Business Wire | Page 966

: Business Wire; Posted On Jan 28, 2022

Eagle Materials Reports Third Quarter Results

Record EPS From Continuing Operations of $2.53 on Revenue of $463 Million

DALLAS--(BUSINESS WIRE)--Eagle Materials Inc. (NYSE: EXP) today reported financial results for the third quarter of fiscal 2022 ended December 31, 2021. Notable items for the quarter are highlighted below (unless otherwise noted, all comparisons are with the prior year’s fiscal third quarter):

Third Quarter Fiscal 2022 Highlights

Revenue of $463 million, up 14%
Record diluted EPS from continuing operations of $2.53, up 30%
Repurchased 1.2 million shares of Eagle’s common stock for $188 million

Commenting on the third quarter results, Michael Haack, President and CEO, said, “Our record results this quarter reflect both continued strength in US construction activity and excellent execution by our team as supply chain challenges continued to dominate the broader industrial marketplace. We generated strong free cash flow during the quarter, and repurchased 1.2 million shares of our common stock for a total cash return to shareholders of nearly $200 million.”

“I’m also proud to share that, during the first nine months of our fiscal year, we achieved the best safety performance in our history, demonstrating our deep commitment to our people and their well-being. During the quarter, we also continued to make strides towards our environmental stewardship goals; we are now producing and selling our eco-friendly Portland Limestone Cement from four Eagle cement facilities.”

Mr. Haack concluded, “We continue to see positive demand trends across our geographic footprint, driven by increased residential construction activity and expanded infrastructure investment. These trends should support growing construction activity and contribute to attractive pricing across our heavy and light materials businesses. We enter the last quarter of our fiscal year in a position of strength, with an excellent balance sheet enabling us to continue to execute on our core strategies.”

Segment Financial Results

Heavy Materials: Cement, Concrete and Aggregates

Revenue in the Heavy Materials sector, which includes Cement, Concrete and Aggregates, as well as Joint Venture and intersegment Cement revenue, was up 9% to $303.5 million. Heavy Materials operating earnings increased 11% to $84.0 million, primarily because of improved Cement sales volume and net sales prices.

Cement revenue for the quarter, including Joint Venture and intersegment revenue, was up 12% to $261.2 million, and operating earnings were $79.8 million, up 13%. These increases reflect improved Cement sales volume and net sales prices.

The average net cement sales price for the quarter increased 6% to $118.44 per ton. Cement sales volume for the quarter was 2.0 million tons, up 7% versus the prior-year period.

Concrete and Aggregates revenue decreased 3% to $42.4 million. Operating earnings for Concrete and Aggregates decreased 19% to $4.1 million. These declines primarily reflect lower Concrete and Aggregates sales volume and higher fuel costs, partially offset by improved pricing.

Light Materials: Gypsum Wallboard and Paperboard

Revenue in the Light Materials sector, which includes Gypsum Wallboard and Paperboard, increased 21% to $192.1 million, reflecting higher Wallboard and Paperboard sales prices. Gypsum Wallboard sales volume was 695 million square feet (MMSF), down 4%, while the average Gypsum Wallboard net sales price increased 29% to $191.41 per MSF. The decline in our Wallboard sales volume was due to ongoing homebuilder supply chain difficulties; however, our order pace improved during the quarter.

Paperboard sales volume for the quarter increased 3% to 81,000 tons. The average Paperboard net sales price was $585.54 per ton, up 21% from the prior-year period, consistent with the pricing provisions in our long-term sales agreements.

Operating earnings were $63.2 million in the sector, up 32%, reflecting increased Wallboard sales pricing. This was partially offset by higher operating costs, primarily related to recycled fiber and energy.

Details of Financial Results

We conduct one of our cement plant operations through a 50/50 joint venture, Texas Lehigh Cement Company LP (the Joint Venture). We use the equity method of accounting for our 50% interest in the Joint Venture. For segment reporting purposes only, we proportionately consolidate our 50% share of the Joint Venture’s revenue and operating earnings, which is consistent with the way management organizes the segments within the Company for making operating decisions and assessing performance.

In addition, for segment reporting purposes, we report intersegment revenue as part of a segment’s total revenue. Intersegment sales are eliminated on the consolidated income statement. Refer to Attachment 3 for a reconciliation of these amounts.

On September 18, 2020, the Company sold its Oil and Gas Proppants business to Smart Sand, Inc. The prior-year financial results of the Oil and Gas Proppants segment have been classified as Discontinued Operations on the Consolidated Statement of Earnings. The assets and liabilities of the Oil and Gas Proppants segment have been reflected on separate lines for Discontinued Operations on the Consolidated Balance Sheet.

About Eagle Materials Inc.

Eagle Materials Inc. manufactures and distributes Portland Cement, Gypsum Wallboard, Recycled Paperboard and Concrete and Aggregates from more than 70 facilities across the US. Eagle’s corporate headquarters is in Dallas, Texas.

Eagle’s senior management will conduct a conference call to discuss the financial results, forward looking information and other matters at 8:30 a.m. Eastern Time (7:30 a.m. Central Time) on Thursday, January 27, 2022. The conference call will be webcast on the Eagle website, eaglematerials.com. A replay of the webcast and the presentation will be archived on the website for one year.

Forward-Looking Statements. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the context of the statement and generally arise when the Company is discussing its beliefs, estimates or expectations. These statements are not historical facts or guarantees of future performance but instead represent only the Company’s belief at the time the statements were made regarding future events which are subject to certain risks, uncertainties and other factors, many of which are outside the Company’s control. Actual results and outcomes may differ materially from what is expressed or forecast in such forward-looking statements. The principal risks and uncertainties that may affect the Company’s actual performance include the following: the cyclical and seasonal nature of the Company’s businesses; public infrastructure expenditures; adverse weather conditions; the fact that our products are commodities and that prices for our products are subject to material fluctuation due to market conditions and other factors beyond our control; availability of raw materials; changes in the costs of energy, including, without limitation, natural gas, coal and oil, and the nature of our obligations to counterparties under energy supply contracts, such as those related to market conditions (such as fluctuations in spot market prices), governmental orders and other matters; changes in the cost and availability of transportation; unexpected operational difficulties, including unexpected maintenance costs, equipment downtime and interruption of production; material nonpayment or non-performance by any of our key customers; fluctuations in or changes in the nature of activity in the oil and gas industry; inability to timely execute announced capacity expansions; difficulties and delays in the development of new business lines; governmental regulation and changes in governmental and public policy (including, without limitation, climate change and other environmental regulation); possible outcomes of pending or future litigation or arbitration proceedings; changes in economic conditions specific to any one or more of the Company’s markets; severe weather conditions (such as winter storms, tornados and hurricanes) and their effects on our facilities, operations and contractual arrangements with third parties; competition; cyber-attacks or data security breaches; announced increases in capacity in the gypsum wallboard and cement industries; changes in the demand for residential housing construction or commercial construction or construction projects undertaken by state or local governments; risks related to pursuit of acquisitions, joint ventures and other transactions or the execution or implementation of such transactions, including the integration of operations acquired by the Company; general economic conditions; and interest rates. For example, increases in interest rates, decreases in demand for construction materials or increases in the cost of energy (including, without limitation, natural gas, coal and oil) and the cost of our raw materials could affect the revenue and operating earnings of our operations. In addition, changes in national or regional economic conditions and levels of infrastructure and construction spending could also adversely affect the Company’s result of operations. Finally, any forward-looking statements made by the Company are subject to the risks and impacts associated with natural disasters, pandemics or other unforeseen events, including, without limitation, the COVID-19 pandemic and responses thereto designed to contain its spread and mitigate its public health effects, as well as their impact on economic conditions, capital and financial markets. The COVID-19 pandemic and responses thereto may disrupt our business and are likely to have an adverse effect on demand for our products, attributable to, among other things, reductions in consumer spending, increases in unemployment and decreases in revenues and construction budgets of state or local governments. These and other factors are described in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2021 and subsequent quarterly and annual reports upon filing. These reports are filed with the Securities and Exchange Commission. All forward-looking statements made herein are made as of the date hereof, and the risk that actual results will differ materially from expectations expressed herein will increase with the passage of time. The Company undertakes no duty to update any forward-looking statement to reflect future events or changes in the Company’s expectations.

Attachment 1 Statement of Consolidated Earnings
Attachment 2 Revenue and Earnings by Lines of Business
Attachment 3 Sales Volume, Average Net Sales Prices and Intersegment and Cement Revenue
Attachment 4 Consolidated Balance Sheets
Attachment 5 Depreciation, Depletion and Amortization by Lines of Business


Attachment 1

Eagle Materials Inc.
Statement of Consolidated Earnings
(dollars in thousands, except per share data)
(unaudited)


	Quarter Ended December 31,						Nine Months Ended December 31,
	2021			2020			2021			2020

Revenue	$	462,941		$	404,667		$	1,448,405		$	1,279,340

Cost of Goods Sold		324,355			291,288			1,027,967			940,815

Gross Profit		138,586			113,379			420,438			338,525

Equity in Earnings of Unconsolidated JV		8,555			10,083			24,785			28,456
Corporate General and Administrative Expenses		(12,851	)		(11,327	)		(32,986	)		(40,225	)
Premium Paid on Early Retirement of Senior Notes		-			-			(8,407	)		-
Gain on Sale of Businesses		-			-			-			51,973
Other Non-Operating Income		3,207			2,297			5,941			1,898

Earnings from Continuing Operations before Interest and Income Taxes		137,497			114,432			409,771			380,627
Interest Expense, net		(5,651	)		(9,360	)		(24,891	)		(35,957	)

Earnings from Continuing Operations before Income Taxes		131,846			105,072			384,880			344,670
Income Tax Expense		(29,367	)		(23,879	)		(84,949	)		(76,515	)

Earnings from Continuing Operations	$	102,479		$	81,193		$	299,931		$	268,155

Gain from Discontinued Operations, net of tax		-			-			-			5,278

Net Earnings	$	102,479		$	81,193		$	299,931		$	273,433

BASIC EARNINGS PER SHARE
Continuing Operations	$	2.56		$	1.96		$	7.30		$	6.47
Discontinued Operations	$	-		$	-		$	-		$	0.13
Net Earnings	$	2.56		$	1.96		$	7.30		$	6.60

DILUTED EARNINGS PER SHARE
Continuing Operations	$	2.53		$	1.94		$	7.23		$	6.43
Discontinued Operations	$	-		$	-		$	-		$	0.13
Net Earnings	$	2.53		$	1.94		$	7.23		$	6.56

AVERAGE SHARES OUTSTANDING
Basic		40,049,456			41,494,149			41,096,702		41,451,801
Diluted		40,458,049			41,834,590			41,493,339		41,682,541


Attachment 2

Eagle Materials Inc.
Revenue and Earnings by Lines of Business
(dollars in thousands)
(unaudited)

	Quarter Ended December 31,						Nine Months Ended December 31,
	2021			2020			2021			2020
Revenue*

Heavy Materials:
Cement (Wholly Owned)	$	228,448		$	201,741		$	724,354		$	676,423
Concrete and Aggregates		42,384			43,530			139,888			133,914
		270,832			245,271			864,242			810,337

Light Materials:
Gypsum Wallboard		163,584			135,658			502,836			397,018
Gypsum Paperboard		28,525			23,738			81,327			71,985
		192,109			159,396			584,163			469,003

Total Revenue	$	462,941		$	404,667		$	1,448,405		$	1,279,340

Segment Operating Earnings

Heavy Materials:
Cement (Wholly Owned)	$	71,281		$	60,351		$	206,348		$	182,346
Cement (Joint Venture)		8,555			10,083			24,785			28,456
Concrete and Aggregates		4,115			5,075			16,998			15,748
		83,951			75,509			248,131			226,550

Light Materials:
Gypsum Wallboard		60,841			40,792			190,425			119,723
Gypsum Paperboard		2,349			7,161			6,667			20,708
		63,190			47,953			197,092			140,431

Sub-total		147,141			123,462			445,223			366,981

Corporate General and Administrative Expense		(12,851	)		(11,327	)		(32,986	)		(40,225	)
Gain on Sale of Businesses		-			-			-			51,973
Premium Paid on Early Retirement of Senior Notes		-			-			(8,407	)		-
Other Non-Operating Income		3,207			2,297			5,941			1,898

Earnings from Continuing Operations before Interest and Income Taxes	$	137,497		$	114,432		$	409,771		$	380,627


* Excluding Intersegment and Joint Venture Revenue listed on Attachment 3


Attachment 3

Eagle Materials Inc.
Sales Volume, Average Net Sales Prices and Intersegment and Cement Revenue
(unaudited)

	Sales Volume
	Quarter Ended December 31,			Nine Months Ended December 31,
	2021	2020	Change	2021	2020	Change

Cement (M Tons):
Wholly Owned	1,748	1,616	+8%	5,583	5,429	+3%
Joint Venture	215	226	-5%	614	678	-9%
	1,963	1,842	+7%	6,197	6,107	+1%

Concrete (M Cubic Yards)	317	327	-3%	1,063	1,032	+3%

Aggregates (M Tons)	341	583	-42%	1,183	1,533	-23%

Gypsum Wallboard (MMSFs)	695	727	-4%	2,194	2,151	+2%

Paperboard (M Tons):
Internal	36	32	+13%	109	101	+8%
External	45	47	-4%	143	142	+1%
	81	79	+3%	252	243	+4%

	Average Net Sales Price*
	Quarter Ended December 31,					Nine Months Ended December 31,
	2021		2020		Change	2021		2020		Change

Cement (Ton)	$	118.44	$	111.91	+6%	$	117.49	$	110.84	+6%
Concrete (Cubic Yard)	$	122.36	$	116.88	+5%	$	120.17	$	115.66	+4%
Aggregates (Ton)	$	10.38	$	8.96	+16%	$	10.25	$	9.54	+7%
Gypsum Wallboard (MSF)	$	191.41	$	147.87	+29%	$	186.16	$	145.86	+28%
Paperboard (Ton)	$	585.54	$	484.92	+21%	$	535.55	$	487.76	+10%

*Net of freight and delivery costs billed to customers.

