DENVER--(BUSINESS WIRE)--Civitas Resources, Inc. (NYSE: CIVI) (“Civitas” or the “Company”) today announced that Wouter van Kempen and Deborah Byers have been named Independent non-executive Chairman and Independent Director, respectively, of its Board of Directors. Independent Chairman Ben Dell and Brian Steck have elected to retire from the Board of Directors. The changes are effective February 22, 2023.

Chris Doyle, the Company’s President and CEO, said, “On behalf of the Board and our company, we are thankful for Ben and Brian’s leadership and the numerous contributions they have made toward our success. As we worked to efficiently integrate companies, their strategic counsel and expertise strengthened the process and positioned us well both operationally and financially. We are pleased to welcome Wouter and Deborah and are confident that their leadership and diverse experience will add immediate value to our Board and company.”

Mr. Dell, said, “I am immensely proud of what the company has accomplished over the last two years as we defined a new E&P model that prioritizes capital discipline, free cash flow and sustainable returns to investors, as well as the integration of leading ESG practices. I would like to thank Brian for his leadership and partnership which was instrumental as we set the vision for the company’s future and the Board which has worked tirelessly to position Civitas as a thought leader in the sector. As a continuing shareholder, I am confident in Civitas’s future and look forward to supporting the company as it realizes the tremendous value in its equity.”

Mr. van Kempen, added, “I have admired Civitas’ vision and leadership in helping reorientate the industry away from its traditional model focused on growing production at the expense of balance sheets to the disciplined returned-focused model which has become the standard for thriving companies today. I look forward to working with my fellow Board members, management, and our talented team to ensure Civitas meets its vast potential.”

In addition to his role as non-executive Independent Board Chairman, Mr. van Kempen, 53, will serve on the Compensation and Nominating and Corporate Governance Committees. He has extensive experience across the energy industry, including oil and gas, renewables, power generation and industrial equipment manufacturing. In his most recent role, Mr. van Kempen was the Chairman, President and CEO of DCP Midstream, a Fortune 500 energy company, from January 2013 ­to December 2022. Previously, he was President and COO of DCP Midstream. Mr. van Kempen has held global, senior positions in finance, mergers and acquisitions and P&L leadership roles at General Electric from 1993 to 2003, and Duke Energy from 2003 to 2010. He graduated from Erasmus University Rotterdam with a Master of Science degree in Business Economics.

Ms. Byers, 61, will serve on Civitas’ Audit and ESG Committees. Following 36 years of service in Public Accounting, she retired in July 2022 as a Partner from Ernst & Young LLP (EY). From July 2018 to her retirement, she was Americas Industry Leader overseeing the markets and growth strategy across EY’s primary industry segments. Ms. Byers was EY’s Houston Office Managing Partner and US Energy Leader from July 2013 to July 2018, and Managing Partner of the Southwest Region Strategy & Transactions business unit from July 2008 to July 2013. In these roles, she helped lead global energy markets and partnered with corporations and investment funds in all phases of energy investment across the sector. Ms. Byers holds a BBA from Baylor University and is a Certified Public Accountant.

About Civitas Resources, Inc.

Civitas Resources, Inc. is Colorado’s first carbon neutral oil and gas producer and is focused on developing and producing crude oil, natural gas, and natural gas liquids in Colorado’s Denver-Julesburg Basin. The Company is committed to pursuing compelling economic returns and cash flow while delivering best-in-class cost leadership and capital efficiency. Civitas is dedicated to safety, environmental responsibility, and implementing industry leading practices to create a positive local impact. For more information about Civitas, please visit www.civitasresources.com.

Forward-Looking Statements and Cautionary Statements

Certain statements in this press release concerning future opportunities for Civitas, future financial performance and condition, guidance, and any other statements regarding Civitas’ future expectations, beliefs, plans, objectives, financial conditions, assumptions, or future events or performance that are not historical facts are “forward-looking” statements based on assumptions currently believed to be valid. Forward-looking statements are all statements other than statements of historical facts. The words “anticipate,” “believe,” “ensure,” “expect,” “if,” “intend,” “estimate,” “probable,” “project,” “forecasts,” “predict,” “outlook,” “aim,” “will,” “could,” “should,” “would,” “potential,” “may,” “might,” “anticipate,” “likely,” “plan,” “positioned,” “strategy,” and similar expressions or other words of similar meaning, and the negatives thereof, are intended to identify forward-looking statements. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995.

These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those anticipated, including, but not limited to, the ultimate timing, outcome and results of integrating the legacy operations of Civitas; changes in capital markets and the ability of Civitas to finance operations in the manner expected; the effects of commodity prices; the risks of oil and gas activities; and the fact that operating costs and business disruption may be greater than expected. Additionally, risks and uncertainties that could cause actual results to differ materially from those anticipated also include: declines or volatility in the prices we receive for our oil, natural gas, and natural gas liquids; general economic conditions, whether internationally, nationally, or in the regional and local market areas in which we do business, including any future economic downturn, the impact of continued or further increased inflation, disruption in the financial markets, and the availability of credit on acceptable terms; the effects of disruption of our operations or excess supply of oil and natural gas due to world health events, including the COVID-19 pandemic and the actions by certain oil and natural gas producing countries, including Russia; the continuing effects of the COVID-19 pandemic, including any recurrence or the worsening thereof; the ability of our customers to meet their obligations to us; our access to capital on acceptable terms; our ability to generate sufficient cash flow from operations, borrowings, or other sources to enable us to fully develop our undeveloped acreage positions; the presence or recoverability of estimated oil and natural gas reserves and the actual future sales volume rates and associated costs; uncertainties associated with estimates of proved oil and gas reserves; the possibility that the industry may be subject to future local, state, and federal regulatory or legislative actions (including additional taxes and changes in environmental regulation and regulations addressing climate change); environmental risks; seasonal weather conditions; lease stipulations; drilling and operating risks, including the risks associated with the employment of horizontal drilling and completion techniques; our ability to acquire adequate supplies of water for drilling and completion operations; availability of oilfield equipment, services, and personnel; exploration and development risks; operational interruption of centralized oil and natural gas processing facilities; competition in the oil and natural gas industry; management’s ability to execute our plans to meet our goals; our ability to attract and retain key members of our senior management and key technical employees; our ability to maintain effective internal controls; access to adequate gathering systems and pipeline take-away capacity; our ability to secure adequate processing capacity for natural gas we produce, to secure adequate transportation for oil, natural gas, and natural gas liquids we produce, and to sell the oil, natural gas, and natural gas liquids at market prices; costs and other risks associated with perfecting title for mineral rights in some of our properties; political conditions in or affecting other producing countries, including conflicts in or relating to the Middle East, South America, and Russia (including the current events involving Russia and Ukraine), and other sustained military campaigns or acts of terrorism or sabotage; and other economic, competitive, governmental, legislative, regulatory, geopolitical, and technological factors that may negatively impact our businesses, operations, or pricing. Expectations regarding business outlook, including changes in revenue, pricing, capital expenditures, cash flow generation, strategies for our operations, oil and natural gas market conditions, legal, economic, and regulatory conditions, and environmental matters are only forecasts regarding these matters.

Additional information concerning other risk factors is also contained in Civitas’ most recently filed Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other Securities and Exchange Commission filings. Civitas undertakes no duty to publicly update these statements except as required by law.

Investor Relations:
John Wren, This email address is being protected from spambots. You need JavaScript enabled to view it.

Media:
Rich Coolidge, This email address is being protected from spambots. You need JavaScript enabled to view it.

DUBLIN--(BUSINESS WIRE)--The "Yacht Charter Market, By Yacht Type, By Consumer Type, By Region - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030" report has been added to ResearchAndMarkets.com's offering.

The global yacht charter market was valued for US$ 52268.8 Mn in 2021.

Companies Mentioned

• Fun2Rent
• Boatbound Inc.
• Dream Yacht Charter
• Fraser Escape Bareboat Charters
• Incrediblue Limited
• Sailogy S.A.
• Sunsail Ltd.
• The Moorings
• Yachtico, Hanse Group
• Antlos

A storage area network refers to a high-speed network, which interconnects and presents a shared band of storage devices to various servers. SANs are typically helpful in backup and disaster recovery settings. SANs are used to enhance the capacity of mass storage devices such as optical jukeboxes, tape libraries, and disk arrays that have access to servers.

Increasing volumes of critical data being accumulated in the global business environment have led to an increased need for better performances, manageability, availability, and security of data storage assets among enterprises. Furthermore, many enterprises are focused on implementing specialized storage networks that can aid businesses in attaining operational efficiencies.

Previously, in a conventional approach, LAN was used for data back-up and restore functions that are particularly slow and majorly impact efficiency of the whole operation. On the contrary, in SAN approach, data moves smoothly across the SAN to tape devices as it does not utilize critical server I/O or CPU resources. Several issues can be improved with the integration of high-performance backup and restore capabilities with data availability and device sharing. This includes performance degradation, extended downtime periods, and shrinking backup windows.

However, increase in the overall server efficiency with server-less backup offered by SAN architecture is fueling adoption of SAN across various verticals. Thus, these factors are expected to drive growth of the market in the near future. Increasing usage of SANs among small and medium-sized enterprises (SMEs) is expected to boost the market growth, especially in emerging economies.

This adoption of SANs among smaller organizations is mainly driven by the benefits offered by SANs such as flexibility, shared storage, and centralized control, in order to share capacity between multiple hosts. As a result of this, major SAN solution providers are constantly focused on products that are easy to use and are cost-effective for smaller enterprises, which in turn, is expected to boost the global Yacht Charter market growth over the forecast period.

Key features of the study:

• This report provides an in-depth analysis of the Global Yacht Charter Market and provides market size (US$ Million) and compound annual growth rate (CAGR %) for the forecast period (2022-2030), considering 2021 as the base year
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrix for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by leading players
• It profiles leading players in the global Yacht Charter Market based on the following parameters - regulatory landscape, company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
• These key market players are focusing on collaboration strategy with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
• Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future product launches, Yacht Size up gradation, market expansion, and marketing tactics
• The global Yacht Charter market report caters to various stakeholders in this industry including investors, suppliers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through the various strategy matrices used in analyzing the Global Yacht Charter Market

Detailed Segmentation:

Global Yacht Charter Market, By Yacht Type:

• Displacement Type
• Semi-Displacement
• Planing
• Catamaran
• Trimaran
• Sloop
• Schooner
• Catamaran
• Ketch
• Motor Yacht
• Sailing Yacht

Global Yacht Charter Market, By Consumer Type:

• Corporate
• Retail
• Individual
• Family/Group
• Couple
• Others

Global Yacht Charter Market, By Yacht Size:

• Large (over 50m)
• Medium (30m - 50m)
• Small (up to 30m)

Global Yacht Charter Market, By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

For more information about this report visit https://www.researchandmarkets.com/r/twiaxy-charter?w=4

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

BATAVIA, N.Y.--(BUSINESS WIRE)--Graham Corporation (NYSE: GHM) (“GHM” or “the Company”), a global leader in the design and manufacture of mission critical fluid, power, heat transfer, and vacuum technologies for the defense, space, energy, and process industries, today announced that it has recently been awarded a multi- million dollar renewable energy vacuum system for the Hell’s Kitchen Stage 1 Project in the Imperial Valley of California.

The vacuum equipment will be used to remove the non-condensable gasses from the power generating facility of the geothermal plant being constructed and operated by Controlled Thermal Resources (CTR). CTR is a clean energy resource developer of an integrated lithium extraction and chemical conversion facility and geothermal power facility in Imperial Valley, California. Lithium is removed from the geothermal brine in a close to zero carbon footprint process before the brine is returned to its source. This is currently one of the cleanest and most environmentally friendly lithium extraction processes available.

