The international technology company executes on its plans to increase graphite production globally and to onshore mid-stream critical mineral supply chains, including its first production facility in North America

ROYAL OAK, Mich.--(BUSINESS WIRE)--Graphex Technologies LLC, a wholly owned U.S. subsidiary of Graphex Group Limited (NYSE American: GRFX | HKSE: 6128, collectively “Graphex”), a global leader in mid-stream processing of specialized natural graphite used for electric vehicle (EV) Lithium-ion (Li-ion) batteries, today provided an update that reflects on milestones achieved and objectives for the year.

As an international technology company, Graphex is currently among the top 10 suppliers of specialized spherical graphite to the EV and renewable energy industries with a global expansion strategy that is aligned with energy transition and electrification efforts worldwide. As the projected demand for EVs and other sustainable energy solutions continue to grow, there is a correlated increase in demand for the critical minerals necessary to manufacture the Li-ion batteries that power them. Equally as important, the tremendous momentum to localize end-to-end processing and production capabilities into North America and to source materials from more user-friendly regions is at the highest intensity in decades. Call it onshoring, nearshoring, or friendshoring…Graphex is uniquely positioned to meet the need.

Since becoming listed on NYSE American in August 2022, Graphex has continued executing actions to achieve its business objectives, including:

• Grow our revenue base in Asia, the most advanced EV ecosystem in the world:
  • Development underway in Jixi, Mashan District to increase production from 10,000 to 55,000 tonnes per annum to meet growing demand:
    • Phase I: 20,000 MT Q3 2023
    • Phase II: 55,000 MT Q4 2024
    • Anticipated Revenues 2X - 5X
• North American land & expand strategy progressing:
  • Warren, Michigan pitch coating facility
    • Construction waiver in place, Air Permit expected shortly
    • Siteworks completed, utilities upgraded, preliminary design completed
    • One of the first commercial scale battery anode material facilities in North America
    • 15,000 MT capacity, projected operations Q1 2024
    • 100+ new jobs to disadvantaged area
    • Grants and Incentives expected from City, County, State
  • Baie Comeau, Quebec (under consideration)
    • 100% renewable power available
    • Up to 1000+ new jobs to region
    • Up to 100 MT capacity, potentially operational 2026
    • International deep-sea shipping port
    • International rail network access
    • Local, regional, national incentives available
  • Other regions being considered:
    • Southwest, Southeast, Midwest, TVA area
• Securing diverse upstream sources of raw materials to solve an industry problem:
  • Canada: Offtake/Joint venture collaboration agreement with Northern Graphite
  • Australia: Offtake/Joint venture collaboration agreement with Reforme Group
  • Brazil: Offtake/Joint venture collaboration agreement with SouthStar Battery Metals
  • Offtake/Joint venture collaboration agreement with Gratomic
  • US: Offtake/Joint venture collaboration agreement with SouthStar Battery Metals
  • Tanzania: Offtake agreement with Volt Resources
  • We continue to assess and negotiate additional offtakes and collaborations.
• Negotiating supply agreements with OEMs:
  • Graphex has entered into at least one confidential non-binding MOU with OEM EV battery manufacturers to supply anode material to their future gigafactories, including one in the US, and to evaluate the construction of co-located processing facilities near the OEM’s gigafactories.
  • Graphex is in varied levels of technical review and commercial negotiations to supply anode material to many of the Tier 1 EV OEMs and their battery manufacturer counterparts in North America and Europe, including well known global leaders in their industries.
  • Graphex is also engaged in similar ongoing discussions with other OEMs and battery manufacturers in the EV and battery energy storage arenas.
• Continuing our research into material science innovations and advanced battery chemistries
  • Various proprietary research endeavors in progress
• Creating a Strategic Advisory Committee:
  • In order to advance the depth and breadth of our research efforts and to expand the reach and penetration of our business development campaigns, Graphex is assembling a group of experienced business leaders from inside and outside the industry to provide strategic advice and experienced perspective to the Board and Senior Leadership. We look forward to future announcements identifying the members of the Committee in the near future.

“By diversifying upstream and expanding downstream, Graphex is uniquely positioned to seize the opportunity presented by the electrification movement in both mobility and energy storage,” said John DeMaio, CEO of Graphex Technologies. “Our decade of experience producing quality anode material at scale coupled with our agility to bring production facilities online quickly solves several hard problems facing the industry today. We believe that our measured and intelligent approach balances speed with caution, boldness with experience, and strategic investment with lean operations to provide short-term and long-term solutions to the industry as well as attractive returns for us and our shareholders. The further addition of our Strategic Advisory Committee is another exciting milestone that is expected to significantly accelerate our growth strategy.”

To learn more about Graphex, please visit www.graphexgroup.com

​​About Graphex
Graphex Group Limited is a Cayman Island company with principal and administrative offices in Hong Kong and subsidiary office in Royal Oak, MI. Graphex is a global leader in the industry focused on the development of technologies and products for the enhancement of renewable energy, particularly the enrichment of spherical graphite and graphene, key components for Electric Vehicle (EV) batteries, Lithium-ion batteries, and other use cases. Proficient in commercial deep processing of graphite, Graphex has been consistently producing over 10,000 metric tons of spherical graphite annually for over 9 years. With a strategy to expand its global operations to support energy transition and electrification efforts worldwide, Graphex Group is currently among the top suppliers of specialized spherical graphite to the EV and renewable energy industries and holds patents in areas including products, production methods, machinery design, and environmental protection.

Forward Looking Statements

All statements contained in this presentation other than statements of historical fact, including statements regarding our future results of operations and financial position, our business strategy and plans and our objectives for future operations, are “forward looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and the safe harbor in Section 27A and 21E of the Securities Act of 1933 and the Securities Exchange act of 1934, respectively. You can identify some of these forward looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “likely,” “potential,” “continue” or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events that we believe may affect our financial condition, results of operations, business strategy and financial needs. We have based these forward looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short term and long-term business operations and objectives, and financial needs. These forward looking statements involve various risks and uncertainties.

Information from third sources identified in this release are based on published reports for such information and we have assumed the accuracy of such reports without independent investigation or inquiry.

This communication is for informational purposes only and is neither an offer to sell nor a solicitation of an offer to purchase any securities of Graphex Group Limited, including but not limited to its American Depositary Shares.

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HOUSTON--(BUSINESS WIRE)--Cheniere Energy, Inc. (“Cheniere”) (NYSE American: LNG) today announced its financial results for the fourth quarter and full year 2022.

YEAR END 2022 SUMMARY FINANCIAL RESULTS

2023 FULL YEAR FINANCIAL GUIDANCE

RECENT HIGHLIGHTS

• During the three and twelve months ended December 31, 2022, Cheniere generated revenues of approximately $9.1 billion and $33.4 billion, respectively, net income¹ of approximately $3.9 billion and $1.4 billion, respectively, Consolidated Adjusted EBITDA² of approximately $3.1 billion and $11.6 billion, respectively, and Distributable Cash Flow² of approximately $2.3 billion and $8.7 billion, respectively. Both Consolidated Adjusted EBITDA and Distributable Cash Flow totals for the twelve months ended December 31, 2022 are above the most recent guidance ranges for those metrics.

• Introducing full year 2023 Consolidated Adjusted EBITDA² guidance of $8.0 - $8.5 billion and full year 2023 Distributable Cash Flow² guidance of $5.5 - $6.0 billion.

• Pursuant to Cheniere’s comprehensive capital allocation plan, during the three months ended December 31, 2022, Cheniere prepaid approximately $2.2 billion of consolidated long-term indebtedness, repurchased an aggregate of approximately 4.4 million shares of common stock for over $700 million, and paid a quarterly dividend of $0.395 per share of common stock for the third quarter, representing a 20% increase quarter over quarter. During the twelve months ended December 31, 2022, Cheniere prepaid over $5.4 billion of consolidated long-term indebtedness, repurchased an aggregate of over 9.3 million shares of common stock for approximately $1.4 billion, and paid dividends in aggregate of $1.385 per share of common stock.

• In November 2022, Cheniere achieved its first investment grade issuer rating from S&P Global Ratings (“S&P”) as a result of an upgrade from BB+ to BBB with a stable outlook, and Cheniere Energy Partners, L.P. (“Cheniere Partners”) (NYSE American: CQP), Cheniere’s consolidated subsidiary, achieved its second investment grade issuer rating from S&P as a result of an upgrade from BB+ to BBB with a stable outlook. In January 2023, Cheniere achieved its second investment grade issuer rating from Fitch Ratings of BBB- with a stable outlook.

• In 2022, Cheniere’s subsidiaries signed new long-term contracts representing an aggregate of over 180 million tonnes of liquefied natural gas (“LNG”) through 2050 with creditworthy counterparties in the form of free-on-board and delivered ex-ship LNG sale and purchase agreements, as well as Integrated Production Marketing (“IPM”) gas supply agreements.

• In February and October 2022, respectively, substantial completion was achieved on Train 6 of the SPL Project, (defined below) and the third marine berth at the Sabine Pass LNG Terminal.

• In June 2022, Cheniere made a positive final investment decision (“FID”) with respect to the CCL Stage 3 Project (defined below) and issued full notice to proceed (“NTP”) to Bechtel Energy, Inc. (“Bechtel”).

• In September 2022, certain subsidiaries of Cheniere entered the pre-filing review process with the Federal Energy Regulatory Commission (“FERC”) under the National Environmental Policy Act for the CCL Midscale Trains 8 & 9 Project (defined below).

• In February 2023, certain subsidiaries of Cheniere Partners initiated the pre-filing review process with the FERC under the National Environmental Policy Act for the SPL Expansion Project (defined below).

CEO COMMENT

“Reflecting on an incredible 2022, I am most proud of the Cheniere team’s unwavering commitment to safety and operational excellence, which enabled us to answer the call for reliable, cleaner-burning energy supply during a critical time in energy markets across the globe,” said Jack Fusco, Cheniere’s President and Chief Executive Officer. “2022 brought the criticality of natural gas and energy security into focus throughout the world, and we are proud to have made FID on Corpus Christi Stage 3, which will provide much-needed new LNG volumes to the market beginning in late 2025.”

“Our stable operations continue to underpin our strong financial results, which have enabled Cheniere to execute on our comprehensive capital allocation plan, highlighted by the achievement of investment grade ratings, returning meaningful capital to our stakeholders via debt repayment, share repurchases and dividends, and pursuing further accretive growth at Sabine Pass and Corpus Christi - all of which serves to enhance the long-term value of Cheniere. I look forward to maintaining this momentum throughout 2023 in an environment of moderated global prices and a more balanced market, which further supports our long-held conviction in the structural shift to natural gas worldwide.”

SUMMARY AND REVIEW OF FINANCIAL RESULTS

Consolidated Adjusted EBITDA increased approximately $1.8 billion and $6.7 billion for the three and twelve months ended December 31, 2022, respectively, as compared to the three and twelve months ended December 31, 2021. The increase in both the three and twelve months ended December 31, 2022 was due primarily to increased total margins, driven by increased margins per MMBtu of LNG, increased volumes of LNG delivered and, to a lesser extent, a higher contribution from certain portfolio optimization activities.

Net Income and Consolidated Adjusted EBITDA for the three and twelve months ended December 31, 2022 was positively impacted by the recognition of the $765 million lump-sum payment made by Chevron U.S.A. Inc. (“Chevron”) throughout the six months ended December 31, 2022 related to the previously announced early termination of the Terminal Use Agreement (TUA) between Sabine Pass LNG, L.P. and Chevron.

Net income (loss) was approximately $3.9 billion and $1.4 billion for the three and twelve months ended December 31, 2022, respectively, as compared to approximately $(1.3) billion and $(2.3) billion in the corresponding 2021 periods. The favorable change for the three months ended December 31, 2022 was primarily due to favorable changes in fair value of our derivative portfolio of approximately $3.9 billion (before tax and non-controlling interests) as compared to the $0.6 billion of unfavorable changes in fair value in the prior period, as well as increased total margins driven by increased volumes of LNG delivered and increased margins per MMBtu of LNG. The favorable change for the twelve months ended December 31, 2022 was primarily due to increased total margins driven by increased margins per MMBtu of LNG and increased volumes of LNG delivered, partially offset by an increase in unfavorable changes in fair value of our derivative portfolio of approximately $1.4 billion (before tax and non-controlling interests), as well as the provision for income taxes as compared to the tax benefit recognized in the prior period.

Substantially all derivative gains (losses) relate to the use of commodity derivative instruments indexed to international gas and LNG prices, primarily related to our long-term IPM agreements. Our IPM agreements are designed to provide stable margins on purchases of natural gas and sales of LNG over the life of the agreements and have a fixed fee component, similar to that of LNG sold under our long-term, fixed fee LNG SPAs. However, the long-term duration and international price basis of our IPM agreements make them particularly susceptible to fluctuations in fair market value from period to period. In addition, accounting requirements prescribe recognition of these long-term gas supply agreements at fair value, but do not currently permit fair value recognition of the associated sale of LNG, resulting in a mismatch of accounting recognition for the purchase of natural gas and sale of LNG. As a result of the significant volatility in forward international gas and LNG price curves during the three and twelve months ended December 31, 2022, we recognized $4.4 billion and $(4.7) billion, respectively, of non-cash favorable (unfavorable) changes in fair value attributable to such positions (before tax and non-controlling interests).

Share-based compensation expenses included in net income (loss) totaled $90 million and $205 million for the three and twelve months ended December 31, 2022, respectively, compared to $48 million and $140 million for the three and twelve months ended December 31, 2021, respectively. The increase in share-based compensation expense for the three and twelve months ended December 31, 2022 compared to the corresponding 2021 periods is primarily driven by higher expense recognized in 2022 on the modification of certain equity awards to permit cash settlement upon vesting.

Our financial results are reported on a consolidated basis. Our ownership interest in Cheniere Partners as of December 31, 2022 consisted of 100% ownership of the general partner and a 48.6% limited partner interest.

BALANCE SHEET MANAGEMENT

Capital Resources

As of December 31, 2022, our total consolidated available liquidity was approximately $9.9 billion. We had cash and cash equivalents of $1.4 billion on a consolidated basis, of which $904 million was held by Cheniere Partners. In addition, we had restricted cash and cash equivalents of $1.1 billion, $1.3 billion of available commitments under the Cheniere Revolving Credit Facility, $1.3 billion of available commitments under the Cheniere Corpus Christi Holdings, LLC (“CCH”) Working Capital Facility, $3.3 billion of available commitments under CCH’s term loan credit facility (the “CCH Credit Facility”), $750 million of available commitments under Cheniere Partners’ credit facilities, and $872 million of available commitments under the Sabine Pass Liquefaction, LLC (“SPL”) Working Capital Facility.

Recent Key Financial Transactions and Updates

In November and December 2022, SPL issued an aggregate principal amount of $500 million of Senior Secured Amortizing Notes due 2037, the proceeds of which, together with cash on hand, were used to redeem the remaining outstanding amount of SPL’s 5.625% Senior Secured Notes due 2023, subsequent to the $300 million redemption in October 2022.