	Intersegment and Cement Revenue
	Quarter Ended December 31,				Nine Months Ended December 31,
	2021		2020		2021		2020
Intersegment Revenue:
Cement	$	5,301	$	5,241	$	18,357	$	17,539
Concrete and Aggregates		-		-		-		106
Paperboard		21,238		15,864		59,501		50,432
	$	26,539	$	21,105	$	77,858	$	68,077

Cement Revenue:
Wholly Owned	$	228,448	$	201,741	$	724,354	$	676,423
Joint Venture		27,406		27,110		77,023		79,603
	$	255,854	$	228,851	$	801,377	$	756,026


Attachment 4

Eagle Materials Inc.
Consolidated Balance Sheets
(dollars in thousands)
(unaudited)

	December 31,						March 31,
	2021			2020			2021*
ASSETS
Current Assets –
Cash and Cash Equivalents	$	17,392		$	142,784		$	263,520
Restricted Cash		-			5,000			5,000
Accounts and Notes Receivable, net		170,661			142,467			147,133
Inventories		211,978			228,667			235,749
Federal Income Tax Receivable		8,890			1,900			2,838
Prepaid and Other Assets		6,426			7,740			7,449
Total Current Assets		415,347			528,558			661,689

Property, Plant and Equipment, net		1,626,990			1,680,646			1,659,100
Investments in Joint Venture		79,434			74,914			75,399
Operating Lease Right of Use Asset		23,923			26,927			25,811
Notes Receivable		8,486			8,353			8,419
Goodwill and Intangibles		389,002			393,454			392,315
Other Assets		16,939			12,186			15,948
	$	2,560,121		$	2,725,038		$	2,838,681

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities –
Accounts Payable and Accrued Liabilities	$	186,671		$	156,510		$	163,011
Operating Lease Liabilities		7,004			6,551			6,343
Total Current Liabilities		193,675			163,061			169,354

Long-term Liabilities		67,578			77,391			75,735
Bank Credit Facility		100,000			-			-
Bank Term Loan		-			662,082			662,186
2.500% Senior Unsecured Notes due 2031		737,949			-			-
4.500% Senior Unsecured Notes due 2026		-			346,263			346,430
Deferred Income Taxes		238,671			215,059			225,986
Stockholders’ Equity –
Preferred Stock, Par Value $0.01; Authorized 5,000,000
Shares; None Issued		-			-			-
Common Stock, Par Value $0.01; Authorized 100,000,000 Shares; Issued and Outstanding 39,766,043; 41,939,310 and 42,370,878 Shares, respectively		398			419			424
Capital in Excess of Par Value		-			30,516			62,497
Accumulated Other Comprehensive Losses		(3,359	)		(3,251	)		(3,440	)
Retained Earnings		1,225,209			1,233,498			1,299,509
Total Stockholders’ Equity		1,222,248			1,261,182			1,358,990
	$	2,560,121		$	2,725,038		$	2,838,681

*From audited financial statements


Attachment 5

Eagle Materials Inc.
Depreciation, Depletion and Amortization by Lines of Business
(dollars in thousands)
(unaudited)


The following table presents Depreciation, Depletion and Amortization by lines of business for the quarters ended December 31, 2021 and 2020:


	Depreciation, Depletion and Amortization
	Quarter Ended December 31,
	2021		2020

Cement	$	19,933	$	19,337
Concrete and Aggregates		2,294		2,691
Gypsum Wallboard		5,598		5,340
Paperboard		3,685		3,509
Corporate and Other		684		1,203
	$	32,194	$	32,080

Contacts

Contact at 214-432-2000

Michael R. Haack
President and Chief Executive Officer

D. Craig Kesler
Executive Vice President and Chief Financial Officer

Robert S. Stewart
Executive Vice President, Strategy, Corporate Development and Communications

: Business Wire; Posted On Jan 28, 2022

B&W Thermal Awarded $6 Million Contract to Provide Advanced Technology for Gas Conversion of Middle East Chemical Plant

B&W Continues Middle East Growth Plan and Business Expansion in Region

AKRON, Ohio--(BUSINESS WIRE)--$BW #gasconversion--Babcock & Wilcox (B&W) (NYSE: BW) announced today that its B&W Thermal segment has been awarded a contract for more than $6 million to provide advanced technologies to convert a Middle East chemical plant’s six boilers from oil to cleaner, lower-emission fuel. B&W Thermal will design, manufacture and supply dual-fuel burners, main and local gas skids and other equipment and provide commissioning and other technical services.

“The demand for cleaner and more efficient energy generation and industrial technologies in the Middle East is increasing substantially,” said B&W Middle East Holdings Managing Director Wassim Moussaoui. “We are seeing significant interest in clean energy technologies, which B&W is well-positioned to provide, as utilities and manufacturers look to reduce emissions, increase efficiency and adopt cleaner energy options.”

B&W continues to expand its sales and business development presence globally. Targeted expansion regions include the Middle East, Africa and Asia-Pacific, which have significant opportunities for the company’s advanced technologies, including waste-to-energy, biomass, advanced thermal, hydrogen production and environmental solutions.

B&W has been growing rapidly in the Middle East since 2020, increasing its presence in the region and establishing a Middle East headquarters office in Dubai. B&W also has expanded its sales and business development team throughout the region over the last year.

About Babcock & Wilcox

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

About B&W Thermal

Babcock & Wilcox Thermal designs, manufactures and erects steam generation equipment, aftermarket parts, construction, maintenance and field services for plants in the power generation, oil & gas, and industrial sectors. B&W Thermal has an extensive global base of installed equipment for utilities and general industrial applications including refining, petrochemical, food processing, metals and more.

Forward-Looking Statements

B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to the receipt of a contract to provide natural gas burner technologies and services for an industrial facility in the Middle East. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties. For a more complete discussion of these risk factors, see our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. We caution readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and we undertake no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.

Contacts

Investor Contact:
Megan Wilson
Vice President, Corporate Development & Investor Relations
Babcock & Wilcox
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
330.860.1345 | This email address is being protected from spambots. You need JavaScript enabled to view it.

: Business Wire; Posted On Jan 28, 2022

OneEnergy Partners Announces Acquisition of Trainer Partners

HOUSTON & MIDLAND, Texas--(BUSINESS WIRE)--OneEnergy Partners II Holdings, LLC (“OneEnergy”) and Trainer Partners LTD (“Trainer Partners”) announced that the Boards of Directors of both companies have unanimously approved the acquisition of all the partnership interests of Trainer Partners by an affiliate of OneEnergy.

The acquisition makes an affiliate of OneEnergy the general partner and controlling entity of Trainer Partners. As of December 31, 2021, the acquired portfolio consisted of royalties and working interests across Lea and Eddy Counties, New Mexico; Gaines, Andrews, Hemphill and Midland Counties, Texas; and Roger Mills County, Oklahoma.

“The Trainer family would like to express its appreciation to the OneEnergy team for seamlessly executing a complex transaction over a compressed period,” said Randall Mark Trainer, CEO, Manager and President of Trainer Management, LLC, the former general partner of Trainer Partners.

“We are honored to complete the acquisition of one of the last family-run oil and gas companies in the Permian Basin. We have enjoyed knowing and working with the Trainer family for the better part of a decade. The OneEnergy team is grateful for the opportunity to continue the legacy of founder CW Trainer and the Trainer family as the third generation of oil and gas entrepreneurs to manage this company and its assets,” said Ahmad Salman, OneEnergy’s Chief Operating Officer.

OneEnergy was formed to pursue middle market acquisition and development opportunities in the North American energy space by combining best-in-class investing and operating expertise. Since 2015, OneEnergy and its predecessor companies have developed a strong track record of providing fast, discrete, and transparent liquidity to individuals, families and companies looking to transact on their leasehold and mineral properties.

Trainer Partners and its predecessor entities began accumulating and operating assets in the Permian Basin in 1956. Over more than a half century of oil and gas industry participation, the Trainer name became synonymous with partnership, integrity, and trust. Over the same period, Trainer Partners developed a reputation for being a partner of choice for many family-run and publicly traded operators in the basin. As of the end of 2021, Trainer Partners owned one of the last independent portfolios of minerals, overrides and non-operated working interests in North America.

For more information about OneEnergy Partners please visit oep.energy, e-mail us at This email address is being protected from spambots. You need JavaScript enabled to view it. or call (713) 714-6917.

Contacts

Leo Slootsky
OneEnergy Partners II Holdings, LLC
This email address is being protected from spambots. You need JavaScript enabled to view it.

: Business Wire; Posted On Jan 28, 2022

Global Partners Expands Portfolio with Acquisition of Consumers Petroleum of Connecticut’s Wheels Retail Fuel and Convenience Stores

WALTHAM, Mass.--(BUSINESS WIRE)--Global Partners LP (NYSE: GLP) (“Global” or “the Partnership”), one of the Northeast’s largest independent owners, suppliers and operators of gasoline stations and convenience stores, today announced that it has completed the previously announced purchase of retail fuel and convenience store assets from Consumers Petroleum of Connecticut, Inc. The deal demonstrates the Partnership’s strategy of growing in part through acquisitions designed to create new sources of income and increase overall earnings power.

The transaction includes 26 company-operated “Wheels” branded convenience stores in Connecticut, as well as fuel supply agreements with 22 sites in Connecticut and New York. As part of a Federal Trade Commission consent order, Global has divested seven select retail sites in Connecticut.

“The Wheels retail fuel and convenience stores are well-sited to benefit from synergies in our operations and supply network, ultimately contributing to Global’s bottom line,” said Greg Hanson, Chief Financial Officer. “Like Global, Consumers Petroleum is a family founded company that grew to include high-value real estate and fuel operations; we are excited to welcome them to our portfolio.”

Global delivers essential fuel, food and supplies to local communities and supports non-profits and community organizations throughout its footprint, at more than 1,600 retail locations and more than 20 bulk energy terminals.

About Global Partners

With more than 1,600 locations primarily in the Northeast, Global Partners is one of the region’s largest independent owners, suppliers and operators of gasoline stations and convenience stores. Global also owns, controls or has access to one of the largest terminal networks in New England and New York, through which it distributes gasoline, distillates, residual oil and renewable fuels to wholesalers, retailers and commercial customers. In addition, Global engages in the transportation of petroleum products and renewable fuels by rail from the mid-continental U.S. and Canada. Global, a master limited partnership, trades on the New York Stock Exchange under the ticker symbol “GLP.” For additional information, visit www.globalp.com.

Contacts

Gregory B. Hanson
Chief Financial Officer
Global Partners LP
(781) 894-8800

Sean T. Geary
Acting General Counsel, Secretary and
Vice President – Mergers & Acquisitions
Global Partners LP
(781) 894-8800

: Business Wire; Posted On Jan 28, 2022

Polaris Declares Increase in Cash Dividend

Board of Directors approves a 2% increase in the regular quarterly cash dividend;

27^th consecutive year of dividend increases

MINNEAPOLIS--(BUSINESS WIRE)--Polaris Inc. (NYSE: PII) announced today that its Board of Directors approved a 2% percent increase in the regular quarterly cash dividend, raising the payout to $0.64 per share. This increase represents the 27^th consecutive year of Polaris increasing its dividend effective with the 2022 first quarter dividend. The first quarter dividend will be payable on March 15, 2022 to shareholders of record at the close of business on March 1, 2022.

“As the global leader in powersports, we plan to build on our legacy of innovation, delivering category-defining vehicles and first-class services to meet the demand of new and returning customers, all while continuing to drive profitable growth,” commented Mike Speetzen, Polaris’ CEO. “Supported by our refreshed strategy and new strategic objectives, Polaris enters 2022 in a strong financial position despite the continued challenging supply chain backdrop, and we are well-positioned to deliver ongoing sustained value to our shareholders. To that end, we are raising our annual dividend for the 27^th consecutive year, building on our legacy as a Dividend Aristocrat and exemplifying our commitment to our shareholders.”

About Polaris

As the global leader in Powersports, Polaris Inc. (NYSE: PII) pioneers product breakthroughs and enriching experiences and services that have invited people to discover the joy of being outdoors since our founding in 1954. With annual 2021 sales of $8.2 billion, Polaris’ high-quality product line-up includes the Polaris RANGER^®, RZR^® and Polaris GENERAL™ side-by-side off-road vehicles; Sportsman^® all-terrain off-road vehicles; Indian Motorcycle^® mid-size and heavyweight motorcycles; Slingshot^® moto-roadsters; snowmobiles; and deck, cruiser and pontoon boats, including industry-leading Bennington pontoons. Polaris enhances the riding experience with parts, garments, and accessories, along with a growing aftermarket portfolio, including Transamerican Auto Parts. Polaris’ presence in adjacent markets includes military and commercial off-road vehicles, quadricycles, and electric vehicles. Proudly headquartered in Minnesota, Polaris serves more than 100 countries across the globe. www.polaris.com

Contacts

Investor Contact: Richard Edwards 763-542-0500

: Business Wire; Posted On Jan 28, 2022

Buckeye Partners Selects Black & Veatch to Build 270-MW Solar Project in Central Texas

Venture reflects continued focus on energy transition and sustainability leadership

OVERLAND PARK, Kan. & HOUSTON--(BUSINESS WIRE)--With a clear focus on creating sustainable energy solutions and value for its stakeholders, Buckeye Partners, L.P. will build a 270-megawatt solar project in central Texas. To develop this critical renewable energy project, which adds to the company’s growing and diversified portfolio of lower-carbon solutions, Houston-based Buckeye has selected Black & Veatch to provide engineering, procurement and construction (EPC) services for the planned Project Parker photovoltaic solar project.

“We are committed to deploying our deep expertise in clean energy to support clients on the leading edge of the energy transition such as Buckeye partners with their decarbonization goals,” said Mario Azar, President of Black & Veatch’s Energy & Process Industries business.

Project Parker will be located on two adjacent sites near Waco, Texas, in Falls County. Construction of the project, which will include more than 500,000 solar panels, is to be completed in early 2023. Buckeye announced the initial project investment in August of this year.

