DUBLIN--(BUSINESS WIRE)--The "Middle East and Africa Oil Conditioning Monitoring Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Sampling, Sensor Type, Product, Measurement, and Industry" report has been added to ResearchAndMarkets.com's offering.

The MEA Oil Conditioning Monitoring Market is expected to reach US$ 86.66 million by 2028 from US$ 62.46 million in 2021. The market is estimated to grow at a CAGR of 4.8% from 2021 to 2028.

The report provides trends prevailing in the MEA oil conditioning monitoring market along with the drivers and restraints pertaining to the market growth. Adoption of big data is the major factor driving the growth of the MEA oil conditioning monitoring market. However, worries about extra costs associated with retrofitting of current systems hinder the growth of MEA oil conditioning monitoring market.

Saudi Arabia, the UAE, Egypt, Morocco, and Kuwait are the main MEA countries that are facing the effects of COVID-19 pandemic. The majority of operations in the region have been suspended due to an increase in the number of cases in the region. In order to deal with the pandemic, countries have been compelled to redirect funds to improve their healthcare infrastructure. Although oil prices have rebounded since the production reduction deal went into force in early May, the negative impact on the Middle Eastern oil producers' economies, and the energy industry has not subsided. A complete recovery might take another year or two. As a result of lower oil prices, the economies of Middle Eastern oil producers, notably Gulf Arab producers, would suffer, requiring governments in the area to slash fiscal expenditure and devote cash for rescue packages. The crisis has shown the flaws in our present economic and energy models, requiring changes to handle the post-crisis era. As a result, the demand for monitoring equipment's in the oil industry is dwindling. As a result, the COVID-19 pandemic is limiting the demand development of oil conditioning monitoring in the Middle East and Africa.

The market for oil conditioning monitoring market is segmented into sampling, sensor type, product, measurement, industry, and country. Based on sampling, the market is bifurcated into on-site and off-site. In 2020, the off-site segment held the largest share MEA oil conditioning monitoring market. By sensors type, the market is segmented into oil quality sensors, metallic particle sensors, and density/viscosity sensors. In 2020, the oil quality sensors segment held the largest share MEA oil conditioning monitoring market. The oil conditioning monitoring market, based on product, is segmented into turbines, compressors, engines, gear systems, and hydraulic systems. In 2020, the turbines segment held the largest share MEA oil conditioning monitoring market. By measurement, the market is segmented into temperature, pressure, density, viscosity, dielectric, TAN, TBN, water dilution, fuel dilution, soot, and wear particles. In 2020, the viscosity segment held the largest share MEA oil conditioning monitoring market.

The oil conditioning monitoring market, based on industry, is segmented into transportation, industrial, oil & gas, energy & power, and mining. In 2020, the transportation segment held the largest share MEA oil conditioning monitoring market. The oil conditioning monitoring market, based on country, is segmented into UAE, Saudi Arabia, South Africa Rest of MEA.

Key Market Drivers

• Growing Demand of Cost-Effective Services
• Rise in Demand for Power Generation

Key Market Restraints

• Worries about Extra Costs Associated with Retrofitting of Current Systems

Key Market Opportunities

• Adoption of Big Data

Future Trends

• Surge in Usage of IIoT
• Impact Analysis of Drivers and Restraints

Key report benefits:

• To understand the MEA oil conditioning monitoring market landscape and identify market segments that are most likely to guarantee a strong return
• Stay ahead of the race by comprehending the ever-changing competitive landscape for MEA oil conditioning monitoring market
• Efficiently plan M&A and partnership deals in MEA oil conditioning monitoring market by identifying market segments with the most promising probable sales
• Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form MEA oil conditioning monitoring market
• Obtain market revenue forecast for market by various segments from 2021-2028 in MEA region

   

Company Profiles

• CM Technologies GmbH
• Hydac Technology Limited
• Intertek Group Plc
• SGS SA
• Special Oilfield Services Co. LLC
• Veritas Petroleum Services

For more information about this report visit https://www.researchandmarkets.com/r/feyd0i

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• Orders and revenue
  • Orders of $4.5 billion; funded book-to-bill of 1.07
  • Revenue of $4.2 billion, down 5% versus prior year, and down 1% on an organic basis; impacted by global electronic component shortages
• Margins and earnings
  • GAAP net income margin of 11.3%; GAAP earnings per share from continuing operations (EPS) of $2.39, up 20%
  • Non-GAAP adjusted earnings before interest and taxes (EBIT) margin of 19.6%; non-GAAP EPS of $3.21, up 13%
• Cash flow and capital deployment
  • Operating cash flow of $484 million; adjusted free cash flow (FCF) of $673 million
  • Returned $1.5 billion to shareholders
• Updated 2021 financial outlook

MELBOURNE, Fla.--(BUSINESS WIRE)--L3Harris Technologies, Inc. (NYSE: LHX) reported third quarter 2021 revenue of $4.2 billion, down 5% versus prior year, and down 1% on an organic¹ basis. GAAP net income was $479 million, up 11% versus prior year. Adjusted EBIT² was $830 million, up 4% versus prior year, and adjusted EBIT margin² expanded 170 basis points (bps) to 19.6%. GAAP EPS was $2.39, up 20%, and non-GAAP EPS² was $3.21, up 13% versus prior year.

“The L3Harris team delivered solid bookings, margins, and bottom-line results in the quarter, overcoming revenue headwinds due to supply chain delays and award timing. And in spite of unprecedented global supply chain disruptions that are reducing our organic revenue growth guidance for the year, we’re positioned to meet our earnings and cash flow commitments,” said Christopher E. Kubasik, Vice Chair and Chief Executive Officer. "We ultimately view these pandemic-related impacts as temporary and remain focused on creating value for our stakeholders over the long term."

Summary Financial Results

Third quarter revenue decreased 5% versus prior year primarily due to strategic divestitures, ISR aircraft award timing in Integrated Mission Systems, and supply chain-related constraints within Communication Systems, which also contributed to a 1% decline on an organic basis. At the segment level, the organic revenue decline was driven by Communication Systems and Integrated Mission Systems, down 5% and 3%, respectively, partially offset by 3% growth in Space and Airborne Systems and 1% growth in Aviation Systems. Funded book-to-bill³ was 1.07 for the quarter and 1.06 year-to-date.

Third quarter net income margin expanded 170 bps and adjusted EBIT margin expanded 170 bps to 19.6% versus prior year. GAAP EPS increased 20% versus prior year driven by e3 performance, integration benefits, cost management, and a lower share count, along with lower acquisition-related amortization, net of supply chain impacts. Non-GAAP EPS increased 13% versus prior year driven by e3 performance, integration benefits, cost management, and a lower share count, more than offsetting supply chain and divestiture-related impacts.

Segment Results

Integrated Mission Systems

Third quarter revenue decreased 3% due to timing of aircraft awards in ISR and product deliveries in Electro Optical, partially offset by a ramp on key platforms in Maritime. Third quarter operating income increased 4% to $222 million, and operating margin expanded 110 bps to 16.6% versus prior year from operational excellence, integration benefits, and higher pension income.

Segment funded book-to-bill was 1.04 and 1.05 for the quarter and year-to-date, respectively.

ISR received several key orders that strengthen its domestic and international presence, including:

• Approximately $400 million in orders for advanced capabilities across incumbent platforms, such as the Rivet Joint reconnaissance, National Command Authority, Compass Call and classified aircraft, further solidifying the company's position as a partner of choice with the U.S. Air Force
• $173 million, five-year, sole-source IDIQ contract to operate and sustain airborne sensor equipment for the U.S. Missile Defense Agency's High Altitude Observatory aircraft, with an initial $23 million task order
• More than $120 million contract to design and produce an integrated mission system for the United Arab Emirates B-250 aircraft
• More than $100 million in follow-on orders to provide additional ISR aircraft to a NATO customer

Within the Maritime business, key awards solidified its position as a leading provider of global solutions, including:

• Approximately $400 million contract for the design and installation of the U.S. Navy's Undersea Warfare Training Range Increments II / III program, following successful execution on Increment I and maintaining L3Harris' prime incumbency on the program
• More than $30 million follow-on award to provide subsystems and system integration for the U.S. Navy's Constellation (FFG-62) class frigate, with significant follow-on opportunity
• Multi-million-dollar contract for in-service support of the integrated platform management system on the Royal Canadian Navy's Halifax-class frigate

In Electro Optical, demand for the company's WESCAM sensors remained strong with a multi-million-dollar order to deliver sighting systems in support of the U.S. Army's land-based Initial Maneuver Short-Range Air Defense capability, as well as approximately $100 million in orders for airborne, maritime and ground sensor systems from customers primarily in the European and Middle Eastern regions, further reinforcing L3Harris' international position.

Space and Airborne Systems

Third quarter revenue increased 3% versus prior year driven by Space, including a ramp on missile defense and other responsive programs. Growth from these drivers was reduced by the transition from development to production on the F-35 Technology Refresh 3 program in Mission Avionics, as well as program timing in Electronic Warfare and Intel & Cyber. Third quarter operating income increased 5% to $242 million, and operating margin expanded 30 bps to 18.8% versus prior year from e3 performance, increased pension income, and integration benefits, net of higher R&D investments and mix impacts from growth programs.

