HIGHLIGHTS

• NOG enters into agreement to acquire a 36.7% working interest in a stacked pay, six-zone development project (the “Mascot Project”) in the core of the Midland Basin for $330 million
• Acquisition includes producing properties and associated midstream assets, plus 62 gross in-process and future wells in Midland County, Texas, with sub-$40 per barrel average breakevens
• Average production of 6,450 Boe per day (2-stream, ~80% oil) expected for 2023
• Clear line of sight to significant free cash flow generation with 22.8 net undeveloped and in-process locations, all scheduled to be developed over the next two years
  • ~$150 million of expected 2023 unhedged cash flow from operations at strip pricing as of October 13, 2022 (~2.2x transaction multiple)
  • ~$300 million of unlevered free cash flow expected through 2025 (inclusive of cash flows received from effective date but prior to closing)
• Transaction expected to be significantly accretive to key financial metrics
• Future wells will be developed under a joint operating agreement with defined controls and governance, providing strong alignment
• NOG has hedged a substantial portion of the expected production
• Acquisition to be financed with cash

MINNEAPOLIS--(BUSINESS WIRE)--Northern Oil and Gas, Inc. (NYSE: NOG) (the “Company” or “NOG”) today announced an agreement to acquire properties in the core of the Midland Basin.

MIDLAND BASIN ACQUISITION

NOG has entered into a definitive agreement to acquire a 36.7% working interest in the Mascot Project from Midland-Petro D.C. Partners, LLC (“MPDC”) for a purchase price of $330 million in cash, subject to typical closing adjustments. NOG expects to fund the acquisition with cash on hand, operating free cash flow and borrowings from NOG’s revolving credit facility.

NOG expects production from the acquired properties to average ~4,400 Boe per day in Q1 2023 and ~6,450 Boe per day for full year 2023 (2-stream, ~80% oil).

The acquired assets are located in Midland County, Texas and include four all-depths contiguous drilling spacing units developed for long laterals, 12.1 net producing wells, 5.5 net wells-in-process and approximately 17.3 net undeveloped locations. The properties have incurred minimal legacy vertical drilling relative to typical Midland Basin properties. NOG is also acquiring a pro rata interest in the midstream assets and associated infrastructure, which represent approximately $36 million of the allocated value of the transaction. The Mascot Project is operated by Permian Deep Rock Oil Company, an affiliate of MPDC, which is a David H. Arrington-owned business based in Midland, Texas. NOG and MPDC have formulated a joint operating agreement with a plan to fully develop the units, completing the drilling project in 2024. Additional unbooked infill and secondary zones remain for future development.

The effective date for the transaction is August 1, 2022, and NOG expects to close the transaction in January 2023. The obligations of the parties to complete the transactions contemplated by the purchase agreement are subject to the satisfaction or waiver of customary closing conditions.

HEDGING UPDATE

In addition to its continuous hedging program, NOG has hedged, as standard practice, a significant portion of the production from the pending transaction, including local gas basis. Updated hedge schedules can be found in NOG’s related MPDC Acquisition Presentation at http://ir.northernoil.com.

MANAGEMENT COMMENTS

“With this transaction, we showcase NOG’s expanding capabilities,” commented Nick O’Grady, NOG’s Chief Executive Officer. “Beyond just a consolidator of non-operated interests, NOG is proving itself to be an adept and preferred partner for the development of high-quality assets. This transaction carries a clear and strong development plan that should deliver substantial returns for our investors. Mr. Arrington and his team have dedicated over five years to developing this project, and we would like to thank him and his stellar operating team for the opportunity to help see it through.”

“This acquisition has unique properties versus almost any prior transaction NOG has done,” commented Adam Dirlam, NOG’s President. “As typical, it is focused on one of the highest quality regions in the U.S., but what differentiates this transaction is the surety of development timing and returns, with clear line of sight to turning valuable acreage into significant free cash flow, rapidly and efficiently.”

ADVISORS

Citigroup Global Markets served as NOG’s financial advisor. Kirkland & Ellis LLP is serving as the Company’s legal advisor.

Petrie Partners served as MPDC’s financial advisor. Hunton Andrews Kurth LLP is serving as MPDC’s legal advisor.

ABOUT NORTHERN OIL AND GAS

NOG is a company with a primary strategy of investing in non-operated minority working and mineral interests in oil & gas properties, with a core area of focus in the premier basins within the United States. More information about NOG can be found at www.northernoil.com.

SAFE HARBOR

This press release contains forward-looking statements regarding future events and future results that are subject to the safe harbors created under the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”). All statements other than statements of historical facts included in this release regarding NOG’s financial position, common stock dividends, business strategy, plans and objectives of management for future operations, industry conditions, capital expenditures, production, cash flow, hedging and other matters are forward-looking statements. When used in this release, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “guidance,” “project,” “predict,” “believe,” “expect,” “continue,” “anticipate,” “target,” “could,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond NOG’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following: changes in crude oil and natural gas prices, the pace of drilling and completions activity on NOG's properties and properties pending acquisition, the effects of the COVID-19 pandemic and related economic slowdown, NOG's ability to acquire additional development opportunities, integration and benefits of property acquisitions, or the effects of such acquisitions on Northern’s cash position and levels of indebtedness, changes in NOG's reserves estimates or the value thereof, general economic or industry conditions, nationally and/or in the communities in which NOG conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, NOG's ability to consummate any pending acquisition transactions (including the transactions described herein), other risks and uncertainties related to the closing of pending acquisition transactions (including the transactions described herein), NOG's ability to raise or access capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, and other economic, competitive, governmental, regulatory and technical factors affecting NOG's operations, products, services and prices.

NOG has based these forward-looking statements on its current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond NOG's control. NOG does not undertake any duty to update or revise any forward-looking statements, except as may be required by the federal securities laws.

Investor Relations
(952) 476-9800
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HOUSTON--(BUSINESS WIRE)--Genesis Energy, L.P. (NYSE: GEL) will announce its earnings for the Third Quarter ended September 30, 2022 on October 27, 2022, before the market opens.

Genesis Energy, L.P.’s Third Quarter Earnings Conference Call will be held Thursday, October 27, 2022, at 9:00 a.m. Central time (10:00 a.m. Eastern time). This call can be accessed at www.genesisenergy.com. Choose the Investor Relations button. For those unable to attend the live broadcast, a replay will be available beginning approximately one hour after the event.

