mines in New Mexico, Wyoming and Montana. Four core values guide NTEC: Do the right thing—Empower people and communities—Create multi-generational solutions—Operate a world-class energy company. NTEC is 100 percent owned by the Navajo Nation. For more information about NTEC, visit www.navenergy.com.

Erny Zah
Director of Communications and Media Affairs
Cell: (505) 382-2561
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Dividend increased to $0.26 per share

EAST AURORA, N.Y.--(BUSINESS WIRE)--The Board of Directors of Moog Inc. (NYSE: MOG.A and MOG.B) has declared a quarterly dividend of $.26 per share on the Company’s issued and outstanding shares of Class A common stock and Class B common stock. The dividend will be paid on February 28, 2022 to all shareholders of record as of the close of business on February 11, 2022.

The dividend represents a use of cash of approximately $8 million. Future declarations of quarterly dividends are subject to the determination and discretion of Moog’s Board of Directors.

About Moog

Moog Inc. is a worldwide designer, manufacturer, and integrator of precision control components and systems. Moog’s high-performance systems control military and commercial aircraft, satellites and space vehicles, launch vehicles, missiles, automated industrial machinery, marine and medical equipment. Additional information about the company can be found at www.moog.com.

Ann Marie Luhr
716-687-4225

HOUSTON--(BUSINESS WIRE)--Cheniere Energy Partners, L.P. (“Cheniere Partners”) (NYSE American: CQP) today declared (i) a cash distribution of $0.70 ($2.80 annualized) per common unit to unitholders of record as of February 7, 2022, and (ii) the related distribution to its general partner. These distributions are payable on February 14, 2022.

This press release serves as qualified notice to nominees as provided for under Treasury Regulation Section 1.1446-4(b)(4) and (d). Please note that 100 percent of Cheniere Partners’ distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of Cheniere Partners’ distributions to foreign investors are subject to federal income tax withholding at the highest applicable effective tax rate. Nominees are treated as withholding agents responsible for withholding distributions received by them on behalf of foreign investors.

About Cheniere Partners

Cheniere Partners is developing, constructing and operating natural gas liquefaction facilities at the Sabine Pass LNG terminal located in Cameron Parish, Louisiana, on the Sabine-Neches Waterway less than four miles from the Gulf Coast. Cheniere Partners is currently operating five natural gas liquefaction Trains and is commissioning one additional Train for a total production capacity of approximately 30 mtpa of LNG at the Sabine Pass terminal. The Sabine Pass LNG terminal has operational regasification facilities that include five LNG storage tanks, two marine berths and vaporizers and an additional marine berth that is under construction. Cheniere Partners also owns the Creole Trail Pipeline, a 94-mile pipeline that interconnects the Sabine Pass LNG terminal with a number of large interstate pipelines.

For additional information, please refer to the Cheniere Partners website at www.cheniere.com and Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, filed with the Securities and Exchange Commission.

Forward-Looking Statements

This press release contains certain statements that may include “forward-looking statements.” All statements, other than statements of historical or present facts or conditions, included herein are “forward-looking statements.” Included among “forward-looking statements” are, among other things, (i) statements regarding Cheniere Partners’ financial and operational guidance, business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding regulatory authorization and approval expectations, (iii) statements expressing beliefs and expectations regarding the development of Cheniere Partners’ LNG terminal and liquefaction business, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements, (vi) statements regarding future discussions and entry into contracts, and (vii) statements regarding the COVID-19 pandemic and its impact on our business and operating results. Although Cheniere Partners believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners’ actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners’ periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners does not assume a duty to update these forward-looking statements.

Cheniere Partners
Investors
Randy Bhatia, 713-375-5479
Frances Smith, 713-375-5753

Media Relations
Eben Burnham-Snyder, 713-375-5764

ATLANTA--(BUSINESS WIRE)--Williams Industrial Services Group Inc. (NYSE American: WLMS) (“Williams” or the “Company”), a construction and maintenance services company, today provided its financial guidance for 2022, as follows:

• Revenue: $305 - $325 million (with first quarter being the lowest sales period, as usual)
• Gross Margin: 10.5% - 11.0%
• SG&A: 8.75% – 9.25% (8.25% - 8.75% excluding investments in upgrading systems)
• EBITDA: $10.0 – $12.5 million

“Our guidance for 2022 marks continued progress towards sustained profitability and a strengthened balance sheet while recognizing some current challenges impacting the business,” said Tracy Pagliara, President and CEO of Williams. “In particular, we did not win the delayed contract that was designated as ‘uncertain’ in our third quarter earnings release, and one of our other largest customers has transferred certain work to a competitor. The Company is using its best efforts to retain this customer and, at the same time, aggressively targeting other growth opportunities within our various end markets. In addition, to further position Williams for success, we are actively reviewing investments to be made under the 2021 Infrastructure Act. We will continue to focus on cost reduction, cash flow generation, and diversification into higher-margin areas, which we believe should improve Williams’ outlook as 2022 progresses and in future years.”

The Company’s total liquidity (the sum of unrestricted cash and availability under the Company’s revolving credit facility) was $27.7 million as of December 31, 2021, versus $21.7 million at the end of the third quarter.

About Williams

Williams Industrial Services Group has been safely helping plant owners and operators enhance asset value for more than 50 years. The Company is a leading provider of infrastructure related services to blue-chip customers in energy and industrial end markets, including a broad range of construction maintenance, modification, and support services. Williams’ mission is to be the preferred provider of construction, maintenance, and specialty services through commitment to superior safety performance, focus on innovation, and dedication to delivering unsurpassed value to its customers.

Additional information about Williams can be found on its website: www.wisgrp.com.

Forward-looking Statement Disclaimer

This press release contains “forward-looking statements” within the meaning of the term set forth in the Private Securities Litigation Reform Act of 1995. The forward-looking statements include statements or expectations regarding the Company’s ability to perform in accordance with guidance, build and diversify its backlog and convert backlog to revenue, realize opportunities, including receiving contract awards on outstanding bids and successfully pursuing future opportunities, benefit from potential growth in the Company’s end markets, including from increased infrastructure spending by the U.S. federal government, and successfully achieve its growth, strategic and business development initiatives, including decreasing the Company’s outstanding indebtedness, future demand for the Company’s services, and expectations regarding future revenues, cash flow, and other related matters. These statements reflect the Company’s current views of future events and financial performance and are subject to a number of risks and uncertainties, some of which have been, and may further be, exacerbated by the COVID-19 pandemic, including the Company’s level of indebtedness and ability to make payments on, and satisfy the financial and other covenants contained in, its debt facilities, as well as its ability to engage in certain transactions and activities due to limitations and covenants contained in such facilities; its ability to generate sufficient cash resources to continue funding operations and the possibility that it may be unable to obtain any additional funding as needed or incur losses from operations in the future; exposure to market risks from changes in interest rates; failure to maintain effective internal control over financial reporting and disclosure controls and procedures; the Company’s ability to attract and retain qualified personnel, skilled workers, and key officers; failure to successfully implement or realize its business strategies, plans and objectives of management, and liquidity, operating and growth initiatives and opportunities, including its expansion into international markets and its ability to identify potential candidates for, and consummate, acquisition, disposition, or investment transactions; the loss of, or reduction in business from, one or more of its significant customers; its competitive position; market outlook and trends in the Company’s industry, including the possibility of reduced investment in, or increased regulation of, nuclear power plants, declines in public infrastructure construction, and reductions in government funding; the failure of the Company and its end markets to benefit from the recently enacted 2021 Infrastructure Act ; costs exceeding estimates the Company uses to set fixed-price contracts; harm to the Company’s reputation or profitability due to, among other things, internal operational issues, poor subcontractor performances or subcontractor insolvency; potential insolvency or financial distress of third parties, including customers and suppliers; the Company’s contract backlog and related amounts to be recognized as revenue; its ability to maintain its safety record, the risks of potential liability and adequacy of insurance; adverse changes in the Company’s relationships with suppliers, vendors, and subcontractors; compliance with environmental, health, safety and other related laws and regulations; limitations or modifications to indemnification regulations of the U.S. or Canada; the Company’s expected financial condition, future cash flows, results of operations and future capital and other expenditures; the impact of general economic conditions including the current economic disruption and any recession resulting from the COVID-19 pandemic; the impact of the COVID-19 pandemic on the Company’s business, results of operations, financial condition, and cash flows, including the potential for additional COVID-19 cases to occur at the Company’s active or future job sites, which potentially could impact cost and labor availability; the impact of supply chain constraints and labor shortages related to the COVID-19 pandemic; the uncertainty surrounding and the potential impact of the federal vaccination mandate on the Company’s labor supply and future results of operations, as well as any impact of such mandate on the Company’s customers; information technology vulnerabilities and cyberattacks on the Company’s networks; the Company’s inability to efficiently implement IT or ERP system upgrades; the Company’s failure to comply with applicable laws and regulations, including, but not limited to, those relating to privacy and anti-bribery; the Company’s participation in multiemployer pension plans; the impact of any disruptions resulting from the expiration of collective bargaining agreements; uncertainties surrounding any pending litigation; the impact of natural disasters and other severe catastrophic events (such as the ongoing COVID-19 pandemic); the impact of changes in tax regulations and laws, including future income tax payments and utilization of net operating loss and foreign tax credit carryforwards; volatility of the market price for the Company’s common stock; the Company’s ability to maintain its stock exchange listing; the effects of anti-takeover provisions in the Company’s organizational documents and Delaware law; the impact of future offerings or sales of the Company’s common stock on the market price of such stock; expected outcomes of legal or regulatory proceedings and their anticipated effects on the Company’s results of operations; and any other statements regarding future growth, future cash needs, future operations, business plans and future financial results.

