• Sale price of more than $1 billion advances divestment plans, further focusing portfolio on advantaged assets
• ExxonMobil retains extensive refining and fuels marketing, lubricants, petrochemicals production and natural gas marketing business in the U.K.

IRVING, Texas--(BUSINESS WIRE)--ExxonMobil has signed an agreement with HitecVision, through its wholly owned portfolio company NEO Energy, for the sale of most of ExxonMobil’s non-operated upstream assets in the United Kingdom central and northern North Sea. The sale price of more than $1 billion is subject to closing adjustments, and has additional upside of approximately $300 million in contingent payments based on potential for increase in commodity prices.

“We continue to high-grade our portfolio by divesting assets that are less strategic and focusing our investments on our advantaged projects that are among the best in the industry,” said Neil Chapman, senior vice president of ExxonMobil. “Our development plans that prioritize Guyana, the U.S. Permian Basin, Brazil and LNG are focused on increasing earnings potential and generating strong cash flow to fund future capital investments, reduce debt and maintain a reliable dividend.”

The agreement includes ownership interests in 14 producing fields operated primarily by Shell, including Penguins, Starling, Fram, the Gannet Cluster and Shearwater; Elgin Franklin fields operated by Total; and interests in the associated infrastructure. ExxonMobil’s share of production from these fields was approximately 38,000 oil-equivalent barrels per day in 2019.

ExxonMobil will retain its non-operated share in upstream assets in the southern North Sea, and its share in the Shell Esso gas and liquids (SEGAL) infrastructure that supplies ethane to the company’s Fife ethylene plant.

The transaction is expected to close by the middle of 2021, subject to regulatory and third-party approvals.

ExxonMobil has operated in the U.K. for more than 135 years and continues natural gas sales, refining and chemical operations, the marketing of lubricants and petrochemicals, and the marketing of fuels through a network of more than 1,300 independently owned Esso-branded retail sites.

About ExxonMobil

ExxonMobil, one of the largest publicly traded international energy companies, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is one of the largest refiners and marketers of petroleum products, and its chemical company is one of the largest in the world. To learn more, visit exxonmobil.com and the Energy Factor.

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Cautionary Statement: Statements of future events or conditions in this release are forward-looking statements. Actual future results, including closing of agreed divestments and realization of contingency payments; performance of and results from other investments; and other business plans, could vary significantly depending on a number of factors including the supply and demand for oil, gas, and petroleum products and other market factors affecting the oil, gas, and petrochemical industries; the severity, length and ultimate impact of COVID-19 on people and economies and actions of governments in response to the pandemic; obtaining necessary approvals and consents and satisfaction of other conditions precedent contained in the applicable agreements; satisfaction of conditions affecting contingent payments; the development and competitiveness of alternative technologies; actions of competitors and commercial counterparties; political and regulatory developments including environmental regulations the outcome of commercial negotiations; and other factors discussed in this release and under Item 1A Risk Factors in ExxonMobil’s most recent annual report on Form 10-K and under the heading “Factors Affecting Future Results” on the Investors page of our website at exxonmobil.com.

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BOSTON--(BUSINESS WIRE)--Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent”), an innovation-driven company in the fuel cell and hydrogen technology space, announced today that the Company’s Chairman and CEO, Dr. Vasilis Gregoriou, will ring the Nasdaq Opening Bell virtually on Friday, February 26, 2021 in celebration of Advent’s public listing.

The virtual ceremony will begin at approximately 9:15 AM ET and can be viewed live at https://www.nasdaq.com/marketsite/bell-ringing-ceremony.

“We are honored to ring the opening bell in celebration of our recent Nasdaq listing earlier this month. Our mission is to advance the development and manufacturing of advanced materials, components, and next-generation fuel cell technology to unlock the hydrogen economy,” commented Dr. Vasilis Gregoriou, Chairman and CEO of Advent Technologies Holdings, Inc. “We would like to thank all of our employees for their hard work and the incredible milestones we have achieved to date. We are very excited to take the next step in our growth story as we continue to execute on our strategic plan as a public company.”

About Advent Technologies Holdings, Inc.

Advent Technologies Holdings, Inc. is an innovation-driven company in the fuel cell and hydrogen technology space. Our vision is to accelerate electrification through advanced materials, components, and next-generation fuel cell technology. Our technology applies to electrification (fuel cells) and energy storage (flow batteries, hydrogen production) markets, which we commercialize through partnerships with Tier1s, OEMs, and System Integrators. For more information on Advent Technologies Holdings, Inc., please visit the company’s website at https://www.advent.energy/

Sloane & Company
Joe Germani / Alex Kovtun / James Goldfarb
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• Reports Q4 Revenues of $796.2 Million; Full-Year Revenues of $3.1 Billion
• Posts Q4 Net Income of $39.3 Million, or EPS of $0.71, with Adjusted EPS of $0.63; Full-Year Net Income of $134.8 Million, or EPS of $2.42, with Adjusted EPS of $2.32
• Achieves Q4 Adjusted EBITDA of $136.1 Million; Generates Record Full-Year Adjusted EBITDA of $555.3 Million
• Improves Q4 Adjusted EBITDA Margin by 190 Basis Points to 17.1%; Full-Year Adjusted EBITDA Margin Climbs to 17.7%
• Delivers Full-Year Net Cash from Operating Activities of $430.6 Million and Record Adjusted Free Cash Flow of $265.0 Million
• Issues Inaugural Sustainability Report

NORWELL, Mass.--(BUSINESS WIRE)--Clean Harbors, Inc. (“Clean Harbors”) (NYSE: CLH), the leading provider of environmental and industrial services throughout North America, today announced financial results for the fourth quarter and full year ended December 31, 2020.

“We concluded an outstanding 2020 with a strong fourth quarter,” said Alan S. McKim, Chairman, President and Chief Executive Officer. “While Q4 is typically a seasonally weaker period for Clean Harbors, our revenue grew nearly $17 million sequentially from the third quarter as some of our end markets continued their recovery from the pandemic. Our performance in the quarter was again led by our Environmental Services segment, where we achieved better-than-expected results due to a combination of high-value waste streams in our disposal network, strength in COVID-19 decontamination work and ongoing cost controls. We saw a significant increase in year-over-year margins in the quarter, marking our 12^th consecutive quarter of higher Adjusted EBITDA margins.”

Fourth-Quarter 2020 Results

Revenues were $796.2 million compared with $871.0 million in the same period of 2019. Income from operations increased 18% to $61.7 million from $52.3 million in the fourth quarter of 2019.

Net income was $39.3 million, or $0.71 per diluted share. This compares with net income of $24.2 million, or $0.43 per diluted share, for the same period in 2019. Adjusted for certain items in both periods, adjusted net income was $35.0 million, or $0.63 per diluted share, for the fourth quarter of 2020, compared with adjusted net income of $23.3 million, or $0.42 per diluted share, in the same period of 2019. (See reconciliation table below)

Adjusted EBITDA (see description below) was $136.1 million, which included $5.6 million of benefits from U.S. and Canadian government assistance programs, compared with Adjusted EBITDA of $132.2 million in the fourth quarter of 2019.

Q4 2020 Review

“Within Environmental Services, we drove increased volumes of high-value waste into our disposal and recycling network to close out the year,” McKim said. “We collected a record number of drums during the quarter, and we received high-value, complex waste streams into our network. These factors helped increase our average price per pound in the quarter by 16% from the comparable period in 2019, when bulk waste streams made up a higher percentage of our volumes. Our incineration utilization rate of 84% was lower than last year due to a higher-than-expected number of maintenance days in the quarter. Given the limited availability of project work, landfill volumes were down 37%, but that was largely offset by stronger base business driving a 42% increase in our average landfill pricing. Activity in certain areas within Technical Services and Industrial Services continued to improve sequentially.

“Revenue from COVID-19 decontamination work totaled $31 million in the quarter, reflecting the late-year surge from the pandemic,” McKim said. “Our team completed nearly 14,000 COVID-19 responses in 2020 and firmly established our leadership position as the go-to provider for these services. We continue to be an essential resource for protecting our customers’ facilities and helping to keep their employees safe from widespread COVID impacts.

“Within Safety-Kleen, market conditions were comparable with the third quarter, with revenue essentially flat on a sequential basis,” McKim said. “While certain geographies improved, new shelter-in-place restrictions in areas, such as California and across Canada, limited the ability of our branch business to continue its recovery to pre-pandemic levels. Within SK Oil, while lower vehicle miles driven continued to dampen market demand for lubricants, available base oil and lubricant supply from traditional refiners remained severely constrained, leading to price increases across the industry toward year-end. With fewer waste oil outlets available, market rates charged for used motor oil (UMO) remained high and collection volumes were relatively strong at 49 million gallons.”

