RICHMOND, Va.--(BUSINESS WIRE)--The Board of Directors of NewMarket Corporation (NYSE: NEU) declared a quarterly dividend in the amount of $1.90 per share on the common stock of the Corporation. The dividend is payable July 01, 2021 to NewMarket shareholders of record at the close of business on June 15, 2021.

NewMarket Corporation, through its subsidiaries Afton Chemical Corporation and Ethyl Corporation, develops, manufactures, blends, and delivers chemical additives that enhance the performance of petroleum products. From custom-formulated additive packages to market-general additives, the NewMarket family of companies provides the world with the technology to make engines run smoother, machines last longer, and fuels burn cleaner.

Some of the information contained in this press release constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although NewMarket’s management believes its expectations are based on reasonable assumptions within the bounds of its knowledge of its business and operations, there can be no assurance that actual results will not differ materially from expectations.

Factors that could cause actual results to differ materially from expectations include, but are not limited to, the availability of raw materials and distribution systems; disruptions at production facilities, including single-sourced facilities; hazards common to chemical businesses; the ability to respond effectively to technological changes in our industry; failure to protect our intellectual property rights; sudden or sharp raw material price increases; competition from other manufacturers; current and future governmental regulations; the gain or loss of significant customers; failure to attract and retain a highly-qualified workforce; an information technology system failure or security breach; the occurrence or threat of extraordinary events, including natural disasters, terrorist attacks, and health-related epidemics such as the COVID-19 pandemic; risks related to operating outside of the United States; political, economic, and regulatory factors concerning our products; the impact of substantial indebtedness on our operational and financial flexibility; the impact of fluctuations in foreign exchange rates; resolution of environmental liabilities or legal proceedings; limitation of our insurance coverage; our inability to realize expected benefits from investment in our infrastructure or from recent or future acquisitions, or our inability to successfully integrate recent or future acquisitions into our business; the underperformance of our pension assets resulting in additional cash contributions to our pension plans; and other factors detailed from time to time in the reports that NewMarket files with the Securities and Exchange Commission, including the risk factors in Item 1A. “Risk Factors” of our 2020 Annual Report on Form 10-K, which is available to shareholders upon request.

You should keep in mind that any forward-looking statement made by NewMarket in the foregoing discussion speaks only as of the date on which such forward-looking statement is made. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect the Company. We have no duty to, and do not intend to, update or revise the forward-looking statements in this discussion after the date hereof, except as may be required by law. In light of these risks and uncertainties, you should keep in mind that the events described in any forward-looking statement made in this discussion, or elsewhere, might not occur.

Brian D. Paliotti
Investor Relations
Phone: 804.788.5555
Fax: 804.788.5688
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Company recognized by Solar Impulse Foundation for its positive impact on the environment in a financially profitable way

TORONTO--(BUSINESS WIRE)--Li-Cycle Corp. (“Li-Cycle” or “the Company”), an industry leader in lithium-ion battery resource recovery and the largest lithium-ion battery recycler in North America, today announced that it has been named to the Solar Impulse Foundation’s Beyond 1,000 solutions list for 2021.

The Solar Impulse Foundation, along with its experts and partners, have identified, assessed and labelled 1,000 technological solutions capable of protecting the environment in a financially profitable way. The technology solutions chosen are clean, efficient, cost-effective and available today, reducing the environmental impact of construction and mobility, industry and agriculture, water and energy consumption, while ensuring economic development and social prosperity. The Beyond 1,000 solutions list for 2021 is made up of products, processes, or services that work for both the environment and the economy.

Li-Cycle’s patented Spoke & Hub Technologies™ offer a low-cost, safe and environmentally friendly solution, and its industry-leading innovations have made it uniquely positioned to support a key element of the growing international movement towards zero carbon technologies.

“We are proud to be a recipient of the Solar Impulse Label for 2021 as we believe this achievement further validates our recent successes and highlights the promising future ahead for our lithium-ion resource recovery technology for both our business and the greater impact it has on the environment,” said Ajay Kochhar, President, CEO and Co-founder of Li-Cycle. “We have a great appreciation for what the Solar Impulse Foundation stands for and thank them for supporting our goal of closing the lithium-ion battery supply chain loop with our sustainable and circular solution that continues to gain momentum globally.”

Li-Cycle’s Spokes convert battery manufacturing scrap and end-of-life batteries into intermediate products, including “black mass,” a powder substance which contains a variety of metals, including lithium, cobalt and nickel. The Spokes will supply black mass to Li-Cycle's future Hubs, the first of which is currently in late-stage development in Rochester, New York. The Hubs will process black mass through a hydrometallurgical circuit to produce critical, battery-grade materials, including lithium carbonate, cobalt sulphate and nickel sulphate, as well as other recycled materials that can be returned to the economy.

The imperative for economically and environmentally sustainable resource recycling is growing in lockstep with the rapid growth of battery manufacturing. Li-Cycle utilizes its proprietary Spoke & Hub Technologies™ to achieve the industry-leading recovery rate of up to 95% resource mass recovery and to produce the critical battery materials underpinning the global growth in electric vehicle production. Legacy recycling technologies have largely relied on thermal operations, which can emit harmful emissions and result in lower recovery rates. The Company’s two-stage battery recycling model enables customers to benefit from a safe and environmentally friendly solution for recycling all types of lithium-ion battery materials.

On February 16, 2021, Li-Cycle announced its entry into a definitive business combination agreement with Peridot Acquisition Corp. (NYSE: PDAC) (“Peridot”). Upon the closing of the business combination, which is expected in the second quarter of 2021, the combined company will be named Li-Cycle Holdings Corp. Li-Cycle intends to apply to list the common shares of the combined company on the New York Stock Exchange under the new ticker symbol, “LICY.”

The complete 2021 Solar Impulse Foundation list can be found here: https://solarimpulse.com/beyond-1000-solutions

About Li-Cycle Corp.

Li-Cycle is on a mission to leverage its innovative Spoke & Hub Technologies™ to provide a customer-centric, end-of-life solution for lithium-ion batteries, while creating a secondary supply of critical battery materials. Lithium-ion rechargeable batteries are increasingly powering our world in automotive, energy storage, consumer electronics, and other industrial and household applications. The world needs improved technology and supply chain innovations to better manage battery manufacturing waste and end-of-life batteries and to meet the rapidly growing demand for critical and scarce battery-grade raw materials through a closed-loop solution. For more information, visit https://li-cycle.com/.

About Solar Impulse Foundation

The Solar Impulse Foundation is a non-profit organization founded by environmental visionary and explorer Bertrand Piccard and committed to identifying and vetting 1000 or more technological solutions that can protect the environment in a profitable way, and then bring them to decision makers to help them adopt more ambitious environmental targets and energy policies. For more information, visit www.solarimpulse.com.

ADDITIONAL INFORMATION AND WHERE TO FIND IT

In connection with the proposed transaction involving Li-Cycle and Peridot, Li-Cycle Holdings Corp. (“Newco”) has prepared and filed with the SEC a registration statement on Form F-4 that includes both a prospectus of Newco and a proxy statement of Peridot (the “Proxy Statement/Prospectus”). Once effective, Peridot will mail the Proxy Statement/Prospectus to its shareholders and file other documents regarding the proposed transaction with the SEC. This communication is not a substitute for any proxy statement, registration statement, proxy statement/prospectus or other documents Peridot or Newco may file with the SEC in connection with the proposed transaction. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THE PROXY STATEMENT/PROSPECTUS WHEN IT BECOMES AVAILABLE, ANY AMENDMENTS OR SUPPLEMENTS TO THE PROXY STATEMENT/PROSPECTUS, AND OTHER DOCUMENTS FILED BY PERIDOT OR NEWCO WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders will be able to obtain free copies of the Proxy Statement/Prospectus and other documents filed with the SEC by Peridot or Newco through the website maintained by the SEC at www.sec.gov.

Investors and securityholders will also be able to obtain free copies of the documents filed by Peridot and/or Newco with the SEC on Peridot’s website at www.peridotspac.com or by emailing This email address is being protected from spambots. You need JavaScript enabled to view it..

PARTICIPANTS IN THE SOLICITATION

Li-Cycle, Peridot, Newco, and certain of their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in connection with the proposed transaction. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of proxies in connection with the proposed transaction, including a description of their direct or indirect interests, by security holdings or otherwise, are set forth in the Proxy Statement/Prospectus. Information regarding the directors and executive officers of Peridot is contained in Peridot’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on March 26, 2021 and certain of its Current Reports filed on Form 8-K. These documents can be obtained free of charge from the sources indicated above.

NO OFFER OR SOLICITATION

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities of Peridot or Newco or a solicitation of any vote or approval. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

Certain statements contained in this communication may be considered forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21 of the Securities Exchange Act of 1934, as amended, including statements regarding the proposed transaction involving Li-Cycle and Peridot and the ability to consummate the proposed transaction. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “expect,” “anticipate,” “plan,” “likely”, “believe,” “estimate,” “project,” “intend,” and other similar expressions among others. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: (i) the risk that the conditions to the closing of the proposed transaction are not satisfied, including the failure to timely or at all obtain shareholder approval for the proposed transaction or the failure to timely or at all obtain any required regulatory clearances, including under the Hart-Scott Rodino Antitrust Improvements Act; (ii) uncertainties as to the timing of the consummation of the proposed transaction and the ability of each of Li-Cycle and Peridot to consummate the proposed transaction; (iii) the possibility that other anticipated benefits of the proposed transaction will not be realized, and the anticipated tax treatment of the combination; (iv) the occurrence of any event that could give rise to termination of the proposed transaction; (v) the risk that stockholder litigation in connection with the proposed transaction or other settlements or investigations may affect the timing or occurrence of the proposed transaction or result in significant costs of defense, indemnification and liability; (vi) changes in general economic and/or industry specific conditions; (vii) possible disruptions from the proposed transaction that could harm Li-Cycle’s business; (viii) the ability of Li-Cycle to retain, attract and hire key personnel; (ix) potential adverse reactions or changes to relationships with customers, employees, suppliers or other parties resulting from the announcement or completion of the proposed transaction; (x) potential business uncertainty, including changes to existing business relationships, during the pendency of the proposed transaction that could affect Li-Cycle’s financial performance; (xi) legislative, regulatory and economic developments; (xii) unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism, outbreak of war or hostilities and any epidemic, pandemic or disease outbreak (including COVID-19), as well as management’s response to any of the aforementioned factors; and (xiii) other risk factors as detailed from time to time in Peridot’s reports filed with the SEC, including Peridot’s annual report on Form 10-K, periodic quarterly reports on Form 10-Q, periodic current reports on Form 8-K and other documents filed with the SEC. The foregoing list of important factors is not exclusive. Neither Li-Cycle nor Peridot can give any assurance that the conditions to the proposed transaction will be satisfied. Except as required by applicable law, neither Li-Cycle nor Peridot undertakes any obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

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EAST AURORA, N.Y.--(BUSINESS WIRE)--Moog Inc. (NYSE: MOG.A and MOG.B) will release its second quarter fiscal 2021 earnings for the period ended April 3, 2021 on Friday, April 30, 2021. In conjunction with this release, Moog will host a conference call beginning at 10:00 a.m. ET, which will be simultaneously broadcast live over the Internet. John Scannell, Chairman and CEO, and Jennifer Walter, CFO, will host the call.

Listeners can access the conference call live or in replay mode on the Internet at http://www.moog.com/investors/communications/. Please allow 15 minutes prior to the call to visit the site to download and install any necessary audio software.

Supplemental data will be available on the website approximately 90 minutes prior to the call and will be archived for 45 days.

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, wind energy, marine and medical equipment. Additional information about the Company can be found at www.moog.com.

Ann Marie Luhr
716-687-4225

RESTON, Va.--(BUSINESS WIRE)--#BetterWithBowman--Bowman Consulting Group Ltd (Bowman) is pleased to announce that Michael Ginsberg, founder and CEO of energy advisory firm Mastering Green, has joined the firm as Vice President, Energy Transition. This strategic addition to the company’s leadership team positions Bowman to continue the expansion of its services related to emerging clean energy technologies, decarbonization and sustainability.

“We are excited to have Michael join us at this juncture in the evolution and adoption of alternative energy technologies,” said Gary Bowman, CEO of Bowman. “Michael has a proven track record of providing innovative, cost-effective and environmentally sound technologies to a vast array of end users and markets. Bowman is committed to serving its clients with leading edge solutions to providing clean and reliable energy sources. The addition of Michael to our leadership team will continue the acceleration forward of our energy transition practice which was expanded earlier this year through our acquisition of KTA.”