Segment funded book-to-bill was 0.98 and 1.05 for the quarter and year-to-date, respectively.

The Space business received key classified responsive and exquisite awards totaling more than $225 million, potentially leading to multi-billion-dollar follow-on opportunities. The company also was awarded a multi-million-dollar study contract for next-generation weather sounders in support of the U.S. National Oceanic and Atmospheric Administration's future Geostationary and Extended Observations satellite system, with significant follow-on opportunity.

Within the Mission Avionics, Electronic Warfare, and Intel & Cyber businesses, key awards included:

• More than $150 million in orders on the F-35 platform, primarily for the next production lot of avionics components and release systems, increasing total orders for the year to more than $600 million
• Multi-million-dollar award for the next production lot of the modernized open mission systems processor for the F/A-18 and EA-18G, a key element of platform upgrades and with significant follow-on opportunity
• $947 million, 10-year, sole-source IDIQ contract from the U.S. Air Force to provide engineering services and upgraded countermeasure electronic warfare systems for the B-52, potentially expanding L3Harris' content on the platform
• Over $200 million in classified orders primarily for complex mission solutions for domestic and international customers
• $85 million sole-source IDIQ contract from the U.S. Air Force to produce up to 170 T7™ robots in support of explosive ordnance disposal (EOD) missions, following successful delivery of the company's initial robotic EOD program to the United Kingdom's Ministry of Defence

Communication Systems

Third quarter revenue decreased 6% versus prior year and 5% on an organic basis due to product delivery delays from supply chain-related constraints mainly within Tactical Communications, lower volume on legacy unmanned platforms in Broadband Communications, delivery timing within Integrated Vision Solutions, and contract roll-offs in Global Communications Solutions. The decline from these drivers was partially offset by strong radio sales in Public Safety. Third quarter operating income decreased 1% to $271 million, and operating margin expanded 130 bps to 26.3% versus prior year from operational excellence, including program performance, favorable mix, and integration benefits, net of supply chain impacts and higher R&D investments.

Segment funded book-to-bill was 1.20 and 1.13 for the quarter and year-to-date, respectively.

Tactical Communications received several key orders that strengthen its global leadership, including:

• $132 million and $72 million, majority share, initial full-rate production awards under the U.S. Army's $12.7 billion HMS Manpack and $3.9 billion two-channel Leader radio IDIQ contracts, respectively, reflecting key milestones in the Army's multi-year modernization strategy
• $131 million to provide modernized software-defined vehicular and dismount radios to a country in the Middle East, reflecting a key revenue synergy for the company
• $64 million for the continued supply of secure, resilient Falcon III® radios to a European country

The Integrated Vision Solutions business received key awards from the U.S. Army for its next-generation systems, including a $100 million order for the Enhanced Night Vision Goggle – Binocular (ENVG-B) system, marking the second delivery order received under the $442 million ENVG-B Program of Record. L3Harris also was awarded a $92 million, four-year contract to provide advanced helmet-mounted image technology in support of the Aviator's Night Vision Imaging System III program.

Within Broadband Communications, L3Harris received a $36 million follow-on award to provide advanced Manned-Unmanned Teaming airborne data link systems to the U.S. Army and international parties, increasing inception-to-date awards on the Apache platform to over $250 million.

Aviation Systems

Third quarter revenue decreased 21% versus prior year due to the divestitures of the Military Training and Combat Propulsion Systems businesses, and increased 1% on an organic basis driven by recovering training and avionics product sales within the commercial aerospace business. Organic growth from these drivers was reduced by flat sales in Mission Networks and lower Fuzing and Ordnance Systems volume due to contract roll-offs and delayed awards within Defense Aviation. Third quarter GAAP and non-GAAP operating income decreased 10% and 13%, respectively, to $90 million primarily due to divestitures. Third quarter GAAP and non-GAAP operating margin expanded 180 bps and 140 bps, respectively, to 14.4% versus prior year as expense management, commercial aerospace recovery, and integration benefits more than offset divestiture-related headwinds.

Segment funded book-to-bill was 1.10 and 0.94 for the quarter and year-to-date, respectively.

Mission Networks recorded more than $175 million in orders on long-term air traffic management contracts, including for the FAA Telecommunications Infrastructure and Automatic Dependent Surveillance-Broadcast programs. L3Harris also leveraged its incumbency with the FAA in order to capture a 10-year, potential $343 million contract to modernize Airservices Australia’s enterprise-wide telecommunications network, with an initial award for the planning and design phase.

Defense Aviation received several awards for precision weapon systems and components, including a multi-vendor, $46 billion, 10-year IDIQ contract to provide future advanced weapons systems to the U.S. Air Force leveraging digital engineering, agile processes and open-systems architecture. In addition, the company received a $23 million initial full-rate production award under the U.S. Navy's Advanced Low-cost Munitions Ordnance program, increasing inception-to-date development and production awards to more than $250 million.

Demand for L3Harris' commercial full-flight simulators increased in the quarter with orders from both domestic and international airlines.

Cash Generation and Capital Deployment

In the third quarter of fiscal 2021, L3Harris generated $484 million in operating cash flow and $673 million in adjusted free cash flow², and returned $1.5 billion to shareholders through $1.3 billion in share repurchases and $202 million in dividends. On a year-to-date basis, the company returned $3.5 billion to shareholders through $2.9 billion in share repurchases and $618 million in dividends.

L3Harris also completed the divestiture of the Electron Devices business, with total gross proceeds in the quarter of $185 million. In addition, L3Harris entered into definitive agreements to sell its ESSCO and Narda-MITEQ businesses for a combined $130 million, bringing total gross proceeds from completed and announced divestitures since the merger to approximately $2.8 billion. The divestitures are subject to customary closing conditions, including receipt of regulatory approvals, and are expected to close in the fourth quarter of 2021.

Guidance

L3Harris updated 2021 guidance due to the effect of completed divestitures and global supply chain-related impacts as follows:

COVID

Attempts to contain and reduce the spread of COVID, such as mandatory closures, “shelter-in-place” orders and travel and quarantine restrictions, have caused significant disruptions and adverse effects on the U.S. and global economies, including impacts to supply chains, customer demand, workforce, international trade and capital markets. L3Harris' response has involved increasing its focus on keeping its employees safe while striving to maintain continuity of operations, meet customer commitments and support suppliers. For example, the company instituted numerous types of precautions, protocols and other arrangements designed to protect employees from COVID infections and to comply with applicable regulations, including mandating its U.S.-based employees be fully vaccinated against COVID by December 8, 2021 to comply with President Biden’s executive order, and the company has also maintained an active dialog, and in some cases developed plans, with key suppliers in an effort to mitigate supply chain risks or otherwise minimize the potential impact from those risks. The U.S. Government response to COVID has included identifying the Defense Industrial Base as a Critical Infrastructure Sector and enhancing cash flow and liquidity for the Defense Industrial Base, such as by increasing progress payments and accelerating contract awards, which enabled the company to keep its U.S. production facilities largely operational in support of national security commitments to U.S. Government customers (as part of the Defense Industrial Base) and to accelerate payments to small business suppliers, which it expects to continue while the U.S. Government’s responsive actions remain in effect.

Although the company believes that a large percentage of its revenue, earnings and cash flow that is derived from sales to the U.S. Government, whether directly or through prime contractors, will be relatively predictable, in part due to the U.S. Government’s responsive actions described above, the company's commercial and international businesses are at a higher risk of adverse COVID-related impacts, and the company cannot eliminate all potential impacts to its business from supply chain risks, such as longer lead times and shortages of electronics and other components. For example, while the company has started to see a recovery in the commercial aviation market, the severe decline in global air traffic from travel restrictions and the resulting downturn in the commercial aviation market and its impact on customer operations has significantly reduced demand for flight training, flight simulators and commercial avionics products in the company's Aviation Systems segment.

The company’s 2021 guidance reflects the company’s current expectations and assumptions regarding COVID-related impacts, including on the U.S. and global economies. These assumptions continue to include a measured assessment of the downturn in the commercial aerospace business and in demand for public safety solutions, as well as additional potential risks from facility shutdowns, supply chain disruptions and international activity weakness. The company’s current expectations and assumptions could change, which could negatively affect the company’s outlook. The extent of these disruptions and impacts, including on the company's ability to perform under U.S. Government and other contracts within agreed timeframes and ultimately on its results of operations and cash flows, will depend on future developments, including COVID-related impacts and associated containment and mitigation actions taken by governmental authorities and consequences thereof, including COVID vaccine mandates, and global air traffic demand and governmental subsidies to airlines, and potential impacts to the company’s business from supply chain risks, all of which are uncertain and unpredictable, could exacerbate other risks described in the company’s filings with the SEC and could materially adversely impact the company’s financial condition, results of operations and cash flows.

Conference Call and Webcast

L3Harris Technologies will host a conference call today, October 29, 2021, at 8:30 a.m. Eastern Time (ET) to discuss third quarter 2021 financial results. The dial-in numbers for the teleconference are (U.S.) 877-407-6184 and (International) 201-389-0877, and participants will be directed to an operator. Please allow at least 10 minutes before the scheduled start time to connect to the teleconference. Participants are encouraged to listen via webcast, and view management’s supporting slide presentation, which will be broadcast live at L3Harris.com. A recording of the call will be available on the L3Harris website, beginning at approximately 12 p.m. ET on October 29, 2021.