In December 2022, pursuant to a tender offer, $752 million in aggregate principal amount outstanding of CCH’s 7.000% Senior Secured Notes due 2024 (“2024 CCH Senior Notes”) was repurchased with cash on hand. In January 2023, the remaining outstanding principal amount of $498 million of the 2024 CCH Senior Notes was redeemed with cash on hand.

During the three months ended December 31, 2022, Cheniere repurchased over $434 million in principal of outstanding senior notes at CCH in the open market, partially redeeming the 5.875% Senior Secured Notes due 2025, the 5.125% Senior Secured Notes due 2027, the 3.700% Senior Secured Notes due 2029 and the Senior Secured Notes due 2039.

LIQUEFACTION PROJECTS OVERVIEW

Construction Progress as of January 31, 2023:

SPL Project

Through Cheniere Partners, we operate six natural gas liquefaction Trains for a total production capacity of approximately 30 mtpa of LNG at the Sabine Pass LNG terminal in Cameron Parish, Louisiana (the “SPL Project”).

SPL Expansion Project

Through Cheniere Partners, we are developing an expansion adjacent to the SPL Project consisting of up to three natural gas liquefaction Trains with an expected total production capacity of approximately 20 mtpa of LNG (the “SPL Expansion Project”). In February 2023, certain subsidiaries of Cheniere Partners initiated the pre-filing review process with respect to the SPL Expansion Project with the FERC.

CCL Project

We operate three natural gas liquefaction Trains for a total production capacity of approximately 15 mtpa of LNG at the Corpus Christi LNG terminal near Corpus Christi, Texas (the “CCL Project”).

Corpus Christi Stage 3 Project

We are constructing an expansion adjacent to the CCL Project consisting of seven midscale Trains with an expected total production capacity of over 10 mtpa of LNG (the “CCL Stage 3 Project”). In June 2022, our Board of Directors made a positive FID with respect to the CCL Stage 3 Project and issued full notice to proceed with construction to Bechtel.

Corpus Christi Liquefaction Midscale Trains 8 & 9 Project

We are developing an expansion adjacent to the CCL Stage 3 Project consisting of two midscale Trains with an expected total production capacity of approximately 3 mtpa of LNG (the “CCL Midscale Trains 8 & 9 Project”). In September 2022, certain of our subsidiaries entered the pre-filing review process with the FERC.

INVESTOR CONFERENCE CALL AND WEBCAST

We will host a conference call to discuss our financial and operating results for the fourth quarter and full year 2022 on Thursday, February 23, 2023, at 11 a.m. Eastern time / 10 a.m. Central time. A listen-only webcast of the call and an accompanying slide presentation may be accessed through our website at www.cheniere.com. Following the call, an archived recording will be made available on our website.

About Cheniere

Cheniere Energy, Inc. is the leading producer and exporter of LNG in the United States, reliably providing a clean, secure, and affordable solution to the growing global need for natural gas. Cheniere is a full-service LNG provider, with capabilities that include gas procurement and transportation, liquefaction, vessel chartering, and LNG delivery. Cheniere has one of the largest liquefaction platforms in the world, consisting of the Sabine Pass and Corpus Christi liquefaction facilities on the U.S. Gulf Coast, with total production capacity of approximately 45 mtpa of LNG in operation and an additional 10+ mtpa of expected production capacity under construction. Cheniere is also pursuing liquefaction expansion opportunities and other projects along the LNG value chain. Cheniere is headquartered in Houston, Texas, and has additional offices in London, Singapore, Beijing, Tokyo, and Washington, D.C.

For additional information, please refer to the Cheniere website at www.cheniere.com and Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission.

Use of Non-GAAP Financial Measures

In addition to disclosing financial results in accordance with U.S. GAAP, the accompanying news release contains non-GAAP financial measures. Consolidated Adjusted EBITDA and Distributable Cash Flow are non-GAAP financial measures that we use to facilitate comparisons of operating performance across periods. These non-GAAP measures should be viewed as a supplement to and not a substitute for our U.S. GAAP measures of performance and the financial results calculated in accordance with U.S. GAAP and reconciliations from these results should be carefully evaluated.

Non-GAAP measures have limitations as an analytical tool and should not be considered in isolation or in lieu of an analysis of our results as reported under GAAP and should be evaluated only on a supplementary basis.

Forward-Looking Statements

This press release contains certain statements that may include “forward-looking statements” within the meanings of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical or present facts or conditions, included herein are “forward-looking statements.” Included among “forward-looking statements” are, among other things, (i) statements regarding Cheniere’s financial and operational guidance, business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding regulatory authorization and approval expectations, (iii) statements expressing beliefs and expectations regarding the development of Cheniere’s LNG terminal and pipeline businesses, including liquefaction facilities, (iv) statements regarding the business operations and prospects of third-parties, (v) statements regarding potential financing arrangements, (vi) statements regarding future discussions and entry into contracts, and (vii) statements relating to Cheniere’s capital deployment, including intent, ability, extent, and timing of capital expenditures, debt repayment, dividends, share repurchases and execution on the capital allocation plan. Although Cheniere believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere’s periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere does not assume a duty to update these forward-looking statements.

(Financial Tables and Supplementary Information Follow)

LNG VOLUME SUMMARY

As of February 17, 2023, approximately 2,650 cumulative LNG cargoes totaling over 180 million tonnes of LNG have been produced, loaded and exported from our liquefaction projects.

During the three and twelve months ended December 31, 2022, we exported 601 and 2,306 TBtu of LNG, respectively, from our liquefaction projects. 56 TBtu of LNG exported from our liquefaction projects and sold on a delivered basis was in transit as of December 31, 2022, none of which was related to commissioning activities.

The following table summarizes the volumes of operational and commissioning LNG that were loaded from our liquefaction projects and for which the financial impact was recognized on our Consolidated Financial Statements during the three and twelve months ended December 31, 2022:

In addition, during the three and twelve months ended December 31, 2022, we recognized 10 TBtu and 29 TBtu of LNG on our Consolidated Financial Statements related to LNG cargoes sourced from third-parties.

Cheniere Energy, Inc.

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Slync Platform Leverages AI to Solve Problems that Have Challenged Large Shippers for Decades

DALLAS & SAN FRANCISCO--(BUSINESS WIRE)--$GS #Automation--Slync.io today announced that it has secured $24 million of new venture capital funding, led by Goldman Sachs, with participation from Blumberg Capital, ACME Ventures, Gaingels, and other existing investors.

“Our customers recognize the power and potential of the Slync platform, and our investor partners do as well,” said John Urban, Chairman and CEO of Slync. “Every day, millions of emails, spreadsheets, PDFs, and messages are exchanged as part of the logistics management process, yet most existing systems only capture a fraction of them, and that’s a big, expensive problem. Slync has the technology to finally solve it.”

“During the COVID pandemic, loaded container ships anchored offshore and empty store shelves showed everyone what happens when the international supply chain breaks down,” said Darren Cohen, Partner at Goldman Sachs. “We believe the Slync platform provides an innovative solution that brings the global logistics industry fully into the digital realm. The value of this technology is significant in our opinion.”

The Slync platform consumes, interprets, and standardizes data from different sources as it evolves in real-time and then automates related operational processes to improve productivity and service-level reliability. The technology brings together different data types, process automation, and AI that maps to human workflows. This easy-to-use system eliminates repetitive, time-consuming manual tasks while improving visibility for all supply chain stakeholders.

Primary product lines include Intelligent Carrier Management, which automates the complete freight booking process for large logistics service providers and shippers; and Intelligent Order Orchestration automates order-related processes between core systems of record and standalone tools such as email and spreadsheets. The platform also powers a robust suite of configurable business intelligence dashboards that provide real-time transactional performance insights previously impossible to obtain.

“Slync’s platform has an operational dimension that drives significant levels of efficiency into complex processes that haven’t really changed in more than 20 years,” added Urban. “We have a number of terrific, very satisfied customers. We will leverage this added financial horsepower to ensure they represent the new class of innovative leaders in the logistics industry.”

Slync customers include several global enterprises and large logistics service providers. These companies will be making separate announcements about their use of and success with the technology in the coming months.

Slync will showcase its technology at the annual TPM conference, taking place February 26 – March 1, 2023 at the Long Beach Convention Center. To schedule a meeting, click here.

About Slync.io
Slync is on a mission to dramatically simplify the way the business of logistics is conducted. The plethora of systems, data formats, partners, lack of standards and different documentation results in unacceptable gaps in information and a lack of supply chain control. Global enterprises and LSPs are using Slync to drive massive increases in productivity while simultaneously improving visibility, and gaining better control of inventory in transit for operational teams and customers. To learn more, visit www.slync.io.

Media Contact:
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HOUSTON--(BUSINESS WIRE)--Cheniere Energy Partners, L.P. (“Cheniere Partners”) (NYSE American: CQP) today announced its financial results for fourth quarter and full year 2022.

HIGHLIGHTS

• For the three and twelve months ended December 31, 2022, Cheniere Partners generated revenues of $4.7 billion and $17.2 billion, respectively, net income of $2.5 billion and $2.5 billion, respectively, and Adjusted EBITDA¹ of $1.6 billion and $5.1 billion, respectively.
• Declared a cash distribution of $1.07 per common unit to unitholders of record as of February 6, 2023, comprised of a base amount equal to $0.775 and a variable amount equal to $0.295. The common unit distribution and the related general partner distribution was paid on February 14, 2023.
• Introducing full year 2023 distribution guidance of $4.00 - $4.25 per common unit.
• In February and October 2022, respectively, substantial completion was achieved on Train 6 of the SPL Project (defined below) and the third marine berth at the Sabine Pass LNG Terminal.
• In November 2022, Cheniere Partners achieved its second investment grade issuer rating from S&P Global Ratings as a result of an upgrade from BB+ to BBB with a stable outlook.
• In February 2023, certain subsidiaries of Cheniere Partners initiated the pre-filing review process with the Federal Energy Regulatory Commission (“FERC”) under the National Environmental Policy Act for the SPL Expansion Project (defined below).

Adjusted EBITDA¹ increased $0.7 billion and $2.0 billion during the three and twelve months ended December 31, 2022, respectively, as compared to the three and twelve months ended December 31, 2021. The increase in Adjusted EBITDA was primarily due to increased margins per MMBtu of LNG and increased volumes of LNG delivered. Adjusted EBITDA was also positively impacted by the recognition of the $765 million lump-sum payment made by Chevron U.S.A. Inc. (“Chevron”) throughout the six months ended December 31, 2022 related to the previously announced early termination of the Terminal Use Agreement (“TUA”) between Sabine Pass LNG, L.P. and Chevron.

Net income increased $2.0 billion and $0.9 billion during the three and twelve months ended December 31, 2022, respectively, as compared to the three and twelve months ended December 31, 2021. The increase during the three months ended December 31, 2022 was primarily due to non-cash favorable changes in fair value of commodity derivatives, increased margins per MMBtu of LNG, increased volumes of LNG delivered and the recognition of the remaining proceeds of the lump-sum payment related to the early termination of the TUA with Chevron. The increase during the twelve months ended December 31, 2022 was primarily due to increased margins per MMBtu of LNG and increased volumes of LNG delivered, the Chevron TUA payment, and was partially offset by non-cash unfavorable changes in fair value of commodity derivatives.

Substantially all derivative gains (losses) are attributable to the recognition at fair value of our long-term Integrated Production Marketing (“IPM”) agreement with Tourmaline Oil Marketing Corp. (“Tourmaline”), a natural gas supply contract with pricing indexed to the Platts Japan Korea Marker (“JKM”). Our IPM agreement is structured to provide stable margins on purchases of natural gas and sales of LNG over the life of the agreement and has a fixed fee component, similar to that of LNG sold under our long-term, fixed fee LNG SPAs. However, the long-term duration and international price basis of our IPM agreement makes it particularly susceptible to fluctuations in fair market value from period to period. In addition, accounting requirements prescribe recognition of this long-term gas supply agreement at fair value, but does not currently permit fair value recognition of the associated sale of LNG, resulting in a mismatch of accounting recognition for the purchase of natural gas and sale of LNG. As a result of the significant volatility in the forward JKM curves during the three and twelve months ended December 31, 2022, we recognized approximately $1.4 billion and $(0.8) billion, respectively, of non-cash favorable (unfavorable) changes in fair value attributable to the Tourmaline IPM agreement.

During the three and twelve months ended December 31, 2022, we recognized in income 410 TBtu and 1,520 TBtu, respectively, of LNG loaded from the SPL Project. Additionally, in the year ended December 31, 2022, approximately 13 TBtu of commissioning LNG was exported from the SPL Project.

BALANCE SHEET MANAGEMENT

Capital Resources

As of December 31, 2022, our total available liquidity was approximately $2.6 billion. We had cash and cash equivalents of approximately $0.9 billion. In addition, we had current restricted cash and cash equivalents of $92 million, $750 million of available commitments under our CQP Credit Facilities, and $872 million of available commitments under the Sabine Pass Liquefaction, LLC (“SPL”) Working Capital Facility.

Recent Key Financial Transactions and Updates

In November and December 2022, SPL issued an aggregate principal amount of $500 million of Senior Secured Amortizing Notes due 2037, the proceeds of which, together with cash on hand, were used to redeem the remaining outstanding amount of SPL’s 5.625% Senior Secured Notes, subsequent to the $300 million redemption in October 2022.

SABINE PASS OVERVIEW

We own natural gas liquefaction facilities consisting of six liquefaction Trains, with a total production capacity of approximately 30 million tonnes per annum (“mtpa”) of LNG at the Sabine Pass LNG terminal in Cameron Parish, Louisiana (the “SPL Project”).

As of February 17, 2023, approximately 1,990 cumulative LNG cargoes totaling over 135 million tonnes of LNG have been produced, loaded, and exported from the SPL Project.

SPL Expansion Project

We are developing an expansion adjacent to the SPL Project consisting of up to three natural gas liquefaction trains with an expected total production capacity of approximately 20 mtpa of LNG (the “SPL Expansion Project”). In February 2023, certain of our subsidiaries initiated the pre-filing review process with the FERC.

DISTRIBUTIONS TO UNITHOLDERS

In January 2023, we declared a cash distribution of $1.07 per common unit to unitholders of record as of February 6, 2023, comprised of a base amount equal to $0.775 ($3.10 annualized) and a variable amount equal to $0.295, which takes into consideration, among other things, amounts reserved for annual debt repayment and capital allocation goals, anticipated capital expenditures to be funded with cash, and cash reserves to provide for the proper conduct of the business. The common unit distribution and the related general partner distribution was paid on February 14, 2023.

INVESTOR CONFERENCE CALL AND WEBCAST

Cheniere Energy, Inc. will host a conference call to discuss its financial and operating results for fourth quarter and full year 2022 on Thursday, February 23, 2023, at 11 a.m. Eastern time / 10 a.m. Central time. A listen-only webcast of the call and an accompanying slide presentation may be accessed through our website at www.cheniere.com. Following the call, an archived recording will be made available on our website. The call and accompanying slide presentation may include financial and operating results or other information regarding Cheniere Partners.