Ginsberg will advance Bowman’s expansion of services focused on low carbon technologies such as green hydrogen, offshore wind, and solar-powered desalination. He will lead the firm’s practice in the areas of techno-economic and policy analysis, life cycle assessment, and solar and microgrid feasibility studies.

"I look forward to joining the Bowman team in its commitment to advancing the transition to a clean energy economy,” said Ginsberg. “We share a common sense of purpose and urgency with respect to addressing the critical need to transform our energy system to meet evolving emissions standards, mitigate climate change, and increase the resiliency of our infrastructure for future generations."

Ginsberg and his company, Mastering Green, LLC, have supported clean energy initiatives for numerous organizations, including the US Department of State, the UN Sustainable Development Solutions Network, the New York City Mayor's Office of Sustainability and Long-Term Planning, Con Edison, and the NY State Energy Research and Development Authority. He is the author of several books on renewable energy and deep decarbonization, a Doctor of Engineering Science candidate at Columbia University, and holds a MS in Sustainability Management from Columbia. In connection with adding Michael to its leadership team, Bowman concurrently acquired the intangible assets and goodwill of Mastering Green, LLC.

About Bowman: Headquartered in Reston, Virginia, Bowman is an established professional services firm delivering innovative engineering solutions to customers who own, develop, and maintain the built environment. With over 750 employees working from more than 30 offices throughout the United Sates, Bowman provides a variety of planning, engineering, construction management, energy consulting, commissioning, environmental consulting, geomatics, survey, land procurement and other technical services to customers operating in a diverse set of regulated end markets. For more information, visit bowman.com.

Katie Turner, Media Relations Coordinator
Telephone: (614) 620-0927
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Launched on Earth Day 2021 and Following a Live Stream with Elon Musk, XPRIZE Announces Plans to Combat Climate Change by Spurring Gigaton-Scale Carbon Removal Solutions

LOS ANGELES--(BUSINESS WIRE)--XPRIZE, the global leader in designing and implementing innovative competition models to solve the world’s grand challenges, today announced the official launch of $100 Million XPRIZE Carbon Removal with the opening of team registration and the release of the competition guidelines. The announcement comes shortly after Peter H. Diamandis, XPRIZE founder and executive chairman, and Elon Musk sat down for a live stream hosted on Twitter to discuss the importance of spurring carbon removal solutions, the climate crisis, and the launch of the largest incentive prize in history. The conversation was followed by a virtual question and answer hosted by Marcius Extavour, vice president of climate and environment at XPRIZE, and XPRIZE’s chief impact officer, Zenia Tata.

Funded by the Musk Foundation, $100M XPRIZE Carbon Removal is aimed at tackling climate change by asking global innovators to develop solutions that can pull carbon dioxide directly from the atmosphere or oceans and lock it away permanently in an environmentally benign method.

The climate math is becoming clear that we will need gigaton-scale carbon removal in the coming decades to avoid the worst effects of climate change. The International Panel on Climate Change (IPCC) estimates the need at approximately 10 gigatonnes per year of net CO2 removal by 2050. As governments, companies, investors, and entrepreneurs make plans to meet this challenge, it is clear that we will need a range of solutions to be proven through demonstration and deployment to complement work that is already underway.

This four-year global competition invites innovators and teams from anywhere on the planet to create and demonstrate solutions that can pull carbon dioxide directly from the atmosphere or oceans. To win the grand prize, teams must demonstrate a working solution at a scale of at least 1000 tonnes removed per year; model their costs at a scale of 1 million tonnes per year; and show a pathway to achieving a scale of gigatonnes per year in future. All demonstrations must be validated by a third party. In the first of two competition phases, teams must demonstrate the key component of their carbon removal solutions at smaller scale, not the full operating solution. Fully operational solutions are required to win. Any carbon negative solution is eligible: nature-based, direct air capture, oceans, mineralization, or anything else that achieves net negative emissions, sequesters CO2 durably, and shows a sustainable path to ultimately achieving gigatonne scale.

“The goal of this CO2 Removal XPRIZE is to turn ideas into demonstration, and turn powerpoint solutions into hardware,” said Peter H. Diamandis, founder and executive chairman of XPRIZE. “By launching the largest prize competition in history, our hope is to focus the brainpower of engineers, scientists and entrepreneurs around the world to build solutions that actually work, at low-cost and at massive scale. We know that our incentive prize competition models deliver huge philanthropic leverage. Typically driving 10x to 40x the prize purse spent by all the teams to achieve the goal. XPRIZE pays for demonstrated solutions versus ideas. So, we’re excited to see that same level of impact with this challenge. Many thanks to Elon Musk and the Musk Foundation.”

Throughout the competition, $100 million in prize purses will be distributed in the following manner:

Teams can enter the competition at any stage. XPRIZE is looking for the best solutions, whether they competed in earlier rounds or not. After 1 year of competition the judges will review the progress of competitors at that time and award up to 15 Milestone Prizes of $1 million each.

XPRIZE will also award up to US$5M to student teams in the Fall of 2021. These awards may fund participation in the XPRIZE Carbon Removal or the development of key supportive technologies.

In 2024, after developing their solutions, teams are invited to apply to be considered as Finalists, and be visited by XPRIZE to validate their solution’s performance in person. In 2025 after 4 years, judges will select the winners:

• US$50 million paid to the single Grand Prize Winner
• US$30 million to be distributed among up to 3 runners up

“It should be clear to everyone in 2021 that climate change poses an existential threat, and that our CO2 emissions are a leading cause,” said Marcius Extavour, vice president of climate and environment at XPRIZE. “Even as we race to get to net zero, the climate math tells us that we must also accelerate the development and deployment solutions that can be carbon negative. That’s what this prize is all about.”

‘’It’s not too late to create a better future, but doing that will take a group effort and companies facilitating the development of bold innovations. We’re looking forward to seeing what teams develop over the next four years and witnessing how their creations have a first hand impact on mitigating the climate crisis. Starting now.’’

For more information on XPRIZE Carbon Removal, to view the prize guidelines or to register, please visit xprize.org/carbonremoval.

About XPRIZE

XPRIZE, a 501(c)(3) nonprofit organization, is the global leader in designing and implementing innovative competition models to solve the world’s grandest challenges. Active competitions include the $20 Million NRG COSIA Carbon XPRIZE, the $10 Million Rainforest XPRIZE, the $10 Million ANA Avatar XPRIZE, the $5 Million IBM Watson AI XPRIZE, $5 Million XPRIZE Rapid Reskilling, $5 Million XPRIZE Rapid COVID Testing, and $500K Pandemic Response Challenge. For more information, visit xprize.org.

About The Musk Foundation

The Musk Foundation creates grants are made in support of: renewable energy research and advocacy; human space exploration research and advocacy; pediatric research; science and engineering education; and development of safe artificial intelligence to benefit humanity

Caden Kinard, XPRIZE
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LOS ANGELES--(BUSINESS WIRE)--Fisker Inc. (NYSE: FSR) (Fisker) – passionate creator of the world’s most sustainable electric vehicles and advanced mobility solutions – marked World Earth Day with a call to action regarding federally funded clean vehicle incentives: a new program termed “75 And More For 55 And Less,” which encourages adoption of clean energy mobility powered by sophisticated automotive technology developed in America for use around the world.

Related to the current U.S. administration’s policy initiatives, Fisker is calling upon the federal government to implement “75 And More for 55 And Less”: a rebate of $7,500 plus $10.00 per mile of certified driving range for BEVs priced at $55,000 and less. All rebates would be applied at the time of sale, instead of waiting for a tax credit.

“We are at an inflection point in our transition to low-carbon mobility,” said Fisker Chairman and Chief Executive Officer, Henrik Fisker. “Just as the federal highways program in the 1940s and 1950s enabled a new era for the private car, we now have the opportunity, between the government and business, to accelerate adoption of electric vehicles and ensure the United States is at the forefront of this global shift.”

Under the Fisker proposal, an electric vehicle priced at $45,000, powered by a certified 300-mile range battery, would receive a point-of-sale rebate of $7,500 – and an additional $3,000 for the battery range for a total of $10,500, lowering the transaction price to $34,500. This is significantly less than the current average cost of a new car at $40,000.

More details on the program can be found in the following article: A Call to Action: 75 And More for 55 And Less | LinkedIn

For more information, or for interview inquiries, contact This email address is being protected from spambots. You need JavaScript enabled to view it..

About Fisker Inc.
California-based Fisker Inc. is revolutionizing the automotive industry by developing the most emotionally desirable and eco-friendly electric vehicles on Earth. Passionately driven by a vision of a clean future for all, the company is on a mission to become the No. 1 e-mobility service provider with the world’s most sustainable vehicles. To learn more, visit www.FiskerInc.com – and enjoy exclusive content across Fisker’s social media channels: Facebook, Instagram, Twitter, YouTube and LinkedIn. Download the revolutionary new Fisker mobile app from the App Store or Google Play store.

Forward-Looking Statements
This press release includes forward-looking statements, which are subject to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “feel,” “believes,” expects,” “estimates,” “projects,” “intends,” “should,” “is to be,” or the negative of such terms, or other comparable terminology and include, among other things, the quotations of our Chief Executive Officer and statements regarding the Company's future performance under " 2021 Business Outlook" and other future events that involve risks and uncertainties. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: Fisker’s limited operating history; Fisker’s ability to enter into additional manufacturing and other contracts with Magna, or other OEMs or tier-one suppliers in order to execute on its business plan; the risk that OEM and supply partners do not meet agreed upon timelines or experience capacity constraints; Fisker may experience significant delays in the design, manufacture, regulatory approval, launch and financing of its vehicles; Fisker’s ability to execute its business model, including market acceptance of its planned products and services; Fisker’s inability to retain key personnel and to hire additional personnel; competition in the electric vehicle market; Fisker’s inability to develop a sales distribution network; and the ability to protect its intellectual property rights; and those factors discussed in Fisker’s Registration Statement on Form S-1 (No. 333-249981) under the heading “Risk Factors,” filed with the Securities and Exchange Commission (the “SEC”) and other reports and documents Fisker files from time to time with the SEC. Any forward-looking statements speak only as of the date on which they are made, and Fisker undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.

Fisker Inc.
Simon Sproule, SVP, Communications
310.374.6177 | This email address is being protected from spambots. You need JavaScript enabled to view it.

Dan Galves, VP, Investor Relations
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- Formation of Technip Energies on February 16, 2021

- Strong Q1 2021 performance with Adjusted Recurring EBIT Margin of 5.9%

- €6.5 billion orders, including major LNG award, drives Adjusted Backlog to €17.8 billion

- Solid balance sheet with €2.5 billion of Adjusted Net Cash

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

Technip Energies (Paris:TE) (ISIN:NL0014559478) (the “Company”), a leading Engineering & Technology company for the Energy Transition, today announces its first quarter unaudited 2021 financial results.

Arnaud Pieton, CEO of Technip Energies, on Q1 2021 results and outlook:

“The successful creation of Technip Energies took place on February 16, 2021. For the 15,000 people of our new company, this was a proud moment, which has further energized our workforce to deliver on our ambition – to be the reference investment platform for the Energy Transition.”

“With strong revenues and an improvement in EBIT margins year-over-year, our first quarter financial results are a true reflection of our operational excellence and financial stability against ongoing challenges in the global environment. We continue to safely and effectively deliver on our portfolio of projects with discipline and dedication for our customers.”

“During the quarter, we further positioned Technip Energies along the Energy Transition, most notably in sustainable chemistry, where we entered into multiple partnership agreements to advance our technology and commercial offering in circular economy.”

“We look to the remainder of 2021 with confidence to achieve our financial objectives; our revenue outlook is largely secured through scheduled backlog, and sound project execution should ensure we deliver profitability in line with guidance.”

“The industry continues to transition at an accelerated pace – this is both integrated within our strategy and reflected in significant growth in customer engagements. The decarbonization theme is now strongly influencing our traditional businesses, presenting us with greenfield and brownfield opportunities, and our Energy Transition pipeline continues to grow. With our unique capability set, disciplined commercial approach, and trusted execution, Technip Energies is set up to thrive in this environment.”