About L3Harris Technologies

L3Harris Technologies is an agile global aerospace and defense technology innovator, delivering end-to-end solutions that meet customers’ mission-critical needs. The company provides advanced defense and commercial technologies across space, air, land, sea and cyber domains. L3Harris has approximately 47,000 employees with customers in more than 100 countries. L3Harris.com.

Non-GAAP Measures

This press release contains non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission (“SEC”), including earnings per diluted share from continuing operations (“EPS”), adjusted earnings before interest and taxes (“EBIT”), adjusted EBIT margin and adjusted free cash flow for the third quarters and first three quarters of 2021 and 2020; organic revenue growth for the company and for its Space and Airborne Systems, Communication Systems and Aviation Systems segments for the third quarter and first three quarters of 2021; and segment operating income and margin for the Aviation Systems segment for the third quarters and first three quarters of 2021 and 2020; in each case, adjusted for certain costs, charges, expenses, losses or other amounts as set forth in the reconciliations of non-GAAP financial measures included in the financial statement tables accompanying this press release. A “non-GAAP financial measure” is generally defined as a numerical measure of a company’s historical or future performance that excludes or includes amounts, or is subject to adjustments, so as to be different from the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles (“GAAP”).

Investor Relations Contact:
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Media Relations Contact:
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Wayne Wager announces retirement. RMI Board of Directors appoints Duncan Higham Chief Executive Officer.

SEATTLE--(BUSINESS WIRE)--Remote Medical International (RMI), a global company providing medical services, support, and supplies in challenging environments worldwide, announced that it will appoint Duncan Higham as Chief Executive Officer. Mr. Higham is the former CEO of SSI Risk Management, a company acquired by RMI in July 2020. Currently, he serves as RMI’s Vice President Global Strategy, where he directs the company’s growth in renewable energy emergency response. Higham will succeed Wayne Wager, who announced that he plans to retire as Chief Executive Officer effective November 1, 2021.

“As governments and employers around the world are increasingly faced with meeting new health and safety challenges, RMI has seen very strong demand for its services. I would like to thank Wayne Wager for his six years of steadfast leadership and execution at RMI,” said Nate McLemore, RMI board member. "We are thrilled that Duncan Higham will build on this legacy and take the company forward. Duncan is an exceptional entrepreneur and has led teams in delivering care and safety in the most demanding of environments.”

"It has been an honor to serve as CEO of RMI, and I want to offer my sincere thanks to my RMI associates whose hard work and dedication have allowed us to achieve so much," said Mr. Wager. "I also want to thank our customers and the Board of Directors for their ongoing support.”

Duncan Higham founded SSI Risk Management (SSI) in 2012 and SSI Energy in 2016. He successfully grew the SSI Group into a multi-million dollar business before its acquisition by Remote Medical International. He graduated from Cardiff University and Imperial College in Economics before receiving emergency medical training in Cape Town, South Africa. On graduating from university, Mr. Higham served for ten years in the Royal Marines Commandos, leaving post-staff college as a Major. He completed three tours in Afghanistan, the last as Operations Officer for the Royal Marines Commando Brigade conducting offensive operations, where he earned a reputation for delivering solutions under pressure. Amongst the deliverables by his team was the control of casualty evacuation operations through the Operations Room, responsible for the control of all Helicopter Emergency recoveries. Prior to founding SSI, Mr. Higham worked in Iraq for an oil and gas major.

"I want to thank Wayne Wager for his distinguished leadership at RMI and also the Board for its confidence in me as I step into this role," said Mr. Higham. "I am honored and excited to have the opportunity to work with our talented leadership team and employees to serve our exceptional customers, clients, and patients around the world."

About RMI

Headquartered in Seattle, Washington, Remote Medical International saves lives and protects the health and wellbeing of teams working in diverse job sites, including remote pipeline installations, offshore wind and maritime operations, and television and film production locations. The company has been recognized six times by Inc. 5000 as one of the fastest-growing companies in the United States and works with Fortune 100 corporations and government services prime contractors.

Media:
Bonnie Quintanilla
Clarity Quest
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877-887-7611

DALLAS--(BUSINESS WIRE)--Holly Energy Partners, L.P. (NYSE:HEP) announced today that Mark Cunningham has notified the Board of Directors of Holly Logistic Services, L.L.C. (“HLS”), the ultimate general partner of HEP, that he will retire as Senior Vice President, Operations and Engineering of HEP in February 2022. Mr. Cunningham joined HEP in 2004 and held roles of increasing responsibility prior to his appointment to his current role.

Mike Jennings, CEO of HEP, said, “Mark has been instrumental to the performance, culture and growth of HEP since its initial public offering in 2004. On behalf of HEP, I want to thank him for his contributions and wish him the best going forward.”

In connection with Mr. Cunningham’s retirement, his responsibilities will be transferred to four individuals at the company, effective January 1, 2022. To assist with the transition of his responsibilities, Mr. Cunningham has agreed to serve as a consultant for a 12 month period following his retirement.

About Holly Energy Partners, L.P.:

Holly Energy Partners, L.P., headquartered in Dallas, Texas, provides petroleum product and crude oil transportation, terminalling, storage and throughput services to the petroleum industry, including HollyFrontier Corporation subsidiaries. Holly Energy, through its subsidiaries and joint ventures, owns and/or operates petroleum product and crude gathering pipelines, tankage and terminals in Texas, New Mexico, Washington, Idaho, Oklahoma, Utah, Nevada, Wyoming and Kansas as well as refinery processing units in Kansas and Utah.

Holly Energy Partners, L.P.
Craig Biery, 214-954-6511
Vice President, Investor Relations
or
Trey Schonter, 214-954-6511
Investor Relations

Company extends clean energy vision to its natural gas business

MINNEAPOLIS--(BUSINESS WIRE)--Xcel Energy announced today that it is aiming to achieve net-zero greenhouse gas emissions from its natural gas business by 2050. In addition to its vision to provide 100% carbon-free electricity to customers by 2050, Xcel Energy is committing to becoming an overall net-zero energy company by 2050, while keeping service reliable and customer bills low.

Xcel Energy is the only major U.S. energy provider to announce a comprehensive vision with aggressive goals for reducing greenhouse gas emissions across three large sectors of the economy: electricity, natural gas use in buildings, and transportation.

“Our vision for delivering net-zero energy by 2050 is an important evolution in our clean energy leadership,” said Bob Frenzel, president and CEO of Xcel Energy. “We’ve expanded our commitment to deliver clean energy across all the ways we power customers’ lives, while keeping our service reliable and affordable. These efforts will promote innovation, provide customers with even more new energy options and significantly reduce emissions.”

The new clean natural gas commitment builds on Xcel Energy’s 2018 vision to deliver 100% carbon-free electricity to customers by 2050, with an aggressive interim goal of reducing emissions 80% by 2030. That led to several dozen other U.S. power providers announcing similar goals to reduce their own carbon emissions.

In 2020, the company pledged to power 1.5 million electric vehicles in its service area by 2030. Xcel Energy is now committing to deliver net-zero gas service by 2050, with a goal to cut emissions by 25% by 2030.

Under its clean energy vision for natural gas, Xcel Energy will accelerate its plans for reducing methane emissions, including purchasing natural gas only from suppliers with certified low emissions and continuing to improve its natural gas delivery system to achieve net-zero methane emissions by 2030.

The company also plans to offer customers new and expanded programs to reduce carbon emissions from their own natural gas use. Those programs will include support for both conserving natural gas and others that will encourage the use of electric appliances and low-carbon gas alternatives, including hydrogen and renewable natural gas. Xcel Energy is launching a series of pilot programs to test renewable natural gas, smart electric water heaters and air source heat pumps with customers, as well as testing both hydrogen production and the blending of hydrogen in its natural gas delivery system.

Altogether, the company expects to reduce greenhouse gas emissions from its natural gas service 25% by 2030 (from 2020 levels), an important milestone towards the vision of delivering net-zero gas service by 2050.

“Earlier this year, Colorado released our roadmap for 100% clean electricity generation by 2040, cleaner air, and bold climate action,” said Colorado Gov. Jared Polis. “This exciting new commitment by Xcel Energy represents a major step forward that will support Colorado in achieving our state’s climate goals and illustrates how Colorado is encouraging the innovation and collaboration needed to foster a clean economy. Xcel Energy’s aggressive, forward looking plans for clean energy are welcomed news."

“Xcel Energy's commitment to reduce greenhouse gas emissions supports our shared goal of realizing net zero by 2050," said St. Paul Mayor Melvin Carter. "We look forward to collaborating in pursuit of even more reliable and affordable energy for our entire community."

"Xcel Energy’s commitment sets a new bar for U.S. electric and gas utilities,” said Armond Cohen, executive director at Clean Air Task Force. “A path to achieving net-zero greenhouse gas emissions, including end use emissions, by 2050 is necessary for avoiding the most damaging and costly climate outcomes and reaching net-zero methane emissions on gas systems in this decade is a particularly key enabler. All utilities should aggressively reduce their own methane leaks, use their purchasing power to minimize upstream emissions and leaks, and work to electrify as many gas uses as feasible. Xcel Energy’s goals are ambitious, realistic and necessary.”