“Our strategy is squarely focused on energy diversity and lower-carbon solutions, and we are excited to partner with Black & Veatch to advance this critical solar project,” said Todd J. Russo, Buckeye’s Executive Vice President, Strategy and Alternative Energy. “Project Parker will further expand Buckeye’s growing renewable portfolio and add additional momentum to our ESG initiatives and continued progress in the space.”

According to the U.S. Solar Market Insight 2020 Year-in-Review report, released in March 2021 by the Solar Energy Industries Association and energy research consultant Wood Mackenzie, the U.S. solar market grew by 43 percent in 2020, nearly double the 23-percent increase in 2019. Last year’s installed U.S. electric generating capacity was a record 19.2 gigawatts. Wood Mackenzie expects the U.S. solar market to quadruple by 2030, when the equivalent of one in eight American homes is projected to have solar.

Editor’s Notes:

The Engineering News-Record’s 2021 “Top 500 Design Firms” Sourcebook ranks Black & Veatch’s power business No. 1 for solar power services while ranking the company second overall for the sixth consecutive year in power services.
With 2.3 million kilowatts of solar capacity installed to date and nearly 949,000 kilowatts last year, Black & Veatch ranked ninth overall in Solar Power World’s 2021 rankings, released in July, and seventh among solar EPC providers.
Black & Veatch has been delivering solar and floating solar photovoltaic (PV) project development and implementation since 1973.
For more details about Black & Veatch’s solutions in the solar industry, click here.

About Black & Veatch

Black & Veatch is a 100-percent employee-owned global engineering, procurement, consulting and construction company with a more than 100-year track record of innovation in sustainable infrastructure. Since 1915, we have helped our clients improve the lives of people around the world by addressing the resilience and reliability of our most important infrastructure assets. Our revenues in 2020 exceeded US$3.0 billion. Follow us on www.bv.com and on social media.

About Buckeye Partners

Buckeye Partners L.P., a wholly owned investment of the IFM Global Infrastructure Fund, owns and operates a diversified global network of integrated assets providing liquid petroleum product logistics solutions. Across every aspect of the business – including its nearly 6,000 miles of domestic pipeline, more than 115 liquid petroleum products terminals and 127 million barrels of tank capacity – Buckeye focuses on responsibly providing world-class service to meet the changing energy needs of its customers. As part of this business priority and commitment to its customers, Buckeye is increasingly diversifying its platform to advance energy transition initiatives and decarbonization efforts. For more information about Buckeye and its ESG efforts, visit buckeye.com.

Contacts

JIM SUHR | +1 913-458-6995 P | +1 314-422-6927 M | This email address is being protected from spambots. You need JavaScript enabled to view it.

24-HOUR MEDIA HOTLINE | +1 855-999-5991

BUCKEYE PARTNERS
This email address is being protected from spambots. You need JavaScript enabled to view it.

: Business Wire; Posted On Jan 28, 2022

Kolibri Global Energy Inc. Completes Drilling Barnes 7-3H Well

NEWBURY PARK, Calif.--(BUSINESS WIRE)--Kolibri Global Energy Inc. (the “Company” or “KEI”) (TSX: KEI) (OTCQB: KGEIF), is pleased to announce that its indirect wholly-owned subsidiary BNK Petroleum (US) Inc. (“BNK US”) has successfully drilled and cased the Barnes 7-3H well (98.07% working interest) in its Tishomingo field in Oklahoma.

The completion of the Barnes 7-3H well has been scheduled for the middle of February, with flow back and production anticipated in March. The drilling rig will now rig down and immediately move to the Barnes 8-4H (99.8% working interest) location, which has already been built. The Barnes 8-4H well is also expected to take less than 30 days to drill. This well was renamed from Barnes 8-1H (as it was previously referred to in the Company’s prior news release) to Barnes 8-4H.

Wolf Regener, President and CEO, commented: “Our team did a great job drilling the Barnes 7-3H well safely and on budget. We are looking forward to completing the Barnes 7-3H well, which is located in the heart of our field, where our best performing wells are located. The hydrocarbon shows recorded while drilling the lateral look comparable to our best wells. At the current oil price at over USD $80 a barrel, if this well performs along the expected type curve our netback from operations for this well are estimated to be over USD $49 per barrel of oil equivalent (BOE), which would lead to a substantial increase to the Company’s cash flow. For comparison purposes, the Company reported netback from operations of USD $35.87 per BOE for the three months ended September 30, 2021.”

About Kolibri Global Energy Inc.

Kolibri Global Energy Inc. is an international energy company focused on finding and exploiting energy projects in oil, gas, and clean and sustainable energy. Through various subsidiaries, the Company owns and operates energy properties in the United States. The Company continues to utilize its technical and operational expertise to identify and acquire additional projects. The Company's shares are traded on the Toronto Stock Exchange under the stock symbol KEI and on the OTCQB under the stock symbol KGEIF.

Cautionary Statements

In this news release and the Company’s other public disclosure: The references to barrels of oil equivalent ("Boes") reflect natural gas, natural gas liquids and oil. Boes may be misleading, particularly if used in isolation. A Boe conversion ratio of 6 Mcf:1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value. Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves. Readers should be aware that references to initial production rates and other short-term production rates are preliminary in nature and are not necessarily indicative of long-term performance or of ultimate recovery. Readers are referred to the full description of the results of the Company's December 31, 2020 independent reserves evaluation and other oil and gas information contained in its Form 51-101F1 Statement of Reserves Data and Other Oil and Gas Information for the year ended December 31, 2020, which the Company filed on SEDAR on March 9, 2021.

Non-GAAP Measures

Netback from operations, netback including commodity contracts, net operating income and adjusted funds flow (collectively, the "Company’s Non-GAAP Measures") are not measures recognized under Canadian generally accepted accounting principles ("GAAP") and do not have any standardized meanings prescribed by GAAP. The Company’s Non-GAAP Measures are described and reconciled to the GAAP measures in the management's discussion and analysis which are available under the Company's profile at www.sedar.com and which is incorporated by reference herein.

This news release reports expected netback from operations for the Barnes 7-3H well. The Company considers the most directly comparable financial measure that is disclosed in the Company’s financial statements to be net income (loss) from continuing operations.

Caution Regarding Forward-Looking Information

Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws and “forward-looking statements” within the meaning of United States securities laws (collectively, “forward-looking information”), including statements regarding the timing of and expected results from planned wells development, production and estimated netbacks. Forward-looking information is based on plans and estimates of management and interpretations of data by the Company's technical team at the date the data is provided and is subject to several factors and assumptions of management, including that indications of early results are reasonably accurate predictors of the prospectiveness of the shale intervals, that required regulatory approvals will be available when required, that no unforeseen delays, unexpected geological or other effects, including flooding and extended interruptions due to inclement or hazardous weather conditions, equipment failures, permitting delays or labor or contract disputes are encountered, that the necessary labor and equipment will be obtained, that the development plans of the Company and its co-venturers will not change, that the offset operator’s operations will proceed as expected by management, that the demand for oil and gas will be sustained, that the price of oil will be sustained or increase, that the Company will continue to be able to access sufficient capital through financings, farm-ins or other participation arrangements to maintain its projects, and that global economic conditions will not deteriorate in a manner that has an adverse impact on the Company's business, its ability to advance its business strategy and the industry as a whole. Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions on which such forward-looking information is based vary or prove to be invalid, including that the Company or its subsidiaries is not able for any reason to obtain and provide the information necessary to secure required approvals or that required regulatory approvals are otherwise not available when required, that unexpected geological results are encountered, that equipment failures, permitting delays, labor or contract disputes or shortages of equipment or labor are encountered, the risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration and development projects or capital expenditures; the uncertainty of reserve and resource estimates and projections relating to production, costs and expenses, and health, safety and environmental risks, including flooding and extended interruptions due to inclement or hazardous weather conditions), the risk of commodity price and foreign exchange rate fluctuations, that the offset operator’s operations have unexpected adverse effects on the Company’s operations, that completion techniques require further optimization, that production rates do not match the Company’s assumptions, that very low or no production rates are achieved, that the price of oil will decline, that the Company is unable to access required capital, that occurrences such as those that are assumed will not occur, do in fact occur, and those conditions that are assumed will continue or improve, do not continue or improve, and the other risks and uncertainties applicable to exploration and development activities and the Company's business as set forth in the Company's management discussion and analysis and its annual information form, both of which are available for viewing under the Company's profile at www.sedar.com, any of which could result in delays, cessation in planned work or loss of one or more concessions and have an adverse effect on the Company and its financial condition. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.

Contacts

Wolf E. Regener +1 (805) 484-3613
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Website: www.kolibrienergy.com

: Business Wire; Posted On Jan 27, 2022

Valero Energy Reports 2021 Fourth Quarter and Full Year Results

Reported net income attributable to Valero stockholders of $1,009 million, or $2.46 per share, for the fourth quarter and $930 million, or $2.27 per share, for the year.
Reported adjusted net income attributable to Valero stockholders of $1,012 million, or $2.47 per share, for the fourth quarter and $1,152 million, or $2.81 per share, for the year.
Returned $401 million in cash to stockholders in the fourth quarter and $1.6 billion in the year through dividends.
Reduced Valero’s long-term debt by $693 million in the fourth quarter and by $1.3 billion in 2021.
Startup of the Diamond Green Diesel project at Port Arthur (DGD 3) is now expected to be in the first quarter of 2023.

SAN ANTONIO--(BUSINESS WIRE)--Valero Energy Corporation (NYSE: VLO, “Valero”) today reported net income attributable to Valero stockholders of $1,009 million, or $2.46 per share, for the fourth quarter of 2021, compared to a net loss of $359 million, or $0.88 per share, for the fourth quarter of 2020. Excluding the adjustments shown in the accompanying earnings release tables, fourth quarter 2021 adjusted net income attributable to Valero stockholders was $1,012 million, or $2.47 per share, compared to an adjusted net loss of $429 million, or $1.06 per share, for the fourth quarter of 2020.

For 2021, net income attributable to Valero stockholders was $930 million, or $2.27 per share, compared to a net loss of $1,421 million, or $3.50 per share, in 2020. Excluding the adjustments shown in the accompanying earnings release tables, adjusted net income attributable to Valero stockholders was $1,152 million, or $2.81 per share, in 2021, compared to an adjusted net loss of $1,265 million, or $3.12 per share, in 2020.

“We saw continued improvement in our business during the fourth quarter with margins supported by strong product demand,” said Joe Gorder, Valero Chairman and Chief Executive Officer. “Looking ahead, we remain optimistic on refining margins with low global light product inventories, strong demand, global supply tightness due to significant refining capacity rationalization, and wider sour crude oil differentials.”

Refining

The refining segment reported $1.3 billion of operating income for the fourth quarter of 2021, compared to a $377 million operating loss for the fourth quarter of 2020. Fourth quarter 2021 adjusted operating income was $1.1 billion, compared to an adjusted operating loss of $476 million for the fourth quarter of 2020. Refinery throughput volumes averaged 3.0 million barrels per day in the fourth quarter of 2021, which was 483 thousand barrels per day higher than the fourth quarter of 2020. 2021 was Valero’s best year ever for Employee and Process Safety.

“The Employee and Process safety milestones set in 2021 are a testament to our long-standing commitment to safe, reliable and environmentally responsible operations,” said Gorder. “In fact, we have set records for Process Safety for three consecutive years.”

Renewable Diesel

The renewable diesel segment, which consists of the Diamond Green Diesel (DGD) joint venture, reported $150 million of operating income for the fourth quarter of 2021, compared to $127 million for the fourth quarter of 2020. Adjusted renewable diesel operating income was $152 million for the fourth quarter of 2021. Renewable diesel sales volumes averaged 1.6 million gallons per day in the fourth quarter of 2021, which was 974 thousand gallons per day higher than the fourth quarter of 2020. The higher operating income and sales volumes in the fourth quarter of 2021 were primarily attributable to the startup of the DGD expansion project (DGD 2) in the fourth quarter.

Ethanol

The ethanol segment reported $474 million of operating income for the fourth quarter of 2021, compared to $15 million for the fourth quarter of 2020. Fourth quarter 2021 adjusted operating income was $475 million, compared to $17 million for the fourth quarter of 2020. Ethanol production volumes averaged 4.4 million gallons per day in the fourth quarter of 2021, which was 278 thousand gallons per day higher than the fourth quarter of 2020. Higher operating income in the fourth quarter of 2021 was primarily attributed to higher ethanol product prices.

Corporate and Other

General and administrative expenses were $286 million in the fourth quarter of 2021, compared to $224 million in the fourth quarter of 2020. General and administrative expenses were $865 million for the year. The effective tax rate for 2021 was 17 percent, which reflects the benefit from the portion of DGD’s net income that is not taxable to Valero.

Investing and Financing Activities

Net cash provided by operating activities was $2.5 billion in the fourth quarter of 2021. Included in this amount was a $595 million favorable impact from working capital and $82 million associated with the other joint venture member’s share of DGD’s net cash provided by operating activities, excluding changes in DGD’s working capital. Excluding these items, adjusted net cash provided by operating activities was $1.8 billion in the fourth quarter of 2021.

Net cash provided by operating activities in 2021 was $5.9 billion. Included in this amount was a $2.2 billion favorable impact from working capital and $381 million associated with the other joint venture member’s share of DGD’s net cash provided by operating activities, excluding changes in DGD’s working capital. Excluding these items, adjusted net cash provided by operating activities in 2021 was $3.3 billion.

Capital investments totaled $752 million in the fourth quarter of 2021, of which $353 million was for sustaining the business, including costs for turnarounds, catalysts and regulatory compliance. Excluding capital investments attributable to the other joint venture member’s 50 percent share of DGD and those related to other variable interest entities, capital investments attributable to Valero were $545 million in the fourth quarter of 2021 and $1.8 billion in 2021.

Valero returned $401 million to stockholders through dividends in the fourth quarter of 2021. In 2021, Valero returned $1.6 billion to stockholders, or 50 percent of adjusted net cash provided by operating activities.

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 the other joint venture member’s ownership interest in DGD.