About Cheniere Partners

Cheniere Partners owns the Sabine Pass LNG terminal located in Cameron Parish, Louisiana, which has natural gas liquefaction facilities consisting of six liquefaction Trains with a total production capacity of approximately 30 mtpa of LNG. The Sabine Pass LNG terminal also has operational regasification facilities that include five LNG storage tanks, vaporizers, and three marine berths. Cheniere Partners also owns the Creole Trail Pipeline, which interconnects the Sabine Pass LNG terminal with a number of large interstate and intrastate pipelines.

For additional information, please refer to the Cheniere Partners website at www.cheniere.com and Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission.

Use of Non-GAAP Financial Measures

In addition to disclosing financial results in accordance with U.S. GAAP, the accompanying news release contains a non-GAAP financial measure. Adjusted EBITDA is a non-GAAP financial measure that is used to facilitate comparisons of operating performance across periods. This non-GAAP measure should be viewed as a supplement to and not a substitute for our U.S. GAAP measures of performance and the financial results calculated in accordance with U.S. GAAP, and the reconciliation from these results should be carefully evaluated.

Forward-Looking Statements

This press release contains certain statements that may include “forward-looking statements.” All statements, other than statements of historical or present facts or conditions, included herein are “forward-looking statements.” Included among “forward-looking statements” are, among other things, (i) statements regarding Cheniere Partners’ financial and operational guidance, business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding Cheniere Partners’ anticipated quarterly distributions and ability to make quarterly distributions at the base amount or any amount, (iii) statements regarding regulatory authorization and approval expectations, (iv) statements expressing beliefs and expectations regarding the development of Cheniere Partners’ LNG terminal and liquefaction business, (v) statements regarding the business operations and prospects of third-parties, (vi) statements regarding potential financing arrangements, and (vii) statements regarding future discussions and entry into contracts. Although Cheniere Partners believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners’ actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners’ periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners does not assume a duty to update these forward-looking statements.

(Financial Tables Follow)

Reconciliation of Non-GAAP Measures
Regulation G Reconciliations

Adjusted EBITDA

The following table reconciles our Adjusted EBITDA to U.S. GAAP results for the three and twelve months ended December 31, 2022 and 2021 (in millions):

Adjusted EBITDA is commonly used as a supplemental financial measure by our management and external users of our Consolidated Financial Statements to assess the financial performance of our assets without regard to financing methods, capital structures, or historical cost basis. Adjusted EBITDA is not intended to represent cash flows from operations or net income as defined by U.S. GAAP and is not necessarily comparable to similarly titled measures reported by other companies.

We believe Adjusted EBITDA provides relevant and useful information to management, investors and other users of our financial information in evaluating the effectiveness of our operating performance in a manner that is consistent with management’s evaluation of financial and operating performance.

Adjusted EBITDA is calculated by taking net income before interest expense, net of capitalized interest, depreciation and amortization, and adjusting for the effects of certain non-cash items, other non-operating income or expense items and other items not otherwise predictive or indicative of ongoing operating performance, including the effects of modification or extinguishment of debt, impairment expense and loss on disposal of assets, and changes in the fair value of our commodity derivatives prior to contractual delivery or termination. The change in fair value of commodity derivatives is considered in determining Adjusted EBITDA given that the timing of recognizing gains and losses on these derivative contracts differs from the recognition of the related item economically hedged. We believe the exclusion of these items enables investors and other users of our financial information to assess our sequential and year-over-year performance and operating trends on a more comparable basis and is consistent with management’s own evaluation of performance.

Cheniere Partners
Investors
Randy Bhatia, 713-375-5479
Frances Smith, 713-375-5753

Media Relations
Eben Burnham-Snyder, 713-375-5764

Accelerating capital expenditures focused on executing CCUS strategy

PLANO, Texas--(BUSINESS WIRE)--#blueoil--Denbury Inc. (NYSE: DEN) (“Denbury” or “the Company”) today announced its 2023 capital budget range for oil and natural gas development of $350 million to $370 million, and for carbon capture, utilization, and storage (“CCUS”) capital expenditures of $140 million to $160 million. At the combined midpoint of $510 million (excluding capitalized interest and equity investments), planned capital expenditures are up 19% from 2022, with the increase driven entirely by the CCUS business as the Company plans to enhance its spending on the development of dedicated CO₂ storage sites and prepare for expansion of its CO₂ pipeline infrastructure.

Chris Kendall, Denbury’s President and Chief Executive Officer, commented, “Our 2023 capital program furthers our strategy to build a world-class CCUS network, unparalleled both in scale and reliability, that delivers transformational growth for our shareholders. In the oil & gas business, we are continuing to invest in strong return projects, and we eagerly await expected production from Phase 1 of the CCA CO₂ flood in the second half of the year. CCA is a very strategic project for Denbury as we expect it to increase the scale of our carbon-negative oil operations, deliver meaningful production growth next year, and provide the foundation for sustainable production and cash flows for many years to come. In addition, we are significantly ramping our CCUS investments to expand our infrastructure network and our dedicated CO₂ storage portfolio as we target providing the industry’s most efficient and reliable CO₂ takeaway service.”

OIL AND GAS CAPITAL TARGETING FIRST CCA EOR RESPONSE IN 2H 2023

Oil and gas capital expenditures of $360 million at the midpoint of the Company’s annual range for 2023 are comprised of $145 million for continuation of the Cedar Creek Anticline (“CCA”) enhanced oil recovery (“EOR”) development (including $15 million for capitalized pre-production CO₂) and $215 million for other tertiary and non-tertiary oil-focused development projects, capitalized internal costs and CO₂ sources.

2023 CCA capital activities include the construction of the initial four CO₂ recycle facilities, conversion of existing production wells to handle CO₂ arrival and associated oil response, as well as continuing installation of the phase 1 infield flowline network. In addition, to support Phase 2 CCA development, the Company intends to commission a CO₂ injection pilot in the Pennel field targeting the Interlake formation, including the construction of a CO₂ recycle facility at Pennel.

Other oil and gas development projects include expansions of existing EOR recovery projects in the Gulf Coast region, such as targeting new horizons at Eucutta and Phase 2 of the Rodessa development at Soso in Mississippi, as well as an infill drilling program at Delhi in Louisiana and conventional horizontal drilling programs at both Conroe and Webster in Texas. In the Rocky Mountain region, Denbury intends to drill an additional Mission Canyon horizontal in the Cabin Creek area of CCA, expand CO₂ injection at Grieve, develop a new EOR phase in the Salt Creek field, and increase CO₂ injection into the Beaver Creek E/F development.

Excluded from the Company’s planned development capital expenditures, Denbury anticipates spending approximately $36 million on its proactive asset retirement program in 2023, which is comparable to the amount spent in 2022.

Based on the Company’s projections as further detailed in its 2023 guidance, including estimated capital, costs and production, Denbury anticipates its 2023 operating cash flows, excluding working capital changes, will meet or exceed its combined capital expenditures and planned asset retirement obligation activities assuming average West Texas Intermediate (“WTI”) oil prices of approximately $75 per barrel in 2023.

CCUS CAPITAL EXPENDITURES EXPANDING FIRST-MOVER ADVANTAGE

Denbury’s 2023 CCUS development plan to spend $150 million at the midpoint of the range is up $85 million from 2022. 2023 capital expenditures will be focused on expanding the Company’s CO₂ transportation and dedicated storage network by adding strategically-located sequestration sites to its portfolio, expanding existing sequestration sites with nearby leasing, and drilling a number of stratigraphic test wells. In addition, Denbury expects to acquire additional rights of way and long-lead items for CO₂ pipeline connections to sequestration sites and industrial customers. Excluded from the capital budget amount are equity investments that Denbury may make from time to time to increase the scale of its CCUS operations.

2023 PRODUCTION VOLUMES UP FROM 2022

Oil and natural gas sales volumes for 2023 are anticipated to average between 46,000 and 49,000 barrels of oil equivalent (“BOE”) per day, with 97% of the volumes expected to be oil. The midpoint of the 2023 production range is up approximately 1.5% from 2022, primarily due to the anticipated commencement of production from the CCA EOR development in the second half of 2023.

COST OUTLOOK

Lease operating expense (“LOE”) is estimated to range between $29 and $31 per BOE during 2023, slightly higher than in 2022 primarily due to higher expected CO₂ costs. LOE per BOE in 2023 will be impacted by a CO₂ pricing change under a legacy purchase agreement which increases due to the expiration of prior 45Q incentives, as well as by CO₂ costs at the CCA EOR flood, as CO₂ costs beginning with first production response are treated as LOE rather than capitalized pre-production.

G&A costs are expected to range between $90 and $105 million for 2023, higher than 2022 due to increasing employee headcount, primarily as the Company expands its CCUS business, and the cumulative expense for long-term equity incentive awards, with 2023 being the third full year of expense following emergence.

Depletion, depreciation, and amortization (“DD&A”) is expected to average between $9.75 and $10.25 per BOE in 2023, with the largest driver of the increase from 2022 being the expected impact from booking initial reserves at CCA EOR during 2023, which is estimated to be at a higher cost per barrel than the Company’s current DD&A rate.

Additional detailed guidance is included in the Company’s supplemental materials for our 2023 Outlook which will be posted to the Denbury website before market open today.

WEBCAST INFORMATION

Denbury management will host a webcast to review and discuss fourth quarter and full-year 2022 financial and operating results, as well as its outlook, capital plan and production guidance for 2023, today, Thursday, February 23, at 11:00 a.m. Central Time (12:00 p.m. Eastern Time). Additionally, Denbury will post supporting materials on its website before market open today. The presentation webcast will be available, both live and for replay, on the Investors page of the Company’s website at www.denbury.com.

ABOUT DENBURY

Denbury is an independent energy company with operations and assets focused on Carbon Capture, Use, and Storage (CCUS) and Enhanced Oil Recovery (EOR) in the Gulf Coast and Rocky Mountain regions. For over two decades, the Company has maintained a unique strategic focus on utilizing CO₂ in its EOR operations and since 2012 has also been active in CCUS through the injection of captured industrial-sourced CO_2. The Company currently injects over four million tons of captured industrial-sourced CO₂ annually, with an objective to fully offset its Scope 1, 2, and 3 CO₂ emissions by 2030, primarily through increasing the amount of captured industrial-sourced CO₂ used in its operations. For more information about Denbury, visit www.denbury.com.

This press release contains forward-looking statements that involve risks and uncertainties, including estimates of 2023 capital expenditures and production levels, along with estimates of 2023 levels of certain expenses. These estimates are based on engineering, geological, financial and operating assumptions that management believes are reasonable based on currently available information; however, their achievement are subject to a wide range of business risks, and there is no assurance that these goals and projections can or will be met. Actual results may vary materially. In addition, any forward-looking statements represent estimates only as of today and should not be relied upon as representing its estimates as of any future date. We assume no obligation to update these forward-looking statements.

DENBURY IR CONTACTS:
Brad Whitmarsh, 972.673.2020, This email address is being protected from spambots. You need JavaScript enabled to view it.
Beth Palmer, 972.673.2554, This email address is being protected from spambots. You need JavaScript enabled to view it.

DENVER--(BUSINESS WIRE)--Raisa Energy LLC (“Raisa” or “the Company”) today announced that it successfully closed its third securitization of proved developed producing (“PDP”) wellbores for $636 million of gross proceeds (“the Transaction” or “the Offering”).

The Transaction represents the inaugural issuance within Raisa’s Second Master Trust Program and the largest and most diversified securitization Raisa has closed thus far, with assets consisting of 9,000+ wellbores under 50+ operators, located in 30+ counties across six states. Raisa has again received the highest investment grade ratings assigned to a PDP oil and gas securitization by Fitch Ratings and remains the only oil and gas asset backed security (ABS) issuer to do so.

The Company achieved several milestones with this issuance, including 14 investors who participated in the Offering, several of which were new investors to the Raisa ABS platform, giving this private PDP ABS transaction the broadest investor base to date.

“We want to thank our ABS investors for their resounding vote of confidence in our platform,” said Raisa Executive Vice President of Business Development, Babak Fadaiepour. “We believe this is a clear demonstration of investors’ appreciation for the superior diversification offered by Raisa’s differentiated non-operated aggregation strategy. The closing of our third securitization represents the consummation of the incredible dedication from our talented team and is a critical step forward in the scaling of our business.”

Barclays Capital, Inc. served as Lead Structuring Advisor and Joint Lead Placement Agent, Cantor Fitzgerald & Co. served as Co-Structuring Advisor and Joint Lead Placement Agent, and Wells Fargo Securities, LLC served as Co-Placement Agent.

About Raisa Energy

Raisa Energy is an international fintech company that uses proprietary technologies to invest in real assets in the United States. Raisa has built a diversified portfolio of oil and gas mineral and non-operated working interests, with over $2.5 billion of assets under management. For more information, please visit www.raisaenergy.com.

MEDIA CONTACT for Raisa Energy:
Bevo Beaven
Redbird Communications
720.666.5064 m
This email address is being protected from spambots. You need JavaScript enabled to view it.

OSLO, Norway--(BUSINESS WIRE)--#Denbury--Aqualung Carbon Capture (“Aqualung”), a leader in membrane carbon dioxide (CO2) capture and separation technology, is excited to announce the strategic carbon capture and sequestration partnership with Denbury Inc (“Denbury” NYSE: DEN), the world’s largest CO2 pipeline operator. In conjunction with the partnership, Denbury will make an equity investment in Aqualung, expanding on our strong shareholder base.

Aqualung’s CO2 capture technology has demonstrated the ability to significantly reduce the cost of capture utilizing our membrane technology and is being prioritized to industrial facilities across low and high levels of CO2 concentration. The targeted CO2 capture sources are initially sub 1 million metric tons per year of CO2 which represent ~90% of the stationary emitters.

The agreement with Denbury provides Aqualung with additional insight and access into the transportation and sequestration sector and for Denbury, insight into the cost of capture technology aspects. Based on the industrial sources, the two companies will work together to provide a complete solution for emitters starting from capture at emission source all the way to sequestration. Denbury’s equity investment will accelerate Aqualung’s US strategy with a target to begin sending commercial CO2 into Denbury’s pipeline during 2024.

Andrew Robbins, CEO of Aqualung, says, “We are extremely proud and humbled to partner with Denbury. Aqualung’s low-cost capture solution alongside Denbury’s integrated pipeline and storage network will accelerate the decarbonization efforts of our customers across the US. To put the scale into perspective, there are over 14 million metric tons per year of CO2 within 1 mile and 240 million metric tons per year of CO2 within 30 miles from Denbury’s pipelines. We are equally excited to have Denbury as a strategic shareholder with tremendous experience transporting and sequestering CO2. We couldn’t ask for a better partner.”