Other important factors that may cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the Company’s filings with the U.S. Securities and Exchange Commission, including the section of the Annual Report on Form 10-K for its 2020 fiscal year titled “Risk Factors.” Any forward-looking statement speaks only as of the date of this press release. Except as may be required by applicable law, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, and you are cautioned not to rely upon them unduly.

Chris Witty
Darrow Associates
646-345-0998
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LEAWOOD, KS--(BUSINESS WIRE)--TortoiseEcofin today announced that Oasis Midstream Partners LP (NASD: OMP) will be removed from the Tortoise MLP Index^® (TMLP), the Tortoise North American Pipeline Index^SM (TNAP), and the Tortoise Decarbonization Infrastructure Index (DCRBN) as a result of the approved merger with Crestwood Equity Partners LP (NYSE: CEQP). Due to the merger, OMP will be removed from all three indices at market open on Tuesday, February 1, 2022.

Since CEQP is a constituent of all three indices, and its pro-forma weight post acquisition of OMP, does not trigger special rebalance requirements in any of the indices, OMP will be removed without a special rebalancing from all three indices.

Special rebalancings in TMLP are triggered by corporate actions such as mergers, bankruptcies, liquidations, and conversions in which the resulting weight of a single constituent exceeds the index’s 7.5% threshold and the target constituent weight exceeds certain weighting thresholds. Implementation of special rebalancings will be made in accordance with existing methodologies.

Special rebalancings in TNAP are triggered by corporate actions such as mergers, bankruptcies, liquidations, and conversions in which the resulting weight of a single constituent exceeds the index’s 7.5% threshold and the target constituent weight exceeds certain weighting thresholds. Implementation of special rebalancings will be made in accordance with existing methodologies.

Special rebalancings in DCRBN are triggered by corporate actions such as mergers, bankruptcies, liquidations, and conversions in which the resulting weight of a single constituent exceeds the index’s 5.0% threshold and the target constituent weight exceeds certain weighting thresholds. Implementation of special rebalancings will be made in accordance with existing methodologies.

About TortoiseEcofin

TortoiseEcofin focuses on essential assets – those assets and services that are indispensable to the economy and society. We strive to make a positive impact on clients and communities by investing in energy infrastructure and the transition to cleaner energy and by providing capital for social impact projects focused on education and senior housing. TortoiseEcofin brings together strong legacies from Tortoise, with expertise investing across the energy value chain for more than 20 years, and from Ecofin, which unites ecology and finance and has roots back to the early 1990s. To learn more, visit www.TortoiseEcofin.com.

The Tortoise MLP Index^® is a float-adjusted, capitalization weighted index of energy master limited partnerships (MLPs). The index is comprised of publicly traded companies organized in the form of limited partnerships or limited liability companies engaged in transportation, production, processing and/or storage of energy commodities.

The Tortoise North American Pipeline Index^SM is a float-adjusted, capitalization weighted index of pipeline companies that are organized and have their principal place of business in the United States or Canada. A pipeline company is defined as a company that either 1) has been assigned a standard industrial classification (“SIC”) system code that indicates the company operates in the energy pipeline industry or 2) has at least 50% of its assets, cash flow or revenue associated with the operation or ownership of energy pipelines. Pipeline companies engage in the business of transporting natural gas, crude oil and refined products, storing, gathering and processing such gas, oil and products and local gas distribution. The index includes pipeline companies structured as corporations, limited liability companies and master limited partnerships (MLPs).

The Tortoise MLP Index^® and the Tortoise North American Pipeline Index^SM are the exclusive property of TIS Advisors, which has contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) to calculate and maintain the Tortoise MLP Index® and the Tortoise North American Pipeline Index^SM (the “Indices”). The Indices are not sponsored by S&P Dow Jones Indices or its affiliates or its third party licensors (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices will not be liable for any errors or omissions in calculating the Indices. “Calculated by S&P Dow Jones Indices” and its related stylized mark(s) are service marks of S&P Dow Jones Indices and have been licensed for use by TIS Advisors and its affiliates. S&P^® is a registered trademark of Standard & Poor’s Financial Services LLC (“SPFS”), and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”).

The Tortoise Decarbonization Infrastructure Index^SM is a float-adjusted, capitalization weighted index of decarbonizing infrastructure companies that are organized and have their principal place of business in the United States or Canada. We define a decarbonization infrastructure company as a company that primarily owns natural gas and/ or natural gas liquids infrastructure including pipelines and local distribution companies, electric generation, transmission and distribution, battery storage, electric charging infrastructure, residential rooftop solar facilities and/ or renewable fuels.

The Tortoise Decarbonization Infrastructure Index^SM is the exclusive property of TIS Advisors and is calculated by Solactive AG (“Solactive”). The financial instruments that are based on the Index are not sponsored, endorsed, promoted or sold by Solactive AG (“Solactive”) in any way and Solactive makes no express or implied representation, guarantee or assurance with regard to: (a) the advisability in investing in the financial instruments; (b) the quality, accuracy and/or the completeness of the Index or the calculations thereof; and/or (c) the results obtained or to be obtained by any person or entity from the use of the Index.

This data is provided for informational purposes only and is not intended for trading purposes. This document shall not constitute an offering of any security, product or service. The addition, removal or inclusion of a security in the index is not a recommendation to buy, sell or hold that security, nor is it investment advice. The information contained in this document is current as of the publication date. Tortoise makes no representations with respect to the accuracy or completeness of these materials and will not accept responsibility for damages, direct or indirect, resulting from an error or omission in this document. The methodology involves rebalancing and maintenance of the index that is made periodically during each year and may not, therefore, reflect real time information.

Safe Harbor Statement

This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.

Jen Ashlock at (913) 981-1020 or This email address is being protected from spambots. You need JavaScript enabled to view it.

- Consolidated sales of KRW 7.6 trillion and an operating profit of KRW 956.7 billion in 2021

- Orders in value of KRW 5.1 trillion in the 4Q, achieving KRW 10.5 trillion in accumulated annual orders

- It targets to receive new orders in value of KRW 13.6 trillion with KRW 8.4 trillion in sales in 2022

SEOUL, South Korea--(BUSINESS WIRE)--#CanakkaleBridge--DL E&C Co., Ltd (KRX: 375500) posted on January 27, 2022 that its tentative results are expected to reach KRW 7.6 trillion and KRW 956.7 billion in consolidated sales and operating profit in 2021, respectively. The annual operating profit, which recorded the largest in the South Korean construction industry, exceeds the management target for 2021 as well as earnings forecasted by the market. The company also recorded 12.5% in the operating profit margin, the highest ratio in the construction industry.

Early last year, DL E&C proposed the management target of KRW 7.8 trillion and KRW 830.0 billion in consolidated sales and operating profit in 2021, respectively. While sales reached 98% of its annual target, its operating profit exceeded the target by KRW 126.7 billion. The company retained steady profitability by getting over unfavorable factors, such as soaring raw materials prices and an increase in personnel expenses, with outstanding revenue structures and cost management capability. The Housing Business Division led the growth of business results based on the expansion of developer business, and Plant Business Division also achieved significantly strong results versus its plan.

In 2021, the company received orders in value of KRW 10.5 trillion. As it obtained orders in value of KRW 5.1 trillion in the fourth quarter alone, the company achieved orders close to the annual target of KRW 11.5 trillion. Notably, the company began to achieve substantial results by obtaining orders in value of some KRW 2.2 trillion from the overseas plant market on which it has been concentrating efforts for years. While it is continuously receiving orders for large projects from overseas markets, Plant Business Division expects to raise additional sales in the area of CCUS (Carbon Capture, Utilization and Storage), one of the new ESG business opportunities for the company.

DL E&C proposed consolidated sales of KRW 8.4 trillion and consolidated operating profit of KRW 900.0 billion in the guidance for the year 2022. The company expects to raise a substantial increase in sales this year driven by Plant Business Division, which received orders for large projects from overseas markets last year, as well as Housing Business Division.

DL E&C announced a new order target of KRW 13.6 trillion in consolidation in 2022, an increase by 30% year-on-year. The company aims to reinforce developer business by exploring green-field sites near Seoul and metropolitan regions, and obtain major urban redevelopment projects, including remodeling projects, by taking advantage of its housing brand power.

