HOUSTON--(BUSINESS WIRE)--VOC Energy Trust (NYSE: VOC) announced the Trust distribution of net profits for the second quarterly payment period ended June 30, 2022.

Unitholders of record on August 1, 2022 will receive a distribution amounting to $6,460,000 or $0.38 per unit, payable August 12, 2022.

Volumes, average sales prices and net profits for the payment period were:

As previously disclosed, in November 2021, the Trustee notified VOC Brazos Energy Partners, L.P. (“VOC Brazos”) that the Trustee intends to build a reserve for the payment of future known, anticipated or contingent expenses or liabilities, commencing with the distribution payable in the first quarter of 2022. The Trustee intends to withhold a portion of the proceeds otherwise available for distribution each quarter to gradually build a cash reserve to approximately $1.175 million. This amount is in addition to the letter of credit in the amount of $1.7 million provided to the Trustee by VOC Partners to protect the Trust against the risk that it does not have sufficient cash to pay future expenses. The Trustee may increase or decrease the targeted amount at any time and may increase or decrease the rate at which it is withholding funds to build the cash reserve at any time, without advance notice to the unitholders. Cash held in reserve will be invested as required by the Trust Agreement. Any cash reserved in excess of the amount necessary to pay or provide for the payment of future known, anticipated or contingent expenses or liabilities eventually will be distributed to unitholders, together with interest earned on the funds. The Trustee has elected to withhold $221,666 from the proceeds otherwise available for distribution this quarter, for a total amount of $587,500 withheld to date.

This press release contains forward-looking statements. Although VOC Brazos has advised the Trust that VOC Brazos believes that the expectations contained in this press release are reasonable, no assurances can be given that such expectations will prove to be correct. The announced distributable amount is based on the amount of cash received or expected to be received by the Trustee from the underlying properties on or prior to the record date with respect to the quarter ended June 30, 2022. Any differences in actual cash receipts by the Trust could affect this distributable amount. Other important factors that could cause these statements to differ materially include the actual results of drilling operations, risks inherent in drilling and production of oil and gas properties, the ability of commodity purchasers to make payment, the effect, impact, potential duration or other implications of the COVID-19 pandemic, actions by the members of the Organization of Petroleum Exporting Countries, and other risk factors described in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2021 filed with the Securities and Exchange Commission. Statements made in this press release are qualified by the cautionary statements made in these risk factors. The Trust does not intend, and assumes no obligations, to update any of the statements included in this press release.

VOC Energy Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Elaina Rodgers
(713) 483-6020

Performance

• Delivered production of 33.8 MMboe, up 60% from Q1 2022.
• Delivered sales volume of 35.8 MMboe, up 51% from Q1 2022.
• Delivered average realised price of $95 per barrel of oil equivalent.
• Delivered revenue of $3,438 million, up 44% from Q1 2022.

Highlights

• Completed the merger with BHP’s petroleum business on 1 June.
• Changed company name to Woodside Energy Group Ltd.
• Commenced trading on the New York Stock Exchange on 2 June and the London Stock Exchange on 6 June under the ticker ‘WDS’.

PERTH, Australia--(BUSINESS WIRE)--Woodside Energy CEO Meg O’Neill said production and revenue in the second quarter rose 60% and 44% respectively from the first three months of 2022, helped by the contribution from BHP’s petroleum business.

“Production for the period was 33.8 million barrels of oil equivalent, while revenue climbed to $3,438 million on the back of a 51% increase in sales volume to 35.8 million barrels of oil equivalent.

“The completion on 1 June of our merger with BHP’s petroleum business was the highlight of the period, transforming Woodside into a top 10 global independent energy producer by hydrocarbon production, and making us the largest energy company listed on the Australian Securities Exchange.

“Woodside received a net cash payment from BHP Group of approximately $1.1 billion, which included the cash remaining in the bank accounts of BHP Petroleum immediately prior to completion.

“The merger was overwhelmingly endorsed by Woodside’s shareholders at our Annual General Meeting in May, and they are now seeing first evidence of the increased financial and operational strength the transaction will deliver.

“The subsequent listings of Woodside shares on the New York and London stock exchanges were historic moments for the company, reflecting our more diverse shareholder base.