2020 Financial Results

Clean Harbors' revenues were $3.14 billion compared with $3.41 billion in 2019. Income from operations increased 10% to $251.3 million from $229.5 million in 2019.

Net income was $134.8 million, or $2.42 per diluted share, compared with net income of $97.7 million, or $1.74 per diluted share for 2019. Adjusted for certain items in both periods, the Company reported adjusted net income for 2020 of $129.4 million, or $2.32 per diluted share, compared with adjusted net income of $105.9 million, or $1.89 per diluted share, in 2019. (See reconciliation table below)

Adjusted EBITDA (see description below) increased to $555.3 million, which included $42.3 million of benefits from U.S. and Canadian government assistance programs, compared with Adjusted EBITDA of $540.3 million in 2019.

“Considering the challenges of COVID-19, we delivered strong results in 2020 that could not have been achieved without the remarkable contributions of our industry-leading team,” McKim said. “For the full year, we delivered record Adjusted EBITDA and adjusted free cash flow. Our results demonstrate the resiliency of our business model, the strength of our organization and the critical role we continue to play for our customers. During the year, we took comprehensive steps to help prepare the Company for a return to growth and additional cross-selling post-pandemic by enhancing our regional structure with the addition of the SK branch business. We also effectively scaled down our cost structure in response to the pandemic and improved our efficiency through better workforce and asset utilization, greater use of data analytics and continued technology development.”

Company Issues Inaugural Sustainability Report

Clean Harbors today published its first-ever sustainability report, highlighting all areas of sustainability at the Company through an Environmental, Social and Governance (ESG) lens. The report showcases the Company’s commitment to being an ecofriendly organization and details the significant positive impact Clean Harbors has on the environment, our people and the communities we serve. The report, which is available in the ESG section of the Company’s investor relations website, includes disclosures that the Sustainability Accounting Standards Board (SASB) framework considers material.

“Sustainability has been a part of our DNA since Clean Harbors was founded in 1980,” McKim said. “Protecting the environment is central to our identity and that’s why sustainable business practices continue to play a key role in our organization more than 40 years later. Our focus on ESG measures and sustainability has never been greater. As a company that cares deeply about our environment, we are proud to begin documenting our sustainability initiatives and activities in this inaugural report.”

Business Outlook and Financial Guidance

“We enter 2021 with positive momentum on many fronts – financially, operationally and within the markets we serve,” McKim said. “While the pandemic continues to weigh on some of our lines of business, we expect to experience a measurable recovery as the year progresses. In the interim, our COVID-19 decontamination business continues to serve as a natural hedge against continued slowdowns in other parts of the Company. At the same time, we start the year with a healthy backlog of waste in our disposal facilities. We see opportunities to drive additional streams into our network, including the ongoing rebound in the U.S. chemical and manufacturing industries. Our pipeline of remediation and waste projects is sizeable today, and we expect that to grow over the course of 2021. In addition, we see our customers’ ongoing shift toward greater environmental responsibility aligning even more closely with the sustainability solutions we offer.

“Within Safety-Kleen, the growing demand for sustainable solutions has only increased the opportunities for our parts washers, base oil and blended lubricant products. For our Safety-Kleen branch business, we anticipate a steady recovery as vehicle miles driven increase with the rollout of vaccines across North America. For SK Oil, our re-refineries are running well and pricing conditions in the marketplace are favorable. We anticipate continuing to carefully manage our re-refining spread going forward while more aggressively seeking to grow our collection volumes given the market dislocations created by IMO 2020 and other factors,” McKim concluded.

Beginning with the first quarter of 2021, Clean Harbors will revise its calculation of reported Adjusted EBITDA to add stock-based compensation costs, a non-cash item, to other charges that are added back to GAAP net income for purposes of calculating Adjusted EBITDA. This change aligns our definition of Adjusted EBITDA to be consistent with all of the Company’s loan agreements, facilitates comparison with industry peers and as revised will be the primary metric by which management will evaluate the performance of its businesses going forward. Using that approach, for full-year 2021, Clean Harbors expects:

• Adjusted EBITDA in the range of $545 million to $585 million, based on anticipated GAAP net income in the range of $105 million to $146 million; applying the Company’s revised definition, Adjusted EBITDA for 2020 would have been $573.8 million.
• Adjusted free cash flow in the range of $215 million to $255 million, based on anticipated 2021 net cash from operating activities in the range of $400 million to $460 million.
• For the first quarter of 2021, Clean Harbors expects Adjusted EBITDA, using the new definition for both periods, to be approximately 5-10% below what the Company delivered in the first quarter of 2020 when Adjusted EBITDA under the revised definition would have been $125.9 million. This expected decline is based on the record results that the Company delivered in the prior-year period before the onset of the pandemic.

Non-GAAP Results

Clean Harbors reports Adjusted EBITDA, which is a non-GAAP financial measure and should not be considered an alternative to net income or other measurements under generally accepted accounting principles (GAAP), but viewed only as a supplement to those measurements. Adjusted EBITDA is not calculated identically by all companies, and therefore the Company’s measurements of Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. Clean Harbors believes that Adjusted EBITDA provides additional useful information to investors since the Company’s loan covenants are based upon levels of Adjusted EBITDA achieved and management routinely evaluates the performance of its businesses based upon levels of Adjusted EBITDA. The Company defines Adjusted EBITDA as described in the following reconciliation showing the differences between reported net income and Adjusted EBITDA for the three and twelve months ended December 31, 2020 and 2019 (in thousands). Note that the below reconciliation illustrates Adjusted EBITDA as defined through December 31, 2020, and does not reflect the revisions discussed above, which will be reflected when the Company reports first-quarter 2021 results.

This press release includes a discussion of net income and earnings per share adjusted for the loss on early extinguishment of debt, net of tax, the (gain) loss on sale of businesses and the impacts of tax-related valuation allowances and other as identified in the reconciliations provided below. The Company believes that discussion of these additional non-GAAP measures provides investors with meaningful comparisons of current results to prior periods’ results by excluding items that the Company does not believe reflect its fundamental business performance. The following shows the difference between net income and adjusted net income, and the difference between earnings per share and adjusted earnings per share, for the three and twelve months ended December 31, 2020 and 2019 (in thousands, except per share amounts):

* For the twelve months ended December 31, 2020, other amounts include a $1.6 million benefit, or $0.03 per share, related to tax benefits from impacts of prior period tax filing amendments

Adjusted Free Cash Flow Reconciliation

Clean Harbors reports adjusted free cash flow, which it considers to be a measurement of liquidity that provides useful information to investors about its ability to generate cash. The Company defines adjusted free cash flow as net cash from operating activities excluding cash impacts of items derived from non-operating activities, less additions to property, plant and equipment plus proceeds from sale and disposal of fixed assets. The Company excludes cash impacts of items derived from non-operating activities such as taxes paid in connection with divestitures and in the current period have also excluded cash paid in connection with the purchase of its corporate headquarters and certain capital improvements to the site as these expenditures are considered one-time in nature. Adjusted free cash flow should not be considered an alternative to net cash from operating activities or other measurements under GAAP. Adjusted free cash flow is not calculated identically by all companies, and therefore the Company’s measurement of adjusted free cash flow may not be comparable to similarly titled measures reported by other companies.

An itemized reconciliation between net cash from operating activities and adjusted free cash flow is as follows for the three and twelve months ended December 31, 2020 and 2019 (in thousands):

Adjusted EBITDA Guidance Reconciliation

An itemized reconciliation between projected net income and projected Adjusted EBITDA is as follows (in millions):

Adjusted Free Cash Flow Guidance Reconciliation

An itemized reconciliation between projected net cash from operating activities and projected adjusted free cash flow is as follows (in millions):

Conference Call Information

Clean Harbors will conduct a conference call for investors today at 9:00 a.m. (ET) to discuss the information contained in this press release. During the call, management will discuss Clean Harbors’ financial results, business outlook and growth strategy. Investors who wish to listen to the webcast and view the accompanying slides should visit the Investor Relations section of the Company’s website at www.cleanharbors.com. The live call also can be accessed by dialing 201.689.8881 or 877.709.8155 prior to the start time. If you are unable to listen to the live conference call, the webcast will be archived on the Company’s website.