Matt Dahan, Senior Vice President of CCUS Technology for Denbury stated, “We believe Aqualung is on the leading edge of reducing the cost of CO2 capture across a diverse scale of emissions facilities, which collectively add up to a sizeable volume in our target areas. Our investment in Aqualung not only provides additional insight into the capture component of a CCUS project, but also will bring additional transport and sequestration opportunities to our company.”

For more information about Aqualung please visit: https://aqualung-cc.com/

For more information about Denbury please visit: https://www.denbury.com/

Andrew Robbins, CEO Aqualung Carbon Capture - This email address is being protected from spambots. You need JavaScript enabled to view it.

Reliability and Lower Carbon Emissions Factored Into Rental Decision

LOS ANGELES--(BUSINESS WIRE)--$CGRN #50MW--Capstone Green Energy Corporation (NASDAQ: CGRN), announced that Lone Star Power Solutions, Capstone’s exclusive distributor in Texas, Arizona, and the Gulf States, secured an Energy-as-a-Service (EaaS) long-term rental order for five C1000 Signature Series microturbines. The microturbines will be installed at a remote oil and gas production site in West Texas and are expected to be commissioned in May.

The new 5 MW EaaS rental contract pushes Capstone Green Energy’s total EaaS contracts to approximately 50 MW, which achieves the Company’s stated goal of 50 MW under contract by March 31, 2023, and is up from 26 MW under contract less than a year ago.

“Capstone’s EaaS business model continues to drive customer demand for our products, as demonstrated by this order. The oil and gas industry have seen the benefits of Capstone microturbines for many years, and renting units through our EaaS approach makes adopting our technology even easier,” said Darren Jamison, President and Chief Executive Officer of Capstone Green Energy. “Our focus remains on our EaaS rental business deployment and the attributes it brings us, including higher margin rates, predictable revenues, and positive cash flow while transitioning us away from being only a manufacturing company,” added Jamison.

Capstone microturbines are used across oil and gas applications – upstream, midstream, and downstream because they offer flexible, responsive power generation that can easily adjust to fluctuating or seasonal energy demands, reducing fuel usage and maintaining high levels of efficiency. They can also be powered by on-site production gas, like these units will be, eliminating the need for a secondary fuel source. This helps Capstone customers meet their environmental and operational goals.

“This customer approached us with the challenge of improving operational reliability while at the same time reducing their greenhouse gas emissions,” said Doug Demaret, President of Lone Star Power Solutions. “Replacing reciprocating engines with Capstone Green Energy microturbines allowed them to do both with the added benefit of reduced trips to the site due to our market-leading low preventative maintenance requirements.”

About Capstone Green Energy

Capstone Green Energy (NASDAQ: CGRN) is a leading provider of customized microgrid solutions and on-site energy technology systems focused on helping customers around the globe meet their environmental, energy savings, and resiliency goals. Capstone Green Energy focuses on four key business lines. Through its Energy as a Service (EaaS) business, it offers rental solutions utilizing its microturbine energy systems and battery storage systems, comprehensive Factory Protection Plan (FPP) service contracts that guarantee life-cycle costs, as well as aftermarket parts. Energy Generation Technologies (EGT) are driven by the Company's industry-leading, highly efficient, low-emission, resilient microturbine energy systems offering scalable solutions in addition to a broad range of customer-tailored solutions, including hybrid energy systems and larger frame industrial turbines. The Energy Storage Solutions (ESS) business line designs and installs microgrid storage systems creating customized solutions using a combination of battery technologies and monitoring software. Through Hydrogen & Sustainable Products (H2S), Capstone Green Energy offers customers a variety of hydrogen products, including the Company's microturbine energy systems.

To date, Capstone has shipped over 10,000 units to 83 countries and estimates that in FY22, it saved customers over $213 million in annual energy costs and approximately 388,000 tons of carbon. Total savings over the last four years are estimated to be approximately $911 million in energy savings and approximately 1,503,100 tons of carbon savings.

For customers with limited capital or short-term needs, Capstone offers rental systems; for more information, contact: This email address is being protected from spambots. You need JavaScript enabled to view it..

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

Cautionary Note Regarding Forward-Looking Statements

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

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

PLANO, Texas--(BUSINESS WIRE)--#blueoil--Denbury Inc. (NYSE: DEN) (“Denbury” or the “Company”) today announced several new agreements related to its carbon capture, utilization and storage (“CCUS”) business and provided its 2023 goals, which are intended to further the Company’s leadership position in CCUS.

Chris Kendall, Denbury’s President and Chief Executive Officer, commented, “Today, we are announcing a number of new CCUS agreements, including CO₂ transportation agreements for customers in the emerging eFuels industry, our first dedicated CO₂ sequestration site in the Rocky Mountain region, and two new carbon capture technology investments. These agreements are focused on our strategy of rapidly capturing the CCUS market and expanding our CO₂ service offering. The growth potential of our CCUS business is transformational, and our Company is fully aligned and focused on delivering innovative carbon solutions for a sustainable future.”

New CO₂ transportation and/or storage agreements bring cumulative to more than 22 Mmtpa

• The Company recently executed an agreement with HIF Global, a leading eFuels company that is targeting to build a 200 million gallon per year carbon-neutral eGasoline and eMethanol facility by 2027, with the potential to decarbonize the emissions equivalent of over 400,000 vehicles. Denbury and HIF are actively engaged in sourcing 2 million metric tons per year (“Mmtpa”) of industrial-sourced CO₂ for transport and utilization at the planned Matagorda County, Texas, facility.
• Denbury also executed an agreement with Monarch Energy Development LLC, a hydrogen and eFuels project developer. Monarch currently has eFuels production facilities under development in Freeport and Beaumont, Texas, with estimated first production by 2026. Under the agreement, Denbury will transport 0.4 Mmtpa of industrial-sourced CO₂ to be used as a feedstock in the production process.

Initial dedicated CO₂ storage site in Rocky Mountain region

• In early 2023, the Company finalized a definitive agreement for the right to develop a dedicated CO₂ sequestration site on nearly 15,000 acres in Campbell County, Wyoming, directly underneath the Company’s Greencore CO₂ Pipeline. Denbury estimates potential CO₂ sequestration capacity of the site (now named Corvus) to be 40 million metric tons.

Carbon capture technology investments expand CO₂ service offering

• Denbury recently invested in ION Clean Energy, an industry leader in liquid solvent technologies that capture over 95% of CO₂ emissions while significantly reducing operating and capital costs for large-scale, post combustion CO₂ emissions. https://ioncleanenergy.com/
• The Company also recently completed an investment in Aqualung Carbon Capture, a leader in membrane CO₂ capture and separation technology. The patented technology drives a passive CO₂ separation, resulting in ability to economically capture 95%+ of CO₂ emissions across low (<3%) and high (30%+) CO₂ concentration levels. This highly scalable technology targets a wide range of both small and large sources of emissions. https://aqualung-cc.com/

Matt Dahan, Senior Vice President of CCUS Technology for Denbury stated, “We believe both Aqualung and ION are on the leading edge of reducing the cost of capture for a wide range of types and sizes of stationary CO₂ emissions facilities. Our investments in these emerging technologies will bring additional transport and sequestration opportunities to Denbury, and we look forward to working with both.”

2023 CCUS GOALS

• Execute additional CO₂ transportation and/or storage agreements from both brownfield and greenfield projects, so that by the end of 2023, Denbury’s cumulative agreements will cover CO₂ emissions totaling 30 Mmtpa.
• Expand the Company’s dedicated CO₂ storage portfolio with the acquisition of additional sequestration sites in strategic locations near areas with high concentrations of current and future CO₂ emissions.
• Submit Class VI permits to the Environmental Protection Agency (“EPA”) on at least 4 of the Company’s CO₂ sequestration sites. Denbury also targets drilling at least 2 stratigraphic test wells in 2023 on its CO₂ sequestration sites. Drilling has recently commenced on the Company’s Orion site in Alabama.
• Enhance Denbury’s CCUS business with strategic partnerships and equity investments around the entire value chain of CCUS.

ABOUT DENBURY

Denbury is an independent energy company with operations and assets focused on Carbon Capture, Use and Storage (CCUS) and Enhanced Oil Recovery (EOR) in the Gulf Coast and Rocky Mountain regions. For over two decades, the Company has maintained a unique strategic focus on utilizing CO₂ in its EOR operations and since 2012 has also been active in CCUS through the injection of captured industrial-sourced CO₂. The Company currently injects over four million tons of captured industrial-sourced CO₂ annually, with an objective to fully offset its Scope 1, 2, and 3 CO₂ emissions by 2030, primarily through increasing the amount of captured industrial-sourced CO₂ used in its operations. For more information about Denbury, visit www.denbury.com.

Follow Denbury on Twitter and LinkedIn.

Forward-Looking Statements: The data and/or statements contained above that are not historical facts, including estimated future CO₂ emissions reductions and volumes of CO₂ expected to be transported, stored, or utilized, and other plans and objectives for Denbury’s future carbon capture, utilization and storage activities (“CCUS”) are all forward-looking statements, as that term is defined in Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that involve a number of risks and uncertainties.

Such forward-looking information is based upon management’s current plans, expectations, estimates, and assumptions that could significantly and adversely be affected by various factors discussed below, many of which are beyond our control. As a consequence, actual results may differ materially from expectations, estimates or assumptions expressed in or implied by any forward-looking statements made by us or on our behalf.

Among the factors that could cause actual results of our CCUS activities to differ materially from the projections herein are: achieving successful completion of technical and feasibility evaluations; in certain cases raising of funds sufficient to build and operate greenfield CCUS projects; the successful construction or installation of add-on or new facilities; and receipt of required regulatory approvals or classifications, along with the other variables and timing considerations and the risks and uncertainties set forth from time to time in the Company’s public reports, filings and public statements including, without limitation, the Company’s 2022 Annual Report on Form 10-K to be filed with the SEC today.

Statement Regarding CCUS “Agreements”: References in this presentation to CCUS “Agreements” refers to both executed definitive agreements and executed term sheets or letters of intent covering various CCUS arrangements. In the case of arrangements covered by term sheets or letters of intent, those arrangements are subject to the negotiation and execution of definitive enforceable agreements.

DENBURY CONTACTS:
Brad Whitmarsh, 972.673.2020, This email address is being protected from spambots. You need JavaScript enabled to view it.
Beth Palmer, 972.673.2554, This email address is being protected from spambots. You need JavaScript enabled to view it.

Giant Wind Farm to Replace Five Million Tons of CO2 Emissions Annually

ROANOKE, Va.--(BUSINESS WIRE)--#CLEANENERGY--Luna Innovations (NASDAQ: LUNA), a global leader in advanced optical technology, will provide monitoring services for the largest offshore wind project in the United States -- Dominion Energy’s Coastal Virginia Offshore Wind (CVOW) project. The company’s EN.SURE long-range power cable sensing system will be used to monitor the wind farm’s export cable system, which will transport power to shore.

“We’re thrilled to be supporting an initiative that will help Dominion and the state of Virginia reach their clean energy goals,” said Scott Graeff, President and CEO of Luna. “The technology that we’re able to provide will ensure the integrity of the project’s operations and support efficient delivery of energy into more than half a million Virginia homes and businesses. This is a great example of Luna’s continued expansion into high growth markets like clean energy.”

The Luna EN.SURE system combines fiber-optic based Distributed Temperature Sensing (DTS) Systems and Distributed Acoustic Sensing (DAS) Systems that will help Dominion ensure the constant operation of its CVOW project by monitoring temperature and acoustics along the entirety of the project’s cable circuit. The Luna system will also be used to identify potential hotspots in and external threats to the project, such as anchor drag from nearby ships. The system also will provide depth-of-cable-burial information that can help Dominion protect and optimize the project’s operations.

The CVOW project is instrumental to the realization of the state of Virginia’s goal to provide only carbon-free energy by 2045. It also marks a major step toward Dominion achieving its goal of producing net-zero carbon and methane emissions by 2050 across its 15-state footprint.

The CVOW project will be the first offshore wind farm installed in federal waters and the only project developed and owned by an electric utility. Once fully operational, it will displace as much as 5 million metric tons of carbon dioxide emissions annually, which is the carbon equivalent of removing 1 million non-electric cars from the road each year.

About Luna

Luna Innovations Incorporated (www.lunainc.com) is a leader in optical technology, providing unique capabilities in high-performance, fiber optic-based, test products for the telecommunications industry and distributed fiber optic-based sensing for a multitude of industries. Luna’s business model is designed to accelerate the process of bringing new and innovative technologies to market.

Forward-Looking Statement

The statements in this release that are not historical facts constitute “forward-looking statements” made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. These statements include Luna’s expectations regarding technological capabilities, market growth, environmental impact and CO2 reductions and operational efficacy related to its technology and/or products. Management cautions the reader that these forward-looking statements are only predictions and are subject to a number of both known and unknown risks and uncertainties, and actual results, performance, and/or achievements of Luna may differ materially from the future results, performance, and/or achievements expressed or implied by these forward-looking statements as a result of a number of factors. These factors include, without limitation, changes in market needs and technological challenges, various environmental factors and other risks and uncertainties set forth in Luna’s periodic reports and other filings with the Securities and Exchange Commission (“SEC”). Such filings are available on the SEC’s website at www.sec.gov and on Luna’s website at www.lunainc.com. The statements made in this release are based on information available to Luna as of the date of this release and Luna undertakes no obligation to update any of the forward-looking statements after the date of this release.

Investor Contact:
Allison Woody
Luna Innovations Incorporated
Phone: 540.769.8465
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• Subsea inbound of $1.5 billion; full-year orders of $6.7 billion grew 36% versus 2021
• Total Company backlog of $9.4 billion; increased 22% versus the prior year
• Cash flow from operations of $566 million in the quarter; free cash flow of $503 million
• Initiated financial guidance for 2023; updated intermediate-term outlook for 2025

NEWCASTLE & HOUSTON--(BUSINESS WIRE)--TechnipFMC plc (NYSE: FTI) today reported fourth quarter 2022 results.

Summary Financial Results from Continuing Operations - Fourth Quarter 2022
Reconciliation of U.S. GAAP to non-GAAP financial measures are provided in financial schedules.

Total Company revenue in the fourth quarter was $1,694.4 million. Loss from continuing operations attributable to TechnipFMC was $26.7 million, or $0.06 per diluted share. These results included after-tax restructuring and other charges of $6 million, or $0.01 per share (Exhibit 6).

Adjusted loss from continuing operations was $20.7 million, or $0.05 per diluted share (Exhibit 6).

Adjusted EBITDA, which excludes pre-tax charges and credits, was $120.9 million; adjusted EBITDA margin was 7.1 percent (Exhibit 8).

Included in total Company results was a foreign exchange loss of $37 million, or $38.5 million after-tax. When excluding the impact of foreign exchange, income from continuing operations was $11.8 million and adjusted EBITDA was $157.9 million.