Genesis Energy, L.P. is a diversified midstream energy master limited partnership headquartered in Houston, Texas. Genesis’ operations include offshore pipeline transportation, sodium minerals and sulfur services, marine transportation and onshore facilities and transportation. Genesis’ operations are primarily located in the Gulf Coast region of the United States, Wyoming and the Gulf of Mexico.

Genesis Energy, L.P.
Dwayne Morley
Vice President – Investor Relations
(713) 860-2536

PITTSBURGH--(BUSINESS WIRE)--Alcoa Corporation (NYSE: AA) today reported third quarter 2022 financial results that reflect lower sequential average realized prices for alumina and aluminum, coupled with higher costs for energy and key raw materials.

Third Quarter Highlights

• Revenue of $2.85 billion
• Recorded a quarterly net loss of $746 million and loss per share of $4.17, which includes $652 million of restructuring charges related primarily to pension actions
• Completed a $1 billion pension annuity transaction, the fifth such transaction since 2018, for a total transfer of approximately $3.3 billion of prior pension obligations and related assets
• Acted to mitigate the impact of high energy prices in Europe; curtailed one-third of the production capacity at the Lista smelter in Norway and reduced daily production rates at the San Ciprián refinery in Spain to lower natural gas use
• Generated $134 million in cash from operations; repurchased $150 million of common stock and paid fourth consecutive cash dividend of $18 million
• Finished the third quarter with a cash balance of $1.4 billion

“Across Alcoa, we have worked diligently over these past several years to build increased resilience in our business so we can compete through all phases of the commodity cycle, including the one we are experiencing now,” said Alcoa President and CEO Roy Harvey.

“Despite a challenging quarter that saw significantly lower prices, and high costs for energy and raw materials, we maintained a strong balance sheet, including transferring pension obligations and returning cash to our stockholders,” Harvey said. “As we move forward, we are keenly focused on the items within our direct control, including boosting operational stability, advancing our breakthrough technologies and continuing to promote our sustainable product offerings so we can benefit from the positive, long-term fundamentals for the aluminum industry.”

Financial Results

Third Quarter 2022 Results

• Revenue: Total third-party revenue decreased 22 percent sequentially to $2,851 million primarily due to lower alumina and aluminum prices. On a sequential basis, the average realized third-party price of alumina decreased 16 percent and the average realized third-party price of aluminum decreased 17 percent.

• Shipments: In Alumina, third-party shipments decreased 8 percent sequentially primarily due to lower trading volumes and the decision to reduce production rates at the San Ciprián refinery in Spain to mitigate the high costs of natural gas. Also, shipments from the Australian refineries did not improve sequentially as previously expected due to lower bauxite quality and extended maintenance.
  
  In Aluminum, total shipment volume decreased sequentially 8 percent due to the July curtailment of one of three operating potlines at the Warrick smelter in Indiana, and reduced trading opportunities in Europe given market uncertainty. Most of the volume reduction was commodity grade aluminum; shipments of value add products were flat sequentially.
  

• Production: The Company produced 497,000 metric tons of aluminum, which was consistent with the prior quarter’s strong output. Additional volume from the restarts at the Alumar smelter in Brazil and the Portland smelter in Australia offset the lower aluminum production at Warrick from the partial curtailment. Alumina segment production decreased 4 percent to 3.1 million metric tons, primarily due to the lower output at the San Ciprián refinery.

• Net loss attributable to Alcoa Corporation was $746 million, or $4.17 per share, primarily due to the decline in aluminum and alumina prices, higher energy and raw material costs, and restructuring related charges recorded in the third quarter, including $626 million of noncash pension settlement charges. Two European locations that were exposed to spot energy had sequentially higher costs. The Lista smelter in Norway recorded $57 million more in sequential costs for electricity; the San Ciprián refinery in Spain recorded $21 million more in sequential costs for natural gas. Costs for key raw materials, including caustic and carbon materials, sequentially increased $58 million.

• Adjusted net loss was $60 million, or $0.33 per share, excluding the impact from net special items of $686 million. Notable special items include restructuring and other charges of $652 million (primarily $626 million in noncash pension settlement charges and a $29 million charge related to the permanent closure of a long-curtailed magnesium smelter, as described below), a mark-to-market loss of $49 million related to energy contracts and $20 million in costs related to the restart processes at the Alumar smelter in Brazil and the Portland smelter in Australia. The loss was partially offset by tax and noncontrolling interest impacts on above items of $38 million.

• Adjusted EBITDA excluding special items was $210 million, a sequential decrease of 77 percent primarily due to lower aluminum and alumina prices and higher energy and raw material costs.

• Cash: Alcoa ended the quarter with cash on hand of $1.4 billion. Cash provided from operations was $134 million. Cash used for financing activities was $185 million, primarily related to $150 million in share repurchases and $18 million in cash dividends on common stock. Cash used for investing activities was $138 million, which includes $128 million in capital expenditures.

• Working capital: The Company’s working capital balance decreased sequentially by $143 million. On a days working capital basis, 50 days at the end of the third quarter was seven days higher sequentially, due to the decrease in sales revenue from lower pricing for aluminum and alumina. Although inventory days increased by 14 days, the finished goods inventory balance decreased sequentially due to lower pricing, lower amounts on hand due to logistics improvements, and lower metal purchases to serve annual contracts related to the Alumar smelter.

Strategic Actions

• Strengthening the balance sheet: In the third quarter, the Company strengthened the balance sheet through the transfer of approximately $1 billion of pension obligations and assets associated with defined benefit pension plans for certain United States retirees and beneficiaries. Alcoa’s U.S. defined benefit pension plans remain more than fully funded after the transfer with minimal to no expected funding contributions going forward.

• Returns to stockholders: In the third quarter, the Company returned $168 million of capital to stockholders through $18 million in cash dividends and $150 million in share repurchases from a prior authorization. At the end of the third quarter, the Company had $500 million authorized and available for potential share repurchases.

• Alloy development: On September 13, the Company announced new innovations in alloy development and deployment, including the introduction of A210 ExtruStrong™ alloy, a new high-strength, 6000 series alloy that provides improved benefits for extrusion customers. Also, the company announced that its C611 EZCast™ alloy, a high-performance alloy that does not require a dedicated heat treatment, is being used in one-piece megacastings for the automotive industry and won top recognition from the North American Die Casting Association in September.