Its Civil Engineering Division expects to receive additional orders from Singapore, the Philippines and Indonesia where it is currently conducting projects. And, building on the successful project of the Canakkale Bridge in Turkey, the longest suspension bridge in the world that will be completed soon, the Division plans to grow as a developer that draws attention in the global market.

With the goal of winning contracts for over two front-end engineering and design (FEED) projects this year, the Plant Business Division will continuously seek to receive orders for engineering, procurement and construction (EPC) works in connection with FEED projects. At the same time, it aims to take an advantageous position in the market by strengthening CCUS-related technologies for new businesses and developing diversified business models.

Maintaining a stable financial structure represented by a credit rating of AA-, the highest level in the construction industry in South Korea, a debt-to-equity ratio of DL E&C was improved from 102% in early 2021 to 93% at the end of the year. The company plans to retain the highest operating profit margin in the construction industry by aggressively pushing forward developer business this year based on robust financial and net cash structures.

“Financial results adequately highlight features of an unrivaled company that recorded balanced performance along with favorable profit margin across all business segments, including housing, civil engineering and plant, without being lopsided to the housing business among large construction companies in South Korea,” commented a manager at DL E&C.

DL E&C’s annual target in 2022 in consolidation

DL E&C Co., Ltd
David Cho
+82-2-2011-7192
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Fourth Quarter

• Reported fourth-quarter earnings of $1.3 billion or $2.88 per share; adjusted earnings of $1.3 billion or $2.94 per share
• Generated $1.8 billion of operating cash flow; $1.4 billion excluding working capital
• Approved 2022 capital program of $1.9 billion
• Began operations of C2G Pipeline
• Increased quarterly dividend to 92 cents per share
• Reached agreement to acquire all publicly held units of Phillips 66 Partners

Full-Year 2021

• Generated $6.0 billion of operating cash flow; $3.9 billion excluding working capital
• Reported record earnings in Midstream, Chemicals, and Marketing and Specialties
• Paid down $1.5 billion of debt
• Advanced Emerging Energy initiatives in renewable fuels, batteries, carbon capture and hydrogen
• Announced Scope 1, 2 and 3 greenhouse gas emissions reduction targets
• Began renewable diesel production at the San Francisco Refinery and advanced Rodeo Renewed

HOUSTON--(BUSINESS WIRE)--Phillips 66 (NYSE: PSX), a diversified energy manufacturing and logistics company, announces fourth-quarter 2021 earnings of $1.3 billion, compared with earnings of $402 million in the third quarter of 2021. Excluding special items of $25 million, the company had adjusted earnings of $1.3 billion in the fourth quarter, compared with third-quarter adjusted earnings of $1.4 billion.

“During 2021, our employees maintained focus on operating excellence, while we delivered record earnings in Midstream, Chemicals, and Marketing and Specialties, and experienced improvement in Refining profitability,” said Greg Garland, Chairman and CEO of Phillips 66. “Strong cash flow generation allowed us to reinvest in our business, raise the dividend and pay down debt. We continue to focus on returns and disciplined capital allocation. Looking ahead, we are optimistic on economic recovery and the outlook for our businesses.

“We advanced major projects across our portfolio. In Midstream, we began operating the C2G Pipeline and resumed construction of Frac 4 at the Sweeny Hub. In Chemicals, CPChem progressed a portfolio of growth and optimization opportunities, including expansion of its normal alpha olefins business and propylene splitting capacity. At the San Francisco Refinery, we began renewable diesel production and advanced the Rodeo Renewed project. In Marketing, we completed retail investments supporting our product placement strategy.

“We progressed strategic initiatives to position Phillips 66 for a lower-carbon future, including investments in NOVONIX and Shell Rock Soy Processing. We are collaborating with multiple parties to further develop sustainable aviation fuel, batteries, carbon capture and hydrogen opportunities. In addition, we set Scope 1, 2 and 3 greenhouse gas emission intensity reduction targets, reinforcing our ongoing commitment to play an important role in addressing climate change.”

Midstream

Midstream fourth-quarter 2021 pre-tax income was $593 million, compared with $629 million in the third quarter of 2021. Midstream results in the fourth quarter included asset retirement costs of $70 million related to the shutdown of the Alliance Refinery in connection with plans to convert it to a terminal, $4 million of hurricane-related costs and $1 million of pension settlement expense. Third-quarter results included a $10 million impairment and $3 million of pension settlement expense.

Transportation fourth-quarter adjusted pre-tax income was $273 million, compared with $254 million, mainly reflecting the recognition of deferred revenue.

NGL and Other adjusted pre-tax income was $284 million in the fourth quarter, compared with $357 million in the third quarter. The decrease was primarily due to lower unrealized investment gains related to NOVONIX Ltd., partially offset by inventory impacts. The increase in value of the company’s investment in NOVONIX was $146 million in the fourth quarter, compared with $224 million in the third quarter.

The company’s equity investment in DCP Midstream, LLC generated fourth-quarter adjusted pre-tax income of $111 million, an $80 million increase from the prior quarter. The increase was mainly driven by favorable hedging impacts.

Chemicals

The Chemicals segment reflects Phillips 66’s equity investment in Chevron Phillips Chemical Company LLC (CPChem). Chemicals fourth-quarter 2021 pre-tax income was $436 million, compared with $631 million in the third quarter of 2021. Chemicals results in the fourth quarter included a $14 million benefit from insurance proceeds associated with winter-storm-related damages, partially offset by a $2 million reduction to equity earnings for pension settlement expense. Third-quarter results included a $2 million reduction to equity earnings for pension settlement expense and $1 million of hurricane-related repair costs.

CPChem’s Olefins and Polyolefins (O&P) business contributed $405 million of adjusted pre-tax income in the fourth quarter, compared with $613 million in the third quarter. The $208 million decrease was primarily due to lower polyethylene margins, reduced sales volumes, as well as increased utility costs. Global O&P utilization was 97% for the quarter.

CPChem’s Specialties, Aromatics and Styrenics (SA&S) business contributed fourth-quarter adjusted pre-tax income of $36 million, compared with $37 million in the third quarter.

Refining

Refining had fourth-quarter 2021 pre-tax income of $346 million, compared with a pre-tax loss of $1.1 billion in the third quarter of 2021. Refining results in the fourth quarter included $122 million of asset retirement and exit costs related to the shutdown of the Alliance Refinery in connection with plans to convert it to a terminal, as well as $30 million of hurricane-related costs and $5 million of pension settlement expense. These costs were partially offset by an $88 million reduction in estimated RIN obligations for the 2020 compliance year and other tax benefits of $11 million. Third-quarter results included a $1.3 billion impairment of the Alliance Refinery, $12 million of pension settlement expense and $10 million of hurricane-related costs.

Refining had adjusted pre-tax income of $404 million in the fourth quarter, compared with adjusted pre-tax income of $184 million in the third quarter. The increase was primarily due to higher realized margins and improved volumes, partially offset by higher costs. Fourth-quarter realized margins were $11.60 per barrel, up from $8.57 per barrel. Impacts from lower market crack spreads were more than offset by lower RIN costs from a reduction in the estimated 2021 compliance year obligation and lower RIN prices, as well as favorable inventory impacts and improved clean product differentials.

Pre-tax turnaround costs for the fourth quarter were $106 million, compared with third-quarter costs of $81 million. Crude utilization rate was 90% and clean product yield was 86% in the fourth quarter.

Marketing and Specialties

Marketing and Specialties (M&S) fourth-quarter 2021 pre-tax income was $498 million, compared with $545 million in the third quarter of 2021. M&S results included $1 million and $2 million of pension settlement expense in the fourth quarter and third quarter, respectively.

Adjusted pre-tax income for Marketing and Other was $402 million in the fourth quarter, a decrease of $52 million from the third quarter. The decrease was primarily due to lower marketing fuel margins and volumes, as well as higher costs. Refined product exports in the fourth quarter were 166,000 barrels per day (BPD).

Specialties generated fourth-quarter adjusted pre-tax income of $97 million, up from $93 million in the prior quarter.

Corporate and Other

Corporate and Other fourth-quarter 2021 pre-tax costs were $246 million, compared with pre-tax costs of $231 million in the third quarter of 2021. Pre-tax costs included $1 million of pension settlement expense in both the fourth and third quarters.

In Corporate and Other, the $15 million increase in adjusted pre-tax loss was driven by higher employee-related costs and net interest expense.

Financial Position, Liquidity and Return of Capital

Phillips 66 generated $1.8 billion in cash from operations in the fourth quarter of 2021, including cash distributions from equity affiliates of $757 million. Excluding working capital impacts, operating cash flow was $1.4 billion.

During the quarter, Phillips 66 funded $597 million of capital expenditures and investments, paid $403 million in dividends and repaid $450 million of floating rate senior notes due 2024. Additionally, Phillips 66 closed its public offering of $1 billion in senior unsecured notes due 2052 and used the proceeds to redeem $1 billion in senior notes due April 2022.