Daniel J. Thoren, President and CEO commented, “This recent order is an excellent example of the opportunities we are pursuing in new energy. New energy represents a small but high growth part of our business that provides nice diversification and the opportunity to contribute to sustainable energy supply.”

Since the 1980s, the Imperial Valley has been a hotbed of geothermal power generation in California. Graham has been involved from the beginning, supplying vacuum equipment for geothermal power generating stations that are still operating today. With the development of state-of-the-art lithium extraction processes companies are finally able to access one of the largest lithium deposits in the world.

About Graham Corporation

GHM is a global leader in the design and manufacture of mission critical fluid, power, heat transfer and vacuum technologies for the defense, space, energy and process industries. The Graham Manufacturing and Barber-Nichols’ global brands are built upon world-renowned engineering expertise in vacuum and heat transfer, cryogenic pumps and turbomachinery technologies, as well as its responsive and flexible service and the unsurpassed quality customers have come to expect from the Company’s products and systems.

Graham Corporation routinely posts news and other important information on its website, www.grahamcorp.com, where additional information on Graham Corporation and its businesses can be found.

For more information:
Christopher J. Thome
Vice President - Finance and CFO
Phone: (585) 343-2216

Deborah K. Pawlowski
Kei Advisors LLC
Phone: (716) 843-3908
This email address is being protected from spambots. You need JavaScript enabled to view it.

TORONTO--(BUSINESS WIRE)--$DMJ #carbonemissions--dynaCERT Inc. (TSX: DYA) (OTCQX: DYFSF) (FRA: DMJ) ("dynaCERT" or the "Company") is pleased to announce that is has concluded a Collaboration Agreement with Cipher Neutron Inc. (“CN” or “Cipher Neutron”) to further jointly develop, produce and market state-of-the-art Hydrogen technology, including AEM Electrolyser technology, that is designed to produce Green Hydrogen for world-wide large infrastructure projects, and Reversible Fuel Cell technology applied to emergency preparedness and efficient storage of Hydrogen as a long-term source of power.

Cipher Neutron is a rapidly growing disruptive technology company focused on Electrolysers for Green Hydrogen production and Reversible Fuel Cells for power generation and energy storage solutions. Cipher Neutron combines a global group of collaborating scientists that team up with engineers, technology developers, experts in hydrogen technology, investment bankers and people that have worked in hydrogen and power generation for decades. Cipher Neutron’s innovative products, such as Electrolysers and Reversible Fuel Cells under development, have unique advantages over other Hydrogen production, power generation and energy storage solutions currently available in the global market.

Collaboration Agreement

In collaboration with dynaCERT, CN plans to expand the development of dynaCERT’s previously announced Anion Exchange Membrane (AEM) Electrolysers with a goal to expand dynaCERT’s collaborative Research & Development and to accomplish the following:

1. A 5-Kilowatt AEM Electrolyser that can meet the commercial specifications of potential clients internationally;
2. A 50-Kilowatt AEM Electrolyser that can meet the commercial specifications of potential clients internationally;
3. A 250-Kilowatt AEM Electrolyser that can meet the commercial specifications of potential clients internationally;
4. A line of Reversible Fuel Cells to meet the growing variety of customer’s emerging needs internationally; and,
5. A Production Facility meeting the suitability requirements to offer these products to international clients in a timely and reliable manner and on a cost competitive basis.

AEM Advantages

AEM is considered as a superior hybrid solution combining the benefits of both PEM electrolysers and Alkaline electrolysers. The major issue with PEM technology is the high cost owing to the use of precious metals such as Platinum and Iridium as catalysts. AEM does not require such precious metals making it more sustainable and cost effective than PEM electrolysers. The major drawback in Alkaline electrolysis is its low current density and highly corrosive alkaline solution used as the electrolyte. The AEM technology offers higher current density using significantly reduced amounts of corrosive electrolytes compared with alkaline electrolysers.

Green Hydrogen Cost Reductions

Green Hydrogen is defined as hydrogen that is produced from water electrolysis using clean electric power (i.e. electric power from hydro, solar, nuclear & wind), resulting in a zero GHG footprint. Grey Hydrogen, by comparison may often have a significant GHG footprint, as such hydrogen is produced by the steam methane reforming process.

One of the major hurdles of Green Hydrogen is its high production cost. CN and dynaCERT technology is designed to address this major industry problem. A typical commercially available electrolyser consumes more than 51 kilowatt-hours (“kWh”) of energy to produce one (1) kilogram of Hydrogen or 77% efficiency (based on High Heating Value calculations of H2 Gas). Cipher Neutron’s and dynaCERT’s jointly developed 5 Kilowatt AEM Electrolyser slashes the energy consumption down to 48 kWh, thereby achieving 82% efficiency.

Our highly efficient AEM Electrolyser can produce more Hydrogen per kWh than typical commercially available electrolysers and enables Green Hydrogen at affordable prices. For example, if clean electric power were available to a customer at USD 4 cents per kWh, the Green Hydrogen production cost of our 5 Kilowatt AEM Electrolyser would be under USD $2.00 per kilogram of Green Hydrogen Gas.

The R&D goals of CN and dynaCERT are to eventually design and produce commercially larger systems capable of producing Green Hydrogen Gas at more competitive prices, in order to excel at the ever increasing competitive Green Hydrogen pricing marketplace and stay at the forefront and cutting edge of the Hydrogen technology.

On a larger scale, CN and dynaCERT’s 1 Megawatt AEM Electrolyser will be designed to achieve the production of 498 kilograms of Hydrogen Gas per 24 hour day as compared to 470 kilograms of the current lesser efficient electrolysers commercially available today. This 28 kilogram difference in daily production of Hydrogen Gas equates to powering 36 compact Fuel Cell cars travelling up to 100 kilometers without producing any CO2 emissions. This travel distance would otherwise represent over half a tonne per day of CO2 emitted into the atmosphere from typical gas powered Internal Combustion Engine cars assuming a fuel economy of 7 Litres/100 kilometre.

Capital Cost Reduction of Green Hydrogen Electrolysers

Research and Development teams of dynaCERT and CN have focussed on cost efficiency and mitigating material costs. Operational efficiency and the core material costs go hand in hand with design engineering. Our 5 Kilowatt AEM Electrolyser is highly efficient and has achieved a higher current density of 2 amps/cm2 as compared to 0.07 amps/cm2 in a traditional alkaline electrolyser. Each cell in our 5 Kilowatt AEM electrolyser produces 28 times more Hydrogen Gas than a traditional alkaline cell of equivalent size. This cost reduction in raw materials, the elimination of the use of Platinum group metals as catalysts, coupled with our unique design, allows the AEM 250 kilowatt stacks planned by dynaCERT and CN to be priced below USD $950/kilowatt, believed to be a most compelling proposition to users of electrolyser technology.

Current Global Market

CN and dynaCERT have pioneered a five (5) Kilowatt AEM stack (a key technological subcomponent of an electrolyser) and plan to take their breakthrough transformative work to the next level with a trailblazing fifty (50) Kilowatt Electrolyser. This cutting-edge development is set to meet the current targets of the global hydrogen market, with the visionary scientists of the two companies going even further by planning to develop a futuristic two hundred and fifty (250) Kilowatt Electrolyser to meet and bid for future large infrastructure projects. The 5 Kilowatt AEM Electrolyser is planned to be market ready by Q4 2023 making it the largest capacity single-stack AEM Electrolyser commercially available today.

Hydrogen use today is dominated by industry, namely: oil refining, ammonia production, methanol production and steel production. In today’s hydrogen production, steam methane reforming accounts for more than 95 percent of the worldwide production of hydrogen also known as grey hydrogen. Steam reformers use heat, pressure, and catalysts to produce hydrogen gas from fossil fuels such as natural gas. This process generates about ten kilograms of carbon dioxide (CO2) per kilogram of hydrogen produced. As per the International Energy Agency, current production of grey hydrogen, mainly used in the chemical and petrochemical sectors, is responsible for more than 900,000,000 tonnes of CO2 emissions per year. As a result, switching those industry sectors to low-emission hydrogen use is a priority.

Growth of Green Hydrogen Market

Green Hydrogen is the only hydrogen type fully compatible with net-zero emission targets and sustainable, climate-safe energy use. Green Hydrogen produced by AEM Electrolysers of dynaCERT and CN, has the potential to emerge as a vital clean energy carrier. The global Green Hydrogen market size is valued by Grand View Research at USD 3.2 Billion in 2021 and is expected to expand at a compound annual growth rate or CAGR of 39.5% from 2022 to 2030.

Reversible Fuel Cell Technology

Cipher Neutron's remarkable work in developing the world's first patent pending Reversible Fuel Cell using Graphene Slurry to store hydrogen in a non-compressed form is set to modernize the industry. Cipher Neutron's dynamic and versatile Reversible Fuel Cells can be used both as an Electrolyser in it’s E-Mode (Hydrogen generation mode) and as a Fuel cell in it’s FC-Mode (Power Generation mode). Cipher Neutron plans to be the first company to commercialize Reversible Fuel Cells for residential and industrial use.

Reversible Fuel Cells

Cipher Neutron’s unique all-in-one Reversible Fuel Cell technology is designed to replace the need for two separate systems i.e. an Electrolyser system and a Fuel Cell system, thereby offering significantly less expensive solutions to clients that require both fuel cells and electrolysers.

The growing demand for reliable emergency preparedness devices in the world has created an international need for an economically viable source of backup electricity during periods of surging prices and times of natural disasters, war and suffering. Cipher Neutron’s Reversible Fuel Cell technology can provide carbon free power storage in the form of hydrogen and supply of electric power on demand at attractive prices.

Emerging off-grid solar and wind power projects use electrolysers for hydrogen production used to store energy and for later use in Fuel Cells to supply uninterrupted power to their intended loads. These Hydrogen projects typically include expensive and costly energy sources, electrolysers, hydrogen compressors, hydrogen storage tanks and fuel cells. Our Reversible Fuel Cell technology reduces such costs significantly.

The combined benefits of these two proprietary technologies, and the elimination of componants, allows for significant reductions in project investment capital and operating and maintenance costs in applications where dynaCERT and CN expect to emerge as strong bidders for large global infrastructure projects, chemical and steel production, and off-grid remote projects, in the next decade.

In a bid to target off-grid communities, including but not limited to cottages, remote villages, and islands, CN plans to launch in the market by Q1 2025 its 5 Kilowatt and 10 Kilowatt Reversible Fuel Cells.

Graphene Technology for Safe & Efficient Energy Storage

Furthermore, our labs have demonstrated that using Graphene Slurry for Hydrogen storage eliminates the requirement for Hydrogen compressors and, accordingly, CN’s research team has applied for a patent relating to this breakthrough technology.

Cipher Neutron's polymer acid electrolyte-based Reversible Fuel Cell with Graphene Slurry has the similar energy density as Lithium-ion batteries. This non-toxic energy storage method combines a lower carbon footprint, affordable recycling options and unparalleled safety, especially for residential and commercial applications.

Significant Investment by dynaCERT

Under the Collaboration Agreement, dynaCERT plans to invest in CN up to $17,500,000 upon the exercise of common share options at various prices granted by CN to dynaCERT (the “CN options”). dynaCERT may exercise such options at various expiry dates up to July 31, 2025, which may give dynaCERT up to a 50% ownership of CN based on current CN shares outstanding on an undiluted basis.

The proceeds of this investment is expected to be used by CN, in collaboration with dynaCERT, to develop a state-of-the-art International Hydrogen Research & Development facility in the Greater Toronto Metropolitan area, which will enable the development of AEM 250 Kilowatt Electrolysers while ensuring dynaCERT and CN retain their role in the Hydrogen Economy. As well, part of the proceeds shall be used to establish the necessary Production and Quality Control facilities for the company’s line of Reversible Fuel Cell models, and AEM Electrolyser models.