Key financials – Adjusted IFRS

Key financials - IFRS

Guidance – Adjusted IFRS

Company outlook and guidance is unchanged from guidance last published on February 26, 2021. The below table confirms the Company’s FY 2021 guidance:

Conference call information

Technip Energies will host its Q1 2021 results conference call and webcast on Thursday, April 22, 2021, at 13:00 CET. Dial-in details:

The event will be webcast simultaneously and can be accessed at: https://edge.media-server.com/mmc/p/y6js8by6

About Technip Energies

Technip Energies is a leading Engineering & Technology company for the Energy Transition, with leadership positions in LNG, hydrogen and ethylene as well as growing market positions in blue and green hydrogen, sustainable chemistry and CO₂ management. The Company benefits from its robust project delivery model supported by an extensive technology, products and services offering.

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

Technip Energies shares are listed on Euronext Paris. In addition, Technip Energies has a Level 1 sponsored American Depositary Receipts (“ADR”) program, with its ADRs trading over-the-counter.

Operational and financial review
Backlog, Order Intake and Backlog Scheduling

Adjusted order intake for Q1 2021 of €6,470.7 million, equating to a book-to-bill of 4.2, was largely driven by the major award for the Qatar North Field Expansion Project, as well as the Barauni Refinery upgrade in India. Trailing 12-months book-to-bill was 1.7.

Adjusted backlog increased 25% year-on-year to €17,805.3 million, equivalent to 3x 2020 Adjusted Revenue.

The table below provides estimated backlog scheduling as of March 31, 2021.

Company Financial Performance
Adjusted Statement of Income

Business highlights
Projects Delivery – Adjusted IFRS

Q1 2021 Adjusted Revenue decreased marginally year-on-year by 1% to €1,252.5 million. The continued ramp-up of Arctic LNG 2 and growth in downstream projects in the Middle East and India were offset by lower activity on offshore projects. In addition, there was limited impact on revenues in the quarter from major project awards received in Q4 2020 and Q1 2021.

Q1 2021 Adjusted Recurring EBIT decreased year-on-year by 25% to €75.9 million. Adjusted Recurring EBIT margin declined by 190 basis points to 6.1% primarily due to mix and lower margin recognition on projects in an earlier phase of completion, while the comparable period in Q1 2020 benefited from projects in close out phases, including ADNOC’s Umm Lulu project and Equinor Aasta Hansteen. This was partially offset by a reduction of indirect costs.

Q1 2021 Key operational highlights

Arctic LNG 2 project (Russian Federation)

• Module construction for train 1 reached 50% completion; on track for module sail away to Russia in 2021.

Bapco Refinery expansion (Bahrain)

• Completion of heavy lifts in all areas of the refinery. ​

Energean Power gas FPSO (offshore Israel)

• Successful completion of last heavy lift campaign in Singapore.

Eni Coral Sul FLNG (Mozambique)

• After completion of the installation of the 3 Turret Mooring Systems modules and the first gas turbine generator, the Consortium is progressing with the commissioning of instrument rooms and work on the utilities systems.

ENOC Jebel Ali (U.A.E)

• Commercial completion certificate received on project that was awarded the MEED “Oil & Gas project of the year” in 2020 for successful project execution.

BP Tortue gas FPSO (Senegal / Mauritania)

• Successful launch of the hull and installation of the Living Quarters.

SOCAR Azerikimya petrochemical plant (Azerbaijan)

• Successful completion of performance test with plant meeting ethylene and propylene production capacity and quality specifications.

Q1 2021 Key commercial highlights

Qatar Petroleum North Field East Project (Qatar)

• Major* Engineering, Procurement, Construction and Commissioning contract awarded to CTJV, a joint venture between Chiyoda Corporation and Technip Energies, by Qatar Petroleum for the onshore facilities of the North Field East Project.
• Award will cover the delivery of 4 mega trains, each with a capacity of 8 million tons per annum of LNG, and associated utility facilities. It will include a large carbon capture and sequestration facility, leading to a more than 25% reduction of greenhouse gas emissions when compared to similar LNG facilities.

*A “major” award for Technip Energies is a contract representing more than €1 billion of revenue.

Barauni Refinery upgrade (India)

• Significant* Engineering, Procurement, Construction and Commissioning contract by Indian Oil Corporation Limited for its BR9 Expansion Project in Barauni, Bihar, in the Eastern part of India.
• The project will enable production of BS VI Grade fuels – similar to Euro VI Grade fuels – and petrochemicals.

*A “significant” award for Technip Energies is a contract representing between €50 million and €250 million of revenue.

Technology, Products & Services (TPS) – Adjusted IFRS

Q1 2021 Adjusted Revenue increased year-on-year by 9% to €305.0 million, buoyed by growth in services, notably Project Management Consultancy (PMC), and benefiting from strong order intake for Loading Systems during 2020.

Q1 2021 Adjusted Recurring EBIT increased year-on-year by 132% to €25.8 million. Adjusted Recurring EBIT margin increased year-on-year by 450 basis points benefiting from higher revenues with both Loading Systems and PMC activity showing significant improvement year-on-year.

Q1 2021 Key operational highlights

Neste Singapore Expansion Project (Singapore)

• Completion of all heavy lift activities.

Hengli liquid ethylene cracker (China)

• Successful completion of final performance acceptance test.

Hong Kong LNG (China)

• Successful yard tests completed for 8 LNG Marine Loading Arms and 4 High Pressure Natural Gas arms.

Q1 2021 Key commercial highlights

Project Management Consultancy services (Middle East)

• Letter of Award for a multi-year contract covering Consultancy services and Project Engineering and Management services for various projects.
• The contract is call-off in nature and therefore does not contribute to Q1 2021 order intake.

Tianjin Nangang LNG Emergency Storage Project (China)

• Notification of Award from Beijing Gas Group Co., Ltd for the supply of 5 LNG marine loading arms.

Strategic partnership with SYNOVA

• Using Technip Energies' leading purification technologies and SYNOVA’s advanced plastic waste-to-olefins technology, the partnership aims to commercialize a complete solution for plastic waste back to plastic via a steam cracker.
• The process will have a low carbon footprint and displaces the need for virgin polymers, in addition to reducing the need for intensive plastic waste sorting.

Strategic partnership with RECENSO

• Agreement focuses on sustainable plastics-to-plastics chemical recycling.

• It combines Technip Energies’ leading purification technologies with RECENSO’s proprietary CARBOLIQ technology to offer high-value solutions for generating liquid feedstock from plastic waste to be readily used in existing facilities to produce sustainable polymers.

Member of MIT’s Industrial Liaison Program

• Membership to the Industrial Liaison Program provides Technip Energies’ with access to MIT’s researchers, strengthening the Company’s innovation in the energy transition and digital area.

Corporate and Other items

Corporate costs in the first quarter, excluding non-recurring items, were €10.4 million. Non-recurring items amounted to €26.5 million, primarily relating to separation costs. Q1 2020 combined statement of income was also impacted by foreign exchange impact allocated to Technip Energies. Foreign exchange for Q1 2021 was a negative impact of €4.5 million.

Net financial income was €6.8 million, benefiting from cash on deposit and mark-to-market valuation of investments in traded securities.

Effective tax rate for the first quarter was 33.7%.

Depreciation and amortization expense was €26.7 million, of which €18.6 million is related to IFRS16.

Adjusted net cash at March 31, 2021 was €2.5 billion. This compares to Adjusted net cash at December 31, 2020, after the impact of the Separation and Distribution Agreement, of €2.2 billion.

Total invested equity at March 31, 2021 was €1.3 billion in Adjusted IFRS. This compares to total invested equity at December 31, 2020, after the impact of the Separation and Distribution Agreement, of €1.2 billion.

The Separation and Distribution Agreement was detailed in section 3, Balance Sheet information, of Technip Energies “Update on FY 2020 Financial Results” of the press release released on February 26, 2021.

Operating cash flow of €279.8 million, benefited from a solid operational performance and working capital inflows associated with customer advances and milestone payments on projects.

With limited capital expenditure of €8 million, free cash flow generation was €272 million.

Liquidity and credit rating information

Total liquidity of €3.9 billion at March 31, 2021 comprised of €3.2 billion of cash and €750 million of liquidity provided by the undrawn revolving credit facility, which is available for general use and serves as a backstop for the Company’s commercial paper program, offset by €98 million of outstanding commercial paper.

The bridge-to-bond under the Company’s bridge term facility was drawn for €620 million at the time of completion of the Spin-off from TechnipFMC. The Company intends to refinance it through a bond take out in the coming quarters.

Technip Energies has a BBB/A-2’ investment grade rating, as confirmed by S&P Global following the Spin-off from TechnipFMC.

Disclaimers

This Press Release is intended for informational purposes only for the shareholders of Technip Energies. This Press Release contains information within the meaning of Article 7(1) of the EU Market Abuse Regulation. This Press Release is not intended for distribution in jurisdictions that require prior regulatory review and authorization to distribute a Press Release of this nature.

Forward-looking statements

This Press Release is intended for informational purposes only for the shareholders of Technip Energies. This Press Release is not intended for distribution in jurisdictions that require prior regulatory review and authorization to distribute a Press Release of this nature.

This release contains “forward-looking statements” as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements usually relate to future events and anticipated revenues, earnings, cash flows or other aspects of Technip Energies’ operations or operating results. Forward-looking statements are often identified by the words “believe”, “expect”, “anticipate”, “plan”, “intend”, “foresee”, “should”, “would”, “could”, “may”, “estimate”, “outlook”, and similar expressions, including the negative thereof. The absence of these words, however, does not mean that the statements are not forward-looking. These forward-looking statements are based on Technip Energies’ current expectations, beliefs and assumptions concerning future developments and business conditions and their potential effect on Technip Energies. While Technip Energies believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting Technip Energies will be those that Technip Energies anticipates.

All of Technip Energies’ forward-looking statements involve risks and uncertainties (some of which are significant or beyond Technip Energies’ control) and assumptions that could cause actual results to differ materially from Technip Energies’ historical experience and Technip Energies’ present expectations or projections. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those set forth in the forward-looking statements.

For information regarding known material factors that could cause actual results to differ from projected results, please see Technip Energies’ risk factors set forth in Technip Energies’ filings with the U.S. Securities and Exchange Commission, which include amendment no. 4 to Technip Energies’ registration statement on Form F-1 filed on February 11, 2021.

Forward-looking statements involve inherent risks and uncertainties and speak only as of the date they are made. Technip Energies undertakes no duty to and will not necessarily update any of the forward-looking statements in light of new information or future events, except to the extent required by applicable law.

APPENDIX
Basis of preparation – Technip Energies Combined and Consolidated accounts

Consolidated financial statements for the period from January 1 to March 31, 2021 include comparative information (for the year 2020) extracted from Technip Energies’ Combined financial statements.

Information for these two periods constitute the Technip Energies Group’s Consolidated financial statements at March 31, 2021.

APPENDIX 1.0: ADJUSTED STATEMENTS OF INCOME

APPENDIX 1.1: STATEMENT OF INCOME – RECONCILIATION BETWEEN IFRS AND ADJUSTED

APPENDIX 1.2: STATEMENT OF INCOME – RECONCILIATION BETWEEN IFRS AND ADJUSTED

APPENDIX 2.0: ADJUSTED STATEMENTS OF FINANCIAL POSITION

Investor Relations
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• The offer from Innovative Energy to purchase ADES International has been declared unconditional
• Innovative Energy has acquired or contracted to acquire 98.6% of ADES International and is commencing the compulsory acquisition process to acquire the remainder of the ADES Shares
• The transaction will result in significant expansion of operations in Saudi Arabia for ADES International

LONDON & DUBAI, United Arab Emirates & RIYADH, Saudi Arabia--(BUSINESS WIRE)--ADES International Holding plc (“ADES International” or the “Company”), a leading oil and gas drilling and production services provider in the Middle East and North Africa, is pleased to announce that the recommended offer by Innovative Energy Holding Ltd (“Innovative Energy”) has now been declared unconditional in all respects, as detailed in the RNS announcement dated 21 April 2021.

Innovative Energy is a newly established company that is jointly owned by the Public Investment Fund (“PIF”) - the sovereign wealth fund of Saudi Arabia, which will hold a 32.5% stake in Innovative Energy, Zamil Group Investment Co. (“Zamil Investments”) which was an existing investor in the Company and will hold 10% of Innovative Energy, and ADES Investments Holding Ltd with a majority ownership of 57.5% in Innovative Energy, in each case following completion of the acquisition of all ADES Shares.

