Investment Will Accelerate U.S.-Based Development of Sustainable Lithium-Ion Battery Technology for Zero-Emissions...

TULSA, Oklahoma--(BUSINESS WIRE)--Unit Corporation (OTCQX: UNTC) (Company) announced today that Philip B. Smith is stepping down as President and Chief Executive Officer of the Company effective March 31, 2023. Mr. Smith will continue to serve as Chairman of the Board of Directors (Board) of the Company. The Board has appointed current Director, Phil Frohlich, as interim Chief Executive Officer, effective April 1, 2023, until the Board names a successor. Mr. Frohlich has been a member of the Board since September 3, 2020. He is the founder and Managing Partner of Prescott Capital Management, the Company’s largest shareholder.

“The Board thanks Mr. Smith for his contributions and leadership as the Company’s President and CEO during the past two and a half years,” said Mr. Frohlich. “Mr. Smith’s oil and gas expertise and experience has been invaluable to the success of the Company. We are fortunate that he will remain as Chairman of the Board and continue to play an integral role in the Company’s future.”

Mr. Frohlich continued, “I am looking forward to serving as the Company’s interim CEO and continuing the Company’s goal of creating value for its shareholders by maximizing production while decreasing costs and being a good steward of the Company’s assets.”

“It has been a pleasure to serve as the Company’s President and CEO and I am looking forward to continuing to help guide the Company forward as Chairman of the Board,” said Mr. Smith. “I would like to thank our employees for their commitment to the Company.”

About Unit Corporation

Unit Corporation is a Tulsa-based, publicly held energy company engaged through its subsidiaries in oil and gas exploration, production, contract drilling and natural gas gathering and processing. For more information about Unit Corporation, visit its website at http://www.unitcorp.com.

Forward-Looking Statements

This press release has forward-looking statements within the meaning of the Private Securities Litigation Reform Act. All statements, other than statements of historical facts, included in this release that address activities, events, or developments that the Company expects, believes, or anticipates will or may occur are forward-looking statements. Several risks and uncertainties could cause actual results to differ materially from these statements, including changes in oil and natural gas prices, changes in the Company’s reserves estimates or its value thereof, the level of activity in the oil and natural gas industry and other risk factors described in the Company's publicly available SEC reports. The Company assumes no obligation to update publicly such forward-looking statements, whether because of new information, future events, or otherwise.

Rene Punch
Investor Relations
(918) 493-7700
www.unitcorp.com

EIG’s Breakwater Energy acquires stake for $4.8 billion

WASHINGTON--(BUSINESS WIRE)--EIG, a leading institutional...

NEW YORK--(BUSINESS WIRE)--The Board of Directors of Hess Corporation (NYSE: HES) today declared a regular quarterly dividend of 43.75 cents per share payable on the Common Stock of the Corporation on March 30, 2023 to holders of record at the close of business on March 13, 2023. The dividend represents an approximate 17% increase compared to the dividend for the fourth quarter of 2022, which equals a 25 cent increase per share on an annualized basis.

Hess Corporation is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas. More information on Hess Corporation is available at http://www.hess.com.

For Hess Corporation

Investor Contact:
Jay Wilson
(212) 536-8940

Media Contact:
Lorrie Hecker
(212) 536-8250
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Top industry award for leaders in clean energy and climate tech recognizes Avantus as Company of the Year; Avantus’ Gautham Ramesh as Rising Star

LOS ANGELES & SAN FRANCISCO--(BUSINESS WIRE)--#cleanenergy--Avantus, (formerly 8minute), has been selected as the winner of the 2022 Company of the Year Cleanie Award® in the Enterprise category. Avantus was recognized for its major technological advancements and bold vision for a new energy economy powered by reliable, affordable, zero-emission energy. In addition, Avantus’ Senior Manager of Energy Systems Engineering Gautham Ramesh was honored as a Rising Star Under 30 for his leadership in the design and development of advanced controls for Avantus’ smart power plants. The Cleanie Awards is the leading awards program focused on recognizing innovators and those delivering on the promise of a clean energy future; out of hundreds of nominations, Avantus and Ramesh both received the highest honor, Gold.

“We launched Avantus to redefine what it means to be a leader in the clean energy transition,” said Dr. Tom Buttgenbach, CEO and Founder of Avantus. “This past year was especially momentous for us on our journey to becoming the first pure play clean energy major; we expanded our technology and development portfolio, pioneered new land conservation efforts and are on our way to building an operational portfolio of smart power plants across the Western United States. I am truly proud to lead this exceptional team that includes trailblazers like Gautham Ramesh, who work every day to usher in a new era of energy, where power generation and delivery is not only clean, but also lower cost and far superior to fossil fuels.”

In 2022, Avantus rebranded from 8minute to reflect its expansion beyond solar development to include innovative clean energy products and services. Most notably, Avantus’ smart power plant technologies integrate renewable energy production and storage into one seamless, intelligent system that can provide flexible, predictable output to the grid and helps utilities and corporate energy customers dynamically manage load. This advanced ecosystem of products, services and technologies can meet the diverse needs of any utility, from baseload to peak load, in addition to green hydrogen production and solutions for other energy-intensive industries. Avantus’ suite of proprietary design tools and technologies will be deployed against the company’s industry-leading development pipeline, which now exceeds 50 gigawatts (GW) of system capacity, including 42 GW of solar and 78 GWh of energy storage – capable of providing low-cost clean energy to 30 million people day or night.

Avantus has led the industry towards unprecedented milestones, including developing the largest solar cluster in the nation in 2012 and the first operating solar plant to beat fossil fuel prices in 2016. Its team of engineers and developers continue to raise the bar for low cost and reliability, and Gautham Ramesh has been instrumental in this effort. As Senior Manager of Energy Systems Engineering, Ramesh leads the development of Avantus’ optimization software for solar, energy storage, wind, and green hydrogen assets. He began his career at Avantus as an intern, and over his five years at the company has quickly risen through the organization. His work is advancing the integration of historically intermittent renewables into power grid operations and setting the bar for state-of-the-art energy market optimization. Ramesh holds eight patents in clean energy power plant design and controls — with more patents currently pending.

“Looking back to my very first days as an intern and a storage software engineer, it’s been an incredible journey with Avantus,” said Ramesh. “I am truly honored by this recognition, and I couldn’t have gotten here without the continued support of the whole Avantus team. This award recognizes the amazing potential of my entire generation of engineers, scientists and researchers to combat climate change and accelerate the adoption of reliable and affordable clean energy.”

Avantus was selected by a cohort of peers including judges and leaders representing a cross section of the cleantech and renewable energy sectors. Marking its most competitive year yet, The Cleanie Awards doubled its number of submissions over last year with nominations from Fortune 500 companies, investors and start-ups across the energy spectrum. For a full list of winners, visit thecleanieawards.com.

ABOUT AVANTUS

Avantus is shaping the future by making reliable, low-cost clean energy a global reality. Our legacy of leadership in next generation solar energy includes developing the nation’s largest solar cluster and the first plant to beat fossil fuel prices back in 2016. Today, we are expanding the boundaries of existing technologies to build one of the largest portfolios of smart power plants with integrated storage, capable of providing 30 million people with affordable, zero-emission energy – day and night. Through our relentless pursuit of better, we are decarbonizing our planet at the gigaton level, and bringing the advantages of clean energy to all of us.

For more information, please visit www.avantus.com, and follow Avantus on Twitter and LinkedIn.

Avantus
Katie Struble
Director, Corporate Communications
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HOUSTON--(BUSINESS WIRE)--USD Partners LP (NYSE: USDP) (the “Partnership”) announced today its operating and financial results for the three months and year ended December 31, 2022. Financial highlights with respect to the fourth quarter of 2022 include the following:

• Generated Net Cash Provided by Operating Activities of $8.3 million, Adjusted EBITDA⁽¹⁾ of $13.3 million and Distributable Cash Flow⁽¹⁾ of $9.6 million
• Reported Net Loss of $3.2 million
• Declared a quarterly cash distribution of $0.1235 per unit ($0.494 per unit on an annualized basis)
• Announced that its sponsor (the “Sponsor”) will waive the fourth quarter distribution on all of its 17.3 million units, reducing this quarterly distribution by approximately $2.1 million

“The underlying economics that support our DRUbit™ by Rail™ network were positive in 2022 and improved significantly in the fourth quarter of the year. As a result, the network continues to operate at or above our expected capacity transporting DRUbit™ through the Partnership’s Hardisty terminal to our Sponsor’s destination terminal in Port Arthur, TX,” said Dan Borgen, the Partnership’s Chief Executive Officer. “With Canadian storage utilization levels currently at the high end of the historical averages and the industry’s current expectations around growth in Canadian oil sands production in 2023 and 2024, we are focused on renewing, extending, or replacing agreements that expired during 2022 and those that are set to expire this year. Given the non-hazardous and non-flammable characteristics of the DRUbit™ product that we are moving, we continue to have detailed discussions regarding our DRUbit™ by Rail™ network with new and existing customers to provide safer and economically beneficial Canadian crude transportation options. We remain committed to continuing the conversion of our dilbit capacity to our long term sustainable DRUbit™ program.”

“Also, as previously mentioned, in order to support the Partnership’s current liquidity position during this recontracting cycle, our Sponsor decided to waive its right to the fourth quarter distribution on its 17.3 million units without impacting the distribution to the remaining unitholders,” Borgen added.

Partnership’s Fourth Quarter 2022 Liquidity, Operational and Financial Results

Substantially all of the Partnership’s cash flows are generated from multi-year, take-or-pay terminalling services agreements related to its crude oil terminals, which include minimum monthly commitment fees. The Partnership’s customers include major integrated oil companies, refiners and marketers, the majority of which are investment-grade rated.

The Partnership’s financial statements have been retrospectively recast to include the pre-acquisition results of the Hardisty South acquisition that occurred in the second quarter of 2022 because the acquisition represented a business combination between entities under common control.