In order to quickly advance dynaCERT’s and CN’s penetration in the Hydrogen Economy and the AEM Electrolyser industry, dynaCERT has committed to exercise certain of its CN options in amounts ranging up to 50% of the net proceeds of any equity financing by dynaCERT up to a maximum of $5,000,000 at favourable seed capital exercise prices of CN equity to dynaCERT. When dynaCERT exercises such options, dynaCERT may then own 25% of CN on an undiluted basis.

In conjunction with executives at Cipher Neutron and dynaCERT, Galaxy Placements Inc. has, at no cost to dynaCERT nor CN, acted as corporate strategy advisor in certain of the structuring of the hydrogen business collaborations between these two international leaders in hydrogen generation. To accelerate the fulfillment of Cipher Neutron's and dynaCERT's global business, further future private financings by Cipher Neutron may provide institutions with an opportunity to gain large potential upside exposure to international hydrogen infrastructure projects.

Gurjant Randhawa, M.Eng., P.Eng., President and CEO of Cipher Neutron, stated, “Cipher Neutron and dynaCERT share ambitions for transforming and accelerating the energy transition. Our portfolio of technologies can help place both companies at the forefront of tackling climate change with practical and implementable solutions. We are enthusiastic to be supported by dynaCERT in its ambitions for a more sustainable future. There is enormous global demand for Green Hydrogen and clean energy, and engineering solutions such as those pioneered by Cipher Neutron and dynaCERT collaborating together are vital to increasing world options to reduce Greenhouse Gases. We look forward to working with dynaCERT on a variety of AEM Electrolyser and Green Hydrogen projects in Canada and around the globe, the many plans that will help to enable industries and the world to move beyond the detrimental effects of fossil fuels.”

Jim Payne, President and CEO of dynaCERT, stated, “While maintaining and supporting our current HydraGEN™ technology and network, world-wide, dynaCERT is proud to expand our relationship with Cipher Neutron, a highly respected and skilled partner with a proven track record in AEM Electrolysers. This collaboration will help us strengthen our supply chain and underpin our ability to deliver on our growing AEM Electrolyser initiatives. With a partner like Cipher Neutron, dynaCERT is also in a very strong position to become a global leader of the Hydrogen Economy, not just with AEM Electrolysers, but also in Green Hydrogen infrastructure projects. For the rapidly developing Hydrogen Economy, this collaboration is a game-changer. By bringing together one of the most highly regarded Green Hydrogen and fuel cell companies in Canada which operates globally, and with dynaCERT’s technology and manufacturing capabilities, we are designing the potential for future volume and scale for Green Hydrogen that hasn't existed until now in most parts of Canada. This partnership confirms Cipher Neutron’s world class position in flow field design and catalyst coated membranes, the key performance-defining components of our AEM Electrolysers and Reversible Fuel Cells."

About Cipher Neutron Inc.

Please see: www.cipherneutron.com

About Galaxy Placements Inc.

Galaxy Placements is a strategy advisor based in Canada operating world-wide focusing on providing to public and private companies lucrative Climate Change Solutions for Institutions. Galaxy Placements brings hundreds of person-years of professional experience and seasoned wisdom in the financial marketplace to Issuers such as dynaCERT and Cipher Neutron, and many others including public and private businesses. Galaxy Placements focuses advising issuers in the Critical Minerals Industry, the new Hydrogen Economy, and Clean Energy.

AEM Technology

Anion Exchange Membrane (AEM) electrolysis is the latest advanced technology designed to produce Green Hydrogen. AEM allows negatively charged Hydroxyl ions (OH-) to pass through the membrane and restricts positively charged ions (H+). These restricted protons (H+) combine to make Hydrogen gas on the cathode side and the Hydroxyl ions (OH-) combine at the anode side producing Water and Oxygen gas.

About dynaCERT Inc

dynaCERT Inc. manufactures and distributes Carbon Emission Reduction Technology along with its proprietary HydraLytica™ Telematics, a means of monitoring fuel consumption and calculating GHG emissions savings designed for the tracking of possible future Carbon Credits for use with internal combustion engines. As part of the growing global Hydrogen Economy, our patented technology creates hydrogen and oxygen on-demand through a unique electrolysis system and supplies these gases through the air intake to enhance combustion, which has shown to lower carbon emissions and improve fuel efficiency. Our technology is designed for use with many types and sizes of diesel engines used in on-road vehicles, reefer trailers, off-road construction, power generation, mining and forestry equipment. Website: www.dynaCERT.com.

READER ADVISORY

Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, information relating to Cipher Neutron Inc. and Galaxy Placements Inc. cannot be independently verified. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance of achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.

Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: uncertainty as to whether our strategies and business plans will yield the expected benefits; availability and cost of capital; the ability to identify and develop and achieve commercial success for new products and technologies; the level of expenditures necessary to maintain and improve the quality of products and services; changes in technology and changes in laws and regulations; the uncertainty of the emerging Hydrogen Economy; including the Hydrogen Economy moving at a pace not anticipated; our ability to secure and maintain strategic relationships and distribution agreements; and the other risk factors disclosed under our profile on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.

Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of the release.

On Behalf of the Board
Murray James Payne, CEO

For more information:

Jim Payne, CEO & President
dynaCERT Inc.
#101 – 501 Alliance Avenue
Toronto, Ontario M6N 2J1
+1 (416) 766-9691 x 2
jpayne@dynaCERT.com

Investor Relations
dynaCERT Inc.
Nancy Massicotte
+1 (416) 766-9691 x 1
nmassicotte@dynaCERT.com

DALLAS--(BUSINESS WIRE)--Pioneer Natural Resources Company (NYSE:PXD) ("Pioneer" or "the Company") today reported financial and operating results for the quarter and year ended December 31, 2022. Pioneer reported fourth quarter net income attributable to common stockholders of $1.5 billion, or $5.98 per diluted share. These results include the effects of noncash mark-to-market adjustments and certain other unusual items. Excluding these items, non-GAAP adjusted income for the fourth quarter was $1.5 billion, or $5.91 per diluted share. Cash flow from operating activities for the fourth quarter was $2.6 billion. For the year ended December 31, 2022, the Company reported net income attributable to common stockholders of $7.8 billion, or $31.13 per diluted share. Cash flow from operating activities for the year was $11.3 billion.

Highlights

• Delivered strong fourth quarter and full year free cash flow¹ of $1.7 billion and $8.4 billion, respectively
• Declared a quarterly base-plus-variable dividend of $5.58 per share to be paid in March 2023 (based on fourth quarter results)
• Repurchased $400 million of shares during the fourth quarter and $1.65 billion during the full year
• Generated a return on capital employed² of 30% during 2022

Chief Executive Officer Scott D. Sheffield stated, "Pioneer delivered a strong 2022, executing on our investment framework and providing compelling shareholder returns. Our peer-leading free cash flow per barrel produced, paired with our low reinvestment rate, generated free cash flow of $8.4 billion during the year. This significant free cash flow resulted in nearly $8.0 billion being returned to shareholders through dividends of over $26 per share and $1.65 billion of share repurchases.

"We believe Pioneer is differentiated from our peers based on our decades of low-breakeven, high-return inventory that underpins our ability to deliver attractive corporate returns and durable free cash flow through commodity price cycles. Our best-in-class assets, great people, highly efficient and responsible operations, and commitment to substantial shareholder returns creates significant value for our shareholders. We expect to deliver more strong results during 2023 as we execute on our plan."

Financial Highlights

Pioneer maintains a strong balance sheet, with unrestricted cash on hand as of December 31, 2022 of $1.0 billion and net debt of $3.9 billion. The Company had $3.0 billion of liquidity as of December 31, 2022, comprised of $1.0 billion of cash and a $2.0 billion unsecured credit facility (undrawn as of December 31, 2022).

Cash flow from operating activities during the fourth quarter and full year 2022 was $2.6 billion and $11.3 billion, respectively, leading to free cash flow¹ of $1.7 billion for the fourth quarter and $8.4 billion for the full year 2022.

During the fourth quarter, the Company’s total capital expenditures³, including drilling, completion, facilities and water infrastructure, totaled $1.1 billion. For the full year 2022, the Company's total capital expenditures³ totaled $3.8 billion.

For the first quarter of 2023, the Company's Board of Directors (Board) has declared a quarterly base-plus-variable dividend of $5.58 per share, comprised of a $1.10 base dividend and $4.48 variable dividend. This represents a total annualized dividend yield of approximately 11%⁴. In addition to a strong dividend program, the Company continues to execute opportunistic share repurchases. During the fourth quarter, the Company repurchased $400 million of common stock, bringing total 2022 share repurchases to $1.65 billion. Additionally, Pioneer repurchased $250 million of common stock during January and February, bringing total repurchases under the current authorization to $1.9 billion.

Pioneer believes this peer-leading return of capital strategy, comprised of dividends and share repurchases, creates significant value for shareholders⁵.

Fourth Quarter Financial Results

For the fourth quarter of 2022, the average realized price for oil was $83.53 per barrel. The average realized price for natural gas liquids (NGLs) was $27.67 per barrel, and the average realized price for gas was $4.98 per thousand cubic feet. These prices exclude the effects of derivatives.

Production costs, including taxes, averaged $11.08 per barrel of oil equivalent (BOE). Depreciation, depletion and amortization (DD&A) expense averaged $10.77 per BOE. Exploration and abandonments expense was $9 million. General and administrative (G&A) expense was $83 million. Interest expense was $28 million. The net cash flow impact related to sales of purchased oil and gas, including firm transportation, was a loss of $76 million. Other expense was $55 million, or $39 million excluding unusual items. The Company recognized a current tax benefit of $172 million during the quarter (principally related to the overpayment of estimated cash taxes during the year). The Company's effective tax rate was 21% for the quarter.

Operations Update

Pioneer continued to deliver strong operational performance in the Midland Basin, which led to the Company placing 483 horizontal wells on production during 2022, including 84 horizontal wells placed on production during the fourth quarter.

Pioneer's large and contiguous acreage position provides the opportunity to drive further operational enhancements. The development of wells with lateral lengths in excess of 15,000 feet provides significant capital savings on a per foot basis and generates returns that are on average 20% higher than a 10,000-foot lateral well. The Company is expanding the development of 15,000 foot laterals and expects to place more than 100 of these wells on production in 2023.

Additionally, Pioneer has delivered significant cost and efficiency improvements from the utilization of simulfrac completions. The Company added a third simulfrac fleet in the first quarter of 2023. Consistent with the Company’s commitment to sustainable operations, Pioneer expects 100% of its completions fleets to be either electric or dual-fuel powered by the second half of 2023.

Extended laterals, utilization of simulfrac fleets and the transition of completions fleets from diesel-only fuel are a few examples of the many continuous improvement efforts that the Company's operational teams continue to generate. During 2022, Pioneer’s operational teams delivered a fifth consecutive year of improved drilling and completions efficiencies.

2023 Outlook

The Company expects its 2023 drilling, completions, facilities and water infrastructure capital budget³ to range between $4.45 billion to $4.75 billion. Additionally, the Company expects its capital budget for exploration, environmental and other capital to range between $150 million to $200 million, principally related to drilling four Barnett/Woodford formation wells in the Midland Basin, additional testing of the Company’s enhanced oil recovery (EOR) project and adding electric power infrastructure for future drilling, completions and production operations. Pioneer expects its capital program to be funded from 2023 cash flow⁶, which is projected to be approximately $9 billion.

During 2023, the Company plans to operate an average of 24 to 26 horizontal drilling rigs in the Midland Basin, including a three-rig average program in the southern Midland Basin joint venture area. The 2023 capital program is expected to place 500 to 530 wells on production. Pioneer expects 2023 oil production of 357 to 372 thousand barrels of oil per day (MBOPD) and total production of 670 to 700 thousand barrels of oil equivalent per day (MBOEPD).