In 2021, Phillips 66 generated $6.0 billion in cash from operations, funded $1.9 billion in capital expenditures, distributed $1.6 billion to shareholders and paid down $1.5 billion in debt.

As of Dec. 31, 2021, Phillips 66 had $8.8 billion of liquidity, reflecting $3.1 billion of cash and cash equivalents and approximately $5.7 billion of total committed capacity under revolving credit facilities. Consolidated debt was $14.4 billion at Dec. 31, 2021, including $3.9 billion at Phillips 66 Partners. The company’s consolidated debt-to-capital ratio was 40% and its net debt-to-capital ratio was 34%.

Strategic Update

In October, Phillips 66 entered into an agreement to acquire all of the limited partner interests in Phillips 66 Partners not already owned by Phillips 66 and its affiliates. The transaction is expected to close in the first quarter of 2022. Upon closing, the Partnership will be a wholly owned subsidiary of Phillips 66 and will no longer be a publicly traded partnership.

In Midstream, Phillips 66 Partners began commercial operations of the C2G Pipeline, a 16 inch ethane pipeline that connects its Clemens Caverns storage facility to petrochemical facilities in Gregory, Texas, near Corpus Christi. The pipeline is backed by long-term commitments.

At the Sweeny Hub, Frac 4 is expected to be completed in the fourth quarter of 2022, adding 150,000 BPD of capacity. Upon completion, total Sweeny Hub fractionation capacity will be 550,000 BPD. The fractionators are supported by long-term commitments.

In Chemicals, CPChem is pursuing a portfolio of high-return growth projects:

• Growing its normal alpha olefins business with a second world-scale unit to produce 1-hexene, a critical component in high-performance polyethylene. The 586 million pounds per year unit will be located in Old Ocean, Texas. The project will utilize CPChem’s proprietary technology and startup is expected in 2023.

• Expanding CPChem’s propylene splitting capacity by 1 billion pounds per year with a new unit located at its Cedar Bayou facility. Startup is expected in 2023.

• Continuing development of world-scale petrochemical facilities on the U.S. Gulf Coast and in Ras Laffan, Qatar, jointly with Qatar Energy. CPChem expects to make a final investment decision for its U.S. Gulf Coast project in 2022.

In late 2021, CPChem completed its first commercial sales of Marlex® Anew™ Circular Polyethylene, which uses advanced recycling technology to convert difficult-to-recycle plastic waste into high-quality raw materials. In addition, CPChem successfully processed pyrolysis oil in a certified commercial-scale trial and is working to further expand production volumes, targeting annual production of 1 billion pounds of circular polyethylene by 2030.

Phillips 66 is advancing its plans at the San Francisco Refinery in Rodeo, California, to meet the growing demand for renewable fuels. The Rodeo Renewed refinery conversion project is expected to be finished in early 2024, subject to permitting and approvals. Upon completion, the facility will initially have over 50,000 BPD (800 million gallons per year) of renewable fuel production capacity. The conversion will reduce emissions from the facility and produce lower-carbon transportation fuels. Phillips 66 will distribute its renewable diesel through new and existing channels, including approximately 600 branded retail sites in California.

In Marketing, Phillips 66 acquired a commercial fleet fueling business in California, providing further placement opportunities for renewable diesel production to end-use customers. In December, the company’s retail joint venture in the Central region acquired 85 additional sites, bringing the total to approximately 200 sites acquired in 2021. These sites will enable long-term placement of Phillips 66 refinery production while extending participation in the retail value chain. In Switzerland, the Phillips 66 COOP retail joint venture is continuing to add hydrogen fueling stations. Phillips 66 is exploring additional opportunities to invest in hydrogen and electric vehicle charging to support European low-carbon goals and meet growing demand for sustainable fuels.

Phillips 66 is leveraging its Emerging Energy efforts to advance its lower-carbon strategy. Recent activities include:

• A technical development agreement with NOVONIX to accelerate the development of next-generation materials for the U.S. battery supply chain. Phillips 66 has a 16% stake in NOVONIX, a company that develops technology and supplies materials for lithium-ion batteries.

• A multi-year sustainable aviation fuel (SAF) supply agreement with British Airways to supply SAF produced by the Phillips 66 Humber Refinery.

• A collaboration to develop low-carbon hydrogen opportunities through a memorandum of understanding with Plug Power Inc., a leading provider of global green hydrogen solutions.

Investor Webcast

Later today, members of Phillips 66 executive management will host a webcast at noon EST to discuss the company’s fourth-quarter performance and provide an update on strategic initiatives. To access the webcast and view related presentation materials, go to www.phillips66.com/investors and click on “Events & Presentations.” For detailed supplemental information, go to www.phillips66.com/supplemental.

About Phillips 66

Phillips 66 is a diversified energy manufacturing and logistics company. With a portfolio of Midstream, Chemicals, Refining, and Marketing and Specialties businesses, the company processes, transports, stores and markets fuels and products globally. Headquartered in Houston, the company has 14,000 employees committed to safety and operating excellence. Phillips 66 had $56 billion of assets as of Dec. 31, 2021. For more information, visit www.phillips66.com or follow us on Twitter @Phillips66Co.

^{CAUTIONARY STATEMENT FOR THE PURPOSES OF THE “SAFE HARBOR” PROVISIONS
OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995}

^{This news release contains certain 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, which are intended to be covered by the safe harbors created thereby. Words and phrases such as “is anticipated,” “is estimated,” “is expected,” “is planned,” “is scheduled,” “is targeted,” “believes,” “continues,” “intends,” “will,” “would,” “objectives,” “goals,” “projects,” “efforts,” “strategies” and similar expressions are used to identify such forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this news release are based on management’s expectations, estimates and projections as of the date they are made. These statements are not guarantees of future performance and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include: the continuing effects of the COVID-19 pandemic and its negative impact on commercial activity and demand for refined petroleum products; the inability to timely obtain or maintain permits necessary for capital projects; changes to worldwide government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs like the renewable fuel standards program, low carbon fuel standards and tax credits for biofuels; fluctuations in NGL, crude oil, and natural gas prices, and petrochemical and refining margins; unexpected changes in costs for constructing, modifying or operating our facilities; unexpected difficulties in manufacturing, refining or transporting our products; the level and success of drilling and production volumes around our Midstream assets; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products, renewable fuels or specialty products; lack of, or disruptions in, adequate and reliable transportation for our NGL, crude oil, natural gas, and refined products; potential liability from litigation or for remedial actions, including removal and reclamation obligations under environmental regulations; failure to complete construction of capital projects on time and within budget; the inability to comply with governmental regulations or make capital expenditures to maintain compliance; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; potential disruption of our operations due to accidents, weather events, including as a result of climate change, terrorism or cyberattacks; general domestic and international economic and political developments including armed hostilities, expropriation of assets, and other political, economic or diplomatic developments, including those caused by public health issues and international monetary conditions and exchange controls; changes in governmental policies relating to NGL, crude oil, natural gas, refined petroleum products, or renewable fuels pricing, regulation or taxation, including exports; changes in estimates or projections used to assess fair value of intangible assets, goodwill and property and equipment and/or strategic decisions with respect to our asset portfolio that cause impairment charges; investments required, or reduced demand for products, as a result of environmental rules and regulations; changes in tax, environmental and other laws and regulations (including alternative energy mandates); political and societal concerns about climate change that could result in changes to our business or increase expenditures, including litigation-related expenses; the operation, financing and distribution decisions of equity affiliates we do not control; the impact of adverse market conditions or other similar risks to those identified herein affecting PSXP, and other economic, business, competitive and/or regulatory factors affecting Phillips 66’s businesses generally as set forth in our filings with the Securities and Exchange Commission. Phillips 66 is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.}

^{Use of Non-GAAP Financial Information—This news release includes the terms “adjusted earnings (loss),” “adjusted earnings (loss) per share” and “adjusted pre-tax income (loss).” These are non-GAAP financial measures that are included to help facilitate comparisons of operating performance across periods and to help facilitate comparisons with other companies in our industry, by excluding items that do not reflect the core operating results of our businesses in the current period.}

^{References in the release to total consolidated earnings (loss) refer to net income (loss) attributable to Phillips 66.}

Jeff Dietert (investors)
832-765-2297
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Shannon Holy (investors)
832-765-2297
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Thaddeus Herrick (media)
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DUBLIN--(BUSINESS WIRE)--The "Worldwide Wind Farms Database" database has been added to ResearchAndMarkets.com's offering.

This product is a database of wind farms in the World.

It includes 33,467 entries (in 129 countries).

Its content represents 580.7 GW onshore and 528.4 GW offshore.

