Single/Dual 4-Amp isolated gate drivers with high transient immunity for high reliability industrial, military and power applications. SCDs are supported, devices are tested and shipped from Teledyne’s certified US production facility

MILPITAS, Calif.--(BUSINESS WIRE)--Teledyne e2v HiRel today announced availability of a pair of new isolated gate drivers ideally suited for driving GaN power parts used in a wide variety of power supply, dc/dc converter, battery management systems (BMS), Point-of-Load (POL) modules and motor control applications.

The TDGD27x isolated gate drivers utilize silicon isolation technology, supporting up to 2.5 kVRMS. This technology enables industry leading common-mode transient immunity (CMTI), tight timing specifications, reduced variation with temperature and age, better part-to-part matching, and 100% AC/DC testing at -55 °C to 125 °C.

The TDGD271 is a single channel driver with very low jitter, offered in an 8-pin SOIC package. The TDGD274 dual channel driver can be driven with PWM (pulse width modulated) inputs and is offered in a 16-pin SOIC package. The TDGD27x family devices are ideal for a wide range of isolated MOSFET/IGBT and SiC or GaN HEMT gate drive applications, including driving Teledyne HiRel's TDG family of GaN HEMTs. Their small size and wide temperature range (-55 to +125 °C) make them unique.

“Many power applications are taking advantage of the reduced size and higher efficiency made possible by wide band-gap (WBG) semiconductors. However, there was a lack of supporting functions suitable for the most demanding high reliability applications,” said Mont Taylor, VP of Business Development at Teledyne HiRel. “The TDGD isolated gate drivers are available with 100% screening and from one diffusion lot, making them a natural choice for the most demanding systems.”

Devices are available for ordering and shipment today from Teledyne e2v HiRel or an authorized distributor. They are shipped from our DoD Trusted Facility in Milpitas, California.

ABOUT TELEDYNE e2v HIREL ELECTRONICS

Teledyne HiRel’s innovations lead developments in space, transportation, defense, and industrial markets. HiRel’s unique approach involves listening to the market and application challenges of customers and partnering with them to provide innovative standard, semi-custom or fully-custom solutions, bringing increased value to their systems. For more information, visit http://www.tdehirel.com

ABOUT TELEDYNE DEFENSE ELECTRONICS

Serving Defense, Space and Commercial sectors worldwide, Teledyne Defense Electronics offers a comprehensive portfolio of highly engineered solutions that meet your most demanding requirements in the harshest environments. Manufacturing both custom and off-the-shelf product offerings, our diverse product lines meet emerging needs for key applications for avionics, energetics, electronic warfare, missiles, radar, satcom, space, and test and measurement. www.teledynedefelec.com.

Sharon Fletcher
Teledyne Defense Electronics
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HOUSTON--(BUSINESS WIRE)--Halliburton Company (NYSE: HAL) today announced it signed an agreement with Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) to grant Teck access to Neftex^® Predictions to support their global mineral exploration efforts. Teck is one of Canada’s leading mining companies and is committed to responsible mining and mineral development with major business units focused on copper, zinc, and steelmaking coal as well as investments in energy assets with operations in Canada, the United States, Chile, and Peru.

Neftex^® Predictions from Halliburton Landmark provides geoscience context, knowledge, and insight and delivers the most comprehensive, integrated geological framework for subsurface evaluation and risk assessment. The integrated infrastructure for subsurface prediction delivers a complete understanding of key geological features that guide mineral exploration.

The cloud-deployed portfolio also provides access to a suite of predictive global models for exploration, tools for subsurface visualization, and analytical capabilities. Together, these capabilities increase subsurface accuracy to reduce exploration risk and improve confidence in decision-making.

“We look forward to collaborating with Teck and supporting their mineral exploration and digital transformation in the mining sector,” said Nagaraj Srinivasan, senior vice president of Landmark, Halliburton Digital Solutions and Consulting.

About Halliburton

Founded in 1919, Halliburton is one of the world's largest providers of products and services to the energy industry. With approximately 40,000 employees, representing 130 nationalities in more than 70 countries, the company helps its customers maximize value throughout the lifecycle of the reservoir – from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production throughout the life of the asset. Visit the company’s website at www.halliburton.com. Connect with Halliburton on Facebook, Twitter, LinkedIn, Instagram and YouTube.

For Investors:
David Coleman
Investor Relations
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281-871-2692

For News Media:
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External Affairs
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281-871-2601

Sponsorship agreement covers GAUSSIN’s new RACING TRUCK and the option to subscribe for up to 20% of GAUSSIN common stock

HÉRICOURT, France--(BUSINESS WIRE)--GAUSSIN (ALGAU - FR0013495298), a pioneer in the clean and intelligent transport of goods and people, announced that ARAMCO has agreed to be the title sponsor of GAUSSIN’s new RACING TRUCK for the 2022 DAKAR RALLY that will be held in January. As a part of this agreement, ARAMCO also has the option to subscribe for up to 20% of the common stock of GAUSSIN shares.

Upcoming events

2022 Dakar Rally Race: January 2-14, 2021

About GAUSSIN

GAUSSIN is an engineering company that designs, assembles and sells innovative products and services in the transport and logistics field. Its know-how encompasses cargo and passenger transport, autonomous technologies allowing for self-driving solutions such as Automotive Guided Vehicles, and the integration all types of batteries, electric and hydrogen fuel cells in particular. With more than 50,000 vehicles worldwide, GAUSSIN enjoys a strong reputation in four fast-expanding markets: port terminals, airports, logistics and people mobility. The group has developed strategic partnerships with major global players in order to accelerate its commercial penetration: Siemens Postal, Parcel & Airport Logistics in the airport field, Bolloré Ports and ST Engineering in ports and Bluebus for people mobility. GAUSSIN has broadened its business model with the signing of license agreements accelerating the diffusion of its technology throughout the world. The acquisition of METALLIANCE confirms the emergence of an international group present in all segments of intelligent and clean vehicles.

In October 2021, GAUSSIN won the Dubai World Challenge for Self-Driving Transport.

GAUSSIN has been listed on Euronext Growth in Paris since 2010. More information on www.gaussin.com.

More information on Gaussin is available on www.gaussin.com

* This document may contain forward-looking information. Such forward-looking information refers to future prospects, developments and strategies of Gaussin and is based on an analysis of expected future results and estimates of amounts that are not yet determinable to date. Forward-looking information naturally contains elements of risk and uncertainty relative to events and therefore dependent on circumstances which may or may not occur in the future. Gaussin draws your attention to the fact that forward-looking information provides no guarantee concerning its future performance or financial situation, financial results or trends in the sector in which Gaussin operates, and which may significantly differ from those proposed or suggested in the forward-looking statements contained in this presentation. Furthermore, even though the financial position of Gaussin, its performance and trends in the sector in which Gaussin operates comply with the forward-looking information contained in this presentation, such performance or trends may not be a reliable indication of the company’s future performance or prospects. Gaussin is not committed to updating or confirming analysts' expectations or estimates or to publicly correcting any information or event in order to reflect an event or circumstance eventually occurring following this presentation.

GAUSSIN
Christophe Gaussin, This email address is being protected from spambots. You need JavaScript enabled to view it.
+33(0)3.84.46.13.45

Ulysse Communication
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DUBLIN--(BUSINESS WIRE)--The "Renewable Energy Global Group of Eight (G8) Industry Guide - Market Summary, Competitive Analysis and Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.

The G8 Renewable Energy industry profile provides top-line qualitative and quantitative summary information including: market size (value and volume 2016-20, and forecast to 2025). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.

Key Highlights

• The G8 countries contributed $248,359.0 million in 2020 to the global renewable energy industry, with a compound annual growth rate (CAGR) of 7.4% between 2016 and 2020. The G8 countries are expected to reach a value of $321,668.7 million in 2025, with a CAGR of 5.3% over the 2020-25 period.
• Among the G8 nations, the US is the leading country in the renewable energy industry, with market revenues of $97,969.0 million in 2020. This was followed by Japan and Canada, with a value of $43,355.6 and $37,259.7 million, respectively.
• The US is expected to lead the renewable energy industry in the G8 nations with a value of $134,563.6 million in 2016, followed by Japan and Canada with expected values of $57,266.5 and $42,550.5 million, respectively.

Reasons to Buy

• What was the size of the G8 renewable energy market by value in 2020?
• What will be the size of the G8 renewable energy market in 2025?
• What factors are affecting the strength of competition in the G8 renewable energy market?
• How has the market performed over the last five years?
• What are the main segments that make up the G8 renewable energy market?

Key Topics Covered:

1 Introduction

2 Group of Eight (G8) Renewable Energy

3 Renewable Energy in Canada

4 Renewable Energy in France

5 Renewable Energy in Germany

6 Renewable Energy in Italy

7 Renewable Energy in Japan

8 Renewable Energy in Russia

9 Renewable Energy in The United Kingdom

10 Renewable Energy in The United States

11 Company Profiles

11.1. BC Hydro

11.2. Hydro-Quebec

11.3. Ontario Power Generation Inc.

11.4. TransAlta Corporation

11.5. Direct Energie SA

11.6. Electricite de France SA

11.7. Engie SA

11.8. EnBW Energie Baden-Wuerttenberg AG

11.9. Edison S.p.A.

11.10. Enel Green Power SpA

11.11. Eni S.p.A

11.12. The Tokyo Electric Power Company Holdings., Incorporated

11.13. Tohoku Electric Power Company, Incorporated

11.14. The Kansai Electric Power Co, Incorporated

11.15. Iberdrola, S.A.

11.16. RusHydro

11.17. Enel Russia

11.18. Territorial Generating Company No.1. JSC

11.19. Orsted AS

11.20. E.ON Climate & Renewables GmbH

11.21. SSE Plc.

11.22. EDF Energy Renewables Ltd

11.23. NextEra Energy, Inc.

11.24. Enel Green Power North America Inc.

11.25. General Electric Company

11.26. First Solar, Inc.

12 Appendix

For more information about this report visit https://www.researchandmarkets.com/r/ufng6p

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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WALL, N.J.--(BUSINESS WIRE)--The board of directors of New Jersey Resources Corporation (NYSE:NJR) (the “Company” or “NJR”) unanimously declared a quarterly dividend on its common stock of $0.3625 per share. The dividend will be payable on January 3, 2022 to shareowners of record as of December 15, 2021.

The Company is committed to providing value to its shareowners with a competitive return and has paid quarterly dividends continuously since its inception in 1952.