Through its clean energy initiatives and emissions reduction targets, Xcel Energy expects to reduce nearly 80 million tons of carbon by 2030, equivalent to the carbon removed by nearly 1.2 billion trees. The company is more than halfway to that goal, having reduced carbon emissions by more than 40 million tons since 2005.

Learn more about Xcel Energy’s clean energy transition at xcelenergy.com/carbon.

About Xcel Energy

Xcel Energy (NASDAQ: XEL) provides the energy that powers millions of homes and businesses across eight Western and Midwestern states. Headquartered in Minneapolis, the company is an industry leader in responsibly reducing carbon emissions and producing and delivering clean energy solutions from a variety of renewable sources at competitive prices. For more information, visit xcelenergy.com or follow us on Twitter and Facebook.

Xcel Energy Media Relations
(612) 215-5300
www.xcelenergy.com

AECOM’s program management team will implement Phase 1 of the $15-billion masterplan encompassing key development projects for infrastructure, hospitality, arts and culture, and social and community development

DALLAS--(BUSINESS WIRE)--AECOM (NYSE: ACM), the world’s trusted infrastructure consulting firm, has signed a strategic partnership agreement with the Royal Commission for AlUla (RCU) that will further accelerate the regeneration of AlUla, a city located in northwest Saudi Arabia, as it moves from the planning stage to implementation following the launch of its masterplan in April 2021.

The agreement sets out a comprehensive development timeline based around three phases that lead up to 2035 with AECOM’s program management team implementing the $15-billion Phase 1 development in AlUla’s core 20 kilometer historical area. This incorporates social, economic and sustainability projects in five unique hubs with a focus on infrastructure, hospitality, arts and culture, and social and community development.

“AlUla is one of the world’s largest and most complex development programs, home to more than 30,000 sites of historical significance, and we are proud to help realize the city's vision for the future,” said Lara Poloni, AECOM’s president. “In partnership with RCU, we look forward to leveraging our global program management and technical expertise to deliver a sustainable legacy that transforms AlUla for generations to come.”

Through the partnership, AECOM will accelerate business and investment opportunities from 2022 onwards and demonstrate the pace of progress to revitalize AlUla as a responsible, sustainable and community-inclusive destination.

“This new long-term strategic partnership with AECOM is critical to realizing our ambition of creating a global benchmark for sustainable tourism,” said Amr AlMadani, RCU’s chief executive officer. “As we establish AlUla as an exciting business hub servicing the northwest Arabia region, we require world-class partners such as AECOM who share our desire to benefit the people of AlUla while creating unforgettable experiences for visitors.”

Creating opportunities for the local community is a core aspect of AlUla’s development plan and AECOM’s approach. AECOM has already invested in training 400 AlUla residents to achieve professional vocational qualifications and will provide additional professional skills development and knowledge transfer opportunities both for residents and those relocating to AlUla for work.

“We are excited to provide a range of integrated services across the entire AlUla program,” said Drew Jeter, chief executive of AECOM’s global Program Management business. “Our services will include program management to integrate all workstreams and major initiatives across RCU to implement the AlUla vision and outcomes, as well as a project delivery office that will work with RCU to implement best practices and delivery from design to construction and operation.”

AECOM will also establish a Lead Design Office responsible for all infrastructure design activities from setting standards, delivering the digital ecosystem, leading innovation, managing designers, delivering scopes and supporting the realization of a carbon-neutral strategy and circular economy. Further, asset and facilities management will be provided for the project lifecycle along with the benchmarking and development of smart city plans and projects. The value of AECOM’s contract is expected to be included in its reported backlog in the first quarter of fiscal 2022.

AECOM and RCU share a common commitment to sustainability. AlUla’s Sustainability Charter, which sets the priorities and approach to transform AlUla in a resilient and sustainable manner, aligns with AECOM’s Sustainable Legacies strategy, which ensures the work the company does in partnership with clients leaves a positive impact for years to come. These commitments will guide AECOM’s efforts on AlUla on everything from capacity building opportunities with the local community to responsible protection and development of AlUla’s heritage and environment.

About AECOM
AECOM (NYSE: ACM) is the world’s trusted infrastructure consulting firm, delivering professional services throughout the project lifecycle – from planning, design and engineering to program and construction management. On projects spanning transportation, buildings, water, new energy and the environment, our public- and private-sector clients trust us to solve their most complex challenges. Our teams are driven by a common purpose to deliver a better world through our unrivaled technical expertise and innovation, a culture of equity, diversity and inclusion, and a commitment to environmental, social and governance priorities. AECOM is a Fortune 500 firm and its Professional Services business had revenue of $13.2 billion in fiscal year 2020. See how we are delivering sustainable legacies for generations to come at aecom.com and @AECOM.

About the Royal Commission for AlUla
The Royal Commission for AlUla (RCU) was established by royal decree in July 2017 to preserve and develop AlUla, a region of outstanding natural and cultural significance in north-west Saudi Arabia. RCU’s long-term plan outlines a responsible, sustainable, and sensitive approach to urban and economic development, that preserves the area’s natural and historic heritage, while establishing AlUla as a desirable location to live, work, and visit. This encompasses a broad range of initiatives across archaeology, tourism, culture, education, and the arts, reflecting a commitment to meeting the economic diversification, local community empowerment, and heritage preservation priorities of the Kingdom of Saudi Arabia’s Vision 2030 programme.

Forward-Looking Statements
All statements in this communication other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including any statements of the plans, strategies and objectives for future operations, profitability, strategic value creation, coronavirus impacts, risk profile and investment strategies, and any statements regarding future economic conditions or performance, and the expected financial and operational results of AECOM. Although we believe that the expectations reflected in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Important factors that could cause our actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in our forward-looking statements include, but are not limited to, the following: our business is cyclical and vulnerable to economic downturns and client spending reductions; impacts caused by the coronavirus and the related economic instability and market volatility, including the reaction of governments to the coronavirus, including any prolonged period of travel, commercial or other similar restrictions, the delay in commencement, or temporary or permanent halting of construction, infrastructure or other projects, requirements that we remove our employees or personnel from the field for their protection, and delays or reductions in planned initiatives by our governmental or commercial clients or potential clients; losses under fixed-price contracts; limited control over operations run through our joint venture entities; liability for misconduct by our employees or consultants; failure to comply with laws or regulations applicable to our business; maintaining adequate surety and financial capacity; high leverage and potential inability to service our debt and guarantees; exposure to Brexit; exposure to political and economic risks in different countries; currency exchange rate fluctuations; retaining and recruiting key technical and management personnel; legal claims; inadequate insurance coverage; environmental law compliance and adequate nuclear indemnification; unexpected adjustments and cancellations related to our backlog; partners and third parties who may fail to satisfy their legal obligations; AECOM Capital real estate development projects; managing pension cost; cybersecurity issues, IT outages and data privacy; risks associated with the benefits and costs of the Power transaction and other recent acquisitions and divestitures, including the risk that the expected benefits of such transactions or any contingent purchase price will not be realized within the expected time frame, in full or at all; the risk that costs of restructuring transactions and other costs incurred in connection with recent acquisitions and divestitures will exceed our estimates or otherwise adversely affect our business or operations; as well as other additional risks and factors that could cause actual results to differ materially from our forward-looking statements set forth in our reports filed with the Securities and Exchange Commission. Any forward-looking statements are made as of the date hereof. We do not intend, and undertake no obligation, to update any forward-looking statement.

Media Contact:
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DULUTH, Minn.--(BUSINESS WIRE)--Minnesota Power, a utility division of ALLETE Inc. (NYSE: ALE), is filing a request today with the Minnesota Public Utilities Commission (MPUC) to increase its annual operating revenue by $108 million and adjust rates for its retail electric customers.

The approximately 18% increase proposed by the company reflects changes in revenue and expenses related to Minnesota Power’s ongoing EnergyForward clean energy transition, evolving customer demand, business operations and regulatory requirements since the company’s last completed rate review submitted in 2016. In the past 25 years, Minnesota Power has completed only three full rate reviews.

“The energy industry of the 2020s looks far different than it did five years ago as our customers’ expectations for clean energy and high-value service are increasing,” said Bethany Owen, ALLETE Chair, President and CEO. “Through EnergyForward, Minnesota Power is meeting those expectations by delivering a resilient, reliable and sustainable supply of 50% renewable energy that is competitively priced. We are proud to be halfway to our goal of providing 100% carbon-free energy by 2050, and we look forward to continuing our close work with our customers and stakeholders to complete this transition.”

Clean-energy transition while maintaining a reliable grid

Minnesota Power achieved an unprecedented milestone in late 2020, becoming the first Minnesota utility to deliver more than 50% of its energy supply from renewable sources and closing or transitioning seven of nine of its coal units. In its Integrated Resource Plan submitted to state regulators on Feb. 1, 2021, Minnesota Power announced its goal to achieve a 70% renewable energy mix by 2030, an 80% carbon reduction and end to all coal operations by 2035, and reach a 100% carbon-free energy supply by 2050.

