• Bushel Farm, the next generation of Bushel’s FarmLogs solution, advances Bushel’s mission to digitize, permission...

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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EDMONTON, Alberta--(BUSINESS WIRE)--FourQuest Energy Inc. has acquired privately owned Dubai, UAE-based Caley Energy...

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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CarbonFree’s SkyCycle™ Technology Would Capture and Mineralize up to 50,000 Metric Tons of CO₂ Annually from U. S....

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

Working capital will allow locally owned business to upgrade new operations facility and strengthen its nationwide...

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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TEL AVIV, Israel--(BUSINESS WIRE)--Addionics, a battery technology start-up is launching a new state-of-the-art,...

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

With third-party approval a major requirement for home safety devices, the LDRA tool suite facilitates compliance...

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.

Investors:
Erik Bylin
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Media:
Morgan Pitts
+1 (503) 568-0755
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Supply chain solutions leader’s new downtown Seoul facility will collaborate closely with life sciences logistics...

LOWELL, Ark.--(BUSINESS WIRE)--J.B. Hunt Transport Services, Inc. (NASDAQ: JBHT) President Shelley Simpson, and Executive Vice President and President of Intermodal Darren Field will address the J.P. Morgan 2023 Industrials Conference at 10:30 a.m. eastern time on Tuesday, March 14, 2023. Investors may access the live presentation by visiting the Events and Presentations section of our Investor Relations website. A presentation replay will also be made available on J.B. Hunt’s Investor Relations site following the event.

Information presented at the conference may contain forward-looking statements made by the company that involve risks, assumptions, and uncertainties difficult to predict. Actual results may differ materially from those currently anticipated due to a number of factors, including, but not limited to, those discussed in Item 1A of our Annual Report filed on Form 10-K for the year ended December 31, 2021. J.B. Hunt assumes no obligation to update any forward-looking statements to the extent the company becomes aware they will not be achieved for any reason.

Interested parties may view this press release on the company’s website.

About J.B. Hunt

J.B. Hunt Transport Services, Inc., a Fortune 500 and S&P 500 company, provides innovative supply chain solutions for a variety of customers throughout North America. Utilizing an integrated, multimodal approach, the company applies technology-driven methods to create the best solution for each customer, adding efficiency, flexibility, and value to their operations. J.B. Hunt services include intermodal, dedicated, refrigerated, truckload, less-than-truckload, flatbed, single source, last mile, and more. J.B. Hunt Transport Services, Inc. stock trades on NASDAQ under the ticker symbol JBHT and is a component of the Dow Jones Transportation Average. J.B. Hunt Transport, Inc. is a wholly owned subsidiary of JBHT. For more information, visit www.jbhunt.com.

Brad Delco
Sr. Vice President – Finance
(479) 820-2723

A leader in Global EV Charging joins the ranks of OpenAI, Disney, Tiffany & Co., and more

BARCELONA,...

• AeroVironment is the only company to secure an award for all FTUAS program increments, including FTUAS Increments 0,1 and now 2
• Increment 2 is the final phase of the U.S. Army’s FTUAS program competition to select a replacement for the RQ-7B Shadow UAS

ARLINGTON, Va.--(BUSINESS WIRE)--$AVAV #FTUAS--AeroVironment, Inc. (NASDAQ: AVAV), a global leader in intelligent, multi-domain robotic systems, today announced it was selected by the United States Army on Feb. 28, 2023, to move forward in the Future Tactical Unmanned Aircraft System (FTUAS) program.

AeroVironment’s JUMP® 20 will compete with several other vendors in the FTUAS Increment 2 multi-phased effort which will allow the Army to select the best system for its needs. Ultimately, FTUAS Increment 2 aircraft will be fielded to Brigade Combat Teams (BCTs) throughout the Army, replacing the long-serving RQ-7B Shadow UAS.

During the early stages of what would become the U.S. Army’s FTUAS program, AeroVironment’s JUMP 20 demonstrated superior competitive performance and was awarded the FTUAS Increment 1 contract to develop a prototype system to field to one Brigade Combat Team (BCT). Its success throughout the demonstrations led to AeroVironment’s contract award for FTUAS Increment 0, in which the U.S. Army fielded the JUMP 20 into an additional Army BCT within the United States Army Europe. AeroVironment is the only company awarded the FTUAS contract for all three program increments.

“The AeroVironment JUMP 20 is the most mature and capable solution in its class,” said Gorik Hossepian, AeroVironment’s vice president and product line general manager for medium unmanned aircraft systems. “We will continue to work closely with the U.S. Army to ensure we meet their performance needs both today for an all-environment aircraft system and in the future as requirements evolve to meet changing battlefield demands.”

ABOUT AEROVIRONMENT, INC.

AeroVironment (NASDAQ: AVAV) provides technology solutions at the intersection of robotics, sensors, software analytics and connectivity that deliver more actionable intelligence so you can proceed with certainty. Headquartered in Virginia, AeroVironment is a global leader in intelligent, multi-domain robotic systems and serves defense, government and commercial customers. For more information, visit www.avinc.com.

SAFE HARBOR STATEMENT

Certain statements in this press release may constitute "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements are made on the basis of current expectations, forecasts and assumptions that involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of our control, that may cause our business, strategy or actual results to differ materially from those expressed or implied. Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, our ability to perform under existing contracts and obtain additional contracts; changes in the regulatory environment; the activities of competitors; failure of the markets in which we operate to grow; failure to expand into new markets; failure to develop new products or integrate new technology with current products; and general economic and business conditions in the United States and elsewhere in the world. For a further list and description of such risks and uncertainties, see the reports we file with the Securities and Exchange Commission. We do not intend, and undertake no obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Ashley Riser
AeroVironment, Inc.
+1 (805) 750-6176
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Mark Boyer
For AeroVironment, Inc.
+1 (213) 247-4109
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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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