About New Jersey Resources
New Jersey Resources (NYSE:NJR) is a Fortune 1000 company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR is composed of five primary businesses:

• New Jersey Natural Gas, NJR’s principal subsidiary, operates and maintains over 7,500 miles of natural gas transportation and distribution infrastructure to serve over half a million customers in New Jersey’s Monmouth, Ocean and parts of Morris, Middlesex and Burlington counties.
• NJR Clean Energy Ventures invests in, owns and operates solar projects with a total capacity of more than 365 megawatts, providing residential and commercial customers with low-carbon solutions.
• NJR Energy Services manages a diversified portfolio of natural gas transportation and storage assets and provides physical natural gas services and customized energy solutions to its customers across North America.
• Storage & Transportation serves customers from local distributors and producers to electric generators and wholesale marketers through its ownership of Leaf River Energy Center and the Adelphia Gateway Pipeline Project, as well as our 50% equity ownership in the Steckman Ridge natural gas storage facility.
• NJR Home Services provides service contracts as well as heating, central air conditioning, water heaters, standby generators, solar and other indoor and outdoor comfort products to residential homes throughout New Jersey.

NJR and its nearly 1,200 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve^® and initiatives such as The SAVEGREEN Project^® and The Sunlight Advantage^®.

Follow us on Twitter @NJNaturalGas.
“Like” us on facebook.com/NewJerseyNaturalGas.

Media:
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732-938-1031
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Investors:
Dennis Puma
732-938-1229
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SALES, GROSS PROFIT AND BACKLOG UP; 2022 OUTLOOK: REVENUE UP 25%

LOUISVILLE, Ky.--(BUSINESS WIRE)--Sypris Solutions, Inc. (Nasdaq/GM: SYPR) today reported financial results for its third quarter ended October 3, 2021.

HIGHLIGHTS

─────────────────────

• Revenue for the third quarter increased 15.9% year-over-year, driven by the 38.3% expansion of shipments at Sypris Technologies, despite the impact of material shortages and supply chain challenges.
• Gross profit increased 12.4% year-over-year, reflecting the 14.5% growth at Sypris Electronics and 10.6% increase for Sypris Technologies. Gross margin increased 460 basis points to 20.8% for Sypris Electronics, while gross margin for Sypris Technologies declined to 12.6% reflecting mix and expenses incurred to increase capacity.
• Backlog for Sypris Electronics increased 24.0% year-over-year and 51.3% year-to-date on the strength of orders in the first nine months of 2021. Similarly, backlog for the energy products of Sypris Technologies increased 38.8% year-over-year and 59.6% year-to-date.
• Sypris Electronics announced a number of important contract awards during the quarter, including the following:
  • A contract to manufacture and test embedded circuit card assemblies that will perform certain Cryptographic functions for the Army Key Management System, with production to begin before year-end; and
  • A contract to produce and test multiple power supply modules for the upgrade of the electronic warfare suite of certain U.S. fighter jets. The system will deliver fully integrated radar warning, situational awareness, geolocation and self-protection capabilities. Production is expected to begin during the first quarter of 2022.
• The Company updated its full-year outlook for 2021, with revenue now expected to increase 20-25% year-over-year, down from prior guidance due to supply chain challenges. Gross margin is expected to expand 400-500 basis points year-over-year in the fourth quarter and contribute to strong double-digit percentage growth in cash flow generated from operations for the full year.
• The outlook for 2022 remains quite positive, reflecting the continued momentum of new contract awards and strong demand across many of the Company’s markets. Revenue for 2022 is forecast to increase 25%, gross margins are expected to expand 200 basis points, and cash flow from operations is forecast to increase materially year-over-year.

────────────────────

“Both operating segments reported gross profit growth for the quarter, contributing to a strong performance for the Company and positioning the business for further progress. Backlog for Sypris Electronics is up 24.0% from the third quarter of 2020 and up 51.3% since the beginning of the year, while the OEM backlog of Class 8 commercial vehicles is estimated to be up 210% year-over-year,” commented Jeffrey T. Gill, President and Chief Executive Officer.

“Backlog for Sypris Electronics in 2021 remains at its highest point in over a decade, with deliveries now scheduled well into 2023. While shipments during the quarter were impacted by the delayed receipt of material necessary to complete the build of certain products, we expect shipments from our recent contract wins to begin to contribute to revenue in the fourth quarter and provide meaningful growth in the top line going forward. In support of the expected increase in shipments, we secured customer funding for certain key programs to partially fund an increase in our inventories which should help to minimize production disruptions arising from supply chain constraints over the term of the related contracts.

“Demand from customers serving the automotive, commercial vehicle, sport utility, and off-highway markets remains strong, although our revised guidance is primarily driven by customer production levels that are lower than what we had previously anticipated. Freight demand is currently overwhelming industry capacity, with supply chain constraints currently dictating OEM production levels, which is flowing down and impacting demand for our products. Although the near-term outlook remains constrained, we have a clear path to capitalize on our growth objectives going forward as the various challenges facing this industry begin to subside.

“As we discussed on our previous earnings call, activity levels in the oil and gas industry remained challenging during the first nine months of 2021. However, steadily improving commodity prices, gradually reopening economies and increasing pipeline activity have resulted in increased orders recently of our energy related products, and an expected increase in volume during the fourth quarter of 2021 is well supported by a solid backlog of orders.”

Third Quarter Results

The Company reported revenue of $25.7 million for the third quarter of 2021, compared to $22.2 million for the prior-year period. Additionally, the Company reported net income of $0.3 million for the third quarter of 2021, or $0.01 per diluted share, compared to net income of $3.5 million, or $0.17 per diluted share, for the prior-year period. Results for the quarter ended October 4, 2020, include an income tax benefit of $3.2 million, primarily from the release of a valuation allowance on certain foreign deferred tax assets.

For the nine months ended October 3, 2021, the Company reported revenue of $71.6 million compared with $61.7 million for the first nine months of 2020. The Company reported net income for the nine-month period of $2.5 million, or $0.11 per diluted share, compared with $2.8 million, or $0.14 per diluted share, for the prior-year period. Results for the nine months ended October 3, 2021, include the recognition of a $3.6 million gain on the forgiveness of the Company’s PPP loan. Results for the nine months ended October 4, 2020, include net gains of $0.8 million from the sale of idle assets by Sypris Technologies and an income tax benefit of $3.2 million, primarily from the release of a valuation allowance on certain foreign deferred tax assets.

Sypris Technologies

Revenue for Sypris Technologies was $16.7 million in the third quarter of 2021 compared to $12.1 million for the prior-year period, reflecting the positive impact of new programs and the strength of the commercial vehicle market, partially offset by decreased energy related product sales. Gross profit for the third quarter of 2021 was $2.1 million, or 12.6% of revenue, compared to $1.9 million, or 15.8% of revenue, for the same period in 2020. Gross profit for the third quarter of 2021 was negatively impacted by product mix, increased operating supply spend and equipment maintenance expenses as we prepare for higher production levels anticipated in 2022.

Sypris Electronics

Revenue for Sypris Electronics was $9.0 million in the third quarter of 2021 compared to $10.1 million for the prior-year period. Shipments during the third quarter of 2021 were lower than the prior-year period as production tapered down on a limited rate production contract for a key program that is expected to ramp up beginning late in the fourth quarter as full rate production is launched. Certain programs have also been impacted by material availability, as receipts of a limited number of specific parts necessary to complete the build of the products were delayed or, in other instances, required us to resource and obtain alternative parts or use alternative suppliers. Gross profit for the third quarter of 2021 was $1.9 million, or 20.8% of revenue, compared to $1.6 million, or 16.2% of revenue, for the same period in 2020 due to a more favorable mix.

Outlook

Commenting on the future, Mr. Gill added, “While challenging supply chain conditions impacted our third-quarter results and forecast for the remainder of the year, the overall outlook for the U.S. economy remains positive. Demand is up considerably year-over-year from customers serving the automotive, commercial vehicle and sport utility markets, with Class 8 forecasts showing year-over-year production increases of over 22.9% for 2021, 18.3% in 2022 and an additional 15.5% in 2023. Similarly, demand from customers in the defense and communications sector remains robust. While the energy market continues to be volatile, we continue to secure new orders on important projects around the world.

“We expect the significant growth in orders and strength of our markets to have a substantial impact on our financial results through the remainder of the year and into 2022, with strong increases in revenue, margins and income forecast for the period and continuing going forward.

“We have updated our outlook to include a 20-25% growth in the Company’s top line in 2021, which is down from our previous guidance. Gross margin is forecast to expand in the fourth quarter 400-500 basis points over the comparable period in 2020, which is expected to contribute to strong double-digit percentage growth in cash flow generated from operations for the full year.

“As we close out this year and prepare for 2022, we remain focused on meeting the important needs of our customers who serve defense, communications, energy, transportation, and other critical infrastructure industries. In our initial outlook for 2022, we expect the top line to increase 25% year-over-year as a result of the combined strength of our backlog for Sypris Electronics, the Class 8 industry production forecasts and improving market conditions for our energy products. We also expect to achieve further gross margin expansion in the range of 200 basis points in 2022, while cash flow from operations is forecast to materially increase year-over-year.”

About Sypris Solutions

Sypris Solutions is a diversified provider of truck components, oil and gas pipeline components and aerospace and defense electronics. The Company produces a wide range of manufactured products, often under multi-year, sole-source contracts. For more information about Sypris Solutions, visit its Web site at www.sypris.com.

Forward Looking Statements

This press release contains “forward-looking” statements within the meaning of the federal securities laws. Forward-looking statements include our plans and expectations of future financial and operational performance. Such statements may relate to projections of the company’s revenue, earnings, and other financial and operational measures, our liquidity, our ability to mitigate or manage disruptions posed by the current coronavirus disease (“COVID-19”), and the impact of COVID-19 and economic conditions on our future operations, among other matters. The COVID-19 pandemic has resulted, and is likely to continue to result, in significant economic disruption and has and will likely adversely affect our business. The Company has continued to operate at each location and sought to remain compliant with government regulations imposed due to the COVID-19 pandemic.