“Significant progress was made on our key projects during the quarter. All major equipment items for Scarborough have been procured and construction has begun at the Pluto Train 2 site.

“First steel for Scarborough’s floating production unit topsides was cut, pipeline manufacturing is 25% progressed and the subsea trees for initial start-up of the project are all complete.

“Installation of the mooring system for the floating production, storage and offloading facility at the Sangomar field has been completed and the second drillship, the Ocean BlackHawk, commenced drilling in July.

“Following extensive discussions with potential new partners, we have decided to discontinue the sell-down of equity in Sangomar.

“In Australia, accelerated Pluto gas transported through the Pluto-Karratha Gas Plant Interconnector has resulted in additional LNG production and sales of uncontracted cargoes in a high-priced market.

“Lambert Deep, a component of the Greater Western Flank Phase 3 project, achieved ready for start-up in July,” she said.

Production was 60.2% higher and sales volume was 50.8% higher than the previous quarter primarily due to the inclusion from 1 June 2022 of the BHP petroleum assets, following the completion of the merger.

Reserves and production reporting

• Woodside’s production reporting and reserves statement are being updated to include the assets acquired as part of the BHP Petroleum (BHPP) merger, and to apply a consistent methodology and conversion factors across the combined portfolio. The updated reserves statement is expected to be released on 30 August 2022.
• All gas products for production and reserves will be reported in barrels of oil equivalent (boe) and calculated from a volumetric basis with a conversion factor of 5,700 standard cubic feet (scf) per boe. BHPP previously used 6,000 scf per boe. Woodside’s production reporting previously used product-specific conversion factors on an energy basis.
• Production and sales volumes for Q1 2022 have been restated using the updated conversion factors. There is no impact on revenue as a result of the change in conversion factors.

Woodside and BHP Petroleum merger

• The merger of Woodside and BHP’s petroleum business completed on 1 June 2022 following Woodside shareholder approval on 19 May 2022.
• On completion, Woodside:
  • acquired the entire share capital of BHP Petroleum International Pty Ltd and issued 914,768,948 new Woodside shares to BHP
  • received net cash of approximately $1.1 billion, which included the cash remaining in BHPP bank accounts immediately prior to completion. All completion payments are subject to a customary post-completion review which may result in an adjustment.
• Trading commenced on 2 June 2022 under the ticker WDS of:
  • the new Woodside shares on the Australian Securities Exchange (ASX), and
  • Woodside depository shares on the New York Stock Exchange (NYSE).
• Trading commenced on 6 June 2022 of Woodside shares on the Main Market for listed securities of the London Stock Exchange (LSE), also under the ticker WDS.
• The merger has created a top 10 global independent energy producer by hydrocarbon production on a combined 2021 basis and the largest energy company listed on the ASX.¹

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Development activities

Scarborough and Pluto Train 2

• All major equipment items for both the Scarborough floating production unit (FPU) and Pluto Train 2, including compressors, generators and turbines, have been procured.
• Construction works for Pluto Train 2 have commenced at the Pluto LNG site in Western Australia.
• Fabrication of the FPU topsides commenced in June 2022, manufacturing of the pipeline was 25% progressed and the subsea trees for initial start-up are all complete.
• Approval was granted in June 2022 under section 45C of the Environmental Protection Act 1986 (WA) to increase the diameter of the Scarborough trunkline within State waters from 32 inches to 36 inches.
• Assessment by regulators of secondary environmental approvals continues for offshore execution activities.
• The sell-down process for equity in the Scarborough Joint Venture is progressing.

Sangomar Field Development Phase 1

• The Sangomar Field Development Phase 1 was 63% complete at the end of the period.
• Installation of the mooring system in the Sangomar field for the floating production storage and offloading (FPSO) facility was successfully completed in July 2022.
• The development drilling program is progressing and the second drillship, the Ocean BlackHawk, commenced drilling in July 2022.
• The FPSO is expected to be relocated in October 2022 from the current shipyard in China to the Keppel Shipyard in Singapore to complete commissioning.
• The subsea installation campaign is planned to commence in Q3 2022.
• Woodside is ending the current sell-down process for Sangomar.