About Clean Harbors

Clean Harbors (NYSE: CLH) is North America’s leading provider of environmental and industrial services. The Company serves a diverse customer base, including a majority of Fortune 500 companies. Its customer base spans a number of industries, including chemical, energy and manufacturing, as well as numerous government agencies. These customers rely on Clean Harbors to deliver a broad range of services such as end-to-end hazardous waste management, emergency spill response, industrial cleaning and maintenance, and recycling services. Through its Safety-Kleen subsidiary, Clean Harbors also is North America’s largest re-refiner and recycler of used oil and a leading provider of parts washers and environmental services to commercial, industrial and automotive customers. Founded in 1980 and based in Massachusetts, Clean Harbors operates in the United States, Canada, Mexico, Puerto Rico and India. For more information, visit www.cleanharbors.com.

Safe Harbor Statement

Any statements contained herein that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “plans to,” “seeks,” “should,” “estimates,” “projects,” “may,” “likely,” or similar expressions. Such statements may include, but are not limited to, statements about future financial and operating results, and other statements that are not historical facts. Such statements are based upon the beliefs and expectations of Clean Harbors’ management as of this date only and are subject to certain risks and uncertainties that could cause actual results to differ materially, including, without limitation, the risks and uncertainties surrounding COVID-19 and the related impact on the Company’s business, and those items identified as “Risk Factors” in Clean Harbors’ most recently filed Form 10-K and Form 10-Q. Forward-looking statements are neither historical facts nor assurances of future performance. Therefore, readers are cautioned not to place undue reliance on these forward-looking statements. Clean Harbors undertakes no obligation to revise or publicly release the results of any revision to these forward-looking statements other than through its filings with the Securities and Exchange Commission, which may be viewed in the “Investors” section of Clean Harbors’ website at www.cleanharbors.com.

Michael L. Battles
EVP and Chief Financial Officer
Clean Harbors, Inc.
781.792.5100
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Jim Buckley
SVP Investor Relations
Clean Harbors, Inc.
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HOUSTON--(BUSINESS WIRE)--The San Juan Basin Royalty Trust (NYSE:SJT) (the “Trust”) announced today that the operator of the Trust’s Subject Interests, Hilcorp Energy Company (“Hilcorp”), has provided the Trust with its 2021 capital project plan for the Subject Interests (the “2021 Plan”). Hilcorp has estimated its 2021 capital expenditures for the Subject Interests to be $0.3 million.

The principal asset of the Trust is a 75% net overriding royalty interest (the “Subject Interests”) carved out of certain oil and gas leasehold and royalty interests in properties owned by Hilcorp located in the San Juan Basin, and more specifically in the San Juan, Rio Arriba and Sandoval counties of northwestern New Mexico.

Hilcorp informed the Trust that the 2021 Plan allocates primarily all of the $0.3 million towards facilities projects related to natural gas compression. Due to the current low prices for natural gas, Hilcorp informed the Trust that it does not plan to conduct any new drill projects or recompletions within the Subject Interests during 2021. However, Hilcorp advised the Trust that the 2021 Plan is subject to revision if Hilcorp changes its assumptions underlying the 2021 Plan, particularly changes in the prices of natural gas.

Hilcorp’s actual capital expenditures during its 2020 accounting period (which corresponds to the Trust’s distribution months of March 2020 through February 2021), totaled approximately $0.4 million. Hilcorp allocated its 2020 capital spending primarily towards facilities projects related to natural gas compression.

Except for historical information contained in this news release, the statements in this news release are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements generally are accompanied by words such as “estimates,” “anticipates,” “could,” “plan,” “subject to,” “assumes,” or other words that convey the uncertainty of future events or outcomes. Forward-looking statements and the business prospects of San Juan Basin Royalty Trust are subject to a number of risks and uncertainties that may cause actual results in future periods to differ materially from the forward-looking statements. These risks and uncertainties include, among other things, the accuracy of certain information provided to the Trust by Hilcorp, the volatility of oil and natural gas prices, the impact of governmental regulation or action on the Subject Interests, litigation, and uncertainties about the estimates of natural gas and oil reserves within the Subject Interests. These and other risks are described in the Trust’s reports and other filings with the Securities and Exchange Commission.

San Juan Basin Royalty Trust
BBVA USA, Trustee
Joshua R. Peterson, Head of Trust Real Assets & Mineral Resources and Senior Vice President
Kaye Wilke, Investor Relations, toll-free: (866) 809-4553
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Reports quarterly GAAP and Adjusted earnings (loss) from continuing operations of $(1.13) and $0.04 per diluted share, respectively

Generates full year operating and total free cash flow after dividends and investments of $652 million and $113 million, respectively

Returned $285 million of capital to stockholders during 2020

DALLAS--(BUSINESS WIRE)--Trinity Industries, Inc. (NYSE:TRN) today announced earnings results for the fourth quarter and year ended December 31, 2020.

Financial and Operational Highlights – Fourth Quarter 2020

• Quarterly total company revenues of $416 million
• Quarterly income (loss) from continuing operations per common diluted share ("EPS") of $(1.13) and quarterly adjusted EPS of $0.04, which excludes the following (each per common diluted share):
  • Non-cash pension plan settlement charge totaling $1.03
  • Non-cash write-downs of non-strategic rail maintenance facilities and certain other assets totaling $0.18
  • Additional income tax benefit of $0.05 related to carryback claims as permitted under recent tax legislation
• Repurchases of approximately 3.0 million shares at a cost of $68 million under previously announced $250 million share repurchase authorization
• Completed financings of over $500 million
• Lease fleet utilization of 94.5% at year-end with sequentially improved Future Lease Rate Differential ("FLRD") to (13.6)%
• Railcar deliveries of 2,235 and new railcar orders of 1,170

Financial and Operational Highlights – Full Year 2020

• Full year total company revenues of $2.0 billion, representing a decrease of 33.5% when compared to 2019
• Reported EPS of $(1.27) and adjusted EPS of $0.37, which excludes the following (each per common diluted share):
  • Non-cash impairment of long-lived assets totaling $2.07
  • Non-cash pension plan settlement charge totaling $1.00
  • Restructuring activities totaling $0.07
  • Early redemption of high coupon debt totaling $0.03
  • Income tax benefit of $1.54 related to carryback claims as permitted under recent tax legislation
• Cash flow from operations and total free cash flow after dividends and investments ("Free Cash Flow") were $652 million and $113 million, respectively
  • Investment of $464 million in leasing capital expenditures, net of railcar sales, predominantly for growth, resulting in net additions of 3,340 railcars to the wholly-owned and partially-owned lease fleet during 2020, an increase of 3.2% from 2019
• Returns to shareholders of $285 million through dividends and share repurchases
  • Repurchases of 9.3 million shares at a cost of $193 million
• Committed liquidity of $727 million as of December 31, 2020

Management Commentary

“As we began 2020, we set out to transform Trinity’s rail-focused operating strategy to accelerate the financial performance of the Company and enhance value for shareholders,” said Jean Savage, Trinity’s CEO and President. “What our people accomplished in the midst of a global pandemic is nothing short of extraordinary. Throughout the year, we evaluated our strategy, redefined our vision with a new purpose statement, and aligned our business values and organization. We made substantial progress in rationalizing our footprint, and optimizing our corporate cost structure and balance sheet, all while maintaining safe operations through the COVID-19 outbreak and delivering high-quality products and services to our customers.”

“Our fourth quarter and fiscal year financial performance reflects the decline in railcar demand following the economic impacts of the COVID-19 pandemic. While our leasing operations results performed well during the year, the decline in lease portfolio sales and railcar deliveries created earnings headwinds to overcome. Our team responded to the crisis and offset some of this headwind through strong management of our fleet maintenance costs and significant reductions in headcount and SE&A. Certain of the cost-savings and restructuring activities associated with the repositioning of the Company generated one-time charges that impacted our financial performance. Through it all, Trinity’s rail-platform proved resilient – generating strong cash flows from operations of $652 million during 2020, and free cash flow of $113 million after dividends and investments in our platform and lease fleet. In addition to the dividends paid, we also returned $193 million to shareholders through the use of our share repurchase authorization.”

“Market uncertainty as it relates to COVID-19 remains the predominant story on the economic and rail industry outlook. We see early indicators of a recovery with improving year over year railcar traffic volumes, slowing train speeds, and, more importantly, higher overall cycle times for shippers, all of which require more railcars to return to service. However, given the pace of improvement, customers are hesitant in their long-term planning for railcar assets. Industry forecasts currently suggest a recovery in the second half of 2021, and our customer inquiry levels align with these expectations.”

“Our lease fleet utilization has remained stable through the beginning of the year, and we are seeing some improvement in lease rates. We expect our Leasing business to have comparable year over year financial performance as modest fleet growth and improved maintenance cost efficiency from utilizing our internal network are expected to mostly offset headwinds from renewing lease rates. We expect the Rail Products business to deliver better operating results in 2021 as we enhance the value of outsourced fabrication activities and implement more automation in facilities, against a backdrop of another challenging year for deliveries. When combined with additional cost savings initiatives in place, we expect earnings to improve from 2020 while still reflecting a challenging market environment in 2021. As a result of the strong cash flow synergies within Trinity’s business, we expect cash flow from operations to range between $625 million to $675 million for the 2021 year.”