Each forward-looking statement herein is subject to risks and uncertainties, as detailed in our most recent Form 10-K and Form 10-Q and other SEC filings. Briefly, we currently believe that such risks also include the following: the impact of COVID-19 and economic conditions on our future operations; possible public policy response to the pandemic, including legislation or restrictions that may impact our operations or supply chain; the impact of potential U.S. Government COVID-19 vaccine mandates on our ability to attract and retain employees and on our business and results of operations; our failure to successfully complete final contract negotiations with regard to our announced contract “orders”, “wins” or “awards”; our failure to successfully win new business; the termination or non-renewal of existing contracts by customers; our failure to achieve and maintain profitability on a timely basis by steadily increasing our revenues from profitable contracts with a diversified group of customers, which would cause us to continue to use existing cash resources or require us to sell assets to fund operating losses; breakdowns, relocations or major repairs of machinery and equipment, especially in our Toluca Plant; volatility of our customers’ forecasts especially in the commercial truck markets and our contractual obligations to meet current scheduling demands and production levels (especially in our Toluca Plant), which may negatively impact our operational capacity and our effectiveness to integrate new customers or suppliers, and in turn cause increases in our inventory and working capital levels; cost, quality and availability or lead times of raw materials such as steel, component parts (especially electronic components), natural gas or utilities; the cost, quality, timeliness, efficiency and yield of our operations and capital investments, including the impact of tariffs, product recalls or related liabilities, employee training, working capital, production schedules, cycle times, scrap rates, injuries, wages, overtime costs, freight or expediting costs; dependence on, retention or recruitment of key employees and distribution of our human capital; inaccurate data about markets, customers or business conditions; disputes or litigation involving governmental, supplier, customer, employee, creditor, stockholder, product liability, warranty or environmental claims; the fees, costs and supply of, or access to, debt, equity capital, or other sources of liquidity; our ability to comply with the requirements of the SBA and maintain forgiveness of all or a portion of our Paycheck Protection Program loan; our inability to develop new or improved products or new markets for our products; our reliance on a few key customers, third party vendors and sub-suppliers; inventory valuation risks including excessive or obsolescent valuations or price erosions of raw materials or component parts on hand or other potential impairments, non-recoverability or write-offs of assets or deferred costs; other potential weaknesses in internal controls over financial reporting and enterprise risk management; failure to adequately insure or to identify product liability, environmental or other insurable risks; unanticipated or uninsured disasters, public health crises, losses or business risks; unanticipated or uninsured product liability claims; the costs of compliance with our auditing, regulatory or contractual obligations; labor relations; strikes; union negotiations; pension valuation, health care or other benefit costs; costs associated with environmental claims relating to properties previously owned; our inability to patent or otherwise protect our inventions or other intellectual property from potential competitors; adverse impacts of new technologies or other competitive pressures which increase our costs or erode our margins; our reliance on revenues from customers in the oil and gas and automotive markets, with increasing consumer pressure for reductions in environmental impacts attributed to greenhouse gas emissions and increased vehicle fuel economy; U.S. government spending on products and services that Sypris Electronics provides, including the timing of budgetary decisions; changes in licenses, security clearances, or other legal rights to operate, manage our work force or import and export as needed; risks of foreign operations; currency exchange rates; war, terrorism, or political uncertainty; cyber security threats and disruptions; our ability to maintain compliance with the Nasdaq listing standards minimum closing bid price; risk related to owning our common stock including increased volatility; or unknown risks and uncertainties. We undertake no obligation to update our forward-looking statements, except as may be required by law.

Anthony C. Allen
Chief Financial Officer
(502) 329-2000

“Solarizing” freight trains and trucks, SOLAR INTERMODAL CORP. among top applicants selected for Newchip’s exclusive accelerator

ROSELAND, N.J.--(BUSINESS WIRE)--#hydrogeneconomy--SOLAR INTERMODAL CORP. specializes in placement of solar panels in untenable places, including intermodal systems. Its mission is to facilitate the transitional economy from carbon-based fuels to the “new climate economy” through the simple implementation of zero-emission technologies in industrial and commercial applications to reduce fuel costs.

SOLAR INTERMODAL CORP. was accepted into Newchip’s renowned global accelerator program. Designed to provide all the skills and tools seed-stage founders need to rapidly fund, build and scale their companies, past accelerator cohorts averaged more than 17.5 times the average funding amount. The equity-free, fully digital accelerator has helped over 1,000 founders from 35 countries raise over $300 million in funding.

“Newchip evaluates a vast and diverse number of companies from across the globe, selecting only a small percentage to be part of our Seed Accelerator program,” says Armando Vera Carvajal, Vice President of Product at Newchip. “This careful vetting process of both the business model and founder makes us an ideal partner for VC investors and stakeholders in early-stage startup financings who are looking for promising startups. Renewable energy infrastructure companies like SOLAR INTERMODAL CORP. can scale quickly with proper funding and guidance. We believe they will do well at Newchip.”

About Solar Intermodal

Launched in 2021, SOLAR INTERMODAL CORP. raised founder’s equity, filed patents, applied for a grant from NSF / SBIR, and is qualified under Reg A+ for a $5mm common equity offering, please read circular at https://invest.solarintermodal.com/

Being part of the Newchip Accelerator, we are looking forward to building the full scale prototypes, as requested by two customers, says Robert Anderson CEO, a testament to both interest and practical functionality.

About Newchip

Newchip is an online, global startup accelerator, led by a world-class team of entrepreneurs and investors. It was designed to provide founders with the tools needed to rapidly fund, build, and scale. Since its inception in 2019, the equity-free, remote accelerator has helped over 1,000 founders from 35+ countries raise over $300 million in funding. Its vast network of global investors, strategic partners, and mentors guide companies from team building and prototype development to securing high-profile VC investment, corporate partnerships, and everything in-between. To learn more visit https://launch.newchip.com/.

Forward-Looking Statements

Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. Forward-looking statements, which involve assumptions and describe our future plans, strategies and expectations, are generally identifiable by use of the words “may,” “should,” “would,” “will,” “could,” “scheduled,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “seek” or “project” or the negative of these words or other variations on these words or comparable terminology. Such forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances, and may not be realized because they are based upon the Company's current projections, plans, objectives, beliefs, expectations, estimates, and assumptions, and are subject to several risks and uncertainties and other influences, many of which the Company has no control.

Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Securities offered through Dalmore Group, LLC, registered broker dealer of record, member of FINRA (www.finra.org), member of SIPC (www.sipc.org).

Robert Anderson CEO
Solar Intermodal Corporation
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DUBLIN--(BUSINESS WIRE)--The "North America Capacity and Capital Expenditure Outlook for LNG Liquefaction Terminals to 2025 - Capacity and Capital Expenditure Outlook with Details of All Planned and Announced (New Build and Expansion) LNG Liquefaction Terminals" report has been added to ResearchAndMarkets.com's offering.

North America's LNG liquefaction capacity is expected to grow by more than 200 percent over the next four years, potentially increasing from 72.9 million tonnes per annum (mtpa) in 2021 to 241.6 mtpa in 2025 from planned and announced projects.

Among countries, the United States dominates North America with 130.5 mtpa of liquefaction capacity additions by 2025. Mexico and Canada follow with capacities of 26.0 mtpa and 16.8 mtpa, respectively.

Scope

• North America LNG liquefaction capacity outlook for 2021 to 2025 by countries
• New build and expansion capex outlook in North America by country and key companies
• Details of the major planned and announced LNG liquefaction projects in North America up to 2025

Reasons to Buy

• Obtain the most up to date information available on the LNG liquefaction projects in North America
• Identify growth segments and opportunities in the North America LNG industry
• Facilitate decision making on the basis of strong LNG liquefaction capacity data
• Develop business strategies with the help of specific insights about LNG liquefaction projects in North America
• Keep abreast of key planned and announced LNG liquefaction projects in North America
• Assess your competitor's planned and announced LNG liquefaction projects and capacities

Key Topics Covered:

1 Table of Contents

1.1 List of Tables

1.2 List of Figures

2. North America LNG Liquefaction Industry Outlook to 2025

2.1 Key Highlights

3. North America LNG Liquefaction Capacity and Capex Outlook

3.1 New Build and Expansion Capacity Outlook by Countries

3.2 New Build and Expansion Capex Outlook by Countries

3.3 New Build and Expansion Capex Outlook by Key Companies

4. North America LNG Liquefaction Capex Outlook by Country and Company

4.1 United States - New Build and Expansion Capex Outlook

4.2 United States - New Build and Expansion Capex Outlook by Key Companies

4.3 Canada - New Build and Expansion Capex Outlook

4.4 Canada - New Build and Expansion Capex Outlook by Key Companies

4.5 Mexico - New Build and Expansion Capex Outlook

4.6 Mexico - New Build and Expansion Capex Outlook by Key Companies

5. North America Planned and Announced LNG Liquefaction Terminals

6. Appendix

For more information about this report visit https://www.researchandmarkets.com/r/auja54

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STRONG FREE CASH FLOW & PROFITS FROM HIGH QUALITY LOW-BREAKEVEN PRODUCTION

BOGOTA, Colombia--(BUSINESS WIRE)--GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia, Ecuador, Chile, Brazil and Argentina reports its consolidated financial results for the three-month period ended September 30, 2021 (“Third Quarter” or “3Q2021”). A conference call to discuss 3Q2021 financial results will be held on November 11, 2021, at 10:00 am (Eastern Daylight Time).

All figures are expressed in US Dollars and growth comparisons refer to the same period of the prior year, except when specified. Definitions and terms used herein are provided in the Glossary at the end of this document. This release does not contain all of the Company’s financial information and should be read in conjunction with GeoPark’s consolidated financial statements and the notes to those statements for the period ended September 30, 2021, available on the Company’s website.

THIRD QUARTER 2021 HIGHLIGHTS

Operations and Production

• Consolidated oil and gas production of 37,859 boepd, up 4% compared to 2Q2021
• Oil production of 32,844 bopd, up 6% compared to 2Q2021 due to increased production in Colombia
• Full-year 2021 average production revised to 37,000-38,000 boepd (from 38,000-40,000 boepd) due to blockades in the Platanillo block (GeoPark operated, 100% WI) affecting production and development drilling activities since mid-October
• Platanillo production fully restored on November 4, 2021 with drilling activities to restart by mid-November 2021
• Consolidated oil and gas production is currently 39,000 boepd

Cash Flow and Profits

• Revenue of $174.0 million
• Operating Profit of $81.3 million
• Profit of $37.0 million
• Adjusted EBITDA of $86.8 million (including cash hedge losses of $22.4 million)

Investments and Balance Sheet

• Capital expenditures of $30.6 million
• Every $1 invested in Capital expenditures yielded $2.8 in Adjusted EBITDA
• Cash in hand of $76.8 million
• Net debt to LTM Adjusted EBITDA ratio of 2.2x (2.7x in December 2020)

Portfolio Consolidation and Management

• Argentina: accepted an offer to divest non-core Argentina assets for a consideration of $16 million, with closing expected by 2021 year-end or early 2022
• Peru: obtained final approval to transfer 100% of the Morona block to Petroperu following the Supreme Decree issued by the Peruvian Government
• Brazil: Manati gas field divestment process ongoing, expected to close in 1H2022

SPEED / ESG+ Achievements and Recognitions

• Fast, aggressive and immediate actions to reduce emissions: a 35-40% reduction by 2025 or sooner, a 40-60% reduction by 2025-2030 and Net zero emissions intensity by 2050 or sooner (all Scope 1 and 2)
• GeoPark honored with the Equipares Silver Award by Colombian Ministry of Labor, measuring commitment to promote equality, inclusion and diversity
• Released GeoPark’s 2020 annual sustainability report (the SPEED Report), available on the Company’s website

Giving Back to Shareholders and Expanding Investor Base

• Quarterly Dividend of $0.041 per share, or $2.5 million, payable on December 7, 2021
• Completed share buyback program having acquired 692,707 shares for $8.5 million since November 2020, while executing self-funded and flexible work programs, and paying down debt
• Renewed discretionary share buyback program for up to 10% of shares outstanding until November 2022
• In September 2021, GeoPark was included in the S&P Global BMI Index and sub-indexes, including the S&P Emerging BMI, the S&P Colombia BMI, the S&P Latin America BMI, and the S&P Global BMI Energy, among others

James F. Park, Chief Executive Officer of GeoPark, said: “Thanks very much to the GeoPark team for delivering again strong free cash flow and profits from our high-quality low-breakeven production. We also are gearing up for 2022, with a powerful work program consisting of a very active drilling campaign with 40-48 wells, targeting continued production and cash flow growth, as well as 15-20 low cost exploration targets to potentially open up new fields on our big low-risk high-impact acreage position that can quickly be brought to cash flow if successful. We also announced an actionable and concrete roadmap to lower greenhouse gas emissions that provides real results in the short-term – as well as continue to provide tangible shareholder returns by our active dividend and share buy-back programs. This means for 2022 we will be generating significant free cash flow that will self-fund all of our objectives including shareholder returns, balance sheet strengthening, emission reductions, new business efforts, growing our production base, and an exciting exploration drilling program. We believe that being able to self-fund from cash flow and simultaneously achieve these objectives represent the right business model for our industry today and provide GeoPark with a comparative advantage in an energy-transitioning world.”