As set out in the offer document published by Innovative Energy on 11 March 2021 (the “Offer Document”), now that the Offer has become unconditional in all respects, Innovative Energy intends to procure that ADES International will make applications to the Financial Conduct Authority (the “FCA”) for the cancellation of the listing of the ADES Shares from the Standard Segment of the Official List and to London Stock Exchange plc (the “London Stock Exchange”) for the cancellation of the admission to trading of the ADES Shares on the London Stock Exchange's Main Market for listed securities. The cancellation of listing and admission to trading is anticipated to take effect approximately 20 business days after the date of the RNS announcement issued on 21 April. Furthermore, Innovative Energy intends to exercise its rights pursuant to Article 98 of the DIFC Companies Law to acquire compulsorily the remaining ADES Shares in respect of which it has not received acceptances of the Offer on the same terms as the Offer.

Commenting on the Offer becoming unconditional, Dr. Mohamed Farouk, Chief Executive Officer of ADES International said: “We’re delighted to have declared this offer unconditional and to be partnering with PIF, a strategic partnership with one of the world’s largest sovereign wealth funds, that believes in ADES International’s ability to generate long-term sustainable value. PIF’s investment in ADES International is a vote of confidence in our Company and a testament to management’s success in executing its strategy, even during the challenging last twelve months, and ability to deliver on our long-term growth plans.

At the time of our IPO on the London Stock Exchange in 2017, our target was to access a larger pool of investors to raise capital and seize attractive market opportunities while growing the business through the acquisition and refurbishment of rigs and other assets. Over the last four years we have delivered on this strategy and transformed ADES International from a local, offshore-focused driller in Egypt, to a regional champion with a significant asset base across both the on- and offshore segments. We are thus pleased to have provided our shareholders with the opportunity to capitalise on this success through a significant liquidity event, realising an attractive cash premium for their shares.

Going forward, ADES International will continue to focus on providing quality, innovative services to our clients and leveraging our existing asset base to capture new business as a private company that is able to benefit from a longer-term approach to strategy and decision making. In addition, as part of the wider vision of the Company, the operational headquarters of the ADES International group will be relocated to the Kingdom of Saudi Arabia. ADES International will also have greater flexibility to pursue strategic opportunities, including in relation to capital allocation and financing.”

Commenting on the announcement, Yazeed Alhumied, PIF Head of Local Holdings Investments Division said: “The Public Investment Fund is delighted to have declared the offer for ADES International unconditional, as we continue to support Saudi Arabia’s private sector. ADES International is a leading regional oil and gas drilling services provider and we are pleased to be its partner of choice. This important move aligns closely with PIF’s strategic objective to build partnerships and localize knowledge as outlined in the PIF Program 2021-2025. The partnership will create a national champion in Saudi Arabia in a critical part of the upstream value chain. Alongside the creation of significant employment opportunities in the Kingdom, this will help localize best-in-class practice and lead to the important knowledge transfer of fuel usage reduction technologies which can deliver both cost savings and environmental benefits.”

Zamil Group Chief Executive Officer, Mr. Adib AlZamil, said: "Zamil Investments Co is pleased to partner with The Public Investment Fund and ADES International. As 'Partners in Nation Building,' we are excited about this strong partnership which will further support private sector growth through the localizing of knowledge and technology solutions in the upstream space. This deal will see the development of a company that will be an integral part of the oil & gas and hydrocarbon value chain, add immense economic and intellectual value to the Saudi market, and create job opportunities for Saudis in this vital sector."

Further to ADES International's announcement on 12 April 2021 of the satisfaction of conditions relating to the Saudi General Authority for Competition and shareholder approval of the Disapplication Resolution (as defined in the Offer Document), the Offer has now become unconditional in all respects. The offer price of US$ 12.50 per share in cash for each ADES Share values the existing issued share capital (excluding Treasury Shares) of ADES International at approximately US$ 516 million.

—Ends—

NOTES TO EDITORS

About the Public Investment Fund
The Public Investment Fund is one of the largest and most impactful sovereign wealth funds in the world, driving the economic transformation of Saudi Arabia for the benefit of its people while helping shape the future global economy. PIF is building a world-class portfolio through investments in attractive, long-term opportunities across diverse industries and asset classes internationally, while unlocking new sectors at home. PIF works alongside global strategic partners and renowned investment managers, and acts as the Kingdom of Saudi Arabia’s primary investment arm aiming toward generating long-term value for the Kingdom of Saudi Arabia in line with Vision 2030.

More information can be found at www.pif.gov.sa

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About Zamil Group Investment Co.
Zamil Group Investment Co. is the investment arm of Zamil Group, a family-owned holding company founded in 1920 and headquartered in Saudi Arabia. Zamil Group has built a diversified investment portfolio across various industry sectors operating businesses in building materials, manufacturing, ship building and offshore operations, petrochemicals, trade and services, real estate, and investments. With the motto 'Partners in Nation Building', Zamil Group remains dedicated to adding value to all its stakeholders as a proud and responsible corporate citizen.

About ADES International Holding plc
ADES International Holding plc extends oil and gas drilling and production services through its subsidiaries and is a leading service provider in the Middle East and North Africa, offering onshore and offshore contract drilling as well as workover and production services. Its c.3,500 employees serve clients including major national oil companies ("NOCs") such as Saudi Aramco and Kuwait Oil Company as well as joint ventures of NOCs with global majors including BP and Eni. While maintaining a superior health, safety and environmental record, the Group currently has a fleet of thirty-six onshore drilling rigs, thirteen jack-up offshore drilling rigs, a jack-up barge, and a mobile offshore production unit ("MOPU"), which includes a floating storage and offloading unit. For more information, visit investors.adihgroup.com.

Enquiries
ADES International Holding
Hussein Badawy
Investor Relations Officer
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DUBLIN--(BUSINESS WIRE)--The "Hydrographic Survey Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Component; End User" report has been added to ResearchAndMarkets.com's offering.

Growing Offshore Projects to Support Hydrographic Survey Market Growth during 2020-2027

Hydrographic Survey Market was valued at US$ 97.19 million in 2019 and is projected to reach US$ 155.91 million by 2027; it is expected to grow at a CAGR of 6.2% from 2020 to 2027.

The global hydrographic survey market is segmented into five major regions - North America, Europe, APAC, MEA, and SAM. For oil & gas and marine projects, the hydrographic survey work is initiated by the oil & gas and marine firms, with the country's permission. Navy or national survey agency, which is responsible for the safety of navigation, also conduct hydrographic surveys.

North America led the hydrographic survey market in 2019 with a share of 36.9%, followed by Europe and APAC. The growing maritime and oil & gas industries, rising trend of digitalization, presence of multiple hydrographic survey software or service providers, and favorable government policies for developing oil & gas and marine industries are propelling the hydrographic survey market growth in North America.

In Europe, the marine industry plays an important role in the overall economy, in terms of revenue generation, job creation, and infrastructural development. European Commission continually monitors this industry and works toward the development of transport that favors the growth and competitiveness of the industry.

APAC is anticipated to register the highest CAGR in the hydrographic survey market during 2020-2027. The region comprises several developing economies such as China, India, and several southeast countries, which hold a high potential for the future growth of the hydrographic survey market. The growth in port and harbor management, exploration, and production activities, and rise in the development of offshore wind energy projects are propelling the growth of the hydrographic survey market in APAC.

Surge in deepwater operations in oil field development projects in Brazil, the Gulf of Mexico, and Africa, and other growing countries is anticipated to drive the demand for hydrographic survey software and services in the MEA and SAM during the forecast period.

Companies Mentioned

• BeamworX BV
• Eye4Software B.V.
• HYPACK / Xylem Inc.
• IIC Technologies
• Norcom Technology Limited
• Teledyne Marine (Teledyne Technologies Incorporated)
• Triton Imaging, Inc.
• OceanWise Limited
• Moga Software s.r.l.
• Quality Positioning Services B.V. (QPS)
• Esri

Key Market Dynamics

Market Drivers

• Rise in Number of Offshore Oil & Gas Projects
• Rise in Maritime Commerce and Transport

Market Restraints

• Lack of Awareness in Underdeveloped Countries

Market Opportunities

• Increasing Demand for Energy & Power Projects in Developing Countries

Future Trends

• Technological Advancements in Hydrographic Survey Software and Services

The global hydrographic survey market has been segmented as follows:

Hydrographic Survey Market - by Component

• Software
• Services

Hydrographic Survey Market - by End User

• Oil & Gas
• Marine

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

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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One of North America’s largest mobile fleet maintenance providers will supplement XL Fleet’s in-house customer service team.

Partnership will expand XL Fleet’s service capacity to support rapidly growing number of electrified customer vehicles being deployed in 2021 and beyond.

BOSTON--(BUSINESS WIRE)--XL Fleet Corp. (NYSE: XL) (“XL Fleet” or the “Company”), a leader in fleet electrification solutions for commercial and municipal fleets, and Dickinson Fleet Services (“Dickinson”), the leading mobile maintenance provider for medium and heavy-duty trucks and trailers in North America, have announced a partnership to expand XL Fleet’s nationwide service capacity to support the Company’s record growth of electrified vehicle deployments over the past year, and its anticipated acceleration in 2021 and beyond.

As part of the partnership, Dickinson’s fleet of more than 700 mobile repair units and 800 repair and maintenance technicians will be available to supplement XL Fleet’s in-house service team by providing maintenance, warranty and service support for XL Fleet’s rapidly growing customer base throughout North America. XL Fleet’s hybrid and plug-in hybrid electric propulsion systems allow the factory warranties of its customers’ OEM vehicles to remain intact, and all of XL Fleet’s systems are additionally protected by a standard 3-year, 75,000-mile warranty. Dickinson’s best-in-class mobile maintenance technicians will be trained to provide field support at XL Fleet customer locations throughout North America for warranty and related service needs on the Company’s electrification systems.

“XL Fleet has always prided itself on providing world-class service and support to its customers, and Dickinson is the ideal partner to help us build our service capacity with the same high levels of quality as we scale our business,” said Brian Piern, VP of Sales and Marketing at XL Fleet, who leads the Company’s in-house service organization. “With XL Fleet systems installed on over 4,300 vehicles in North America, and many more expected to deploy this year, we need a partner who can efficiently and effectively supplement our in-house service capability, and Dickinson has the reach and experience to support our customers in the best possible way.”

“Dickinson’s innovative mobile maintenance services have always been on the leading edge of the fleet industry, and we are excited to partner with XL Fleet as it continues to pioneer the fleet electrification space and set the standard for deploying more sustainable vehicles,” said Mike Dickinson, executive officer, Dickinson Fleet Services. “Our technicians will provide valuable support for XL Fleet as the Company continues on its rapid growth trajectory, helping to ensure its customers continue to maximize vehicle uptime and performance with a consistent and comprehensive service offering.”

About XL Fleet Corp.

XL Fleet is a leading provider of vehicle electrification solutions for commercial and municipal fleets in North America, with more than 150 million miles driven by customers such as The Coca-Cola Company, Verizon, Yale University and the City of Boston. XL Fleet’s hybrid and plug-in hybrid electric drive systems can increase fuel economy up to 25-50 percent and reduce carbon dioxide emissions up to 20-33 percent, decreasing operating costs and meeting sustainability goals while enhancing fleet operations. XL Fleet’s plug-in hybrid electric drive system was named one of TIME magazine's best inventions of 2019. For additional information, please visit www.xlfleet.com.

About Dickinson Fleet Services

Headquartered in Indianapolis, Ind., Dickinson Fleet Services (DFS) has grown to become one of the largest fleet maintenance providers in the country. DFS is the leading provider of on-site mobile maintenance and repair services nationwide, offering mobile on-site maintenance and repair services for light, medium, and heavy-duty trucks and trailers through its fleet of more than 700 mobile trucks. DFS also services fleets with its network of 18 maintenance facilities each offering select services from accident repair, paint, refurbishment, and dedicated technician services, combined with an in-house CARES CALL center providing 24/7 maintenance scheduling and emergency repair assistance. Dickinson Fleet Services is a Cox Automotive™ brand. Cox Automotive is a subsidiary of Cox Enterprises. www.dickinsonfleet.com

Forward Looking Statements

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of management and are not predictions of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including but not limited to failure to realize the anticipated benefits from the business combination; the effects of pending and future legislation; the highly competitive nature of the Company’s business and the commercial vehicle electrification market; litigation, complaints, product liability claims and/or adverse publicity; cost increases or shortages in the components or chassis necessary to support the Company’s products and services; the introduction of new technologies; the impact of the COVID-19 pandemic on the Company’s business, results of operations, financial condition, regulatory compliance and customer experience; the potential loss of certain significant customers; privacy and data protection laws, privacy or data breaches, or the loss of data; general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; the inability to convert its sales opportunity pipeline into binding orders; risks related to the rollout of the Company’s business and the timing of expected business milestones; the effects of competition on the Company’s future business; the availability of capital; and the other risks discussed under the heading “Risk Factors” in our Annual Report on Form 10-K filed on March 31, 2021 and other documents that the Company files with the SEC in the future. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements speak only as of the date hereof and the Company specifically disclaims any obligation to update these forward-looking statements.