Summary Financial Results from Continuing Operations - Full Year 2022
Reconciliation of U.S. GAAP to non-GAAP financial measures are provided in financial schedules.

Total Company revenue in the full year was $6,700.4 million. Loss from continuing operations attributable to TechnipFMC was $61.9 million, or $0.14 per diluted share. These results included a loss on early extinguishment of debt of $29.8 million.

After-tax charges and credits totaled $49.3 million, or $0.11 per share, which included the following (Exhibit 7):

• Impairment and other charges of $4.7 million;
• Restructuring and other charges of $16.9 million; and
• Loss from equity investment in Technip Energies of $27.7 million.

Adjusted loss from continuing operations was $12.6 million, or $0.03 per diluted share (Exhibit 7). Included in adjusted loss from continuing operations was a loss on early extinguishment of debt of $29.8 million.

Adjusted EBITDA, which excludes pre-tax charges and credits, was $646.5 million; adjusted EBITDA margin was 9.6% (Exhibit 9).

Included in total Company results was a foreign exchange loss of $23.9 million, or $14.7 million after-tax. When excluding the impact of foreign exchange, loss from continuing operations was $47.2 million and adjusted EBITDA was $670.4 million.

Doug Pferdehirt, Chair and CEO of TechnipFMC, stated, “We are in the midst of a multi-year growth cycle. Full-year inbound orders grew 20% versus 2021 to $8.1 billion, driven by Subsea inbound of $6.7 billion. This strong inbound resulted in 24% growth in Subsea backlog, helping drive total Company backlog to $9.4 billion at year-end.”

“Total Company adjusted EBITDA increased nearly 20% to $670 million versus the prior year, when excluding the impact of foreign exchange. Our results demonstrate further improvement in revenue and adjusted EBITDA margin in both operating segments and illustrate our strong commitment to deliver on our financial objectives.”

Pferdehirt continued, “In 2022, we materially improved our financial position. Cash provided by operating activities was $352 million, with free cash flow of $194 million. Gross debt declined by $638 million, a reduction of nearly one-third for the year.”

“These actions enabled us to accelerate the timeline for shareholder distributions by twelve months with the authorization of a $400 million share buyback program in July. We repurchased $100 million of our shares in 2022, representing just over 50% of our free cash flow generation. We also remain committed to a quarterly dividend, which we intend to initiate in the second half of this year.”

Pferdehirt added, “Looking beyond 2022, we remain confident in the strength of this upcycle and continue to believe that international markets will lead the next leg of expansion, driven by offshore and the Middle East. More than 90% of our revenue is generated outside of North America land, and we have leading positions that are geographically levered to these important growth markets.”

“Our Subsea Opportunities list, which highlights larger projects with the potential for award over the next 24 months, continues to represent a record level. This is a result of increased capital spending and an expanding customer base in all major offshore basins. We expect to see a material increase in the value of iEPCI™ awards in our 2023 inbound, leading to a record year for integrated project awards. We also forecast an increase in Subsea Services activity. Taken together, we expect our orders to exceed $8 billion in the year, of which 70% of inbound will come from direct awards, iEPCI™ and Subsea Services.”

“In Surface Technologies, we expect the majority of revenue growth to come from international markets, largely driven by the Middle East. We anticipate revenue growth outside North America of approximately 20%. In North America, we continue to take actions to eliminate underperforming locations and product lines across the region, which we expect will have a favorable impact on profitability.”

Pferdehirt continued, “At the midpoint of our guidance for 2023, we anticipate total Company revenue growth of approximately 12% to $7.5 billion, with adjusted EBITDA expected to increase to approximately $870 million. This outlook for improved performance also extends beyond the current year. We now expect $25 billion of Subsea inbound for our company from 2023 through 2025, driven by the strength of the offshore market, industry adoption of iEPCI™, and the increased contribution of Subsea 2.0™. We have updated our intermediate-term outlook to reflect this improved environment. When compared to 2022, our revised Subsea forecast for 2025 demonstrates a 650 basis point expansion in adjusted EBITDA margin to 18% and adjusted EBITDA of approximately $1.4 billion.”

Pferdehirt concluded, “We enter the year with a strong market outlook and a further step-up in our targeted financial performance. We expect our 2025 outlook will demonstrate significant progress on our path to much improved financial returns. Most importantly, it does not mark an end point, but rather a major milestone on a more ambitious journey ahead.”

Operational and Financial Highlights

Subsea reported fourth quarter revenue of $1,342.5 million, a decrease of 5.1 percent from the third quarter. Revenue declined sequentially due to lower vessel-based activity in South America, Asia Pacific and the North Sea, driven in part by seasonal factors.

Subsea reported an operating profit of $61.5 million. Operating profit declined sequentially due to the reduced activity. Prior quarter results also benefited from project completions realized in the period. Operating profit margin decreased 280 basis points to 4.6 percent.

Subsea reported adjusted EBITDA of $140.1 million. Adjusted EBITDA decreased 23.8 percent when compared to the third quarter. The factors impacting operating profit also drove the sequential decrease in adjusted EBITDA. Adjusted EBITDA margin decreased 260 basis points to 10.4 percent.

Subsea inbound orders were $1,515.9 million for the quarter. Book-to-bill in the period was 1.1. The following awards were included in the period:

• Wintershall DEA Dvalin North Project (Norway)

Significant* contract by Wintershall DEA Norge AS for the design, engineering, manufacture, and installation of pipe for the Dvalin North field, which will be tied back to the Heidrun Platform via the existing Dvalin field on the Norwegian Continental Shelf.

*A “significant” contract is between $75 million and $250 million.

• Master Services Agreement with Petrobras (Brazil)

Substantial* master services agreement (MSA) for subsea services with Petrobras. The three-year contract has an option to extend for a further two years. TechnipFMC will provide life-of-field services to support its installed base offshore Brazil. The contract covers installation, intervention, and maintenance of both equipment and tooling, as well as technical support for subsea umbilicals, risers and flowlines. The agreement succeeds a previous MSA and supports Petrobras’s increased volume of operations. Services will be supplied from TechnipFMC’s base in Macaé, Brazil.

*A “substantial” contract is between $250 million and $500 million. A portion of this award will be inbound in future periods.

• TotalEnergies Girassol Life Extension (GIRLIFEX) Project (Angola)

Significant* contract to supply flexible pipe and associated hardware for the first subsea life extension project by TotalEnergies EP Angola and its Block 17 Partners in West Africa. The contract covers the engineering, procurement, and supply of flowlines and connectors for the Girassol Life Extension project (GIRLIFEX), offshore Angola. The flexible pipes will extend the life of the Girassol field by bypassing the rigid pipe bundles installed before production began in 2001.

*A “significant” contract is between $75 million and $250 million.

Subsequent to the period, the following awards were announced and will be included in first quarter 2023 results:

• Aker BP Utsira High iEPCI™ Development (Norway)

Large* integrated engineering, procurement, construction, and installation (iEPCI™) contract for the Utsira High development. The contract brings together three projects that will tie back to the Ivar Aasen and Edvard Grieg production platforms. TechnipFMC will engineer, procure, construct, and install the subsea production systems, controls, pipelines, and umbilicals for the development, which is Aker BP’s first iEPCI™ project. It follows a two-year integrated front-end engineering and design (iFEED™) study to optimize field layout.

*A “large” contract is between $500 million and $1 billion.

• Equinor Irpa Development (Norway)

Significant* contract for subsea production systems by Equinor for its Irpa oil and gas development on the Norwegian Continental Shelf. Awarded under the companies’ framework agreement, the contract covers the supply and installation of subsea trees, control systems, structures, and connections, as well as tooling.

*A “significant” contract is between $75 million and $250 million.

• Equinor Verdande Project (Norway)

Significant* contract for the subsea production system for Equinor’s Verdande project on the Norwegian Continental Shelf. Awarded under TechnipFMC’s framework agreement with Equinor, the contract covers the complete subsea production system including subsea trees and structures, control systems, connections, tooling, and installation support.

*A “significant” contract is between $75 million and $250 million.

Surface Technologies reported fourth quarter revenue of $351.9 million, an increase of 10.7 percent from the third quarter. Revenue increased sequentially driven by international markets, particularly the Middle East where we continue to execute on our 10-year framework agreement with the Abu Dhabi National Oil Company (ADNOC).

Surface Technologies reported operating profit of $25.6 million. Sequentially, operating profit increased primarily due to higher sequential revenue as well as improved profitability in North America, offset in part by the timing of costs associated with the ramp-up in Middle East volume. Operating profit also benefited from a reduction in restructuring, impairment and other charges. Operating profit margin increased 130 basis points to 7.3 percent.

Surface Technologies reported adjusted EBITDA of $44.4 million. Adjusted EBITDA increased 8.8 percent when compared to the third quarter. Results increased due to the same factors that drove operating profit. Adjusted EBITDA margin decreased 20 basis points to 12.6 percent.

Inbound orders for the quarter were $326.6 million, a decrease of 27.3 percent sequentially. Book-to-bill was 0.9 in the period. Inbound decreased following the acceleration of orders from Aramco in the third quarter. Backlog ended the period at $1,221.5 million.

Corporate and Other Items (three months ended, December 31, 2022)

Corporate expense was $28 million. Excluding charges of $0.7 million, corporate expense was $27.3 million.

Foreign exchange loss was $37 million.

Net interest expense was $28.4 million.

The provision for income taxes was $14.4 million.

Total depreciation and amortization was $92.8 million.

Cash provided by operating activities from continuing operations was $566.4 million. Capital expenditures were $63.6 million. Free cash flow from continuing operations was $502.8 million (Exhibit 11).

Cash and cash equivalents increased $345.6 million in the period to $1,057.1 million. Gross debt decreased $0.2 million to $1,366.6 million.

Net debt decreased $345.8 million to $309.5 million when compared to the third quarter, primarily due to strong free cash flow generation (Exhibit 10).

During the quarter, the Company repurchased 4.2 million of its ordinary shares for total consideration of $50.1 million. For the full year, the Company repurchased 10.1 million of its ordinary shares for total consideration of $100.2 million.

2023 Full-Year Financial Guidance¹

The Company’s full-year guidance for 2023 can be found in the table below.

2025 Intermediate-term Financial Outlook¹

Updates to the Company’s intermediate-term financial outlook for 2025 that was provided at its Analyst Day on November 16, 2021, can be found below:

The information as provided at our 2021 Analyst Day can be found at the Company’s website, www.TechnipFMC.com, or at the following link: 2021 Analyst Day press release.

All other guidance items pertaining to the 2025 outlook and normalized framework remain unchanged.

Teleconference

The Company will host a teleconference on Thursday, February 23, 2023 to discuss the fourth quarter 2022 financial results. The call will begin at 1:30 p.m. London time (8:30 a.m. New York time). Webcast access and an accompanying presentation can be found at www.TechnipFMC.com.

An archived audio replay will be available after the event at the same website address. In the event of a disruption of service or technical difficulty during the call, information will be posted on our website.

About TechnipFMC

TechnipFMC is a leading technology provider to the traditional and new energy industries; delivering fully integrated projects, products, and services.

With our proprietary technologies and comprehensive solutions, we are transforming our clients’ project economics, helping them unlock new possibilities to develop energy resources while reducing carbon intensity and supporting their energy transition ambitions.

Organized in two business segments — Subsea and Surface Technologies — we will continue to advance the industry with our pioneering integrated ecosystems (such as iEPCI™, iFEED™ and iComplete™), technology leadership and digital innovation.

Each of our approximately 20,000 employees is driven by a commitment to our clients’ success, and a culture of strong execution, purposeful innovation, and challenging industry conventions.

TechnipFMC uses its website as a channel of distribution of material company information. To learn more about how we are driving change in the industry, go to www.TechnipFMC.com and follow us on Twitter @TechnipFMC.

This communication contains “forward-looking statements” as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements usually relate to future events and anticipated revenues, earnings, cash flows, or other aspects of our operations or operating results. Forward-looking statements are often identified by words such as “guidance,” “confident,” “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” “may,” “will,” “likely,” “predicated,” “estimate,” “outlook” and similar expressions, including the negative thereof. The absence of these words, however, does not mean that the statements are not forward-looking. These forward-looking statements are based on our current expectations, beliefs, and assumptions concerning future developments and business conditions and their potential effect on us. While management believes these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. All of our forward-looking statements involve risks and uncertainties (some of which are significant or beyond our control) and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections, unpredictable trends in the demand for and price of crude oil and natural gas; competition and unanticipated changes relating to competitive factors in our industry, including ongoing industry consolidation; the COVID-19 pandemic and any resurgence thereof; our inability to develop, implement and protect new technologies and services and intellectual property related thereto, including new technologies and services for our new energy ventures; the cumulative loss of major contracts, customers or alliances and unfavorable credit and commercial terms of certain contracts; disruptions in the political, regulatory, economic and social conditions of the countries in which we conduct business; the refusal of DTC to act as depository agency for our shares; the impact of our existing and future indebtedness and the restrictions on our operations by terms of the agreements governing our existing indebtedness; the risks caused by our acquisition and divestiture activities; additional costs or risks from increasing scrutiny and expectations regarding ESG matters; uncertainties related to our investments in new energy industries; the risks caused by fixed-price contracts; our failure to timely deliver our backlog; our reliance on subcontractors, suppliers and our joint venture partners; a failure or breach of our IT infrastructure or that of our subcontractors, suppliers or joint venture partners, including as a result of cyber-attacks; risks of pirates endangering our maritime employees and assets; any delays and cost overruns of new capital asset construction projects for vessels and manufacturing facilities; potential liabilities inherent in the industries in which we operate or have operated; our failure to comply with existing and future laws and regulations, including those related to environmental protection, climate change, health and safety, labor and employment, import/export controls, currency exchange, bribery and corruption, taxation, privacy, data protection and data security; the additional restrictions on dividend payouts or share repurchases as an English public limited company; uninsured claims and litigation against us; tax laws, treaties and regulations and any unfavorable findings by relevant tax authorities; potential departure of our key managers and employees; adverse seasonal and weather conditions and unfavorable currency exchange rates; risk in connection with our defined benefit pension plan commitments; our inability to obtain sufficient bonding capacity for certain contracts and other risks as discussed in Part I, Item 1A, “Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and our other reports subsequently filed with the Securities and Exchange Commission.

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New company will deliver digital solutions to help customers track and reduce their total carbon footprint

HOUSTON--(BUSINESS WIRE)--Halliburton Company (NYSE: HAL) and Siguler Guff & Company, LP (“Siguler Guff”) today announced the launch of Envana Software Partners, LLC. The new venture provides critical emissions management software-as-a-service (SaaS) solutions to track greenhouse gas emissions in the oil and gas industry and beyond.

The Envana™ digital emissions management solution provides a smarter and more accurate picture of emissions, which gives companies actionable information to manage and reduce their total carbon footprint. The Halliburton-created software incorporates the company’s operational expertise and oilfield best practices. Future Envana products that are now in active development will support methane detection and quantification management.