BLOCKADES IN PUTUMAYO

In mid-October 2021, some communities in the Putumayo basin started protests against the Government and as a result, GeoPark shut in Platanillo production of 2,100 bopd and suspended drilling activities in the block.

Revised 2021 production guidance results from shut in production and delayed drilling of two development wells that were expected to start producing in 4Q2021 and are now expected in late 4Q2021 or early 2022.

Production was fully restored on November 4, 2021 and development drilling activities are expected to restart by mid-November 2021.

SALE OF NON-CORE ASSETS IN ARGENTINA

On November 3, 2021, GeoPark accepted an offer from Oilstone Energía S.A. to purchase GeoPark's 100% WI in the Aguada Baguales, El Porvenir and Puesto Touquet blocks in the Neuquen basin in Argentina for a total consideration of $16 million.

Closing of the transaction is subject to customary regulatory approvals and is expected by the end of 2021 or early in 2022. GeoPark will continue operating the Aguada Baguales, El Porvenir and Puesto Touquet blocks until the completion of the divestment process. The sale of these blocks will allow GeoPark to reallocate resources to its core operations in Colombia and to continue streamlining its operations.

During the first nine months of 2021, the Aguada Baguales, El Porvenir and Puesto Touquet blocks produced approximately 2,200 bopd (58% oil, 42% natural gas), representing 6% of GeoPark's net consolidated oil and gas production during that period.

The Aguada Baguales, El Porvenir and Puesto Touquet blocks have net proven PRMS reserves of approximately 3.7 million barrels of oil equivalent, based on the December 2020 DeGolyer and MacNaughton’s certification, and adjusted by production during the nine month period ended September 30, 2021.

CONSOLIDATED OPERATING PERFORMANCE

Key performance indicators:

Production: Oil and gas production in 3Q2021 increased by 4% to 37,859 boepd versus 2Q2021. Compared to 3Q2020, oil and gas production decreased by 3%, resulting from lower production in Chile and Argentina, partially offset by higher production in Colombia and Brazil.

Oil represented 87% and 85% of total reported production in 3Q2021 and 3Q2020, respectively.

For further details, please refer to the 3Q2021 Operational Update published on October 19, 2021.

Reference and Realized Oil Prices: Brent crude oil prices averaged $73.2 per bbl during 3Q2021, and the consolidated realized oil sales price averaged $60.3 per bbl in 3Q2021.

The tables below provide a breakdown of reference and net realized oil prices in Colombia, Chile and Argentina in 3Q2021 and 3Q2020:

Revenue: Consolidated revenue increased by 77% to $174.0 million in 3Q2021, compared to $98.1 million in 3Q2020, reflecting higher oil and gas prices, partially offset by lower oil and gas deliveries (which decreased by 8%, mainly due to lower gas deliveries).

Sales of crude oil: Consolidated oil revenue increased by 83% to $163.5 million in 3Q2021, driven by a 90% increase in realized oil prices, partially offset by a 3% decrease in oil deliveries. Oil revenue was 94% of total revenue in 3Q2021 and 91% in 3Q2020.

• Colombia: In 3Q2021, oil revenue increased by 89% to $156.1 million reflecting higher realized oil prices, partially offset by lower oil deliveries. Realized prices increased by 93% to $60.3 per bbl due to higher Brent oil prices while oil deliveries decreased by 2% to 29,244 bopd. Earn-out payments increased to $6.0 million in 3Q2021, compared to $3.4 million in 3Q2020 in line with higher oil prices.
• Chile: In 3Q2021, oil revenue increased by 30% to $1.5 million reflecting higher realized prices, partially offset by lower oil deliveries. Realized prices increased by 83% to $64.0 per bbl due to higher Brent oil prices while oil deliveries decreased by 29% to 257 bopd.
• Argentina: In 3Q2021, oil revenue increased by 7% to $5.7 million due to higher realized oil prices, partially offset by lower volumes sold. Realized oil prices increased by 41% to $57.1 per bbl. Oil deliveries decreased by 28% to 1,019 bopd.

Sales of gas: Consolidated gas revenue increased by 19% to $10.5 million in 3Q2021 compared to $8.8 million in 3Q2020 reflecting 69% higher gas prices, partially offset by 29% lower gas deliveries. Gas revenue was 6% and 9% of total revenue in 3Q2021 and 3Q2020, respectively.

• Chile: In 3Q2021, gas revenue decreased by 3% to $4.1 million reflecting lower gas deliveries that were partially offset by higher gas prices. Gas prices were 56% higher, at $3.7 per mcf ($22.0 per boe) in 3Q2021. Gas deliveries fell by 38% to 12,037 mcfpd (2,006 boepd).
• Brazil: In 3Q2021, gas revenue increased by 40% to $4.6 million, due to higher gas deliveries and higher gas prices. Gas deliveries increased by 12% from the Manati gas field (GeoPark non-operated, 10% WI) to 9,716 mcfpd (1,619 boepd). Gas prices increased by 25% to $5.2 per mcf ($31.1 per boe) mainly due to the impact of the annual price inflation adjustment effective January 2021.
• Argentina: In 3Q2021, gas revenue increased by 54% to $1.3 million, resulting from higher gas prices and higher gas deliveries. Gas prices increased by 53% to $3.2 per mcf ($19.1 per boe) due to local market conditions while deliveries increased by 1% to 4,351 mcfpd (725 boepd).

Commodity Risk Management Contracts: Consolidated commodity risk management contracts amounted to an $11.7 million loss in 3Q2021, compared to a $2.7 million gain in 3Q2020.

The table below provides a breakdown of realized and unrealized commodity risk management contracts in 3Q2021 and 3Q2020:

The realized portion of the commodity risk management contracts registered a loss of $22.4 million in 3Q2021 compared to a $1.4 million gain in 3Q2020. Realized losses recorded in 3Q2021 reflected the impact of zero cost collar hedges covering a portion of the Company’s oil production with average ceiling prices below actual Brent oil prices during the quarter.

The unrealized portion of the commodity risk management contracts amounted to a $10.6 million gain in 3Q2021, compared to a $1.3 million gain in 3Q2020. Unrealized gains during 3Q2021 resulted from the reclassification of $22.4 million from unrealized to realized losses during 3Q2021, partially offset by unrealized losses during the quarter that resulted from the increase in the forward Brent oil price curve compared to June 30, 2021, which decreased the market value of the Company’s hedging portfolio beyond 3Q2021, as measured on September 30, 2021.

Please refer to the “Commodity Risk Oil Management Contracts” section below for a description of hedges in place as of the date of this release.

Production and Operating Costs¹: Consolidated production and operating costs increased to $49.2 million from $28.4 million, resulting from a $22.5 million increase in cash royalties, partially offset by lower operating costs.

The table below provides a breakdown of production and operating costs in 3Q2021 and 3Q2020:

Consolidated royalties increased to $30.9 million in 3Q2021 compared to $8.4 million in 3Q2020, in line with higher oil and gas prices, partially offset by lower oil and gas deliveries.

Consolidated operating costs decreased by 9% to $18.2 million in 3Q2021 compared to $19.9 million in 3Q2020.

The breakdown of operating costs is as follows:

• Colombia: Operating costs per boe amounted to $5.3 in 3Q2021, compared to $5.9 in 3Q2020. Total operating costs decreased to $11.9 million in 3Q2021 from $15.1 million in 3Q2020 due to lower operating costs per boe and lower deliveries (deliveries in Colombia decreased by 5%).
• Chile: Operating costs per boe increased to $10.6 in 3Q2021 compared to $5.3 in 3Q2020. Total operating costs increased to $2.2 million in 3Q2021 from $1.8 million in 3Q2020, in line with higher operating costs per boe, partially offset by lower oil and gas deliveries (deliveries in Chile decreased by 37%).
• Brazil: Operating costs per boe increased to $7.6 in 3Q2021 compared to $5.8 in 3Q2020. Total operating costs increased to $0.8 million in 3Q2021 from $0.3 million in 3Q2020, due to higher operating costs per boe and reflecting higher gas deliveries in the Manati field (deliveries in Brazil increased by 12%).
• Argentina: Operating costs per boe increased to $20.6 in 3Q2021 compared to $14.9 in 3Q2020. Total operating costs increased to $3.3 million in 3Q2021 from $2.8 million in 3Q2020, due to higher operating costs per boe and lower oil and gas deliveries (deliveries in Argentina decreased by 19%).

Lower operating costs per boe in Chile and Argentina in 3Q2020 mainly resulted from reduced or suspended well intervention and maintenance activities resulting from the lower oil price environment.

Selling Expenses: Consolidated selling expenses increased to $1.8 million in 3Q2021, compared to $1.3 million in 3Q2020.

Administrative Expenses: Consolidated G&A amounted to $11.8 million in 3Q2021 compared to $10.4 million in 3Q2020. Amounts recorded in 3Q2021 include advisory and consultancy fees related to the Annual General Meeting held in July 2021.

Geological & Geophysical Expenses: Consolidated G&G expenses decreased to $2.1 million in 3Q2021 compared to $2.8 million in 3Q2020.

Adjusted EBITDA: Consolidated Adjusted EBITDA² increased by 55% to $86.8 million, or $26.9 per boe, in 3Q2021 compared to $56.1 million, or $15.9 per boe, in 3Q2020.