• San Ciprián alumina refinery: In the quarter, the Company reduced production to 50 percent of the 1.6 million tons of annual capacity in an effort to reduce the refinery’s losses from exorbitant natural gas prices in Spain. The high volatility in European energy markets makes estimates of future results for the facility difficult to predict. As such, the Company is actively reviewing the refinery’s operating levels, commercial options, and other support.

• Lista, Norway: On August 30, the Company announced the curtailment of one third of the production capacity at its Lista smelter in Norway to mitigate high electricity costs for the site. In the fourth quarter of 2022, the energy situation for the smelter is expected to improve with a power agreement in place for the remainder of the year and into 2023.

• Warrick, Indiana: On July 1, the Company announced that one of its three operating potlines at the Warrick smelter in Indiana was curtailed due to operational challenges, which stem from workforce shortages in the region. The financial impact of the curtailment was offset by strong third-party sales of excess electricity from the site’s power plant.

• Addy, Washington: On July 27, the Company made the decision to permanently close a magnesium smelter in the state of Washington that had been fully idle since 2001. Due to significant capital investments required, restarting the facility is not economically viable.

Advancing Sustainably

On September 8, the Company announced it received certification from the Aluminium Stewardship Initiative (ASI) for its Poços de Caldas operations in Brazil. All of the Company’s operating locations in Brazil are now ASI certified.

The Company currently has 17 global sites certified to ASI and has also earned ASI’s Chain of Custody certification, which allows Alcoa to continue marketing globally ASI-certified bauxite, alumina and aluminum.

The ASI certification program is the aluminum industry’s most comprehensive third-party program to validate responsible production practices.

2022 Outlook

The Company expects total Aluminum segment shipments to remain unchanged from the prior projection, ranging between 2.5 and 2.6 million metric tons in 2022.

In Alumina, the Company has decreased its 2022 projection for shipments to range between 13.1 and 13.3 million metric tons, a reduction of 0.5 million metric tons from the prior projection primarily due to the reduced production at the San Ciprián refinery and lower shipments from the Australian refineries.

In Bauxite, the Company has decreased its 2022 projection for annual bauxite shipments to range between 43.0 and 44.0 million dry metric tons, a decrease of 1 million dry metric tons from the prior projection due to lower demand from the Australian refineries.

For the fourth quarter of 2022, Alcoa expects higher sequential profitability in the Bauxite segment with increased third-party shipments.

In Alumina, the Company anticipates lower energy costs for the San Ciprián refinery during the fourth quarter. Additionally, benefits of the San Ciprián curtailment are expected to offset the impact of lower bauxite quality in Australia and higher raw materials costs. In the Aluminum segment, higher raw materials costs, lower Warrick power plant sales, and lower value add product premiums are expected to be offset by lower energy costs at the Lista smelter.

Additionally, the Norwegian government recently issued a budget proposal that sets a floor for the carbon dioxide compensation scheme to be paid in 2023 based on 2022 power purchased. If approved by Parliament, the Company would record an adjustment of approximately $25 million in the fourth quarter to reverse amounts accrued in cost of goods sold for 2022 credits earned through September 30, 2022. The total impact of this budget proposal on the Company’s full year results would be approximately $35 million.

Based on current alumina and aluminum market conditions, the Company expects fourth quarter tax expense to approximate $50 million to $60 million, which may vary with market conditions and jurisdictional profitability.

Conference Call
Alcoa will hold its quarterly conference call at 5:00 p.m. Eastern Daylight Time (EDT) on Wednesday, October 19, 2022, to present third quarter 2022 financial results and discuss the business, developments, and market conditions.

The call will be webcast via the Company’s homepage on www.alcoa.com. Presentation materials for the call will be available for viewing on the same website at approximately 4:15 p.m. EDT on October 19, 2022. Call information and related details are available under the “Investors” section of www.alcoa.com.

About Alcoa Corporation
Alcoa (NYSE: AA) is a global industry leader in bauxite, alumina and aluminum products with a vision to reinvent the aluminum industry for a sustainable future. With a values-based approach that encompasses integrity, operating excellence, care for people and courageous leadership, our purpose is to Turn Raw Potential into Real Progress. Since developing the process that made aluminum an affordable and vital part of modern life, our talented Alcoans have developed breakthrough innovations and best practices that have led to improved safety, sustainability, efficiency, and stronger communities wherever we operate.

Discover more by visiting www.alcoa.com. Follow us on our social media channels: Facebook, Instagram, Twitter, YouTube and LinkedIn.

The Company does not incorporate the information contained on, or accessible through, such websites into this press release.

Dissemination of Company Information
Alcoa intends to make future announcements regarding company developments and financial performance through its website, www.alcoa.com, as well as through press releases, filings with the Securities and Exchange Commission, conference calls and webcasts.