First Quarter 2023 Guidance

First quarter 2023 oil production is forecasted to average between 349 to 364 MBOPD and total production is expected to average between 659 to 687 MBOEPD. Production costs are expected to average $11.75 per BOE to $13.25 per BOE. DD&A expense is expected to average $10.50 per BOE to $12.00 per BOE. Total exploration and abandonments expense is forecasted to be $10 million to $20 million. G&A expense is expected to be $78 million to $88 million. Interest expense is expected to be $27 million to $32 million. Other expense is forecasted to be $20 million to $40 million. The cash flow impact related to purchases and sales of oil and gas, including firm transportation, is expected to be a loss of $50 million to a loss of $90 million, based on forward oil price estimates for the quarter. The Company’s effective income tax rate is expected to be 22% to 27%, with cash taxes expected to be $70 million to $100 million, representing estimated federal and state tax payments that will be paid based on forecasted 2023 taxable income.

Proved Reserves

The Company added proved reserves totaling 365 million barrels of oil equivalent (MMBOE) during 2022, excluding acquisitions and price revisions. These proved reserve additions equate to a drillbit reserve replacement ratio of 152% when compared to Pioneer's full-year 2022 production of 240 MMBOE, including field fuel. The drillbit finding and development (F&D) cost was $10.82 per BOE in 2022, with a drillbit proved developed F&D cost of $9.83 per BOE.

As of December 31, 2022, the Company's total proved reserves were estimated at 2,377 MMBOE, of which 89% are proved developed.

Environmental, Social & Governance (ESG)

Pioneer views sustainability as a multidisciplinary effort that balances economic growth, environmental stewardship and social responsibility. The Company emphasizes developing natural resources in a manner that protects surrounding communities and preserves the environment.

During 2022, Pioneer continued to advance the Company's leading ESG strategy. Highlights from 2022 include partnering with NextEra Energy Resources to develop a 140-megawatt wind generation facility on Pioneer owned surface acreage and joining the Oil and Gas Methane Partnership (OGMP) 2.0 initiative, which is considered the gold standard on methane emission measurement and reporting for the upstream energy industry. Additionally, Pioneer's continued progress on its ESG initiatives led to an increase to an ESG “A” rating from MSCI.

For more details, see Pioneer’s 2022 Sustainability Report and 2022 Climate Risk Report at www.pxd.com/sustainability.

Earnings Conference Call

On Thursday, February 23, 2023, at 9:00 a.m. Central Time, Pioneer will discuss its financial and operating results for the quarter and year ended December 31, 2022, with an accompanying presentation. Instructions for listening to the call and viewing the accompanying presentation are shown below.

Internet: www.pxd.com

Select "Investors," then "Earnings & Webcasts" to listen to the discussion, view the presentation and see other related material.

Telephone: Dial (866) 580-3963 and enter confirmation code 1963876 five minutes before the call.

A replay of the webcast will be archived on Pioneer’s website. Alternatively, an audio replay will be available through March 23, 2023. To access the audio replay, dial (866) 583-1035 and enter confirmation code 1963876.

About Pioneer

Pioneer is a large independent oil and gas exploration and production company, headquartered in Dallas, Texas, with operations in the United States. For more information, visit www.pxd.com.

Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements and the business prospects of the Company are subject to a number of risks and uncertainties that may cause the Company's actual results in future periods to differ materially from the forward-looking statements. These risks and uncertainties include, among other things, volatility of commodity prices; product supply and demand; the impact of armed conflict (including the war in Ukraine) and political instability on economic activity and oil and gas supply and demand; competition; the ability to obtain drilling, environmental and other permits and the timing thereof; the effect of future regulatory or legislative actions on Pioneer or the industry in which it operates, including potential changes to tax laws; the ability to obtain approvals from third parties and negotiate agreements with third parties on mutually acceptable terms; potential liability resulting from pending or future litigation; the costs, including the potential impact of cost increases due to inflation and supply chain disruptions, and results of development and operating activities; the impact of a widespread outbreak of an illness, such as the COVID-19 pandemic, on global and U.S. economic activity, oil and gas demand, and global and U.S. supply chains; the risk of new restrictions with respect to development activities, including potential changes to regulations resulting in limitations on the Company's ability to dispose of produced water; availability of equipment, services, resources and personnel required to perform the Company's development and operating activities; access to and availability of transportation, processing, fractionation, refining, storage and export facilities; Pioneer's ability to replace reserves, implement its business plans or complete its development activities as scheduled; the Company's ability to achieve its emissions reductions, flaring and other ESG goals; access to and cost of capital; the financial strength of (i) counterparties to Pioneer's credit facility and derivative contracts, (ii) issuers of Pioneer's investment securities and (iii) purchasers of Pioneer's oil, NGL and gas production and downstream sales of purchased commodities; uncertainties about estimates of reserves, identification of drilling locations and the ability to add proved reserves in the future; the assumptions underlying forecasts, including forecasts of production, operating cash flow, well costs, capital expenditures, rates of return, expenses, and cash flow from downstream purchases and sales of oil and gas, net of firm transportation commitments; tax rates; quality of technical data; environmental and weather risks, including the possible impacts of climate change on the Company's operations and demand for its products; cybersecurity risks; the risks associated with the ownership and operation of the Company's water services business and acts of war or terrorism. These and other risks are described in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 and other filings with the United States Securities and Exchange Commission. In addition, the Company may be subject to currently unforeseen risks that may have a materially adverse effect on it. Accordingly, no assurances can be given that the actual events and results will not be materially different than the anticipated results described in the forward-looking statements. The Company undertakes no duty to publicly update these statements except as required by law.

"Drillbit finding and development cost per BOE," or "drillbit F&D cost per BOE," means the summation of exploration and development costs incurred divided by the summation of annual proved reserves, on a BOE basis, attributable to discoveries, extensions and revisions of previous estimates. Revisions of previous estimates exclude price revisions. Consistent with industry practice, future capital costs to develop proved undeveloped reserves are not included in costs incurred.

"Drillbit reserve replacement" is the summation of annual proved reserves, on a BOE basis, attributable to discoveries, extensions and revisions of previous estimates divided by annual production of oil, NGLs and gas, on a BOE basis. Revisions of previous estimates exclude price revisions.

"Drillbit proved developed finding and development cost per BOE," or "drillbit proved developed F&D cost per BOE," means the summation of exploration and development costs incurred (excluding asset retirement obligations) divided by the summation of annual proved reserves, on a BOE basis, attributable to proved developed reserve additions, including (i) discoveries and extensions placed on production during 2022, (ii) transfers from proved undeveloped reserves at year-end 2021 and (iii) technical revisions of previous estimates for proved developed reserves during 2022. Revisions of previous estimates exclude price revisions.

Footnote 1: Free cash flow is a non-GAAP financial measure. As used by the Company, free cash flow is defined as net cash provided by operating activities, adjusted for changes in operating assets and liabilities, less capital expenditures. See the supplemental schedules for a reconciliation of fourth quarter and full year 2022 free cash flow to the comparable GAAP number. Forecasted free cash flow numbers are non-GAAP financial measures. Due to their forward-looking nature, management cannot reliably predict certain of the necessary components of the most directly comparable forward-looking GAAP measures, such as working capital changes. Accordingly, Pioneer is unable to present a quantitative reconciliation of such forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures. Amounts excluded from this non-GAAP measure in future periods could be significant.

Footnote 2: Return on capital employed (ROCE) is a non-GAAP financial measure. As used by the Company, ROCE is net income adjusted for tax-effected noncash mark-to-market (MTM) adjustments, unusual items and interest expense divided by the summation of average total equity (adjusted for tax-effected noncash MTM adjustments, unusual items and interest expense) and average net debt. See reconciliation to comparable GAAP number in supplemental schedules.

Footnote 3: Excludes acquisitions, asset retirement obligations, capitalized interest, geological and geophysical G&A, information technology and corporate facilities.

Footnote 4: Calculated by dividing the Company’s annualized first quarter 2023 total dividend per share by the Company's closing stock price on February 17, 2023.

Footnote 5: Future dividends, whether base or variable, are authorized and determined by the Company's Board in its sole discretion. Decisions regarding the payment of dividends are subject to a number of considerations at the time, including without limitation the Company's liquidity and capital resources, the Company's results of operations and anticipated future results of operations, the level of cash reserves the Company maintains to fund future capital expenditures or other needs, and other factors that the Board deems relevant. The Company can provide no assurance that dividends will be authorized or declared in the future or the amount of any future dividends. Any future variable dividends, if declared and paid, will by their nature fluctuate based on the Company’s free cash flow, which will depend on a number of factors beyond the Company’s control, including commodity prices.

Footnote 6: Forecasted operating cash flow is a non-GAAP financial measure. The 2023 estimated operating cash flow number represents January through December 2023 forecasted cash flow (before working capital changes) based on strip pricing and internal forecasts of 2023 production. Due to their forward-looking nature, management cannot reliably predict certain of the necessary components of the most directly comparable forward-looking GAAP measures, such as working capital changes. Accordingly, Pioneer is unable to present a quantitative reconciliation of such forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures. Amounts excluded from this non-GAAP measure in future periods could be significant.

Note: Estimates of future results, including cash flow and free cash flow, are based on the Company’s internal financial model prepared by management and used to assist in the management of its business. Pioneer’s financial models are not prepared with a view to public disclosure or compliance with GAAP, any guidelines of the SEC or any other body. The financial models reflect numerous assumptions, in addition to those noted in this news release, with respect to general business, economic, market and financial conditions and other matters. These assumptions regarding future events are difficult, if not impossible to predict, and many are beyond Pioneer’s control. Accordingly, there can be no assurance that the assumptions made by management in preparing the financial models will prove accurate. It is expected that there will be differences between actual and estimated or modeled results, and actual results may be materially greater or less than those contained in the Company’s financial models.

Investors
Tom Fitter - 972-969-1821
Greg Wright - 972-969-1770
Chris Leypoldt - 972-969-5834

Media and Public Affairs
Christina Voss - 972-969-5706

HOUSTON--(BUSINESS WIRE)--Genesis Energy, L.P. (NYSE: GEL) today announced its fourth quarter results.

We generated the following financial results for the fourth quarter of 2022:

• Net Income Attributable to Genesis Energy, L.P. of $42.0 million for the fourth quarter of 2022 compared to Net Loss Attributable to Genesis Energy, L.P. of $68.3 million for the same period in 2021.
• Cash Flows from Operating Activities of $81.8 million for the fourth quarter of 2022 compared to $95.6 million for the same period in 2021.
• We declared cash distributions on our preferred units of $0.9473 for each preferred unit, which equates to a cash distribution of approximately $24.0 million and is reflected as a reduction to Available Cash before Reserves to common unitholders.
• Available Cash before Reserves to common unitholders of $83.1 million for the fourth quarter of 2022, which provided 4.52X coverage for the quarterly distribution of $0.15 per common unit attributable to the fourth quarter.
• Total Segment Margin of $197.1 million for the fourth quarter of 2022.
• Adjusted EBITDA of $180.2 million for the fourth quarter of 2022.
• Adjusted Consolidated EBITDA of $736.3 million for the trailing twelve months ended December 31, 2022 and a bank leverage ratio of 4.14X, both calculated in accordance with our senior secured credit agreement and discussed further in this release.

Grant Sims, CEO of Genesis Energy, said, “We are once again very pleased with the financial performance of our market leading businesses for the fourth quarter. Our reported Adjusted EBITDA of $180.2 million exceeded our internal expectations, despite being negatively impacted by approximately $10 million during the quarter as a result of certain unplanned downtime from our producer customers in the Gulf of Mexico, all of which have since returned to normal operations. For the full year, we generated Adjusted EBITDA of $717.1 million, which exceeded the high end of our thrice upwardly revised full year guidance range for Adjusted EBITDA of $700 – $710 million that we issued last quarter, ending up approximately 25% over our initial 2022 guidance, or up approximately 18% over such initial range, even if you exclude the $41 million of non-recurring income we recognized in 2022. Importantly, we once again saw a reduction in our quarter-end leverage ratio, as calculated by our senior secured lenders, to 4.14 times, which is down in less than fifteen months from our third quarter 2021 leverage ratio of 5.51 times.