The table below shows production, volumes sold and the breakdown of the most significant components of Adjusted EBITDA for 3Q2021 and 3Q2020, on a per country and per boe basis:

Depreciation: Consolidated depreciation charges decreased by 11% to $23.6 million in 3Q2021, compared to $26.7 million in 3Q2020, in line with lower depreciation costs per boe and lower oil and gas volumes delivered, which decreased by 8%.

Write-off of unsuccessful exploration efforts: The consolidated write-off of unsuccessful exploration efforts amounted to $4.2 million in 3Q2021 compared to $0.6 million in 3Q2020. Amounts recorded in 3Q2021 refer to unsuccessful exploration costs incurred in Colombia.

Impairment of non-financial assets: The consolidated impairment charges amounted to a $13.3 million gain in 3Q2021 compared to a $1.0 million loss in 3Q2020. Amounts recorded in 3Q2021 refer to the reversal of previously recognized impairment charges related to the Aguada Baguales, El Porvenir and Puesto Touquet blocks in Argentina.

Other Income (Expenses): Other operating expenses showed a $1.6 million loss in 3Q2021, compared to a $1.3 million loss in 3Q2020.

CONSOLIDATED NON-OPERATING RESULTS AND PROFIT FOR THE PERIOD

Financial Expenses: Net financial expenses decreased to $13.3 million in 3Q2021, compared to $15.8 million in 3Q2020 mainly resulting from the strategic deleveraging process executed in April 2021 that resulted in significant debt reduction with extended maturities and lower costs of debt.

Foreign Exchange: Net foreign exchange charges amounted to a $1.0 million gain in 3Q2021 compared to a $0.7 million loss in 3Q2020.

Income Tax: Income taxes totaled a $31.9 million loss in 3Q2021 compared to a $16.3 million loss in 3Q2020, mainly resulting from the effect of higher profits before tax recorded in 3Q2021 compared to 3Q2020.

Profit: Gain of $37.0 million in 3Q2021 compared to a $4.3 million loss recorded in 3Q2020, mainly due to higher operating profits recorded in 3Q2021 that were partially offset by higher income tax charges.

BALANCE SHEET

Cash and Cash Equivalents: Cash and cash equivalents totaled $76.8 million as of September 30, 2021, compared to $201.9 million as of December 31, 2020.

The net decrease in cash and cash equivalents as of September 30, 2021, compared to December 31, 2020 is explained by the following:

Cash flows from operating activities is shown net of cash taxes paid of $65.1 million.

Cash flows used in investing activities included capital expenditures incurred by the Company as part of its 2021 work program of $125-140 million, partially offset by proceeds from the disposal of assets of $1.1 million.

Cash flows used in financing activities included the strategic deleveraging process executed in April 2021 through a tender to purchase $255.0 million of the 2024 Notes that was funded with a combination of cash and cash equivalents and funds obtained from the reopening of the 2027 Notes.

Financial Debt: Total financial debt net of issuance cost was $674.9 million, including the remainder of the 2024 Notes, the 2027 Notes and other bank loans totaling $13.4 million. Short-term financial debt was $18.1 million as of September 30, 2021.

For further details, please refer to Note 12 of GeoPark’s consolidated financial statements as of September 30, 2021, available on the Company’s website.

Covenants in the 2024 and 2027 Notes: The 2024 and 2027 Notes include incurrence test covenants that provide, among other things, that the Net Debt to Adjusted EBITDA ratio should not exceed 3.25 times and the Adjusted EBITDA to Interest ratio should exceed 2.5 times. As of the date of this release, the Company would meet these tests if it chose to incur more debt.

For further details, please refer to Note 12 of GeoPark’s consolidated financial statements as of September 30, 2021, available on the Company’s website.

INVESTORS:
Stacy Steimel
Shareholder Value Director
T: +562 2242 9600
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Miguel Bello
Market Access Director
T: +562 2242 9600
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Investor Relations Director
Diego Gully
T: +5411 4312 9400
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MEDIA:
Communications Department
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NEW YORK & OSLO, Norway & LUXEMBOURG--(BUSINESS WIRE)--FREYR Battery (NYSE: FREY) (“FREYR”), a developer of clean, next-generation battery cell production capacity, joins the United Nations Race to Zero campaign by signing the SME Climate Commitment. As part of the commitment, FREYR pledges to halve its greenhouse gas emissions before 2030, achieve net zero emissions before 2050, and disclose progress on a yearly basis.

“We are on a mission to decarbonize the society for a better planet. It is an obvious step for us to join the governments and businesses around the world to take immediate action to tackle climate change,” said Tom Einar Jensen, the CEO of FREYR.

The small and medium-sized enterprises (SME) Climate Commitment provides SMEs with the opportunity to make an internationally recognized climate commitment which is aligned with the latest climate science. SMEs that make the SME Climate Commitment will be recognized by the United Nations Race to Zero campaign and join a wide range of governments, businesses, cities, regions, and universities around the world that are committed to achieving net zero carbon emissions.

“The science is clear, climate change poses a real threat to the economy, nature, and the society. We are proud to join the other SMEs around the globe on the journey towards net zero emissions. Together, we can make a real impact in cutting the carbon emissions to protect our planet for future generations,” said Elizabeth Tate, VP Sustainability.

In November 2021, the UK is hosting the UN Climate Change Conference (COP26) in Glasgow that helps accelerate collaboration amongst governments, businesses, and civil society to deliver on climate goals faster. In addition to signing the SME Climate Commitment, Tom Einar Jensen, the CEO of FREYR will be speaking at The Building a Better Battery panel led by the US Department of Energy.

About FREYR Battery

FREYR plans to develop up to 43 GWh of battery cell production capacity by 2025 with an ambition of up to 83 GWh in total capacity by 2028 to position the company as one of Europe’s largest battery cell suppliers. Five of the facilities will be located in the Mo i Rana industrial complex in Northern Norway, leveraging Norway’s highly skilled workforce and abundant, low-cost renewable energy sources from hydro and wind in a crisp, clear, and energized environment. FREYR will supply safe, high-energy density and cost competitive clean battery cells to the rapidly growing global markets for electric vehicles, energy storage, and marine applications. FREYR is committed to supporting cluster-based R&D initiatives and the development of an international ecosystem of scientific, commercial, and financial stakeholders to support the expansion of the battery value chain in our region. For more information, please visit www.freyrbattery.com.

About the SME Climate Hub

The SME Climate Hub is an initiative founded by the International Chamber of Commerce, the Exponential Roadmap Initiative, the We Mean Business coalition and the UNFCCC Race to Zero campaign. It aims to support small and medium-sized businesses to build business resilience, both financially and environmentally, by providing access tools, incentives and other resources that make it easier to cut carbon emissions and bring innovative green solutions to market.

Forward-looking Statements

All statements, other than statements of present or historical fact included in this press release, including, without limitation, statements regarding FREYR’s pledge to halve its greenhouse gas emissions before 2030 and achieve net zero emissions before 2050, FREYR’s impact on cutting carbon emissions and FREYR’s yearly progress towards fulfilling the SME Climate Commitment pledges are forward-looking and involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results.

Most of these factors are outside FREYR’s control and difficult to predict. Information about factors that could materially affect FREYR is set forth under the “Risk Factors” section in FREYR’s Registration Statement on Form S-1 filed with the Securities and Exchange Commission (the "SEC") on August 9, 2021, as amended, and in other SEC filings available on the SEC’s website at www.sec.gov.

Media contact:
Katrin Berntsen
Vice President, Communication and Public Affairs
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Tel: (+47) 9920 54 570

Investor contact:
Jeffrey Spittel
Vice President, Investor Relations
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Tel: (+1) 281-222-0161

BOGOTA, Colombia--(BUSINESS WIRE)--GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia, Ecuador, Chile, Brazil and Argentina, today announced its Board of Directors has declared a quarterly cash dividend of $0.041 per share, payable on December 7, 2021 and the renewal of the share repurchase program for up to 10% of its shares outstanding until November 10, 2022.

Quarterly Cash Dividend

• The Board of Directors has declared a quarterly cash dividend of $0.041 per share ($2.5 million in the aggregate) payable on December 7, 2021 to the shareholders of record at the close of business on November 23, 2021

Renewal of Share Buyback Program

• GeoPark concluded its 2020-2021 share repurchase program on November 10, 2021, with 692,707 shares acquired, and a total amount invested of $8,500,000, including transaction costs
• The Board of Directors has approved the renewal of the repurchase program for up to 10% of shares outstanding or approximately 6,074,000 shares, expiring on November 10, 2022
• The share repurchases may be made from time to time through open market transactions, block trades, privately negotiated transactions or otherwise, and are subject to market and business conditions, levels of available liquidity, cash requirements for other purposes, regulatory considerations and other relevant factors

As detailed in our 2022 Work Program and Investment Guidelines, GeoPark plans to deliver another year of strong operational and financial performance and free cash flow generation while remaining committed to returning value to its shareholders.

NOTICE

Additional information about GeoPark can be found in the “Investor Support” section on the website at www.geo-park.com.

Certain amounts included in this press release have been rounded for ease of presentation.

CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION

This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as ‘‘anticipate,’’ ‘‘believe,’’ ‘‘could,’’ ‘‘expect,’’ ‘‘should,’’ ‘‘plan,’’ ‘‘intend,’’ ‘‘will,’’ ‘‘estimate’’ and ‘‘potential,’’ among others.

Forward-looking statements that appear in a number of places in this press release include, but are not limited to, statements regarding the intent, belief or current expectations, regarding various matters, including expected dividend payments, share buybacks, future financial performance and free cash flow generation. Forward-looking statements are based on management’s beliefs and assumptions, and on information currently available to the management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors.

Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances, or to reflect the occurrence of unanticipated events. For a discussion of the risks facing the Company which could affect whether these forward-looking statements are realized, see filings with the U.S. Securities and Exchange Commission (SEC).

INVESTORS:
Stacy Steimel This email address is being protected from spambots. You need JavaScript enabled to view it.
Shareholder Value Director
T: +562 2242 9600

Miguel Bello This email address is being protected from spambots. You need JavaScript enabled to view it.
Market Access Director
T: +562 2242 9600

Diego Gully This email address is being protected from spambots. You need JavaScript enabled to view it.
Investor Relations Director
T: +5411 4312 9400

MEDIA:
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FRANKLIN, Tenn.--(BUSINESS WIRE)--Eco-Energy, an energy solutions and midstream company with a long history in renewable energy, announces the appointment of Soren Schroder, former CEO of Bunge, as the new independent member of the company's board of directors.

The 60-year-old Danish economist assumes this new position, in the company fully owned by Copersucar since 2017, with the aim to promote increased global use of clean energy and to create value for society from fuels with lower carbon intensity. His broad experience of 35 years in the agribusiness sector in the United States and Europe, with stints at companies such as Continental Grain Company, Cargill and as CEO of Bunge North America, will reinforce Eco-Energy’s leadership in the domestic market and expand the biofuels industry to other markets.