Forward-Looking Statements
This news release contains statements that relate to future events and expectations and as such constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those containing such words as “aims,” “ambition,” “anticipates,” “believes,” “could,” “develop,” “endeavors,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “may,” “outlook,” “potential,” “plans,” “projects,” “reach,” “seeks,” “sees,” “should,” “strive,” “targets,” “will,” “working,” “would,” or other words of similar meaning. All statements by Alcoa Corporation that reflect expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, forecasts concerning global demand growth for bauxite, alumina, and aluminum, and supply/demand balances; statements, projections or forecasts of future or targeted financial results, or operating or sustainability performance (including our ability to execute on strategies related to environmental, social and governance matters); statements about strategies, outlook, and business and financial prospects; and statements about capital allocation and return of capital. These statements reflect beliefs and assumptions that are based on Alcoa Corporation’s perception of historical trends, current conditions, and expected future developments, as well as other factors that management believes are appropriate in the circumstances. Forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and changes in circumstances that are difficult to predict. Although Alcoa Corporation believes that the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that these expectations will be attained and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. Such risks and uncertainties include, but are not limited to: (a) current and potential future impacts to the global economy and our industry, business and financial condition caused by various worldwide or macroeconomic events, such as the COVID-19 pandemic and the ongoing conflict between Russia and Ukraine, and related regulatory developments; (b) material adverse changes in aluminum industry conditions, including global supply and demand conditions and fluctuations in London Metal Exchange-based prices and premiums, as applicable, for primary aluminum and other products, and fluctuations in indexed-based and spot prices for alumina; (c) changes in global economic and financial market conditions generally, such as inflation and interest rate increases, and which may also affect Alcoa Corporation’s ability to obtain credit or financing upon acceptable terms or at all; (d) unfavorable changes in the markets served by Alcoa Corporation; (e) the impact of changes in foreign currency exchange and tax rates on costs and results; (f) unfavorable changes in cost, quality, or supply of key inputs, including energy and raw materials, or uncertainty of or disruption to the supply chain including logistics; (g) the inability to execute on strategies related to or achieve improvement in profitability and margins, cost savings, cash generation, revenue growth, fiscal discipline, environmental- and social-related goals and targets (including due to delays in scientific and technological developments), or strengthening of competitiveness and operations anticipated from portfolio actions, operational and productivity improvements, technology advancements, and other initiatives; (h) the inability to realize expected benefits, in each case as planned and by targeted completion dates, from acquisitions, divestitures, restructuring activities, facility closures, curtailments, restarts, expansions, or joint ventures; (i) political, economic, trade, legal, public health and safety, and regulatory risks in the countries in which Alcoa Corporation operates or sells products; (j) labor disputes and/or work stoppages and strikes; (k) the outcome of contingencies, including legal and tax proceedings, government or regulatory investigations, and environmental remediation; (l) the impact of cyberattacks and potential information technology or data security breaches; (m) risks associated with long-term debt obligations; (n) the timing and amount of future cash dividends and share repurchases; (o) declines in the discount rates used to measure pension and other postretirement benefit liabilities or lower-than-expected investment returns on pension assets, or unfavorable changes in laws or regulations that govern pension plan funding; and, (p) the other risk factors discussed in Part I Item 1A of Alcoa Corporation’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, the Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, and other reports filed by Alcoa Corporation with the U.S. Securities and Exchange Commission. Alcoa Corporation disclaims any obligation to update publicly any forward-looking statements, whether in response to new information, future events or otherwise, except as required by applicable law. Market projections are subject to the risks described above and other risks in the market.

Non-GAAP Financial Measures
Some of the information included in this release is derived from Alcoa Corporation’s consolidated financial information but is not presented in Alcoa Corporation’s financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). Certain of these data are considered “non-GAAP financial measures” under SEC regulations. Alcoa Corporation believes that the presentation of non-GAAP financial measures is useful to investors because such measures provide both additional information about the operating performance of Alcoa Corporation and insight on the ability of Alcoa Corporation to meet its financial obligations by adjusting the most directly comparable GAAP financial measure for the impact of, among others, “special items” as defined by the Company, non-cash items in nature, and/or nonoperating expense or income items. The presentation of non-GAAP financial measures is not intended to be a substitute for, and should not be considered in isolation from, the financial measures reported in accordance with GAAP. Reconciliations to the most directly comparable GAAP financial measures and management’s rationale for the use of the non-GAAP financial measures can be found in the schedules to this release.

Investor Contact: James Dwyer +1 412 992 5450 This email address is being protected from spambots. You need JavaScript enabled to view it.
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DALLAS--(BUSINESS WIRE)--AECOM (NYSE: ACM), the world’s trusted infrastructure consulting firm, announced today it has been awarded a contract by the Toronto Transit Commission (TTC) to serve as owner’s engineer for the Bloor-Yonge Capacity Improvements (BYCI) project. In this role, AECOM is expected to provide consulting services – including the utilization of lean project delivery and building information modeling – through all phases of the project, which aims to expand and modernize the transit hub to accommodate current and future ridership, improve accessibility and safety features, and enhance the customer experience.

“Bloor-Yonge Station is a critical interchange – the busiest in Toronto’s subway system and one of the busiest in North America – and we’re thrilled to help deliver these important improvements for the community,” said Marc Devlin, chief executive of AECOM’s Canada region. “We’re proud to have delivered a diverse range of infrastructure projects as a trusted service provider to the TTC since 1979, including over ten years on the BYCI project, and are pleased to implement our deep understanding of their collaborative delivery approach, design standards, and operating procedures to help them see this vital project through to completion.”

Initially constructed in 1953, Bloor-Yonge Station is expected to experience significant ridership demand due to population growth in the Toronto area and the implementation of planned transit expansion initiatives. The BYCI project seeks to improve service levels for TTC customers by constructing a new Line 2 passenger platform, expanding both Line 1 passenger platforms, improving accessibility and safety, and enhancing the concourse level, entrances, and exits.

“The BYCI project is a monumental next step in improving service levels and addressing ridership growth from within and outside the City of Toronto,” said Sean Chiao, chief executive of AECOM’s global Buildings + Places business. “We look forward to serving as the TTC’s righthand advisor in this role to help them realize this exciting undertaking. We’re proud to work in partnership with our clients, like the TTC, to deliver industry firsts, create sustainable outcomes, implement digital solutions, and improve mobility for communities around the globe.”

AECOM is expected to provide services to the TTC through all project phases, including detailed design, procurement, construction, commissioning, handover, and close-out. The firm’s scope is anticipated to include advisory services in the implementation of the delivery model, training and application of lean project delivery and BIM, development of project specific output specification, estimating and costing services, design document review, and other services in support of the project, including specific design assignments, as requested.

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 $13.3 billion in fiscal year 2021. See how we are delivering sustainable legacies for generations to come at aecom.com and @AECOM.

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; potential high leverage and inability to service our debt and guarantees; ability to continue payment of dividends; exposure to political and economic risks in different countries, including tariffs; currency exchange rate and interest fluctuations; retaining and recruiting key technical and management personnel; legal claims; inadequate insurance coverage; environmental law compliance and inadequate nuclear indemnification; unexpected adjustments and cancellations related to our backlog; partners and third parties who may fail to satisfy their legal obligations; AECOM Capital’s real estate development; managing pension cost; cybersecurity issues, IT outages and data privacy; risks associated with the benefits and costs of various dispositions such as the sale of our Management Services, self-perform at-risk civil infrastructure, power construction, and oil and gas construction businesses, including the risk that purchase price adjustments, if any, from those transactions could be unfavorable and any future proceeds owed to us as part of those transactions could be lower than we expect; 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:
Brendan Ranson-Walsh
Senior Vice President, Global Communications
1.213.996.2367
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Investor Contact:
Will Gabrielski
Senior Vice President, Finance, Treasurer
1.213.593.8208
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DEERFIELD, Ill.--(BUSINESS WIRE)--CF Industries Holdings, Inc. (NYSE: CF) today announced a time change for the conference call that the Company will host to discuss its nine months and third quarter 2022 results. The conference call will now take place at 11:00 a.m. ET on Thursday, November 3, 2022. CF Industries will still release its nine months and third quarter 2022 results after the market close on Wednesday, November 2, 2022.