The Partnership’s revenues for the fourth quarter of 2022 relative to the same quarter in 2021 were lower primarily due to lower revenues at the combined Hardisty Terminal due to a reduction in contracted capacity at both the legacy Hardisty and Hardisty South terminals that was effective July 1, 2022. Revenues were also lower at the combined Hardisty terminal due to an unfavorable variance in the Canadian exchange rate on the Partnership’s Canadian-dollar denominated contracts during the fourth quarter of 2022 as compared to the fourth quarter of 2021. Revenue was lower at the Stroud Terminal due to the conclusion of the Partnership’s terminalling services contracts with the sole customer effective July 1, 2022. Also impacting the variance in revenues at the Stroud terminal was the deferral of revenues associated with make-up right options that occurred during the fourth quarter of 2021 with no similar occurrence in the fourth quarter of 2022. The Partnership also had lower revenue generated at its Casper Terminal associated with lower throughput volumes at the terminal. Partially offsetting these decreases in revenue was higher revenue at the Partnership’s West Colton Terminal resulting from the commencement of the renewable diesel contract that occurred in December 2021.

The Partnership experienced lower operating costs during the fourth quarter of 2022 as compared to the fourth quarter of 2021. Selling, general and administrative costs (“SG&A costs”) associated with the Hardisty South entities were lower, as discussed in more detail below. The Partnership also experienced lower pipeline fee expense which is directly attributable to the associated decrease in the combined Hardisty terminal revenues previously discussed, as compared to the fourth quarter of 2021. In addition, subcontracted rail services costs were lower due to decreased throughput at the terminals. Depreciation and amortization expenses were lower in the fourth quarter of 2022 as compared to the same period in 2021, primarily associated with the decrease in the carrying value of the assets at the Casper terminal due to the impairment that was recognized in September 2022.

Fourth quarter 2021 SG&A costs include service fees paid by Hardisty South to the Sponsor related to a services agreement that was in place with the Sponsor prior to the Partnership’s acquisition of Hardisty South. Upon the Partnership’s acquisition of Hardisty South, the services agreement between the acquired entities and the Sponsor was terminated and a similar agreement was established between those entities and the Partnership. This resulted in the service fee income being allocated to the Partnership, and therefore offsetting the expense in Hardisty South for periods subsequent to the acquisition date of April 1, 2022.

The Partnership had a net loss of $3.2 million in the fourth quarter of 2022 as compared to net income of $4.3 million in the fourth quarter of 2021. The decrease is primarily because of the operating factors discussed above coupled with higher interest expense incurred during the fourth quarter of 2022 resulting from higher interest rates and a higher balance of debt outstanding during the quarter, partially offset by a decrease in commitment fees, as compared to the fourth quarter of 2021. The Partnership also had higher non-cash losses associated with the Partnership’s interest rate derivatives recognized in the fourth quarter of 2022 that were partially offset by the cash proceeds from the settlement of the Partnership’s interest rate derivative that occurred in October 2022.

Net Cash Provided by Operating Activities for the quarter decreased 33% relative to the fourth quarter of 2021. The decrease in the Partnership’s operating cash flow resulting from the conclusion of some of the Partnership’s terminalling agreements was partially offset by the previously mentioned cash settlement of the Partnership’s interest rate derivative that occurred in October 2022. Net cash provided by Operating Activities was also impacted by the general timing of receipts and payments of accounts receivable, accounts payable and deferred revenue balances.

Adjusted EBITDA for the fourth quarter of 2022 increased by 12% when compared to the same period in 2021 and includes the impact of the aforementioned settlement of the Partnership’s interest rate derivative that occurred in October 2022. Distributable Cash Flow (“DCF”) decreased 10% for the current quarter relative to the fourth quarter of 2021 due to higher cash paid for interest and taxes during the quarter.

As of December 31, 2022, the Partnership had approximately $2.5 million of unrestricted cash and cash equivalents and undrawn borrowing capacity of $60 million on its $275.0 million senior secured credit facility, subject to the Partnership’s continued compliance with financial covenants. As of the end of the fourth quarter of 2022, the Partnership had borrowings of $215.0 million outstanding under its revolving credit facility. The Partnership’s acquisition of Hardisty South is treated as a Material Acquisition under the terms of its senior secured credit facility. As a result, the Partnership’s available borrowings was limited to 5.0 times its 12-month trailing consolidated EBITDA through December 31, 2022, at which point it reverted back to 4.5 times the Partnership’s 12-month trailing consolidated EBITDA. As such, the borrowing capacity and available borrowings under the senior secured credit facility, including unrestricted cash and cash equivalents, was approximately $55.5 million as of December 31, 2022. The Partnership was in compliance with its financial covenants as of December 31, 2022.

In January 2023, the Partnership entered into an amendment to its senior secured credit facility. Among other things, the amendment provides the Partnership with relief from compliance with the senior secured credit facility’s maximum consolidated leverage ratio and minimum consolidated interest coverage ratio through the senior secured credit facility’s current maturity date, as Management works to obtain renewals, extensions or replacements of agreements that expired during 2022 and those that are set to expire this year. Additional details regarding the amendment are included in the Partnership’s Current Report on Form 8-K filed on February 6, 2023.

The Partnership’s senior secured credit facility expires on November 2, 2023. The Partnership is in active discussions with the administrative agent and other banks within the lender group, as well as other potential financing sources, regarding the possible extension, renewal or replacement of the senior secured credit facility.

On January 26, 2023, the Partnership declared a quarterly cash distribution of $0.1235 per unit ($0.494 per unit on an annualized basis), the same as the amount distributed in the prior quarter. The Sponsor waived the fourth quarter distribution on all of its 17.3 million units, reducing this quarterly distribution by approximately $2.1 million. The distribution was paid on February 17, 2023, to unitholders of record at the close of business on February 8, 2023. The Partnership’s board determined to keep the distribution unchanged from the prior quarter and to evaluate the distribution on a quarterly basis going forward and will take into consideration updated commercial progress, including the Partnership’s ability to renew, extend or replace its customer agreements at the Hardisty and Stroud Terminals, current market conditions, and management’s expectations regarding future performance.

Fourth Quarter 2022 Conference Call Information

The Partnership will host a conference call and webcast regarding fourth quarter 2022 results at 11:00 a.m. Eastern Time (10:00 a.m. Central Time) on Thursday, March 2, 2023.

To listen live over the Internet, participants are advised to log on to the Partnership’s website at www.usdpartners.com and select the “Events & Presentations” sub-tab under the “Investors” tab. To join via telephone, participants may dial (800) 225-9448 domestically or +1 (203) 518-9708 internationally, conference ID 8541298. Participants are advised to dial in at least five minutes prior to the call.

An audio replay of the conference call will be available for thirty days by dialing (800) 839-2391 domestically or +1 (402) 220-7205 internationally, conference ID 8541298. In addition, a replay of the audio webcast will be available by accessing the Partnership’s website after the call is concluded.

About USD Partners LP

USD Partners LP is a fee-based, growth-oriented master limited partnership formed in 2014 by US Development Group, LLC (“USD”) to acquire, develop and operate midstream infrastructure and complementary logistics solutions for crude oil, biofuels and other energy-related products. The Partnership generates substantially all of its operating cash flows from multi-year, take-or-pay contracts with primarily investment grade customers, including major integrated oil companies, refiners and marketers. The Partnership’s principal assets include a network of crude oil terminals that facilitate the transportation of heavy crude oil from Western Canada to key demand centers across North America. The Partnership’s operations include railcar loading and unloading, storage and blending in on-site tanks, inbound and outbound pipeline connectivity, truck transloading, as well as other related logistics services. In addition, the Partnership provides customers with leased railcars and fleet services to facilitate the transportation of liquid hydrocarbons and biofuels by rail.

USD, which owns the general partner of USD Partners LP, is engaged in designing, developing, owning, and managing large-scale multi-modal logistics centers and energy-related infrastructure across North America. USD’s solutions create flexible market access for customers in significant growth areas and key demand centers, including Western Canada, the U.S. Gulf Coast and Mexico. Among other projects, USD is currently pursuing the development of a premier energy logistics terminal on the Houston Ship Channel with capacity for substantial tank storage, multiple docks (including barge and deepwater), inbound and outbound pipeline connectivity, as well as a rail terminal with unit train capabilities. For additional information, please visit texasdeepwater.com. Information on websites referenced in this release is not part of this release.

Non-GAAP Financial Measures

The Partnership defines Adjusted EBITDA as Net Cash Provided by Operating Activities adjusted for changes in working capital items, interest, income taxes, foreign currency transaction gains and losses, and other items which do not affect the underlying cash flows produced by the Partnership’s businesses. Adjusted EBITDA is a non-GAAP, supplemental financial measure used by management and external users of the Partnership’s financial statements, such as investors and commercial banks, to assess:

• the Partnership’s liquidity and the ability of the Partnership’s businesses to produce sufficient cash flows to make distributions to the Partnership’s unitholders; and
• the Partnership’s ability to incur and service debt and fund capital expenditures.

The Partnership defines Distributable Cash Flow, or DCF, as Adjusted EBITDA less net cash paid for interest, income taxes and maintenance capital expenditures. DCF does not reflect changes in working capital balances. DCF is a non-GAAP, supplemental financial measure used by management and by external users of the Partnership’s financial statements, such as investors and commercial banks, to assess:

• the amount of cash available for making distributions to the Partnership’s unitholders;
• the excess cash flow being retained for use in enhancing the Partnership’s existing business; and
• the sustainability of the Partnership’s current distribution rate per unit.