Founded in 1992 and headquartered in Franklin, Tennessee, Eco-Energy is an integrated energy marketer and coast to coast midstream fuel company with $4 billion in annual revenues. The company is leveraging its platform to find solutions for emissions reduction through low carbon renewable energy. Together with Copersucar, Eco-Energy has created one of the largest business platforms for ethanol in the world.

More details about Eco-Energy, visit the link: www.eco-energy.com

More details about Copersucar, visit the link: http://www.copersucar.com.br

Craig Willis, This email address is being protected from spambots. You need JavaScript enabled to view it.

Strong Free Cash Flow Funds Low Risk High-Return Exploration, Emissions Reduction, Deleveraging and Shareholder Returns

BOGOTA, Colombia--(BUSINESS WIRE)--GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia, Ecuador, Chile, Brazil and Argentina, today announced its work program and investment guidelines for 2022. All figures are expressed in US Dollars.

A conference call to discuss third quarter 2021 financial results and the 2022 work program and investment guidelines will be held on November 11, 2021, at 10:00 a.m. Eastern Standard Time.

2022 Work Program Summary ($65-70 per bbl Brent)

Production: 35,500-37,500 boepd average production, a 5-10% production growth vs 2021E (excluding production from Argentina and Brazil¹ which are being divested, as well as any potential production from the 2022 exploration campaign)

Drilling plan: 40-48 gross wells (20-25% higher than 2021E), including 15-20 gross exploration/appraisal wells (~4 times higher than 2021E)

Capital expenditures program: $160-180 million, to be allocated as follows:

• $90-100 million (or ~60%) to low-risk development growth focused on core Llanos 34 (GeoPark operated, 45% WI) and CPO-5 (GeoPark non-operated, 30% WI) blocks
• $70-80 million (or ~40%) to exploration of high potential, short-cycle and near-field projects on big proven acreage next to core Llanos 34 block plus other exploration targets in Colombia and Ecuador
• Using a $65-70 per bbl Brent base case, GeoPark expects to generate an operating netback of $400-450 million², 2.5 times total capital expenditures, or 4+ times growth development capital

Free Cash Flow Sensitivities to Different Brent Oil Prices

The table below provides sensitivities to different Brent oil prices using the 2022 base work program:

Capital Expenditures and Activity Breakdown

• Colombia - $145-165 million: Focus on continuing development of core Llanos 34 block, accelerating development and exploration activities in high potential blocks near Llanos 34 plus 3D seismic and other predrilling activities to continue adding new plays, leads and prospects.

The activity breakdown in Colombia includes:

- Llanos 34 block: 25-28 gross development and appraisal wells plus infrastructure and facilities to continue optimizing operations

- CPO-5 block: the operator, ONGC, plans to drill 7-8 gross wells (1-2 development and 6-7 exploration wells) plus acquisition of 280 square kilometers of 3D seismic

- Llanos 87 block (GeoPark operated, 50% WI): 3-4 gross exploration wells

- Llanos 94 block (GeoPark non-operated, 50% WI): 1 gross exploration well

• Ecuador - $13-17 million: 2-3 gross exploration wells, 1-2 in the Espejo (GeoPark operated, 50% WI) and 1-2 in the Perico (GeoPark non-operated, 50% WI) blocks plus acquisition of 60 square kilometers of 3D seismic in the Espejo block

• Other Activities in Putumayo and Chile: 2-3 gross development wells and 1 potential gross exploration well plus seismic reprocessing and other preoperational activities.

Certain activities included in the 2022 work program are subject to obtaining required environmental, social or other regulatory approvals, or in the blocks where GeoPark is not the operator, they are subject to timely execution by the operator.

Work Program Flexible at Different Oil Price Scenarios

GeoPark’s 2022 work program can be rapidly adapted to different oil price scenarios, illustrating the high quality of its assets, its low-break-even production and strong financial performance even in volatile oil price environments.

• Above $80/bbl Brent oil price: Capital expenditures can be expanded to $190-220 million by adding incremental development and exploration projects

• Below $50/bbl Brent oil price: Capital expenditures can be reduced to $120-150 million by focusing on the lowest-risk projects that produce cashflow fastest

GeoPark has oil hedges in place providing price risk protection over the next 12 months. Please refer to Note 4 of GeoPark’s consolidated financial statements for the period ended September 30, 2021, for further details on volumes, type of contracts and average prices.

GeoPark monitors market conditions on a continuous basis and may enter into additional commodity risk management contracts to secure minimum oil prices for its 2022 production and beyond.

Returning Value to Shareholders: Cash Dividends and Share Buyback Program

As part of the Company’s commitment to return value to its shareholders, GeoPark’s Board of Directors renewed its quarterly cash dividend and a share buyback program, as follows:

• Quarterly Dividend of $0.041 per share, or $2.5 million, payable on December 7, 2021

• Renewal of discretionary Share Buyback Program to repurchase up to 10% of shares outstanding, expiring on November 10, 2022

Deleveraging Optionality

GeoPark’s 2024 Notes ($170 million principal outstanding as of the date of this release) became callable in September 2021, which means that GeoPark has the optionality to prepay those notes in full or partially at any time. GeoPark intends to use a portion of excess cash flow generation in 2022 for continuing deleveraging.

CONFERENCE CALL INFORMATION

GeoPark management will host a conference call on November 11, 2021, at 10:00 am (Eastern Standard Time) to discuss the 3Q2021 results and the work program and investment guidelines for 2022.

To listen to the call, participants can access the webcast located in the Investor Support section of the Company’s website at www.geo-park.com, or by clicking below:

https://event.on24.com/wcc/r/3404998/49B85E71C767F2F0CD2B7D8F29290C79

Interested parties may participate in the conference call by dialing the numbers provided below:

United States Participants: 1 844-200-6205
International Participants: +1-929-526-1599
Passcode: 477606

Please allow extra time prior to the call to visit the website and download any streaming media software that might be required to listen to the webcast. An archive of the webcast replay will be made available in the Investor Support section of the Company’s website at www.geo-park.com after the conclusion of the live call.

GLOSSARY

NOTICE

Additional information about GeoPark can be found in the “Investor Support” section on the website at www.geo-park.com.

Rounding amounts and percentages: Certain amounts and percentages included in this press release have been rounded for ease of presentation. Percentage figures included in this press release have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, certain percentage amounts in this press release may vary from those obtained by performing the same calculations using the figures in the financial statements. In addition, certain other amounts that appear in this press release may not sum due to rounding.

CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION

This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as ‘‘anticipate,’’ ‘‘believe,’’ ‘‘could,’’ ‘‘expect,’’ ‘‘should,’’ ‘‘plan,’’ ‘‘intend,’’ ‘‘will,’’ ‘‘estimate’’ and ‘‘potential,’’ among others.

Forward-looking statements that appear in a number of places in this press release include, but are not limited to, statements regarding the intent, belief or current expectations, regarding various matters, including expected oil and gas production, financial performance, oil prices, commodity risk management contracts, and our capital expenditures plan. Forward-looking statements are based on management’s beliefs and assumptions, and on information currently available to the management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors.

Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances, or to reflect the occurrence of unanticipated events. For a discussion of the risks facing the Company which could affect whether these forward-looking statements are realized, see filings with the U.S. Securities and Exchange Commission.

Oil and gas production figures included in this release are stated before the effect of royalties paid in kind, consumption and losses.

¹ As a reference, GeoPark’s production in 9M2021 excluding Argentina and Brazil totaled 33,340 boepd.
² Assuming a $3-4 Vasconia/Brent differential and excluding changes in working capital.
³ Excluding potential and voluntary prepayments on existing financial debt.
⁴ Calculated using GPRK’s price from November 1 to November 9, 2021.

INVESTORS:
Stacy Steimel
Shareholder Value Director
T: +562 2242 9600
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Miguel Bello
Market Access Director
T: +562 2242 9600
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Diego Gully
Investor Relations Director
T: +5411 4312 9400
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MEDIA:
Communications Department
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Integrated Enterprise Shipping Solution Streamlines and Simplifies Hazmat Shipping for ERP Users

CHICAGO & LONG BEACH, Calif.--(BUSINESS WIRE)--#Compliance--Labelmaster, the leading provider of labels, packaging and technology for the safe and compliant transport of dangerous goods and hazardous materials (hazmat), today announced the integration of its Dangerous Goods Information System (DGIS) with ShipERP, a leading multi-carrier shipping software provider. The partnership provides a seamless solution for managing the entire DG shipping process and ensures compliance with the latest regulations.

As the leading SAP-integrated shipping solution, ShipERP provides advanced shipping management functionality to users of the SAP ERP system, and helps businesses seamlessly integrate more than 250 shipping carriers to realize a more efficient shipping operation while reducing freight costs. With this enterprise solution, businesses can fulfill shipping requirements, including small parcel, less than truckload (LTL) or a combination, using integrated carrier real-time rate quoting, tracking, proof of delivery, transportation planning, shipping compliance and many other functionalities.

“The complex, ever-evolving nature of hazmat regulations makes shipping those goods challenging and time-consuming,” said Joseph Cabrera, managing partner, ShipERP. “Integrating DGIS with ShipERP will help automate the process and reduce the risk of fines or delayed shipments by ensuring shipments are in full compliance with the latest regulations. This not only helps take the guesswork out of transporting hazardous goods, but also streamlines the shipping process to create a more efficient supply chain.”

With the integration of DGIS into ShipERP’s enterprise shipping software, users will be able to create compliant shipping documents, labels and more within a single interface, while DGIS validates DG data against the latest rules and regulations, including carrier variations that may differ from other industry or government regulatory bodies. This reduces the chance for a rejected shipment or fines due to noncompliance. In addition, diagrams for packing and markings will provide visual instruction to further ensure employees across the supply chain are preparing DG shipments properly.

“Maintaining a smooth and efficient supply chain is more important than ever as businesses around the world are working hard to navigate a range of supply chain challenges and disruptions,” said Kristen Dapore, director business strategy, Labelmaster. “Shipping hazmat adds another level of complexity and risk to the supply chain, so we’re excited to partner with ShipERP to provide a best-in-class DG shipping software that will enable its users to better manage shipping operations and further promote a safe and compliant supply chain.”

About ShipERP

ShipERP is dedicated to increasing supply chain efficiencies for businesses looking to transform their order-to-cash process via shipment optimization. The company’s flagship product, ShipERP, is the enterprise solution to fulfill your business shipping requirements, whether it’s small parcel shipping, less than truckload (LTL) or a combination of them all. ShipERP helps businesses to seamlessly integrate over 250 shipping carriers to increase the effectiveness of their shipping operation. This allows the business to focus on reducing freight costs, as well as closely managing the shipping process to achieve better efficiencies. Experience maximum innovation and efficiency via integrated carrier rate quoting, transportation planning, shipping compliance and many other functionalities. To learn more, visit www.shiperp.com or contact Jeff Gleason at This email address is being protected from spambots. You need JavaScript enabled to view it..