In the fourth quarter, Valero completed a series of debt reduction and refinancing transactions that together reduced Valero’s long-term debt by $693 million. These debt reduction and refinancing transactions, combined with the redemption of the $575 million Floating Rate Senior Notes due 2023 in the third quarter, collectively reduced Valero’s long-term debt by $1.3 billion in 2021.

Liquidity and Financial Position

Valero ended 2021 with $13.9 billion of total debt and finance lease obligations and $4.1 billion of cash and cash equivalents. The debt to capitalization ratio, net of cash and cash equivalents, was 33 percent as of December 31, 2021.

Strategic Update

The DGD 2 expansion project at Valero’s St. Charles refinery commenced operations in the fourth quarter, on-budget and ahead of schedule. DGD 2’s annual renewable diesel production capacity has been increased as a result of process improvement and optimization and now stands at 410 million gallons per year, compared to the 400 million gallons per year design capacity. Total DGD renewable diesel production capacity is now 700 million gallons per year.

The DGD project at Valero’s Port Arthur refinery (DGD 3), which is expected to have a renewable diesel production capacity of 470 million gallons per year, is progressing ahead of schedule and is now expected to commence operations in the first quarter 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.

BlackRock and Navigator’s large-scale carbon sequestration project is also progressing on schedule and is still expected to begin startup activities in late 2024. Valero is expected to be the anchor shipper with eight of Valero’s ethanol plants connected to this system, producing a lower carbon intensity ethanol product to be marketed in low-carbon fuel markets that is expected to result in a higher product margin.

Refinery optimization projects that are expected to reduce cost and improve margin capture are progressing on schedule. The Port Arthur Coker project, which is expected to increase the refinery’s utilization rate and improve turnaround efficiency, is expected to be completed in the first half of 2023.

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

We are an international manufacturer and marketer of petroleum-based and low-carbon liquid transportation fuels and petrochemical products, and we sell our products primarily in the United States (U.S.), Canada, the United Kingdom (U.K.), Ireland, and Latin America. We own 15 petroleum refineries located in the U.S., Canada, and the U.K. with a combined throughput capacity of approximately 3.2 million barrels per day (BPD). We are a joint venture member in Diamond Green Diesel Holdings LLC (DGD), which owns a renewable diesel plant in Norco, Louisiana with a production capacity of 700 million gallons per year, and we own 12 ethanol plants located in the Mid-Continent region of the U.S. with a combined production capacity of approximately 1.6 billion gallons per year. We manage our operations through our Refining, Renewable Diesel, and Ethanol segments. Please visit www.investorvalero.com for more information.

Valero Contacts

Investors:
Homer Bhullar, Vice President – Investor Relations and Finance, 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 and the accompanying tables 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. Forward-looking statements in this release and the accompanying tables include those relating to our greenhouse gas emissions targets, expected timing of completion and performance of projects, future market and industry conditions, future operating and financial performance, and management of future risks. 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 legislative or political changes or developments, market dynamics, cyberattacks, weather events, and other matters affecting our operations or the demand for our products. These factors also include, but are not limited to, the uncertainties that remain with respect to the COVID-19 pandemic, variants of the virus, governmental and societal responses thereto, including requirements and mandates with respect to vaccines, vaccine distribution and administration levels, and the adverse effects the foregoing may have on our business or economic conditions generally. For more information concerning these and other 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.

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 renewable diesel operating income, 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 (g) to the earnings release tables provides reasons for the use of these non-GAAP financial measures.

VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES OTHER FINANCIAL DATA (millions of dollars) (unaudited)

	Three Months Ended December 31,						Year Ended December 31,
	2021			2020			2021			2020
Statement of income data
Revenues	$	35,903		$	16,604		$	113,977		$	64,912
Cost of sales:
Cost of materials and other (a) (b) (c)		31,849			15,101			102,714			58,933
Lower of cost or market (LCM) inventory valuation adjustment		—			—			—			(19	)
Operating expenses (excluding depreciation and amortization expense reflected below) (a)		1,558			1,167			5,776			4,435
Depreciation and amortization expense		586			566			2,358			2,303
Total cost of sales		33,993			16,834			110,848			65,652
Other operating expenses		18			5			87			35
General and administrative expenses (excluding depreciation and amortization expense reflected below)		286			224			865			756
Depreciation and amortization expense		12			11			47			48
Operating income (loss)		1,594			(470	)		2,130			(1,579	)
Other income (loss), net (d)		(163	)		25			16			132
Interest and debt expense, net of capitalized interest		(152	)		(153	)		(603	)		(563	)
Income (loss) before income tax expense (benefit)		1,279			(598	)		1,543			(2,010	)
Income tax expense (benefit) (e)		169			(289	)		255			(903	)
Net income (loss)		1,110			(309	)		1,288			(1,107	)
Less: Net income attributable to noncontrolling interests		101			50			358			314
Net income (loss) attributable to Valero Energy Corporation stockholders	$	1,009		$	(359	)	$	930		$	(1,421	)

Earnings (loss) per common share	$	2.47		$	(0.88	)	$	2.27		$	(3.50	)
Weighted-average common shares outstanding (in millions)		408			407			407			407

Earnings (loss) per common share – assuming dilution	$	2.46		$	(0.88	)	$	2.27		$	(3.50	)
Weighted-average common shares outstanding – assuming dilution (in millions) (f)		408			407			407			407

See Notes to Earnings Release Tables.

VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES FINANCIAL HIGHLIGHTS BY SEGMENT (millions of dollars) (unaudited)

	Refining			Renewable Diesel		Ethanol		Corporate and Eliminations			Total
Three months ended December 31, 2021
Revenues:
Revenues from external customers	$	33,521		$	684	$	1,698	$	—		$	35,903
Intersegment revenues		7			253		174		(434	)		—
Total revenues		33,528			937		1,872		(434	)		35,903
Cost of sales:
Cost of materials and other (c)		30,342			714		1,224		(431	)		31,849
Operating expenses (excluding depreciation and amortization expense reflected below)		1,358			48		153		(1	)		1,558
Depreciation and amortization expense		543			23		20		—			586
Total cost of sales		32,243			785		1,397		(432	)		33,993
Other operating expenses		15			2		1		—			18
General and administrative expenses (excluding depreciation and amortization expense reflected below)		—			—		—		286			286
Depreciation and amortization expense		—			—		—		12			12
Operating income by segment	$	1,270		$	150	$	474	$	(300	)	$	1,594

Three months ended December 31, 2020
Revenues:
Revenues from external customers	$	15,513		$	205	$	886	$	—		$	16,604
Intersegment revenues		2			62		66		(130	)		—
Total revenues		15,515			267		952		(130	)		16,604
Cost of sales:
Cost of materials and other (b)		14,324			107		800		(130	)		15,101
Operating expenses (excluding depreciation and amortization expense reflected below)		1,032			22		113		—			1,167
Depreciation and amortization expense		531			11		24		—			566
Total cost of sales		15,887			140		937		(130	)		16,834
Other operating expenses		5			—		—		—			5
General and administrative expenses (excluding depreciation and amortization expense reflected below)		—			—		—		224			224
Depreciation and amortization expense		—			—		—		11			11
Operating income (loss) by segment	$	(377	)	$	127	$	15	$	(235	)	$	(470	)

See Operating Highlights by Segment. See Notes to Earnings Release Tables.

VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES FINANCIAL HIGHLIGHTS BY SEGMENT (millions of dollars) (unaudited)

	Refining			Renewable Diesel		Ethanol			Corporate and Eliminations			Total
Year ended December 31, 2021
Revenues:
Revenues from external customers	$	106,947		$	1,874	$	5,156		$	—		$	113,977
Intersegment revenues		14			468		433			(915	)		—
Total revenues		106,961			2,342		5,589			(915	)		113,977
Cost of sales:
Cost of materials and other (a) (c)		97,759			1,438		4,428			(911	)		102,714
Operating expenses (excluding depreciation and amortization expense reflected below) (a)		5,088			134		556			(2	)		5,776
Depreciation and amortization expense		2,169			58		131			—			2,358
Total cost of sales		105,016			1,630		5,115			(913	)		110,848
Other operating expenses		83			3		1			—			87
General and administrative expenses (excluding depreciation and amortization expense reflected below)		—			—		—			865			865
Depreciation and amortization expense		—			—		—			47			47
Operating income by segment	$	1,862		$	709	$	473		$	(914	)	$	2,130

Year ended December 31, 2020
Revenues:
Revenues from external customers	$	60,840		$	1,055	$	3,017		$	—		$	64,912
Intersegment revenues		8			212		226			(446	)		—
Total revenues		60,848			1,267		3,243			(446	)		64,912
Cost of sales:
Cost of materials and other (b)		56,093			500		2,784			(444	)		58,933
LCM inventory valuation adjustment		(19	)		—		—			—			(19	)
Operating expenses (excluding depreciation and amortization expense reflected below)		3,944			85		406			—			4,435
Depreciation and amortization expense		2,138			44		121			—			2,303
Total cost of sales		62,156			629		3,311			(444	)		65,652
Other operating expenses		34			—		1			—			35
General and administrative expenses (excluding depreciation and amortization expense reflected below)		—			—		—			756			756
Depreciation and amortization expense		—			—		—			48			48
Operating income (loss) by segment	$	(1,342	)	$	638	$	(69	)	$	(806	)	$	(1,579	)

See Operating Highlights by Segment. See Notes to Earnings Release Tables.

VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS REPORTED UNDER U.S. GAAP (g) (millions of dollars, except per share amounts) (unaudited)

	Three Months Ended December 31,						Year Ended December 31,
	2021			2020			2021			2020
Reconciliation of net income (loss) attributable to Valero Energy Corporation stockholders to adjusted net income (loss) attributable to Valero Energy Corporation stockholders
Net income (loss) attributable to Valero Energy Corporation stockholders	$	1,009		$	(359	)	$	930		$	(1,421	)
Adjustments:
Modification of renewable volume obligation (RVO) (c)		(190	)		—			—			—
Income tax expense related to modification of RVO		43			—			—			—
Modification of RVO, net of taxes		(147	)		—			—			—
Changes in estimated useful lives of two ethanol plants		—			—			48			30
Income tax benefit related to the changes in estimated useful lives of two ethanol plants		—			—			(11	)		(6	)
Changes in estimated useful lives of two ethanol plants, net of taxes		—			—			37			24
Gain on sale of MVP interest (d)		—			—			(62	)		—
Income tax expense related to gain on sale of MVP interest		—			—			14			—
Gain on sale of MVP interest, net of taxes		—			—			(48	)		—
Diamond Pipeline asset impairment (d)		—			—			24			—
Income tax benefit related to Diamond Pipeline asset impairment		—			—			(5	)		—
Diamond Pipeline asset impairment, net of taxes		—			—			19			—
Loss on early redemption and retirement of debt (d)		193			—			193			—
Income tax benefit related to loss on early redemption and retirement of debt		(43	)		—			(43	)		—
Loss on early redemption and retirement of debt, net of taxes		150			—			150			—
Income tax expense related to changes in statutory tax rates (e)		—			—			64			—
Last-in, first-out (LIFO) liquidation adjustment (b)		—			(102	)		—			224
Income tax expense (benefit) related to the LIFO liquidation adjustment		—			32			—			(76	)
LIFO liquidation adjustment, net of taxes		—			(70	)		—			148
LCM inventory valuation adjustment		—			—			—			(19	)
Income tax expense related to the LCM inventory valuation adjustment		—			—			—			3
LCM inventory valuation adjustment, net of taxes		—			—			—			(16	)
Total adjustments		3			(70	)		222			156
Adjusted net income (loss) attributable to Valero Energy Corporation stockholders	$	1,012		$	(429	)	$	1,152		$	(1,265	)


See Notes to Earnings Release Tables.

VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS REPORTED UNDER U.S. GAAP (g) (millions of dollars, except per share amounts) (unaudited)

	Three Months Ended December 31,						Year Ended December 31,
	2021			2020			2021			2020
Reconciliation of earnings (loss) per common share – assuming dilution to adjusted earnings (loss) per common share – assuming dilution
Earnings (loss) per common share – assuming dilution (f)	$	2.46		$	(0.88	)	$	2.27		$	(3.50	)
Adjustments:
Modification of RVO (c)		(0.36	)		—			—			—
Changes in estimated useful lives of two ethanol plants		—			—			0.09			0.06
Gain on sale of MVP interest (d)		—			—			(0.12	)		—
Diamond Pipeline asset impairment (d)		—			—			0.04			—
Loss on early redemption and retirement of debt (d)		0.37			—			0.37			—
Income tax expense related to changes in statutory tax rates (e)		—			—			0.16			—
LIFO liquidation adjustment (b)		—			(0.18	)		—			0.36
LCM inventory valuation adjustment		—			—			—			(0.04	)
Total adjustments		0.01			(0.18	)		0.54			0.38
Adjusted earnings (loss) per common share – assuming dilution (f)	$	2.47		$	(1.06	)	$	2.81		$	(3.12	)

See Notes to Earnings Release Tables.

VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS REPORTED UNDER U.S. GAAP (g) (millions of dollars) (unaudited)

	Three Months Ended December 31,						Year Ended December 31,
	2021			2020			2021		2020
Reconciliation of operating income (loss) by segment to segment margin, and reconciliation of operating income (loss) by segment to adjusted operating income (loss) by segment
Refining segment
Refining operating income (loss)	$	1,270		$	(377	)	$	1,862	$	(1,342	)
Adjustments:
Modification of RVO (c)		(190	)		—			—		—
LIFO liquidation adjustment (b)		—			(104	)		—		222
LCM inventory valuation adjustment		—			—			—		(19	)
Operating expenses (excluding depreciation and amortization expense reflected below) (a)		1,358			1,032			5,088		3,944
Depreciation and amortization expense		543			531			2,169		2,138
Other operating expenses		15			5			83		34
Refining margin	$	2,996		$	1,087		$	9,202	$	4,977

Refining operating income (loss)	$	1,270		$	(377	)	$	1,862	$	(1,342	)
Adjustments:
Modification of RVO (c)		(190	)		—			—		—
LIFO liquidation adjustment (b)		—			(104	)		—		222
LCM inventory valuation adjustment		—			—			—		(19	)
Other operating expenses		15			5			83		34
Adjusted refining operating income (loss)	$	1,095		$	(476	)	$	1,945	$	(1,105	)

Renewable diesel segment
Renewable diesel operating income	$	150		$	127		$	709	$	638
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)		48			22			134		85
Depreciation and amortization expense		23			11			58		44
Other operating expenses		2			—			3		—
Renewable diesel margin	$	223		$	160		$	904	$	767

Renewable diesel operating income	$	150		$	127		$	709	$	638
Adjustment: Other operating expenses		2			—			3		—
Adjusted renewable diesel operating income	$	152		$	127		$	712	$	638

See Notes to Earnings Release Tables.

VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS REPORTED UNDER U.S. GAAP (g) (millions of dollars) (unaudited)

	Three Months Ended December 31,						Year Ended December 31,
	2021			2020			2021		2020
Reconciliation of operating income (loss) by segment to segment margin, and reconciliation of operating income (loss) by segment to adjusted operating income (loss) by segment (continued)
Ethanol segment
Ethanol operating income (loss)	$	474		$	15		$	473	$	(69	)
Adjustments:
LIFO liquidation adjustment (b)		—			2			—		2
Operating expenses (excluding depreciation and amortization expense reflected below) (a)		153			113			556		406
Depreciation and amortization expense		20			24			131		121
Other operating expenses		1			—			1		1
Ethanol margin	$	648		$	154		$	1,161	$	461

Ethanol operating income (loss)	$	474		$	15		$	473	$	(69	)
Adjustments:
Changes in estimated useful lives of two ethanol plants		—			—			48		30
LIFO liquidation adjustment (b)		—			2			—		2
Other operating expenses		1			—			1		1
Adjusted ethanol operating income (loss)	$	475		$	17		$	522	$	(36	)

See Notes to Earnings Release Tables.

Contacts

Valero Contacts

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

Read full story here

: Business Wire; Posted On Jan 28, 2022

PerkinElmer Board Declares Quarterly Dividend

WALTHAM, Mass.--(BUSINESS WIRE)--The Board of Directors of PerkinElmer, Inc. (NYSE: PKI), declared a regular quarterly dividend of $0.07 per share of common stock January 27, 2022. This dividend is payable on May 13, 2022 to all shareholders of record at the close of business on April 22, 2022.

About PerkinElmer

PerkinElmer, Inc. is a global leader focused on innovating for a healthier world. The Company reported revenue of approximately $3.8 billion in 2020, has more than 16,000 employees serving customers in 190 countries, and is a component of the S&P 500 Index. Additional information is available at www.perkinelmer.com.

Contacts

Investor Relations:
Steve Willoughby
(781) 663-5677
This email address is being protected from spambots. You need JavaScript enabled to view it.

Media Relations:
Chet Murray
(781) 663-5719
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: Business Wire; Posted On Jan 27, 2022

Spire Global Launches Localized Weather Forecasts Customized for Global Ports

Space-based, AI-powered weather forecast launched for global ports

VIENNA, Va.--(BUSINESS WIRE)--Spire Global, Inc. (NYSE: SPIR) (“the Company” or “Spire”), a leading global provider of space-based data, analytics, and space services announced today the expansion of its weather insight portfolio with the launch of a hyper-local, hyper-accurate optimized forecast for ports.

The Spire Weather Port Optimized Forecast solution takes into account both natural and man-made variables at an exact port location and generates an AI-powered, accurate forecast specifically for that area. As a one-stop weather insight hub, Spire will continue to provide more data and insights to provide accurate and actionable weather forecasts for the maritime industry.

Port and terminal decision makers can now access timely, accurate weather information to reduce congestion, ameliorate operations and increase safety. Spire’s Port Optimized Forecast can support port authorities in managing vessel traffic during poor weather conditions such as strong winds, swells and currents. Depending on the exact location, characteristics and business model of the port of interest, Spire’s port solution will facilitate operational scheduling and maintenance downtime as it’ll provide up-to-date regional weather insights. The maritime industry can allocate its resources more effectively to manage estimated time of arrival, enable smooth cargo loading/off-loading operations, and keep all stakeholders safe.

“Site-specific weather forecasts can anticipate wave amplitude, wind speeds, thunderstorm squalls, and reflect conditions before and after a storm making operations in and around port safer,” said Dr. Kevin Petty, VP, Weather and Earth Intelligence at Spire Global. “As a mission-driven company, we’re committed to providing data solutions that can help solve the global challenges faced today such as reducing disruptions in the global supply chain network and climate change.”

About Spire Global, Inc.

Spire (NYSE: SPIR) is a leading global provider of space-based data, analytics, and space services, offering access to unique datasets and powerful insights about Earth from the ultimate vantage point so that organizations can make decisions with confidence, accuracy, and speed. Spire uses one of the world’s largest multi-purpose satellite constellations to source hard to acquire, valuable data and enriches it with predictive solutions. Spire then provides this data as a subscription to organizations around the world so they can improve business operations, decrease their environmental footprint, deploy resources for growth and competitive advantage, and mitigate risk. Spire gives commercial and government organizations the competitive advantage they seek to innovate and solve some of the world’s toughest problems with insights from space. Spire has offices in San Francisco, Boulder, Washington DC, Ontario, Glasgow, Luxembourg, and Singapore. To learn more, visit spire.com.

Contacts

Media Contact:

Andrew Cameron
This email address is being protected from spambots. You need JavaScript enabled to view it.

: Business Wire; Posted On Jan 28, 2022

Pacific Coast Oil Trust Announces There Will Be No January Cash Distribution

HOUSTON--(BUSINESS WIRE)--PACIFIC COAST OIL TRUST (OTC–ROYTL) (the “Trust”), a royalty trust formed by Pacific Coast Energy Company LP (“PCEC”), announced today that there will be no cash distribution to the holders of its units of beneficial interest of record on January 28, 2022 based on the Trust’s calculation of net profits generated during November 2021 (the “Current Month”) as provided in the conveyance of net profits interests and overriding royalty interest (the “Conveyance”). Given the Trust’s receipt of insufficient monthly income from its net profits interests and overriding royalty interest during 2020 and 2021, the Trust had been expected to terminate by its terms at the end of 2021; however, as described further below, in December 2021 a court issued a temporary restraining order enjoining the dissolution of the Trust pending the outcome of a hearing that is currently scheduled for February 14, 2022. As described further below, based on information from PCEC, the likelihood of distributions to the unitholders in the foreseeable future is extremely remote. The Trust may also be terminated upon the occurrence of other events as described in the Trust’s filings with the SEC. All financial and operational information in this press release has been provided to the Trustee by PCEC.

The Current Month’s distribution calculation for the Developed Properties resulted in operating income of approximately $1.2 million. Revenues from the Developed Properties were approximately $3.3 million, lease operating expenses including property taxes were approximately $2.0 million, and development costs were approximately $0.1 million. The average realized price for the Developed Properties was $75.68 per Boe for the Current Month, as compared to $79.93 per Boe in October 2021. Oil prices generally have continued to rise in recent months, following the sharp decline in the first quarter of 2020, and were higher in the Current Month as compared to November 2020. The cumulative net profits deficit amount for the Developed Properties declined approximately $1.0 million, to approximately $21.1 million in the Current Month versus approximately $22.0 million in the prior month.

The Current Month’s calculation included approximately $102,000 generated from the 7.5% overriding royalty interest on the Remaining Properties from Orcutt Diatomite and Orcutt Field. Average realized prices for the Remaining Properties were $73.31 per Boe in the Current Month, as compared to $77.80 per Boe in October 2021. The cumulative net profits deficit for the Remaining Properties decreased by approximately $203,000 and was approximately $2.2 million for the Current Month.

The monthly operating and services fee of approximately $96,000 payable to PCEC, together with Trust general and administrative expenses of approximately $106,000 and the payment to PCEC of approximately $6,000 of accrued interest under the promissory note between the Trust and PCEC, together exceeded the payment of approximately $102,000 received from PCEC from the 7.5% overriding royalty interest on the Remaining Properties, creating a shortfall of approximately $106,000.

PCEC has provided the Trust with a $1 million letter of credit to be used by the Trust if its cash on hand (including available cash reserves) is not sufficient to pay ordinary course administrative expenses as they become due. As of March 31, 2021, the letter of credit has been fully drawn down. Further, the trust agreement provides that if the Trust requires more than the $1 million under the letter of credit to pay administrative expenses, PCEC will, upon written request of the Trustee, loan funds to the Trust in such amount as necessary to pay such expenses. Under the trust agreement, the Trust may only use funds provided under the letter of credit or loaned by PCEC or another source to pay the Trust’s current accounts or other obligations to trade creditors in connection with obtaining goods or services or for the payment of other accrued current liabilities arising in the ordinary course of the Trust’s business. As the Trust has fully drawn down the letter of credit, PCEC will be loaning funds to the Trust to pay the expected shortfall of approximately $106,000, which would bring the total amount of outstanding borrowings (including the amount drawn from the letter of credit, which also must be repaid as provided in the trust agreement) from PCEC to approximately $3,105,000, plus interest thereon, related to shortfalls from prior months. Consequently, no further distributions may be made to Trust unitholders until the Trust’s indebtedness created by such amounts drawn or borrowed, including interest thereon, has been paid in full.

Sales Volumes and Prices

The following table displays PCEC’s underlying sales volumes and average prices for the Current Month:

	Underlying Properties
	Sales Volumes		Average Price
	(Boe)	(Boe/day)	(per Boe)
Developed Properties (a)	43,515	1,451	$75.68
Remaining Properties (b)	19,145	638	$73.31

(a) Crude oil sales represented 99% of sales volumes
(b) Crude oil sales represented 99% of sales volumes

Update on Estimated Asset Retirement Obligations

As previously disclosed, in November 2019, PCEC informed the Trustee that, as permitted by the Conveyance, PCEC intended to begin deducting its estimated asset retirement obligations (“ARO”) associated with the West Pico, Orcutt Hill, Orcutt Hill Diatomite, East Coyote and Sawtelle fields, thereby reducing the amounts payable to the Trust under its Net Profits Interests. ARO is the recognition related to net present value of future plugging and abandonment costs that all oil and gas operators face. PCEC engaged an accounting firm, Moss Adams LLP (“Moss Adams”), acting as third-party consultants, to assist PCEC in determining its estimated ARO, and on February 27, 2020, PCEC informed the Trustee that based on the analysis performed by Moss Adams, PCEC’s estimated ARO, as of December 31, 2019, was $45,695,643, which is approximately $10.0 million less than the undiscounted amount that was originally estimated before Moss Adams completed its analysis, as previously disclosed in the Trust’s Current Report on Form 8‑K filed on November 13, 2019. According to PCEC and its third-party consultants, its estimated ARO, which reflected PCEC’s assessment of current market conditions as of December 31, 2019 and changes in California law, was determined to be approximately $33.2 million for the Developed Properties and approximately $12.5 million for the Remaining Properties, or approximately $26.5 million and approximately $3.1 million net to the Trust, respectively, and PCEC has reflected these amounts beginning with the calculation of the net profits generated during January 2020. The accrual has resulted in a current cumulative net profits deficit of approximately $23.3 million, which must be recouped from proceeds otherwise payable to the Trust from the Trust’s Net Profits Interests. Therefore, until the net profits deficit is eliminated, the only cash proceeds the Trust will receive are pursuant to the 7.5% overriding royalty interest.

PCEC has informed the Trustee that in accordance with generally accepted accounting principles, PCEC will evaluate the ARO on a quarterly basis. As a result of that re-evaluation, the actual ARO incurred in the future may be greater or less than the estimated amounts provided by PCEC. As previously disclosed, PCEC has informed the Trustee that at year-end 2020, and following the end of each of the first, second and third quarters of 2021, in light of the accounting guidance under Accounting Standards Codification 410-20-35-3, which requires the recognition of changes in the asset retirement obligation due to the passage of time and revision of the timing or amount of the originally estimated undiscounted cash flows, PCEC re-evaluated the estimated ARO, which resulted in an aggregate increase to the ARO accrual for the Developed Properties by approximately $5.1 million, net to the Trust’s interest, and an aggregate increase to the ARO accrual for the Remaining Properties by approximately $288,000, net to the Trust’s interest.

Based on PCEC’s estimate of its ARO attributable to the Net Profits Interest, deductions relating to estimated ARO are likely to eliminate the likelihood of any distributions to Trust unitholders for the foreseeable future, as previously disclosed in the Trust’s Current Report on Form 8-K filed on November 13, 2019.

As previously disclosed, the Trust engaged Martindale Consultants, Inc. (“Martindale”), a provider of analysis and compliance review services to the oil and gas industry, to perform an independent review of the estimated ARO in the Moss Adams report that PCEC provided to the Trustee. The Trustee also has engaged an accounting expert to advise the Trustee regarding the accruals that PCEC has booked relating to its estimated ARO. As disclosed in the Trust’s Current Report on Form 8-K filed on December 29, 2020, Martindale has completed its review of the estimated ARO and on December 21, 2020 provided its analysis and recommendations to the Trustee. Based on Martindale’s recommendations provided in its report to the Trust, as disclosed in the Trust’s Current Report on Form 8-K filed on December 29, 2020, the Trustee requested that PCEC promptly make several adjustments to its calculations and methods of deducting ARO from the proceeds to which the Trust is otherwise entitled pursuant to its Net Profits Interests. PCEC has responded to the Trustee, indicating PCEC’s view that the adjustments would violate applicable contracts and accounting standards, and has therefore declined to make any adjustments to the estimated ARO calculation based on those requests and the recommendations of the Martindale report. The Trustee has concluded that it has taken all action reasonably available to it under the Trust’s governing documents in connection with PCEC’s ARO calculation and therefore has determined not to take further action at this time.