The Partnership believes that the presentation of Adjusted EBITDA and DCF in this press release provides information that enhances an investor’s understanding of the Partnership’s ability to generate cash for payment of distributions and other purposes. The GAAP measure most directly comparable to Adjusted EBITDA and DCF is Net Cash Provided by Operating Activities. Adjusted EBITDA and DCF should not be considered alternatives to Net Cash Provided by Operating Activities or any other measure of liquidity presented in accordance with GAAP. Adjusted EBITDA and DCF exclude some, but not all, items that affect Net Cash Provided by Operating Activities and these measures may vary among other companies. As a result, Adjusted EBITDA and DCF may not be comparable to similarly titled measures of other companies. Reconciliations of Net Cash Provided by Operating Activities to Adjusted EBITDA and DCF are presented in this press release.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of U.S. federal securities laws, including statements with respect to the ability of the Partnership and USD to achieve contract extensions, new customer agreements and expansions; the ability of the Partnership to extend, renew or replace its senior secured credit facility; the ability of the Partnership and USD to develop existing and future additional projects and expansion opportunities (including successful completion of USD’s DRU) and whether those projects and opportunities developed by USD would be made available for acquisition, or acquired, by the Partnership; volumes at, and demand for, the Partnership’s terminals; and the amount and timing of future distribution payments and distribution growth. Words and phrases such as “expect,” “plan,” “intent,” “believes,” “projects,” “begin,” “anticipates,” “subject to” and similar expressions are used to identify such forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements relating to the Partnership are based on management’s expectations, estimates and projections about the Partnership, its interests and the energy industry in general on the date this press release was issued. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include the Partnership’s ability to enter into new contracts for uncontracted capacity and to renew expiring contracts and changes in general economic conditions and commodity prices, as well as those factors set forth under the heading “Risk Factors” and elsewhere in the Partnership’s most recent Annual Report on Form 10-K and in the Partnership’s subsequent filings with the Securities and Exchange Commission (many of which may be amplified by the COVID-19 pandemic and the recent significant reductions in demand for and prices of crude oil, natural gas and natural gas liquids). The Partnership is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Adam Altsuler
Executive Vice President, Chief Financial Officer
(281) 291-3995
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Jennifer Waller
Sr. Director, Financial Reporting and Investor Relations
(832) 991-8383
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Designed by FXCollaborative and Deborah Berke Partners, the Mixed-Use Tower is Located at 77 Greenwich Street in Downtown Manhattan

NEW YORK--(BUSINESS WIRE)--Trinity Place Holdings Inc. (NYSE American: TPHS) (the “Company”) announced that Jolie on Greenwich has been awarded the Leadership in Energy and Environmental Design (LEED) Silver Certification by the U.S. Green Building Council (USGBC). Located at 77 Greenwich Street in the heart of Lower Manhattan, Jolie is a boutique glass tower with 90 luxurious residences overlooking New York Harbor, the Hudson River, and Battery Park. Jolie is crowned by a penthouse and a rooftop-level suite of amenities, Cloud Club 77. Deborah Berke Partners designed Jolie’s well-crafted interiors and its amenity suite, in collaboration with FXCollaborative as Jolie’s base building architect. In addition to its 90 condominium homes and over 7,000 square feet of ground-floor retail space, Jolie is also home to a brand new public elementary school, PS 150.

Developed by the U.S. Green Building Council, LEED certification is a distinguished rating system that serves as a framework for healthy, efficient, carbon and cost-saving green buildings. LEED certification enables residences to use less energy, fewer resources and entails the use of safe building materials. Jolie underwent a rigorous vetting process, including the incorporation of green strategies to achieve energy efficiency and provide for healthy indoor environments.

“Jolie’s status as a LEED-certified building signals our enthusiasm for the wellbeing and quality of life for its residents and it also passes along significant cost savings to buyers,” said Matthew Messinger, President and CEO of Trinity Place Holdings. “With its first homebuyers having called Jolie home for over a year, we’re proud to work with FXCollaborative and Deborah Berke Partners to complete the building this year.”

"FXCollaborative’s passion is creating sustainable projects that contribute to the well-being of individuals and communities," said Dan Kaplan FAIA, LEED AP, Senior Partner at FXCollaborative. "Achieving LEED Silver is a prestigious milestone for Jolie — an exceptional high-rise in Lower Manhattan — and a testament to the commitment of Trinity Place Holdings and our design partners at Deborah Berke Partners to make a positive impact on healthy building and living.”

“Our practice believes in creating timeless architecture and interiors that promote community and wellness,” said Stephen Brockman, LEED AP, Partner at Deborah Berke Partners. “We are pleased that Jolie has achieved LEED Silver affirming our goal to be good stewards of the environment.”

Jolie is a sculptural tower of reflective glass, rising from a cast stone base, designed by FXCollaborative, the celebrated architectural firm behind acclaimed New York City residential developments including The Greenwich Lane and the new Statue of Liberty Museum. Topping out at 500 feet tall, the 42-story LEED Silver-certified mixed-use condominium features a mixture of one- to four-bedroom homes, all with views of the Hudson River and New York Harbor. The building’s residential façade features a pleated glass curtain wall that provides sweeping water views from each of the homes — which begin on the 15th floor, approximately 150 feet above street level —and offers a graceful juxtaposition to the heavy masonry of its historic neighbors.

The building’s warm interiors, emphasizing expert craftsmanship and natural materials, were designed by the renowned Deborah Berke Partners, representing the firm’s unique vision for Lower Manhattan. The design of the project was led by Deborah Berke, Dean of the Yale School of Architecture, along with her partner Stephen Brockman.

Residential floors include natural light-filled corridors and residences that combine natural beauty with the comforts of an exceptionally appointed home. With white oak flooring throughout and ceiling heights in excess of 10 feet, the residences boast floor-to-ceiling windows that provide unobstructed water and skyline views from the expanse of pleated crystalline glass. Adding to the graciousness and comfort of the layouts, every home includes a powder room, a rarity in new luxury development in New York City.

Filled with natural light, each of the custom Deborah Berke Partners-designed Poliform kitchens features state-of-the-art appliances from Miele, Sub-Zero, and Wolf, along with honed Blue de Savoie marble countertops and backsplashes. The master bathrooms offer a calming combination of honed warm gray Haisa marble floors, walls, and counters, accented with quarter-sawn sycamore millwork, and radiant heated floors. Secondary bathrooms are outfitted with honed Venice terrazzo tile floors and quarter-sawn oak millwork cabinets, while the powder rooms in every home include custom-carved Calacatta Lincoln sink bowls and backsplash panels enhanced by sandblasted and brushed Bianco Mist quartzite floors. Designed to exacting LEED standards, the homes at Jolie are both environmentally sustainable and luxurious.

The suite of amenities, expected to be completed in the coming months, designed by Deborah Berke Partners emphasizes entertaining, wellness, and play. Headlined by a top-floor lounge known as Cloud Club 77, every resident is afforded a penthouse view in its expansive spaces that include an art-filled lounge with a fireplace, a private dining room with a catering kitchen, a children’s playroom, and a double-height fitness center. There is also a multi-purpose game room and training studio with terrace access.

Jolie also offers residents multiple outdoor spaces designed by Future Green Studio, the Brooklyn-based landscape design firm behind a number of notable commissions including the Roof Garden at the Metropolitan Museum of Art. These areas include a 3,600-square-foot rooftop garden featuring a grassy lawn with a play area for children, a meditation deck, and grill stations with ample dining areas and chaise seating. The amenities located on the Cloud Club level below open up to a 950-square-foot outdoor terrace including a Japanese rock garden, while a 2,350-square-foot 14th-floor terrace features pergolas and a dog run.

Pricing for remaining inventory begins at $1.75 million for a one-bedroom residence. For more information about Jolie on Greenwich, please visit: www.jolieongreenwich.com.

About Trinity Place Holdings

Trinity Place Holdings Inc. (NYSE American: TPHS) (the “Company”) is a real estate holding, investment, development and asset management company. The Company’s largest asset is currently a property located at 77 Greenwich Street in Lower Manhattan. 77 Greenwich is nearing completion as a mixed-use project consisting of a 90-unit residential condominium tower, retail space and a New York City elementary school, with its first residents having moved into the property. The Company also owns a newly built 105-unit, 12-story multi-family property located at 237 11th Street in Brooklyn, New York, and, through a joint venture, a 10% interest in a newly built 234-unit multi-family property located at 250 North 10th Street in Brooklyn, New York. In addition, the Company owns a property occupied by retail tenants in Paramus, New Jersey. In addition to its real estate portfolio, the Company also controls a variety of intellectual property assets, including Filene’s Basement and related trademarks, focused on the consumer sector, a legacy of its predecessor, Syms Corp. The Company also had approximately $268.0 million of federal net operating loss carryforwards as well as approximately $232.9 million of state and local net operating loss carryforwards at September 30, 2022, which can be used to reduce its future taxable income and capital gains.

About FXCollaborative:

FXCollaborative leverages broad expertise in architecture, interiors, and planning to enrich our world with responsible, intelligent, and beautiful design. The firm’s holistic approach integrates client aspirations, an urban sensibility, and a celebration of the craft of building. FXCollaborative’s work ranges from the scale of individual buildings and interiors—office towers, multi-family residences, cultural facilities, workplace, K-12 and higher-education institutions—to the city as a whole, addressing infrastructure and transportation.

About Deborah Berke Partners:

At Deborah Berke Partners, we distill complex considerations—environmental, social, and aesthetic— into meaningful architecture. Our work is transformative: from the reimagination of old buildings, to the creation of exquisite new ones. Our buildings create powerful first impressions and continue to delight. The architecture we make captures the values and aspirations of our clients and is mindful of the distinctive qualities of each place.

We connect people and places to create meaningful and lasting experiences: we consider how changing daylight shapes a room; how people move into a site and through a building; how materials feel and look through repeated use. Our approach is human-centered at all scales, from the broad vision of master plans to the focused details of interiors and everything in between.

We are a New York-based architecture practice of 60 people. For more than thirty years we have made true to-place projects around the country and the world. Each member of our design leadership possesses a deep and distinct area of expertise; together we create projects with unprecedented programs and unexpected architectural expression. Over time, we have built a wide range of projects for colleges and universities, cultural institutions, private residences, boutique hotels, office and multifamily developments, and buildings for mission-driven clients.

In 2017, we received a National Design Award from the Cooper Hewitt, Smithsonian Design Museum.

Forward Looking Statements

This press release includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations and projections about future events and are not guarantees of future performance or results and involve risks and uncertainties that cannot be predicted or quantified, and, consequently, the actual performance of the Company may differ materially from those expressed or implied by such forward-looking statements. For a more complete description of these and other possible risks and uncertainties, please refer to our Annual Report on Form 10-K for the year ended December 31, 2021, as well as to our subsequent filings with the Securities and Exchange Commission. The forward-looking statements contained herein speak only as of the date hereof, and we assume no obligation to update any forward-looking statements, whether as a result of new information, subsequent events or otherwise, except as required by law.

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WILLISTON, Vt.--(BUSINESS WIRE)--iSun, Inc. (NASDAQ: ISUN) (the "Company," or "iSun"), a leading solar energy and clean mobility infrastructure company with 50-years of experience accelerating the adoption of innovative electrical technologies, today announced that it will participate in the 35^th Annual Roth Capital Conference to be held March 12-14, 2023 at the Ritz Carlton Laguna Niguel at Dana Point, California. Representing iSun will be Jeffrey Peck, Chairman, Chief Executive Officer, and John Sullivan, Chief Financial Officer.

About iSun Inc.