As we look forward to 2023, the fundamentals and macro conditions across our largest businesses continue to be as positive as we have ever seen them in our careers, and we believe this backdrop provides the foundation for us to continue to improve our balance sheet, generate increasing amounts of free cash flow from operations and deliver value for everyone in our capital structure in the coming years. We continue to see a significant amount of activity in the Gulf of Mexico, including new in-field development wells and new sub-sea tiebacks to existing deepwater production facilities for which we are the exclusive provider of midstream services. Additionally, we will benefit from a full year of volumes from both King’s Quay and Spruance, both of which continue to perform ahead of producer expectations, along with new volumes from Argos, which is currently expected to start up in the middle of the year. The soda ash market remains structurally tight which provided us with a constructive backdrop for our price negotiations on our uncontracted volumes as we entered 2023. We can now report that we have contractually agreed on the pricing for approximately 85% of our anticipated sales volumes of soda ash (including the additional 600,000 – 700,000 incremental tons from Granger expected in 2023) and related products for 2023. As a result, we expect that our weighted average realized price for the full year will exceed the weighted average realized price we received in 2022. Our marine transportation segment also continues to see at or near 100% utilization across all our asset classes, and we are seeing spot day rates and longer term contracted rates approaching levels not seen since 2014 and 2015.

Based on what I mentioned above, and our visibility into 2023, we now expect to generate Adjusted EBITDA this year in the range of $780 – $810⁽¹⁾ million and to exit 2023 with a leverage ratio, as calculated by our senior secured lenders, at or below 4.0 times. The mid-point of this range represents growth of approximately 18% over our 2022 Adjusted EBITDA, excluding the $41 million of non-recurring income we recognized in 2022. We have built into our guidance the potential negative effects if a significant worldwide recession were to unfold as we move through the year. Should that not be the case, or even if there is indeed a recession, but it is milder than we have currently modeled, there could be bias to the upside of even the top end of our 2023 Adjusted EBITDA guidance range provided herein. This anticipated financial performance will provide a clear future path for increasing financial flexibility and opportunities to continue to build long-term value for all our stakeholders.

Given this backdrop, in mid-January we opportunistically accessed the capital markets and successfully priced an offering of $500 million of 8.875% senior unsecured notes due 2030, using the net proceeds from the new notes to redeem in full our 5.625% senior unsecured notes due 2024, with the remainder being used to repay borrowings outstanding under our credit facility. In addition, on February 17, 2023 we successfully syndicated and closed on an extension and upsizing of our existing revolving credit facility with $850 million in commitments from both existing and new lenders with an initial maturity date of February 13, 2026. The relevant covenants contained in the new facility will remain materially the same as our previous facility, although, prospectively, we will have expanded general and permitted investment baskets which will give us increased flexibility to potentially purchase existing private or public securities across our capital structure that we might then perceive to be a high-valued use of our capital. We very much value the relationships with the banks in our bank group and are very appreciative of their continued and increased support of Genesis.

Importantly, with these steps, we now have no maturities of long-term debt until late 2025, and when combined with our clear line of sight to increasing amounts of free cash flow from operations, we believe we are well positioned with ample liquidity and financial flexibility to complete the remaining spend associated with our Granger soda ash expansion project in 2023, as well as complete the construction of the SYNC lateral and CHOPS expansion projects in the Gulf of Mexico in the second half of 2024. As we then start to harvest the incremental cash flow from these growth projects along with the continued strong performance of our base businesses, we believe we are in very good shape to begin simplifying our capital structure and perhaps even start looking at ways to return capital to our bond and common equity holders in one form or another, all while maintaining a leverage ratio at or below 4.0 times.

With that, I would like to next discuss our individual business segments and focus on their recent and expected performance in more detail.

Our offshore pipeline transportation segment performed in-line with our expectations despite experiencing more than expected producer downtime and maintenance at multiple major production facilities connected to our systems which negatively impacted our financial results by approximately $10 million for the quarter. More importantly all of these facilities have since returned to normal operations and we would expect a more normalized level of activity in our offshore segment during the first quarter.

Volumes from Murphy Oil’s operated King’s Quay development continued to exceed our expectations with production from their initial 7 well program producing approximately 115,000 barrels of oil equivalent per day, which is some 15% higher than the original design capacity of 85,000 barrels of oil and 100 million cubic feet of gas per day. Furthermore, Murphy has stated they are forecasting to maintain these production levels at King’s Quay for approximately three years without any additional field development. Meanwhile, Murphy is currently drilling an additional well at their operated Samurai field following the discovery of additional pay sands during their initial phase of development, and they expect this well to be turned to production and flow through King’s Quay starting in the second quarter. First oil from BP’s operated Argos floating production facility and the 14 wells pre-drilled and completed at the Mad Dog 2 field development is currently expected towards the middle of the year, but we are awaiting final confirmation from BP and their partners. We continue to expect volumes from Argos will ramp close to its nameplate capacity of 140,000 barrels of oil per day over the nine to twelve months subsequent to the date of initial production. As a reminder, 100% of the volumes from Argos will flow through our 64% owned and operated CHOPS pipeline for ultimate delivery to shore.

These larger developments, along with other in-field development drilling and other sub-sea tiebacks to production facilities connected to our critical infrastructure, will provide a bridge to the next wave of volumes which includes the approximately 160,000 barrels of oil per day of production handling capacity we expect in late 2024 and early 2025 from our recently contracted developments, Shenandoah and Salamanca. The corresponding construction of the SYNC lateral and CHOPS expansion to support these new volumes in late 2024 and early 2025 remains on schedule, and we currently estimate a total project cost of approximately $550 million, net to our interest. Through the end of last year, we had spent approximately $150 million on this project and would expect to see most of the remaining capital spent this year and the first half of 2024, as we get ready for first oil later that year and early 2025.

We continue to pursue multiple in-field, sub-sea and/or secondary recovery development opportunities representing upwards of 150,000 – 200,000 barrels of oil per day in the aggregate that could turn to production on our pipeline systems over the next two to four years, all of which have been identified but not yet fully sanctioned by the operators and producers involved. The combination of a growing, steady and stable base of production combined with the large scale contracted projects that have or will come on-line every year from 2022 through 2025 demonstrates the stability, longevity and future potential of the deepwater areas of the central Gulf of Mexico and its ability to continue to regenerate itself and support long-term, stable and growing cash flows for many years and decades to come.

Our sodium minerals and sulfur services segment again exceeded our expectations, driven in large part by strong operating performance and the steady increase in soda ash prices throughout 2022. The global supply and demand balance for soda ash has remained tight as global demand has continued to rise at the same time no new natural production has come on-line and the cost structure of synthetic production has continued to remain elevated throughout the year. This increasingly tight market dynamic provided the framework for steadily increasing soda ash prices throughout 2022. We saw this firsthand with our quarterly contract prices increasing by approximately 40% from the first quarter to the fourth quarter 2022, during the same period that soda ash exports out of China actually increased.

The market dynamic at the end of last year provided a very constructive backdrop for our contract pricing negotiations for our 2023 volumes. We have successfully locked in the price for approximately 85% of our anticipated sales volumes of soda ash and related products in 2023, including our new soda ash volumes from Granger, and our weighted average realized price for the full year is expected to exceed the weighted average realized price we received in 2022 as many customers continue to focus on security of supply versus price. In addition, the re-opening of China after the Chinese New Year and the abandonment of their zero-covid lockdowns in early January should mirror the covid reopenings in the U.S. and EU and should provide some tailwinds for soda ash demand within China, which could reduce exports and thus provide some upward bias for prices in our export markets in the back half of the year, all of which we will be actively monitoring throughout the year.

We safely and responsibly re-started our legacy Granger production facility ahead of schedule and had first soda ash “on the belt” on January 1, 2023. We expect production from the legacy Granger facility to ramp over the first part of the year to its nameplate capacity of 500,000 tons of annual soda ash production. Furthermore, our Granger expansion project remains on schedule for first soda ash “on the belt” sometime in the second half of 2023. Through the end of last year we had spent approximately $275 million on the Granger expansion project and would expect to spend another $75 – $100 million over the remainder of 2023 to complete the project.

The net result of our original Granger facility coming back on-line in January and the Granger expansion starting up in the second half of the year means we would expect to see a net increase in production of around 600,000 – 700,000 tons, for total production capacity of approximately 4.2 million tons in 2023. It is important to note 2023 will not fully reflect the true total average cost structure of Granger as we will be operating a largely fixed cost production facility at roughly 50% of design capacity. However, we expect to exit 2023 at or near the full production rates for Granger and thus would expect an additional net increase in production of approximately 500,000 – 600,000 tons, at relatively minor incremental production cost relative to 2023, for total production capacity of approximately 4.7 – 4.8 million tons in 2024 and beyond. Once fully ramped, we would expect our total average cost per ton at Granger to be one of the lowest cost soda ash production facilities in the world.

Our legacy sulfur services business performed slightly ahead of our expectations during the quarter. We were able to utilize our diverse supply network and storage footprint to mitigate the impacts of our largest host refinery taking an extended maintenance outage during the fourth quarter. As a result, we were able to capture an additional vessel loading beyond our expectations and secure additional sales volumes to our South American copper mining customers during the quarter. The steady demand for our sulfur-based products from our copper customers further reinforces our belief that copper demand will be inelastic to any potential economic slowdown given its importance as a fundamental building block of the global economy and its vital role in the green energy revolution. While we anticipate our sales volumes of sulfur-based products to experience a slight decline in 2023 as a result of the partial conversion of one of our host refineries to a biodiesel processing facility, we continue to expect to be able to comfortably supply the steady demand from our copper mining, as well as pulp and paper customers, which will support steady earnings from our refinery service business for many years ahead.

Our marine transportation segment exceeded our expectations as market supply and demand fundamentals continue to remain very strong. During the fourth quarter, we saw tremendously high utilization rates, at or near 100% of available capacity, for all classes of our vessels as demand for Jones Act tanker tonnage remained extremely robust, driven in large part by the significant reduction in marine vessel construction over the last three years and the necessary retirement of older tonnage. This lack of new supply of marine tonnage, combined with strong refinery utilization rates and increasing demand to move intermediate products and refined products from one location to another, has driven spot day rates and longer term contracted rates in our brown water and blue water fleets to levels approaching those last seen in 2014 and 2015. Similarly, the American Phoenix started its twelve-month charter last month with an investment grade counterparty that will run into January 2024 at a day rate comparable to the original rates it commanded when we first purchased the vessel in 2014. Given the increased cost of steel and long-lead times to build new equipment, and regardless of any slowdown in the broader economy, we believe the supply and demand fundamentals for our marine transportation segment will remain strong for the foreseeable future and certainly over the next two to three years.

Our onshore facilities and transportation segment performed in-line with our expectations. During the quarter we saw steady and stable volumes and demand from our refinery customers in and around our Baton Rouge and Texas City corridors. We continue to expect our onshore facilities and transportation segment will benefit as additional offshore volumes come on-line and make their way to our onshore terminals and pipelines for further delivery to refining and other demand centers along the Gulf Coast.

In 2023, we expect growth capital expenditures to range from approximately $400 – $450 million as we finalize the spending on our Granger soda ash expansion project and progress the construction of the SYNC lateral and CHOPS expansion in the Gulf of Mexico. As we complete the spend on Granger this year and on our offshore expansion projects in mid-to-late 2024, absent any unforeseen events, we would reasonably expect to start generating free cash flow after all estimated fixed charges and growth capital expenditures in late 2024 and continuing thereafter, all while maintaining our leverage ratio, as calculated by our senior secured lenders, at or below 4.0 times.