Ms. Savage concluded, “2020 was a challenging year, but Trinity's team made difficult decisions that put our Company on a path to accelerate our financial performance. In 2021, we intend to further optimize our manufacturing platform through outsourced fabrication activities and integrating advanced technologies, and to enhance our product portfolio through evolutionary products and services for our customers. Additionally, we will continue to optimize our balance sheet through additional leverage, fleet modification, and RIV transactions. I am proud of the work the people of Trinity accomplished in 2020, and know they have set a high bar for performance in 2021.”

Consolidated Financial Summary

Business Group Summary

Additional Business Items

Income Tax Adjustments

• As a result of the reinstatement of the tax-loss carryback provisions in recent tax legislation, the Company recognized an additional tax benefit in the fourth quarter of $5.8 million, or $0.05 per common diluted share. The associated income tax losses were primarily due to accelerated tax depreciation associated with our investment in the lease fleet.
• The Company’s tax rate was a benefit of 25.0% for the quarter and a benefit of 54.3% for the year. These rates differed from the U.S. statutory rate primarily as a result of the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") and state tax adjustments. The tax benefit for the year was partially offset by a portion of the second quarter non-cash impairment charge related to noncontrolling interest for which taxes are not provided.

Pension Plan Termination

• In connection with the Company's previously communicated pension plan termination, the plan was settled in the fourth quarter of 2020 and resulted in the Company no longer having any remaining funded pension plan obligations. Upon settlement, we recognized a pre-tax non-cash pension settlement charge of $151.5 million, which was inclusive of all unamortized losses recorded in Accumulated Other Comprehensive Loss. The surplus of the Pension Plan of $23.6 million will be used, as prescribed in the applicable regulations, to fund obligations associated with the Company's defined contribution profit sharing plan and final pension administrative expenses. We expect that any remaining surplus would be used for other corporate purposes, subject to applicable taxes.

Liquidity and Capital Resource Updates

• In November 2020, Trinity Rail Leasing 2020 LLC (“TRL-2020”), a wholly-owned subsidiary of Company, issued $370.8 million of Secured Railcar Equipment Notes. These notes bear interest at an all-in interest rate of 2.52% and have a stated final maturity date of 2050. Net proceeds received from the transaction were used to repay borrowings under our leasing secured warehouse credit facility, to redeem in full secured notes issued by TRIHC 2018 LLC, and for general corporate purposes.
• The Company's income tax receivable at the end of the fourth quarter was $446 million.
• Subsequent to quarter end, Trinity's leasing company announced its Green Financing Framework supported by a second-party opinion from Sustainalytics, a Morningstar company.

Cost Optimization and Operating Footprint Rationalization

• In connection with the Company's ongoing assessment of future needs to support our rail-focused strategy and to optimize the performance of the business, the Company recognized pre-tax restructuring charges totaling $11.0 million for the year. These charges were primarily from employee transition costs and the write-down of our corporate headquarters campus, partially offset by a net gain on the disposition of a non-operating facility and certain related assets.
• During the fourth quarter, management approved a plan to exit certain non-strategic maintenance facilities, resulting in a pre-tax non-cash asset write-down of $15.2 million. Additionally, during the quarter, we recorded a pre-tax non-cash charge to write off $11.8 million related to our investments in certain emerging technologies. These charges are reflected in the impairment of long-lived assets line of our Consolidated Statements of Operations for the three months and year ended December 31, 2020.

Conference Call

Trinity will hold a conference call at 8:30 a.m. Eastern on February 24, 2021 to discuss its fourth quarter results. To listen to the call, please visit the Investor Relations section of the Company's website at www.trin.net and access the Events & Presentations webpage, or the live call can be accessed at 1-888-317-6003 with the conference passcode "9858917". Please call at least 10 minutes in advance to ensure a timely connection. An audio replay may be accessed through the Company’s website or by dialing 1-877-344-7529 with passcode "10151360" until 11:59 p.m. Eastern on March 3, 2021.

Additionally, the Company will provide Supplemental Materials to accompany the earnings conference call. The materials will be accessible both within the webcast and on Trinity's Investor Relations website under the Events and Presentations portion of the site along with the Fourth Quarter Earnings Call event weblink.

Non-GAAP Financial Measures

We have included financial measures compiled in accordance with generally accepted accounting principles ("GAAP") and certain non-GAAP measures in this earnings press release to provide management and investors with additional information regarding our financial results. Non-GAAP measures should not be considered in isolation or as a substitute for our reporting results prepared in accordance with GAAP and, as calculated, may not be comparable to other similarly titled measures for other companies. For each non-GAAP financial measure, a reconciliation to the most comparable GAAP measure has been included in the accompanying tables. When forward-looking non-GAAP measures are provided, quantitative reconciliations to the most directly comparable GAAP measures are not provided because management cannot, without unreasonable effort, predict the timing and amounts of certain items included in the computations of each of these measures. These factors include, but are not limited to: the product mix of expected railcar deliveries; the timing and amount of significant transactions and investments, such as railcar sales from the lease fleet, capital expenditures, and returns of capital to shareholders; and the amount and timing of certain other items outside the normal course of our core business operations, such as restructuring activities and the potential financial and operational impacts of the COVID-19 pandemic.

About Trinity Industries

Trinity Industries, Inc., headquartered in Dallas, Texas, owns businesses that are leading providers of rail transportation products and services in North America. Our rail-related businesses market their railcar products and services under the trade name TrinityRail®. The TrinityRail platform provides railcar leasing and management services, as well as railcar manufacturing, maintenance and modifications. Trinity also owns businesses engaged in the manufacture of products used on the nation’s roadways and in traffic control. Trinity reports its financial results in three principal business segments: the Railcar Leasing and Management Services Group, the Rail Products Group, and the All Other Group. For more information, visit: www.trin.net.

Some statements in this release, which are not historical facts, are “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements about Trinity's estimates, expectations, beliefs, intentions or strategies for the future, and the assumptions underlying these forward-looking statements, including, but not limited to, future financial and operating performance, future opportunities and any other statements regarding events or developments that Trinity believes or anticipates will or may occur in the future, including the potential financial and operational impacts of the COVID-19 pandemic. Trinity uses the words “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “intends,” “forecasts,” “may,” “will,” “should,” “guidance,” “projected,” “outlook,” and similar expressions to identify these forward-looking statements. Forward-looking statements speak only as of the date of this release, and Trinity expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Trinity’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based, except as required by federal securities laws. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from historical experience or our present expectations, including but not limited to risks and uncertainties regarding economic, competitive, governmental, and technological factors affecting Trinity’s operations, markets, products, services and prices, and such forward-looking statements are not guarantees of future performance. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” and “Forward-Looking Statements” in Trinity’s Annual Report on Form 10-K for the most recent fiscal year, as may be revised and updated by Trinity’s Quarterly Reports on Form 10-Q, and Trinity’s Current Reports on Form 8-K.

Trinity is required to utilize the two-class method of calculating EPS as a result of unvested restricted shares that have non-forfeitable rights to dividends and are, therefore, considered to be participating securities. The calculation of EPS using the two-class method excludes income attributable to these participating securities from the numerator and excludes the dilutive impact of those shares from the denominator; therefore, the two-class method may result in a lower EPS than is calculated from the face of the income statement. There were no restricted shares and stock options included in the computation of diluted EPS for the three months and year ended December 31, 2020 as we incurred a loss for these periods, and any effect on loss per common share would have been antidilutive.

Investor Contact:
Jessica L. Greiner
Vice President, Investor Relations and Communications
Trinity Industries, Inc.
(Investors) 214/631-4420

Media Contact:
Jack L. Todd
Vice President, Public Affairs
Trinity Industries, Inc.
(Media Line) 214/589-8909

Dividend payable March 30

DUBLIN--(BUSINESS WIRE)--The Board of Directors of power management company Eaton (NYSE:ETN) today declared a quarterly dividend of $0.76 per ordinary share, an increase of 4 percent over its last quarterly dividend. The dividend is payable March 30 to shareholders of record at the close of business on March 16. Eaton has paid dividends on its shares every year since 1923.

Eaton’s mission is to improve the quality of life and the environment through the use of power management technologies and services. We provide sustainable solutions that help our customers effectively manage electrical, hydraulic, and mechanical power – more safely, more efficiently, and more reliably. Eaton’s 2020 revenues were $17.9 billion, and we sell products to customers in more than 175 countries. We have approximately 92,000 employees. For more information, visit www.eaton.com.