Since 1972, iSun has accelerated the adoption of proven, life-improving innovations in electrification technology. iSun has been the trusted service provider to Fortune 500 companies for decades and has installed clean rooms, fiber optic cables, flight simulators, and over 600 megawatts of solar systems. The Company currently provides a comprehensive suite of solar services across residential, commercial, industrial & municipal, and utility scale projects and provides solar electric vehicle charging solutions for both grid-tied and battery backed solar EV charging systems. iSun believes that the transition to clean, renewable solar energy is the most important investment to make today and is focused on profitable growth opportunities. Please visit www.isunenergy.com for additional information.

iSun Investor Relations
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CFO of Private Investment Firm Brings Strategic Growth and Operations Execution Experience, Aligning with the Partnership’s Goals

WALTHAM, Mass.--(BUSINESS WIRE)--Global Partners LP (NYSE: GLP) today announced the appointment of Ms. Clare McGrory to the Board of Directors of its general partner, Global GP LLC, effective March 1.

Ms. McGrory is the Chief Financial Officer (CFO) and Chief Compliance Officer (CCO) as well as a Partner at Atairos, a $6 billion independent strategic investment firm focused on backing growth-oriented businesses across a wide range of industries. Clare joined Atairos after 13 years of experience in the energy industry, including serving as the Chief Financial Officer, EVP, and Treasurer of Sunoco, LP (NYSE: SUN), a publicly traded retail marketing and fuel distribution business. Prior to becoming CFO, she served in various finance and investor relations roles at Sunoco.

“On behalf of the board and leadership team, I am delighted to welcome Clare to Global Partners,” said Eric Slifka, President and CEO of Global Partners and Vice Chairman of Global GP LLC. “Our board will benefit from Clare's strong leadership and diverse industry knowledge. Through her investment industry background as CFO and CCO, Clare understands how company operations contribute to overall value. Her experience in roles of increasing responsibility at Sunoco demonstrates a track record of creating and implementing long-term business growth initiatives, a skillset that makes her a perfect addition to our board.”

Ms. McGrory received a Bachelor of Science degree in accounting from Villanova University and a Master of Business Administration from the Villanova School of Business (VSB) Executive MBA Program. She is a member of VSB’s Dean’s Advisory Council, is an adjunct professor at Villanova University and serves on the Board of Directors for the Boys & Girls Clubs of Philadelphia.

The appointment of Ms. McGrory increases the number of Global Partners, LP directors to 7, of which 5 are independent.

About Global Partners LP

With approximately 1,700 locations throughout the Northeast and mid-Atlantic, Global is one of the region’s largest independent owners, suppliers and operators of gasoline stations and convenience markets. Global also owns, controls or has access to one of the largest terminal networks in New England and New York, through which it distributes gasoline, distillates, residual oil and renewable fuels to wholesalers, retailers and commercial customers. In addition, Global engages in the transportation of petroleum products and renewable fuels by rail from the mid-continental U.S. and Canada. For additional information, visit www.globalp.com.

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

Media
Catie Kerns
SVP, Corporate Affairs and Sustainability
Global Partners LP
(781) 894-8800

HOUSTON--(BUSINESS WIRE)--Flame Acquisition Corp. (“Flame”) today announced the results for the proposal considered and voted upon by its stockholders at its special meeting on February 27, 2023. Flame reported that the proposal to amend Flame’s amended and restated certificate of incorporation to extend the date by which Flame has to consummate a business combination was approved by the requisite number of shares of Flame common stock voted at the special meeting. A Current Report on Form 8-K disclosing the full voting results will be filed with the Securities and Exchange Commission (the “SEC”) on March 1, 2023.

ABOUT FLAME ACQUISITION CORP.

Flame is a blank check company formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses in North America.

ADDITIONAL INFORMATION AND WHERE TO FIND IT

This communication relates to the proposed Business Combination (as defined in the Current Report on Form 8-K filed with the SEC on November 2, 2022) between Flame and Sable Offshore Holdings LLC, a Delaware limited liability company (“Sable”). In connection with the proposed Business Combination, Flame filed with the SEC a preliminary proxy statement on Schedule 14A on November 10, 2022 (as may be amended from time to time, including on December 23, 2022 and January 27, 2023, the “Proxy Statement”). Flame may also file other documents regarding the proposed Business Combination with the SEC. The Proxy Statement which will be sent or given to the Flame stockholders will contain important information about the proposed Business Combination and related matters. INVESTORS ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO), WHICH IS CURRENTLY AVAILABLE, AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN, AND WILL CONTAIN, IMPORTANT INFORMATION WITH RESPECT TO THE PROPOSED BUSINESS COMBINATION AND THE OTHER TRANSACTIONS CONTEMPLATED BY THE BUSINESS COMBINATION AGREEMENT (AS DEFINED IN THE PROXY STATEMENT). You may obtain a free copy of the Proxy Statement and other relevant documents filed by Flame with the SEC at the SEC’s website at www.sec.gov. You may also obtain Flame’s documents on its website at www.Flameacq.com.

PARTICIPANTS IN THE SOLICITATION

Flame and its directors and officers may be deemed participants in the solicitation of proxies of Flame’s stockholders in connection with the Business Combination. Flame’s stockholders and other interested persons may obtain, without charge, more detailed information regarding the directors and officers of Flame in Flame’s Registration Statement on Form S-1, which was initially filed with the SEC on February 5, 2021 and amended on February 18, 2021 and February 22, 2021, in Flame’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, which was filed with the SEC on April 4, 2022, and the Proxy Statement, including the preliminary proxy statement contained therein.

Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies of Flame’s stockholders in connection with the Business Combination and other matters to be voted upon at the special meeting will be set forth in the proxy statement for the Business Combination. Additional information regarding the interests of participants in the solicitation of proxies in connection with the Business Combination is included in the proxy statement.

FORWARD-LOOKING STATEMENTS

This communication contains a number of “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements include information concerning the SYU Assets (as defined in the Proxy Statement), Sable’s or Flame’s possible or assumed future results of operations, business strategies, debt levels, competitive position, industry environment, potential growth opportunities and effects of regulation, including Sable’s ability to close the transaction to acquire the SYU Assets and Flame’s ability to close the transaction with Sable. When used in this communication, including any oral statements made in connection therewith, the words “could,” “should,” “will,” “ may,” “ believe,” “ anticipate,” “ intend,” “ estimate,” “ expect,” “project,” “continue,” “plan,” forecast,” “predict,” “potential,” “future,” “outlook,” and “target,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements will contain such identifying words. These forward-looking statements are based on Sable’s and Flame’s management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Sable and Flame disclaim any duty 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 communication. Sable and Flame caution you that these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Sable and Flame, incidental to the development, production, gathering, transportation and sale of oil, natural gas and natural gas liquids. These risks include, but are not limited to, (a) the occurrence of any event, change or other circumstance that could give rise to the termination of negotiations and any subsequent definitive agreements with respect to the Business Combination; (b) the outcome of any legal proceedings that may be instituted against Sable, Flame or others following the announcement of the Business Combination and any definitive agreements with respect thereto; (c) the inability to complete the Business Combination due to the failure to obtain approval of the stockholders of Flame, to obtain financing to complete the Business Combination or to satisfy other conditions to closing the Business Combination; (d) the ability to meet the applicable stock exchange listing standards following the consummation of the Business Combination; (e) the ability to recommence production of the SYU Assets and the cost and time required therefor, and production levels once recommenced; (f) commodity price volatility, low prices for oil, natural gas and/or natural gas liquids, global economic conditions, inflation, increased operating costs, lack of availability of drilling and production equipment, supplies, services and qualified personnel, processing volumes and pipeline throughput; (g) uncertainties related to new technologies, geographical concentration of operations, environmental risks, weather risks, security risks, drilling and other operating risks, regulatory changes and regulatory risks; (h) the uncertainty inherent in estimating oil and natural gas reserves and in projecting future rates of production; (i) reductions in cash flow and lack of access to capital; (j) Flame’s ability to satisfy future cash obligations; (k) restrictions in existing or future debt agreements or structured or other financing arrangements; (l) the timing of development expenditures, managing growth and integration of acquisitions, and failure to realize expected value creation from acquisitions; and (m) the ability to recognize the anticipated benefits of the Business Combination. While forward-looking statements are based on assumptions and analyses that management of Flame and Sable believe to be reasonable under the circumstances, whether actual results and developments will meet such expectations and predictions depends on a number of risks and uncertainties that could cause actual results, performance, and financial condition to differ materially from such expectations. Any forward-looking statement made in this communication speaks only as of the date on which it is made. Factors or events that could cause actual results to differ may emerge from time to time, and it is not possible to predict all of them. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Proxy Statement and other documents filed by Flame from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Flame and Sable assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities and other applicable laws. Neither Flame nor Sable gives any assurance that any of Flame, Sable or the combined company will achieve its expectations.

Investor Contact:
Gregory D. Patrinely, Chief Financial Officer and Secretary
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AKRON, Ohio--(BUSINESS WIRE)--$BW--Babcock & Wilcox Enterprises, Inc. (NYSE:BW) (B&W or the “Company”) expects to host a conference call and webcast on Wednesday, March 15, 2023 at 8 a.m. ET.

B&W Chairman and Chief Executive Officer Kenneth Young and B&W Chief Financial Officer Louis Salamone will discuss the Company’s fourth quarter and full year 2022 results. A news release detailing the results is expected to be issued before the market opens on Wednesday, March 15, 2023.

The listen-only audio of the conference call will be broadcast live via the Internet on B&W’s Investor Relations site. The dial-in number for participants in the U.S. is (844) 200-6205; the dial-in number for participants in Canada is (833) 950-0062; the dial-in number for participants in all other locations is (929) 526-1599. The conference ID for all participants is 698472. A replay of this conference call will remain accessible in the investor relations section of the Company’s website for a limited time.

About Babcock & Wilcox

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

Investor Contact:
B&W Investor Relations
704.625.4944
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Media Contact:
Ryan Cornell
B&W Public Relations
330.860.1345
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Fourth Quarter Highlights:

• Net income was a record $27.6 million; up significantly compared to net income of $18.1 million in the fourth quarter of 2021.

• Basic earnings per share were a record high of $1.17 for the quarter, an increase of 51.9% compared to $0.77 for the fourth quarter of 2021.

• Oil Business segment revenue of $75.3 million represents a record high, and an increase of 14.3% from the year-ago quarter.