Recognizing the impacts of climate change, Minnesota Power is making additional investments in a more resilient grid to maintain energy delivery as the number of more extreme weather events increases. Minnesota Power also is providing customers greater control over their daily energy decisions and monthly bills through new tools that empower customers to reduce how much energy they use and to choose their sources of energy.

“Rate reviews are part of doing business as a regulated utility, and we’ve worked hard to keep rates affordable for customers by keeping operations and maintenance costs to 2010 levels,” said Minnesota Power Chief Operating Officer Josh Skelton. “The investments we have made in our EnergyForward plan over the past five years and the changing demand for energy require the company to seek this review. We understand our customers have high expectations that this energy transformation is done the right way, with thoughtful planning and efficient coordination of resources.”

Customer demand

Minnesota Power’s request also reflects changes in customer demand for energy. Minnesota Power customers have exceeded state energy conservation goals every year for the last decade, reducing energy consumption and total energy bills for households and businesses. In addition, the economy of northeastern Minnesota continues to evolve, and as the energy requirements of customers change, it affects rates paid by all classes of customers.

“Our unique customer base helps drive the economy of northeastern Minnesota, and this has helped keep residential rates among the lowest in the state,” explained Frank Frederickson, vice president of customer experience. “However, the costs for maintaining a safe and reliable electric system remain even when there are changes in customer demand. If our request is approved by the MPUC, the average monthly bill for our residential customers will remain below the national average while they receive the highest percentage of renewable energy in the state.”

The requested rate increase

As a regulated utility, Minnesota Power must receive approval from the MPUC whenever changes in revenue or expenses require adjusting its rates. Over the next year, the MPUC will receive feedback from state agencies, interested parties and customers before making a final decision on the rate request.

In this request to the MPUC, a typical residential customer with a monthly usage of 701 kilowatt-hours would see an increase of about $15 a month. A small-business customer with a monthly usage of 2,581 kilowatt-hours would see an increase of $55 per month.

The company has requested an interim rate increase of approximately 14% for all customers beginning in early January 2022. According to Minnesota law, the MPUC will approve an interim rate increase that will remain in effect until a decision is made on final rates. If the approved final rate is lower, the company will refund the difference to customers with interest.

Today’s filing is the first step in a full regulatory review of rates and recovery of the company’s expenses for delivering energy to its customers. The company’s last completed rate review was filed in 2016, while a 2019 request was withdrawn in response to the COVID-19 pandemic and its impacts on customers and the region’s economy.

Minnesota Power instituted additional steps to protect customers during these challenging times, including suspension of disconnections for 17 months and advancing three solar projects to spur economic recovery. The company has also redesigned its customer affordability program called “CARE,” increasing bill discounts available to income-eligible customers. If the rate request is approved, usage-qualified low-income customers will continue to have some of the lowest average bills in the state due to special discounts included in the company’s rate design transition.

“The request we submitted today will help achieve our sustainability commitments to the climate, our customers and the communities we are grateful to serve,” Owen said. “We are continuing to pursue aggressive carbon-reduction goals, working to keep rates as low as possible for families and businesses, and advocating for a regional economy that supports the well-being and quality of life for everyone.”

Minnesota Power provides electric service within a 26,000-square-mile area in northeastern Minnesota, supporting comfort, security and quality of life for 145,000 customers, 15 municipalities and some of the largest industrial customers in the United States. More information can be found at www.mnpower.com.

The statements contained in this release and statements that ALLETE may make orally in connection with this release that are not historical facts, are forward-looking statements. Actual results may differ materially from those projected in the forward-looking statements. These forward-looking statements involve risks and uncertainties and investors are directed to the risks discussed in documents filed by ALLETE with the Securities and Exchange Commission. ALE-CORP

Amy Rutledge
Manager Corporate Communications
Minnesota Power/ALLETE
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• Reported third-quarter earnings of $402 million or $0.91 per share; adjusted earnings of $1.4 billion or $3.18 per share
• Generated $2.2 billion of operating cash flow; $1.4 billion excluding working capital
• Delivered strong Midstream, Chemicals, and Marketing and Specialties earnings
• Significant improvement in Refining realized margins
• Paid off $500 million term loan
• Recently increased quarterly dividend to 92 cents per share
• Recently announced agreement to acquire all publicly held units of Phillips 66 Partners
• Announced greenhouse gas emissions reduction targets
• Expanded presence in the battery supply chain through strategic investment in NOVONIX

HOUSTON--(BUSINESS WIRE)--Phillips 66 (NYSE: PSX), a diversified energy manufacturing and logistics company, announces third-quarter 2021 earnings of $402 million, compared with earnings of $296 million in the second quarter of 2021. Excluding special items of $1.0 billion, primarily an impairment of the Alliance Refinery following Hurricane Ida, the company had adjusted earnings of $1.4 billion in the third quarter, compared with second-quarter adjusted earnings of $329 million.

“In the third quarter, we delivered a significant improvement in earnings and cash generation,” said Greg Garland, Chairman and CEO of Phillips 66. “Our Midstream, Chemicals, and Marketing and Specialties businesses continued to deliver strong results. In Refining, we saw a notable improvement in realized margins, operated well and navigated hurricane-related challenges.

“So far this year we have reduced debt by $1 billion, further strengthening our balance sheet. We recently increased the dividend, reflecting our confidence in the company’s strategy and cash flow recovery, as well as our commitment to a secure, competitive and growing dividend. We will continue to focus on debt repayment, disciplined capital allocation, and delivering attractive shareholder returns.

“Earlier this week we announced an agreement to buy-in Phillips 66 Partners. The transaction simplifies our structure and asset ownership across our integrated portfolio. We believe both PSX shareholders and PSXP unitholders will benefit from the combination.

“In addition, we recently announced our greenhouse gas emissions intensity reduction targets, demonstrating our commitment to sustainably providing energy today and in the future. Our targets are measurable, achievable and meaningful. We believe achieving the targets will drive value for shareholders and other stakeholders. We are expanding our presence in the battery supply chain through our investment in NOVONIX and announced a collaboration with Plug Power to identify and advance green hydrogen opportunities. We will continue to focus on lower-carbon initiatives that generate strong returns.”

Midstream

Midstream third-quarter 2021 pre-tax income was $629 million, compared with $312 million in the second quarter of 2021. Midstream results in the third quarter included a $10 million impairment and $3 million of pension settlement expense. Second-quarter results included $4 million of pension settlement expense.

Transportation third-quarter adjusted pre-tax income of $254 million was $30 million higher than the second quarter, primarily due to higher equity earnings from the Bakken and Gray Oak pipelines.

NGL and Other adjusted pre-tax income was $357 million in the third quarter, compared with $83 million in the second quarter. The increase was primarily due to a $224 million unrealized investment gain related to NOVONIX, as well as inventory impacts.

The company’s equity investment in DCP Midstream, LLC generated third-quarter adjusted pre-tax income of $31 million, a $22 million increase from the prior quarter. The increase was mainly driven by improved margins and hedging impacts.

Chemicals

The Chemicals segment reflects Phillips 66’s equity investment in Chevron Phillips Chemical Company LLC (CPChem). Chemicals third-quarter 2021 pre-tax income was $631 million, compared with $623 million in the second quarter of 2021. Chemicals results in the third quarter included a $2 million reduction to equity earnings for pension settlement expense and $1 million of maintenance and repair costs related to Hurricane Ida. Second-quarter results included an $18 million reduction to equity earnings for pension settlement expense and $16 million of winter-storm-related maintenance and repair costs.

CPChem’s Olefins and Polyolefins (O&P) business contributed $613 million of adjusted pre-tax income in the third quarter, compared with $593 million in the second quarter. The $20 million increase was primarily due to higher polyethylene sales volumes driven by continued strong demand, partially offset by higher utility costs. Global O&P utilization was 102% for the quarter.

CPChem’s Specialties, Aromatics and Styrenics (SA&S) business contributed third-quarter adjusted pre-tax income of $37 million, compared with $82 million in the second quarter. The decrease was driven by lower margins.

Refining

Refining had a third-quarter 2021 pre-tax loss of $1.1 billion, compared with a pre-tax loss of $729 million in the second quarter of 2021. Refining results in the third quarter included a $1.3 billion impairment of the Alliance Refinery, as well as $12 million of pension settlement expense and $10 million of hurricane-related costs. Second-quarter results included $20 million of pension settlement expense and $3 million of winter-storm-related costs.

Refining had adjusted pre-tax income of $184 million in the third quarter, compared with an adjusted pre-tax loss of $706 million in the second quarter. The improvement was primarily due to higher realized margins. Third-quarter realized margins were $8.57 per barrel, up from $3.92 per barrel mainly due to higher market crack spreads, lower RIN costs and improved product differentials.

Pre-tax turnaround costs for the third quarter were $81 million, compared with second-quarter costs of $118 million. Crude utilization rate was 86% in the third quarter, down from 88% in the second quarter due to hurricane impacts. Clean product yield was 84% in the third quarter, up 2% from the second quarter.