Investors can access the call by dialing 833-634-5017 (toll-free) or 412-902-4213 (international) and ask to be joined into the CF Industries call. The conference call also will be available live on the Company’s website at www.cfindustries.com. Participants also may pre-register for the webcast on the Company’s website. Please log-in or dial-in at least 10 minutes prior to the start time to ensure a connection. A replay of the webcast will be available through the company’s website at www.cfindustries.com.

About CF Industries Holdings, Inc.

At CF Industries, our mission is to provide clean energy to feed and fuel the world sustainably. With our employees focused on safe and reliable operations, environmental stewardship, and disciplined capital and corporate management, we are on a path to decarbonize our ammonia production network – the world’s largest – to enable green and blue hydrogen and nitrogen products for energy, fertilizer, emissions abatement and other industrial activities. Our manufacturing complexes in the United States, Canada, and the United Kingdom, an unparalleled storage, transportation and distribution network in North America, and logistics capabilities enabling a global reach underpin our strategy to leverage our unique capabilities to accelerate the world’s transition to clean energy. CF Industries routinely posts investor announcements and additional information on the company’s website at www.cfindustries.com and encourages those interested in the company to check there frequently.

Media
Chris Close
Director, Corporate Communications
847-405-2542 – This email address is being protected from spambots. You need JavaScript enabled to view it.

Investors
Martin Jarosick
Vice President, Treasury and Investor Relations
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HOUSTON--(BUSINESS WIRE)--Cheniere Energy, Inc. (“Cheniere” or the “Company”) (NYSE American: LNG), the largest U.S. producer of liquefied natural gas (LNG), today announced that it has joined the Oil and Gas Methane Partnership (OGMP) 2.0, the United Nations Environment Programme's (UNEP) flagship oil and gas methane emissions reporting and mitigation initiative. OGMP 2.0 is a comprehensive, measurement-based reporting framework intended to improve the accuracy and transparency of methane emissions reporting in the oil and gas sector. Cheniere joins OGMP 2.0 as part of the Company’s continued commitment to increased climate transparency and data-driven actions that address methane emissions.

Joining OGMP 2.0 is consistent with and enhanced by Cheniere’s climate strategy initiatives, including the Company’s collaborative programs to quantify, monitor, report, and verify (QMRV) greenhouse gas (GHG) emissions across the supply chain with natural gas suppliers, midstream companies, shipping companies, and academic institutions. Cheniere has initiated the QMRV program to begin measuring GHG emissions at its Sabine Pass and Corpus Christi liquefaction terminals, as well as natural gas transmission facilities, consistent with the OGMP 2.0 reporting framework. Cheniere also announced it has begun issuing Cargo Emissions Tags (CE Tags) to its customers, which estimate GHG emissions associated with each cargo produced by Cheniere, underpinned by the Company’s peer-reviewed GHG life cycle analysis.

“OGMP 2.0 is consistent with Cheniere’s climate strategy and actions to utilize technologies to measure emissions across our supply chain, employ empirical data, and be more transparent in reporting those emissions in order to inform actionable methane reduction strategies,” said Anatol Feygin, Cheniere’s Executive Vice President and Chief Commercial Officer. “OGMP 2.0 provides an international platform to share and enhance our science- and data-driven work on methane emissions, so we can continue to provide reliable LNG supplies to the European Union and other international markets to support energy security now and the transition to a lower-carbon future.”

“We are thrilled to welcome Cheniere to our pool of OGMP 2.0 companies and we applaud its commitment to transparency and data-driven actions to tackle one of the biggest and most solvable contributors to the climate crisis: methane,” said Giulia Ferrini, OGMP 2.0 Project Manager at UNEP. “We look forward to working with Cheniere to improve methane emissions measurement and transparency, thereby supporting the goals of the Paris Agreement and the Global Methane Pledge.”

“The OGMP 2.0 reporting framework is an important tool to establish more accurate and transparent information about methane emissions on a global scale,” said Helge Haugane, Senior Vice President for Gas and Power at Equinor. “Imports of LNG are key to Europe’s energy security, and we are happy that Cheniere, as the largest US LNG producer has decided to sign on. Global collaboration is critical to achieve significant methane emission reductions from our industry. Equinor’s methane intensity is amongst the lowest in the industry and we are an active member of OGMP, supporting the development and use of the OGMP 2.0 reporting framework.”

Cheniere operates over 10% of global liquefaction capacity, underpinned by more than 30 long-term customers, including Equinor, and arrangements with more than 100 counterparties throughout Cheniere’s supply chain. Since commencing exports of LNG in 2016, more than 2,300 cargoes of LNG from Cheniere have landed in 37 markets worldwide. Since the beginning of 2022, about 70% of LNG cargoes produced by Cheniere have been delivered to Europe.

About Cheniere

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

For additional information, please refer to the Cheniere website at www.cheniere.com and Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, filed with the Securities and Exchange Commission.

Forward-Looking Statements

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

About OGMP 2.0

The Oil and Gas Methane Partnership 2.0 (OGMP 2.0) is a multi-stakeholder initiative launched by the United Nations Environment Programme (UNEP) and the Climate and Clean Air Coalition. OGMP 2.0 is the only comprehensive, measurement-based reporting framework for the oil and gas industry that improves the accuracy and transparency of methane emissions reporting in the oil and gas sector. Over 80 companies with assets on five continents, representing over 30% of the world’s oil and gas production, have joined the partnership. OGMP 2.0 members also include operators of natural gas transmission and distribution pipelines, gas storage capacity and LNG terminals. For more information, please visit ogmpartnership.com.

Cheniere Energy, Inc.