XL Fleet Media Contact:
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Dickinson Fleet Services Media Contact
Andrew Nicolai
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949.293.5241 (mobile)

XL Fleet Investor Contact:
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Merger of Fortistar Methane Group and TruStar Energy Creates a Fully-Integrated Market Leader to Provide Greater Infrastructure for the Decarbonization of the U.S. Transportation Industry

WHITE PLAINS, N.Y.--(BUSINESS WIRE)--#GHG--Today, Fortistar LLC, a privately-owned investment firm that provides capital to build, grow and manage companies that address complex sustainability challenges, announced that two of its portfolio companies, Fortistar Methane Group (FMG), one of the fastest-growing developers of renewable natural gas (RNG) facilities and one of the largest independently owned landfill-gas-to-energy companies in the U.S., and TruStar Energy, a market leader in RNG fuel supply for the transportation sector, are merging under Opal Fuels LLC to form a new, fully-integrated renewable fuels supply company for North America.

“In the nearly 30 years since founding Fortistar, I have never been more excited about the opportunities ahead,” said Mark Comora, president of Fortistar LLC. “Amid wildfires, heat waves, hurricanes and other extreme weather that punctuated a tumultuous 2020, the world is now more determined than ever to address climate change. Opal will lead the effort to decarbonize America’s transportation industry, which generates the largest share of annual greenhouse gas emissions, by supplying clean, sustainable energy fueled by renewable natural gas.”

The merger creates a complete, vertically-integrated business that handles every step from project development and construction to producing, marketing and dispensing renewable fuel and the associated renewable credits. With this merger, the combined company will maintain one of the largest portfolios of internally-produced RNG to ensure a stable renewable fuels supply for its customers. The combined business offers a natural platform for growth by converting its landfill gas electric projects to RNG facilities and new greenfield development of both animal waste digesters and new landfill projects, which will supply fueling stations including renewable hydrogen as an emerging fuel.

During 2020, TruStar completed 42 natural gas fueling station projects across the country, bringing its total completed projects to 380. TruStar has powered Class 8 fleets since 2009 and maintains a workforce of over 120 employees across the country. FMG is in the middle of a $500 million expansion program to complete construction on the fifth of 12 RNG projects that together will provide over 100 million gas gallon equivalents (GGE) annually of RNG. Together, the combined company will have a growing network of over 220 employees nationwide. With more than 140 fueling stations nationwide, the merger will make Opal a notable renewable fuels industry leader.

Adam Comora, former TruStar Energy president and CEO since 2013, and Jonathan Maurer, Fortistar managing director, will lead the company as co-CEOs. Prior to TruStar Energy, Adam Comora served as a managing director with Fortistar and spent 14 years at EnTrust Capital Inc, a New York-based investment management firm. Maurer has worked with Fortistar for over 30 years, executing the firm’s M&A and financing transactions and managing the production assets.

“Opal’s vertical integration creates a powerful platform to maximize the value and deliver with certainty the benefits of RNG for both production partners and end fleet customers alike,” said Adam Comora, co-CEO of the combined company. “This new venture creates enormous opportunities and scale to capture significant additional market share in this rapidly-developing industry as we continue to raise and deploy capital.”

Maurer, co-CEO of the new company said, “The combined company is positioned to be one of the fastest growing renewable fuels firms in the country. Our companies’ collective expertise and experience mean we have the capacity to take on newer, larger and more innovative projects and deals than ever before. We are enthusiastic to play an important role in decarbonizing our country’s transportation sector.”

About Fortistar:

Founded in 1993, Fortistar is a privately-owned investment firm that provides capital to build, grow and manage companies that address complex sustainability challenges. Fortistar utilizes its capital, flexibility and operating expertise to grow high-performing companies, first in power generation and now in mobility, carbon capture, the circular economy and other solutions that drive our transition to a zero-carbon future. As a team, Fortistar has financed over $3.5 billion in capital for companies and projects in the energy, transportation and industrial sectors. For more information about Fortistar or its portfolio companies, please visit: www.Fortistar.com and follow the company on LinkedIn.

Media:
Caleigh Bourgeois
(513) 675-7466
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Reports quarterly GAAP and adjusted earnings from continuing operations of $0.03 and $0.07 per diluted share, respectively

Generates year-to-date operating and total free cash flow after dividends and investments of $70 million and $90 million, respectively

Returned $60 million of capital to stockholders through dividends and share repurchases

DALLAS--(BUSINESS WIRE)--Trinity Industries, Inc. (NYSE:TRN) today announced earnings results for the first quarter ended March 31, 2021.

Financial and Operational Highlights – First Quarter 2021

• Quarterly total company revenues of $399 million
• Quarterly income from continuing operations per common diluted share ("EPS") of $0.03 and quarterly adjusted EPS of $0.07
• Lease fleet utilization of 94.5% and Future Lease Rate Differential ("FLRD") of (14.8)% at quarter end
• Railcar deliveries of 1,895 and new railcar orders of 1,410
• Cash flow from operations and total free cash flow after dividends and investments ("Free Cash Flow") were $70 million and $90 million, respectively
  • Investment of $91 million in leasing capital expenditures, net of lease portfolio sales
• Net additions of 4,155 railcars to the wholly-owned and partially-owned lease fleet compared to prior year period
• Repurchases of approximately 1.3 million shares at a cost of $37 million
• Committed liquidity of $772 million as of March 31, 2021

Management Commentary

"Trinity’s first quarter results reflect the dynamics of aggressive execution on our strategic initiatives in the midst of a challenging operating environment and a competitive market for railcar demand," said Jean Savage, Trinity's Chief Executive Officer and President. "Operationally, our businesses performed well against our expectations, especially considering the winter storms that interrupted operations for nearly two weeks of the quarter."

"Trinity’s lease revenue was impacted by the continuation of softer lease pricing and slightly lower utilization compared to last year. Our Rail Products segment completed further rightsizing of our production footprint to align with lower delivery volumes, and made good progress on our strategic initiatives to lower our breakeven point and overall cost structure. While the margin for the first quarter was negative, the business segment is turning the corner, and margins trended positively through the quarter. We expect to build momentum on our cost initiatives through the remainder of the year resulting in year over year margin improvement for the segment."

"We are also seeing positive developments in the market with railcar inquiries returning to a more normal level of activity during the first quarter. As a result, Trinity’s fleet utilization and pricing are firming within our lease portfolio, and we expect lease rates to experience modest improvement through the year as existing railcars are absorbed across the industry. When looking at the potential for new railcar demand, we expect industry deliveries to be below replacement levels this year, but believe that current inquiries support improving railcar deliveries at or just above replacement levels in 2022."

"Financially, Trinity is making disciplined investments while returning meaningful capital to shareholders as part of our overall capital allocation framework. In the first quarter, we made progress on our balance sheet initiatives by completing a small lease portfolio sale and extending our Leasing warehouse credit facility. The cash flows from Trinity’s rail platform continue to prove the resiliency of the business model through the cycle with approximately $70 million in operating cash flow generated during the quarter. We continue to expect strong operating cash flows in the range of $625 million to $675 million for the 2021 year."

Ms. Savage concluded, "We are certainly encouraged by the improving trends for our business and the economy as a whole, but market uncertainty in the wake of the COVID-19 pandemic remains a headwind. We are focused on what is more within our control in optimizing our cost structure and balance sheet, and I am pleased with the execution and progress on internal initiatives to accelerate Trinity’s financial performance and create long-term shareholder value.”

Additional Business Items

Liquidity and Capital Resource Updates

• Trinity completed a small tuck-in acquisition of Bay Worx Rail, including proprietary cleaning technology systems and a state of the art cleaning facility in South Texas. The technology acquired uses advanced robotics to improve the safety and efficiency of the railcar cleaning process, which the Company expects to scale at additional maintenance facilities over the next few years as part of the optimization initiatives.
• In the first quarter, Trinity completed the build-out of its Midwest maintenance facility, which began in May 2019, and commenced operations. The facility will enable the Company to meet its strategic initiative to internally service at least 50% of the maintenance events for the owned and investor-owned lease fleet.
• During the quarter, Trinity repurchased approximately $37 million of shares under the Company's authorized share repurchase program, of which $145 million remains authorized through December 31, 2021.
• In March 2021, the Trinity Industries Leasing Company ("TILC") warehouse facility was extended through March 15, 2024, and the total facility commitment was increased from $750 million to $1.0 billion, with a potential additional increase of up to an additional $250 million, subject to certain conditions.
• In January 2021, TILC announced its Green Financing Framework supported by a second-party opinion from Sustainalytics, a Morningstar company, enabling the leasing company to issue green financing instruments, including green nonrecourse ABS bonds and green loans, supported by green eligible assets. Under the existing framework, TILC has issued over $4 billion of railcar-related debt that meet the criteria and qualify for the Green Financing designation.
• The Company's income tax receivable at the end of the first quarter was $441 million.

Cost Optimization and Operating Footprint Rationalization

• In connection with the Company's ongoing assessment of future needs to support our rail-focused strategy and to optimize the performance of the business, the Company recognized pre-tax restructuring activities totaling a net gain of $0.3 million for the quarter, primarily from the disposition of certain non-operating facilities, partially offset by employee transition costs.
• During the quarter, the Company sold an idled facility in Dallas, Texas, which was not a part of the Company's previous restructuring efforts, for a gain of $8.7 million.

Other Business

• During the first quarter, Trinity experienced two weather-related events that disrupted operations and impacted operating profit by approximately $4 million due to lost productivity, and maintenance and repair of damaged facilities.
  • In February, winter storms idled several of our facilities for nearly two weeks given disruptions to critical utilities.
  • In the last week of March, a tornado damaged the Company's railcar maintenance facility in Cartersville, Georgia. This event is expected to have a minor impact on the Rail Products Group's second quarter results, and we believe our insurance coverage is sufficient to cover property damage costs related to the event; additionally, the Company may be entitled to business interruption proceeds in future periods

Conference Call

Trinity will hold a conference call at 8:30 a.m. Eastern on April 22, 2021 to discuss its first quarter results. To listen to the call, please visit the Investor Relations section of the Company's website at www.trin.net and access the Events & Presentations webpage, or the live call can be accessed at 1-888-317-6003 with the conference passcode "5196726". Please call at least 10 minutes in advance to ensure a timely connection. An audio replay may be accessed through the Company’s website or by dialing 1-877-344-7529 with passcode "10152017" until 11:59 p.m. Eastern on April 29, 2021.

Additionally, the Company will provide Supplemental Materials to accompany the earnings conference call. The materials will be accessible both within the webcast and on Trinity's Investor Relations website under the Events and Presentations portion of the site along with the First Quarter Earnings Call event weblink.

Non-GAAP Financial Measures

We have included financial measures compiled in accordance with generally accepted accounting principles ("GAAP") and certain non-GAAP measures in this earnings press release to provide management and investors with additional information regarding our financial results. Non-GAAP measures should not be considered in isolation or as a substitute for our reporting results prepared in accordance with GAAP and, as calculated, may not be comparable to other similarly titled measures for other companies. For each non-GAAP financial measure, a reconciliation to the most comparable GAAP measure has been included in the accompanying tables. When forward-looking non-GAAP measures are provided, quantitative reconciliations to the most directly comparable GAAP measures are not provided because management cannot, without unreasonable effort, predict the timing and amounts of certain items included in the computations of each of these measures. These factors include, but are not limited to: the product mix of expected railcar deliveries; the timing and amount of significant transactions and investments, such as lease portfolio sales, capital expenditures, and returns of capital to shareholders; and the amount and timing of certain other items outside the normal course of our core business operations, such as restructuring activities and the potential financial and operational impacts of the COVID-19 pandemic.