Margaret Hagan, Media Relations, +1 (440) 523-4343
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HOUSTON--(BUSINESS WIRE)--$TELL #LNG--Tellurian Inc. (Tellurian) (NASDAQ: TELL) continued to build its integrated global natural gas business in 2020, focusing on expense and debt reduction.

President and CEO Octávio Simões said, “Tellurian is in a strong financial position with substantial liquidity after taking on expense reduction activities and significant debt reduction measures in 2020, and subsequent prepayments in 2021. Operationally, our Haynesville Shale wells have outperformed to unlock value, providing domestic natural gas supply and a valuable contribution to our integrated Driftwood model which will offer low-cost liquefied natural gas (LNG) to the world. As the global market transitions away from coal and natural gas demand continues to increase, LNG is a powerful resource in the quest to provide energy access with a much lower carbon footprint and energy equity to the growing global population.”

Operating activities

Tellurian produced 16.9 billion cubic feet (Bcf) of natural gas for the year ended December 31, 2020 as compared to 13.9 Bcf for the prior year. As of December 31, 2020, Tellurian’s upstream assets include 9,373 net acres, interests in 72 producing wells, and estimated proven reserves of 99.5 Bcf. The reserve estimates were determined under the U.S. Securities and Exchange Commission guidelines and were prepared by an independent petroleum consulting firm.

Financial results

Tellurian ended its 2020 fiscal year with approximately $78.3 million of cash and cash equivalents and approximately $72.8 million in short-term borrowings, and generated approximately $30.4 million in revenues from natural gas sales. Tellurian has a strong balance sheet consisting of approximately $293.0 million in assets at the end of 2020. Tellurian reported a net loss of approximately $210.7 million, including a non-cash impairment charge of approximately $81.1 million related to our upstream properties, or $0.79 per share (basic and diluted), for the year ended December 31, 2020.

About Tellurian Inc.

Tellurian intends to create value for shareholders by building a low-cost, global natural gas business, profitably delivering natural gas to customers worldwide. Tellurian is developing a portfolio of natural gas production and has nearly 100 drillable locations with an estimated one trillion cubic feet of net resource. It is also developing an LNG trading operation and infrastructure that includes an ~ 27.6 mtpa LNG export facility and an associated pipeline. Tellurian is based in Houston, Texas, and its common stock is listed on the Nasdaq Capital Market under the symbol “TELL”.

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

CAUTIONARY INFORMATION ABOUT FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of U.S. federal securities laws. The words “anticipate,” “assume,” “believe,” “budget,” “estimate,” “expect,” “forecast,” “initial,” “intend,” “may,” “plan,” “potential,” “project,” “proposed,” “should,” “will,” “would,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements herein relate to, among other things, the capacity, timing, and other aspects of the Driftwood project, and future costs and benefits of, and demand for, LNG. These statements involve a number of known and unknown risks, which may cause actual results to differ materially from expectations expressed or implied in the forward-looking statements. These risks include the matters discussed in Item 1A of Part I of the Annual Report on Form 10-K of Tellurian for the fiscal year ended December 31, 2020 filed by Tellurian with the Securities and Exchange Commission (the SEC) on February 24, 2021, and other Tellurian filings with the SEC, all of which are incorporated by reference herein. Estimates of natural gas resources are subject to substantially greater risk of not being produced than estimates of proved reserves. The forward-looking statements in this press release speak as of the date of this release. Although Tellurian may from time to time voluntarily update its prior forward-looking statements, it disclaims any commitment to do so except as required by securities laws.

Media:
Joi Lecznar
EVP Public and Government Affairs
Phone +1.832.962.4044
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Investors:
Matt Phillips
Vice President, Investor Relations
Phone +1.832.320.9331
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~Greenlane showcased along with the top performing listed companies from five industry sectors~

VANCOUVER, British Columbia--(BUSINESS WIRE)--Greenlane Renewables Inc. (“Greenlane”) (TSX: GRN / FSE: 52G) today announced it has been named to the 2021 Venture 50, the TSX Venture Exchange's flagship program showcasing the ten top performing listed companies from five industry sectors: Clean Technology and Life Sciences, Diversified Industries, Energy, Mining, and Technology. The performance criteria is based on trading volume and increase in share price and market capitalization during calendar year 2020.

"We are honoured to have been recognized as one of the top 10 performing Clean Technology and Life Sciences companies on the TSX Venture Exchange," said Brad Douville, President & CEO of Greenlane. "We became a public company only 20 months ago and to see this recognition being named to the 2021 Venture 50 is a testament to the hard work and dedication of our team, the strength of our technology and the strong market support of our value proposition in the fast emerging renewable natural gas industry."

On February 17, 2021 Greenlane announced its graduation to the TSX senior board with its common shares and warrants trading on the TSX under the current trading symbols of "GRN" and “GRN.WT”, respectively.

About Greenlane Renewables

Greenlane Renewables is a leading global provider of biogas upgrading systems that are helping decarbonize natural gas. Our systems produce clean, low-carbon renewable natural gas from organic waste sources including landfills, wastewater treatment plants, dairy farms, and food waste, suitable for either injection into the natural gas grid or for direct use as vehicle fuel. Greenlane is the only biogas upgrading company offering the three main technologies: water wash, pressure swing adsorption, and membrane separation. With over 30 years industry experience, patented proprietary technology, and over 110 biogas upgrading systems supplied into 18 countries worldwide, including the world’s largest biogas upgrading facility, Greenlane is inspired by a commitment to helping waste producers, gas utilities or project developers turn a low-value product into a high-value low-carbon renewable resource. For further information, please visit www.greenlanerenewables.com.

Incite Capital Markets
Eric Negraeff / Darren Seed
Ph: 604.493.2004
Brad Douville, President & CEO, Greenlane Renewables
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

HOUSTON--(BUSINESS WIRE)--Cheniere Energy Partners, L.P. (“Cheniere Partners”) (NYSE American: CQP) today announced its financial results for fourth quarter and full year 2020.

HIGHLIGHTS

• Net income of $409 million for fourth quarter 2020 and $1.18 billion for full year 2020.
• Adjusted EBITDA¹ of $772 million for fourth quarter 2020 and $2.76 billion for full year 2020.
• Paid a distribution of $0.655 per common unit on February 12, 2021 to unitholders of record as of February 8, 2021.
• Paid total distributions of $2.59 per common unit for full year 2020, within the full year guidance range.
• Reconfirmed full year 2021 distribution guidance.

Net income decreased $39 million, or 9%, during fourth quarter 2020 as compared to fourth quarter 2019, primarily due to decreased total margins² which were driven primarily by increased non-cash losses from changes in fair value of commodity derivatives, partially offset by slightly increased LNG sold including both physical and cancelled cargoes. LNG volumes recognized in income and margins per MMBtu of LNG delivered to customers were comparable for fourth quarter 2020 and fourth quarter 2019.

Net income during full year 2020 was flat as compared to full year 2019 as a result of increased operating income offset by increased loss on modification or extinguishment of debt, increased interest expense, and decreased interest income earned on cash and cash equivalents. Operating income increased primarily due to an increase in total margins, partially offset by costs incurred in response to the COVID-19 pandemic. Total margins increased primarily due to increased LNG sold including both physical and cancelled cargoes, primarily as a result of additional Trains in operation, and higher margins per MMBtu of LNG delivered to customers, partially offset by increased non-cash losses from changes in fair value of commodity derivatives. Margins per MMBtu of LNG delivered to customers increased during full year 2020 as compared to full year 2019, due to both a higher proportion of volumes sold under higher-margin long-term contracts and an increase in margins on excess production volumes sold to our marketing affiliate.

Adjusted EBITDA² during fourth quarter 2020 increased 1% as compared to fourth quarter 2019, primarily due to the slight increase in LNG revenues as described above.

Adjusted EBITDA increased $255 million, or 10%, during full year 2020 as compared to full year 2019, primarily due to increased LNG sold including both physical and cancelled cargoes, primarily as a result of additional Trains in operation, and higher margins per MMBtu of LNG delivered to customers as described above.

During fourth quarter and full year 2020, we recognized $40 and $553 million, respectively, in revenues associated with LNG cargoes cancelled by customers. LNG revenues during fourth quarter 2020 excluded $21 million that would have been recognized during the quarter if the cargoes had been lifted, as these revenues were recognized during third quarter 2020 when cancellations were received. Excluding the impact of cargo cancellations received in prior periods for the current periods, our total revenues would have been $2.02 and $6.17 billion for fourth quarter and full year 2020, respectively.