Detailed Breakdown:

Onshore Market:

• Under construction: 296 entries (26.1 GW)
• Operational: 29905 entries (554.6 GW)
• Offshore market:
• Planned: 690 entries (403 GW)
• Approved: 125 entries (60.7 GW)
• Under construction: 94 entries (27.1 GW)
• Operational: 234 entries (37.7 GW)

Provided Content:

• Location
• Country
• Zone/District
• City
• WGS84 coordinates
• Turbines
• Manufacturer
• Turbine Model
• Hub Height
• Number of turbines
• Total Power
• Players
• Developer
• Operator
• Owner
• Status Data
• Status
• Commissioning Date

For more information about this database visit https://www.researchandmarkets.com/r/r2y920

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.

For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

The Northern Lights joint venture between Equinor, Shell, and TotalEnergies will use the DELFI environment to optimize performance in carbon transport and storage

LONDON--(BUSINESS WIRE)--Regulatory News:

Schlumberger will deploy the DELFI* cognitive E&P environment on the Norwegian CO₂ project by the Northern Lights Joint Venture (NL), to streamline subsurface workflows and longer-term modeling and surveillance of CO₂ sequestration. NL was established to develop the world’s first open-source CO₂ transport and storage infrastructure, providing accelerated decarbonization opportunities for European industries, with an ambition to store up to 5 million tonnes of CO₂ per year based on market demand.

For CO₂ transportation and storage, Schlumberger digital solutions are used for subsurface characterization and dynamic reservoir simulation, which are key to understanding storage site capacity and the potential for injecting and containing fluids. They are also used for development planning, operations, appraisals, and monitoring purposes.

“Northern Lights has recognized the huge potential of Schlumberger’s digital technology to fast-track decision making and de-risk CO₂ transportation and storage operations,” comments Rajeev Sonthalia, president, Digital & Integration, Schlumberger. “The technology facilitates high degrees of automation and autonomy in data analytics and operational processes, enabling Northern Lights to accelerate its end-to-end workflows and achieve increases in operational efficiency and performance through the power of AI and high-performance computing.”

The DELFI environment gives instant access to CO₂ transportation and storage technology subscriptions and plug-ins while also providing the ability to host other third-party applications, including seamless integration with the OSDU™ Data Platform. Its collection of petrotechnical applications and digital solutions will assist Northern Lights’ teams in planning and operational activities, enabling them to work together in a collaborative environment.

Northern Lights is part of Longship—Norway’s largest climate initiative—which comprises a full-scale Carbon Capture and Storage (CCS) project, covering capture, transport, and storage of CO₂. Carbon capture operations are scheduled to start in 2024, with an annual capacity of 1.5 million tonnes of CO₂ per year and the possibility to expand this with an additional 3.5 million tonnes. The European Union has designated NL as a Project of Common Interest—a key cross-border infrastructure program, linking European energy systems to achieve its energy and climate objectives.

Schlumberger offers comprehensive industry-leading digital solutions to support complex multidisciplinary CO₂ storage workflows, from process modeling on the capture and transportation side, through to subsurface studies and monitoring. The company’s experience with carbon capture, utilization, and storage (CCUS) spans over 20 years, with consulting and project implementation in CCUS projects worldwide.

About Schlumberger

Schlumberger (SLB: NYSE) is a technology company that partners with customers to access energy. Our people, representing over 160 nationalities, are providing leading digital solutions and deploying innovative technologies to enable performance and sustainability for the global energy industry. With expertise in more than 120 countries, we collaborate to create technology that unlocks access to energy for the benefit of all.

Find out more at www.slb.com.

*Mark of Schlumberger.

Media
Giles Powell – Director of Corporate Communication, Schlumberger Limited
Tel: +1 (713) 375-3494
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Investors
Ndubuisi Maduemezia – Vice President of Investor Relations, Schlumberger Limited
Joy V. Domingo – Director of Investor Relations, Schlumberger Limited
Tel: +1 (713) 375-3535
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• Will design, manufacture and deliver 10 Charger locomotives
• Environmentally friendly trains will offer sustainable travel option
• Modern technology will increase availability and passenger experience
• Siemens Mobility’s second order for Tier 4 locomotives in Canada

MONTRÉAL--(BUSINESS WIRE)--Siemens Mobility has been awarded a contract by Montreal’s exo to design, manufacture, and commission 10 Charger locomotives, the industry leading sustainable platform that meets the stringent Tier 4 regulations for emissions. This is Siemens Mobility’s second order for Charger locomotives in Canada and will replace the older locomotives in the exo fleet with a modern, more fuel efficient and environmentally friendly locomotive. The Charger locomotives will also provide exo with a quieter and more reliable fleet that will enhance the passenger experience. In addition to the manufacturing contract there is an option for a spare parts supply agreement.

“We are excited to partner with exo and look forward to working with them to modernize their fleet with the latest in sustainable and intelligent rail technology. Our industry leading locomotives will offer exo and its passengers a sustainable travel option as well as a pleasant, safe and reliable travel experience,” Yves Desjardins-Siciliano, CEO of Siemens Mobility in Canada. “This important project further builds on our work to help Canadian cities upgrade their public transportation infrastructures to meet the growing demand for transportation, and do so in a modern, safe and sustainable way.”

With low fuel consumption, the ability to run on biodiesel and fulfilling the most stringent Tier 4 emissions standards, the Charger is the most sustainable passenger locomotive in the industry. It features 95% particulate matter reduction and 89% emissions reduction compared to existing Tier 0 locomotives. With more than 300 locomotives ordered since 2010 and 95 currently in revenue service, the Charger locomotive is the market leader in its segment.

Siemens Mobility has been providing solutions to Canada’s transportation industry for more than 40 years, including light rail vehicles in Edmonton and Calgary, modern trainsets delivered to VIA Rail, the electrification of the Kitchener-Waterloo light rail system and signaling and train control for Ottawa’s Trillium line. With its recent acquisition of RailTerm, Siemens Mobility Canada added nearly 200 employees to its growing team. This is part of the overall Siemens footprint in Canada, which includes 24 offices, with over 2,500 employees, of which approximately 700 are based in Quebec.

For more information, visit: https://www.mobility.siemens.com/ca/en/company/newsroom/short-news/siemens-mobility-to-modernize-montreals-exo-train-fleet-with-sustainable-locomotives.html

For further information about Siemens Mobility, please see: www.siemens.com/mobility

Siemens Mobility is a separately managed company of Siemens AG. As a leader in transport solutions for more than 160 years, Siemens Mobility is constantly innovating its portfolio in its core areas of rolling stock, rail automation and electrification, turnkey systems as well as related services. With digitalization, Siemens Mobility is enabling mobility operators worldwide to make infrastructure intelligent, increase value sustainably over the entire lifecycle, enhance passenger experience and guarantee availability. In fiscal year 2021, which ended on September 30, 2021, Siemens Mobility posted revenue of €9.2 billion and had around 39,500 employees worldwide. Further information is available at: www.siemens.com/mobility.

Contact for journalists

Kara Evanko
Tel: +1 (202) 285-3072 Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

HOUSTON--(BUSINESS WIRE)--Maverick Natural Resources (“Maverick”) announced today that it has entered into a definitive agreement to acquire certain producing properties in the Permian Basin from ConocoPhillips for a purchase price of $440 million, subject to customary adjustments, with an effective date of September 1, 2021. The assets to be acquired produced over 11,000 boepd (50% oil) from the Central Basin Platform and Northwest Shelf of the Permian Basin during September 2021. The position spans approximately 144,500 net acres across Andrews (Texas), Ector (Texas), Eddy (N.M.), and Lea (N.M.) Counties and is largely operated and held by production.

The acquisition was approved by Maverick’s board of directors and majority equity owner, EIG, and will be funded by a fully committed $500 million reserve based loan provided by JPMorgan Chase Bank, N.A.; Royal Bank of Canada; Citizens Bank, N.A.; KeyBank National Association; and KeyBanc Capital Markets Inc. Subject to the satisfaction of customary closing conditions and funding, the parties expect the transaction to close in the second quarter of 2022.

Chris Heinson, Maverick’s CEO, commented, “This Permian acquisition expands the scale of Maverick’s operations and provides high quality, oil-weighted drilling inventory. The transaction highlights our portfolio focus in Texas and Oklahoma, which follows our recent divestitures of assets in California and Michigan.”

Chris Heinson continued, “Pro forma for the acquisition, Maverick’s production exceeded 78,000 boepd in September 2021. We are conservatively financed with pro forma leverage of approximately 0.5x at closing and expected pro forma 2022 EBITDA of approximately $450 million. We expect to utilize our enhanced scale, operational track record, and conservative balance sheet to access capital markets for funding future acquisitions.”

About Maverick

Maverick is a private oil and gas company headquartered in Houston, Texas. Maverick specializes in the management of mature upstream assets through application of automation and data-science technology while focusing on safety, emissions, and environmental responsibility. For additional information, please visit Maverick’s website at www.mavresources.com.

About EIG

EIG specializes in private investments in energy and energy-related infrastructure on a global basis. During its 39-year history, EIG has committed over $39 billion to the energy sector through over 375 projects or companies in 38 countries on six continents. EIG’s clients include many of the leading pension plans, insurance companies, endowments, foundations, and sovereign wealth funds in the U.S., Asia, and Europe. EIG is headquartered in Washington, D.C. with offices in Houston, London, Sydney, Rio de Janeiro, Hong Kong, and Seoul. For additional information, please visit EIG's website at www.eigpartners.com.