• Environmental Services segment revenue was a record high of $165.8 million, an increase of 60.0% from the year-ago quarter.

• Environmental Services profit before corporate selling, general, and administrative expenses was a record high of $35.1 million with operating margin of 21.2%.

• EBITDA for the quarter was a record $52.9 million, the third consecutive quarter of record-setting EBITDA.

• Adjusted EBITDA of $42.1 million was up 17.9% compared to Adjusted EBITDA of $35.7 million in the fourth quarter of 2021.

• Adjusted net earnings for the quarter were $18.8 million.

HOFFMAN ESTATES, Ill.--(BUSINESS WIRE)--Heritage-Crystal Clean, Inc. (Nasdaq: HCCI), a leading provider of parts cleaning, hazardous and non-hazardous waste services, used oil re-refining, antifreeze recycling, industrial and field services, and emergency and spill response services today announced results for the fourth quarter of fiscal 2022 and for the full fiscal year, which ended December 31, 2022.

Fourth Quarter Review

Total revenue for the fourth quarter of 2022 increased 42.2% to $241.1 million compared to $169.5 million for the same quarter of 2021. The Company's fourth quarter of fiscal 2022 was comprised of 77 working days compared to 76 working days in the fiscal fourth quarter of 2021. On a sales-per-working day basis, revenue increased approximately 40.4% compared to the prior year quarter. The increase in revenue was due to improvement in base oil pricing in our Oil Business segment along with increased demand and higher selling prices for our Environmental Services segment products and services as well as by revenue from an acquisition made during the third quarter of 2022.

Our operating margin percentage decreased to 22.8% in the fourth quarter of 2022 compared to 26.6% in the fourth quarter of 2021. The decrease was mainly due to increased costs for solvent, disposal costs, depreciation expense, fuel cost, and equipment rental, partially offset by an increase in the spread between the netback (sales price net of freight impact) on our base oil sales and the price paid/charged to our customers for the collection of their used oil. Our corporate SG&A expense as a percentage of revenue decreased slightly to 11.9% from 12.1% of revenue in the fourth quarter of 2021 mainly due to higher revenue and lower share-based compensation expense.

Net income was $27.6 million, or $1.16 per diluted share, for the fourth quarter of 2022. This compares to net income of $18.1 million, or $0.77 per diluted share, in the year earlier quarter. Adjusted net income for the quarter was $18.8 million. The most significant adjustment to net earnings was subtracting a $12.2 million gain from the revaluation of one of our investments.

Fiscal 2022 Review

In 2022, we generated $709.3 million in revenue compared to prior year revenue of $515.3 million, an increase of $194.0 million, or 37.6%. The Company's 2022 fiscal year was comprised of 254 working days compared to 253 working days in fiscal 2021. On a sales-per-working day basis, revenue increased approximately 37.1% in fiscal 2022 compared to the prior year. This increase in revenue was due to the increase in base oil pricing in our Oil Business segment and the continued reopening of the U.S. economy from the COVID-19 pandemic as well as inorganic growth in the Environmental Services segment.

Our operating margin percentage for 2022 was 26.2% compared to 28.0% operating margin in fiscal 2021. The decrease was mainly due to increased costs for solvent, disposal costs, depreciation expense, fuel costs, equipment rental, and hydrogen expense, partially offset by an increase in the spread between the netback on our base oil sales and the price paid/charged to our customers for the removal of their used oil. Corporate SG&A expense for fiscal 2022 was 11.2% of revenue, compared to 12.1% of revenue in fiscal 2021.

Net income for fiscal 2022 was $84.8 million, or $3.58 per diluted share, compared to net income of $60.9 million, or $2.59 per diluted share, for fiscal 2021. Adjusted net income for the year was $78.8 million.

Segments

Our Environmental Services segment includes parts cleaning, hazardous and non-hazardous waste disposal, wastewater vacuum, antifreeze recycling, industrial and field services, and emergency and spill response. The Environmental Services segment reported revenue of $165.8 million, an increase of $62.2 million, or 60.0%, during the fourth quarter of fiscal 2022 compared to the fourth quarter of fiscal 2021. The increase in revenue was mainly due to the continued reopening of the U.S. economy post the COVID-19 pandemic as well as revenue from an acquisition made during the third quarter of fiscal 2022. We experienced revenue increases across a majority of our service lines in the segment during the fourth quarter of fiscal 2022 when compared to the fourth quarter of 2021. On a sales-per-working day basis, Environmental Services segment revenue increased approximately 57.9% compared to the prior year quarter.

Profit before corporate SG&A expense in the Environmental Services segment during the fourth quarter was $35.1 million and as a percentage of revenue was 21.2% compared to 22.0% in the year ago quarter. The decline in margin on a percentage basis was mainly due to higher fuel costs, solvent expenses, and equipment rental expense.

During fiscal 2022, Environmental Services segment revenue increased $130.9 million, or 41.1%, compared to fiscal 2021, while our 2022 profit before corporate SG&A expense as a percentage of revenue was 20.9% compared to 23.6% in fiscal 2021.

President and CEO Brian Recatto commented, "Due to the inflationary pressure we continue to face in various parts of our Environmental Services segment, we implemented another price increase in December of 2022. Implementation of this increase should help improve our operating margin during 2023."

Our Oil Business segment includes used oil collection activities, sales of recycled fuel oil, and re-refining activities. During the fourth quarter of fiscal 2022, Oil Business revenues increased 14.3% to $75.3 million compared to the fourth quarter of fiscal 2021. An increase in our base oil netback was the main driver of the increase in revenue. On a sales-per-working day basis, our Oil Business segment revenue increased approximately 12.9% compared to the prior year quarter.

Our Oil Business segment operating margin percentage decreased to 26.4% in the fourth quarter of 2022 compared to 33.7% during the same period of 2021. The decrease in operating margin was mainly due to increased costs related to transportation and hydrogen partially offset by an increase in the spread between the netback on our base oil sales and the price paid/charged to our customers for the removal of their used oil.

Full year 2022 Oil Business segment revenue increased by 32.0% compared to fiscal 2021, while operating margin also slightly increased to 35.3% compared to 35.2% in fiscal 2021.

Recatto commented, "Despite the significant decline in base oil netback compared to the third quarter, base oil netback during the fourth quarter remained above our netback for the fourth quarter of 2021. The higher netback allowed us to increase our spread on a year-over-year basis and generate better than expected operating margin during the quarter. For the year, we are very pleased with the record annual revenue and profitability in the Oil Business segment."

Safe Harbor Statement

All references to the “Company,” “we,” “our,” and “us” refer to Heritage-Crystal Clean, Inc., and its subsidiaries. This release contains forward-looking statements that are based upon current management expectations. Generally, the words "aim," "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "project," "should," "will be," "will continue," "will likely result," "would" and similar expressions identify forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause our actual results, performance or achievements or industry results to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. These risks, uncertainties and other important factors include, among others: our ability to successfully integrate our acquisition of Patriot Environmental Services, Inc. and achieve the benefits contemplated by the acquisition; developments in the COVID-19 pandemic and the resulting impact on our business and operations, general economic conditions and downturns in the business cycles of automotive repair shops, industrial manufacturing businesses and small businesses in general; increased solvent, fuel and energy costs and volatility, including a drop in the price of crude oil, the selling price of lubricating base oil, solvent, fuel, energy, and commodity costs; the impact of inflationary pressures on our business; our ability to enforce our rights under the FCC Environmental purchase agreement; our ability to pay our debt when due and comply with our debt covenants; our ability to successfully operate our used oil re-refinery and to cost-effectively collect or purchase used oil or generate operating results; increased market supply or decreased demand for base oil; further consolidation and/or declines in the United States automotive repair and manufacturing industries; the impact of extensive environmental, health and safety and employment laws and regulations on our business; legislative or regulatory requirements or changes adversely affecting our business; competition in the industrial and hazardous waste services industries and from other used oil re-refineries; claims and involuntary shutdowns relating to our handling of hazardous substances; the value of our used solvents and oil inventory, which may fluctuate significantly; our dependency on key employees; our level of indebtedness, which could affect our ability to fulfill our obligations, impede the implementation of our strategy, and expose us to interest rate risk; the impact of legal proceedings and class action litigation on us and our ability to estimate the cash payments we will make under litigation settlements; our ability to effectively manage our network of branch locations; the control of The Heritage Group over the Company; and the risks identified in the Company's Annual Report on Form 10-K filed with the SEC on March 1, 2023. Given these uncertainties, you are cautioned not to place undue reliance on these forward-looking statements. We assume no obligation to update or revise them or provide reasons why actual results may differ. The information in this release should be read in light of such risks and in conjunction with the consolidated financial statements and the notes thereto included elsewhere in this release.

About Heritage-Crystal Clean, Inc.

Heritage-Crystal Clean, Inc. provides parts cleaning, used oil re-refining, hazardous and non-hazardous waste disposal, emergency and spill response, and industrial and field services to vehicle maintenance businesses, manufacturers and other industrial businesses, as well as utilities and governmental entities. Our service programs include parts cleaning, regulated containerized and bulk waste management, used oil collection and re-refining, wastewater vacuum, emergency and spill response, industrial and field services, waste antifreeze collection, recycling and product sales. These services help our customers manage their used chemicals and liquid and solid wastes, while also helping to minimize their regulatory burdens. Through our used oil re-refining program, during fiscal 2022, we recycled approximately 66 million gallons of used oil into high quality lubricating base oil, and we are a supplier to firms that produce and market finished lubricants. Through our antifreeze program during fiscal 2022 we recycled approximately 4.5 million gallons of spent antifreeze which was used to produce a full line of virgin-quality antifreeze products. Through our parts cleaning program during fiscal 2022 we recycled 2.3 million gallons of used solvent into virgin-quality solvent to be used again by our customers. In addition, we sold 0.6 million gallons of used solvent into the reuse market. Through our containerized waste program during fiscal 2022 we collected 22 thousand tons of regulated waste which was sent for energy recovery. Through our wastewater vacuum services program during fiscal 2022 we treated approximately 68 million gallons of wastewater. Heritage-Crystal Clean, Inc. is headquartered in Hoffman Estates, Illinois, and operates through 105 branch and industrial services locations serving approximately 104,000 customer locations.