About Trinity Industries

Trinity Industries, Inc., headquartered in Dallas, Texas, owns businesses that are leading providers of rail transportation products and services in North America. Our rail-related businesses market their railcar products and services under the trade name TrinityRail®. The TrinityRail platform provides railcar leasing and management services, as well as railcar manufacturing, maintenance and modifications. Trinity also owns businesses engaged in the manufacture of products used on the nation’s roadways and in traffic control. Trinity reports its financial results in three principal business segments: the Railcar Leasing and Management Services Group, the Rail Products Group, and All Other. For more information, visit: www.trin.net.

Some statements in this release, which are not historical facts, are “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements about Trinity's estimates, expectations, beliefs, intentions or strategies for the future, and the assumptions underlying these forward-looking statements, including, but not limited to, future financial and operating performance, future opportunities and any other statements regarding events or developments that Trinity believes or anticipates will or may occur in the future, including the potential financial and operational impacts of the COVID-19 pandemic. Trinity uses the words “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “intends,” “forecasts,” “may,” “will,” “should,” “guidance,” “projected,” “outlook,” and similar expressions to identify these forward-looking statements. Forward-looking statements speak only as of the date of this release, and Trinity expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Trinity’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based, except as required by federal securities laws. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from historical experience or our present expectations, including but not limited to risks and uncertainties regarding economic, competitive, governmental, and technological factors affecting Trinity’s operations, markets, products, services and prices, and such forward-looking statements are not guarantees of future performance. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” and “Forward-Looking Statements” in Trinity’s Annual Report on Form 10-K for the most recent fiscal year, as may be revised and updated by Trinity’s Quarterly Reports on Form 10-Q, and Trinity’s Current Reports on Form 8-K.

- TABLES TO FOLLOW -

Trinity has certain unvested restricted stock awards that participate in dividends on a nonforfeitable basis and are therefore considered to be participating securities. Consequently, diluted net income attributable to Trinity Industries, Inc. per common share is calculated under both the two-class method and the treasury stock method, and the more dilutive of the two calculations is presented.

Investor Contact:
Jessica L. Greiner
Vice President, Investor Relations and Communications
Trinity Industries, Inc.
(Investors) 214/631-4420

Media Contact:
Jack L. Todd
Vice President, Public Affairs
Trinity Industries, Inc.
(Media Line) 214/589-8909

$500 from each sale will be donated to the National Forest Foundation in honor of Earth Day 2021

SANTA CRUZ, Calif.--(BUSINESS WIRE)--Zero Motorcycles, the worldwide leader in electric motorcycles and powertrains, today launched a special, limited-edition DSR in celebration of its 15th anniversary. In commemoration of Earth Day, $500 from each special, limited-edition motorcycle sold will be given directly to the National Forest Foundation. The campaign is designed around Zero Motorcycle’s continued effort to help to preserve Earth’s natural treasures, and to encourage customers to spend more time outside.

As the pinnacle electric motorcycle build for dual-sport adventures, lack of noise and exhaust position the DSR as the perfect vehicle for riders to experience the world around them. The limited-edition DSR is available in five, nature-inspired colors.

“Zero was founded with a passion for off-road motorcycles that could be ridden in the Santa Cruz Mountains. It has been our mission to transform the riding experience with pure electric vehicles, and a passion for conservation is deeply rooted in our DNA,” said Sam Paschel, Zero Motorcycles CEO. “Our bikes are an incredible way to experience off-road riding, including in America’s National Forests, and we stand with the National Forest Foundation in their mission to guarantee access to those lands for future generations.”

The proceeds of the donations from these limited edition DSR units will be divided between National Forest Foundation projects that improve, restore, and make ecologically sustainable trail systems for Powersports enthusiasts across the country. These projects are aligned with Zero’s vision for increased access to America’s public lands for riders everywhere.

“We are excited and grateful to partner with Zero Motorcycles on projects to improve outdoor experiences and restore our National Forests. Our public lands are amazing places to explore and recreate and we appreciate a commitment to help us steward them from an innovative company like Zero,” Said Dayle Wallien, Conservation Partnerships Director for the National Forest Foundation.

The special edition DSR lineup will be available for order in limited quantities starting today, while supplies last, through all US Zero Motorcycle dealers. These 15^th Anniversary models are powered by the heralded Z-Force 75-7 motor capable of 116 ft-lb of torque, 70 hp, a top speed of 102 mph, and up to 163 miles of range per charge and sell for $15,495.

About Zero Motorcycles

Zero Motorcycles is the global leader in electric motorcycles and powertrains. Designed and crafted by hand in California, Zero Motorcycles combines Silicon Valley technology with traditional motorcycle soul to elevate the motorcycling experience for intelligent, innovative riders around the world.

About National Forest Foundation

The National Forest Foundation works on behalf of the American public to inspire personal and meaningful connections to our National Forests. By directly engaging Americans and leveraging private and public funding, the NFF leads forest conservation efforts and promotes responsible recreation. Each year the NFF restores fish and wildlife habitat, facilitates common ground, plants trees in areas affected by fires, insects and disease, and improves recreational opportunities. The NFF believes our National Forests and all they offer are an American treasure and are vital to the health of our communities. Learn more at nationalforests.org.

Natalie Kahn
This email address is being protected from spambots. You need JavaScript enabled to view it.
(858) 245-4238

Debt Reduction and Improved Financial Profile With Extended Maturities and Lower Cost of Debt

BOGOTA, Colombia--(BUSINESS WIRE)--GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia, Ecuador, Chile, Brazil, and Argentina, today announced successful first phase of its strategic deleveraging process that is expected to result in a significant debt reduction and an improved financial profile with extended maturities and lower cost of debt.

The strategic deleveraging process is being executed through a series of transactions¹ that included a successful tender to purchase $255 million of the 6.500% Senior Notes due 2024 (“2024 Notes”) to be funded with a combination of cash in hand and a $150 million new issuance from the reopening of the 5.500% Senior Notes due 2027 (“2027 Notes”). As part of this process, the tender included a consent solicitation to align covenants of the 2024 Notes to those of the 2027 Notes. The new notes offering and the tender offer are scheduled to close on Friday April 23 and Monday April 26, respectively.

The reopening of the 2027 Notes was priced above par at 101.875%, representing a yield to maturity of 5.117%. This yield reflects a negative concession of 2.3 bps relative to the yield to maturity of the day before pricing. Total demand reached over $780 million at its peak and ended at over $540 million. The transaction was oversubscribed by more than 3.5 times from diversified, top tier institutional investors.

Rationale and Benefits

• Initiated a debt reduction process, with total financial debt being reduced by $105 million while maintaining a solid balance sheet with a pro-forma cash position of approximately $70 million²
• Reduced the cost of debt with annual interest savings of approximately $9 million
• Enhanced financial profile with debt maturities extended by 2.3 years
• An overall debt structure that provides greater flexibility with 25% of outstanding financial debt maturing in September 2024 (callable starting September 2021) and 75% of financial debt maturing in January 2027
• Overall improvement in covenants

James F. Park, Chief Executive Officer of GeoPark, said: “Congratulations and thanks to our team for these successful results from our deleveraging initiative and continuous balance sheet management efforts. It demonstrates the support and credibility we have earned in the international capital markets from our consistent track-record of performance and financial discipline, and it puts us in a stronger, more flexible, less risky and less costly position for the longer term. Exactly, one year ago, the WTI oil price closed at negative $37 per barrel and yesterday the markets rewarded GeoPark for the manner we performed through the storms of this year, including the improvements we made to our Company, with another record-low cost for our bonds.”

Breakdown of Notes Outstanding³

The following table provides detail of outstanding GeoPark Notes as of December 2020 (last reporting date) and pro-forma upon closing of these transactions:

This press release does not constitute an offer to sell or a solicitation of an offer to buy these securities, nor will there be any sale of these securities, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state or jurisdiction. The new notes have not been registered under the Securities Act, or any applicable state securities laws, and will be offered only to qualified institutional buyers pursuant to Rule 144A promulgated under the Securities Act and outside the United States to non-U.S. persons in accordance with Regulation S under the Securities Act. Unless so registered, the new notes may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and any applicable state securities laws.

OTHER NEWS / RECENT EVENTS

Reporting Date for 1Q2021 Results Release, Conference Call and Webcast

GeoPark will report its 1Q2021 financial results on Wednesday, May 5, 2021 after the market close.

In conjunction with the 1Q2021 results press release, GeoPark management will host a conference call on May 6, 2021 at 10:00 am (Eastern Daylight Time) to discuss the 1Q2021 financial results. To listen to the call, participants can access the webcast located in the Investor Support section of the Company’s website at www.geo-park.com, or by clicking below:

https://event.on24.com/wcc/r/3138548/E57A81C86661B99A3D71D604FEFF18D5

Interested parties may participate in the conference call by dialing the numbers provided below:

United States Participants: 833-945-1670
International Participants: +1 929-517-9721
Passcode: 2185521

Please allow extra time prior to the call to visit the website and download any streaming media software that might be required to listen to the webcast.

An archive of the webcast replay will be made available in the Investor Support section of the Company’s website at www.geo-park.com after the conclusion of the live call.

NOTICE

Additional information about GeoPark can be found in the “Investor Support” section on the website at www.geo-park.com.

Rounding amounts and percentages: Certain amounts and percentages included in this press release have been rounded for ease of presentation. Percentage figures included in this press release have not in all cases been calculated based on such rounded figures but based on such amounts prior to rounding. For this reason, certain percentage amounts in this press release may vary from those obtained by performing the same calculations using the figures in the financial statements. In addition, certain other amounts that appear in this press release may not sum due to rounding.

CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION

This press release contains statements that constitute forward-looking statements. Many of the forward- looking statements contained in this press release can be identified using forward-looking words such as ‘‘anticipate,’’ ‘‘believe,’’ ‘‘could,’’ ‘‘expect,’’ ‘‘should,’’ ‘‘plan,’’ ‘‘intend,’’ ‘‘will,’’ ‘‘estimate’’ and ‘‘potential,’’ among others.

Forward-looking statements that appear in a number of places in this press release include, but are not limited to, statements regarding the intent, belief or current expectations, regarding various matters, including the expected closing of the new notes offering and the tender offer and consent solicitation, as well as the Company’s strategic deleveraging process. Forward-looking statements are based on management’s beliefs and assumptions, and on information currently available to the management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors. Oil and gas production figures included in this release are stated before the effect of royalties paid in kind, consumption, and losses, except when specified.

Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update them considering new information or future developments or to release publicly any revisions to these statements to reflect later events or circumstances, or to reflect the occurrence of unanticipated events. For a discussion of the risks facing the Company which could affect whether these forward-looking statements are realized, see filings with the U.S. Securities and Exchange Commission.

Readers are cautioned that the exploration resources disclosed in this press release are not necessarily indicative of long-term performance or of ultimate recovery. Unrisked prospective resources are not risked for change of development or chance of discovery. If a discovery is made, there is no certainty that it will be developed or, if it is developed, there is no certainty as to the timing of such development. There is no certainty that any portion of the prospective resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources. Prospective resource volumes are presented as unrisked.

¹ For further details, please refer to releases published on April 6, 2021, April 14, 2021, April 19, 2021 and April 20, 2021.
² Pro-forma as of March 31, 2021 (unaudited).
³ Principal amounts, excluding interest accrued.

INVESTORS:
Stacy Steimel
Shareholder Value Director
T: +562 2242 9600
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Miguel Bello
Market Access Director
T: +562 2242 9600
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Diego Gully
Investor Relations Director
T: +5411 4312 9400
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MEDIA:
Communications Department
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Preliminary First Quarter 2021 Highlights:

- Revenues of $168.2 million, a 13.3% improvement compared to first quarter 2020

- Net loss of $(15.5) million, compared to $(31.5) million in first quarter 2020

- Earnings per share of $(0.22), compared to $(0.68) in first quarter 2020

- Consolidated adjusted EBITDA of $8.5 million, compared to $1.0 million in first quarter 2020

- Strong bookings of $171 million

- Minimum required pension funding contributions reduced by $26 million, in addition to the $107 million reduction previously disclosed

AKRON, Ohio--(BUSINESS WIRE)--$BW #BabcockWilcox--Babcock & Wilcox Enterprises, Inc. ("B&W" or the "Company") (NYSE: BW) announced certain preliminary results for the first quarter of 2021.