As described in more detail in the Trust’s filings with the SEC, the trust agreement provides that the Trust will terminate if the annual cash proceeds received by the Trust from the Net Profits Interests and 7.5% overriding royalty interest total less than $2.0 million for each of any two consecutive calendar years. Because of the cumulative net profits deficit—which PCEC contends is the result of the substantial reduction in commodity prices during 2020 due to the COVID-19 pandemic and PCEC’s deduction of estimated ARO beginning in the first quarter of 2020—the only cash proceeds the Trust has received since March 2020 have been attributable to the 7.5% overriding royalty interest. As a result, the total proceeds received by the Trust in each of 2020 and 2021 were less than $2.0 million. Therefore, the Trust had been expected to terminate by its terms at the end of 2021.

Status of the Dissolution of the Trust

As previously disclosed in the Trust’s Current Report on Form 8-K filed on December 23, 2021, on December 8, 2021, Evergreen Capital Management LLC (“Evergreen”) filed an Amended Class Action and Shareholder Derivative Complaint alleging a derivative action on behalf of the Trust and against PCEC in the Superior Court of the State of California for the County of Los Angeles (the “Court”).

On December 10, 2021, Evergreen filed a motion for a preliminary injunction, seeking to (1) enjoin the Trustee from dissolving the Trust, (2) enjoin PCEC from dissolving the Trust, (3) direct PCEC to account for all monies withheld from the Trust on the basis of ARO costs since September 2019, and (4) direct PCEC to place such monies in escrow. Also on December 10, 2021, Evergreen filed a motion for a temporary restraining order, seeking to (1) enjoin the dissolution of the Trust, (2) enjoin the Trustee from taking any action toward the dissolution of the Trust, and (3) enjoin PCEC from taking any action toward the dissolution of the Trust.

On December 16, 2021, the Court granted Evergreen’s application for a temporary restraining order. Accordingly, the Trust did not dissolve at the end of 2021 and commence the process of selling its assets and winding up its affairs. On January 11, 2022, PCEC and Evergreen filed an agreed stipulation, which the Court approved, to stay the prosecution of Evergreen’s derivative claims pending an arbitration of such claims. On January 13, 2022, the Court signed an Order dissolving the December 16, 2021, temporary restraining order and entering a new temporary restraining order (the “Arbitration TRO”) to preserve the status quo until a tribunal of three arbitrators appointed pursuant to the trust agreement can rule on any request by Evergreen for injunctive relief. The Arbitration TRO will dissolve upon the earlier of (1) January 28, 2022, if Evergreen has failed to initiate an arbitration by that date, or (2) a ruling by the arbitration tribunal granting or denying, in whole or in part, a request by Evergreen for injunctive relief. Any dissolution of the Trust will not occur until after there is a final order on Evergreen’s request for injunctive relief.

Production Update

PCEC has informed the Trustee that PCEC continues to strategically deploy capital to enhance production. Costs associated with returning wells to service must be recovered before cash flow to the Trust can be created. Although oil prices have improved significantly from their lowest levels in 2020, any monthly payments that PCEC may make to the Trust may not be sufficient to cover the Trust’s administrative expenses and outstanding debt to PCEC, and therefore the likelihood of distributions to the unitholders in the foreseeable future is extremely remote.

Overview of Trust Structure

Pacific Coast Oil Trust is a Delaware statutory trust formed by PCEC to own interests in certain oil and gas properties in the Santa Maria Basin and the Los Angeles Basin in California (the “Underlying Properties”). The Underlying Properties and the Trust’s net profits, and royalty interests are described in the Trust’s filings with the SEC. As described in the Trust’s filings with the SEC, the amount of any periodic distributions is expected to fluctuate, depending on the proceeds received by the Trust as a result of actual production volumes, oil and gas prices, development expenses, and the amount and timing of the Trust’s administrative expenses, among other factors. For additional information on the Trust, please visit https://royt.q4web.com/home/default.aspx.

Cautionary Statement Regarding Forward-Looking Information

This press release contains statements that are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical facts, are "forward-looking statements" for purposes of these provisions. These forward-looking statements include estimates of future asset retirement obligations, expectations regarding the impact of deductions for such obligations on future distributions to unitholders, estimates of future total distributions to unitholders, expectations regarding the outcome of the legal proceedings relating to the Trust and any future dissolution of the Trust, expectations regarding the impact of lower commodity prices on oil and gas reserve estimates, statements regarding the impact of returning shut-in wells to production, expectations regarding PCEC’s ability to loan funds to the Trust, and the amount and date of any anticipated distribution to unitholders. In any case, PCEC’s deductions of its estimated asset retirement obligations will have a material adverse effect on distributions to the unitholders and on the trading price of the Trust units and may result in the termination of the Trust. Any anticipated distribution is based, in part, on the amount of cash received or expected to be received by the Trust from PCEC with respect to the relevant period. Any differences in actual cash receipts by the Trust could affect this distributable amount. The amount of such cash received or expected to be received by the Trust (and its ability to pay distributions) has been and will be significantly and negatively affected by prevailing low commodity prices, which declined significantly during 2020, could decline again and could remain low for an extended period of time in light of the economic effects of the COVID-19 pandemic and actions taken by Russia and the members of the Organization of Petroleum Exporting Countries regarding production levels. Other important factors that could cause actual results to differ materially include expenses related to the operation of the Underlying Properties, including lease operating expenses, expenses of the Trust, and reserves for anticipated future expenses. Statements made in this press release are qualified by the cautionary statements made in this press release. Neither PCEC nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release. An investment in units issued by Pacific Coast Oil Trust is subject to the risks described in the Trust's Annual Report on Form 10-K for the year ended December 31, 2018 filed with the SEC on March 8, 2019, and if applicable, the Trust’s subsequent Quarterly Reports on Form 10-Q. The Trust's Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q are available over the Internet at the SEC's website at http://www.sec.gov.

Contacts

Pacific Coast Oil Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Sarah Newell
1(512) 236-6555

: Business Wire; Posted On Jan 27, 2022

EVgo and CBL Properties Partner to Expand Public Fast Charging at Retail Locations, Bringing Convenient Charging Amenities to Shoppers

New station at Oak Park Mall in Overland Park, Kansas, is first EVgo station to go live in the state

LOS ANGELES--(BUSINESS WIRE)--EVgo Inc. (NASDAQ: EVGO), the nation’s largest public fast charging network for electric vehicles (EVs) and only platform powered by 100% renewable electricity, and CBL Properties (NYSE:CBL) today announced a partnership to add EVgo fast charging to select retail locations, including the first EVgo station in Kansas. The partnership supports EVgo’s plans to expand its public network in response to increased demand for EV charging in new markets and the growing segment of EV drivers that rely on public charging. Visitors to the EVgo stations at CBL Properties can charge up to 80% in 15-45 minutes while they shop and run errands.

CBL Properties’ portfolio of nearly 100 properties across 24 states, is comprised of malls, outlets, lifestyle retail centers and open-air centers. The new charging station at Overland Park adds to the growing portfolio of operational EVgo sites at CBL Properties, including the Greenbrier Mall in Chesapeake, Virginia, the Volusia Mall in Daytona Beach, Florida, and an additional site in development at Laurel Park Place in Livonia, Michigan, slated to come online in early 2022.

“Adding EV charging to our retail properties benefits our customers, communities and helps us enhance our ESG commitments,” said Stephen Lebovitz, chief executive officer at CBL Properties. “Through partnerships, like this one with EVgo, we continue to develop projects and opportunities for our tenants and their employees and customers to further reduce the impact on our environment.”

“CBL and EVgo share a commitment to making a positive impact and we are excited to see our partnership expand to new regions, bringing EVgo’s first station to Kansas,” said Cathy Zoi, CEO of EVgo. “Providing fast charging amenities where people need to go as part of their everyday lifestyle is a priority for EVgo and we look forward to serving CBL’s tenants and customers across their portfolio.”

For more information around the locations of EV chargers within the EVgo charging network, visit www.evgo.com.

About EVgo
EVgo (Nasdaq: EVGO) is the nation’s largest public fast charging network for electric vehicles, and the first to be powered by 100% renewable energy. With more than 800 fast charging locations, EVgo’s owned and operated charging network serves over 68 metropolitan areas across 35 states and more than 310,000 customer accounts. Founded in 2010, EVgo leads the way on transportation electrification, partnering with automakers; fleet and rideshare operators; retail hosts such as hotels, shopping centers, gas stations and parking lot operators; and other stakeholders to deploy advanced charging technology to expand network availability and make it easier for drivers across the U.S. to enjoy the benefits of driving an EV. As a charging technology first mover, EVgo works closely with business and government leaders to accelerate the ubiquitous adoption of EVs by providing a reliable and convenient charging experience close to where drivers live, work and play, whether for a daily commute or a commercial fleet.

About CBL Properties
Headquartered in Chattanooga, TN, CBL Properties owns and manages a national portfolio of market-dominant properties located in dynamic and growing communities. CBL’s portfolio is comprised of 99 properties totaling 63.0 million square feet across 24 states, including 61 high-quality enclosed, outlet and open-air retail centers and five properties managed for third parties. CBL seeks to continuously strengthen its company and portfolio through active management, aggressive leasing, and profitable reinvestment in its properties. For more information visit cblproperties.com.

Contacts

For Investors:
Ted Brooks, VP of Investor Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
310-954-2943

For Media:
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: Business Wire; Posted On Jan 28, 2022

CF Industries Holdings, Inc. Welcomes Commerce Department’s Affirmative Preliminary Antidumping Duty Determinations Concerning UAN from Russia and Trinidad and Tobago

DEERFIELD, Ill.--(BUSINESS WIRE)--CF Industries Holdings, Inc. today welcomed the U.S. Department of Commerce’s (“Commerce”) affirmative preliminary determinations in its antidumping duty (“AD”) investigations of imports of urea ammonium nitrate (“UAN”) from Russia and Trinidad and Tobago (“Trinidad”). This follows Commerce’s affirmative preliminary countervailing duty (“CVD”) determinations for UAN from Russia and Trinidad, issued in November 2021.

“Commerce’s affirmative preliminary antidumping and countervailing duty determinations not only address unfair trade practices that have harmed the U.S. UAN industry and its workers, but also help ensure that this vital product remains readily available to U.S. farmers from reliable domestic suppliers,” said Tony Will, president and chief executive officer, CF Industries Holdings, Inc. “We appreciate the thorough, fact-driven investigations conducted by Commerce professionals and their impartial application of U.S. law. We look forward to participating in the post-preliminary phase of these investigations.”

Commerce found that Russian UAN imports are dumped (i.e., sold at less than fair value) into the U.S. market at rates ranging from 9.15% to 127.19%, and that Trinidadian UAN imports are dumped at a rate of 63.08%. As a result of these determinations, Commerce will impose cash deposit requirements on imports of UAN from Russia and Trinidad, based on the preliminary rates of dumping. Additional CVD cash deposit requirements are already in place based on Commerce’s previous preliminary finding that Russian UAN imports are unfairly subsidized at rates ranging from 9.66% to 9.84%, and that Trinidadian UAN imports are unfairly subsidized at a rate of 1.83%.

Commerce initiated the AD and CVD investigations in July 2021, in response to petitions filed by CF Industries Holdings, Inc. alleging that unfairly dumped and subsidized imports of UAN from Russia and Trinidad are injuring the U.S. UAN industry. Under U.S. law, both Commerce and the U.S. International Trade Commission (“ITC”) must make final affirmative determinations in order for Commerce to issue an AD/CVD order, which would remain in place for at least five years. Commerce and the ITC are expected to make final determinations in the summer of 2022.

About CF Industries Holdings, Inc.

At CF Industries, our mission is to provide clean energy to feed and fuel the world sustainably. With our employees focused on safe and reliable operations, environmental stewardship, and disciplined capital and corporate management, we are on a path to decarbonize our ammonia production network – the world’s largest – to enable green and blue hydrogen and nitrogen products for energy, fertilizer, emissions abatement and other industrial activities. Our nine manufacturing complexes in the United States, Canada, and the United Kingdom, an unparalleled storage, transportation and distribution network in North America, and logistics capabilities enabling a global reach underpin our strategy to leverage our unique capabilities to accelerate the world’s transition to clean energy. CF Industries routinely posts investor announcements and additional information on the Company’s website at www.cfindustries.com and encourages those interested in the Company to check there frequently.

Contacts

Media
Chris Close
Director, Corporate Communications
847-405-2542 – This email address is being protected from spambots. You need JavaScript enabled to view it.

Investors
Martin Jarosick
Vice President, Investor Relations
847-405-2045 – This email address is being protected from spambots. You need JavaScript enabled to view it.

: Business Wire; Posted On Jan 27, 2022

MarineMax Reports Record Fiscal 2022 First Quarter Results

~Record December Quarter Revenue Grows 15% to Over $472 Million~

~Same-Store Sales Growth of 9% Driven By Comparable New Unit Growth~

~Gross Margin Expands to a Record 35% in the Quarter~

~Record First Quarter Earnings Per Share of $1.59~

~Raises Fiscal Year 2022 Guidance~

CLEARWATER, Fla.--(BUSINESS WIRE)--MarineMax, Inc. (NYSE: HZO), the world’s largest recreational boat and yacht retailer, today announced record results for its first quarter ended December 31, 2021.

Revenue increased 15% to a record $472.7 million for the quarter ended December 31, 2021 from $411.5 million in the comparable period last year. The revenue growth was due to contributions from recent strategic acquisitions and strong same-store sales growth of 9%, driven by increased unit sales. The 9% same-store sales growth was on top of over 20% growth in the comparable quarter last year. Given the Company’s significant geographic and product diversification, accretive acquisitions which have generally had a higher gross margin profile and a solid demand environment, net income increased 52% to $35.9 million and earnings per diluted share grew 53% to $1.59. This compares to earnings per diluted share of $1.04 in the comparable period last year.

W. Brett McGill, Chief Executive Officer and President, stated, “We delivered record revenue, cash flow and earnings growth in the quarter. This was on top of very strong performance a year ago, as we have continued to outperform by effectively executing on our growth strategy. Our 9% same-store sales growth was driven primarily by unit sales growth, which is notable given the continued industry wide supply chain challenges. We delivered world class customer service as we executed on our customer centric strategy, supported by our global market presence, premium brands, deep manufacturing relationships and ongoing investments in technology. The meaningful margin expansion in the quarter was bolstered by increased product margins and growth in our higher margin businesses that drove significant operating leverage in the quarter.”