Maverick
Sarah Payne—Media
713-437-8084

Andrew Rowe—Business Development
713-437-8020

EIG
Kelly Kimberly and Brandon Messina, Sard Verbinnen & Co
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212-687-8080

DUBLIN--(BUSINESS WIRE)--The "Europe Wind Farms Database" database has been added to ResearchAndMarkets.com's offering.

This product is a database of wind farms in Europe.

It includes 24,982 entries (in 39 countries).

Its content represents 198.5 GW onshore and 199.5 GW offshore.

Detailed Breakdown:

Onshore Market:

• Under construction: 161 entries (7.8 GW)
• Operational: 22312 entries (190.7 GW)
• Offshore market:
• Planned: 269 entries (146.5 GW)
• Approved: 39 entries (17.4 GW)
• Under construction: 19 entries (9.3 GW)
• Operational: 143 entries (26.1 GW)

Provided Content:

• Location
• Country
• Zone/District
• City
• WGS84 coordinates
• Turbines
• Manufacturer
• Turbine Model
• Hub Height
• Number of turbines
• Total Power
• Players
• Developer
• Operator
• Owner
• Status Data
• Status
• Commissioning Date

Countries Covered

• Albania
• Austria
• Belarus
• Belgium
• Bosnia and Herzegovina
• Bulgaria
• Croatia
• Cyprus
• Czech Republic
• Denmark
• Estonia
• Faroe Islands
• Finland
• France
• Germany
• Greece
• Hungary
• Iceland
• Ireland
• Italy
• Kosovo
• Latvia
• Lithuania
• Luxembourg
• Montenegro
• Netherlands
• North Macedonia
• Norway
• Poland
• Portugal
• Romania
• Serbia
• Slovakia
• Slovenia
• Spain
• Sweden
• Switzerland
• Ukraine
• United Kingdom

For more information about this database visit https://www.researchandmarkets.com/r/ewdl6x

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.

For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

TULSA, Okla.--(BUSINESS WIRE)--Alliance Resource Partners, L.P. (NASDAQ: ARLP) today announced that the Board of Directors of ARLP’s general partner approved an increased cash distribution to its unitholders for the quarter ended December 31, 2021 (the "2021 Quarter").

ARLP unitholders will receive a cash distribution for the 2021 Quarter of $0.25 per unit (an annualized rate of $1.00 per unit), payable on February 14, 2022 to all unitholders of record as of the close of trading on February 7, 2022. The announced distribution represents a 25.0% increase over the cash distribution declared of $0.20 per unit for the quarter ended September 30, 2021.

As previously announced, ARLP will report financial results for the 2021 Quarter before the market opens on Monday, January 31, 2022 and Alliance management will discuss these results during a conference call beginning at 10:00 a.m. Eastern that same day.

To participate in the conference call, dial (877) 407-0784 and request to be connected to the Alliance Resource Partners, L.P. earnings conference call. International callers should dial (201) 689-8560 and request to be connected to the same call. Investors may also listen to the call via the “investor information” section of ARLP’s website at http://www.arlp.com.

An audio replay of the conference call will be available for approximately one week. To access the audio replay, dial U.S. Toll Free (844) 512-2921; International Toll (412) 317-6671 and request to be connected to replay using access code 13726195.

This announcement is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b), with 100% of the partnership’s distributions to foreign investors attributable to gross income, gain or loss that is effectively connected with a United States trade or business. Accordingly, ARLP’s distributions to foreign investors are subject to federal income tax withholding at the highest applicable tax rate.

About Alliance Resource Partners, L.P.

ARLP is a diversified natural resource company that generates operating and royalty income from coal produced by its mining complexes and royalty income from mineral interests it owns in strategic oil & gas producing regions in the United States, primarily the Permian, Anadarko and Williston basins.

ARLP currently produces coal from seven mining complexes it operates in Illinois, Indiana, Kentucky, Maryland and West Virginia. ARLP also operates a coal loading terminal on the Ohio River at Mount Vernon, Indiana. ARLP markets its coal production to major domestic and international utilities and industrial users and is currently the second largest coal producer in the eastern United States.

In addition, ARLP also generates income from a variety of other sources.

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

Brian L. Cantrell
Alliance Resource Partners, L.P.
(918) 295-7673

• 4AIR will offset private jet emissions of carbon dioxide and other climate-changing pollutants at no cost to participating aircraft
• All inbound and outbound flights to St. Moritz will meet 4AIR’s Emissions Neutral - Silver Level

BOSTON--(BUSINESS WIRE)--#SnowPolo--4AIR, the first and only rating system focused on comprehensive sustainability in private aviation, today announced that it will offset emissions associated with climate change from all private jet travel into St. Moritz, Switzerland, during this weekend’s 37^th annual Snow Polo World Cup that begins today and runs through Sunday, January 30. 4AIR will purchase verified carbon offset credits at no cost to participating aircraft to offset not only emissions of carbon dioxide (CO2) but also other, non-carbon emissions that affect the climate such as soot, water vapor and contrails.

The carbon offset credits purchased by 4AIR support verified emissions reduction projects including those, such as renewable energy and nature-based projects in developing nations, that also generate societal benefits. The number of credits required to offset each aircraft’s emissions is calculated through a scientific formula that accounts for such factors as the type of aircraft and the hours flown to and from St. Moritz.

“The Snow Polo World Cup brings together influencers from around the world in business, government, sports, entertainment and other fields, and it is an outstanding opportunity to educate them about how we can achieve carbon and emissions neutrality,” said 4AIR president Kennedy Ricci. “By raising the visibility of sustainability in private aviation, we hope to promote the use not only of carbon offset credits but also of Sustainable Aviation Fuel (SAF) and other new strategies to fight aviation’s environmental footprint.”

Emissions will be offset at 4AIR’s emissions-neutral Silver Level, the second of the four levels in 4AIR’s increasingly progressive ratings programs to promote sustainability. Since its launch in January 2021, 4AIR has helped private jet owners, operators and passengers fly 250,000 carbon-neutral flight hours and offset or reduce more than 1 million metric tons of CO2.

“The natural setting of the frozen Lake St. Moritz is absolutely intrinsic to our event, so we are delighted to be working with 4AIR to recognize the impact of private flights to the Snow Polo World Cup St. Moritz in a meaningful way,” said Reto Gaudenzi, the founder and organizer of the Snow Polo World Cup. “With Engadin Airport so close to our location, it fulfils a very important travel need for many of our polo teams, visitors and VIP guests. We now can amplify their own arrangements to mitigate their travel, by offsetting their comprehensive emissions.”

Snow polo was invented in 1985 in St. Moritz, one of the world’s best-known winter resorts and one of only three cities to have hosted the Winter Olympics more than once. The Snow Polo World Cup, where teams from around the world compete for the coveted Cartier Trophy, has become one of the world’s most prestigious winter sports events. The game, played on the frozen Lake St. Moritz, is a variation of the more familiar version of the sport that is played on turf seasonally in the U.S., Europe and elsewhere. The winter version of polo is adapted to snowy conditions through a smaller field, three-player teams, cleated horseshoes for better traction and a larger, lighter, red-colored ball.

In addition to the Snow Polo World Cup, 4AIR has promoted awareness and education of sustainability by offsetting the impact of major aviation industry events such as Corporate Jet Investor Miami and the National Business Aviation Association’s annual Business Aviation Convention & Exhibition (NBAA-BACE) in Las Vegas, as well as extending awareness by offsetting and supplying SAF to private flights arriving and departing from major private fly-in events such as Monterey Car Week.

About 4AIR

4AIR is an industry pioneer offering sustainability solutions beyond just simple carbon neutrality. Its industry-first framework seeks to address climate impacts of all types and provides a simplified and verifiable path for private aviation industry participants to achieve meaningful aircraft emissions counteraction and reduction.

The 4AIR framework offers four levels, each with specific, science-based goals, independently verified results and progressively greater impacts on sustainability that make it easy for private aviation users to pursue sustainability through access to carbon markets, use of Sustainable Aviation Fuel, support for new technologies and other strategies.

All carbon credits through 4AIR are quantified and verified through the most respected and international leading bodies that issue and register credits, including the American Carbon Registry, Climate Action Reserve, Verified Carbon Standard (VERRA) and The Gold Standard. Additionally, end-of-year commitment audits are independently verified by third parties. 4AIR also serves the demand signal working groups with the World Economic Forum’s Clean Skies for Tomorrow Coalition.

For more information, visit us at www.4air.aero.