About Labelmaster

For more than five decades, Labelmaster has been the go-to source for companies – big and small – to navigate and comply with the complex, ever-changing regulations that govern the transport of dangerous goods and hazardous materials. From hazmat labels and UN-certified packaging, hazmat placards and regulatory publications, to advanced technology and regulatory training, Labelmaster’s comprehensive offering of industry-leading software, products, and services helps customers remain compliant with all dangerous goods regulations, mitigate risk and maintain smooth, safe operations. Labelmaster's dedication to supporting its customers' operational and compliance needs is enhanced through its unmatched industry expertise and consulting services, which serve as a valuable resource for customers to answer difficult and commonplace regulatory questions. Whether you're shipping hazardous materials by land, air, or sea, Labelmaster is your partner in keeping your business ahead of regulations and compliant every step of the way. To learn more, visit www.labelmaster.com.

Stephen Dye
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Accountable, Cleaner & More Resilient Emissions Reduction Roadmap

BOGOTA, Colombia--(BUSINESS WIRE)--GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia, Ecuador, Chile, Brazil and Argentina, today announced its Board of Directors has approved a Greenhouse Gas (GHG) emission reduction strategy covering short, medium and long-term initiatives¹.

Fast, Immediate and Aggressive Targets

• 35-40% GHG emissions intensity reduction of Scope 1 and 2 emissions by 2025 or sooner
• 40-60% GHG emissions intensity reduction of Scope 1 and 2 emissions by 2025-2030
• Net zero Scope 1 and 2 emissions by 2050 or sooner

Greenhouse Gas Emission Reduction Actions and Strategy

• Plan developed by GeoPark’s team and supported by Kearney, a globally recognized consulting firm
• Head start with lower-than-average carbon intensity in 2020: current 15.2 kg CO2e/boe² intensity is 28% below industry peer group³
• Main actions underway target core Llanos 34 block (GeoPark operated, 45% WI) where the interconnection to Colombia’s national grid (~70% hydroelectric⁴) by 2022 is a decisive near-term catalyst to improve carbon performance and operational reliability, while reducing cost of energy generation
• In the Llanos 34 block, other initiatives underway include a solar photovoltaic plant to be operational in end-2022 plus subsoil and surface optimization projects
• In the Platanillo block (GeoPark operated, 100% WI), main actions underway include increasing use of gas for energy generation plus subsoil and surface optimization projects
• Near-term actions include construction of additional solar photovoltaic plants, infrastructure to limit routinary flaring and venting and geothermal power generation projects
• Medium-term actions include small-scale hydropower projects, reforestation and afforestation initiatives, among others
• Longer-term actions may include carbon capture, use and storage projects and potential participation in carbon markets

James F. Park, Chief Executive Officer of GeoPark, said: “GeoPark was built for the long-term to be a leader among independent oil and gas exploration and production companies in Latin America on the foundation that our operations would create value and have a positive impact on all stakeholders. Our carbon reduction plan announced today builds on that principle with low costs and low carbon intensity being key elements of our business model. We congratulate our team that has been working so hard to build a robust strategy with ambitious goals and actionable initiatives that will introduce real change in the short-term.”

NOTICE

Additional information about GeoPark can be found in the “Investor Support” section on the website at www.geo-park.com.

Certain amounts included in this press release have been rounded for ease of presentation.

CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION

This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as ‘‘anticipate,’’ ‘‘believe,’’ ‘‘could,’’ ‘‘expect,’’ ‘‘should,’’ ‘‘plan,’’ ‘‘intend,’’ ‘‘will,’’ ‘‘estimate’’ and ‘‘potential,’’ among others.

Forward-looking statements that appear in a number of places in this press release include, but are not limited to, statements regarding the intent, belief, or current expectations, regarding various matters, including our plan to reduce our carbon footprint by 2025, 2030 and 2050, the interconnection of the Llanos 34 block to the power grid in Colombia, the conversion of the Platanillo block to natural gas and its connection to the grid, the construction of solar photovoltaic plants among other projects and our emission-reduction goals.

Forward-looking statements are based on management’s beliefs and assumptions, and on information currently available to the management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors.

Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances, or to reflect the occurrence of unanticipated events. For a discussion of the risks facing the Company which could affect whether these forward-looking statements are realized, see filings with the U.S. Securities and Exchange Commission (SEC).

^{_________________________}

¹ GHG emissions reduction targets refer to GeoPark’s operated assets and using 2020 as baseline.

² GeoPark 2020 GHG emissions intensity.

³ Peer group selected by Kearney.

⁴ Colombian Ministry of Energy and Mines, Report to Congress, p. 14.

INVESTORS:
Stacy Steimel
Shareholder Value Director
T: +562 2242 9600
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Miguel Bello
Market Access Director
T: +562 2242 9600
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Diego Gully
Investor Relations Director
T: +5411 4312 9400
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MEDIA:
Communications Department
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Actions align with company’s focus on debt reduction

HOUSTON--(BUSINESS WIRE)--Phillips 66 (NYSE: PSX) today announced it will redeem the entire outstanding principal amount of its Floating Rate Senior Notes due 2024 (the “Notes”). The redemption date for the Notes is December 15, 2021. The aggregate principal amount of the Notes outstanding is $450 million. The redemption price for the Notes will be equal to 100% of the principal amount of the Notes outstanding, plus accrued and unpaid interest thereon to, but not including, the redemption date. Phillips 66 plans to use cash on hand to fund the redemption.

A notice of redemption is being sent to all currently registered holders of the Notes by the Trustee, U.S. Bank National Association.

“Today’s announcement reaffirms our commitment to repaying debt as our cash flow recovers. When the redemption of the Notes is completed, we will have paid down an aggregate of $1.5 billion of debt in 2021,” said Kevin Mitchell, Executive Vice President, Finance and Chief Financial Officer. “We will continue to evaluate paying down additional debt to return to pre-pandemic debt levels as part of our disciplined capital allocation.”

This news release is not an offer to sell or a solicitation of an offer to buy any securities.

About Phillips 66

Phillips 66 is a diversified energy manufacturing and logistics company. With a portfolio of Midstream, Chemicals, Refining, and Marketing and Specialties businesses, the company processes, transports, stores and markets fuels and products globally. Headquartered in Houston, the company has 14,100 employees committed to safety and operating excellence. Phillips 66 had $56 billion of assets as of Sept. 30, 2021. For more information, visit www.phillips66.com or follow us on Twitter @Phillips66Co.

^{CAUTIONARY STATEMENT FOR THE PURPOSES OF THE “SAFE HARBOR” PROVISIONS
OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995}

^{This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Forward- looking statements may be identified by the use of words like “plans,” “expects,” “will,” “anticipates,” “believes,” “intends,” “projects,” “targets,” “estimates” or other words of similar meaning. Forward-looking statements are based on certain assumptions and expectations of future events which may not be accurate or realized, and involve risks and uncertainties, many of which are beyond Phillips 66’s control, including but not limited to Phillips 66’s plans to reduce debt, the expected timing and terms of redemption of the Notes and the source of funding for the redemption. It is important to note that actual results could differ materially from those projected in such forward-looking statements based on numerous factors, including those outside of the company’s control, such as circumstances and events that could impact liquidity and other factors. A discussion of factors that may affect future results is included in Phillips 66’s filings with the Securities and Exchange Commission. Phillips 66 disclaims and does not undertake any obligation to update or revise any forward-looking statement, except as required by applicable law.}

Jeff Dietert, 832-765-2297 (investors)
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Shannon Holy, 832-765-2297 (investors)
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Thaddeus Herrick, 855-841-2368 (media)
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NEWBURY PARK, Calif.--(BUSINESS WIRE)--Kolibri Global Energy Inc. (TSX: KEI) (OTCQB: KGEIF):

All amounts are in U.S. Dollars unless otherwise indicated:

THIRD QUARTER HIGHLIGHTS

• Adjusted funds flow was $1.7 million in the third quarter of 2021 compared to $1.9 million in the third quarter of 2020. The decrease was mainly due to realized losses from commodity contracts in 2021 and a decrease of 15% in production partially offset by a 58% increase in average oil prices
• Net income for the third quarter of 2021 was $0.6 million compared to a net loss of $0.6 million for the third quarter of 2020
• Revenue, net of royalties was $3.9 million in the third quarter of 2021 compared to $2.5 million for the third quarter of 2020, which was an increase of 58%, as average prices increased by 58% which was partially offset by production decreases of 15%
• Average netback from operations for the third quarter of 2021 was $35.87/boe, an increase of 109% from the prior year third quarter due to higher prices in 2021. Average netback including commodity contracts for the third quarter of 2021 was $27.04 per boe, an increase of 9% from the prior year third quarter
• Average production for the third quarter of 2021 was 960 BOEPD, compared to third quarter 2020 average production of 1,134 BOEPD, which was a decrease of 15%. Average production for the third quarter of 2021 was only 3% lower than the second quarter 2021 production. The decrease compared to the prior year quarter was primarily due to normal production decline for existing wells
• General & administrative (“G&A”) expense decreased by 7% in the third quarter of 2021 compared to the prior year quarter due to management’s continued efforts to reduce G&A costs throughout the Company
• Interest expense decreased by 21% in the third quarter of 2021 compared to the same period in the prior year due to lower interest rates and principal payments on the credit facility during 2021 which reduced the outstanding loan balance
• Operating expenses for the third quarter of 2021 increased by 10% compared to the prior year third quarter. Operating expenses for the nine months ended September 30, 2021 increased by 7% compared to the prior year period. The increase was primarily due to higher production taxes in 2021 due to higher prices
• The balance on the credit facility was $17.3 million at September 30, 2021. As part of the September 2021 redetermination, the term of the loan was extended to June 2023 and the Company will make additional principal payments of $1.3 million by April 2022

KEI’s President and Chief Executive Officer, Wolf Regener commented:

“We are pleased that the Company generated third quarter 2021 net income of $0.6 million and adjusted funds flow of $1.7 million from our existing wells. Adjusted funds flow was just 8% lower than the third quarter of last year as the increase in prices offset the normal decline in production. In addition, the Company has made principal repayments of $3.4 million in 2021, which has reduced our interest expense by 34% in the first nine months of 2021 compared to the prior year. The Company expects its low decline rates to allow the Company to continue to generate positive cash flow from its existing operations into next year.

Adjusted funds flow was $1.7 million in the third quarter of 2021 compared to $1.9 million in the third quarter of 2020. The decrease was mainly due to realized losses from commodity contracts in 2021 and a decrease of 15% in production partially offset by a 58% increase in average oil prices.

Net income for the third quarter of 2021 was $0.6 million compared to a net loss of $0.6 million for the third quarter of 2020.