Investors
Randy Bhatia
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Frances Smith
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Media Relations
Eben Burnham-Snyder 713-375-5764
Phil West 713-375-5586

United Nations Environment Programme (International Methane Emissions Observatory)

Kamilia Lahrichi
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• The Center is part of the Clean Hydrogen Partnership, a public-private partnership between the U.S. Dept. of Defense, the University of Delaware, Chemours, Plug, and NREL
• The partnership will work to solve the challenges of creating low-cost clean hydrogen and efficient hydrogen energy conversion
• The Center for Clean Hydrogen is a first-of-its-kind facility that enables real-world testing of new components at scale

WILMINGTON, Del.--(BUSINESS WIRE)--$CC--The Chemours Company (“Chemours”) (NYSE: CC), a global chemistry company, today celebrated the announcement of the Clean Hydrogen Partnership co-developed with the University of Delaware, and the unveiling of the Center for Clean Hydrogen. The Clean Hydrogen Partnership (CHP) is an innovative public-private collaboration that brings the U.S. Department of Defense, the University of Delaware, Chemours, Plug, and the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL) together to solve the challenges of producing clean hydrogen at low cost and converting the hydrogen to energy in an efficient way. Senators Tom Carper (Del.), Chris Coons (Del.), Chuck Schumer (N.Y.), Congresswoman Lisa Blunt Rochester (Del.), and Congressman Paul Tonko (N.Y.) were instrumental in advocating for the establishment of the CHP and the Center for Clean Hydrogen.

“Our planet is on fire, and if we want to combat the existential threat of climate change and position our economy for the future, we need to ensure that we are creating a nurturing environment for clean energy production,” said Senator Carper, chair of the Environment and Public Works Committee. “Clean hydrogen has a critical role to play in strengthening our country’s industrial sector and moving us closer to net-zero emissions by 2050. I am proud to help secure the funding for this partnership. Together, we can combat the biggest threat to our society today and grow our economy at the same time.”

“Today’s Center for Clean Hydrogen announcement is just one example of the collaboration between industry, academia, and the federal government that makes the First State a world leader in clean energy innovation,” said Senator Coons. “As a member of the Senate Appropriations Committee, I was thrilled to secure this funding to support critical research into clean hydrogen technologies that will help us reduce emissions from our manufacturing and transportation sectors and combat climate change. I’m grateful to the University of Delaware and Chemours for their leadership that will create manufacturing jobs right here in Delaware, and I will continue to fight alongside Senator Carper and Representative Blunt Rochester for federal funding to grow these types of partnerships.”

“Securing a clean energy future, utilizing sources such as hydrogen, creates a stronger workforce, a more robust and resilient economy, and a better and brighter future for our public health,” said Rep. Blunt Rochester. “The Center for Clean Hydrogen, a remarkable partnership between the University of Delaware, Chemours, and NREL, will be a hub for the research, development, and innovation needed to help us secure that clean energy future. As a member of the House Energy subcommittee and the founder and co-chair of the bipartisan Future of Work Caucus, I know that we cannot secure that future without ensuring we are preparing the workforce of the future and creating good-paying jobs. The Center for Clean Hydrogen will help us do both. I’m proud to join all the partners, including Senators Carper and Coons, to support the Center for Clean Hydrogen so that we can realize a safer, cleaner future for all.”

The CHP will drive research focused on lowering the cost and acceleration of green hydrogen and fuel cells by enabling the discovery of innovative materials, stack designs, and manufacturing improvements. The research results will be tested in the Center for Clean Hydrogen, a first-of-its-kind research facility that enables real-world testing of new components at scale located at the University of Delaware. The Center’s ability to test at scale will accelerate the adoption of new materials that are critical to meet the Department of Energy’s Hydrogen Shot, which seeks to reduce the cost of clean hydrogen by 80% to $1 per one kilogram in one decade.

“Clean hydrogen will play a major role in meeting our nation’s energy needs while decarbonizing the economy, creating clean energy jobs, and strengthening national security. Chemours’ Nafion™ membrane technology is vital to the production and utilization of hydrogen power, and we are proud to join this partnership to launch the Center for Clean Hydrogen at the University of Delaware,” said Mark Newman, Chemours President and CEO. “This Center will facilitate the research and development needed to drive these technologies forward while establishing Delaware as a world-class knowledge center for the hydrogen economy. On behalf of Chemours, I want to thank our partners and the entire Delaware Congressional Delegation for working together to shape a clean energy future.”

In addition, students and post-doctoral employees from the University of Delaware, a leading Chemical Engineering program, will have the opportunity to do stack assembly at scale, thereby helping to build the next-generation clean energy workforce. The students will gain experience with stack and component assembly, as well as electrical, mechanical, and chemical engineering skills that are required to operate the equipment safely. This experience and research are anticipated to lead to process improvements around the manufacturing of fuel cell and electrolyzer stacks.

“Through the new Center for Clean Hydrogen, University of Delaware leading researchers will collaborate with their peers in industry and government to develop breakthrough innovations and shape the talent and workforce to leapfrog into the future,” said University of Delaware President Dennis Assanis. “UD faculty and students will discover new ways to accelerate the energy transition by reducing the cost of clean hydrogen and related technologies. The Center will be a real game-changer in clean energy research as a catalyst for positive impact on our planet.”

As the U.S. and other nations across the globe work to accelerate the clean energy transition, hydrogen will play a major role. From providing power for military at bases to energy storage, or delivering clean, emission-free power for cars, heavy-duty trucks, and industry. Hydrogen power can help meet global needs in a way that is better for the climate and the environment. As the inventors of Nafion™ membranes and dispersion, Chemours’ chemistry plays a central role. The research and development that the Center for Clean Hydrogen will facilitate will help bring the solutions needed to drive hydrogen technology forward.

About The Chemours Company

The Chemours Company (NYSE: CC) is a global leader in Titanium Technologies, Thermal & Specialized Solutions, and Advanced Performance Materials providing its customers with solutions in a wide range of industries with market-defining products, application expertise and chemistry-based innovations. We deliver customized solutions with a wide range of industrial and specialty chemicals products for markets, including coatings, plastics, refrigeration and air conditioning, transportation, semiconductor and consumer electronics, general industrial, and oil and gas. Our flagship products include prominent brands such as Ti-Pure™, Opteon™, Freon™, Teflon™, Viton™, Nafion™, and Krytox™. The company has approximately 6,400 employees and 29 manufacturing sites serving approximately 3,200 customers in approximately 120 countries. Chemours is headquartered in Wilmington, Delaware and is listed on the NYSE under the symbol CC.

For more information, we invite you to visit chemours.com or follow us on Twitter @Chemours or LinkedIn.