Conference Call

The Company will host a conference call on Thursday, March 2, 2023, at 9:30 AM Central Time, during which management will give a brief presentation focusing on the Company's operations and financial results. Interested parties can listen to the audio webcast available through our company website, http://crystal-clean.com/investor-relations/, and can participate on the call by dialing (888) 440-4149. After dialing the number, you will be required to provide the following passcode before being joined to the conference call: 8889427.

The Company uses its website to make available information to investors and the public at www.crystal-clean.com.

Mark DeVita, Executive Vice President & Chief Financial Officer, at (847) 836-5670

Full year 2022 production increased 26% year-over-year; oil production increased 80%

Over 650 high return drilling locations provide 10+ years of inventory life

2023 capital budget supports two-rig drilling program focused on oil development

Full year 2023 production guidance implies ~25% growth year-over-year

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

• Reported net production of 315 million cubic feet of natural gas equivalent per day (“MMcfe/d”) (66% natural gas) for the fourth quarter of 2022; oil and natural gas liquids (“NGL”) production above the high end of guidance. Oil and gas revenue increased 31% year-over-year driven by increased production and higher commodity prices
• Recorded net income of $173 million, Adjusted EBITDA of $119 million and free cash flow (“FCF”) of $2 million for the fourth quarter of 2022. For full year 2022, SilverBow recorded net income of $340 million, Adjusted EBITDA of $393 million and FCF of $22 million. Adjusted EBITDA and FCF are non-GAAP measures defined and reconciled in the tables below
• Delivered double digit year-over-year growth for full year net production, net income and Adjusted EBITDA for the second year in a row as SilverBow continues to efficiently scale through successful development activity and acquisitions
• Capital expenditures of $328 million, on an accrual basis, below the midpoint of guidance as the Company continues to deliver on planned costs and offset service cost inflation through operational efficiencies
• Closed four accretive acquisitions during 2022 which significantly increased SilverBow's production, year-end reserves and progress towards key scale targets. Acquisitions and leasing activity in 2022 added over 350 gross drilling locations across a balanced commodity mix spanning the Eagle Ford Shale and Austin Chalk
• High quality inventory of drilling locations at year-end 2022 provides over 10 years of development at a two-rig pace
• Borrowing base under the Company's senior secured revolving credit facility (“Credit Facility”) of $775 million at year-end 2022, an increase of $315 million or 68% year-over-year
• Year-end 2022 total debt of $692 million. Leverage ratio of 1.35x¹ at year-end 2022, while also funding approximately $370 million in cash for acquisitions under the Company's Credit Facility
• Full year 2022 return on capital employed (“ROCE”) of 24%; three-year average ROCE of 19% from 2020 to 2022. ROCE is a non-GAAP measure defined and reconciled in the tables below
• Year-end 2022 total estimated proved reserves were 2.2 trillion cubic feet of gas equivalent (“Tcfe”) (43% proved developed; 77% natural gas), a Standardized Measure of $4.0 billion and a pre-tax present value of future net cash flows discounted at 10% (“PV-10 Value,” a non-GAAP measure) of $5.0 billion utilizing Securities and Exchange Commission (“SEC”) pricing. Proved reserves, Standardized Measure and PV-10 Value increased 58%, 154% and 173% year-over-year, respectively

2023 Capital Program and Guidance:

• Full year estimated production of 325 - 345 MMcfe/d, representing a 24% increase year-over-year and a compound annual growth rate of more than 20% since full year 2020; third consecutive year of double digit growth
• Full year capital program of $450-$475 million with two rigs dedicated to oil development, in accordance with SilverBow's strategy of allocating capital towards highest return projects given prevailing commodity prices; maintaining flexibility to adjust as commodity prices dictate
• Based on 2023 capital budget and operating plan, full year oil production is expected to increase by 100% year-over-year; focus on developing acquired assets and expanding oil inventory through Austin Chalk delineation
• Increased oil and NGL production as a percentage of total production to drive higher cash margins per Mcfe; liquids production expected to comprise approximately 40%-50% of total production by year-end 2023
• As of February 24, 2023, SilverBow had 89% of 2023 gas volumes hedged based on the midpoint of full year guidance

MANAGEMENT COMMENTS

Sean Woolverton, SilverBow’s Chief Executive Officer, commented, “In 2022, SilverBow continued to execute on its growth strategy through the drillbit and accretive acquisitions to increase scale while remaining leverage neutral. The four accretive acquisitions we closed during the year significantly expanded our production base and high-return inventory, with an emphasis on oil locations. Additionally, we achieved positive results with our Webb County Austin Chalk delineation efforts where we delivered some of the highest returning wells in our portfolio and have identified inventory upside. In total, our borrowing base increased by nearly 70% during the year, and our proved reserves and PV-10 value increased by 58% and 173% year-over-year, respectively. At year-end 2022, our SEC PV-10 value was $5.0 billion reflecting organic development and the aforementioned acquisitions. It was an exceptional year for SilverBow and we are excited about the many opportunities ahead."

Mr. Woolverton commented further, “Core to SilverBow's strategy is operational flexibility and allocating capital to our highest returning projects. Given the relative strength of oil prices compared to natural gas prices, we intend to operate two rigs dedicated to oil development in 2023. Our strategy of pivoting between oil and gas development has been a key differentiator for us and has allowed us to generate an average ROCE of 19% over the last three years during volatile pricing and operating environments. We will continue maximizing return on capital with repeatable execution and flexible capital allocation."

OPERATIONS HIGHLIGHTS

During the fourth quarter of 2022, the Company drilled 15 net wells, completed 13 net wells and brought 11 net wells online. For full year 2022, SilverBow drilled 45 net wells, and completed 39 net wells and brought online 37 net wells. SilverBow operated one drilling rig for the first six months of 2022, primarily focused on its Webb County Gas area. Then, in conjunction with closing the Sundance acquisition on June 30, 2022, the Company added a second drilling rig and continued operating at a two-rig drilling pace through the end of 2022. SilverBow targeted both oil and gas opportunities throughout the second half of the year, and in the fourth quarter of 2022 operated both rigs in its Webb County Gas area. The Company expects to remain operationally flexible going forward and will continue to optimize its drilling program in response to commodity prices and expected returns.

In the Webb County Gas area, SilverBow drilled 24 net wells and completed and brought 20 net wells online during 2022. The Austin Chalk formation was a key focus area of the Company's delineation and development plan, and comprised 15 of the 24 net wells drilled in the area during 2022. Well performance in the Webb County Austin Chalk continues to exceed expectations and exhibit strong commercial economics, and during the third quarter of 2022, SilverBow completed and brought online its best performing Austin Chalk well to date with a 30-day average production of 17 million cubic feet per day (“MMcf/d”) (100% gas). In 2022, the Company drilled and completed multi-well pads that targeted both the Austin Chalk and Eagle Ford formations, which supported SilverBow's expectations for high rate of return potential in full-scale development mode, and marks a progression from the single well delineation pads targeting the Austin Chalk in prior years. Additionally, the Company focused on expanding its Webb County and Austin Chalk position during the year with the establishment of a new acreage block within Webb County, comprising ~7,500 net acres through a series of bolt-on acquisitions, leasing and drill-to-earn agreements.

For the full year 2022, SilverBow's capital expenditures, excluding acquisitions, on an accrual basis were $327.5 million, below the midpoint of the Company's full year guidance range of $320 to $340 million. Throughout 2022, the Company experienced inflationary pressures on its capital and operating expenses as a result of high demand for products, materials and services provided by vendors in conjunction with overall supply chain disruptions and tight labor market conditions. The SilverBow team took actions to mitigate the impact of these inflationary cost pressures through enhanced procurement initiatives, pre-ordering of key materials and a focus on operational efficiencies and planning. The mid-year increase from one drilling rig to two drilling rigs supported increased scale and achieved even better overall cycle-times. This enhanced activity provided greater line of sight to secure available service equipment at favorable contract rates. In aggregate, the Company's drilling and completion (“D&C”) costs during the year were within 1% of planned costs for the year due to the cost mitigation efforts and operational efficiencies delivered by the team.

SilverBow closed four acquisitions in 2022. The acquired assets provide SilverBow a deep runway of future oil and gas development locations in the Eagle Ford and Austin Chalk. The Company added more than 350 gross drilling locations from acquired assets in 2022, with further inventory upside potential based on optimization of well costs, spacing and lateral lengths given the highly contiguous leasehold footprints with SilverBow's existing acreage. The acquisition activity in 2022 reflects a continued focus on identifying opportunities to add to core positions in high-return areas.

PRODUCTION VOLUMES, OPERATING COSTS AND REALIZED PRICES

SilverBow's total net production for the fourth quarter of 2022 averaged 315 MMcfe/d, within the Company's guidance range. Production mix for the fourth quarter consisted of 66% natural gas, 21% crude oil and 13% NGLs. Natural gas comprised 50% of total oil and gas sales for the fourth quarter of 2022, compared to 63% in the fourth quarter of 2021.

For the fourth quarter of 2022, lease operating expenses (“LOE”) were $0.63 per thousand cubic feet of natural gas equivalent (“Mcfe”). Transportation and processing expenses (“T&P”) were $0.35 per Mcfe and production and ad valorem taxes were 5.8% of oil and gas revenue for the fourth quarter of 2022. Total production expenses, which include LOE, T&P and production taxes, were $1.38 per Mcfe for the fourth quarter of 2022. Net general and administrative (“net G&A”) expenses for the fourth quarter were $6.6 million or $0.23 per Mcfe. After deducting $1.2 million of non-cash compensation expenses, cash general and administrative (“cash G&A”, a non-GAAP measure) expenses were $5.4 million for the fourth quarter of 2022, or $0.19 per Mcfe.

Crude oil and natural gas realizations in the fourth quarter of 2022 were 99% and 84% of West Texas Intermediate (“WTI”) and Henry Hub, respectively, excluding hedging. The average realized natural gas price, excluding the effect of hedging, was $5.24 per thousand cubic feet of natural gas (“Mcf”) in the fourth quarter of 2022 compared to $5.64 per Mcf in the fourth quarter of 2021. The average realized crude oil selling price, excluding the effect of hedging, was $81.80 per barrel in the fourth quarter of 2022 compared to $75.65 per barrel in the fourth quarter of 2021. The average realized NGL selling price in the fourth quarter of 2022 was $24.25 per barrel (29% of WTI benchmark), compared to $32.82 per barrel (43% of WTI benchmark) in the fourth quarter of 2021. Please refer to the tables included in this news release for production volumes and pricing information.