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Sarah Churbuck
The Hubbell Group, Inc.
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The Northern Lights joint venture between Equinor, Shell, and TotalEnergies will use the DELFI environment to optimize performance in carbon transport and storage

LONDON--(BUSINESS WIRE)--Schlumberger will deploy the DELFI* cognitive E&P environment on the Norwegian CO₂ project by the Northern Lights Joint Venture (NL), to streamline subsurface workflows and longer-term modeling and surveillance of CO₂ sequestration. NL was established to develop the world’s first open-source CO₂ transport and storage infrastructure, providing accelerated decarbonization opportunities for European industries, with an ambition to store up to 5 million tonnes of CO₂ per year based on market demand.

For CO₂ transportation and storage, Schlumberger digital solutions are used for subsurface characterization and dynamic reservoir simulation, which are key to understanding storage site capacity and the potential for injecting and containing fluids. They are also used for development planning, operations, appraisals, and monitoring purposes.

“Northern Lights has recognized the huge potential of Schlumberger’s digital technology to fast-track decision making and de-risk CO₂ transportation and storage operations,” comments Rajeev Sonthalia, president, Digital & Integration, Schlumberger. “The technology facilitates high degrees of automation and autonomy in data analytics and operational processes, enabling Northern Lights to accelerate its end-to-end workflows and achieve increases in operational efficiency and performance through the power of AI and high-performance computing.”

The DELFI environment gives instant access to CO₂ transportation and storage technology subscriptions and plug-ins while also providing the ability to host other third-party applications, including seamless integration with the OSDU™ Data Platform. Its collection of petrotechnical applications and digital solutions will assist Northern Lights’ teams in planning and operational activities, enabling them to work together in a collaborative environment.

Northern Lights is part of Longship—Norway’s largest climate initiative—which comprises a full-scale Carbon Capture and Storage (CCS) project, covering capture, transport, and storage of CO₂. Carbon capture operations are scheduled to start in 2024, with an annual capacity of 1.5 million tonnes of CO₂ per year and the possibility to expand this with an additional 3.5 million tonnes. The European Union has designated NL as a Project of Common Interest—a key cross-border infrastructure program, linking European energy systems to achieve its energy and climate objectives.

Schlumberger offers comprehensive industry-leading digital solutions to support complex multidisciplinary CO₂ storage workflows, from process modeling on the capture and transportation side, through to subsurface studies and monitoring. The company’s experience with carbon capture, utilization, and storage (CCUS) spans over 20 years, with consulting and project implementation in CCUS projects worldwide.

About Schlumberger

Schlumberger (SLB: NYSE) is a technology company that partners with customers to access energy. Our people, representing over 160 nationalities, are providing leading digital solutions and deploying innovative technologies to enable performance and sustainability for the global energy industry. With expertise in more than 120 countries, we collaborate to create technology that unlocks access to energy for the benefit of all.

Find out more at www.slb.com.

*Mark of Schlumberger.

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Giles Powell – Director of Corporate Communication, Schlumberger Limited
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DUBLIN--(BUSINESS WIRE)--The "Growth Opportunities in Electric Motor Technology for xEVs" report has been added to ResearchAndMarkets.com's offering.

The primary focus of the global powertrain industry is to drive down emissions and improve fuel economy, irrespective of powertrain type. While improvements to IC engines are ongoing, vehicle electrification is the end target and on the rise. Each region has different powertrain priorities for lowering emissions and electrification, such as mild-hybrids, full-hybrids, PHEVs, and BEVs, with FCEVs being the recent addition to the list.

Full-hybrids, the first type of powertrain electrification to be mass produced has been successful in some regions. mHEVs using 12V/24V/48V have been the fastest-growing electrification technology in the last 4 years. Though the COVID-19 pandemic affected global sales in 2020, powertrain electrification surprisingly surged ahead, with mHEVs and BEVs leading the way. Many OEMs have also announced their intention to become wholly EV OEMs in the next 5 to 20 years. The one constant in all this is the drive to achieve zero-emissions, boosting the demand for electric motors.

The demand so generated drives investment in the development of not just electric motors but also its subsystems. The industry is already witnessing a surge in alternate motor designs, electric motor software controls, and production processes for motors or a combination of all of these. Electric motor improvements are also pushing innovation in motor controls, thermal management, and other subsystems. Electric motors are set to play a critical role in achieving zero-emission propulsion and are poised for rapid growth over the next decade.

Companies Mentioned

• BMW
• Daimler
• Ford
• GM
• Honda
• Hyundai
• Kia
• Mitsubishi
• Nissan
• Renault
• Stellantis
• Tesla
• Toyota
• Volkswagen

Key Topics Covered:

1. Strategic Imperatives

2. Growth Environment

• Research Scope
• Vehicle Segmentation
• xEV Powertrain Segmentation

3. xEV Market Trends

• xEV Motor Growth - Transition to Zero Emission Zones
• Electrified Vehicles Sold in the last decade
• Global xEV Sales, 2020

4. xEV Performance Trends and Synergies

• xEV Motor Requirements
• Motor Topology
• Motor Rating by Power Range and OEM Alignment
• Electric Motor Synergies Among xEV Types
• Sourcing Strategy by xEV Type

5. Technology Trends in xEV Motors

• Electric Motors Overview
• E-Motor Trends by xEV Application
• OEM e-Motor Preference by OEM
• The Move Toward Rare Earth Reduction
• Rectangular Windings
• Magnet-free or No Rare Earth Magnet Motors
• Axial Flux Motor Technologies

6. Electric Motor Evolution and Its Demands on Support Systems

• Global Electric Motor Requirements, Roadmaps, & Targets, 2010-2030
• Improving Electric Motor Specifications - BMW Electric Motor Specifications 2013 vs. 2020 Case Study
• Electric Motor Thermal Management
• Thermal Management Strategies for xEV Motors
• Electric Motor Bearing Requirements

7. Regional Analysis

• Electric Motor Sales Forecast by Key Region
• Electric Motor Sales Forecast, Europe
• Unit Shipment by OEM, Technology, and Power Band, Europe
• Electric Motor Sales Forecast, US
• Unit Shipment by OEM, Technology, and Power Band, US
• Electric Motor Sales Forecast, China
• Unit Shipment by OEM, Technology, and Power Band, China

8. OEM Profiles

• BMW - xEV Portfolio
• BMW - Electric Motor Sales Forecast
• BMW - Electric Motor Applications
• Daimler - xEV Portfolio, 2020
• Daimler - Electric Motor Volumes
• Daimler - Electric Motor Applications
• Ford - xEV Portfolio, 2020
• Ford - Electric Motor Volumes
• Ford - Electric Motor Applications
• GM - xEV Portfolio, 2020
• GM - Electric Motor Volumes
• GM - Electric Motor Applications
• Honda
• Honda - Electric Motor Volumes
• Honda - Electric Motor Applications
• Hyundai-Kia
• Hyundai-Kia - Electric Motor Volumes
• Hyundai-Kia - Electric Motor Applications
• Renault-Nissan - Mitsubishi
• Renault-Nissan-Mitsubishi - Electric Motor Volumes
• Renault-Nissan - Mitsubishi: Electric Motor Applications
• Stellantis
• Stellantis - Electric Motor Volumes
• Stellantis - Electric Motor Applications
• Tesla
• Tesla - Electric Motor Volumes
• Tesla - Electric Motor Applications
• Toyota
• Toyota - Electric Motor Volumes
• Toyota - Electric Motor Applications
• Volkswagen
• Volkswagen - Electric Motor Volumes
• Volkswagen - Electric Motor Applications

9. Growth Opportunity Universe

• Growth Opportunity 1 - Increasing Investments for Technology, IP, and Reducing Environmental Impact
• Growth Opportunity 2 - OEM-Supplier Partnerships for Electric Motors
• Growth Opportunity 3 - Improved Manufacturing Processes for Enhancing Efficiency

10. Conclusion

11. Next Steps

12. Appendix

For more information about this report visit https://www.researchandmarkets.com/r/4ec779

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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• Fourth-quarter earnings of $286 million and adjusted EBITDA of $400 million
• Reached agreement for Phillips 66 to acquire all publicly held units

HOUSTON--(BUSINESS WIRE)--Phillips 66 Partners LP (NYSE: PSXP) announces fourth-quarter 2021 earnings of $286 million, or $1.19 per diluted common unit. Cash from operations was $302 million, and distributable cash flow was $267 million. Adjusted EBITDA was $400 million in the fourth quarter, compared with $367 million in the prior quarter.

On Jan. 18, 2022, the general partner’s board of directors declared a fourth-quarter 2021 cash distribution of $0.875 per common unit.

Financial Results

Phillips 66 Partners’ fourth-quarter 2021 earnings were $286 million, compared with $242 million in the third quarter. The Partnership reported adjusted EBITDA of $400 million in the fourth quarter, compared with $367 million in the prior quarter. The increases in fourth-quarter earnings and adjusted EBITDA mainly reflect the recognition of deferred revenue and increased volumes.

Liquidity, Capital Expenditures and Investments

As of Dec. 31, 2021, total debt outstanding was $3.9 billion. The Partnership had $62 million in cash and cash equivalents and $749 million available under its revolving credit facility. The Partnership’s capital expenditures and investments for the quarter were $74 million.