The venture’s first offering, Envana Catalyst, is a SaaS solution that helps increase transparency of the environmental impact of drilling, completions, and production operations. It can improve the visibility of greenhouse gas emissions tracking and forecasting companywide and can provide support for actionable recommendations throughout upstream asset life, from planning and design through execution. Envana Catalyst allows customers to choose the methodologies used to estimate emissions from a library of emissions sources tailored to the oil and gas industry, update them as needed, and track any changes.

With its documented API, Envana Catalyst can integrate with existing customer software to automate emissions forecasting and tracking, or users can model emissions manually using the Envana Catalyst interface. Halliburton currently uses Envana Catalyst to help monitor and manage the emissions footprint of its products and services.

“Envana provides breakthrough SaaS emissions management solutions and is the latest example of how innovation adds to sustainability in the oil and gas industry,” said Rami Yassine, senior vice president, Halliburton Drilling and Evaluation division. “Envana Catalyst provides digital solutions to generate actionable recommendations for emissions improvement throughout the asset lifecycle.”

Halliburton Landmark will serve as the channel partner for the new venture by providing sales support through its global relationships and reach. Built on the flexibility and operational fidelity of iEnergy^® hybrid cloud, the Halliburton Landmark secure cloud environment, Envana Catalyst delivers emissions data from planning and operations to users. Envana Catalyst is available both as a standalone solution and, as additional functionality, integrated into E&P workflows within the Halliburton DecisionSpace^® 365 suite of products.

“Landmark’s integration of Envana Catalyst to enhance existing workflows and help mitigate emissions is an industry first,” said Nagaraj Srinivasan, senior vice president of Landmark, Halliburton Digital Solutions, and Consulting. “I’m excited about the impact Envana can have in the rapidly evolving emissions management market.”

Drew Guff, Co-Managing Partner and Chief Investment Officer of Siguler Guff, said, “The formation of Envana could not have come at a better time for the energy industry. Operators can utilize Envana to bridge corporate sustainability with models that are easily integrated from a trusted industry leader.”

PR Panigrahi, Managing Director and Head of Energy Investments of Siguler Guff, added, “We could not be more excited to formally announce Envana’s formation. The energy industry will benefit tremendously from emissions data analytics driven by artificial intelligence and machine learning that will guide short and long-term decision making for responsible energy development.”

More information can be found at www.envana.com.

ABOUT HALLIBURTON

Halliburton is one of the world’s leading providers of products and services to the energy industry. Founded in 1919, we create innovative technologies, products, and services that help our customers maximize their value throughout the life cycle of an asset and advance a sustainable energy future. Visit us at www.halliburton.com; connect with us on Facebook, Twitter, LinkedIn, Instagram and YouTube.

ABOUT SIGULER GUFF

Siguler Guff is a multi-strategy private markets investment firm which has over $16 billion of assets under management, estimated as of December 31, 2022. With over 25 years of experience investing as a firm in the private markets, Siguler Guff seeks to generate strong, risk-adjusted returns by focusing opportunistically on market niches. Headquartered in New York, Siguler Guff maintains offices in Boston, London, Mumbai, São Paulo, Shanghai, Tokyo, Seoul, Hong Kong and Houston, TX.

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Daniel Yunger
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Robust operational performance and profitable growth driven by breadth of portfolio, depth of expertise, global operating footprint and strong financial profile

Realized annualized merger-related cost synergies of approximately $66 million through fourth quarter of 2022, thereby achieving company's target for total support costs as a percentage of revenue of 20%

Provides 2023 revenue and Adjusted EBITDA margin outlook

HOUSTON--(BUSINESS WIRE)--Expro Group Holdings N.V. (NYSE: XPRO) (the “Company” or “Expro”) today reported financial and operational results for the three months and year ended December 31, 2022.

Fourth Quarter 2022 Financial Highlights

• Revenue was $351 million compared to revenue of $334 million in the third quarter of 2022, a sequential increase of $17 million, or 5%, driven by increased activity in Europe and Sub-Saharan Africa (ESSA) and Middle East and North Africa (MENA).
• Net income for the fourth quarter of 2022 was $13 million, or $0.12 per diluted share, compared to a net loss of $18 million, or $0.16 per diluted share, for the third quarter of 2022. Adjusted net income¹ for the fourth quarter of 2022 was $24 million, or $0.22 per diluted share, compared to an adjusted net loss for the third quarter of 2022 of $8 million, or $0.07 per diluted share. Results for the fourth quarter of 2022 and third quarter of 2022 include foreign exchange gains (losses) of $2 million and ($8) million, respectively, or $0.02 and ($0.07) per diluted share, respectively.
• Adjusted EBITDA¹ was $70 million, a sequential increase of $22 million, or 46%, driven by higher activity during the fourth quarter and lower start-up and commissioning costs incurred on a large subsea project in Asia Pacific (APAC) during the fourth quarter of 2022 as compared to the third quarter of 2022. Adjusted EBITDA margin for fourth quarter of 2022 and third quarter of 2022 was 20% and 14%, respectively. Excluding $5 million and $17 million of start-up and commissioning costs on the above referenced subsea project that were recognized during the fourth and third quarter of 2022, Adjusted EBITDA would have been $75 million and $65 million, in the fourth and third quarter respectively, and Adjusted EBITDA margin would have been 21% and 19%, respectively.
• Net cash provided by operating activities for the fourth quarter of 2022 was $93 million compared to net cash used in operating activities of $1 million for the third quarter of 2022. The increase was primarily due to a combination of a $46 million decrease in working capital during the fourth quarter as compared to an increase in working capital by $29 million during the third quarter of 2022, higher Adjusted EBITDA (as referenced above), and dividend receipts of $4 million during the fourth quarter of 2022. Adjusted cash flow from operations¹ for the fourth quarter of 2022 was $99 million compared to $8 million for the third quarter of 2022.

Full Year 2022 Financial Highlights

• Revenue was $1,279 million for the year ended December 31, 2022, an increase of $453 million, or 55%, compared to $826 million for the year ended December 31, 2021. The merger of legacy Frank's and legacy Expro, which closed on October 1, 2021 (the "Merger"), contributed $386 million of the increase, with the remaining increase driven by increased activity across all of Expro’s operating segments.
• Net loss was $20 million for the year ended December 31, 2022, or $0.18 per diluted share, compared to a net loss of $132 million, or $1.64 per diluted share, for the year ended December 31, 2021. Adjusted net income for the year ended December 31, 2022 was $19 million, or $0.18 per diluted share, compared to adjusted net loss for the year ended December 31, 2021 of $19 million, or $0.24 per diluted share.
• Adjusted EBITDA increased by $80 million, or 63%, to $206 million for the year ended December 31, 2022 from $126 million for the prior year. The increase in Adjusted EBITDA was due to impacts of the Merger, synergies associated with the Merger, and increased activity during the year ended December 31, 2022, partially offset by start-up and commissioning costs incurred on a large subsea project during 2022. Adjusted EBITDA margin was approximately 16% and 15% for 2022 and 2021, respectively, with the improvement in margins driven by a combination of a more favorable activity mix and lower support costs as a result of Merger-related synergies, partially offset by start-up and commissioning costs incurred on a large subsea project. Excluding the $28 million of start-up and commissioning costs incurred during the year ended December 31, 2022, Adjusted EBITDA would have been $234 million and Adjusted EBITDA margin would have been 18%.
• Net cash provided by operating activities for the year ended December 31, 2022 was $80 million compared to $16 million for year ended December 31, 2021, primarily due to an increase in Adjusted EBITDA (as referenced above), partially offset by an increase in income tax payments of $13 million. Adjusted cash flow from operations for the year ended December 31, 2022 was $115 million compared to $65 million for year ended December 31, 2021.

1. A non-GAAP measure.

Michael Jardon, Chief Executive Officer, noted “Expro delivered an exceptionally strong fourth quarter with financial results at the top end of our expectations. Having recently crossed the one-year mark since completing the merger of Expro and Frank’s International, our strong results show that we are beginning to realize the full potential of our combined organization while achieving efficiencies and expanding margins. As a result, we enter 2023 in a strong position for continued profitable growth, with a robust order book supported by strong demand trends for our services and solutions.

“A positive fundamental backdrop, together with our broad portfolio of services and solutions, global reach, and merger-related efficiency gains, should allow us to better leverage the combined organization’s customer relationships, capitalize on market opportunities in key growth areas, and achieve profitable growth throughout 2023 and beyond.

“We are also pleased to announce that our sustainability efforts have again received external recognition. MSCI, one of the most important organizations evaluating companies’ ESG programs, upgraded Expro’s sustainability rating by two full levels from a BB to a single-A rating in 2022. We have also achieved an upgrade rating from CDP, a not-for-profit charity that runs the global disclosure system for investors, companies, cities, states and regions to manage their environmental impacts.

“This recognition is a reflection of our substantial company-wide efforts to both advance our carbon-reduction capabilities and to embed our environmental, social and governance strategy into everything that we do, both within our business and in the communities in which we operate.

“We believe our industry must be part of the solution to realize a lower carbon future, and as we advance our strategy through 2023 and beyond, we will continue to develop the technologies and solutions to manage our own emissions and assist our clients in reducing theirs.

“We remain confident that the pipeline of projects we are seeing will support strong, multi-year growth for the energy services sector, driven by an extended period of under-investment in global upstream production. We are also confident that we will continue to grow our pipeline of projects due to our strong presence in key international and offshore markets and the breadth of our portfolio of innovative solutions. With strong momentum building in longer-cycle projects, we expect international demand to accelerate through 2023 in order to add production capacity and thereby meet expected increases in demand.

“We are incredibly excited about the platform we have built and the opportunities ahead for our business. For 2023, we expect improving profitability to drive improved cash flow generation as we capitalize on tailwinds in our industry and the strong demand for our innovative, sustainable solutions. Based on our strong performance in 2022 and a positive activity outlook, we currently anticipate generating revenues of between $1,450 million to $1,550 million in 2023. Adjusted EBITDA in 2023 is expected to be between $275 million and $325 million, and Adjusted EBITDA margin is expected to be between 19% and 21% of revenue. Consistent with historical patterns, revenue and profitability in the first quarter of 2023 are expected to be negatively impacted by the winter season in the Northern Hemisphere and the budget cycles of our national oil company customers, with revenue flat to down modestly sequentially and Adjusted EBITDA margin in the mid-teens.”

Notable Awards and Achievements

Expro was named Champion Integrated Well Service Company and also received the Most Innovative Solution award for its Octopoda^TM annulus intervention services at the OWI Global Awards 2022. Organized by Offshore Network, the awards recognize the best in well intervention excellence. Expro was also shortlisted for the Best Example in Collaboration, Best Project Outcome, and Plug and Abandonment (P&A) Excellence awards.

Expro continues to develop partnerships and win work beyond oil and gas, demonstrating that its well-established technologies and depth of expertise are transferable, and that our services and solutions can be utilized in support of the energy transition. Expro’s Geothermal business continues to develop globally, and we recently have secured a contract for shoot-and-pull Tubing Conveyed Perforating (TCP) work for multiple wells on a Carbon Capture Usage and Storage (CCUS) project in Wyoming.

Expro’s technical capabilities also helped secure a Subsea Plug & Abandonment contract. This is a new contract for a 21-well abandonment campaign offshore UK on a semi-submersible rig, with an expected duration of 36 months. Our Subsea team also successfully completed the pre-operations testing of our vessel-deployed, wire-through-water lightwell intervention, or LWI, system, is finalizing its work plan with the vessel owner and customer, and expects to be operational and revenue generative during the first quarter of 2023.

Expro’s broad range of services also helped secure a wireline services contract in the UK. This new contract complements the existing Well Test and Subsea Contract entered into in the first quarter of 2022 and provides a springboard to deliver additional services to this important client. Additionally, an integrated well test contract for rig-less sites in Saudi Arabia, was secured. In India, Expro secured a Drill Stem Testing / Tubing Conveyed Perforating (DST/TCP) contract for offshore operations.

The Company’s well construction team continues to demonstrate its position as the premium provider of tubular running services (TRS) and products, with contract wins and operational success across the world, including in Brazil, where the team won multiple contracts for the provision of TRS offshore services for a 48-month duration.

The acquisition of the SolaSense well surveillance business in March 2022 continues to deliver value to Expro clients through its Distributed Fiber Optic Sensing (DFOS) technology. One recent success involved a customer in Asia who was experiencing gas lift performance issues affecting its entire field production. Expro’s DFOS service was selected to jointly evaluate the integrity and monitor the gas lift performance during production in multiple wells. DFOS evaluation and data allowed the customer to maintain two days of production when compared with the associated shut-in times of other available surveillance technologies.

In the first quarter of 2023, Expro announced the acquisition of DeltaTek Global (“DeltaTek”). This acquisition creates a broader offering, as well as enhanced capabilities and technology within the well construction cementing portfolio, while accelerating DeltaTek’s international deployment ambitions through Expro’s global footprint. The DeltaTek range of low-risk open water cementing solutions increases clients’ operational efficiency, delivers rig time and cost savings, and improves the quality of cementing operations.

Segment Results

Unless otherwise noted, the following discussion compares the quarterly results for the fourth quarter of 2022 to the results for the third quarter of 2022.

North and Latin America (NLA)

NLA segment revenue totaled $132 million for the three months ended December 31, 2022, a decrease of $3 million, or 2%, compared to $135 million for the three months ended September 30, 2022. The decrease was primarily due to lower well management services revenue in Mexico and the U.S., partially offset by higher well construction services revenue in the Gulf of Mexico driven by higher customer activities.

NLA Segment EBITDA was $35 million, or 27% of revenues, during the three months ended December 31, 2022, compared to $40 million or 30% of revenues during the three months ended September 30, 2022. The decrease of $5 million in Segment EBITDA was attributable to lower activity and the reduction in Segment EBITDA margin was attributable to a less favorable product mix during the three months ended December 31, 2022.

Europe and Sub-Saharan Africa (ESSA)

ESSA segment revenue totaled $117 million for the three months ended December 31, 2022, an increase of $17 million, or 17%, compared to $100 million for the three months ended September 30, 2022. The increase in revenues was primarily driven by higher well flow management revenue in Congo from a new long term production solutions contract with Eni Congo S.A. and in the U.K. from increased customer activities.

ESSA Segment EBITDA was $30 million, or 26% of revenues, for the three months ended December 31, 2022, an increase of $12 million, or 67%, compared to $18 million, or 18% of revenues, for the three months ended September 30, 2022. The increase in Segment EBITDA and Segment EBITDA margin was primarily attributable to higher activity levels and a more favorable activity mix during the three months ended December 31, 2022.

Middle East and North Africa (MENA)

MENA segment revenue totaled $55 million for the three months ended December 31, 2022, an increase of $5 million, or 10%, compared to $50 million for the three months ended September 30, 2022. The increase in revenue was driven by higher well flow management services revenue in Algeria and the Kingdom of Saudi Arabia.