"Our preliminary results for the first quarter of 2021 reflect the ongoing positive impacts of our turnaround efforts and growth strategies, despite the adverse effects of COVID-19 across our segments," said Kenneth Young, B&W's Chairman and Chief Executive Officer. "Our first quarter performance positions us well to achieve our adjusted EBITDA targets of $70-$80 million and $95-$105 million, in 2021 and 2022, respectively¹, taking into account the typical seasonal impacts of cold weather and customers’ reduced maintenance outages on first quarter performance, and our normal cyclical performance increase from the first quarter through the fourth quarter each year. We ended the first quarter well, with roughly $171 million in bookings and about $538 million in backlog at March 31, 2021."

"Our strategic actions in the last year, including launching new segments, expanding internationally, implementing additional cost savings initiatives and significantly reducing our secured debt, have provided a strong foundation for the continued execution of our growth strategy," Young continued. "As we pursue a robust pipeline of more than $5 billion of identified project opportunities over the next three years, in addition to our high-margin parts and services business, our leading-edge waste-to-energy and carbon capture technologies are well-positioned to meet the critical global demand for carbon dioxide and methane reductions."

"We are also seeing a significant number of attractive targets for investments or acquisitions in both emerging technology and mature markets, including small add-ons and transformative opportunities," Young added. "We are establishing capital-raising mechanisms to enable us to pursue such opportunities as they arise, including our $150 million at-the-market ("ATM") senior note offering that commenced on April 1, 2021 and a $350 million universal shelf registration statement filed today. We are focused on opportunities that generate strong cash flow, leverage the strength of our proven management team to improve margins and generate synergies, or expand our clean energy technology portfolio, all of which we expect to drive shareholder value."

For the first quarter of 2021 net loss is expected to be $(15.5) million. Adjusted EBITDA is expected to be $8.5 million. Bookings in the first quarter of 2021 are expected to be $171 million, with backlog of $538 million at March 31, 2021.

As of March 31, 2021 the Company's total gross debt was $233.3 million and its unrestricted cash balance was $53.8 million.

In addition, as a result of the passage of the U.S. American Rescue Plan Act, the Company's minimum required funding contributions for its domestic qualified pension plan through 2026 have been reduced by approximately $26 million, in addition to the previously disclosed $107 million reduction in minimum required funding contributions for the period, for total savings of $133 million. The current total minimum required funding contribution from 2021 to 2026 is approximately $9 million, of which approximately $5.5 million was paid in the first quarter of 2021; the remainder is expected to be paid in 2022. These numbers are subject to change with the performance of the pension fund investments.

These preliminary results are not a comprehensive statement of the Company’s financial results. Actual results for the first quarter of 2021 may differ from these preliminary unaudited results due to the completion of the Company’s customary quarter-end closing, review and audit procedures and any other developments arising before its financial results are finalized. Reconciliations of net loss, the most directly comparable GAAP measure, to EBITDA and adjusted EBITDA, and operating income to adjusted gross profit, are provided in the exhibits to this release.

Non-GAAP Financial Measures

The Company uses non-GAAP financial measures internally to evaluate its performance and in making financial and operational decisions. When viewed in conjunction with GAAP results and the accompanying reconciliation, the Company believes that its presentation of these measures provides investors with greater transparency and a greater understanding of factors affecting our financial condition and results of operations than GAAP measures alone.

This release presents preliminary adjusted EBITDA, which is a non-GAAP financial measure. Adjusted EBITDA on a consolidated basis is defined as the sum of the adjusted EBITDA for each of the segments, further adjusted for corporate allocations. At a segment level, the adjusted EBITDA is calculated as earnings before interest, tax, depreciation and amortization adjusted for items such as gains or losses on asset sales, mark to market ("MTM") pension adjustments, restructuring and spin costs, impairments, losses on debt extinguishment, costs related to financial consulting required under the U.S. Revolving Credit Facility and other costs that may not be directly controllable by segment management and are not allocated to the segment. The Company presented consolidated Adjusted EBITDA because it believes it is useful to investors to help facilitate comparisons of the ongoing, operating performance before corporate overhead and other expenses not attributable to the operating performance of the Company's revenue generating segments. This release also presents certain targets for our adjusted EBITDA in the future; these targets are not intended as guidance regarding how the Company believes the business will perform. The Company is unable to reconcile these targets to their GAAP counterparts without unreasonable effort and expense due to the aspirational nature of these targets.

Forward-Looking Statements

Statements in this press release that are not descriptions of historical facts are forward-looking statements that are based on management's current expectations and assumptions and are subject to risks and uncertainties. If such risks or uncertainties materialize or such assumptions prove incorrect, our business, operating results, financial condition and stock price could be materially negatively affected. You should not place undue reliance on such forward-looking statements, which are based on the information currently available to us and speak only as of the date of this press release. Such forward looking statements include, but are not limited to, statements regarding the Company's anticipated results of operations for the first quarter of 2021. Factors that could cause such actual results to differ materially from those contemplated or implied by such forward-looking statements include, without limitation, the risks associated with the unpredictable and ongoing impact of the COVID-19 pandemic and other risks described from time to time in the Company's periodic filings with the SEC, including, without limitation, the risks described in the Company's Annual Report on Form 10-K for the year ended December 31, 2020 and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020, June 30, 2020 and September 30, 2020 under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" (as applicable). These factors should be considered carefully, and B&W Enterprises cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.

About Babcock & Wilcox Enterprises

Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises is a global leader in energy and environmental technologies and services for the power and industrial markets. Follow B&W on LinkedIn and learn more at www.babcock.com.

Investor Contact:
Megan Wilson
Vice President, Corporate Development & Investor Relations
Babcock & Wilcox Enterprises
704.625.4944 | This email address is being protected from spambots. You need JavaScript enabled to view it.

Media Contact:
Ryan Cornell
Public Relations
Babcock & Wilcox Enterprises
330.860.1345 | This email address is being protected from spambots. You need JavaScript enabled to view it.

TORONTO--(BUSINESS WIRE)--Superior Plus Corp. (“Superior”) (TSX:SPB) is pleased to announce that one of its wholly-owned subsidiaries has entered into an agreement to acquire the assets of a retail propane distribution company based in South Carolina, operating under the tradename, Freeman Gas and Electric Co., Inc. (“Freeman”) for an aggregate purchase price of approximately US $170 million (CDN $213 million) before adjustments for working capital (the “Acquisition”). Superior anticipates using available cash to fund the amount of the purchase price due on closing.

The Acquisition, which is subject to customary regulatory and commercial closing conditions, is anticipated to close by June 30, 2021.

Acquisition Highlights

• Aligned with Superior’s core strategy of investing in established businesses that are in desirable geographies and generate stable free cash flow.
• Builds on Superior’s U.S. propane distribution footprint and scale in North Carolina, South Carolina, Georgia and Tennessee.
• Leverages Superior’s existing expertise, integrated platform and operational effectiveness into a new customer base.
• High-quality, stable cash flow and earnings profile from a business with loyal customers and consistent gross margin profile.
• Expected synergies opportunity of at least 25% of the Adjusted EBITDA of the assets acquired.
• Expected to modestly increase Superior’s 2021 Adjusted EBITDA.
• Pro forma the Acquisition, Superior still expects to be within the long-term Total Debt to Adjusted EBITDA target range of 3.0x to 3.5x.

Founded in 1936 by J.R. Freeman Sr. and H.S. McKeown, Freeman is an established independent family owned and operated retail propane distributor servicing approximately 67,000 residential and commercial customers primarily in North Carolina, South Carolina and Georgia. Freeman has 23 retail branch offices and 38 bulk plants, approximately 7 million gallons of storage capacity, a fleet of 224 vehicles and approximately 275 employees.

On a normalized basis, including the achievement of expected synergies and weather consistent with the five-year average, we expect Freeman to generate approximately US $22 million (CDN $28 million) in Adjusted EBITDA on a run-rate basis 24 months following the close of the Acquisition.

“We are very pleased to enter into this transaction which expands our U.S. propane distribution business in the Southeast U.S.,” said Luc Desjardins, Superior’s President and CEO. “Freeman is a solid business and we look forward to welcoming the team to Superior and continuing to provide outstanding customer service to their customers. The acquisition of Freeman is our fourth acquisition in 2021 and our first acquisition following the sale of Specialty Chemicals. The acquisition of Freeman is representative of the acquisition opportunities we are seeing in the market today, which should enable us to double our U.S. Propane Distribution EBITDA in the next five years.”

About the Corporation

Superior is a leading North American distributor and marketer of propane and distillates and related products and services, servicing over 780,000 customer locations in the U.S. and Canada.

For further information about Superior, please visit our website at: www.superiorplus.com or contact: Beth Summers, Executive Vice President and Chief Financial Officer, Tel: (416) 340-6015, or Rob Dorran, Vice President, Investor Relations and Treasurer, Tel: (416) 340-6003, E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it., Toll Free: 1-866-490-PLUS (7587).

Forward Looking Information

This news release contains certain forward-looking information and statements that are based on Superior’s current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. In this news release, such forward-looking information and statements can be identified by terminology such as “approximately”, "anticipated”, “will”, and similar expressions. In particular, this news release contains forward-looking statements with respect to, among other things, the successful completion of the Acquisition and the timing thereof; expected benefits of the acquisition, the expected impact of the Acquisition on 2021 Adjusted EBITDA, estimated run-rate Adjusted EBITDA of the Acquisition twenty-four months after closing, anticipated synergies, the expected Total Debt to Adjusted EBITDA leverage ratio following completion of the Acquisition and the expected increase in Superior’s expected EBITDA over the next five years.

Forward-looking information is not a guarantee of future performance. By its very nature, forward-looking information involves inherent assumptions, risks and uncertainties, both general and specific, and risks that predictions, forecasts, projections and other forward-looking information will not be achieved, including risks relating to satisfaction of the conditions to, and completion of, the Acquisition, risks relating to the operating and financial performance of the Energy Distribution business which are described in Superior’s Annual management discussion and analysis for the year ended December 31, 2020 and in Superior’s current annual information form for the fiscal year ended December 31, 2020 and risks relating to the availability of and ability to execute sufficient energy distribution acquisitions on attractive terms over the next five years. Key assumptions or risk factors to the anticipated increase in EBITDA over the next five years include, but are not limited to, financial market conditions, Superior’s future debt levels, Superior’s ability to generate sufficient cash flows from operations to meet its current and future obligations, access to, and terms of, future sources of funding for Superior’s capital expenditures and acquisitions, the integration of businesses into Superior’s operations, competitive action by other companies, availability and timing of acquisition targets, actions by governmental authorities including increases in taxes and changes in environmental and other regulations, general economic, market and business conditions, the regulatory framework that governs the operations of Superior’s business and industry capacity. Should one or more of these risks and uncertainties materialize, or should assumptions described above prove incorrect, Superior's actual performance and results in future periods may differ materially from any projections of future performance or results expressed or implied by such forward-looking information. We caution readers not to place undue reliance on this information as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations and anticipations, estimates and intentions expressed in such forward-looking information.

Forward-looking information contained in this news release is provided for the purpose of providing information about management's goals, plans and range of expectations for the future and may not be appropriate for other purposes. Any forward-looking information is made as of the date hereof and, except as required by law, Superior does not undertake any obligation to publicly update or revise such information to reflect new information, subsequent or otherwise.

Non-GAAP Financial Measures

In this press release, Superior has used the following terms that are not defined by International Financial Reporting Standards (“Non-GAAP Financial Measures”), but are used by management to evaluate the performance of Superior and its business: Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) and Total Debt to Adjusted EBITDA leverage ratio. These measures may also be used by investors, financial institutions and credit rating agencies to assess Superior’s performance and ability to service debt. Non-GAAP financial measures do not have standardized meanings prescribed by GAAP and are therefore unlikely to be comparable to similar measures presented by other companies. Securities regulations require that Non-GAAP financial measures are clearly defined, qualified and reconciled to their most comparable GAAP financial measures. Except as otherwise indicated, these Non-GAAP financial measures are calculated and disclosed on a consistent basis from period to period. Specific items may only be relevant in certain periods. See “Non-GAAP Financial Measures” in Superior’s most recent Management Discussion and Analysis (“MD&A”) for a discussion of Non-GAAP financial measures and certain reconciliations to GAAP financial measures.