Merger Agreement with Phillips 66

In October, Phillips 66 entered into an agreement to acquire all of the limited partner interests in Phillips 66 Partners not already owned by Phillips 66 and its affiliates. The transaction is expected to close in the first quarter of 2022. Upon closing, the Partnership will be a wholly owned subsidiary of Phillips 66 and will no longer be a publicly traded partnership.

About Phillips 66 Partners

Headquartered in Houston, Phillips 66 Partners is a master limited partnership formed by Phillips 66 to own, operate, develop and acquire primarily fee-based crude oil, refined petroleum products and natural gas liquids pipelines, terminals and other midstream assets. For more information, visit www.phillips66partners.com.

_{CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS}

_{This news release contains certain forward-looking statements as defined under the federal securities laws. Words and phrases such as “is anticipated,” “is estimated,” “is expected,” “is planned,” “is scheduled,” “is targeted,” “believes,” “continues,” “intends,” “will,” “would,” “objectives,” “goals,” “projects,” “efforts,” “strategies” and similar expressions are used to identify such forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this news release are based on management’s expectations, estimates and projections as of the date they are made. These statements are not guarantees of future performance and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include: the continued ability of Phillips 66 to satisfy its obligations under our commercial and other agreements; the volume of crude oil, refined petroleum products and NGL we or our equity affiliates transport, fractionate, terminal and store; the tariff rates with respect to volumes transported through our regulated assets, which are subject to review and possible adjustment by federal and state regulators; fluctuations in the prices for crude oil, refined petroleum products and NGL; the continuing effects of the COVID-19 pandemic and its negative impact on the demand for refined products; changes in governmental policies relating to crude oil, refined petroleum products or NGL pricing, regulation, taxation, or exports; liabilities associated with the risks and operational hazards inherent in transporting, fractionating, terminaling and storing crude oil, refined petroleum products and NGL; curtailment of operations due to accidents, severe weather (including as a result of climate change) or natural disasters, riots, strikes or lockouts; the inability to obtain or maintain permits, in a timely manner or at all, and the possible revocation or modification of permits; the operation, financing and distribution decisions of our equity affiliates; costs to comply with environmental laws and safety regulations; failure of information technology due to various causes, including unauthorized access or attacks; changes to the costs to deliver and transport crude oil, refined petroleum products and NGL; potential liability from litigation or for remedial actions, including removal and reclamation obligations under environmental regulations; the failure to complete construction of capital projects on time and within budget; general domestic and international economic and political developments including armed hostilities, expropriation of assets, and other political, economic or diplomatic developments, including those caused by public health issues; our ability to comply with our debt covenants and to incur additional indebtedness on favorable terms; changes in tax, environmental and other laws and regulations; and other economic, business, competitive and/or regulatory factors affecting Phillips 66 Partners’ businesses generally as set forth in our filings with the Securities and Exchange Commission. Phillips 66 Partners is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.}

_{Use of Non-GAAP Financial Information—This news release includes the terms “EBITDA,” “adjusted EBITDA,” “distributable cash flow” and “coverage ratio.” These are non-GAAP financial measures. EBITDA and adjusted EBITDA are included to help facilitate comparisons of operating performance of the Partnership with other companies in our industry. EBITDA and distributable cash flow help facilitate an assessment of our ability to generate sufficient cash flow to make distributions to our partners. We believe that the presentation of EBITDA, adjusted EBITDA and distributable cash flow provides useful information to investors in assessing our financial condition and results of operations. Our coverage ratio is calculated as distributable cash flow divided by total cash distributions and is included to help indicate the Partnership’s ability to pay cash distributions from current earnings. The GAAP performance measure most directly comparable to EBITDA and adjusted EBITDA is net income (loss). The GAAP liquidity measure most comparable to EBITDA and distributable cash flow is net cash provided by operating activities. The GAAP financial measure most comparable to our coverage ratio is calculated as net cash provided by operating activities divided by total cash distributions. These non-GAAP financial measures should not be considered as alternatives to their comparable GAAP measures. They have important limitations as analytical tools because they exclude some but not all items that affect their corresponding GAAP measures. They should not be considered in isolation or as substitutes for analysis of our results as reported under GAAP. Additionally, because EBITDA, adjusted EBITDA, distributable cash flow and coverage ratio may be defined differently by other companies in our industry, our definition of those measures may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.}

_{Reconciliations of these non-GAAP measures to their comparable GAAP measures are included in this release.}

_{References in the release to earnings or losses refer to net income or losses attributable to the Partnership. References to EBITDA refer to earnings before interest, income taxes, depreciation and amortization.}

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Project successfully powered utility customers solely with energy stored in a flow battery

Photos and video available here

SAN DIEGO--(BUSINESS WIRE)--#SustainableSDGE--In support of California’s goals for 100% carbon-free electricity, grid reliability and climate resilience, San Diego Gas & Electric (SDG&E) and Sumitomo Electric (SEI) undertook and successfully completed a zero-emissions microgrid pilot project using a vanadium redox flow (VRF) battery – the first of its kind to be connected to the state’s energy market in 2018.

Developing zero-emissions microgrids powered with long-duration energy storage has become a top priority for California, as growing wildfire risks have led to more frequent use of Public Safety Power Shutoffs (PSPS). Microgrids are mini power grids that can operate independently of the larger grid and keep critical facilities powered during emergencies and PSPS.

In one of the test runs, the 2MW/8MWh VRF battery – functioning as part of a microgrid – powered 66 residential and commercial customers for close to five hours.

“Climate conditions increasingly threaten the continuity of essential services that our customers expect and deserve from us, which is one of the many reasons we are so focused on innovation and technology,” said SDG&E CEO Caroline Winn. “There is a critical need to develop breakthrough solutions like zero-emissions microgrids to not only minimize disruptions, but to also support the transition to a cleaner, safer and more reliable energy grid of the future.”

Different from more prevalent stacked lithium-ion battery cells, VRF batteries consist of tanks of liquid electrolytes and pumps that charge and discharge electrons to the grid. During the pilot, the batteries charged when solar energy was abundant and discharged during peak hours to meet demand.

“We are honored that the Sumitomo flow battery has contributed to the successful demonstration of this large-scale microgrid,“ said Hideo Hato, Senior Managing Director of Sumitomo Electric. “Sumitomo’s cutting-edge non-flammable and reusable flow battery system can help support California’s climate goals and improve resiliency for the state’s electric infrastructure.”

Following the 2015 signing of a Memorandum of Understanding between Japan’s New Energy and Industrial Technology Development Organization (NEDO) and the California Governor’s Office of Business and Economic Development (GO-Biz), the flow battery was installed at SDG&E’s substation in Bonita, CA in 2017 as part of a collaboration between SDG&E and SEI with project funding provided by NEDO.

“California already has the highest concentration of lithium-ion battery storage in the world, which has proven to be a game-changer at critical times of stress on the grid,” said Senior Advisor for Smart Grid Technology Peter Klauer at the California Independent System Operator. “It’s inspiring now to see other storage technologies emerge, creating more opportunities to balance and manage power grids. We are excited to understand the specific capabilities of VRF technology and will continue to evolve our market design to further support grid integration of energy storage technologies.”

“While climate change presents many challenges, it also spurs innovations that can lead to new industries and good, family-supporting jobs,” said GO-Biz Director Dee Dee Myers. “We are proud to be part of this international collaboration, which is a great example of Japan’s continued position as the top source of foreign investment in California and a demonstration of how that investment brings new opportunities both here at home and abroad.”

"It is a great honor for NEDO to successfully complete the demonstration project through our collaborative relationship with the State of California. We are grateful to our project partners at GO-Biz, SDG&E, and Sumitomo Electric for their many contributions,” said NEDO Executive Director Shuji Yumitori. “The microgrid project shows flow batteries are an innovative technology that can prevent blackouts caused by natural disasters, such as wildfires, improve grid resiliency and integrate large amounts of renewable energy. NEDO looks forward to continuing to support clean energy innovation in California and around the world."

The microgrid demonstration project was completed late last year and included two successful tests. One was a seamless transition in which customers did not experience any loss of power when they were transitioned to the microgrid for electric service. The other was a black start – meaning microgrid operators established and sustained service after a complete loss of power. Customers experienced a momentary outage before they were transitioned to the microgrid, which operated in island mode separate from the larger power grid. Tests were conducted during variable weather conditions. Even on a cloudy day when solar power output was lower, the microgrid provided essential energy service.

SDG&E is a leader in integrating energy storage and developing microgrids. In 2013, the company began operating the first utility-scale microgrid in America in Borrego Springs and is currently in the process of upgrading it to run on 100% renewable energy. As part of its sustainability strategy and commitment to reach net zero greenhouse gas emissions by 2045, SDG&E is building four additional microgrids and is on track to integrate about 145 MW of utility-owned energy storage with the local grid in 2022. To learn more about SDG&E’s sustainability projects, visit sdge.com/sustainability.

Krista Van Tassel
San Diego Gas & Electric
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