Mad Dog Phase 2

• Mad Dog Phase 2 includes the installation of a new floating production facility with production capacity of up to 140,000 gross barrels of oil equivalent per day (Woodside interest: 23.9%).
• The hook-up and commissioning program of the Argos platform topsides is proceeding, with a successful wells campaign nearing completion.
• An issue with two of the production flexible joints was detected during testing. This is being assessed and an update on whether the expected project start-up in 2022 is impacted will be provided in due course.

Trion

• Trion is a greenfield deepwater oil development located in the Mexican waters of the western Gulf of Mexico. Front-end engineering design (FEED) activities are continuing with a focus on optimising the development and execution plan, cost, and schedule.
• Woodside is targeting a potential final investment decision (FID) in 2023.

Wildling

• Wildling is a 2-well tieback opportunity to the Shenzi tension leg platform (TLP) in the central Gulf of Mexico.
• Drilling of appraisal well SJ101 commenced in May 2022 and is now complete. The well encountered sub-commercial quantities of hydrocarbons and was plugged and abandoned. Woodside does not plan to pursue any further Wildling development activities in Blocks GC564 or GC520.

Operational overview

• Woodside achieved a significant increase in production in the second quarter of 2022 compared to the prior quarter.
• This increased production was in large part due to:
  • the addition of the BHPP assets from 1 June 2022, following completion of the merger. Production volumes more than doubled from May 2022 with the BHPP assets contributing 53% of total production volumes in June 2022
  • a full quarter of accelerated Pluto production processed at North West Shelf (NWS) through the Pluto-KGP Interconnector following start-up in March 2022
  • increased production from the Ngujima-Yin FPSO following maintenance and weather impacts in the first quarter of 2022.

This was partly offset by lower production at NWS and Wheatstone compared to the prior quarter due to scheduled turnaround activities.

Pyxis Hub

• The drilling and completions campaign for the Xena field, which is phase 2 of the Pyxis Hub project, has commenced and ready for start-up (RFSU) remains on track for H2 2022.
• The Pyxis Hub project was 90% complete at the end of the period.

Greater Western Flank Phase 3 (GWF-3)

• GWF-3 (including Lambert Deep) is a subsea tie-back opportunity to further commercialise NWS reserves.
• The subsea installation program is complete and the GWF-3 wells started-up in May 2022.
• Lambert Deep achieved RFSU in July 2022.
• The project was 98% complete at the end of the period.

NWS Extension

• In June 2022, the Western Australian Environmental Protection Authority (EPA) released its public report on the NWS Project Extension proposal.
• The EPA’s report recommends that the NWS Project Extension proposal may be implemented subject to key environmental conditions being met. The proposal remains subject to approval by the WA Minister for Environment.
• The NWS Project Extension Greenhouse Gas Management Plan includes emissions reduction targets of 15% reduction by 2025, 30% reduction by 2030, and net zero emissions by 2050.² These emissions reduction targets will be achieved by avoiding emissions where possible, reducing emissions and finally through offsetting emissions.

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Bass Strait

• An offshore fuel gas pipeline was redirected in June 2022 to increase production capacity from 970 terajoules to 1,020 terajoules per day (100%). This enabled Woodside to supply additional gas into the eastern Australian domestic gas market.
• The Gippsland Basin Joint Venture (GBJV) is progressing a feasibility study of the potential development of a south-east Australian carbon capture and storage hub (SEA CCS) to support the decarbonisation goals of the GBJV participants, other local industry, and the Victorian and Commonwealth Governments. SEA CCS aims to utilise existing infrastructure to capture and store up to 2 MtCO₂ per year in the depleted Bream reservoir located offshore Victoria.

Shenzi North

• Shenzi North is a two-well subsea tieback to the Shenzi TLP, with production capacity of up to 30,000 gross barrels of oil equivalent per day (Woodside interest: 72%).
• The Deepwater Invictus drillship is expected to commence drilling the second development well of the Shenzi North project in 2022.
• The Shenzi North project is targeting first oil in 2024.