YEAR-END 2022 RESERVES

SilverBow reported year-end estimated proved reserves of 2.2 Tcfe, a 58% increase over year-end 2021. Specific highlights from the Company’s year-end reserve report include:

• Standardized Measure of $4.0 billion, a 154% increase over year-end 2021
• PV-10 Value (non-GAAP measure) of $5.0 billion, a 173% increase over year-end 2021
• Proved developed producing (“PDP”) PV-10 Value (non-GAAP measure) of $2.6 billion, a 150% increase over year-end 2021

The table below reconciles 2021 reserves to 2022 reserves:

Proved developed reserves accounted for 43% of SilverBow's total estimated proved reserves at December 31, 2022. The SEC prices used for reporting the Company's year-end 2022 estimated proved reserves, which have been adjusted for basis and quality differentials, were $6.14 per Mcf for natural gas, $34.76 per barrel for natural gas liquids and $94.36 per barrel for crude oil compared to $3.75 per Mcf, $25.29 per barrel, and $63.98 per barrel in 2021.

FINANCIAL RESULTS

SilverBow reported total oil and gas sales of $199.0 million for the fourth quarter of 2022. The Company reported net income of $173.4 million for the fourth quarter of 2022, which includes a net unrealized gain on the value of SilverBow's derivative contracts and WTI contingency payouts of $117.8 million. For full year 2022, the Company reported net income of $340.4 million.

For the fourth quarter of 2022, SilverBow reported Adjusted EBITDA (a non-GAAP measure) of $119.1 million and FCF (a non-GAAP measure) of $2.3 million. For full year 2022, SilverBow reported Adjusted EBITDA of $393.1 million and FCF of $21.5 million. For full year 2022, the Company reported Adjusted EBITDA for Leverage Ratio (a non-GAAP measure) of $511.4 million, which, in accordance with the Leverage Ratio calculation in its Credit Facility, includes pro forma contributions from acquired assets prior to their closing dates totaling $118.3 million.

Capital expenditures incurred during the fourth quarter of 2022 totaled $102.7 million on an accrual basis. For full year 2022, capital expenditures totaled $327.5 million on an accrual basis.

2023 CAPITAL PROGRAM

SilverBow's 2023 capital budget range is $450-$475 million (approximately 90% allocated to D&C activity). The budget provides for 60 gross (52 net) operated wells drilled, compared to 47 gross (45 net) operated wells drilled in 2022. The Company expects to operate two drilling rigs throughout 2023 (as compared to a 1.5 rig average in 2022) with approximately 95% of D&C activity directed towards oil development across its Central Oil, Eastern Extension and Western Condensate areas. The emphasis on oil drilling is a returns-based decision based on a number of factors including the relative strength of oil prices versus natural gas prices, and the limited visibility into Webb County takeaway capacity in 2023. The budget supports production growth of approximately 25% year-over-year funded by cash flows from operations.

2023 GUIDANCE

For the first quarter of 2023, the Company is guiding to total net production of 295 - 316 MMcfe/d, with expected oil volumes of 10,500 - 11,500 Bbls/d. For full year 2023, SilverBow is guiding to total net production of 325 - 345 MMcfe/d, with expected oil volumes of 13,750 - 15,000 Bbls/d. The two-rig focus on oil development throughout 2023 should accelerate the Company's production mix toward a more balanced split between natural gas and liquids. Under its current 2023 development program, SilverBow's full year oil production is expected to increase by 100% year-over-year. Furthermore, by the fourth quarter 2023, the Company's liquids production is expected to comprise nearly 45% of total production. Due to a combination of constrained takeaway capacity and lower natural gas prices, SilverBow is producing at contracted firm pipeline capacity and has elected to defer completion activity in Webb County until 2024. The Company's first quarter 2023 and full year 2023 production guidance assume that gas production from Webb County is limited to contracted firm pipeline capacity. Additional detail concerning SilverBow's first quarter and full year 2023 guidance can be found in the table included in this news release and the most recent Corporate Presentation posted to the Investor Relations section of the Company's website.

HEDGING UPDATE

Hedging continues to be an important element of SilverBow's strategy to provide greater predictability of cash flow. The Company's hedging program is structured to provide exposure to higher commodity prices while also protecting against periods of low prices. As of February 24, 2023, SilverBow had 73% of total production hedged for full year 2023, using the midpoint of guidance. For 2023, the Company has 179 MMcf/d (89% of guidance) of natural gas production hedged at an average price of $3.84 per million British thermal units, 7,291 Bbls/d (51% of guidance) of oil hedged at an average price of $74.19 per barrel and 3,750 (46% of guidance) Bbls/d of NGLs hedged at an average price of $33.01 per barrel. For 2023, SilverBow has secured gas basis hedges on 157 MMcf/d to mitigate further risk. For 2024, the Company has 118 MMcf/d of natural gas production hedged and 3,032 Bbls/d of oil hedged. SilverBow's hedges consist of both swaps and collars with the average price factoring in the floor price of the collars. Please see the Company's Corporate Presentation and Form 10-K for the year ended December 31, 2022, which SilverBow expects to file on Thursday, March 2, 2023, for a detailed summary of its derivative contracts.

CAPITAL STRUCTURE AND LIQUIDITY

As of December 31, 2022, SilverBow had $0.8 million of cash and $542.0 million of outstanding borrowings under its Credit Facility. The Company's liquidity position was $233.8 million, consisting of $0.8 million of cash and $233.0 million of availability under the Credit Facility. SilverBow's net debt as of December 31, 2022 was $691.2 million, calculated as total debt of $692.0 million less $0.8 million of cash. As of February 24, 2023, the Company had 22.5 million total common shares outstanding.

CONFERENCE CALL AND UPDATED INVESTOR PRESENTATION

SilverBow will host a conference call for investors on Thursday, March 2, 2023, at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). Investors and participants can listen to the call by dialing 1-888-415-4465 (U.S.) or 1-646-960-0140 (International) and requesting SilverBow Resources' Fourth Quarter and Full Year 2022 Earnings Conference Call (Conference ID: 5410161) or by visiting the Company's website. A simultaneous webcast of the call may be accessed over the internet by visiting SilverBow's website at www.sbow.com, clicking on “Investor Relations” and “Events and Presentations” and then clicking on the “SilverBow Resources Fourth Quarter and Full Year 2022 Earnings Conference Call” link. The webcast will be archived for replay on the Company's website for 14 days. Additionally, an updated Corporate Presentation will be posted to the Investor Relations section of SilverBow's website prior to the conference call.

ABOUT SILVERBOW RESOURCES, INC.

SilverBow Resources, Inc. (NYSE: SBOW) is a Houston-based energy company actively engaged in the exploration, development, and production of oil and gas in the Eagle Ford Shale and Austin Chalk in South Texas. With over 30 years of history operating in South Texas, the Company possesses a significant understanding of regional reservoirs which it leverages to assemble high quality drilling inventory while continuously enhancing its operations to maximize returns on capital invested. For more information, please visit www.sbow.com. Information on our website is not part of this release.

FORWARD-LOOKING STATEMENTS

This release includes “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. These forward-looking statements represent management's expectations or beliefs concerning future events, and it is possible that the results described in this release will not be achieved. These forward-looking statements are based on current expectations and assumptions and are subject to a number of risks and uncertainties, many of which are beyond our control. All statements, other than statements of historical fact included in this press release, including those regarding our strategy, the benefits of the acquisitions, future operations, guidance and outlook, financial position, well expectations and drilling plans, estimated production levels, expected oil and natural gas pricing, estimated oil and natural gas reserves or the present value thereof, reserve increases, service costs, impacts of inflation, future free cash flow and expected leverage ratio, capital expenditures, budget, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this report, the words “will,” “could,” “believe,” “anticipate,” “intend,” “estimate,” “budgeted,” “guidance,” “expect,” “may,” “continue,” “predict,” “potential,” “plan,” “project,” "should" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Important factors that could cause actual results to differ materially from our expectations include, but are not limited to, the following risks and uncertainties: further actions by the members of the Organization of the Petroleum Exporting Countries, Russia and other allied producing countries with respect to oil production levels and announcements of potential changes in such levels; risk related to recently completed acquisitions and integrations of these acquisitions; volatility in natural gas, oil and NGL prices; ability to obtain permits and government approvals; our borrowing capacity, future covenant compliance, cash flow and liquidity, including our ability to satisfy our short- or long-term liquidity needs; asset disposition efforts or the timing or outcome thereof; ongoing and prospective joint ventures, their structures and substance, and the likelihood of their finalization or the timing thereof; the amount, nature and timing of capital expenditures, including future development costs; timing, cost and amount of future production of oil and natural gas; availability of drilling and production equipment or availability of oil field labor; availability, cost and terms of capital; timing and successful drilling and completion of wells; availability and cost for transportation and storage of oil and natural gas; costs of exploiting and developing our properties and conducting other operations; competition in the oil and natural gas industry; general economic and political conditions, including inflationary pressures, further increases in interest rates, a general economic slowdown or recession, political tensions and war (including future developments in the ongoing Russia-Ukraine conflict); the severity and duration of world health events, including health crises and pandemics including the COVID-19 pandemic, related economic repercussions, including disruptions in the oil and gas industry, supply chain disruptions, and operational challenges including remote work arrangements and protecting the health and well-being of our employees; opportunities to monetize assets; our ability to execute on strategic initiatives; effectiveness of our risk management activities, including hedging strategy; counterparty and credit market risk; pending legal and environmental matters, including potential impacts on our business related to climate change and related regulations; actions by third parties, including customers, service providers and shareholders; current and future governmental regulation and taxation of the oil and natural gas industry; developments in world oil and natural gas markets and in oil and natural gas-producing countries; uncertainty regarding our future operating results; and other risks and uncertainties discussed in the Company’s reports filed with the SEC, including its Form 10-K for the year ended December 31, 2022.

Jeff Magids
Vice President of Finance & Investor Relations
(281) 874-2700, (888) 991-SBOW

HOUSTON--(BUSINESS WIRE)--The Port Commission of the Port of Houston Authority met on Tuesday, February 21. Chairman Ric Campo opened the meeting with the news that dredging of Segment 1A of Project 11, the Houston Ship Channel expansion and deepening program, was completed on February 1.