Average netback from operations for the third quarter of 2021 was $35.87/boe, an increase of 109% from the prior year third quarter due to higher prices in 2021. Average netback including commodity contracts for the third quarter of 2021 was $27.04 per boe, an increase of 9% from the prior year third quarter.

Average production for the third quarter of 2021 was 960 BOEPD, compared to third quarter 2020 average production of 1,134 BOEPD, which was a decrease of 15%. Average production for the third quarter of 2021 was only 3% lower than the second quarter 2021 production. The decrease compared to the prior year quarter was primarily due to normal production decline for existing wells.

Net revenue was $3.9 million in the third quarter of 2021 compared to $2.5 million for third quarter of 2020, which was an increase of 58%, as average prices increased by 58% which was partially offset by production decreases of 15%.

G&A expense decreased by 7% in the third quarter of 2021 compared to the prior year quarter due to management’s continued efforts to reduce costs throughout the Company.

Operating expenses averaged $8.40 per BOE for the third quarter of 2021 compared to $6.46 per BOE for the same period in 2020. The increase was mainly due to higher production taxes in the third quarter of 2021 which were $2.86 per BOE compared to $1.37 per BOE in the prior year third quarter. Operating expense per boe excluding production taxes for the third quarter of 2021 increased by 9% compared to the prior year quarter.”

Third Quarter 2021 versus Third Quarter 2020

Oil and gas gross revenues totaled $4.1 million in the third quarter of 2021 versus $2.7 million in the third quarter of 2020. Oil revenues increased $1.4 million or 52% as average oil prices increased by $30.91 per barrel or 80% to $69.61 partially offset by oil production decreases of 16% to 641 boepd. Natural gas revenues increased by $151,000 or 89% to $320,000 as natural gas prices increased $2.33/mcf or 130% which was partially offset by an average natural gas production decrease of 182 mcfpd or 18%. Natural gas liquids (NGLs) revenues increased $294,000 or 109% as NGL prices increased 137% to $34.36/boe which was partially offset by NGL production decreases of 24 boepd or 12%.

Average third quarter 2021 production per day decreased 16% from the third quarter of 2020. The decrease was primarily due to the normal production decline of existing wells.

Production and operating expenses increased to $742,000 in the third quarter of 2021, an increase of 10%. Operating expenses averaged $8.40 per BOE for the third quarter of 2021 compared to $6.46 per BOE for the same period in 2020. The increase was mainly due to higher production taxes in the third quarter of 2021 which were $2.86 per BOE compared to $1.37 per BOE in the prior year third quarter. Operating expense per boe excluding production taxes for the third quarter of 2021 increased by 9% compared to the prior year quarter mainly due to one-time field maintenance costs incurred in 2021.

Depletion and depreciation expense decreased $244,000 or 22% due to a decrease in production in the third quarter of 2021.

General and administrative expenses decreased $0.1 million or 8% in the third quarter of 2021 due to management’s continued efforts to reduce costs throughout the Company.

Finance income decreased $0.8 million in the third quarter of 2021 compared to the third quarter of 2020 due to realized gains on commodity contracts in the third quarter of 2020.

Finance expense decreased by $0.4 million in the third quarter of 2021 compared to the prior year quarter primarily due to lower unrealized losses on commodity contracts in the third quarter of 2021 compared to 2020 which were partially offset by lower interest expense.

FIRST NINE MONTHS 2021 HIGHLIGHTS

• Adjusted funds flow was $4.7 million in the first nine months of 2021 compared to $5.4 million in the first nine months of 2020. The decrease was primarily due to realized losses from commodity contracts in 2021 and a 16% decrease in production in the first nine months of 2021 compared to 2020 partially offset by a 57% increase in average prices
• Revenue, net of royalties was $10.7 million in the first nine months of 2020 compared to $7.1 million for first nine months of 2020, an increase of 52%, due to an increase in average prices of 57% partially offset by a decrease in production of 16%
• Average netback from operations for the first nine months of 2021 was $31.45/boe, an increase of 103% from the prior year period due to higher prices in 2021. Netback including commodity contracts for the first nine months of 2021 was $25.08/boe which was 7% higher than the prior year period
• Average production for the first nine months of 2021 was 991 BOEPD, a decrease of 16% compared to prior year first nine months average production of 1,174 BOEPD. The decrease was primarily due to the normal production decline of existing wells
• Net loss for the first nine months of 2021 was $1.3 million compared to a net loss of $69.3 million for the first nine months of 2020. The first nine months of 2021 included unrealized losses on commodity contracts of $3.0 million and the first nine months of 2020 included a PP&E impairment of $71.9 million
• General & administrative (“G&A”) expense was flat in the first nine months of 2021 compared to the first nine months of 2020 as cost cutting measures were offset by higher advisor fees in 2021
• Interest expense decreased by 34% in the first nine months of 2021 compared to the same period in the prior year due to lower interest rates and principal payments on the credit facility during 2021 which reduced the outstanding loan balance
• The Company received a notice in June 2021 from the Small Business Administration (SBA) that the entire balance of the original Paycheck Protection Program (PPP) loan of $0.3 million had been forgiven and the Company recorded this amount into income
• Operating expenses for the first nine months of 2021 increased by 7% compared to the prior year third period. The increase was primarily due to higher production taxes in 2021 due to higher prices.

First Nine Months of 2021 versus First Nine Months of 2020

Gross oil and gas revenues totaled $13.7 million in the first nine months of 2021 versus $9.0 million in the first nine months of 2020, an increase of 51%. Oil revenues were $11.5 million in the first nine months of 2021 versus $7.9 million in the same period of 2020, an increase of 47% as average oil prices increased 76% to $62.96 a barrel partially offset by oil production decreases of 16%. Natural gas revenues increased $0.3 million or 65% due to an average natural gas price increase of 97% partially offset by a 16% decrease in natural gas production. NGL revenue increased $0.6 million or 94% due to an average NGL price increase of 121% in the first nine months of 2021 partially offset by a decrease in NGL production of 12%.

Average production per day for the first nine months of 2021 decreased 16% from the prior year comparable period. The decrease was due to the normal production decline of existing wells.

Production and operating expenses increased to $2.7 million or 7% in the first nine months of 2021 compared to the prior year period. Operating expenses averaged $8.17 per BOE for the first nine months of 2021 compared to $6.45 per BOE for the same period in 2020. The increase was due to higher production taxes in the first nine months of 2021 which were $2.59 per BOE compared to $1.75 per BOE in the prior year period. Operating expense per boe excluding production taxes for the first nine months of 2021 increased by 19% compared to the prior year period due to one-time field maintenance costs.

Depletion and depreciation expense decreased $0.9 million due to decreased production and a lower PP&E balance due to the impairment.

G&A expenses were flat as management’s continued efforts to reduce G&A costs throughout the Company were offset by higher advisor fees.

Finance income decreased by $4.4 million due to realized and unrealized gains on financial commodity contracts recorded in 2020.

Finance expense increased $4.3 million due to realized losses on commodity contracts of $1.7 million and unrealized losses of $3.0 million in the first nine months of 2021 partially offset by lower interest expenses compared to the prior year period.

The information outlined above is extracted from and should be read in conjunction with the Company's unaudited financial statements for the three and nine months ended September 30, 2021 and the related management's discussion and analysis thereof, copies of which are available under the Company's profile at www.sedar.com.

NON-GAAP MEASURES

Netback from operations, netback including commodity contracts, net operating income and adjusted funds flow (collectively, the "Company’s Non-GAAP Measures") are not measures recognized under Canadian generally accepted accounting principles ("GAAP") and do not have any standardized meanings prescribed by GAAP.

The Company’s Non-GAAP Measures are described and reconciled to the GAAP measures in the management's discussion and analysis, which are available under the Company's profile at www.sedar.com.

CAUTIONARY STATEMENTS

In this news release and the Company’s other public disclosure:

Caution Regarding Forward-Looking Information

This release contains forward-looking information including information regarding the proposed timing and expected results of exploratory and development work including production from the Company's Tishomingo field, Oklahoma acreage, expectations regarding cash flow, the Company’s reserves based loan facility, including scheduled repayments, expected hedging levels and the Company’s strategy and objectives. The use of any of the words “target”, “plans”, "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements.

Such forward-looking information is based on management’s expectations and assumptions, including that the Company's geologic and reservoir models and analysis will be validated, that indications of early results are reasonably accurate predictors of the prospectiveness of the shale intervals, that previous exploration results are indicative of future results and success, that expected production from future wells can be achieved as modeled and that declines will match the modeling, that future well production rates will be improved over existing wells, that rates of return as modeled can be achieved, that recoveries are consistent with management’s expectations, that additional wells are actually drilled and completed, that design and performance improvements will reduce development time and expense and improve productivity, that discoveries will prove to be economic, that anticipated results and estimated costs will be consistent with managements’ expectations, that all required permits and approvals and the necessary labor and equipment will be obtained, provided or available, as applicable, on terms that are acceptable to the Company, when required, that no unforeseen delays, unexpected geological or other effects, equipment failures, permitting delays or labor or contract disputes are encountered, that the development plans of the Company and its co-venturers will not change, that the demand for oil and gas will be sustained, that the Company will continue to be able to access sufficient capital through financings, credit facilities, farm-ins or other participation arrangements to maintain its projects, that the Company will continue in compliance with the covenants under its reserves-based loan facility and that the borrowing base will not be reduced, that funds will be available from the Company’s reserves based loan facility when required to fund planned operations, that the Company will not be adversely affected by changing government policies and regulations, social instability or other political, economic or diplomatic developments in the countries in which it operates and that global economic conditions will not deteriorate in a manner that has an adverse impact on the Company's business and its ability to advance its business strategy.

Forward looking information involves significant known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: any of the assumptions on which such forward looking information is based vary or prove to be invalid, including that the Company’s geologic and reservoir models or analysis are not validated, anticipated results and estimated costs will not be consistent with managements’ expectations, the risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration and development projects or capital expenditures; the uncertainty of reserve and resource estimates and projections relating to production, costs and expenses, and health, safety and environmental risks including flooding and extended interruptions due to inclement or hazardous weather), the risk of commodity price and foreign exchange rate fluctuations, risks and uncertainties associated with securing the necessary regulatory approvals and financing to proceed with continued development of the Tishomingo Field, the Company or its subsidiaries is not able for any reason to obtain and provide the information necessary to secure required approvals or that required regulatory approvals are otherwise not available when required, that unexpected geological results are encountered, that completion techniques require further optimization, that production rates do not match the Company’s assumptions, that very low or no production rates are achieved, that the Company will cease to be in compliance with the covenants under its reserves-based loan facility and be required to repay outstanding amounts or that the borrowing base will be reduced pursuant to a bo

For further information, contact:
Wolf E. Regener, President and Chief Executive Officer
+1 (805) 484-3613
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Website: www.kolibrienergy.com