Marketing and Specialties

Marketing and Specialties (M&S) third-quarter 2021 pre-tax income was $545 million, compared with $476 million in the second quarter of 2021. M&S results included $2 million and $3 million of pension settlement expense in the third quarter and second quarter, respectively.

Adjusted pre-tax income for Marketing and Other was $454 million in the third quarter, an increase of $62 million from the second quarter. The increase was primarily due to higher international margins and volumes driven by the easing of COVID-19 restrictions. Refined product exports in the third quarter were 209,000 barrels per day (BPD).

Specialties generated third-quarter adjusted pre-tax income of $93 million, up from $87 million in the prior quarter, largely due to improved base oil margins.

Corporate and Other

Corporate and Other third-quarter 2021 pre-tax costs were $231 million, compared with pre-tax costs of $246 million in the second quarter of 2021. Pre-tax costs included $1 million and $2 million of pension settlement expense in the third quarter and second quarter, respectively.

In Corporate and Other, the $14 million decrease in adjusted pre-tax loss was driven by lower environmental and employee-related costs, partially offset by higher net interest expense.

Financial Position, Liquidity and Return of Capital

Phillips 66 generated $2.2 billion in cash from operations in the third quarter of 2021, including cash distributions from equity affiliates of $905 million. Excluding working capital impacts, operating cash flow was $1.4 billion.

During the quarter, Phillips 66 funded $552 million of capital expenditures and investments and paid $394 million in dividends. Additionally, Phillips 66 repaid its $500 million term loan due November 2023.

As of Sept. 30, 2021, Phillips 66 had $8.6 billion of liquidity, reflecting $2.9 billion of cash and cash equivalents and approximately $5.7 billion of total committed capacity under revolving credit facilities. Consolidated debt was $14.9 billion at Sept. 30, 2021, including $3.9 billion at Phillips 66 Partners. The company’s consolidated debt-to-capital ratio was 42% and its net debt-to-capital ratio was 37%.

Merger Agreement with Phillips 66 Partners

On Oct. 27, 2021, the company announced it has entered into an agreement to acquire all of the publicly held common units representing limited partner interest in Phillips 66 Partners not already owned by Phillips 66 and its affiliates. The agreement provides for 0.50 shares of Phillips 66 common stock to be issued for each Phillips 66 Partners common unit. Phillips 66 Partners’ preferred units will be converted into common units at a premium to the original issuance price prior to exchange for Phillips 66 common stock. The value of the transaction, which is expected to close in the first quarter of 2022, is $3.4 billion based on Oct. 26, 2021, market closing prices of both companies. Upon closing, the Partnership will be a wholly owned subsidiary of Phillips 66 and will no longer be a publicly traded partnership.

Strategic Update

In Midstream, Phillips 66 Partners recently completed construction of the C2G Pipeline, a 16 inch ethane pipeline that connects its Clemens Caverns storage facility to petrochemical facilities in Gregory, Texas, near Corpus Christi, Texas. The pipeline is expected to begin commercial operations in the fourth quarter of 2021 and is backed by long-term commitments.

At the Sweeny Hub, Phillips 66 resumed construction of Frac 4 in July. The 150,000-BPD fractionator is expected to be completed in the fourth quarter of 2022 and will increase Sweeny Hub fractionation capacity to 550,000 BPD. The fractionators are supported by long-term commitments.

In Chemicals, CPChem and Qatar Energy are jointly pursuing development of petrochemical facilities on the U.S. Gulf Coast and in Ras Laffan, Qatar. CPChem expects to make a final investment decision for its U.S. Gulf Coast project in 2022.

CPChem is expanding its alpha olefins business with a second world-scale unit to produce 1-hexene, a critical component in high-performance polyethylene. The 266,000 metric tons per year unit will be located in Old Ocean, Texas, near its Sweeny facility. The project will utilize CPChem’s proprietary technology and is expected to start up in 2023.

In August, CPChem received 24 safety awards from the Texas Chemical Council for excellence in safety performance across eight of its sites. The awards reaffirm CPChem’s longstanding commitment to operating excellence.

Phillips 66 is advancing its plans at the San Francisco Refinery in Rodeo, California, to meet the growing demand for renewable fuels. The hydrotreater feedstock flexibility project reached full rates of 8,000 BPD (120 million gallons per year) of renewable diesel in July. Separately, subject to permitting and approvals, the Rodeo Renewed refinery conversion project is expected to be finished in early 2024. Upon completion, the facility will initially have over 50,000 BPD (800 million gallons per year) of renewable fuel production capacity. The conversion will reduce emissions from the facility and produce lower-carbon transportation fuels.

The Alliance Refinery sustained significant impacts from Hurricane Ida and is expected to remain shut down through the fourth quarter of 2021. The company continues to assess future strategic options for the refinery.

In Marketing, Phillips 66 is converting 600 branded retail sites in California to sell renewable diesel produced by the Rodeo facility. In Switzerland, the Phillips 66 COOP retail joint venture is adding hydrogen fueling stations. Phillips 66 is exploring additional opportunities with hydrogen and electric vehicle charging to support European low-carbon goals and growing demand for sustainable fuels.

In September 2021, Phillips 66 announced a set of company-wide greenhouse gas emissions reduction targets that are impactful, attainable and measurable. By 2030, the company expects to reduce GHG emissions intensity by 30% for Scope 1 and 2 emissions from its operations and by 15% for Scope 3 emissions from its energy products, below 2019 levels.

The targets build on the company’s lower-carbon strategy and leverage its Emerging Energy business platform, through which Phillips 66 continues to advance its efforts in renewable fuels, batteries, carbon capture and hydrogen. Recent announcements include:

• Expanding its presence in the battery supply chain. In September 2021, Phillips 66 acquired a 16% stake in NOVONIX Ltd., an ASX-listed company with operations in the United States and Canada that develops technology and supplies materials for lithium-ion batteries. The investment by Phillips 66 supports an expansion of 30,000 metric tons per year of additional synthetic graphite production capacity at NOVONIX’s Chattanooga, Tennessee plant, bringing the plant’s total capacity to 40,000 metric tons per year. The expansion is expected to be completed in 2025.

• Collaborating on the development of low-carbon hydrogen opportunities. In October 2021, Phillips 66 signed a memorandum of understanding with Plug Power Inc., a leading provider of global green hydrogen solutions. The companies will focus on scaling low-carbon hydrogen throughout the industrial and mobility sectors, while advancing the development of hydrogen-related infrastructure. They will also explore ways to deploy Plug Power’s technology and equipment within Phillips 66’s operations.

Investor Webcast

Later today, members of Phillips 66 executive management will host a webcast at noon EDT to discuss the company’s third-quarter performance and provide an update on strategic initiatives. To access the webcast and view related presentation materials, go to www.phillips66.com/investors and click on “Events & Presentations.” For detailed supplemental information, go to www.phillips66.com/supplemental.

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 news release contains certain 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. Words and phrases such as “is anticipated,” “is estimated,” “is expected,” “is planned,” “is scheduled,” “is targeted,” “believes,” “continues,” “intends,” “will,” “would,” “objectives,” “goals,” “projects,” “efforts,” “strategies” and similar expressions are used to identify such forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this news release are based on management’s expectations, estimates and projections as of the date they are made. These statements are not guarantees of future performance and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include: the continuing effects of the COVID-19 pandemic and its negative impact on commercial activity and demand for refined petroleum products; the inability to timely obtain or maintain permits necessary for capital projects; changes to worldwide government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs like the renewable fuel standards program, low carbon fuel standards and tax credits for biofuels; fluctuations in NGL, crude oil, and natural gas prices, and petrochemical and refining margins; unexpected changes in costs for constructing, modifying or operating our facilities; unexpected difficulties in manufacturing, refining or transporting our products; the level and success of drilling and production volumes around our Midstream assets; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products, renewable fuels or specialty products; lack of, or disruptions in, adequate and reliable transportation for our NGL, crude oil, natural gas, and refined products; potential liability from litigation or for remedial actions, including removal and reclamation obligations under environmental regulations; failure to complete construction of capital projects on time and within budget; the inability to comply with governmental regulations or make capital expenditures to maintain compliance; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; potential disruption of our operations due to accidents, weather events, including as a result of climate change, terrorism or cyberattacks; general domestic and international economic and political developments including armed hostilities, expropriation of assets, and other political, economic or diplomatic developments, including those caused by public health issues and international monetary conditions and exchange controls; changes in governmental policies relating to NGL, crude oil, natural gas, refined petroleum products, or renewable fuels pricing, regulation or taxation, including exports; changes in estimates or projections used to assess fair value of intangible assets, goodwill and property and equipment and/or strategic decisions with respect to our asset portfolio that cause impairment charges; investments required, or reduced demand for products, as a result of environmental rules and regulations; changes in tax, environmental and other laws and regulations (including alternative energy mandates); the operation, financing and distribution decisions of equity affiliates we do not control; the impact of adverse market conditions or other similar risks to those identified herein affecting PSXP, and other economic, business, competitive and/or regulatory factors affecting Phillips 66’s businesses generally as set forth in our filings with the Securities and Exchange Commission. Phillips 66 is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.}

^{Use of Non-GAAP Financial Information—This news release includes the terms “adjusted earnings (loss),” “adjusted earnings (loss) per share” and “adjusted pre-tax income (loss).” These are non-GAAP financial measures that are included to help facilitate comparisons of operating performance across periods and to help facilitate comparisons with other companies in our industry, by excluding items that do not reflect the core operating results of our businesses in the current period. This release also includes a “debt-to-capital ratio excluding PSXP.” This non-GAAP measure is provided to differentiate the capital structure of Phillips 66 compared with that of Phillips 66 Partners.}

^{References in the release to total consolidated earnings (loss) refer to net income (loss) attributable to Phillips 66.}

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Company enables consumers to easily purchase, finance and insure boats and marine products with flexible payment options in minutes from home

HALLANDALE BEACH, Fla.--(BUSINESS WIRE)--Boatzon, the first 100 percent online boat and marine retailer, today announces the launch of its secure direct marketplace, giving boat and marine enthusiasts easy and direct access to boats, engines, trailers, marine products and more. Consumers can browse, finance, insure, purchase and arrange delivery of a boat and marine products entirely online. The first of its kind in the boating industry, the platform offers buyers a new and innovative purchasing channel that caters to seasoned professional boaters and beginners alike.