Mr. McGill continued, “Our accretive acquisitions are all successfully integrated and continue to contribute to our performance. Our balance sheet, with substantial tangible net worth and liquidity, coupled with our cycle tested management team, provides us a significant competitive advantage which will allow us to take advantage of growth opportunities through all economic cycles. Additionally, the foundational shift of consumers’ renewed desire for the boating lifestyle continues to build, as both demand and backlog remain very robust. With the peak selling season ahead, we expect to build on the strong start to our fiscal year and we remain confident that our growth strategy will continue to enhance long term shareholder value.”

2022 Guidance

Based on current business conditions, retail trends and other factors, as well as contributions from acquisitions closed in the December 2021 quarter, the Company is raising its fiscal year 2022 guidance for earnings per diluted share to a range of $7.60 to $8.00, which is increased from its previously provided guidance of $7.20 to $7.50 per diluted share. This compares to earnings per diluted share of $6.78 in fiscal 2021. These expectations do not consider, or give effect for, material acquisitions that may be completed by the Company during fiscal 2022 or other unforeseen events, including changes in global economic conditions.

About MarineMax

MarineMax is the world’s largest recreational boat and yacht retailer, selling new and used recreational boats, yachts and related marine products and services, as well as providing yacht brokerage and charter services. MarineMax has over 100 locations worldwide, including 79 retail dealership locations, which includes 31 marinas or storage operations. Through Fraser Yachts and Northrop and Johnson, the Company also is the largest super-yacht services provider, operating locations across the globe. Cruisers Yachts, a MarineMax company, manufactures boats and yachts with sales through our select retail dealership locations and through independent dealers. Intrepid Powerboats, a MarineMax company, manufactures powerboats and sells through a direct-to-consumer model. MarineMax provides finance and insurance services through wholly owned subsidiaries and operates MarineMax Vacations in Tortola, British Virgin Islands. The Company also operates Boatyard, a pioneering digital platform that enhances the boating experience. MarineMax is a New York Stock Exchange-listed company (NYSE: HZO). For more information, please visit www.marinemax.com.

Forward Looking Statement

Certain statements in this press release are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include the Company’s anticipated financial results for the first quarter ended December 31, 2021; the Company's competitive advantage and its ability to take advantage of growth opportunities through all economic cycles; the foundational shift of consumers' renewed desire for the boating lifestyle; the Company's growth strategy and the related enhancement to long term shareholder value; and the Company's fiscal 2022 guidance. These statements are based on current expectations, forecasts, risks, uncertainties and assumptions that may cause actual results to differ materially from expectations as of the date of this release. These risks, assumptions and uncertainties include the Company’s abilities to reduce inventory, manage expenses and accomplish its goals and strategies, the quality of the new product offerings from the Company’s manufacturing partners, the performance and integration of recently-acquired businesses, the impacts (direct and indirect) of COVID-19 on the Company’s business, the Company’s employees, the Company’s manufacturing partners (including their supply of products sold by the Company), and the overall economy, general economic conditions, as well as those within the Company's industry, the level of consumer spending, the Company’s ability to integrate acquisitions into existing operations, and numerous other factors identified in the Company’s Form 10-K for the fiscal year ended September 30, 2021 and other filings with the Securities and Exchange Commission. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

MarineMax, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (Amounts in thousands, except share and per share data) (Unaudited)

	Three Months Ended December 31,
	2021		2020


Revenue	$	472,691	$	411,524
Cost of sales		305,492		288,123
Gross profit		167,199		123,401

Selling, general, and administrative expenses		119,997		91,417
Income from operations		47,202		31,984

Interest expense		637		1,268
Income before income tax provision		46,565		30,716

Income tax provision		10,622		7,116
Net income	$	35,943	$	23,600

Basic net income per common share	$	1.64	$	1.07

Diluted net income per common share	$	1.59	$	1.04

Weighted average number of common shares used in computing net income per common share:
Basic		21,899,264		22,025,898
Diluted		22,663,694		22,745,125

MarineMax, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Amounts in thousands) (Unaudited)

	December 31, 2021			December 31, 2020
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	216,315		$	120,939
Accounts receivable, net		39,468			44,001
Inventories, net		325,396			378,863
Prepaid expenses and other current assets		16,736			14,583
Total current assets		597,915			558,386

Property and equipment, net		217,513			149,657
Operating lease right-of-use assets, net		101,835			105,633
Goodwill and other intangible assets, net		247,116			143,114
Other long-term assets		10,757			8,098
Total assets	$	1,175,136		$	964,888

LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	27,244		$	22,379
Contract liabilities (customer deposits)		144,550			55,389
Accrued expenses		81,437			67,457
Short-term borrowings		113,461			163,394
Current maturities on long-term debt		3,587			2,704
Current operating lease liabilities		9,641			9,861
Total current liabilities		379,920			321,184

Long-term debt, net of current maturities		46,623			50,124
Noncurrent operating lease liabilities		94,913			98,220
Deferred tax liabilities, net		13,161			5,911
Other long-term liabilities		7,167			6,867
Total liabilities		541,784			482,306

SHAREHOLDERS' EQUITY:
Preferred stock		—			—
Common stock		29			28
Additional paid-in capital		291,814			283,101
Accumulated other comprehensive income		252			1,749
Retained earnings		468,621			301,299
Treasury stock		(127,364	)		(103,595	)
Total shareholders’ equity		633,352			482,582
Total liabilities and shareholders’ equity	$	1,175,136		$	964,888

MarineMax, Inc. and Subsidiaries Segment Financial Information (Amounts in thousands) (Unaudited)

	Three Months Ended December 31,
	2021			2020

Revenue:
Retail Operations	$	454,618		$	411,524
Product Manufacturing		34,244			—
Elimination of intersegment revenue		(16,171	)		—
Revenue	$	472,691		$	411,524

Income from operations:
Retail Operations	$	45,123		$	31,984
Product Manufacturing		3,443			—
Elimination of intersegment income		(1,364	)		—
Income from operations	$	47,202		$	31,984

Contacts

Investors:
Michael H. McLamb
Chief Financial Officer
727-531-1700

Brad Cohen or Dawn Francfort
ICR, LLC
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Media:
Abbey Heimensen
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: Business Wire; Posted On Jan 28, 2022

Archaea Energy Announces Expansion of Commercial Partnership with FortisBC via New 20-Year Renewable Natural Gas Agreement

Deliveries expected to begin in 2022 and increase to up to 8 million gigajoules (approximately 7.6 million MMBtu) per year of RNG by 2025

HOUSTON--(BUSINESS WIRE)--Archaea Energy Inc. (“Archaea” or “the Company”) (NYSE: LFG), an industry-leading renewable natural gas (“RNG”) company, announced today that it is expanding its commercial partnership with FortisBC Energy Inc. (“FortisBC”), a subsidiary of Fortis Inc. (NYSE: FTS) by entering into a new long-term RNG purchase and sale agreement. This is the second long-term commercial agreement between Archaea and FortisBC, a leading energy solutions provider in British Columbia, Canada, serving approximately 1.2 million customers with natural gas, electricity, propane and renewable energy solutions.

Under the agreement, which is subject to regulatory approval by the British Columbia Utilities Commission, FortisBC expects to purchase up to 8 million gigajoules (approximately 7.6 million MMBtu) of RNG generated by Archaea annually from its portfolio of RNG production facilities for a fixed fee for a period of 20 years. The agreement is expected to commence in 2022 upon regulatory approval, with the full annual quantity beginning in 2025. The RNG produced by Archaea for this long-term partnership is expected to help FortisBC meet its stated goal of having 15 percent of its natural gas supply be renewable by 2030.

“We are excited to grow and strengthen our long-term partnership with FortisBC by entering into another long-term agreement in just over a year,” said Brian McCarthy, Archaea’s Chief Investment Officer. “This landmark deal, which we believe is the largest RNG supply contract signed to date, is enabled by the breadth of our RNG project portfolio and highlights our ability to scale production with our partners’ growing demand for lower-carbon solutions. FortisBC is a pioneer in RNG usage and at the forefront of utility decarbonization. Archaea is honored to partner with FortisBC and support their ambitious goals for British Columbia.”

”If approved, this agreement would be our largest RNG supply agreement to date,” explained Joe Mazza, vice-president of energy supply and resource development with FortisBC. “We’re committed to the significant and rapid expansion of our renewable gas supply and we’re excited to work with a renewable energy leader like Archaea to deliver affordable, carbon neutral gas to British Columbians.”

FortisBC’s RNG program, which began in 2011, was the first utility program in North America to offer RNG to customers. FortisBC is working towards having around 75 per cent of the natural gas in its system derived from renewable sources by 2050.

ABOUT ARCHAEA

Archaea Energy Inc. is one of the largest RNG producers in the U.S., with an industry-leading platform and expertise in developing, constructing, and operating RNG facilities to capture waste emissions and convert them into low carbon fuel. Archaea’s innovative, technology-driven approach is backed by significant gas processing expertise, enabling Archaea to deliver RNG projects that are expected to have higher uptime and efficiency, faster project timelines, and lower development costs. Archaea partners with landfill and farm owners to help them transform potential sources of emissions into RNG, transforming their facilities into renewable energy centers. Archaea’s differentiated commercial strategy is focused on long-term contracts that provide commercial partners a reliable, non-intermittent, sustainable decarbonizing solution to displace fossil fuels.

Additional information is available at www.archaeaenergy.com.

FORWARD-LOOKING STATEMENTS

This press release contains certain statements that may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Statements that do not relate strictly to historical or current facts are forward-looking and usually identified by the use of words such as “anticipate,” “estimate,” “could,” “would,” “should,” “will,” “may,” “forecast,” “approximate,” “expect,” “project,” “intend,” “plan,” “believe” and other similar words. Forward-looking statements may relate to expectations for future financial performance, business strategies or expectations for Archaea’s business. Specifically, forward-looking statements may include statements concerning market conditions and trends, earnings, performance, strategies, prospects and other aspects of Archaea’s business. Forward looking statements are based on current expectations, estimates, projections, targets, opinions and/or beliefs of Archaea, and such statements involve known and unknown risks, uncertainties and other factors.

The risks and uncertainties that could cause those actual results to differ materially from those expressed or implied by these forward looking statements include, but are not limited to: (a) the ability to recognize the anticipated benefits of the business combinations and any transactions contemplated thereby, which may be affected by, among other things, competition, the ability of Archaea to grow and manage growth profitably and retain its management and key employees; (b) the possibility that Archaea may be adversely affected by other economic, business and/or competitive factors; (c) Archaea’s ability to develop and operate new projects; (d) the reduction or elimination of government economic incentives to the renewable energy market; (e) delays in acquisition, financing, construction and development of new projects; (f) the length of development cycles for new projects, including the design and construction processes for Archaea’s projects; (g) Archaea’s ability to identify suitable locations for new projects; (h) Archaea’s dependence on landfill operators; (i) existing regulations and changes to regulations and policies that affect Archaea’s operations; (j) decline in public acceptance and support of renewable energy development and projects; (k) demand for renewable energy not being sustained; (l) impacts of climate change, changing weather patterns and conditions, and natural disasters; (m) the ability to secure necessary governmental and regulatory approvals; (n) the Company’s expansion into new business lines; and (o) other risks and uncertainties indicated in the Registration Statement on Form S-1 (File No. 333-260094), originally filed by Archaea with the SEC on October 6, 2021, as subsequently amended on October 18, 2021 and declared effective by the SEC on October 21, 2021, including those under “Risk Factors” therein, and other documents filed or to be filed with the SEC by Archaea.

Accordingly, forward-looking statements should not be relied upon as representing Archaea’s views as of any subsequent date. Archaea does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Contacts

ARCHAEA CONTACT
Investors and Media
Megan Light
This email address is being protected from spambots. You need JavaScript enabled to view it.
346-439-7589

: Business Wire; Posted On Jan 27, 2022

Sherritt Provides Notice of Fourth Quarter and Year-end 2021 Results Conference Call and Webcast

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

TORONTO--(BUSINESS WIRE)--Sherritt International Corporation (“Sherritt” or the “Corporation”) (TSX:S) will release its fourth quarter and fiscal year 2021 financial results after market close on February 9, 2022. Senior management will host a conference call and webcast on February 10, 2021 at 10:00 am ET to review Sherritt’s fourth quarter and fiscal year 2021 financial and operational performance.

Dial-in and Webcast Details:
North America dial-in number:				1 (866) 521-4909
International dial-in number:				(647) 427-2311
Webcast and slide presentation:				www.sherritt.com

Please dial in 15 minutes before the start of the conference to secure a line and avoid delays. Alternatively, listeners will be able to access the conference call via the webcast available on Sherritt’s website.

A copy of the webcast and replay of the conference call will be available on the website following the presentation.

About Sherritt
Sherritt is a world leader in the mining and refining of nickel and cobalt – metals essential for the growing adoption of electric vehicles. Its Technologies Group creates innovative, proprietary solutions for oil and mining companies around the world to improve environmental performance and increase economic value. The Corporation has embarked on a multi-pronged growth strategy focused on expanding nickel and cobalt production by up to 20% from its 2021 totals and extending the life of mine at Moa beyond 2040. Sherritt is also the largest independent energy producer in Cuba. Sherritt’s common shares are listed on the Toronto Stock Exchange under the symbol “S”.

Contacts

Joe Racanelli, Director of Investor Relations
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Telephone: (416) 935-2457

: Business Wire; Posted On Jan 28, 2022

PG&E Expands Scope of Wildfire Safety Center to Encompass, Ensure Readiness for Any Natural Disaster and Emergency

With Wildfire Information Still a Priority, New Hazard Awareness & Warning Center Enables Faster, Better Response to Storms, Earthquakes and More

OAKLAND, Calif.--(BUSINESS WIRE)--Opened in 2018, Pacific Gas and Electric Company’s (PG&E) Wildfire Safety Operations Center (WSOC) has successfully served as the company’s 24/7 hub for monitoring wildfire risks and for wildfire coordination, prevention and response efforts across Northern and Central California.