MENA Segment EBITDA was $19 million, or 35% of revenues, for the three months ended December 31, 2022, an increase of $4 million, or 27%, compared to $15 million, or 29% of revenues, for the three months ended September 30, 2022. The increase in Segment EBITDA and Segment EBITDA margin was primarily due to higher activity and a more favorable activity mix during the three months ended December 31, 2022.

Asia Pacific (APAC)

APAC segment revenue totaled $47 million for the three months ended December 31, 2022, a decrease of $3 million, or 6%, compared to $50 million for the three months ended September 30, 2022. The decrease in revenue was primarily due to lower subsea well access revenue in Australia and Malaysia.

APAC Segment EBITDA was $4 million, or 8% of revenues, for the three months ended December 31, 2022, an increase of $13 million compared to $(9) million, or (17)% of revenues, for the three months ended September 30, 2022. The increase in Segment EBITDA (despite the decrease in revenues) was primarily due to lower start-up and commissioning costs incurred on a large subsea project during the three months December 31, 2022 as compared to the three months ended September 30, 2022. Excluding $5 million and $17 million of start-up and commissioning costs during the three months ended December 31, 2022 and September, 30, 2022, respectively, Segment EBITDA would have been $9 million and $8 million and Segment EBITDA margin would have been 18% and 16% respectively, for the three months ended December 31, 2022 and September 30, 2022.

Other Financial Information

The Company’s capital expenditures totaled $31 million in the fourth quarter of 2022 and approximately $82 million for the full year 2022. Expro plans for capital expenditures in the range of approximately $120 million to $130 million for 2023.

As of December 31, 2022, Expro’s consolidated cash and cash equivalents, including restricted cash, totaled $218 million. The Company had no outstanding debt as of December 31, 2022 and has no outstanding debt today. The Company’s total liquidity as of December 31, 2022 was $348 million. Total liquidity includes $130 million available for drawdowns as loans under the Company’s new revolving credit facility entered into in connection with the Merger (the “New Facility”).

Expro’s provision for income taxes for the fourth quarter of 2022 was $12 million compared to $15 million in the prior quarter. The sequential change in income taxes was primarily due to changes in the mix of taxable profits between jurisdictions, in particular decreased taxable profits in Latin America. The Company’s effective tax rate on a U.S. generally accepted accounting principles (“GAAP”) basis for the three months and year ended December 31, 2022 also reflects liability for taxes in certain jurisdictions that tax on an other than pre-tax profits basis, including so-called “deemed profits” regimes.

The financial measures provided that are not presented in accordance with GAAP are defined and reconciled to their most directly comparable GAAP measures. Please see “Use of Non-GAAP Financial Measures” and the reconciliations to the nearest comparable GAAP measures.

Additionally, downloadable financials are available on the Investor section of www.expro.com.

Conference Call

The Company will host a conference call to discuss fourth quarter 2022 results on Thursday, February 23, 2023, at 10:00 a.m. Central Time (11:00 a.m. Eastern Time).

Participants may also join the conference call by dialing:

US: +1 (844) 200-6205
International: +1 (929) 526-1599
Access ID: 744040

To listen via live webcast, please visit the Investor section of www.expro.com.

The fourth quarter 2022 Investor Presentation is available on the Investor section of www.expro.com.

An audio replay of the webcast will be available on the Investor section of the Company’s website approximately three hours after the conclusion of the call and will remain available for a period of approximately 12 months.

To access the audio replay telephonically:

Dial-In: US +1 (929) 458-6194 or +44 (204) 525-0658
Access ID: 744577
Start Date: February 23, 2023, 1:00 p.m. CT
End Date: March 2, 2023, 11:00 p.m. CT

A transcript of the conference call will be posted to the Investor relations section of the Company’s website after the conclusion of the call.

ABOUT EXPRO

Working for clients across the entire well life cycle, Expro is a leading provider of energy services, offering cost-effective, innovative solutions and best-in-class safety and service quality. The Company’s extensive portfolio of capabilities spans well construction, well flow management, subsea well access, and well intervention and integrity.

With roots dating to 1938, Expro has more than 7,600 employees and provides services and solutions to leading energy companies in both onshore and offshore environments in approximately 60 countries.

For more information, please visit: www.expro.com and connect with Expro on Twitter @ExproGroup and LinkedIn @Expro.

Forward Looking Statements

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. 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 in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this release include statements, estimates and projections regarding the Company’s future business strategy and prospects for growth, cash flows and liquidity, financial strategy, budget, projections, operating results and environmental, social and governance goals, targets and initiatives. These statements are based on certain assumptions made by the Company based on management’s experience, expectations and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Forward-looking statements are not guarantees of performance. Although the Company believes the expectations reflected in its forward-looking statements are reasonable and are based on reasonable assumptions, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all) or will prove to have been correct. Moreover, such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Such assumptions, risks and uncertainties include the outcome and results of the integration process associated with the Merger, the amount, nature and timing of capital expenditures, the availability and terms of capital, the level of activity in the oil and gas industry, volatility of oil and gas prices, unique risks associated with offshore operations, political, economic and regulatory uncertainties in international operations, the ability to develop new technologies and products, the ability to protect intellectual property rights, the ability to employ and retain skilled and qualified workers, the level of competition in the Company’s industry, global or national health concerns, including health epidemics, such as COVID-19 and any variants thereof, the possibility of a swift and material decline in global crude oil demand and crude oil prices for an uncertain period of time, future actions of foreign oil producers such as Saudi Arabia and Russia, the timing, pace and extent of an economic recovery in the United States and elsewhere, inflationary pressures, the impact of current and future laws, rulings, governmental regulations, accounting standards and statements, and related interpretations, and other guidance.

Such assumptions, risks and uncertainties also include the factors discussed or referenced in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 that will be filed with the SEC, as well as other risks and uncertainties set forth from time to time in the reports the Company files with the SEC. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events, historical practice or otherwise, except as required by applicable law, and we caution you not to rely on them unduly.

Use of Non-GAAP Financial Measures

This press release and the accompanying schedules include the non-GAAP financial measures of Adjusted EBITDA, Adjusted EBITDA margin, contribution, contribution margin, support costs, adjusted cash flow from operations, cash conversion, adjusted net income (loss), and adjusted net income (loss) per diluted share, which may be used periodically by management when discussing financial results with investors and analysts.

Karen David-Green - Chief Communications, Stakeholder & Sustainability Officer
+1 281 994 1056
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FarEye’s global research findings reveal that reducing cost to deliver while boosting consumer experience is the pinnacle of last-mile delivery success

CHICAGO--(BUSINESS WIRE)--#lastmile--FarEye released the full findings of its Eye on Last-mile Delivery Report today, conducted with Researchscape International, which explores retailers’ and logistics providers’ last-mile delivery priorities and opportunities over the next five years.

Logistics providers’ priorities for performance improvement differs by company size

FarEye’s research findings for logistics providers reveals that for providers over $100 million in revenue, on-time delivery (74%) and cost per delivery (62%) are their top two priority KPIs to improve. For providers under $100 million in revenue, their top two priorities are cost of delivery (73%) and customer satisfaction (64%). As logistics providers grow, complexity and scale increase, where on-time deliveries become more challenging to execute with precision.

“Unlike retail, last-mile delivery is the backbone of logistics providers’ operations and their goals will be focused on delivery performance and cost efficiencies, above all. While their priority improvement metrics don’t differ heavily from retailers’ priority improvement areas, the difference lies in the size of the logistics provider. With size comes complexity, but also efficiency, where the cost per delivery goes down, but the difficulty in managing and tracking orders goes up,” said Stephane Gagne, vice president, product, FarEye.

Retailers and logistics providers must work together to achieve superior deliveries

How retailers and logistics providers work together to achieve the pinnacle delivery experience - one that simultaneously reduces cost to deliver while increasing customer satisfaction will be crucial. Outsourced delivery networks have become a way for retailers to increase speed to deliver (64%) and reduce cost (37%) of last-mile delivery, however, it comes with the sacrifice of less control of the consumer experience.

FarEye’s initial report findings denote that 84% of retailers that have outsourced their delivery networks want more control of their delivery networks. Specifically, 33% of retailers are challenged by logistics providers’ inability to provide reliable information and they rank carrier performance as the top factor that inhibits delivery speed.

Logistics providers’ last-mile delivery growth priorities

Over the next year, 77% of logistics providers expect their budgets for last-mile delivery technology to grow. Eighty-two percent of logistics providers claim they will likely change or buy a new last-mile delivery solution in the next 1-2 years. Forty percent of logistics providers expect to buy a last-mile delivery platform in the next five years, vs. building their own in-house (40%).

Similar to retailers, logistics providers are also evaluating electric vehicles (80%), autonomous vehicles (44%) and drones (38%) to make their fleets more sustainable and efficient, over the next five years.

Research Methodology

The FarEye Eye on Last-mile Delivery research was released in two parts, in January and February 2023. FarEye analyzed responses from 300 leaders across retail and logistics with responsibility for logistics and retail operations in the U.S. (32%), EMEA (36%) and APAC (32%) regions.

About FarEye

FarEye’s Delivery Management platform turns deliveries into a competitive advantage. Retail, e-commerce and third-party logistics companies use FarEye’s unique combination of orchestration, real-time visibility, and branded customer experiences to simplify complex last-mile delivery logistics. The FarEye platform allows businesses to increase consumer loyalty and satisfaction, reduce costs and improve operational efficiencies. FarEye has 150+ customers across 30 countries and five offices globally. FarEye, First Choice for Last Mile.

PR Contact:
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Next- generation technology will power carbon dioxide removal with clean energy, with support from the Chan Zuckerberg Initiative

HOUSTON--(BUSINESS WIRE)--Fervo Energy, the leader in next-generation geothermal power, today announced that it will design and engineer a fully integrated geothermal and direct air capture (DAC) facility, with support from the Chan Zuckerberg Initiative (CZI).

According to the Intergovernmental Panel on Climate Change, limiting warming to 1.5 degrees C will require the net removal of 100-1000 gigatons of carbon dioxide by 2100, creating significant demand for carbon removal solutions, including DAC solutions and associated clean, reliable power.

In a DAC facility, large fans move air over materials that capture carbon dioxide. The captured carbon dioxide is heated, concentrated, and then, in many instances, pumped underground. To operate economically and sustainably, DAC requires a reliable source of carbon-free electricity and heat. Fervo’s designs for a combined geothermal and direct air capture facility can provide an innovative solution to these challenges that will lower the cost of carbon removal.

“Geothermal can deliver the carbon-free power and heat needed to make DAC a viable means for removing carbon dioxide from the atmosphere,” said Tim Latimer, CEO of Fervo. “With robust expertise in geosciences and new support from the Chan Zuckerberg Initiative, Fervo is well positioned to drive innovation in carbon removal and demonstrate the natural alignment between geothermal and DAC.”

In pioneering next-generation geothermal technology, Fervo has adapted existing innovations, such as horizontal drilling and distributed fiber optic sensing, to combat climate change by turning reservoirs of hot rock beneath the earth’s surface into economically viable sources of clean energy. The new funding helps Fervo leverage geothermal resources to provide 24/7 carbon-free power and heat to DAC systems and explore geothermal reservoirs’ potential for local subsurface carbon sequestration.

This funding builds on CZI’s support for organizations that are advancing promising climate change solutions, including carbon dioxide removal. “Carbon removal technologies are a critical tool for addressing climate change,” said CZI Vice President of Strategic Initiatives Caitlyn Fox. “In order to scale carbon removal, costs need to come down dramatically. Fervo’s unique integration of next-generation geothermal technology with direct air capture creates exciting opportunities to develop rigorous carbon removal at a lower cost while providing a reliable, abundant, carbon-free source of power and heat.”

Fervo has established a Technical Advisory Board of leading experts in carbon removal, including Dr. Vikram Rao, Technical Reviewer for the Stripe Frontier Climate Initiative and former CTO of Halliburton, and Doug Hollett, former Principal Deputy Assistant Secretary of Fossil Energy.

About Fervo Energy

Fervo Energy provides 24/7 carbon-free energy through development of next-generation geothermal power. Fervo’s mission is to leverage innovation in geoscience to accelerate the world’s transition to sustainable energy. Geothermal has a major role to play in the future electric grid, and Fervo’s key advancements in drilling and subsurface analytics bring a full suite of modern technology to make geothermal cost competitive. For more information, please visit www.fervoenergy.com.

About Chan Zuckerberg Initiative

The Chan Zuckerberg Initiative was founded in 2015 to help solve some of society’s toughest challenges — from eradicating disease and improving education, to addressing the needs of our communities. Through collaboration, providing resources and building technology, our mission is to help build a more inclusive, just and healthy future for everyone. For more information, please visit chanzuckerberg.com.

Fervo Energy
Sarah Jewett
VP of Strategy
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Chan Zuckerberg Initiative
Leah Duran
Director of Communications for Science
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U.S. Army Garrison Ansbach to realize more than $1.5 million in energy savings in first year of project

RESTON, Va.--(BUSINESS WIRE)--Siemens Government Technologies (SGT), Inc. – the federally-focused U.S. arm of technology powerhouse Siemens – is delivering enhanced energy savings and infrastructure improvements for U.S. Army Garrison (USAG) Ansbach, Germany, through a budget neutral $24.8 million energy savings performance contract from the U.S. Army Corps of Engineers Engineering and Support Center, Huntsville. Under the terms of the contract financing, the Army‘s investment in energy efficient upgrades and enhancements are fully paid for through the reduction in energy costs over the full contract term.

As one of seven U.S. Army garrisons in Europe, Army Garrison Ansbach is comprised of nine installations in the German state of Bavaria. The garrison provides support to the 12th Combat Aviation Brigade, the community's largest tenant unit, and supports a total current population of more than 7,000 Soldiers, civilians and family members working and living in the Ansbach area. Work under the project will occur across five installations totaling more than 6.9 million sq.ft., featuring upgrades in interior and exterior lighting, advanced utility monitoring and control systems for enhanced occupant comfort, building automation for more efficient heating and cooling, and solar photovoltaic installation on two buildings to reduce carbon footprint and enhance energy resiliency efforts.

The total project provides long-term improvements to USAG Ansbach’s operations and infrastructure while also improving installation safety and reducing energy costs. Additionally, Siemens will provide vital operations, maintenance, repair and replacement services as appropriate throughout the life cycle of the project.

“Our team looks forward to helping USAG Ansbach achieve energy savings while incorporating renewable energy generation with reduced operating and maintenance costs across its operations,“ said John Ustica, president and CEO of Siemens Government Technologies. “We are proud of our continued work for the Army in Europe and look forward to additional opportunities to help them meet energy and climate goals well into the future.“

About Siemens Government Technologies

Siemens Government Technologies is the wholly owned cleared U.S. subsidiary of Siemens Corporation whose mission it is to secure and modernize the largest infrastructure in the world, the U.S. Federal Government. It does so by being the leading integrator of Siemens’ innovative products, technologies, software and services in the areas of digital engineering and modeling, efficient and resilient energy solutions, and smart infrastructure modernization.