Boatzon offers real-time financing and insurance quotes and terms to consumers during the purchasing process, providing an easier, more enjoyable shopping experience. The platform allows buyers to choose from multiple finance offers from specialized marine banks and receive funding in as little as 24 hours. Additionally, Boatzon’s partner company, Boatzon Insurance Group, is a fully licensed insurance agency of top marine insurance carriers able to quote, bind and service policies in the United States and most countries worldwide.

Bryan Lenett, who serves as Boatzon’s CEO, found that the marine industry lacked the online customer experiences many other industries enjoy that consumers have come to expect. “When we set out to develop Boatzon nearly two years ago, we wanted to incorporate best in class technology for the marine industry to provide an experience that offers a drastically different customer experience from start to finish,” shares Lenett.

In addition to working with dealer’s boating inventory, Boatzon also allows users to sell any used boat, engine, trailer, or marine product for sale for free. The company is also integrated with the largest marine retailers to offer over 30,000 new products with available Boatzon financing. Over 200 dealers nationwide currently have new and used inventory listed with Boatzon.

“Most other industries such as the automobile segment have embraced technology to improve user experiences. Boat dealers are not going away, but the buying and retail experience for boats are ripe for change,” said Michael Muchnick, COO and co-founder of Boatzon. “We partner with boat dealers and work with them as a hybrid ‘digital dealer,’ which innovates and improves the shopping and purchasing process for all.”

Timing is Everything

According to the National Marine Manufacturers Association, annual U.S. sales of boats, marine products and services totaled $47 billion in 2020, up 9 percent from 2019. With heightened interest in outdoor recreation activities, consumer demand for new boats is higher than ever before. The industry’s consumer forecast looks strong through 2021 and beyond as millions of Americans discover the mental health benefits and joys of being outside and on the water. Additionally, outdoor recreation activities that allow for social distancing remain in high demand.

“The boating and marine industry is stronger than ever despite the challenging sales, finance, and insurance processes. I am confident Boatzon’s new digital approach will draw dealers, manufacturers and consumers together to do business in ways they have only experienced in other industries,” adds Lenett.

About Boatzon

Boatzon is the first 100 percent online boat and marine retailer utilizing FinTech and InsurTech solutions. The company’s digital marketplace gives boat and marine enthusiasts easy and direct access to vessels, engines, trailers, marine products and more. Boatzon allows for consumers to browse, finance, insure and purchase a boat or marine products entirely online in minutes.

Haley Meyer
Trevelino/Keller
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Top leadership named as Exelon prepares to separate into two companies

CHICAGO--(BUSINESS WIRE)--Exelon Corp. (Nasdaq: EXC) today announced key leadership appointments as it prepares to separate into two companies in the first quarter of 2022. After the separation, the utility business will be named Exelon and the competitive energy business will be named Constellation.

The following individuals have been appointed, effective immediately, to the Exelon (utility business) senior executive team, reporting directly to Exelon CEO Chris Crane:

• Calvin Butler, Senior EVP and Chief Operating Officer
• Bridget Reidy, EVP and Chief Operating Officer, Business Services Company
• David Glockner, EVP, Compliance and Audit
• Gayle Littleton, EVP and General Counsel
• Amy Best, EVP and Chief Human Resources Officer

“We continue to make excellent progress in our plans to separate into two leading companies, Exelon and Constellation,” said Crane. “We are excited about the unique skills and values-driven leadership each of these individuals will contribute to building the post-separation businesses. We firmly believe in the bright future of each of these companies and are even more confident now that we have these leadership teams in place. The diverse team we have brought together at Exelon is composed of energy industry veterans who bring the right combination of skills and expertise to lead the company forward in delivering smart, clean, reliable and resilient energy to our customers and communities.”

“It’s an honor to be named Chief Operating Officer of Exelon during such a transformative period in the industry,” said Butler. “I look forward to working with Chris and the rest of the senior leadership team to continue our work on behalf of Exelon utilities’ 10 million customers – investing in and modernizing our energy infrastructure for safe, reliable and resilient service, clean and affordable energy choices and more equitable communities.”

The following individuals have been appointed, effective immediately, to the Constellation (competitive energy business) senior executive team, reporting directly to Exelon Generation CEO Joseph Dominguez:

• Kathleen Barrón, EVP and Chief Strategy Officer
• Mike Koehler, EVP and Chief Administrative Officer
• Bryan Hanson, EVP and Chief Generation Officer
• Jim McHugh, EVP and Chief Commercial Officer
• David Dardis, EVP and General Counsel
• Susie Kutansky, SVP and Chief Human Resources Officer

“I’m excited to welcome these talented leaders to Constellation’s senior leadership team,” said Dominguez, the incoming CEO of Constellation. “These individuals collectively bring significant expertise, dedication and commitment to excellence, and with this team in place, I’m confident Constellation will lead its industry as the largest producer of clean energy in the nation.”

Additional information about the senior leaders of each company can be found in the executive profiles section of the Exelon website at exeloncorp.com/leadership-and-governance/executive-profiles. Profiles will be updated shortly to reflect their new roles.

As previously announced on Oct. 1, 2021, Joseph Nigro has been appointed as Senior EVP and Chief Financial Officer of Exelon and Daniel Eggers has been appointed EVP and Chief Financial Officer of Constellation. Nigro and Eggers will also report directly to Crane and Dominguez, respectively.

Timing and Approvals

Closing of the transaction in the first quarter of 2022 is subject to final approval by the company’s Board of Directors, a Form 10 registration statement being declared effective by the Securities and Exchange Commission, the receipt of remaining regulatory approvals and the satisfaction of other conditions. The transaction was approved by the Federal Energy Regulatory Commission in August. Approval by the Nuclear Regulatory Commission and New York Public Service Commission remains pending. Exelon shareholder approval is not required. There can be no assurance that any separation transaction will ultimately occur or, if one does occur, of its terms or timing.

About Exelon

Exelon Corporation (Nasdaq: EXC) is a Fortune 100 energy company with the largest number of electricity and natural gas customers in the U.S. Exelon does business in 48 states, the District of Columbia and Canada and had 2020 revenue of $33 billion. Exelon serves approximately 10 million customers in Delaware, the District of Columbia, Illinois, Maryland, New Jersey and Pennsylvania through its Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO and Pepco subsidiaries. Exelon is one of the largest competitive U.S. power generators, with more than 31,000 megawatts of nuclear, gas, wind, solar and hydroelectric generating capacity comprising one of the nation’s cleanest and lowest-cost power generation fleets. The company’s Constellation business unit provides energy products and services to approximately 2 million residential, public sector and business customers, including three fourths of the Fortune 100. Follow Exelon on Twitter @Exelon.

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

The G8 Energy Consumption industry profile provides top-line qualitative and quantitative summary information including: Sector 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 Sector.

Key Highlights

• The G8 countries contributed $1,974.9 billion in 2020 to the global energy consumption industry, with a compound annual growth rate (CAGR) of 1.8% between 2016 and 2020. The G8 countries are expected to reach a value of $2,381.3 billion in 2025, with a CAGR of 3.8% over the 2020-25 period.
• Among the G8 nations, the US is the leading country in the energy consumption industry, with market revenues of $728.9 billion in 2020. This was followed by Germany and France, with a value of $288.4 and $261.7 billion, respectively.
• The US is expected to lead the energy consumption industry in the G8 nations with a value of $832.4 billion in 2016, followed by Germany and France with expected values of $369.9 and $281.3 billion, respectively.