The following table summarizes the timing impacts of revenue recognition related to cancelled cargoes on our revenues for fourth quarter and full year 2020 (in millions):

During fourth quarter and full year 2020, 89 and 275 LNG cargoes, respectively, were exported from the SPL Project and recognized in income. Additionally, during fourth quarter 2020, we recognized in income two cargoes totaling approximately 6 TBtu of LNG which were procured by Sabine Pass Liquefaction, LLC (“SPL”) from Cheniere Energy, Inc.’s Corpus Christi liquefaction facility (the “CCL Project”). During full year 2020, we recognized in income five cargoes totaling approximately 17 TBtu of LNG which were procured by SPL from the CCL Project.

KEY FINANCIAL TRANSACTIONS

In February 2021, SPL entered into a note purchase agreement with Allianz Global Investors GmbH to issue an aggregate principal amount of $147 million of 2.95% Senior Secured Notes due 2037. The notes are expected to be issued in December 2021, and net proceeds are expected to be used to refinance a portion of SPL’s outstanding Senior Secured Notes due 2022. The Senior Secured Notes due 2037 will be fully amortizing, with a weighted average life of over 10 years.

SABINE PASS LIQUEFACTION PROJECT UPDATE

As of February 19, 2021, more than 1,175 cumulative LNG cargoes totaling over 80 million tonnes of LNG have been produced, loaded, and exported from the SPL Project.

Construction Progress as of December 31, 2020

(1) Engineering 99.0% complete, procurement 99.9% complete, and construction 49.2% complete

SPL Project Overview

We own natural gas liquefaction facilities consisting of five operational liquefaction Trains and one additional Train under construction, with a total production capacity of approximately 30 million tonnes per annum (“mtpa”) of LNG at the Sabine Pass LNG terminal (the “SPL Project”).

DISTRIBUTIONS TO UNITHOLDERS

We paid a cash distribution of $0.655 per common unit to unitholders of record as of February 8, 2021 and the related general partner distribution on February 12, 2021.

INVESTOR CONFERENCE CALL AND WEBCAST

Cheniere Energy, Inc. will host a conference call to discuss its financial and operating results for the fourth quarter and full year 2020 on Wednesday, February 24, 2021, 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.

^{___________________________
1} Non-GAAP financial measure. See “Reconciliation of Non-GAAP Measures” for further details.
² Total margins as used herein refers to total revenues less cost of sales.

About Cheniere Partners

Cheniere Partners owns the Sabine Pass LNG terminal located in Cameron Parish, Louisiana, which has natural gas liquefaction facilities consisting of five operational liquefaction Trains and one additional Train under construction, 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 two marine berths with a third marine berth under construction. Cheniere Partners also owns the Creole Trail Pipeline, which interconnects the Sabine Pass LNG terminal with a number of large interstate 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, 2020, 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 expectations regarding regulatory authorizations and approvals, (iii) statements expressing beliefs and expectations regarding the development of Cheniere Partners’ LNG terminal and liquefaction business, (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 regarding the COVID-19 pandemic and its impact on our business and operating results. 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 fourth quarter and full year 2020 and 2019 (in millions):

Adjusted EBITDA is calculated by taking net income before interest expense, net of capitalized interest, changes in the fair value and settlement of our interest rate derivatives, taxes, 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, changes in the fair value of our commodity derivatives, impairment expense and loss on disposal of assets, and non-recurring costs related to our response to the COVID-19 outbreak which are incremental to and separable from normal operations. 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 business performance. Management believes Adjusted EBITDA is widely used by investors to measure a company’s operating performance without regard to items such as interest expense, taxes, depreciation and amortization which vary substantially from company to company depending on capital structure, the method by which assets were acquired and depreciation policies. Further, the exclusion of certain non-cash items, other non-operating income or expense items and other items not otherwise predictive or indicative of ongoing operating performance enables comparability to prior period performance and trend analysis.

We have not made any forecast of net income on a run rate basis, which would be the most directly comparable financial measure under GAAP, in part because net income includes the impact of derivative transactions, which cannot be determined at this time, and we are unable to reconcile differences between run rate Distributable Cash Flow and income.

Cheniere Partners Contacts
Investors
Randy Bhatia, 713-375-5479
Megan Light, 713-375-5492
Media Relations
Eben Burnham-Snyder, 713-375-5764
Jenna Palfrey, 713-375-5491

SPRING, Texas--(BUSINESS WIRE)--Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) today announced its subsidiary Perma-Pipe Middle East FZC has been awarded a substantial contract by the Italian contractor, Saipem S.p.A. (Saipem), for the provision of double joint welding, coating and thermal insulation for a 36 inch pipeline as part of a major ongoing project in the Middle East.

The project will utilize Perma-Pipe’s premier engineered POLY-THERM® insulation system, a spray-applied polyisocyanurate (PIR) foam jacketed with a robust glass reinforced plastic (GRP) outer jacket that prevents corrosion under insulation (CUI) and the associated high costs of inspection, repair, replacement and downtime caused by pipe corrosion. The project will begin execution in Perma-Pipe’s Fujairah facility in the United Arab Emirates in Q1 2021. The contract value is in excess of $5.0 million.

Saleh Sagr, Vice President for Perma-Pipe’s MENA region states, “Perma-Pipe is currently working with Saipem in Kuwait, providing a thermal insulation system, field joints, and a leak detection system for a 30 inch diameter pipeline. This new award demonstrates the trust Saipem places in Perma-Pipe and reinforces our working relationship.”

Grant Dewbre, Sr. Vice President for Perma-Pipe’s MENA region states, "We believe that our technical ability to deliver a turnkey solution by double jointing, coating and pre-insulating a piping system provided us with the competitive edge for this project. Saipem was seeking a cost-effective, safe and efficient installation method, and our solution was chosen over previously utilized insulation systems.”

David Mansfield, President and CEO commented, "We would like to thank Saipem for advocating Perma-Pipe’s technical solution and look forward to working closely together on future projects.”

Perma-Pipe International Holdings, Inc.

Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) is a global leader in pre-insulated piping and leak detection systems for oil and gas gathering, district heating and cooling, and other applications. It uses its extensive engineering and fabrication expertise to develop piping solutions that solve complex challenges regarding the safe and efficient transportation of many types of liquids. In total, Perma-Pipe has operations at thirteen locations in six countries.

David Mansfield, President and CEO
Perma-Pipe Investor Relations
847.929.1200
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First expiry month will be June 2021

ADNOC confirms pricing for Murban will be based on Murban Futures price from June

Pricing mechanism for ADNOC’s Upper Zakum, Das and Umm Lulu grades will be priced at a differential to Murban Futures price

ABU DHABI, United Arab Emirates--(BUSINESS WIRE)--Intercontinental Exchange, Inc. (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of mortgage technology, data and listings services, today announced an update on Murban Crude Oil futures.

ICE plans to launch ICE Futures Abu Dhabi (IFAD), Murban Crude Oil futures, and related cash settled derivatives and inter-commodity spreads, on March 29, 2021, subject to regulatory approval. Murban futures will go to physical delivery two months ahead. The first Murban futures contract month at launch will be the June contract, which expires at the end of April for physical delivery in June.

Today ADNOC, the producer of Murban Crude, announced that it plans to move its Official Selling Price mechanism for pricing its Murban crude sales to be based on the ICE Murban Futures Contract from June 2021. ADNOC confirmed today that its Upper Zakum, Das and Umm Lulu grades will be priced at a differential to the Murban price as set by the Murban futures contract.

“With under five weeks until launch, we are working very closely with all our customers, clearing members and partners who intend to be actively involved in Murban futures,” said Jamal Oulhadj, President of ICE Futures Abu Dhabi. “These new contracts will be incredibly beneficial to the energy market, bringing for the first time the ability to hedge Murban price risk. Murban is a highly fungible crude which is imported into almost every country across Asia. It is widely used by refineries, and globally recognized for its consistent quality and stable production volumes, as well as its large number of buyers around the world, and as such we believe Murban futures have an important role to play in global crude pricing.”

Contracts traded at IFAD will be cleared at ICE Clear Europe, a leading energy clearing house, and will clear alongside ICE’s global energy futures platform covering oil, natural gas and the environmental complex, allowing customers to benefit from associated margin offsets.

About Intercontinental Exchange

Intercontinental Exchange (NYSE: ICE) is a Fortune 500 company and provider of marketplace infrastructure, data services and technology solutions to a broad range of customers including financial institutions, corporations and government entities. We operate regulated marketplaces, including the New York Stock Exchange, for the listing, trading and clearing of a broad array of derivatives contracts and financial securities across major asset classes. Our comprehensive data services offering supports the trading, investment, risk management and connectivity needs of customers around the world and across asset classes. As a leading technology provider for the U.S. residential mortgage industry, ICE Mortgage Technology provides the technology and infrastructure to transform and digitize U.S. residential mortgages, from application and loan origination through to final settlement.

Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the SEC on February 4, 2021.

ICE- CORP
Source: Intercontinental Exchange

ICE Media Contact:
Rebecca Mitchell
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+44 7951 057 351

ICE Investor Contact:
Warren Gardiner
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770-835-0114

This is Encamp’s first time to be selected to the celebrated list.

INDIANAPOLIS--(BUSINESS WIRE)--#BPTWIN--Encamp, which offers a first of its kind environmental, health, and safety (EHS) compliance software product that combines data management and environmental compliance reporting automation via the cloud, has been named one of the Best Places to Work in Indiana for 2021.

The annual Best Places to Work program is organized by the Indiana Chamber of Commerce and Best Companies Group and is now in its 16th year. The statewide survey and awards program identifies, recognizes, and honors participating employers in Indiana who promote leading workplace cultures.

This is Encamp’s first time to make the celebrated list. The company, which was formed in 2017 and launched publicly in 2018, was chosen as one of 59 winners in the Small Companies category of 15 to 74 employees. Encamp currently has 26 employees but plans to expand its staff throughout 2021, the result of significant revenue growth in 2020.

“When we first envisioned Encamp, we knew central Indiana was where we needed to establish the company,” said co-founder and CEO Luke Jacobs, who earned his B.S. in Environmental Science from Indiana University Bloomington. “Along with the state’s track record of supporting the technology sector and high-growth tech startups like ours, we knew there was a strong pool of talent here. But to attract the best people, we also knew we had to create a culture of diversity and inclusion, which is as important to us as creating technology to help protect the environment.”

Best Places to Work award winners for 2021 total 125 companies in four categories based on company size. In addition to the Small Companies category, winners are chosen in categories for Medium Companies of between 75 and 249 U.S. employees, Large Companies of between 250 and 999 U.S. employees, and Major Companies with 1,000 or more U.S. employees. Winners are ultimately ranked in each category.

The company rankings will be unveiled May 6 at an awards event sponsored by Ivy Tech Community College. The format is yet to be determined – either entirely virtual or a hybrid with an in-person option. Final determination will be made based on attendee safety and input of the winners.

“We have many tremendous employers in the state, so it’s great to see more and more companies take part in this effort to evaluate their workplace cultures and gain the recognition they deserve,” said Indiana Chamber president Kevin Brinegar. “These companies consistently demonstrate to their employees how much they value their contributions.”

Last year with the pandemic ongoing, Encamp closed its office in Broad Ripple and transitioned to a fully virtual work model. The move included a new stipend to all employees for at-home office equipment, unlimited paid time off (PTO), and other measures to help deal with the change. Yet even as a remote workforce, Encamp’s culture remained as strong as ever. As did employees’ positive impacts.

The company’s revenue growth of more than 800% in 2020 included closing several new Fortune 1000 and Fortune 100 customers. Encamp also extended its standing as the largest filer of Tier II hazardous material inventory reports in the country. The company can now add being one of the Best Places to Work in Indiana to its accomplishments.

About Encamp

Encamp was formed in 2017 and introduced its SaaS-based software to the environmental, health, and safety (EHS) industry in 2018. While the company’s workforce is fully remote, Encamp is centered around Indianapolis, Indiana, and serves nearly 200 customers throughout the U.S.

By way of innovation, Encamp is the first EHS compliance software product to combine a powerful data management system and EHS compliance reporting automation. The SaaS-based Encamp platform lets companies replace inefficient point systems, spreadsheets, and legacy Environmental Management Information Systems (EMIS) to manage compliance data and reporting for regulated facilities.

Culture of diversity and inclusion

Although Encamp’s workforce is fully remote, the company maintains a culture that encourages and celebrates diverse voices, backgrounds, and experiences. The company is committed to unbiased hiring practices and achieving minority representation above community averages. Encamp further supports efforts like Black Lives Matter and its own Women of EHS initiative, which recognizes women throughout the EHS industry and their achievements.

“Diversity and inclusion are things Encamp has believed in from day one,” said Jacobs. “They’re cornerstones of our company, and we look to continue adding people to our team who believe in these same values. We want employees to be comfortable in bringing their authentic selves to work every day.”

Maintaining Encamp’s culture remotely

Since moving to a remote work model, Encamp has maintained its culture while prioritizing the health and wellbeing of its employees and their families. The company has intensified collaborative remote practices and emphasized staying “face to face” via Zoom. They’ve introduced remote weekly planning meetings and daily standup meetings, all on Zoom. Encamp also has things like remote happy hours and holiday parties, all-hands meetings for company announcements, and “wins” meetings via Zoom every Friday afternoon to recognize employee accomplishments and an “MVP” for the week.

In addition to the all-employees allowance to purchase at-home office equipment, Encamp also now offers a continuing monthly health and wellness stipend and available mental health services. Encamp has likewise improved its employee health insurance and associated benefit offerings.

About the Best Places to Work in Indiana program

The first part of this annual program evaluates each nominated company's workplace policies, practices, philosophy, systems, and demographics (25% of the total evaluation). The second part is an employee

survey to measure the employee experience (75% of the total evaluation). The combined scores determine the top companies and final rankings. Best Companies Group manages the overall registration and survey process, analyzes the data, and determines the final rankings.

For more information, visit www.BestPlacestoWorkIN.com.

Encamp, Inc.
Jess Engel – Director of Marketing
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HOUSTON--(BUSINESS WIRE)--Cheniere Energy, Inc. (“Cheniere”) (NYSE American: LNG) today announced its financial results for fourth quarter and full year 2020.

HIGHLIGHTS

• Consolidated Adjusted EBITDA¹ of $1.05 billion for fourth quarter 2020 and $3.96 billion for full year 2020, an increase of 35% compared to full year 2019 and within the full year 2020 guidance range. Distributable Cash Flow¹ of approximately $330 million for fourth quarter 2020 and $1.35 billion for full year 2020, an increase of approximately 75% compared to full year 2019 and above the full year 2020 guidance range. Net loss² of $194 million, or $0.77 per share, for fourth quarter 2020 and net loss of $85 million, or $0.34 per share, for full year 2020. Fourth quarter net loss was negatively impacted by non-cash changes in fair value of commodity derivatives. Full year net loss was also negatively impacted by non-cash changes in fair value of commodity derivatives, as well as certain other non-operating losses.
• Increasing full year 2021 Consolidated Adjusted EBITDA guidance to $4.1 - $4.4 billion and full year 2021 Distributable Cash Flow guidance to $1.4 - $1.7 billion based on strong execution and improved market conditions.
• Prepaid $100 million of outstanding borrowings under the Cheniere Term Loan Facility with available cash in fourth quarter 2020, in line with previously announced capital allocation priorities. During full year 2020, allocated over $650 million to debt reduction and capital returns, including redemption of $300 million principal amount of the CCH Holdco convertible notes in cash in March, prepayments totaling $200 million of borrowings under the Cheniere Term Loan Facility, and repurchases of 2.9 million shares of common stock for $155 million.
• Entered into mid-term LNG sales agreements during fourth quarter 2020 for portfolio volumes aggregating over four million tonnes of LNG with multiple counterparties and with contract tenors ranging from five to approximately 11 years, on both free on board (“FOB”) and delivered ex-ship (“DES”) terms.
• Commenced shipment of LNG commissioning cargoes from Train 3 of the CCL Project (defined below) in December as part of the commissioning process. A total of 22 TBtu of commissioning LNG has been exported from Train 3 as of February 19, 2021, and the project remains on track to achieve substantial completion in first quarter 2021.
• Loaded and shipped the first two LNG cargoes under the 25-year LNG Sale and Purchase Agreement (“SPA”) with CPC Corporation, Taiwan in December. The cargoes were delivered in first quarter 2021.

CEO COMMENT

“After a year in which the unprecedented became ordinary course, I am extremely proud to report fourth quarter and full year 2020 financial results that place us solidly within our original, unchanged Consolidated Adjusted EBITDA guidance range and above our Distributable Cash Flow guidance range for the year,” said Jack Fusco, Cheniere’s President and Chief Executive Officer. “We accomplished this while successfully managing a full spectrum of challenges last year, from a global health crisis and its wide-ranging effects, to record low LNG market pricing, and two major hurricanes making landfall near our infrastructure. The results we reported today once again prove the resilience, stability, and reliability of our business through commodity cycles.”