Forward-Looking Statements

This press release contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which involve risks and uncertainties. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to a historical or current fact. The words "believe," "expect," "will," "anticipate," "plan," "estimate," "target," "project" and similar expressions, among others, generally identify "forward-looking statements," which speak only as of the date such statements were made. These forward-looking statements may address, among other things, the outcome or resolution of any pending or future environmental liabilities, the commencement, outcome or resolution of any regulatory inquiry, investigation or proceeding, the initiation, outcome or settlement of any litigation, changes in environmental regulations in the U.S. or other jurisdictions that affect demand for or adoption of our products, anticipated future operating and financial performance for our segments individually and our company as a whole, business plans, prospects, targets, goals and commitments, capital investments and projects and target capital expenditures, plans for dividends or share repurchases, sufficiency or longevity of intellectual property protection, cost reductions or savings targets, plans to increase profitability and growth, our ability to make acquisitions, integrate acquired businesses or assets into our operations, and achieve anticipated synergies or cost savings, all of which are subject to substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Forward-looking statements are based on certain assumptions and expectations of future events that may not be accurate or realized. These statements are not guarantees of future performance. Forward-looking statements also involve risks and uncertainties that are beyond Chemours' control. In addition, the current COVID-19 pandemic has significantly impacted the national and global economy and commodity and financial markets, which has had and we expect will continue to have a negative impact on our financial results. The full extent and impact of the pandemic is still being determined and to date has included significant volatility in financial and commodity markets and a severe disruption in economic activity. The public and private sector response has led to travel restrictions, temporary business closures, quarantines, stock market volatility, and interruptions in consumer and commercial activity globally. Matters outside our control have affected our business and operations and may or may continue to hinder our ability to provide goods and services to customers, cause disruptions in our supply chains, adversely affect our business partners, significantly reduce the demand for our products, adversely affect the health and welfare of our personnel or cause other unpredictable events. Additionally, there may be other risks and uncertainties that Chemours is unable to identify at this time or that Chemours does not currently expect to have a material impact on its business. Factors that could cause or contribute to these differences include the risks, uncertainties and other factors discussed in our filings with the U.S. Securities and Exchange Commission, including in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 and in our Annual Report on Form 10-K for the year ended December 31, 2021. Chemours assumes no obligation to revise or update any forward-looking statement for any reason, except as required by law.

INVESTORS
Jonathan Lock
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NEWS MEDIA
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Tournament breaks own fundraising record in its 27^th year; over 100 U.S. organizations receive funds

HOUSTON--(BUSINESS WIRE)--Halliburton Company (NYSE: HAL) today announced the 27^th annual Halliburton Charity Golf Tournament broke its own fundraising record when it raised over $3.4 million for 101 U.S. nonprofit organizations, once again making it one of the largest non-PGA golf tournament fundraisers. The tournament, held at The Clubs of Kingwood in Kingwood, Texas, has raised more than $28 million for charities since it started in 1993.

More than 400 tournament participants enjoyed a variety of competitions in addition to 18 holes of scramble golf tournament play. Activities included a men’s and women’s longest drive and closest to pin competitions.

“It is an honor to support more than 100 outstanding charities that make a valuable difference in the lives of tens of thousands of individuals every day,” said Jeff Miller, Halliburton chairman, president and CEO. “We are grateful to each of our sponsors whose generous contributions bring the Halliburton Charity Golf Tournament to life each year.”

Since the tournament's inception, funds raised have benefited local communities through services such as hunger relief for children and families, veteran home repairs in multiple cities, and mental health and substance abuse support in many geographical markets.

Of the over 100 charities who benefited from the tournament, almost 30 organizations joined the golfers at the tournament. This year’s onsite charities are:

ABOUT HALLIBURTON

Founded in 1919, Halliburton is one of the world's largest providers of products and services to the energy industry. With approximately 45,000 employees, representing 130 nationalities in more than 70 countries, the Company helps its customers maximize value throughout the lifecycle of the reservoir – from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production throughout the life of the asset. Visit the Company’s website at www.halliburton.com. Connect with Halliburton on Facebook, Twitter, LinkedIn, Instagram and YouTube.

Investor Relations Contact
David Coleman
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Press Contact
Erin Fuchs
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281-871-2601

Third Quarter Highlights Include:

• Net income was a record high $23.2 million; up 25.4% compared to net income of $18.5 million in the third quarter of 2021.
• Basic earnings per share were a record high of $0.98 for the quarter, an increase of 24.1% compared to $0.79 for the third quarter of 2021.
• Oil Business segment revenue of $65.5 million represents a record high for a 12-week quarter, and an increase of 28.9% from the year-ago quarter.
• Environmental Services segment revenue was a record high of $106.7 million, which represents an increase of 47.5% from the year-ago quarter.
• Environmental Services profit before corporate selling, general, and administrative expenses was a record high of $24.8 million with operating margin of 23.2%.
• EBITDA for the quarter was a record high of $41.3 million, up 34.9% compared to EBITDA of $30.6 million in the third quarter of 2021.
• Adjusted EBITDA for the quarter was a record high of $43.5 million, up 37.0% compared to Adjusted EBITDA of $31.7 million in the third quarter of 2021.
• Adjusted net earnings for the quarter were $23.8 million and adjusted diluted earnings per share were $1.01.

HOFFMAN ESTATES, Ill.--(BUSINESS WIRE)--Heritage-Crystal Clean, Inc. (Nasdaq: HCCI), a leading provider of parts cleaning, used oil re-refining, hazardous and non-hazardous waste disposal, emergency and spill response, and industrial and field services, today announced results for the third quarter which ended September 10, 2022.

Third Quarter Review

Revenue for the third quarter of 2022 was $172.2 million compared to $123.2 million for the same quarter of 2021, an increase of 39.8%.

Overall operating margin during the quarter increased by $12.3 million or 31.6%, driven by growth in our Environmental Services segment and both growth and improved profitability in our Oil Business segment, compared to the third quarter of 2021. Our third quarter corporate SG&A expense was $18.6 million, or 10.8% of revenue, compared to $14.4 million, or 11.7% of revenue, for the third quarter of 2021.

Net income for the third quarter was $23.2 million compared to net income of $18.5 million in the year-ago quarter. Basic earnings per share were $0.98 compared $0.79 in the year-ago quarter.