I am also pleased to announce that we will be releasing our initial ESG report in the coming weeks. This inaugural report highlights our commitment to the principals of ESG. We believe we have a responsibility to conduct our business in a socially, economically and environmentally responsible manner and will endeavor to enhance our disclosures over time.

The management team and board of directors remain steadfast in our commitment to building long-term value for everyone in the capital structure, and we believe the decisions we are making reflect this commitment and our confidence in Genesis moving forward. I would once again like to recognize our entire workforce for their efforts and unwavering commitment to safe and responsible operations. I’m proud to have the opportunity to work alongside each and every one of you.”

(1) Adjusted EBITDA is a non-GAAP financial measure. We are unable to provide a reconciliation of the forward-looking Adjusted EBITDA projections contained in this press release to its most directly comparable GAAP financial measure because the information necessary for quantitative reconciliations of Adjusted EBITDA to its most directly comparable GAAP financial measure is not available to us without unreasonable efforts. The probable significance of providing these forward-looking Adjusted EBITDA measures without directly comparable GAAP financial measures may be materially different from the corresponding GAAP financial measures.

Financial Results

Segment Margin

Variances between the fourth quarter of 2022 (the “2022 Quarter”) and the fourth quarter of 2021 (the “2021 Quarter”) in these components are explained below.

Segment Margin results for the 2022 Quarter and 2021 Quarter were as follows:

Offshore pipeline transportation Segment Margin for the 2022 Quarter increased $7.9 million, or 11%, from the 2021 Quarter primarily as a result of first oil achievement during the second quarter of 2022 from the King’s Quay floating production system (“FPS”) and the Spruance development (which all volumes are fully dedicated to our 64% owned Poseidon pipeline), which both successfully ramped up to their expected capacities in the 2022 Quarter. The King’s Quay FPS supports production from the Khaleesi, Mormont and Samurai field developments and is life-of-lease dedicated to our 100% owned crude oil and natural gas lateral pipelines and further downstream to our 64% owned Poseidon and CHOPS crude oil systems or our 25.67% owned Nautilus natural gas system for ultimate delivery to shore. During the 2022 Quarter, production volumes at King’s Quay reached in excess of 100,000 barrels of oil equivalent per day. In addition to this, we have contractual minimum volume commitments that began in 2022 associated with the Argos FPS (which supports the Mad Dog 2 development) that are included in our reported Segment Margin during the 2022 Quarter. Argos is anticipated to have first oil in the middle of 2023. These increases were partially offset by approximately $10 million as a result of certain unplanned producer downtime at numerous fields connected to our pipeline infrastructure in the 2022 Quarter, which returned to normal operations by the end of the year, and the effects to reported Segment Margin from our decrease in ownership of CHOPS, as we sold a 36% minority interest on November 17, 2021.

Sodium minerals and sulfur services Segment Margin for the 2022 Quarter increased $42.4 million, or 94%, from the 2021 Quarter primarily due to higher export and domestic pricing and higher sales volumes in our Alkali Business as well as increased volumes and pricing in our refinery services business. In our Alkali Business, we have continued to see strong demand improvement and growth as a result of the global economic recovery and the continued use of soda ash in the production of everyday end use products along with increased demand for products associated with the energy transition, including solar panels, and the use of soda ash in the production of lithium carbonate and lithium hydroxide, which are some of the building blocks of lithium batteries. This continued demand improvement, combined with flat or even slightly declining supply of soda ash in the near term, has continued to tighten the overall supply and demand balance and created a higher price environment for our tons and increased contribution to Segment Margin during the 2022 Quarter. We have contractually agreed on the pricing for approximately 85% of our anticipated sales volumes of soda ash and related products for 2023, and as a result, we expect that our weighted average realized price for 2023 will exceed the weighted average realized price we received in 2022. Additionally, we successfully re-started our original Granger production facility on January 1, 2023 and are still on schedule to complete our Granger Optimization Project in the second half of 2023, which represents an incremental 750,000 tons of annual production capacity that we anticipate to ultimately ramp up to.

Genesis Energy, L.P.
Dwayne Morley
VP - Investor Relations
(713) 860-2536

HOUSTON--(BUSINESS WIRE)--Crescent Energy Company (NYSE: CRGY) today announced plans to host a conference call and webcast at 10 a.m. CT, on Wednesday, March 8, 2023 to discuss its fourth quarter and full year 2022 financial and operating results, as well as its outlook for 2023. The Company plans to release results after market close on Tuesday, March 7, 2023. The release and supplemental slides will be available on the company’s website at https://ir.crescentenergyco.com.

Conference Call Information

Time: 10 a.m. CT (11 a.m. ET)
Date: Wednesday, March 8, 2023
Conference Dial-In: 877-407-0989 / 201-389-0921 (Domestic / International)
Webcast Link: https://ir.crescentenergyco.com/events-presentations/

A webcast replay will be available on the website following the call.

About Crescent Energy

Crescent Energy is a well-capitalized, U.S. independent energy company with a portfolio of assets in key proven basins across the lower 48 states and substantial cash flow supported by a predictable base of production. Our core leadership team is a group of experienced investment, financial and industry professionals who continue to execute on the strategy we have employed since 2011. The Company’s mission is to invest in energy assets and deliver better returns, operations and stewardship. For additional information, please visit www.crescentenergyco.com.

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

BURLINGTON, Ontario--(BUSINESS WIRE)--Anaergia Inc. (“Anaergia” or the “Company”) (TSX:ANRG) today announced it has sold its Envo Biogas plant in Tønder, Denmark to Copenhagen Infrastructure Partners’ (CIP) Advanced Bioenergy Fund I, which is developing biogas projects in Europe and North America. While the financial terms of the transaction were not disclosed, Anaergia expects to recognize a positive impact on the completion of the transaction. Anaergia plans to deploy capital from the sale towards facilitating additional growth, mainly in Italy and Germany.

Anaergia acquired and began construction on the Tønder project in late 2021 and injected the facility’s first biomethane into Danish pipelines in November 2022, which allowed the facility to qualify for a 20-year Danish Energy Agency biogas subsidy program.

When fully operational, the Tønder facility is expected to become one of Europe’s largest biogas plants, processing up to 900,000 tons of organic waste to produce up to 1.4 million MMBtu (40 million Nm3) of renewable natural gas annually. In addition, the Tønder plant will produce biogenic carbon dioxide that will be used by European Energy to produce green e-methanol to fuel container ships.

“Having advanced the Envo Biogas Tønder project and adding substantial value, the timing is now right for Anaergia to divest of this facility and use the proceeds to advance other new and existing projects in Europe,” said Andrew Benedek, Chairman and CEO of Anaergia. “We look forward to helping Copenhagen Infrastructure Partners complete construction on this project and collaborating with them in the future.”

“We are very pleased to have made our first investment into a large-scale and modern biogas project in Denmark, creating not just green energy, but also jobs and investments in the local community,” said Thomas Dalsgaard, partner with CIP. “We look forward to working with local stakeholders and farmers and to continue the construction of the plant that once in full operations will make a significant contribution to the green transition in the municipality of Tønder and in Denmark.”

About Anaergia
Anaergia was created to eliminate a major source of greenhouse gases by cost effectively turning organic waste into renewable natural gas (RNG), fertilizer and water, using proprietary technologies. With a proven track record from delivering world-leading projects on four continents, Anaergia is uniquely positioned to provide end-to-end solutions for extracting organics from waste, implementing high efficiency anaerobic digestion, upgrading biogas, producing fertilizer and cleaning water. Our customers are in the municipal solid waste, municipal wastewater, agriculture, and food processing industries. In each of these markets Anaergia has built many successful plants including some of the largest in the world. Anaergia owns and operates some of the plants it builds, and it also operates plants that are owned by its customers.

Forward-Looking Information
This news release contains forward-looking information within the meaning of applicable securities legislation, which reflects the Company’s current expectations regarding future events, including statements relating to the ability of our technologies and projects to address about two-thirds of all point source methane emissions and our business plans, growth strategies and ESG initiatives. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company’s control. Such risks and uncertainties include, but are not limited to, the factors discussed under “Risk Factors” in the Company’s annual information form dated March 28, 2022, for the fiscal year ended December 31, 2021. Actual results could differ materially from those projected herein. Anaergia does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required under applicable securities laws.

For further information please see: www.anaergia.com

For media relations: Melissa Bailey, Director, Marketing & Corporate Communications, This email address is being protected from spambots. You need JavaScript enabled to view it.
For investor relations: This email address is being protected from spambots. You need JavaScript enabled to view it.

HOUSTON--(BUSINESS WIRE)--Enterprise Products Partners L.P. (NYSE: EPD) announced today it will participate in meetings with investors at the following conferences:

• THRIVE Energy Conference by Daniel Energy Partners, Thursday, February 23, 2023;
• Barclays Select Series: Midstream Corporate Access Day, Monday, February 27, 2023;
• Barclays Investment Grade Energy and Pipelines Corporate Days, Wednesday, March 1, 2023;
• Morgan Stanley Global Energy and Power Conference, Thursday, March 2, 2023; and
• Mizuho Energy Summit, Monday, March 13 and Tuesday, March 14, 2023.

The latest investor deck that may be used to facilitate the investor meetings can be accessed under the Investors tab on the Enterprise website.

Enterprise Products Partners L.P. is one of the largest publicly traded partnerships and a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, refined products and petrochemicals. Services include: natural gas gathering, treating, processing, transportation and storage; NGL transportation, fractionation, storage and marine terminals; crude oil gathering, transportation, storage and marine terminals; petrochemical and refined products transportation, storage and marine terminals; and a marine transportation business that operates on key U.S. inland and intracoastal waterway systems. The partnership’s assets currently include more than 50,000 miles of pipelines; over 260 million barrels of storage capacity for NGLs, crude oil, petrochemicals and refined products; and 14 billion cubic feet of natural gas storage capacity. Please visit www.enterpriseproducts.com for more information.

Randy Burkhalter, Investor Relations, (713) 381-6812 or (866) 230-0745, This email address is being protected from spambots. You need JavaScript enabled to view it.
Rick Rainey, Media Relations, (713) 381-3635, This email address is being protected from spambots. You need JavaScript enabled to view it.

• Meter Health Analytics platform to monitor 25 commercial and industrial meters
• Non-revenue water found to be a $39 billion problem globally
• California and its communities are in a third straight year of drought

AUSTIN, Texas & LAKE ELSINORE, Calif.--(BUSINESS WIRE)--#IIoT--Olea Edge Analytics™, a provider of intelligent solutions and services for the water utility industry, today announced the launch of a pilot program to deploy smart technology to 25 large commercial meters in California’s Elsinore Valley Municipal Water District (EVMWD) service area.

Olea’s Meter Health Analytics (MHA) solution uses AI technology to provide previously unattainable insights into the performance of commercial and industrial water meters, which can have an outsized impact on both water loss and utility revenue.

A 2018 study found that non-revenue water — water that has been produced but is "lost" before it reaches the customer — comprised 30% of water system input volumes worldwide. The total cost of such losses for utilities can be up to $39 billion per year.

“EVMWD is one of the country’s most technologically savvy utility companies, and they were interested in trying an innovative solution to reduce water loss and maximize water efficiency,” Olea Edge Analytics CFO Jennifer Crow said. “When large commercial meters perform optimally, it benefits the entire system. The largest water consumers are billed accurately, and utilities can address significant apparent water loss quickly.”

Municipalities across California have asked their customers to reduce their water use as the state contends with its third straight year of drought. Despite some respite from heavy rains in December and January, the need for efficiency remains to ensure supplies for the future. While customers are doing their own part individually, the District also implements tactics to ensure water reliability in its own systems.