“I am pleased to report the recent winter storm and the resulting effect on electricity and other utilities in the Gulf Coast had no material impact on our assets or operations. We worked closely with state and local officials, suppliers, customers, and other stakeholders to mitigate the impact on our operations through the event while providing critically needed natural gas back into the system to help restore services for human needs.”

“I want to thank the entire Cheniere team for its tireless efforts to adapt to new circumstances and to rise to new challenges, excelling within them and helping us reinforce our reputation within the LNG industry for operational excellence and within the financial community for reliable execution and delivering on our promises.”

“I am confident we can continue to execute in 2021, and many tailwinds are present today. We are in the final stages of commissioning Train 3 at Corpus Christi and look forward to placing that project into service in the coming weeks. Additionally, the global LNG market has strengthened significantly since our last quarterly update, improving our outlook for the remainder of the year. Today we are raising our 2021 financial guidance and are confident in our ability to once again deliver reliable financial results this year and to progress on commercializing additional portfolio volumes as well as Corpus Christi Stage 3.”

Net loss increased during fourth quarter 2020 as compared to fourth quarter 2019 primarily due to decreased operating income and decreased income tax benefit. Operating income decreased primarily due to a decrease in total margins³, primarily attributable to increased non-cash losses from changes in fair value of commodity and foreign exchange (“FX”) derivatives, principally related to the impact of commodity curve shifts on our long-term Integrated Production Marketing (“IPM”) agreements for the purchase of natural gas and on our forward sales of LNG. LNG volumes recognized in income and margins per MMBtu of LNG delivered to customers were comparable for fourth quarter 2020 and fourth quarter 2019. Tax benefit decreased during fourth quarter 2020 due to a nonrecurrence of the release of a significant portion of the valuation allowance previously recorded against our deferred tax assets in 2019.

During fourth quarter 2020, net loss was negatively impacted by approximately $515 million related to non-cash changes in fair value of commodity and FX derivatives, primarily related to the impact of commodity curve shifts on our IPM agreements for the purchase of natural gas and on our forward sales of LNG.

Our IPM agreements and certain gas supply agreements qualify as derivatives, requiring mark-to-market (“MTM”) accounting. From period to period, we will experience non-cash gains and losses as price movements occur in the underlying commodity curves related to these forward purchases of natural gas. 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. While operationally we seek to eliminate commodity risk by matching our natural gas purchases and LNG sales on the same pricing index, our long-term LNG SPAs do not currently qualify for MTM accounting, meaning that the fair market value impact of only one side of the transaction is recognized on our financial statements until the delivery of natural gas and sale of LNG occurs. Our IPM agreements are designed to provide stable margins on purchases of natural gas and sales of LNG over the life of the agreement and have a fixed fee component, similar to that of LNG sold under our long-term, fixed fee LNG SPAs.

Net loss increased during full year 2020 as compared to full year 2019 primarily due to increased tax expense, increased interest expense and interest rate derivative loss, increased loss on modification or extinguishment of debt, and increased loss on our equity method investments, partially offset by an increase in operating income. Operating income increased due to an increase in total margins, partially offset by increased operating costs and expenses primarily due to additional Trains in operation and costs incurred in response to the COVID-19 pandemic. Total margins increased primarily due to increased LNG sold including both physical and cancelled cargoes, primarily as a result of additional Trains in operation, partially offset by increased non-cash losses from changes in fair value of commodity and FX derivatives. Margins per MMBtu of LNG delivered to customers increased slightly during full year 2020 as compared to full year 2019, primarily due to an increase in the proportion of volumes sold under higher-margin long-term contracts, partially offset by a decrease in market margins for short-term cargoes sold.

Consolidated Adjusted EBITDA increased $65 million, or 7%, during fourth quarter 2020 as compared to fourth quarter 2019, primarily due to accelerated recognition of revenues for cargoes cancelled during fourth quarter 2020 that would have been delivered during first quarter 2021 and a slight decrease in selling, general and administrative expense.

Consolidated Adjusted EBITDA increased $1.02 billion, or 34%, during full year 2020 as compared to full year 2019, primarily due to increased LNG sold including both physical and cancelled cargoes, primarily as a result of additional Trains in operation, as well as slightly increased margins per MMBtu of LNG delivered to customers as detailed above, partially offset by increased operating costs and expenses primarily due to additional Trains in operation.

During fourth quarter and full year 2020, we recognized $38 and $969 million, respectively, in revenues associated with LNG cargoes cancelled by customers, of which $38 million would have been recognized subsequent to December 31, 2020, if the cargoes were lifted pursuant to the customers’ delivery schedules. LNG revenues during fourth quarter 2020 excluded $47 million that would have been recognized during the quarter if the cargoes had been lifted, as these revenues were recognized during third quarter 2020 when cancellations were received. Excluding the impact of cargo cancellations related to periods subsequent to December 31, 2020 and those received in prior periods for the current periods, our total revenues would have been $2.80 and $9.32 billion for fourth quarter and full year 2020, respectively.

Share-based compensation expenses included in income totaled $26 and $110 million for fourth quarter and full year 2020, respectively, compared to $37 and $131 million for the comparable 2019 periods.

Our financial results are reported on a consolidated basis. Our ownership interest in Cheniere Energy Partners, L.P. (“Cheniere Partners”) (NYSE American: CQP) as of December 31, 2020 consisted of 100% ownership of the general partner and a 48.6% limited partner interest.

BALANCE SHEET MANAGEMENT

Capital Resources

As of December 31, 2020, we had cash and cash equivalents of $1.6 billion on a consolidated basis, of which $1.2 billion was held by Cheniere Partners. In addition, we had current restricted cash of $449 million, $1.13 billion of available commitments under our Revolving Credit Facility, $767 million of available commitments under the Cheniere Corpus Christi Holdings, LLC Working Capital Facility, $750 million of available commitments under Cheniere Partners’ credit facilities, and $787 million of available commitments under the Sabine Pass Liquefaction, LLC (“SPL”) Working Capital Facility.

Key Financial Transactions and Updates

In February 2021, SPL entered into a note purchase agreement with Allianz Global Investors GmbH to issue an aggregate principal amount of $147 million of 2.95% Senior Secured Notes due 2037. The notes are expected to be issued in December 2021, and net proceeds are expected to be used to refinance a portion of SPL’s outstanding Senior Secured Notes due 2022. The Senior Secured Notes due 2037 will be fully amortizing, with a weighted average life of over 10 years.

LIQUEFACTION PROJECTS UPDATE

As of February 19, 2021, approximately 1,425 cumulative LNG cargoes totaling over 95 million tonnes of LNG have been produced, loaded and exported from our liquefaction projects.

(1) Engineering 100.0% complete, procurement 100.0% complete, and construction 99.0% complete
(2) Engineering 99.0% complete, procurement 99.9% complete, and construction 49.2% complete

Liquefaction Projects Overview

SPL Project

Through Cheniere Partners, we operate five natural gas liquefaction Trains and are constructing one additional Train for a total production capacity of approximately 30 million tonnes per annum (“mtpa”) of LNG at the Sabine Pass LNG terminal (the “SPL Project”).

CCL Project

We operate two Trains and are commissioning one additional Train for a total production capacity of approximately 15 mtpa of LNG near Corpus Christi, Texas (the “CCL Project”).

Corpus Christi Stage 3

We are developing an expansion adjacent to the CCL Project for up to seven midscale Trains with an expected total production capacity of approximately 10 mtpa of LNG (“Corpus Christi Stage 3”). We expect to commence construction of the Corpus Christi Stage 3 project upon, among other things, entering into an engineering, procurement, and construction contract and additional commercial agreements, and obtaining adequate financing.

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 2020 on Wednesday, February 24, 2021, 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 liquefied natural gas (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 expected total production capacity of approximately 45 million tonnes per annum of LNG operating or 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, 2020, 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 expectations regarding regulatory authorizations and approvals, (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, (vii) statements relating to the amount and timing of share repurchases, and (viii) statements regarding the COVID-19 pandemic and its impact on our business and operating results. 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

During fourth quarter and full year 2020, 130 and 391 LNG cargoes, respectively, were exported from our liquefaction projects, two of which were commissioning cargoes. Eight cargoes exported from our liquefaction projects and sold on a delivered basis were in transit as of December 31, 2020.

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 fourth quarter and full year 2020:

In addition, during fourth quarter and full year 2020, we recognized the financial impact of 24 TBtu and 103 TBtu of LNG, respectively, on our Consolidated Financial Statements related to LNG cargoes sourced from third parties.

CARGO CANCELLATION REVENUE SUMMARY

The following table summarizes the timing impacts of revenue recognition related to cancelled cargoes on our revenues for fourth quarter and full year 2020 (in millions):