Segments

Our Environmental Services segment includes parts cleaning, hazardous and non-hazardous waste disposal, wastewater vacuum, antifreeze recycling, emergency and spill response, and industrial and field services. Environmental Services revenue was $106.7 million during the quarter compared to $72.3 million during the third quarter of fiscal 2021. The 47.5% increase in revenue was mainly due to the increase in demand for our services compared to the prior year quarter and by revenue from acquisitions. We experienced revenue increases across all service lines in the segment when compared to the third quarter of 2021. The revenue increases were driven by improvement in both price and volume in all service lines. Environmental Services profit before corporate selling, general, and administrative expenses was $24.8 million, or 23.2% of revenue, compared to $17.3 million, or 23.9% of revenue, in the year-ago quarter. The decrease in operating margin percentage was mainly driven by higher transportation costs caused by extraordinarily high inflation and increased equipment rental costs.

President and CEO Brian Recatto commented, "While our operating margin percentage was down slightly compared to last year, we are pleased that we were able to improve our operating margin percentage incrementally compared to the second quarter. The improvement was primarily the result of price actions initiated during the latter portion of the second quarter. While we face ongoing inflationary pressure in various parts of our Environmental Services segment, we continue to fight to preserve and improve our operating margin while consistently growing our revenue."

Our Oil Business segment includes used oil collection and re-refining activities, as well as sales of recycled fuel oil. During the third quarter of fiscal 2022, Oil Business revenue was a record high for a 12-week quarter at $65.5 million, an increase of $14.7 million, or 28.9%, compared to $50.8 million in the third quarter of fiscal 2021. An increase in base oil prices was the main driver of the increase in revenue. Oil Business segment operating margin decreased to 40.6% in the third quarter of 2022 compared to a record high of 42.8% in the third quarter of fiscal 2021. The lower operating margin compared to the third quarter of 2021 was mainly due to an increase in transportation related expenses, increased downtime at the re-refinery and other inflationary pressures across the segment which offset an improvement in the spread between the netback (sales price net of freight impact) on our base oil sales and the price paid/charged to our customers for the removal of their used oil.

Recatto commented, "We continued to manage the spreads in our Oil Business effectively, which allowed us to take advantage of high base oil prices during the quarter. Despite inflationary pressure in various areas, we were able to deliver an operating margin in excess of 40% for the second consecutive quarter for the first time in our history."

Safe Harbor Statement

All references to the “Company,” “we,” “our,” and “us” refer to Heritage-Crystal Clean, Inc., and its subsidiaries. This release contains forward-looking statements that are based upon current management expectations. Generally, the words "aim," "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "project," "should," "will be," "will continue," "will likely result," "would" and similar expressions identify forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause our actual results, performance or achievements or industry results to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. These risks, uncertainties and other important factors include, among others: our ability to successfully integrate our acquisition of Patriot Environmental Services, Inc. and achieve the benefits contemplated by the acquisition; developments in the COVID-19 pandemic and the resulting impact on our business and operations, general economic conditions and downturns in the business cycles of automotive repair shops, industrial manufacturing businesses and small businesses in general; increased solvent, fuel and energy costs and volatility, including a drop in the price of crude oil, the selling price of lubricating base oil, solvent, fuel, energy, and commodity costs; the impact of inflationary pressures on our business; our ability to enforce our rights under the FCC Environmental purchase agreement; our ability to pay our debt when due and comply with our debt covenants; our ability to successfully operate our used oil re-refinery and to cost-effectively collect or purchase used oil or generate operating results; increased market supply or decreased demand for base oil; further consolidation and/or declines in the United States automotive repair and manufacturing industries; the impact of extensive environmental, health and safety and employment laws and regulations on our business; legislative or regulatory requirements or changes adversely affecting our business; competition in the industrial and hazardous waste services industries and from other used oil re-refineries; claims and involuntary shutdowns relating to our handling of hazardous substances; the value of our used solvents and oil inventory, which may fluctuate significantly; our dependency on key employees; our level of indebtedness, which could affect our ability to fulfill our obligations, impede the implementation of our strategy, and expose us to interest rate risk; the impact of legal proceedings and class action litigation on us and our ability to estimate the cash payments we will make under litigation settlements; our ability to effectively manage our network of branch locations; the control of The Heritage Group over the Company; and the risks identified in the Company's Annual Report on Form 10-K filed with the SEC on March 2, 2022. Given these uncertainties, you are cautioned not to place undue reliance on these forward-looking statements. We assume no obligation to update or revise them or provide reasons why actual results may differ. The information in this release should be read in light of such risks and in conjunction with the consolidated financial statements and the notes thereto included elsewhere in this release.

About Heritage-Crystal Clean, Inc.

Heritage-Crystal Clean, Inc. provides parts cleaning, used oil re-refining, hazardous and non-hazardous waste disposal, emergency and spill response, and industrial and field services to vehicle maintenance businesses, manufacturers and other industrial businesses, as well as utilities and governmental entities. Our service programs include parts cleaning, regulated containerized and bulk waste management, used oil collection and re-refining, wastewater vacuum, emergency and spill response, industrial and field services, waste antifreeze collection, recycling and product sales. These services help our customers manage their used chemicals and liquid and solid wastes, while also helping to minimize their regulatory burdens. Through our used oil re-refining program, during fiscal 2021, we recycled approximately 66 million gallons of used oil into high quality lubricating base oil, and we are a supplier to firms that produce and market finished lubricants. Through our antifreeze program during fiscal 2021 we recycled approximately 3.9 million gallons of spent antifreeze which was used to produce a full line of virgin-quality antifreeze products. Through our parts cleaning program during fiscal 2021 we recycled 2 million gallons of used solvent into virgin-quality solvent to be used again by our customers. In addition, we sold 0.5 million gallons of used solvent into the reuse market. Through our containerized waste program during fiscal 2021 we collected 21 thousand tons of regulated waste which was sent for energy recovery. Through our wastewater vacuum services program during fiscal 2021 we treated approximately 49 million gallons of wastewater. Heritage-Crystal Clean, Inc. is headquartered in Hoffman Estates, Illinois, and operates through 105 branch and industrial services locations serving approximately 103,000 customer locations.

Conference Call

The Company will host a conference call on Thursday October 20, 2022 at 9:30 AM Central Time, during which management will give a brief presentation focusing on the Company's operations and financial results. Interested parties can listen to the audio webcast available through our company website, https://crystal-clean.com/investor-relations/, and can participate on the call by dialing (888) 440-4149. After dialing the number, you will be required to provide the following passcode before being joined to the conference call: 8889427.

The Company uses its website to make information available to investors and the public at www.crystal-clean.com.