“When confronting the challenges of drought, EVMWD takes a multifaceted approach to ensure water is available 24/7 for our community,” said Greg Thomas, General Manager for Elsinore Valley Municipal Water District. “Using tools, like Olea’s solution for larger meters, will allow our Operations team to more accurately detect and address water loss.”

To learn more about how Olea Edge Analytics helps utilities control water loss through sensors that combine AI, machine learning, and edge computing technology, visit oleaedge.com.

About Olea Edge Analytics

Olea's proven, AI-based edge technology empowers utilities to optimize water delivery, billing and conservation so cities can account for every drop delivered, reduce water loss and generate millions more in revenue. Committed to helping water utilities combat aging infrastructure, meet greater demand and limit rate increases, Olea's patented solution combines IoT and edge computing capabilities to bring transparency, accuracy and reliability to the delivery of the world’s most precious resource. For more information, visit www.oleaedge.com.

Treble
Matt Grant
This email address is being protected from spambots. You need JavaScript enabled to view it.

ANNAPOLIS, Md.--(BUSINESS WIRE)--Hannon Armstrong Sustainable Infrastructure Capital, Inc. ("Hannon Armstrong" or "HASI") (NYSE: HASI), a leading investor in climate solutions, today announced it will host an Investor Day from 8:30 a.m. to 11:30 a.m. EDT on Tuesday, March 21 in Annapolis, Maryland. Beginning at 8:30 a.m., investors and other interested parties will be able to access a live video webcast, including the presentation materials, at https://investors.hannonarmstrong.com/. Registration to access the live webcast is available at the Investor Day Registration Page. A replay will be available after the event.

About Hannon Armstrong

Hannon Armstrong (NYSE: HASI) is the first U.S. public company solely dedicated to investments in climate solutions, providing capital to assets developed by leading companies in energy efficiency, renewable energy, and other sustainable infrastructure markets. With more than $9 billion in managed assets, our core purpose is to make climate positive investments with superior risk-adjusted returns. For more information, please visit hannonarmstrong.com or follow us on Twitter and LinkedIn.

Investors:
Neha Gaddam
This email address is being protected from spambots. You need JavaScript enabled to view it.
410-571-6189

Andrew Kellar joins Luminia, bringing valuable expertise and 218 MWs of community solar projects

SAN DIEGO--(BUSINESS WIRE)--Luminia has executed a Memorandum of Understanding (MOU) to acquire the assets, development resources and project pipeline of New Hampshire Solar Garden, including 15 MWs of community solar that the companies jointly closed in 2022. Luminia will now control and manage the developer’s community solar portfolio totaling over 218 MWs.

New Hampshire Solar Garden founder Andrew Kellar has joined Luminia, bringing along extensive community solar expertise and a proven track record of Northeast solar development. The acquisition follows Luminia’s long-standing partnership with the developer and builds on the company’s growing community solar portfolio.

“New Hampshire Solar Garden has been an incredible partner and influential leader in establishing successful community solar projects across the Northeast,” said David Field, CEO and Co-Founder of Luminia. “As we continue to scale our community solar business, we are thrilled to welcome Andrew to our team to lead our internal origination strategy - directly and in partnership with co-development partners and strategic off-takers in key markets.”

New Hampshire Solar Garden actively serves Maine, New Hampshire, Vermont, Rhode Island, Massachusetts, Connecticut, New York and New Jersey. The company was the first to offer Community Solar offtake solutions in New Hampshire at a large scale, impacting many different communities. Kellar was instrumental in convincing municipalities to serve as offtake backstops for community solar assets, spearheading financing and fostering innovation in the region. In addition to New Hampshire Solar Garden’s Northeast pipeline, Kellar is also bringing over 140 MWs of development projects in Puerto Rico. He looks forward to leveraging Luminia’s core competencies for expanding community solar portfolios across the U.S.

“Having been part of the Northeast community solar development since its inception more than a decade ago, I am excited to share my perspective and build credibility with Luminia’s developer partners,” said Andrew Kellar, Vice President, Development for Luminia. “Having been on the developer side, I know first-hand how Luminia allowed me to spend the majority of my day doing what I love, with the platform and people-support to tackle the financial and legal aspects of deals that occupied so much of my former capacity.”

Community solar is a growing market segment within the solar industry, with support from federal policies including the Biden Administration and the Department of Energy’s community solar pilot programs and the Inflation Reduction Act’s ten-year, 30 percent ITC extension. Luminia’s acquisition of New Hampshire Solar Garden will help support this growing demand for new community solar projects by providing unique financing and technology solutions for the deployment of community solar projects at scale. To learn more, visit: luminia.io/community-solar

About Luminia

Founded in 2019, California-based Luminia provides unique financing and technology platform solutions that enable the deployment of commercial property sustainability improvements and community solar projects at scale. Through novel financing options and artificial intelligence-driven commercial real estate portfolio analysis, Luminia empowers commercial and industrial property owners to implement holistic clean energy and energy efficiency upgrades without barriers. Luminia partners with property owners, solar developers and portfolio managers to provide purpose-built solutions that offer the greatest potential economic benefit and advance a property’s ability to meet ESG requirements. For more information, visit luminia.io.

Christine Bennett for Luminia
This email address is being protected from spambots. You need JavaScript enabled to view it. | +1 925.330.4783

Summary Results and Highlights

• Net income of $8.0 million, or $0.15 per diluted Class A share, for the quarter ended December 31, 2022; Adjusted pro forma net income of $10.2 million, or $0.22 per fully diluted share for the quarter ended December 31, 2022
• Adjusted EBITDA of $23.0 million for the quarter ended December 31, 2022
• Paid a regular quarterly dividend of $0.105 per share on December 16, 2022, Solaris’ 17^th consecutive quarterly dividend; $112 million cumulatively returned to shareholders through dividends and share buybacks since 2018
• Increased deployments of Solaris’ new top fill technology across multiple basins
• Revising previous 2023 capital expenditure guidance to range between $65 million and $75 million, reflecting an approximately 10% to 20% reduction year over year

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

Operational Update and Outlook

During the fourth quarter of 2022, an average of 92 mobile proppant management systems were fully utilized, which was down 2% from average third quarter 2022 levels. Extreme weather events in December 2022 caused job startup delays which negatively impacted the fully utilized system count in the fourth quarter. Absent weather-related delays, the fully utilized system count would have been flat sequentially.

“I am very proud of the Solaris team’s accomplishments in 2022, a year where we saw tremendous growth across our business. Our average fully utilized system count grew over 50% versus 2021, we rapidly rolled out our new top fill offering, expanded into new basins and onboarded over 200 new team members,” Solaris’ Chairman and Chief Executive Officer Bill Zartler commented. “We are experiencing continued growth in our business in 2023, including additional manufacturing and deployments of our new technology offerings to existing and new customers. These new technology deployments will drive both well site efficiency for our customers and earnings and cash flow growth for Solaris. As the pace of spending on new technology slows during 2023, we anticipate generating excess cash and will continue to prioritize shareholder returns. We look forward to engaging with our shareholders about potential uses of our future free cash flow.”

Fourth Quarter 2022 Financial Review

Solaris reported net income of $8.0 million, or $0.15 per diluted Class A share, for fourth quarter 2022, compared to third quarter 2022 net income of $11.5 million, or $0.22 per diluted Class A share. Adjusted pro forma net income for fourth quarter 2022 was $10.2 million, or $0.22 per fully diluted share, compared to third quarter 2022 adjusted pro forma net income of $11.1 million, or $0.24 per fully diluted share. A description of adjusted pro forma net income and a reconciliation to net income attributable to Solaris, its most directly comparable generally accepted accounting principles (“GAAP”) measure, and the computation of adjusted pro forma earnings per fully diluted share are provided below.

Revenues were $84.1 million for fourth quarter 2022, which were down 9% from third quarter 2022, driven by a seasonal decline in activity that was exacerbated by extreme cold weather-related job startup delays in December. The decrease in systems was partially offset by an increase in systems deployed with new technologies.

Adjusted EBITDA for fourth quarter 2022 was $23.0 million, which was down 4% from third quarter 2022. The decrease in Adjusted EBITDA was driven by a seasonal decline in activity that was exacerbated by extreme cold weather-related job startup delays in December. The decrease in systems was partially offset by an increase in systems deployed with new top fill solutions. Absent job startup delays and higher costs associated with the severe winter weather in December, the Company expects Adjusted EBITDA would have been approximately in line with third quarter levels. A description of Adjusted EBITDA and a reconciliation to net income, its most directly comparable GAAP measure, is provided below.

Capital Expenditures, Free Cash Flow and Liquidity

Capital expenditures in the fourth quarter 2022 were $21.9 million, which was above prior guidance of $15 million to $20 million due to advance orders for parts related to new top fills to be manufactured in 2023. The Company is revising its capital expenditure guidance for full year 2023 to a range of $65 million to $75 million, which accounts for improving operational efficiencies and flexibility to respond to changing market dynamics while maintaining prior expectations for Solaris top fill system growth. This compares to prior guidance of approximately $75 million. The Company’s guidance for 2023 capital expenditures includes $15 million for maintenance capital which is unchanged from prior guidance.

Free cash flow (defined as net cash provided by operating activities less investment in property, plant and equipment) during fourth quarter 2022 was $2.2 million and reflects lower capital expenditures sequentially and a working capital source of $1.0 million as activity modestly slowed at year-end. Distributable cash flow (defined as Adjusted EBITDA less maintenance capital expenditures) was approximately $19 million for the fourth quarter 2022 and covered quarterly dividend distributions of approximately $4.9 million.

As of December 31, 2022, the Company had approximately $8.8 million of cash on the balance sheet. The Company had $8.0 million in borrowings outstanding on the credit facility, and total liquidity, including availability under the credit facility, was $50.8 million as of the end of the fourth quarter 2022.

Shareholder Returns

On November 17, 2022, the Company’s Board of Directors declared a cash dividend of $0.105 per share of Class A common stock, which was paid on December 16, 2022 to holders of record as of December 6, 2022. A distribution of $0.105 per unit was also approved for holders of units in Solaris Oilfield Infrastructure, LLC (“Solaris LLC”). Since initiating the dividend in December 2018, the Company has paid 17 consecutive quarterly dividends. Cumulatively, the Company has returned approximately $112 million in cash to shareholders through dividends and share repurchases since December 2018.

Conference Call

The Company will host a conference call to discuss its fourth quarter and full year 2022 results on Thursday, February 23, 2023 at 8:00 a.m. Central Time (9:00 a.m. Eastern Time). To join the conference call from within the United States, participants may dial (844) 413-3978. To join the conference call from outside of the United States, participants may dial (412) 317-6594. When instructed, please ask the operator to be joined to the Solaris Oilfield Infrastructure, Inc. call. Participants are encouraged to log in to the webcast or dial in to the conference call approximately ten minutes prior to the start time. To listen via live webcast, please visit the Investor Relations section of the Company’s website at http://www.solarisoilfield.com.

An audio replay of the conference call will be available shortly after the conclusion of the call and will remain available for approximately seven days. It can be accessed by dialing (877) 344-7529 within the United States or (412) 317-0088 outside of the United States. The conference call replay access code is 6844582. The replay will also be available in the Investor Relations section of the Company’s website shortly after the conclusion of the call and will remain available for approximately seven days.

About Solaris Oilfield Infrastructure, Inc.