Port Houston anticipates the U.S. Army Corps of Engineers will issue its Assumption of Maintenance memo in early March. Upon its acceptance, the U.S. Coast Guard and National Oceanic and Atmospheric Administration (NOAA) are expected to implement its measures, including updating charts of the widened channel.

“We are targeting mid-March for that transition,” Chairman Campo said of the opening of the widened segment, “and the Houston Pilots are then prepared to lift the current daylight restrictions within Phase 1A.” This will provide the opportunity for longer and wider ships to transit during an expanded time window, delivering more cargo and commerce to the region and the state of Texas.

Executive Director Roger Guenther reported to the Port Commission that cargo activities remain solid. “Steel imports are strong, and though we saw a slight dip in January in container imports, we continue to see increasing resin demand driving exports of loaded containers,” Guenther remarked. Port Houston saw those numbers increase 31% in January, versus the same month last year.

“While there are reports of significantly reduced volumes to the U.S. in loaded imports, we are not seeing this so far in Houston,” Guenther added.

The Executive Director also announced that Saturday gate operations at its two container terminals, implemented at the peak of the supply chain crisis, are expected to end on April 29.

In its commitment to optimizing infrastructure and channel capacity, Port Commission approvals at the meeting included the award of a professional services contract for the design of Container Yard 8 at Bayport Container Terminal. In addition, executive leadership reported that approximately $32 million in projects were recently completed, further illustrating Port Houston’s commitment to growing and sustaining the workforce and regional prosperity.

Meanwhile, staff leadership reported that approximately $32 million in projects had recently been completed, including Port Road, the Bayport U-turn, and phase one of the Barbours Cut Terminal pop-up yard.

The Port Commission will meet on Monday, March 20, for its next monthly meeting.

About Port Houston

For more than 100 years, Port Houston has owned and operated the public wharves and terminals along the Houston Ship Channel, including the area’s largest breakbulk facility and two of the most efficient container terminals in the country. Port Houston is the advocate and a strategic leader for the Channel. The Houston Ship Channel complex and its more than 200 public and private terminals, collectively known as the Port of Houston, is the nation’s largest port for waterborne tonnage and an essential economic engine for the Houston region, the state of Texas and the U.S. The Port of Houston supports the creation of nearly 1.35 million jobs in Texas and 3.2 million jobs nationwide, and economic activity totaling $339 billion in Texas – 20.6 percent of Texas’ total gross domestic product (GDP) – and $801.9 billion in economic impact across the nation. For more information, visit the website at PortHouston.com.

Lisa Ashley-Daniels, Director, Public Relations, Office: 713-670-2644; Mobile: 832-247-8179; E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Record Unit Deliveries in Q4

Ended Full Year 2022 with Almost 800 MWhs of Annual Production Capacity

WILSONVILLE, Ore.--(BUSINESS WIRE)--ESS Tech, Inc. (“ESS,” “ESS, Inc.” or the “Company”) (NYSE:GWH), a leading manufacturer of long-duration energy storage systems for commercial and utility-scale applications, today announced financial results for its fourth quarter and full year ended December 31, 2022.

“2022 was a transformative year for ESS. We signed landmark deals with the Sacramento Municipal Utility District and ESIAP along with many other wins with utilities, developers and unlocked new applications such as airport decarbonization that we believe hold the promise of considerable upside. We made great progress building out the team and transformed our manufacturing operations and customer success teams. In doing so and with the addition of a semi-automated and fully automated line, we were able to surpass a key operational goal, achieving nearly 800 MWhs of annual capacity by year end. While we continued to be challenged by supply throughout the year that hindered our ability to fully achieve our delivery ambitions for the year, we were able deliver a record 14 Energy Warehouses in the fourth quarter,” said Eric Dresselhuys, CEO of ESS. “As we move into 2023, we expect to continue our progress in the market and with our operations. With that said, we plan to take a more calculated approach to scaling the business this year where we leverage our team’s expertise to improve processes, optimize the supply base and further drive down costs. With this further operational refinement, we expect to drive considerable progress on unit profitability on Energy Warehouses.”

Recent Business Highlights

• Completed installation of our fully automated manufacturing line in the fourth quarter, which is operational and has increased our annual production capacity to almost 800 MWh.

• Named a finalist of the 2022 Platts Global Energy Awards by S&P Global Commodity Insights.

• Named a finalist of the 2022 The Cleanie Awards, in the Pioneer in New Technology Category.

• Entered into an agreement with Burbank Water and Power (BWP) in California to deliver BWP’s first utility-scale battery storage project. This agreement contemplates the installation of a 75 kW / 500kWh ESS Energy Warehouse™ is to be installed and connected to a 265 kW solar array on the BWP EcoCampus, with the aim of improving the resilience and reliability of the grid.

• Selected by Consumers Energy, Michigan’s largest energy provider, to deploy ESS’s Energy Warehouse platform as part of a solar and storage microgrid powering a gas compression. This project includes the first iron flow battery to be used for a gas compression plant and is expected to provide a sustainable, resilient energy storage solution for critical infrastructure when paired with solar photovoltaics.

• Entered into a partnership with Amsterdam Airport Schiphol, the second largest airport in mainland Europe, to provide Energy Warehouses to enable the retirement of polluting diesel generators in the future and help advance Schiphol Airport’s sustainability strategy. The purpose of this project is for the Energy Warehouse to recharge Electric Ground Power Units (E-GPU), which are intended to replace the diesel ground power units currently used to supply electrical power to aircraft when parked at the airport.

• Announced an agreement to deliver two Energy Warehouse systems to Turlock Irrigation District (TID) in Central California. Supporting TID’s Project Nexus, which aims to generate clean energy while conserving water resources in an increasingly arid California, the EWs are to be paired with the first-ever installation of solar panels over irrigation canals in the United States to shade canals with solar panels that are designed to reduce evaporative losses while generating clean energy. Funding for the project will be provided by the State of California and administered by the Department of Water Resources.

Conference Call Details

ESS will hold a conference call on Wednesday, March 1, 2023 at 5:00 p.m. EST to discuss financial results for its fourth quarter and full year ended December 31, 2022.

Interested parties may join the conference call beginning at 5:00 p.m. EST on Wednesday, March 1, 2023 via telephone by calling (833) 927-1758 in the U.S., or for international callers, by calling +1 (929) 526-1599 and entering conference ID 710604. A telephone replay will be available until March 8, 2023, by dialing (866) 813-9403 in the U.S., or for international callers, +44 (204) 525-0658 with conference ID 778697. A live webcast of the conference call will be available on ESS’ Investor Relations website at http://investors.essinc.com/.

A replay of the call will be available via the web at http://investors.essinc.com/.

About ESS, Inc.

At ESS (NYSE: GWH), our mission is to accelerate global decarbonization by providing safe, sustainable, long-duration energy storage that powers people, communities and businesses with clean, renewable energy anytime and anywhere it’s needed. As more renewable energy is added to the grid, long-duration energy storage is essential to providing the reliability and resiliency we need when the sun is not shining, and the wind is not blowing.

Our technology uses earth-abundant iron, salt and water to deliver environmentally safe solutions capable of providing up to 12 hours of flexible energy capacity for commercial and utility-scale energy storage applications. Established in 2011, ESS Tech, Inc. enables project developers, independent power producers, utilities and other large energy users to deploy reliable, sustainable long-duration energy storage solutions. For more information visit www.essinc.com.

Use of Non-GAAP Financial Measures

In this press release and the accompanying earnings call, the Company includes Non-GAAP Operating Expenses and Adjusted EBITDA, which are non-GAAP performance measures that the Company uses to supplement its results presented in accordance with U.S. GAAP. As required by the rules of the Securities and Exchange Commission (“SEC”), the Company has provided herein a reconciliation of the non-GAAP financial measures contained in this press release and the accompanying earnings call to the most directly comparable measures under GAAP. The Company’s management believes Non-GAAP Operating Expenses and Adjusted EBITDA are useful in evaluating its operating performance and are similar measures reported by publicly-listed U.S. companies, and regularly used by securities analysts, institutional investors, and other interested parties in analyzing operating performance and prospects. By providing these non-GAAP measures, the Company’s management intends to provide investors with a meaningful, consistent comparison of the Company’s profitability for the periods presented. Adjusted EBITDA is not intended to be a substitute for net income/loss or any U.S. GAAP financial measure and, as calculated, may not be comparable to other similarly titled measures of performance of other companies in other industries or within the same industry. Further, Non-GAAP Operating Expenses are not intended to be a substitute for GAAP Operating Expenses or any U.S. GAAP financial measure and, as calculated, may not be comparable to other similarly titled measures of performance of other companies in other industries or within the same industry.

The Company defines and calculates Non-GAAP Operating Expenses as GAAP Operating Expenses adjusted for stock-based compensation and other special items determined by management as they are not indicative of business operations. The Company defines and calculates Adjusted EBITDA as net loss before interest, other non-operating expense or income, (benefit) provision for income taxes, and depreciation, and further adjusted for stock-based compensation and other special items determined by management, including, but not limited to, fair value adjustments for certain financial liabilities associated with debt and equity transactions as they are not indicative of business operations.

Forward-Looking Statements

This communication contains certain forward-looking statements, including statements regarding ESS and its management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. The words “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intends”, “may”, “might”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “will” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Examples of forward-looking statements include, among others, statements regarding the Company’s manufacturing plans, the Company’s order and sales pipeline, the Company’s ability to execute on orders, the Company’s ability to effectively manage costs and the Company’s partnerships with third parties such as Amsterdam Airport Schiphol, BWP, CMS, ESIAP, the Sacramento Municipal Utility District and the Turlock Irrigation District. These forward-looking statements are based on ESS’ current expectations and beliefs concerning future developments and their potential effects on ESS. Many factors could cause actual future events to differ materially from the forward-looking statements in this communication. There can be no assurance that the future developments affecting ESS will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond ESS control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements, which include, but are not limited to, continuing supply chain issues; delays, disruptions, or quality control problems in the Company’s manufacturing operations; the Company’s ability to hire, train and retain an adequate number of manufacturing employees; issues related to the shipment and installation of the Company’s products; issues related to customer acceptance of the Company’s products; issues related to the Company’s partnerships with third parties; inflationary pressures; risk of loss of government funding for customer projects; and the Company’s need to achieve significant business growth to achieve sustained, long-term profitability. Except as required by law, ESS is not undertaking any obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.