Today, PG&E announces a new name and an expanded scope to more effectively monitor potential natural disasters and the impact to our assets to ensure the continued safety of our customers and the hometowns we are privileged to serve. The WSOC is now the Hazard Awareness & Warning Center, or HAWC.

Why? Without sacrificing any of the facility’s deep expertise related to wildfires, the expanded scope will allow the HAWC to serve as the source for reliable, real-time situational awareness of a broader range of natural disasters, emergencies and other events throughout PG&E’s service area. That includes enabling enterprise-level communications to ensure the appropriate level of response as well as providing a focal point of understanding potential risks to our gas and electric infrastructure.

“As with the WSOC, the HAWC is akin to an air-traffic control center for PG&E,” said Sumeet Singh, the company’s Chief Safety and Risk Officer. “It’s where our trained and experienced teams have access to real-time information from many sources and are able to monitor, analyze and enable rapid response so that we can keep our customers and our hometowns safe.”

From its inception, the WSOC monitored wildfires. Now the HAWC monitors a broader range of natural disasters including wildfires, land movement (such as debris flows and slope failures), earthquakes, tsunamis, flooding and avalanche hazards. Through strong partnerships among PG&E’s internal teams as well as with external entities such as the National Weather Service, Cal OES and others, the awareness of additional hazards will increase into the future.

When it opened in May 2018, the WSOC was located in PG&E’s San Francisco headquarters. The center provided a bird's-eye view of high-fire threat areas within PG&E’s service territory, which encompass about 50 percent of the company’s 70,000-square-mile service area. The center also assimilated weather model information, satellite images and other enhanced, real-time data for experts tracking wildfire conditions and threats.

PG&E’s new headquarters will be in Oakland, and the HAWC now operates in San Ramon through the headquarters transition. At that state-of-the-art facility, analysts track incoming information and rely on an active incident dashboard showing fire incidents, the locations of PG&E facilities and support crews, satellite imagery, detailed outage maps and more.

One example of what’s available to operators in the HAWC are direct feeds from more than 500 high-definition cameras in high fire-threat areas. Of these cameras, 46 are included in a new Artificial Intelligence (AI) and machine-learning testing program where the capability to differentiate wildfire smoke from fog and other false indicators during extremely dry, hot, and windy weather is invaluable to PG&E analysts and fire agencies. Images from the ALERTWildfire system are viewable online at www.alertwildfire.org.

Real-time data from 1,300 weather stations also is tracked by the HAWC staff, and that information plays a key role in evaluating whether to proactively turn off power for safety when elevated weather conditions include a potential fire risk.

The HAWC is part of PG&E’s Community Wildfire Safety Program. Through its 2021 wildfire safety work, PG&E:

Improved the Public Safety Power Shutoff (PSPS) program for our customers and communities, using advanced weather forecasting technology and nearly 300 new sectionalizing devices, to impact 16,078 customers on average per outage in 2021, down from 108,843 customers impacted on average in 2020 and 287,770 customers impacted on average in 2019
Launched an initiative to underground 10,000 miles of distribution powerlines in and near high fire-threat areas and hardened more than 200 distribution circuit miles to increase system resiliency
Met and exceeded state vegetation safety standards across more than 1,900 miles in areas with the highest wildfire risk to manage trees that posed a risk to electric distribution powerlines and equipment
Adjusted circuit settings to increase the speed at which safety devices turn off power in response to faults, known as Enhanced Powerline Safety Settings (EPSS), resulting in the CPUC Reportable ignition rate being reduced by nearly 80% as compared to the three-year average for EPSS-enabled circuits.

About PG&E

Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is a combined natural gas and electric utility serving more than 16 million people across 70,000 square miles in Northern and Central California. For more information, visit pge.com and pge.com/news.

Contacts

MEDIA REQUEST:
415-973-5930

: Business Wire; Posted On Jan 27, 2022

Cactus Announces Quarterly Cash Dividend Increase

HOUSTON--(BUSINESS WIRE)--Cactus, Inc. (NYSE: WHD) (“Cactus”) today announced that its Board of Directors approved an increase in the quarterly cash dividend to $0.11 per share of Class A common stock with payment to occur on March 17, 2022 to holders of record of Class A common stock at the close of business on February 28, 2022. A corresponding distribution of up to $0.11 per CW Unit has also been approved for holders of CW Units of Cactus Wellhead, LLC.

Scott Bender, President and Chief Executive Officer of Cactus, commented, “I am pleased to announce that our board has authorized a 10% increase to the regular quarterly cash dividend. We remain well positioned to return capital to shareholders due to our fortress balance sheet and ability to generate free cash flow.”

Declarations of any dividends in the future, and the amount of any such dividends, are subject to approval by Cactus’ Board of Directors.

About Cactus, Inc.

Cactus designs, manufactures, sells and rents a range of highly engineered wellhead and pressure control equipment. Its products are sold and rented principally for onshore unconventional oil and gas wells and are utilized during the drilling, completion and production phases of its customers’ wells. In addition, it provides field services for all its products and rental items to assist with the installation, maintenance and handling of the wellhead and pressure control equipment. Cactus operates service centers in the United States, which are strategically located in the key oil and gas producing regions, including the Permian, SCOOP/STACK, Marcellus, Utica, Haynesville, Eagle Ford and Bakken, among other areas, and in Eastern Australia. Cactus also conducts rental and service operations in the Kingdom of Saudi Arabia.

Contacts

Cactus, Inc.
John Fitzgerald, 713-904-4655
Director of Corporate Development and Investor Relations
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: Business Wire; Posted On Jan 28, 2022

Air Liquide U.S. LP Named Best Place to Work for LGBTQ+ Equality

Air Liquide USA LLC received a perfect score on the Human Rights Campaign (HRC) Foundation’s 2022 Corporate Equality Index (CEI). The CEI is a national benchmarking survey and report on corporate policies and practices related to LGBTQ workplace equality in the United States.

HOUSTON--(BUSINESS WIRE)--For the third consecutive year, Air Liquide scored 100 on the Human Rights Campaign Foundation’s 2022 Corporate Equality Index, making it one of the “Best Places to Work for LGBTQ+ Equality.” Now in its 20th year, the CEI is the foremost benchmarking survey and report measuring corporate policies and practices related to LGBTQ+ workplace equality in the United States.

The CEI rates employers providing crucial protections to more than 20 million U.S. workers and an additional 18 million abroad. Companies were rated on detailed criteria falling under four central pillars:

Non-discrimination policies across business entities;
Equitable benefits for LGBTQ+ workers and their families;
Supporting an inclusive culture; and,
Corporate social responsibility.

Satisfying all of the foundation’s criteria in these areas resulted in Air Liquide’s perfect score. In 2016, the company established the LGBTQ+ and Allies Business Resource Group, which was influential in achieving the award.

Human Rights Campaign Foundation

The Human Rights Campaign Foundation is the educational arm of the Human Rights Campaign (HRC), America’s largest civil rights organization working to achieve equality for lesbian, gay, bisexual, transgender and queer (LGBTQ+) people. Through its programs, the HRC Foundation seeks to make transformational change in the everyday lives of LGBTQ+ people, shedding light on inequity and deepening the public’s understanding of LGBTQ+ issues, with a clear focus on advancing transgender and racial justice.

Air Liquide in the United States

Air Liquide employs more than 20,000 people in the U.S. in more than 1,300 locations and plant facilities including a world-class

R&D center. The company offers industrial and medical gases, technologies and related services to a wide range of customers in

energy, petrochemical, industrial, electronics and healthcare markets. www.airliquide.com/USA

A world leader in gases, technologies and services for Industry and Health, Air Liquide is present in 78 countries with approximately 64,500 employees and serves more than 3.8 million customers and patients. Oxygen, nitrogen and hydrogen are essential small molecules for life, matter and energy. They embody Air Liquide’s scientific territory and have been at the core of the company’s activities since its creation in 1902.

Air Liquide’s ambition is to be a leader in its industry, deliver long term performance and contribute to sustainability - with a strong commitment to climate change and energy transition at the heart of its strategy. The company’s customer-centric transformation strategy aims at profitable, regular and responsible growth over the long term. It relies on operational excellence, selective investments, open innovation and a network organization implemented by the Group worldwide. Through the commitment and inventiveness of its people, Air Liquide leverages energy and environment transition, changes in healthcare and digitization, and delivers greater value to all its stakeholders.

Air Liquide’s revenue amounted to more than 20 billion euros in 2020. Air Liquide is listed on the Euronext Paris stock exchange (compartment A) and belongs to the CAC 40, EURO STOXX 50 and FTSE4Good indexes.

www.airliquide.com/USA
Follow us on Twitter @AirLiquideUSA

Contacts

Air Liquide U.S. Corporate Communications
Cassandra Mauel
713.402.2153

: Business Wire; Posted On Jan 27, 2022

Capstone Green Energy Continues to Expand Its EaaS Business With New 10-Year 1.2 MW Parts & Labor Service Contract in Eastern Europe

VAN NUYS, Calif.--(BUSINESS WIRE)--$CGRN #Cemacon--Capstone Green Energy Corporation (www.CapstoneGreenEnergy.com) (NASDAQ: CGRN) ("Capstone," the "Company," "we" or "us"), a global leader in carbon reduction and on-site resilient green energy as a service (EaaS) solutions, announced today that Servelect (www.servelect.ro/en/), Capstone’s exclusive distributor for Romania, entered into a new 10-year Parts and Labor Factory Protection Plan (FPP) service contract for two Capstone Signature Series C600S natural gas-fueled systems installed in Eastern Europe.

“Capstone continues to focus on expanding our EaaS business, including our innovative FPP service program, as extended service agreements generate higher margin rates than traditional product sales,” said Darren Jamison, President and Chief Executive Officer of Capstone Green Energy. “Our FPP service business in conjunction with our long-term rental fleet are the cornerstones of our EaaS business, which we believe to be key to achieving our profitability goals,” added Mr. Jamison.

The two Capstone Signature Series C600S units, generating 1.2 megawatts (MWs) of power, are owned and operated by Cemacon, Romania’s largest ceramic block producer, which was founded in 1969 in Zalau, Romania, and has since expanded to lead that market in Transylvania. Cemacon has a proud history of innovation and a belief in environmentally sound processes, having developed an eco-friendly ceramic production line in which the Capstone C600S units play a key role in the drying process. With a capacity of 2.25 MW thermal, the high-efficiency cogeneration plant commissioned in August 2021 operates the two C600S units on natural gas with an optimized total net efficiency of 95%. Cemacon’s Reccea plant is located five hours from Bucharest and operates in grid connect mode supporting the plant’s power requirements and exporting approximately 400 kilowatts (kW) of excess power to the local grid.

“For this industry, the installation signals a progressive approach with the significantly reduced emissions, improved environmental footprint, and high net efficiency,” stated Tracy Chidbachian, Capstone’s Director of Customer Service. “We are meeting the customer’s operational needs for a secure and stable drying process and doing so in an environmentally responsible manner while providing the customer significant financial savings,” concluded Ms. Chidbachian.

The Capstone Green Energy parts and labor FPP is designed to provide ten years of comprehensive maintenance, giving the end-use customer financial peace of mind and protecting the installation from potentially costly unscheduled maintenance.

About Capstone Green Energy

Capstone Green Energy (www.CapstoneGreenEnergy.com) (NASDAQ: CGRN) is a leading provider of customized microgrid solutions and on-site energy technology systems focused on helping customers around the globe meet their environmental, energy savings, and resiliency goals. Capstone Green Energy focuses on four key business lines. Through its Energy as a Service (EaaS) business, it offers rental solutions utilizing its microturbine energy systems and battery storage systems, comprehensive Factory Protection Plan (FPP) service contracts that guarantee life-cycle costs, as well as aftermarket parts. Energy Conversion Products are driven by the Company’s industry-leading, highly efficient, low-emission, resilient microturbine energy systems offering scalable solutions in addition to a broad range of customer-tailored solutions, including hybrid energy systems and larger frame industrial turbines. The Energy Storage Products business line designs and installs microgrid storage systems creating customized solutions using a combination of battery technologies and monitoring software. Through Hydrogen Energy Solutions, Capstone Green Energy offers customers a variety of hydrogen products, including the Company’s microturbine energy systems.

For customers with limited capital or short-term needs, Capstone offers rental systems; for more information, contact: This email address is being protected from spambots. You need JavaScript enabled to view it.. To date, Capstone has shipped over 10,000 units to 83 countries and estimates that, in FY21, it saved customers over $217 million in annual energy costs and approximately 397,000 tons of carbon. Total savings over the last three fiscal years are estimated at 1,115,100 tons of carbon and $698 million in annual energy savings.

For more information about the Company, please visit: www.CapstoneGreenEnergy.com. Follow Capstone Green Energy on Twitter, LinkedIn, Instagram, Facebook, and YouTube.

Cautionary Note Regarding Forward-Looking Statements

This release contains, and the Company’s presentation and responses to questions at the Water Tower Research Virtual Fireside Chat Series will contain, forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding achievement of profitability goals, expectations for green initiatives, execution on the Company's growth strategy and other statements regarding the Company's expectations, beliefs, plans, intentions, and strategies. The Company has tried to identify these forward-looking statements by using words such as "expect," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, but not limited to, the following: the ongoing effects of the COVID-19 pandemic; the availability of credit and compliance with the agreements governing the Company's indebtedness; the Company's ability to develop new products and enhance existing products; product quality issues, including the adequacy of reserves therefor and warranty cost exposure; intense competition; financial performance of the oil and natural gas industry and other general business, industry and economic conditions; the Company's ability to adequately protect its intellectual property rights; and the impact of pending or threatened litigation. For a detailed discussion of factors that could affect the Company's future operating results, please see the Company's filings with the Securities and Exchange Commission, including the disclosures under "Risk Factors" in those filings. Except as expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason.

Contacts

Capstone Green Energy
Investor and investment media inquiries:
818-407-3628
This email address is being protected from spambots. You need JavaScript enabled to view it.

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