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

Website Disclosure

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

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

Forward Looking Statements

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

________________________________

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

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

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

HOUSTON--(BUSINESS WIRE)--$TELL #LNG--Tellurian Inc. (Tellurian or the Company) (NYSE American: TELL) ended the fourth quarter of 2022 with the first phase of Driftwood LNG under construction, and $474.2 million of cash and cash equivalents. Tellurian also increased natural gas production fourfold to approximately 225 million cubic feet per day (MMcfd) in the fourth quarter of 2022 as compared to approximately 55 MMcfd in the fourth quarter of 2021. Tellurian also had the following significant accomplishments in 2022:

• Issued a limited notice to proceed to Bechtel Energy, Inc. and began construction of phase one of Driftwood LNG
• Completed the acquisition of natural gas assets of approximately 5,000 net acres and 44 producing wells
• Put in production 13 operated Haynesville wells
• Increased total proved reserves to 445 billion cubic feet (Bcf), as of year-end 2022, an increase of over 100 Bcf as compared to year-end 2021*
• Supported the planting of more than one million trees as part of a five-year pledge with the National Forest Foundation

President and CEO Octávio Simões said, “Tellurian is executing on our plans to progress Driftwood LNG and has invested approximately $1.0 billion in the project since inception. We have also significantly increased our natural gas production and reduced carbon impact through nature-based solutions. At the same time, we are diligent in our search to secure a financing package to support long-term returns for shareholders.”

Upstream segment results

Operating activities

Tellurian produced 47.3 Bcf of natural gas for the year ended December 31, 2022. As of December 31, 2022, Tellurian's natural gas assets include 27,689 net acres, interests in 143 producing wells, and estimated proved reserves of 445 Bcf with an associated Standardized Measure* value of $1,036 million.

Consolidated financial results

Tellurian generated approximately $391.9 million in total revenues from sales of LNG and natural gas, driven by increased realized natural gas prices and production volumes for the year ended December 31, 2022, compared to $71.3 million for 2021. Tellurian reported a net loss of approximately $49.8 million or $0.09 per share (basic and diluted), for the year ended December 31, 2022, compared to a net loss of $114.7 million, or $0.28 per share (basic and diluted), for 2021.

As of December 31, 2022, Tellurian had approximately $1.4 billion in total assets, including approximately $474.2 million of cash and cash equivalents.

About Tellurian Inc.

Tellurian intends to create value for shareholders by building a low-cost, global natural gas business, profitably delivering natural gas to customers worldwide. Tellurian is developing a portfolio of natural gas production, LNG marketing and trading, and infrastructure that includes an ~ 27.6 mtpa LNG export facility and an associated pipeline. Tellurian is based in Houston, Texas, and its common stock is listed on the NYSE American under the symbol “TELL”.

For more information, please visit www.tellurianinc.com. Follow us on Twitter at twitter.com/TellurianLNG

Tellurian will post a video by Executive Chairman Charif Souki on its website shortly following the issuance of this release.

CAUTIONARY INFORMATION ABOUT FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of U.S. federal securities laws. The words “anticipate,” “assume,” “believe,” “budget,” “estimate,” “expect,” “forecast,” “initial,” “intend,” “may,” “plan,” “potential,” “project,” “proposed,” “should,” “will,” “would,” and similar expressions are intended to identify forward- looking statements. Forward-looking statements herein relate to, among other things, the capacity, timing, and other aspects of the Driftwood LNG project, and construction and financing activities. These statements involve a number of known and unknown risks, which may cause actual results to differ materially from expectations expressed or implied in the forward-looking statements. These risks include the matters discussed in Item 1A of Part I of the Annual Report on Form 10-K of Tellurian for the fiscal year ended December 31, 2022, filed by Tellurian with the Securities and Exchange Commission (the SEC) on February 22, 2023, and other Tellurian filings with the SEC, all of which are incorporated by reference herein. The forward-looking statements in this press release speak as of the date of this release. Although Tellurian may from time to time voluntarily update its prior forward-looking statements, it disclaims any commitment to do so except as required by securities laws.

Explanation and Reconciliation of Non-GAAP Financial Measures

The Company reports its financial results in accordance with accounting principles generally accepted in the United States of America (“GAAP”). However, management believes that upstream segment Adjusted EBITDA may provide financial statement users with additional meaningful comparisons between current results and the results of the Company’s peers and of prior periods.

Upstream segment Adjusted EBITDA excludes certain charges or expenditures. Upstream segment Adjusted EBITDA is a supplemental measure of performance and should not be viewed as a substitute for any GAAP measure.

Management presents Upstream segment Adjusted EBITDA because (i) it is consistent with the manner in which the Company’s position and performance are measured relative to the position and performance of its peers and (ii) it is more comparable to earnings estimates provided by securities analysts.

Upstream segment Adjusted EBITDA (in thousands):

Media:
Joi Lecznar
EVP Public and Government Affairs
Phone +1.832.962.4044
This email address is being protected from spambots. You need JavaScript enabled to view it.

Investors:
Matt Phillips
Vice President, Investor Relations
Phone +1.832.320.9331
This email address is being protected from spambots. You need JavaScript enabled to view it.

HOUSTON--(BUSINESS WIRE)--Cactus, Inc. (NYSE: WHD) (“Cactus” or the “Company”) today announced financial and operating results for the fourth quarter and full year 2022.

Fourth Quarter 2022 Highlights and Recent Events

• Revenue of $187.8 million and income from operations of $48.2 million;
• Net income of $40.7 million⁽¹⁾ and diluted earnings per Class A share of $0.50⁽¹⁾;
• Adjusted net income⁽³⁾ of $43.5 million and diluted earnings per share, as adjusted⁽³⁾ of $0.57;
• Net income margin of 21.7% and adjusted net income margin⁽³⁾ of 23.2%;
• Adjusted EBITDA⁽⁴⁾ and Adjusted EBITDA margin⁽⁴⁾ of $66.4 million and 35.4%, respectively;
• Cash flow from operations of $39.3 million;
• Cash balance of $344.5 million with no bank debt outstanding as of December 31, 2022;
• Signed agreement to acquire HighRidge Resources, Inc. (“FlexSteel”);
• In January 2023, the Board of Directors (the “Board”) declared a quarterly cash dividend of $0.11 per Class A share; and
• In January 2023, Cactus closed an underwritten offering of Class A common stock for net proceeds of $165.6 million.

Financial Summary

Scott Bender, President and CEO of Cactus, commented, “I am extremely proud of the Cactus team and our execution during the fourth quarter, which enabled us to deliver the highest recorded Adjusted EBITDA in Company history. In our Product revenue category, market share⁽¹⁾ increased to over 40% as rigs followed were up approximately 7% from the third quarter of 2022. Margins increased across all of our revenue categories during the period, showcasing our organization's continued focus on customer service and cost management.

“Looking ahead to the first quarter of 2023, we anticipate continued revenue growth. While the overall level of U.S. onshore drilling activity has waned in recent months, we expect another increase in Cactus’ rigs followed during the first quarter. Since the second half of 2022, larger, well capitalized operators have increased activity, which has typically been a positive sign for Cactus. Additionally, our working capital outflows should meaningfully decline during early 2023.

Mr. Bender concluded, “Regarding the pending FlexSteel Acquisition, we remain extremely excited about bringing this high-quality and differentiated business into Cactus. Significant progress around permanent financing for the transaction has been made and closing is on-track to occur during the first quarter. Following closing, we plan to share additional details regarding our near-term expectations for the combined business. The FlexSteel Acquisition represents a significant opportunity for Cactus. We believe our general operating philosophy, which is a focus on margins, returns and generating value for our shareholders, will enhance the FlexSteel business.”

Revenue Categories

Product

Fourth quarter 2022 product revenue increased $2.8 million, or 2.3%, sequentially, as sales of wellhead and production related equipment improved primarily due to higher customer drilling activity. Gross profit increased $2.5 million, or 5.2%, sequentially, with margins increasing 120 basis points driven largely by operating leverage and lower branch costs in relation to revenue generated.

Rental

Fourth quarter 2022 rental revenue increased $0.2 million, or 0.8%, sequentially, due to higher international revenue generation. Gross profit increased $1.2 million sequentially and margins improved by 420 basis points due largely to better asset management, lower repair costs and declining depreciation expense.

Field Service and Other

Fourth quarter 2022 field service and other revenue increased $0.3 million, or 0.9%, sequentially, due to improved revenue mix and increased ancillary services activity. Gross profit increased $0.1 million, or 1.5%, sequentially, with margins increasing by 20 basis points due to lower supplies costs and branch related expenses, which offset higher labor costs during the period.

Selling, General and Administrative Expenses (“SG&A”)

SG&A for the fourth quarter of 2022 was $22.9 million (12.2% of revenues), compared to $16.0 million (8.7% of revenues) for the third quarter of 2022 and $12.9 million (9.9% of revenues) for the fourth quarter of 2021. The sequential increase was due primarily to higher fees and expenses associated with the pending FlexSteel Acquisition.

Liquidity, Capital Expenditures and Other

As of December 31, 2022, the Company had $344.5 million of cash and no bank debt outstanding. Operating cash flow was $39.3 million for the fourth quarter of 2022. During the fourth quarter, the Company made dividend payments and associated distributions of $8.4 million.

Net cash used in investing activities represented $6.0 million during the fourth quarter of 2022. Net capital expenditures for the full year 2022 were $25.5 million. For the full year 2023, the Company expects net capital expenditures to be in the range of $35 million to $45 million, inclusive of capital directed toward international expansion and the potential purchase of a currently leased facility, but exclusive of capital expenditures associated with the FlexSteel business.

On January 13, 2023, Cactus closed an underwritten offering of 3,224,300 shares of its Class A common stock for total net proceeds of approximately $166 million, net of underwriting discounts and selling commissions. The net proceeds from the sale of the Class A common stock in the offering are expected to be utilized to fund a portion of the initial closing price for the pending FlexSteel Acquisition.

As of January 31, 2023, Cactus had 64,127,114 shares of Class A common stock outstanding (representing 81.1% of the total voting power) and 14,978,225 shares of Class B common stock outstanding (representing 18.9% of the total voting power).

Quarterly Dividend

In January 2023 the Board approved a quarterly cash dividend of $0.11 per share of Class A common stock with payment to occur on March 16, 2023 to holders of record of Class A common stock at the close of business on February 27, 2023. A corresponding distribution of up to $0.11 per CW Unit has also been approved for holders of CW Units of Cactus Wellhead, LLC.

Conference Call Details

The Company will host a conference call to discuss financial and operational results on Thursday, February 23, 2023 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time).

The call will be webcast on Cactus’ website at www.CactusWHD.com. Please access the webcast for the call at least 10 minutes ahead of the start time to ensure a proper connection. Analysts and institutional investors may click here to pre-register for the conference call and obtain a dial-in number and passcode. An archived webcast of the conference call will be available on the Company’s website shortly after the end of the call.

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 throughout the United States and Australia, while also providing equipment and services in select international markets.

Cautionary Statement Concerning Forward-Looking Statements

Certain statements contained in this press release and oral statements made regarding the matters addressed in this release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Cactus’ control, that could cause actual results to differ materially from the results discussed in the forward-looking statements.

Forward-looking statements can be identified by the use of forward-looking terminology including “may,” “believe,” “expect,” “intend,” “anticipate,” “estimate,” “continue,” “potential,” “will,” “hope” or other similar words and include the Company’s expectation of future performance contained herein. These statements discuss future expectations, contain projections of results of operations or of financial condition, or state other “forward-looking” information. You are cautioned not to place undue reliance on any forward-looking statements, which can be affected by assumptions used or by risks or uncertainties, including unanticipated challenges relating to the pending FlexSteel Acquisition and related financing. Consequently, no forward-looking statements can be guaranteed. When considering these forward-looking statements, you should keep in mind the risk factors and other factors noted in the Company’s Annual Report on Form 10-K, any Quarterly Reports on Form 10-Q and the other documents that the Company files with the Securities and Exchange Commission. The risk factors and other factors noted therein could cause actual results to differ materially from those contained in any forward-looking statement. Cactus disclaims any duty to update and does not intend to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release.