Contact for Journalists
Thomas Greer
+1-571-352-8521

Market-proven bGen™ technology is already decarbonizing power generation and industrial processes worldwide

ROSH HA’AYIN, Israel--(BUSINESS WIRE)--$BNRG #TheCleanieAwards--Brenmiller Energy Ltd. ("Brenmiller", "Brenmiller Energy”; TASE: BNRG, Nasdaq: BNRG), a global leader in thermal energy storage (TES), is pleased to announce that it has been selected as The Cleanie Awards® Silver winner for Pioneer in New Technology in the Storage category. The Cleanie Awards is the leading awards program focused on recognizing innovators and those making an impact in driving the clean energy economy forward. The program recognizes leading brands and thought leaders that display excellence in innovation and business leadership.

Brenmiller was selected as a winner out of hundreds of other applicants from across the industry spectrum — from enterprise to small business to individuals clearing the path for the clean energy transition. Brenmiller’s mature and patented bGen™ technology is designed to help decarbonize industrial processes and power production, by turning energy from renewable resources into electric heat.

“We are thrilled to be recognizing passionate thought leaders and organizations who are playing a pivotal role in accelerating the net-zero transition,” said Randee Gilmore, Executive Director, The Cleanie Awards. “We are five years into the program, and continuously see a double digit increase in submissions year over year. As our industry continues to grow, we look forward to continuously highlighting the successes of those championing and advocating for the sustainable future.”

Brenmiller’s TES system is an intelligent, scalable, and cost-effective technology that provides industrial organizations and power producers with around-the-clock low-carbon heat. In addition to renewables, the bGen system can store energy generated by waste heat, biomass, and other types of clean energy for minutes, hours, or days and produce steam, hot water, or hot air that can be accessed on-demand and when industrial organizations and the grid need it. This provides critical reliability, protection from renewable intermittency and fluctuations in energy market prices, as well as a solution to decarbonize heat generation.

“It is an honor to see our innovative TES technology recognized as a winner of this year’s prestigious Cleanie Awards,” said Brenmiller president and CEO Avi Brenmiller. “Just one month after being named the 2022 World CleanTech Awards’ Visionary StartUp of the Year, recognition from the Cleanie Awards organization offers further validation for our pioneering TES technology, which is low-risk, market-proven, and already decarbonizing power generation and industrial processes worldwide.”

Brenmiller was selected by a cohort of peers including judges and leaders across the cleantech and renewable energy sectors, including Alison Mickey, Highland Electric Fleets; Ayanna Nibbs, CohnReznick Capital; Goksenin Ozturkeri, CIBC; Miles Braxton, Summit Ridge Energy; Paul Quinlan, ScottMadden, Inc.; Raheleh Folkerts, Lighsource bp; Remy Pangle, Repowering Schools; Stephanie Annerose, Piper Sandler; Thiam B. Giam, Black & Veatch Management Consulting; Zadie Oleksiw, Clearway Energy Group.

About Brenmiller Energy Ltd.
Brenmiller Energy delivers scalable thermal energy storage solutions and services that allow customers to cost-effectively decarbonize their operations. Its patented bGen thermal storage technology enables the use of renewable energy resources, as well as waste heat, to heat crushed rocks to very high temperatures. They can then store this heat for minutes, hours, or even days before using it for industrial and power generation processes. With bGen, organizations have a way to use electricity, biomass and waste heat to generate the clean steam, hot water and hot air they need to mold plastic, process food and beverages, produce paper, manufacture chemicals and pharmaceuticals or drive steam turbines without burning fossil fuels. For more information visit the company’s website at https://bren-energy.com/ and follow the company on Twitter and LinkedIn.

Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Statements that are not statements of historical fact may be deemed to be forward-looking statements. For example, the Company is using forward-looking statements in this press release when it discusses its belief that the Company’s thermal energy storage systems will help decarbonize industrial heat production. Without limiting the generality of the foregoing, words such as “plan,” “project,” “potential,” “seek,” “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “could,” “estimate” or “continue” are intended to identify forward-looking statements. Readers are cautioned that certain important factors may affect the Company’s actual results and could cause such results to differ materially from any forward-looking statements that may be made in this press release. Factors that may affect the Company’s results include, but are not limited to, the Company’s planned level of revenues and capital expenditures, the demand for and market acceptance of our products, impact of competitive products and prices, product development, commercialization or technological difficulties, the success or failure of negotiations and trade, legal, social and economic risks and the risks associated with the adequacy of existing cash resources. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s prospectus dated May 24, 2022 filed with the U.S. Securities and Exchange Commission (“SEC”), which is available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Media:
Tori Bentkover
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NEW YORK--(BUSINESS WIRE)--#KBRA--KBRA assigns preliminary ratings to bonds issued by Texas Natural Gas Securitization Finance Corporation, a customer rate relief (CRR) ABS transaction.

The purpose of the transaction is to recover the stranded costs for several utility companies resulting from a large imbalance between the supply and demand of natural gas between utility companies and consumers in February 2021. The imbalance followed an extended period of cold and winter precipitation that caused a significant reduction in natural gas availability during Winter Storm Uri and the increased need for natural gas for customers to heat their homes and buildings. It is anticipated the Issuer will issue one class of bonds in three tranches (Tranches or Bonds). The proceeds will be used to pay local natural gas distribution companies’ (hereafter, LDCs) extraordinary costs incurred to secure gas supplies and to provide natural gas service during Winter Storm Uri, as well as the financing costs relating to the subject transaction. The participating gas utility companies (PGUs) in the transaction act as natural gas LDCs for their customers. The Bonds are collateralized by the customer rate relief property (CRR Property), which consists of the right to impose, bill, collect, and receive the customer rate relief charge (CRR Charge) from the existing and future customers of the PGUs, as well as the scheduled and interim adjustments to the CRR Charge (True-Up Adjustments).

The Bonds will be issued pursuant to a financing order adopted and approved by the Railroad Commission of Texas (the Commission) on February 8, 2022 (the Financing Order) in accordance with House Bill No. 1520, 87^th Regular Session of the Texas Legislature (the Securitization Law). The Financing Order and Securitization Law provide customers of participating LDCs with rate relief by extending the period over which they can pay for the high gas costs associated with Winter Storm Uri.

To access ratings and relevant documents, click here.

Click here to view the report.

Related Publications

• General Global Rating Methodology for Asset‑Backed Securities
• Global Structured Finance Counterparty Methodology
• ESG Global Rating Methodology

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Analytical

Alan Greenblatt, Managing Director (Lead Analyst)
+1 (646) 731-2496
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Preston Boutwell, Associate
+1 (646) 731-2367
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Rosemary Kelley, Senior Managing Director (Rating Committee Chair)
+1 (646) 731-2337
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Business Development

Ted Burbage, Managing Director
+1 (646) 731-3325
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William Baneky, Managing Director
+1 (646) 731-2409
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SPL Expansion Project is being designed for approximately 20 million tonnes per annum and is expected to leverage existing infrastructure at Sabine Pass

HOUSTON--(BUSINESS WIRE)--Cheniere Energy Partners, L.P. (“Cheniere Partners”) (NYSE American: CQP), a subsidiary of Cheniere Energy, Inc. (“Cheniere”) (NYSE American: LNG), announced today that certain of its subsidiaries have initiated the pre-filing review process under the National Environmental Policy Act with the Federal Energy Regulatory Commission (“FERC”) for the proposed Sabine Pass Stage 5 Expansion Project (the “SPL Expansion Project”) adjacent to the existing Sabine Pass Liquefaction Project (the “SPL Project”). The SPL Expansion Project is being designed for total production capacity of approximately 20 million tonnes per annum (“mtpa”) of liquefied natural gas (“LNG”).

The SPL Expansion Project is being designed to include up to three large-scale liquefaction trains, each with a production capacity of approximately 6.5 mtpa of LNG, a boil-off-gas (“BOG”) re-liquefaction unit with an approximate production capacity of 0.75 mtpa of LNG, and two 220,000m³ LNG storage tanks. The SPL Expansion Project is being designed with accommodations for waste heat recovery as well as carbon capture from acid gas removal units.

The SPL Expansion Project is expected to benefit from the significant existing infrastructure at the SPL Project and contemplates various enhancements to its current capabilities, including optimized ship loading at the existing marine facilities. Feed gas related to the SPL Expansion Project is expected to be transported via a combination of new and existing pipelines currently supplying the SPL Project.

Cheniere Partners has engaged Bechtel Energy, Inc. to complete a Front-End Engineering and Design (FEED) study of the SPL Expansion Project.

“As the first and largest LNG export facility in the Lower 48, Sabine Pass has pioneered an industry critical to supplying reliable, flexible, and cleaner burning natural gas to markets and customers around the world, and we look forward to significantly growing those capabilities through the SPL Expansion Project,” said Jack Fusco, Chairman, President and CEO of Cheniere Partners. “The SPL Expansion Project is being designed to leverage the infrastructure platform we’ve built at Sabine Pass to deliver economically advantaged incremental LNG capacity in a safe and environmentally responsible manner. We are committed to developing the SPL Expansion Project utilizing the same rigorous and financially disciplined approach to project development and capital investment that’s become synonymous with the Cheniere brand.”

The development of the SPL Expansion Project, and any necessary supporting infrastructure, is subject to receipt of all required regulatory approvals and permits, and sufficient commercial and financing arrangements before a final investment decision (“FID”) can be reached.

About Cheniere Partners

Cheniere Partners owns the Sabine Pass LNG terminal located in Cameron Parish, Louisiana, which has natural gas liquefaction facilities consisting of six liquefaction Trains with a total production capacity of approximately 30 million tonnes per annum of liquefied natural gas. The Sabine Pass LNG terminal also has operational regasification facilities that include five LNG storage tanks, vaporizers, and three marine berths. Cheniere Partners also owns the Creole Trail Pipeline, which interconnects the Sabine Pass LNG terminal with a number of large interstate and intrastate pipelines.

For additional information, please refer to the Cheniere Partners website at www.cheniere.com and Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission.

Forward-Looking Statements

This press release contains certain statements that may include “forward-looking statements.” All statements, other than statements of historical or present facts or conditions, included herein are “forward-looking statements.” Included among “forward-looking statements” are, among other things, (i) statements regarding Cheniere Partners’ financial and operational guidance, business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding Cheniere Partners’ anticipated quarterly distributions and ability to make quarterly distributions at the base amount or any amount, (iii) statements regarding regulatory authorization and approval expectations, (iv) statements expressing beliefs and expectations regarding the development of Cheniere Partners’ LNG terminal and liquefaction business, (v) statements regarding the business operations and prospects of third-parties, (vi) statements regarding potential financing arrangements, and (vii) statements regarding future discussions and entry into contracts. Although Cheniere Partners believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners’ actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners’ periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners does not assume a duty to update these forward-looking statements.

Cheniere Partners
Investors
Randy Bhatia 713-375-5479
Frances Smith 713-375-5753

Media Relations
Eben Burnham-Snyder 713-375-5764

Largest nuclear operator calls for renewed focus on reliability measures after nearly a quarter of PJM generation goes offline, resulting in up to $2 billion in penalties for generators that failed to produce during Winter Storm Elliott

BALTIMORE--(BUSINESS WIRE)--Nuclear plants operated by Constellation (Nasdaq: CEG) performed at 100 percent capacity and proved instrumental in preventing rolling blackouts for millions of homes and businesses during a powerful winter storm that knocked nearly a quarter of the power generation in the nation’s largest energy grid offline on Christmas Eve. PJM, the grid operator for 13 states and the District of Columbia, said generators that failed to perform during Winter Storm Elliott face penalties totaling as much as $2 billion, a record amount that raises questions about whether generators are taking sufficient steps to make their resources reliable in a changing climate. PJM began notifying generators of their potential penalties this past week.

The grid operator reported that 90 percent of the outages were among fossil power plants, which experienced equipment failures and fuel shortages during Winter Storm Elliott. PJM issued conservation alerts and exhausted its available emergency procedures, coming perilously close to resorting to rolling brownouts and blackouts to keep the grid up.

The storm was the first major test of the capacity performance policies implemented by PJM starting in 2016 in response to the Polar Vortex, which similarly caused 22 percent of PJM’s generation to go offline in 2014. Since that time, PJM customers have paid generators approximately $58 billion in capacity performance payments intended to spur generators to invest in reliability measures to prevent outages during extreme weather events. Despite those payments, the grid experienced an even greater level of outages during Elliott. The policy includes stiff penalties for generators that fail to perform when needed and bonuses for those that overperform, as Constellation’s fleet has throughout this winter season.

“While we’re proud of our performance this winter, these unacceptable grid-wide failures are clear evidence that PJM still has work to do to keep the grid clean and reliable as climate risks increase,” said Joe Dominguez, president and CEO of Constellation. “Electricity markets severely undervalue the unmatched reliability and carbon-free benefits of nuclear energy, and in recent years that shortcoming nearly led to the premature retirement of more than a dozen reactors in the PJM region. If state lawmakers had not stepped in to preserve those plants, millions of families could have been forced to celebrate the holidays in a deep freeze without electricity and heat.”

Constellation operates eight nuclear plants with 16 reactors in the PJM region, generating carbon-free power for the equivalent of more than 11.6 million average homes. All 16 reactors ran at 100 percent power as temperatures fell during Winter Storm Elliott. These plants also were among the most reliable energy resources on the grid throughout 2022.

Combined, the Constellation plants that were preserved in the PJM region produce nearly 16,000 megawatts of energy. By comparison, PJM came within about 5,000 megawatts of experiencing rolling blackouts on Christmas Eve in a grid with a load of 160,000 megawatts, leaving a margin of just 3 percent.

“Bipartisan state policies, as well as the recently passed federal Inflation Reduction Act, exist because lawmakers recognized the importance of nuclear energy to protecting our nation’s energy security and addressing the climate crisis at the lowest cost to consumers,” Dominguez said. “While PJM’s capacity performance policy was a good start, it shouldn’t still fall to state and federal environmental laws to make up for electricity markets that don’t deliver reliable results for customers. We need to keep that in sight as we consider solutions to prevent another crisis like we just experienced over the holidays.”

About Constellation

Headquartered in Baltimore, Constellation Energy Corporation (Nasdaq: CEG) is the nation’s largest producer of clean, carbon-free energy and a leading supplier of energy products and services to businesses, homes, community aggregations and public sector customers across the continental United States, including three fourths of Fortune 100 companies. With annual output that is nearly 90 percent carbon-free, our hydro, wind and solar facilities paired with the nation’s largest nuclear fleet have the generating capacity to power the equivalent of 15 million homes. We are further accelerating the nation’s transition to a carbon-free future by helping our customers reach their sustainability goals, setting our own ambitious goal of achieving 100 percent carbon-free generation by 2040, and by investing in promising emerging technologies to eliminate carbon emissions across all sectors of the economy. Follow Constellation on LinkedIn and Twitter.

Paul Adams
Constellation Communications
410-470-9700
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