The intent of Non-GAAP financial measures is to provide additional useful information to investors and analysts, and the measures do not have any standardized meaning under IFRS. The measures should not, therefore, be considered in isolation or used in substitute for measures of performance prepared in accordance with IFRS. Other issuers may calculate Non-GAAP financial measures differently. Investors should be cautioned that Adjusted EBITDA should not be construed as an alternative to net earnings, cash flow from operating activities or other measures of financial results determined in accordance with GAAP as an indicator of Superior’s performance. Non-GAAP financial measures are identified and defined as follows:

Adjusted EBITDA

Adjusted EBITDA represents earnings before interest, taxes, depreciation, amortization, losses (gains) on disposal of assets, finance expense, restructuring costs, transaction and other costs, and unrealized gains (losses) on derivative financial instruments. Adjusted EBITDA is used by Superior and investors to assess its consolidated results and ability to service debt. Adjusted EBITDA is reconciled to net earnings before income taxes.

Total Debt to Adjusted EBITDA Leverage Ratio and Pro Forma Adjusted EBITDA

Adjusted EBITDA for the Total Debt to Adjusted EBITDA Leverage Ratio is defined as Adjusted EBITDA calculated on a 12-month trailing basis giving pro forma effect to acquisitions and dispositions adjusted to the first day of the calculation period (“Pro Forma Adjusted EBITDA”). Pro Forma Adjusted EBITDA is used by Superior to calculate its Total Debt to Adjusted EBITDA Leverage Ratio.

To calculate the Total Debt to Adjusted EBITDA Leverage Ratio divide the sum of borrowings before deferred financing fees and lease liabilities by Pro Forma Adjusted EBITDA. Total Debt to Adjusted EBITDA Leverage Ratio is used by Superior and investors to assess its ability to service debt.

Beth Summers
Executive Vice President and Chief Financial Officer
Tel: (416) 340-6015

Rob Dorran
Vice President, Investor Relations and Treasurer
Tel: (416) 340-6003
Toll Free: 1-866-490-PLUS (7587)
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

• Reported a net loss attributable to Valero stockholders of $704 million, or $1.73 per share, including estimated excess energy cost of $579 million, or $1.15 per share, related to impacts from Winter Storm Uri
• Returned $400 million in cash to stockholders through dividends and declared a regular quarterly cash dividend of $0.98 per share
• Announced the development of a large-scale carbon capture and storage project with BlackRock and Navigator
• Announced the sale of a partial interest in the Pasadena marine terminal joint venture (MVP Terminalling) for $270 million

SAN ANTONIO--(BUSINESS WIRE)--Valero Energy Corporation (NYSE: VLO, “Valero”) today reported a net loss attributable to Valero stockholders of $704 million, or $1.73 per share, for the first quarter of 2021, compared to a net loss of $1.9 billion, or $4.54 per share, for the first quarter of 2020. The operating loss in the first quarter of 2021 includes estimated excess energy costs of $579 million, or $1.15 per share, related to impacts from Winter Storm Uri. Excluding the adjustments shown in the accompanying earnings release tables, adjusted net income attributable to Valero stockholders for the first quarter of 2020 was $140 million, or $0.34 per share. First quarter 2020 adjusted results exclude an after-tax lower of cost or market, or LCM, inventory valuation adjustment of approximately $2.0 billion.

“Winter Storm Uri impacted operations and operating costs of many facilities in the U.S. Gulf Coast and U.S. Mid-Continent regions, including our facilities,” said Joe Gorder, Valero Chairman and Chief Executive Officer. “I am very proud of our team for safely managing the utilities curtailments and the freeze by idling or shutting down the affected facilities and resuming operations without incident.”

Refining

The refining segment reported a $592 million operating loss for the first quarter of 2021, compared to an operating loss of $2.1 billion for the first quarter of 2020. The first quarter 2021 adjusted operating loss was $554 million, compared to adjusted operating income of $329 million in the first quarter of 2020, which excludes the LCM inventory valuation adjustment. The operating loss for the first quarter of 2021 includes estimated excess energy costs of $525 million related to impacts from Winter Storm Uri. Refinery throughput volumes averaged 2.4 million barrels per day in the first quarter of 2021, which was 414 thousand barrels per day lower than the first quarter of 2020.

“We are encouraged by the substantial increase in products demand and refining margins in the last three months,” said Gorder. “In fact, we achieved positive operating income and operating cash flow in March.”

Renewable Diesel

The renewable diesel segment, which consists of the Diamond Green Diesel (DGD) joint venture, reported $203 million of operating income for the first quarter of 2021, compared to $198 million for the first quarter of 2020. Renewable diesel sales volumes averaged 867 thousand gallons per day in the first quarter of 2021.

“We are leveraging our global liquid fuels platform to continue expanding our long-term competitive advantage in renewables,” said Gorder. “Valero’s operational expertise and commercial strength are demonstrated by the record operating income and renewable diesel margin by this segment in the first quarter of 2021.”

Ethanol

The ethanol segment reported a $56 million operating loss for the first quarter of 2021, compared to an operating loss of $197 million for the first quarter of 2020. The operating loss for the first quarter of 2021 includes estimated excess energy costs of $54 million related to impacts from Winter Storm Uri. First quarter 2020 adjusted operating loss was $69 million, which excludes the LCM inventory valuation adjustment. Ethanol production volumes averaged 3.6 million gallons per day in the first quarter of 2021, which was 541 thousand gallons per day lower than the first quarter of 2020.

Corporate and Other

General and administrative expenses were $208 million in the first quarter of 2021, compared to $177 million in the first quarter of 2020. The effective tax rate for the first quarter of 2021 was 19 percent.

Investing and Financing Activities

Capital investments totaled $582 million in the first quarter of 2021, of which $333 million was for sustaining the business, including costs for turnarounds, catalysts and regulatory compliance. Excluding capital investments attributable to our partner’s 50 percent share of DGD and those related to other variable interest entities, capital investments attributable to Valero were $479 million.

Net cash used in operating activities was $52 million in the first quarter of 2021. Included in this amount was a $184 million favorable impact from working capital and $108 million associated with our joint venture partner’s share of DGD’s net cash provided by operating activities, excluding changes in DGD’s working capital. Excluding these items, adjusted net cash used in operating activities was $344 million.

Valero returned $400 million to stockholders through dividends in the first quarter of 2021.

Valero continues to target a long-term total payout ratio between 40 and 50 percent of adjusted net cash provided by operating activities. Valero defines total payout ratio as the sum of dividends and stock buybacks divided by net cash provided by operating activities adjusted for changes in working capital and DGD’s net cash provided by operating activities, excluding changes in its working capital, attributable to our joint venture partner’s ownership interest in DGD.

Liquidity and Financial Position

Valero ended the first quarter of 2021 with $14.7 billion of total debt and finance lease obligations and $2.3 billion of cash and cash equivalents. The debt to capitalization ratio, net of cash and cash equivalents, was 40 percent as of March 31, 2021.

Strategic Update

Valero continues to evaluate and pursue economic projects that lower the carbon intensity of its products. Valero announced that it is partnering with BlackRock and Navigator for a large-scale carbon capture and storage system in the U.S. Midwest that would capture and store carbon dioxide (CO₂) from eight of Valero’s ethanol plants, making a lower carbon intensity ethanol product to be marketed in low carbon fuel markets. The system is expected to be capable of storing 5 million metric tonnes of CO₂ per year.

In addition, Valero and its joint venture partner continue to steadily expand DGD’s capacity to produce low carbon intensity renewable diesel. The DGD plant expansion at St. Charles (DGD 2), which is expected to increase renewable diesel production by 400 million gallons per year, is on track to be completed and operational in the middle of the fourth quarter of 2021. The St. Charles expansion will also provide the capability to market 30 million gallons per year of renewable naphtha into low carbon fuel markets. The new DGD plant at Port Arthur (DGD 3), which is expected to produce 470 million gallons per year of renewable diesel, is expected to commence operations in the second half of 2023, increasing DGD’s total annual production capacity to approximately 1.2 billion gallons of renewable diesel and 50 million gallons of renewable naphtha.

Refinery optimization projects that are expected to reduce cost and improve margin capture, are progressing on schedule. The Pembroke Cogen project is on track to be completed in the third quarter of 2021 and the Port Arthur Coker project is expected to be completed in 2023.

On April 19, Valero sold a 24.99 percent membership interest in its Pasadena marine terminal joint venture for $270 million. Valero will retain a 25.01 percent interest in the joint venture.

Capital investments attributable to Valero are forecasted to be $2.0 billion in 2021, of which approximately 60 percent is for sustaining the business and approximately 40 percent is for growth projects. Over half of Valero’s 2021 growth capital is allocated to expanding the renewable diesel business.

“Continued improvement in product demand and refining margins supports a positive outlook for our refining business,” said Gorder. “Those improvements coupled with our growth strategy and operational expertise in low carbon renewable fuels, further strengthens Valero’s long-term competitive advantage.”

Conference Call

Valero’s senior management will hold a conference call at 10 a.m. ET today to discuss this earnings release and to provide an update on operations and strategy.

About Valero

Valero Energy Corporation, through its subsidiaries (collectively, “Valero”), is an international manufacturer and marketer of transportation fuels and petrochemical products. Valero is a Fortune 50 company based in San Antonio, Texas, and it operates 15 petroleum refineries with a combined throughput capacity of approximately 3.2 million barrels per day and 13 ethanol plants with a combined production capacity of approximately 1.69 billion gallons per year. The petroleum refineries are located in the United States (“U.S.”), Canada and the United Kingdom (“U.K.”), and the ethanol plants are located in the Mid-Continent region of the U.S. Valero is also a joint venture partner in Diamond Green Diesel, which owns and operates a renewable diesel plant in Norco, Louisiana. Diamond Green Diesel is North America’s largest biomass-based diesel plant. Valero sells its products in the wholesale rack or bulk markets in the U.S., Canada, the U.K., Ireland and Latin America. Approximately 7,000 outlets carry Valero’s brand names. Please visit www.investorvalero.com for more information.

Valero Contacts
Investors:
Homer Bhullar, Vice President – Investor Relations, 210-345-1982
Eric Herbort, Senior Manager – Investor Relations, 210-345-3331
Gautam Srivastava, Senior Manager – Investor Relations, 210-345-3992

Media:
Lillian Riojas, Executive Director – Media Relations and Communications, 210-345-5002

Safe-Harbor Statement

Statements contained in this release that state the company’s or management’s expectations or predictions of the future are forward-looking statements intended to be covered by the safe harbor provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. The words “believe,” “expect,” “should,” “estimates,” “intend,” “target,” “will,” “plans,” “forecast,” and other similar expressions identify forward-looking statements. It is important to note that actual results could differ materially from those projected in such forward-looking statements based on numerous factors, including those outside of the company’s control, such as delays in construction timing and other factors, including but not limited to the impacts of COVID-19. For more information concerning factors that could cause actual results to differ from those expressed or forecasted, see Valero’s annual report on Form 10-K, quarterly reports on Form 10-Q, and other reports filed with the Securities and Exchange Commission and available on Valero’s website at www.valero.com.

COVID-19 Disclosure

The global pandemic has significantly reduced global economic activity and resulted in airlines dramatically cutting back on flights and a decrease in motor vehicle use. As a result, there has also been a decline in the demand for, and thus also the market prices of, crude oil and certain of our products, particularly our refined petroleum products. Many uncertainties remain with respect to COVID-19, including its resulting economic effects and any future recovery, and we are unable to predict the ultimate economic impacts from COVID-19, how quickly national economies can recover once the pandemic subsides, the timing or effectiveness of the vaccine distribution, or whether any recovery will ultimately experience a reversal or other setbacks. However, the adverse impact of the economic effects on us has been and will likely continue to be significant. We believe we have proactively addressed many of the known impacts of COVID-19 to the extent possible and will strive to continue to do so, but there can be no guarantee that these measures will be fully effective. For more information, see our annual report on Form 10-K, quarterly reports on Form 10-Q, and other reports filed with the Securities and Exchange Commission.

Use of Non-GAAP Financial Information

This earnings release and the accompanying earnings release tables include references to financial measures that are not defined under U.S. generally accepted accounting principles (GAAP). These non-GAAP measures include adjusted net income (loss) attributable to Valero stockholders, adjusted earnings (loss) per common share – assuming dilution, refining margin, renewable diesel margin, ethanol margin, adjusted refining operating income (loss), adjusted ethanol operating income (loss), adjusted net cash provided by operating activities, and capital investments attributable to Valero. These non-GAAP financial measures have been included to help facilitate the comparison of operating results between periods. See the accompanying earnings release tables for a reconciliation of non-GAAP measures to their most directly comparable U.S. GAAP measures. Note (d) to the earnings release tables provides reasons for the use of these non-GAAP financial measures.

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