Reasons to Buy

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

Key Topics Covered:

1 Introduction

2 Group of Eight (G8) Energy Consumption

3 Energy Consumption in Canada

3.1. Market Overview

3.2. Market Data

3.3. Market Segmentation

3.4. Market outlook

3.5. Five forces analysis

3.6. Macroeconomic Indicators

4 Energy Consumption in France

4.1. Market Overview

4.2. Market Data

4.3. Market Segmentation

4.4. Market outlook

4.5. Five forces analysis

4.6. Macroeconomic Indicators

5 Energy Consumption in Germany

5.1. Market Overview

5.2. Market Data

5.3. Market Segmentation

5.4. Market outlook

5.5. Five forces analysis

5.6. Macroeconomic Indicators

6 Energy Consumption in Italy

6.1. Market Overview

6.2. Market Data

6.3. Market Segmentation

6.4. Market outlook

6.5. Five forces analysis

6.6. Macroeconomic Indicators

7 Energy Consumption in Japan

7.1. Market Overview

7.2. Market Data

7.3. Market Segmentation

7.4. Market outlook

7.5. Five forces analysis

7.6. Macroeconomic Indicators

8 Energy Consumption in Russia

8.1. Market Overview

8.2. Market Data

8.3. Market Segmentation

8.4. Market outlook

8.5. Five forces analysis

8.6. Macroeconomic Indicators

9 Energy Consumption in The United Kingdom

9.1. Market Overview

9.2. Market Data

9.3. Market Segmentation

9.4. Market outlook

9.5. Five forces analysis

9.6. Macroeconomic Indicators

10 Energy Consumption in The United States

10.1. Market Overview

10.2. Market Data

10.3. Market Segmentation

10.4. Market outlook

10.5. Five forces analysis

10.6. Macroeconomic Indicators

11 Company Profiles

11.1. Suncor Energy Inc.

11.2. Husky Energy Inc

11.3. Imperial Oil Limited

11.4. Total S.E.

11.5. Electricite de France SA

11.6. Engie SA

11.7. E.ON SE

11.8. EnBW Energie Baden-Wuerttenberg AG

11.9. Vattenfall AB.

11.10. Eni S.p.A

11.11. Edison S.p.A.

11.12. Enel SpA

11.13. ENEOS Holdings Inc.

11.14. The Tokyo Electric Power Company Holdings., Incorporated

11.15. Tokyo Gas Co., Ltd.

11.16. OAO Gazprom

11.17. OJSC Rosneft Oil Company

11.18. Lukoil Oil Co.

11.19. BP Plc

11.20. Centrica plc

11.21. EDF Energy Holdings Ltd

11.22. RWE AG

11.23. SSE Plc.

11.24. Exxon Mobil Corporation

11.25. Southern Company Gas

11.26. Duke Energy Corporation

11.27. NextEra Energy, Inc.

12 Appendix

For more information about this report visit https://www.researchandmarkets.com/r/t1iq8h

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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• Third-quarter earnings of $242 million and adjusted EBITDA of $367 million
• Recently entered into agreement for Phillips 66 to acquire all publicly held units

HOUSTON--(BUSINESS WIRE)--Phillips 66 Partners LP (NYSE: PSXP) announces third-quarter 2021 earnings of $242 million, or $1.00 per diluted common unit. Cash from operations was $338 million, and distributable cash flow was $268 million. Adjusted EBITDA was $367 million in the third quarter, compared with $337 million in the prior quarter.

On Oct. 19, 2021, the general partner’s board of directors declared a third-quarter 2021 cash distribution of $0.875 per common unit, or $3.50 per unit on an annualized basis.

Financial Results

Phillips 66 Partners’ third-quarter 2021 earnings were $242 million, compared with $225 million in the second quarter. The Partnership reported adjusted EBITDA of $367 million in the third quarter, compared with $337 million in the prior quarter. The increases in third-quarter earnings and adjusted EBITDA mainly reflect higher equity earnings from the Bakken and Gray Oak pipelines.

Liquidity, Capital Expenditures and Investments

As of Sept. 30, 2021, total debt outstanding was $3.9 billion. The Partnership had $71 million in cash and cash equivalents and $749 million available under its revolving credit facility.

The Partnership’s capital expenditures and investments for the quarter were $103 million. Growth capital included spend on the C2G Pipeline project and funding for the Bakken Pipeline optimization project.

Merger Agreement with Phillips 66

On Oct. 27, 2021, Phillips 66 Partners and Phillips 66 announced that they have entered into an agreement pursuant to which Phillips 66 will acquire all of the publicly held units of Phillips 66 Partners it does not already own in exchange for Phillips 66 common stock. The transaction is expected to close in the first quarter of 2022.

About Phillips 66 Partners

Headquartered in Houston, Phillips 66 Partners is a master limited partnership formed by Phillips 66 to own, operate, develop and acquire primarily fee-based crude oil, refined petroleum products and natural gas liquids pipelines, terminals and other midstream assets. For more information, visit www.phillips66partners.com.

_{CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS}

_{This news release contains certain forward-looking statements as defined under the federal securities laws. Words and phrases such as “is anticipated,” “is estimated,” “is expected,” “is planned,” “is scheduled,” “is targeted,” “believes,” “continues,” “intends,” “will,” “would,” “objectives,” “goals,” “projects,” “efforts,” “strategies” and similar expressions are used to identify such forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this news release are based on management’s expectations, estimates and projections as of the date they are made. These statements are not guarantees of future performance and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include: the continued ability of Phillips 66 to satisfy its obligations under our commercial and other agreements; the volume of crude oil, refined petroleum products and NGL we or our equity affiliates transport, fractionate, terminal and store; the tariff rates with respect to volumes transported through our regulated assets, which are subject to review and possible adjustment by federal and state regulators; fluctuations in the prices for crude oil, refined petroleum products and NGL; the continuing effects of the COVID-19 pandemic and its negative impact on the demand for refined products; changes in governmental policies relating to crude oil, refined petroleum products or NGL pricing, regulation, taxation, or exports; liabilities associated with the risks and operational hazards inherent in transporting, fractionating, terminaling and storing crude oil, refined petroleum products and NGL; curtailment of operations due to accidents, severe weather (including as a result of climate change) or natural disasters, riots, strikes or lockouts; the inability to obtain or maintain permits, in a timely manner or at all, and the possible revocation or modification of permits; the operation, financing and distribution decisions of our equity affiliates; costs to comply with environmental laws and safety regulations; failure of information technology due to various causes, including unauthorized access or attacks; changes to the costs to deliver and transport crude oil, refined petroleum products and NGL; potential liability from litigation or for remedial actions, including removal and reclamation obligations under environmental regulations; the failure to complete construction of capital projects on time and within budget; general domestic and international economic and political developments including armed hostilities, expropriation of assets, and other political, economic or diplomatic developments, including those caused by public health issues; our ability to comply with our debt covenants and to incur additional indebtedness on favorable terms; changes in tax, environmental and other laws and regulations; and other economic, business, competitive and/or regulatory factors affecting Phillips 66 Partners’ businesses generally as set forth in our filings with the Securities and Exchange Commission. Phillips 66 Partners is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.}

_{Use of Non-GAAP Financial Information—This news release includes the terms “EBITDA,” “adjusted EBITDA,” “distributable cash flow” and “coverage ratio.” These are non-GAAP financial measures. EBITDA and adjusted EBITDA are included to help facilitate comparisons of operating performance of the Partnership with other companies in our industry. EBITDA and distributable cash flow help facilitate an assessment of our ability to generate sufficient cash flow to make distributions to our partners. We believe that the presentation of EBITDA, adjusted EBITDA and distributable cash flow provides useful information to investors in assessing our financial condition and results of operations. Our coverage ratio is calculated as distributable cash flow divided by total cash distributions and is included to help indicate the Partnership’s ability to pay cash distributions from current earnings. The GAAP performance measure most directly comparable to EBITDA and adjusted EBITDA is net income (loss). The GAAP liquidity measure most comparable to EBITDA and distributable cash flow is net cash provided by operating activities. The GAAP financial measure most comparable to our coverage ratio is calculated as net cash provided by operating activities divided by total cash distributions. These non-GAAP financial measures should not be considered as alternatives to their comparable GAAP measures. They have important limitations as analytical tools because they exclude some but not all items that affect their corresponding GAAP measures. They should not be considered in isolation or as substitutes for analysis of our results as reported under GAAP. Additionally, because EBITDA, adjusted EBITDA, distributable cash flow and coverage ratio may be defined differently by other companies in our industry, our definition of those measures may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.}

_{Reconciliations of these non-GAAP measures to their comparable GAAP measures are included in this release.}

_{References in the release to earnings or losses refer to net income or losses attributable to the Partnership. References to EBITDA refer to earnings before interest, income taxes, depreciation and amortization.}

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• Reported earnings of $6.1 billion
• Cash flow from operations of $8.6 billion; record free cash flow of $6.7 billion
• Share repurchases of $625 million

SAN RAMON, Calif.--(BUSINESS WIRE)--Chevron Corporation (NYSE: CVX) today reported earnings of $6.1 billion ($3.19 per share - diluted) for third quarter 2021, compared with a loss of $207 million ($(0.12) per share - diluted) in third quarter 2020. Included in the current quarter were asset sale gains of $200 million and pension settlement costs of $81 million. Foreign currency effects increased earnings by $305 million. Adjusted earnings of $5.7 billion ($2.96 per share - diluted) in third quarter 2021 compares to adjusted earnings of $340 million ($0.18 per share - diluted) in third quarter 2020. For a reconciliation of adjusted earnings/(loss), see Attachment 5.

Sales and other operating revenues in third quarter 2021 were $43 billion, compared to $24 billion in the year-ago period.