Shenzi Subsea Multi-Phase Pump

• The Shenzi subsea multi-phase pump was installed and commissioned during a planned Shenzi TLP shutdown in April-May 2022 and achieved start-up ahead of schedule. The pump is expected to improve recovery from existing producing wells and future infill wells.

New energy

H2Perth

• Woodside has updated the proposed H2Perth development concept to increase ammonia production in the initial phase from 0.6 Mtpa to 0.84 Mtpa.
• Environmental studies to support H2Perth were progressed which included flora and fauna, greenhouse gas management, heritage, groundwater sampling, discharge modelling, air, noise, emissions management, traffic modelling and visual impact assessment.
• A pre-FEED contract was awarded to McDermott for the proposed H2Perth project.

H2NZ

• Woodside Energy has been selected as one of two companies to enter final stage negotiations to become the lead developer of the Southern Green Hydrogen project in Southland, New Zealand.
• Southern Green Hydrogen is a joint project by Meridian Energy and Contact Energy, to evaluate the opportunity to produce green hydrogen in Southland, New Zealand.

Investment in lower-carbon services

• Subsequent to the period, Woodside agreed to invest US$9.9 million in String Bio Private Limited (String Bio), the developer of a patented process for recycling greenhouse gases into products such as livestock feed. The investment is subject to conditions precedent.
• Woodside and String Bio have entered a strategic development agreement to explore opportunities for the potential commercial scale-up of String Bio technology.

Technology

• Woodside committed A$10 million in financial and in-kind support to its innovation partner, Curtin University in Perth, Western Australia, after it was selected by the Australian Government to be part of the Trailblazer University Program.

Corporate activities

Half-year results

• Woodside’s Half-year Report 2022 and the associated investor briefing will be released to the market on Tuesday, 30 August 2022. It will also be available on Woodside’s website at www.woodside.com.
• An investor briefing conference call will take place on 30 August at 07.30 AWST / 09.30 AEST / 18:30 CDT (Monday 29 August). Log-in information for the conference call will be published on Woodside’s website prior to 30 August 2022.

Change of company name and ticker code

• Woodside shareholders approved the change of company name to Woodside Energy Group Ltd at Woodside’s 2022 Annual General Meeting.
• The new company name was registered on 20 May 2022 and the ticker code on the ASX changed from WPL to WDS on 25 May 2022. In June 2022, Woodside commenced trading on the LSE and NYSE also under the ticker code WDS.

Financial reporting

• Woodside’s net profit after tax for the first half of 2022, including sales revenue and the associated production and sales volumes, will incorporate the contribution of the BHPP portfolio from completion of the merger on 1 June 2022.
• Woodside’s reporting in the half-year 2022 financial statements is expected to be represented under four segments to align with the company’s management and business structure; Australia, International, Marketing and Corporate/Other.
• Woodside’s consolidated statement of financial position as at 30 June 2022 will include the fair value of the former BHPP assets and liabilities and any associated goodwill after the allocation of the merger purchase price.

Hedging

• Woodside continues to review its hedging program, subject to market conditions.
• As at 30 June 2022, Woodside has placed oil price hedges for:
  • approximately 17.5 MMboe of 2022 production at an average price of $74.6 per barrel of which approximately 5.8 MMboe has been delivered; and
  • approximately 21.8 MMboe of 2023 production at an average price of $74.5 per barrel.
• In addition, a number of hedges have been entered into for Corpus Christi volumes to protect against downside pricing risk. These hedges are Henry Hub and Title Transfer Facility (TTF) commodity swaps. As a result of hedging and term sales, approximately 94% of Corpus Christi volumes in 2022, approximately 73% in 2023 and approximately 27% of 2024 have reduced pricing risk.³

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Syndicate facility renewal

• Subsequent to the period, Woodside refinanced and increased an existing committed undrawn syndicated facility. The total amount of the undrawn syndicated facilities is $2 billion.

Merger synergies

• The merger is expected to unlock annual pre-tax synergies of more than $400 million on a 100% basis, which are expected to be fully implemented by early 2024. Woodside is planning to provide an update on the progress of synergy identification and capture as part of the half-year 2022 results.

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INVESTORS

Australia & Europe | Damien Gare
W: +61 8 9348 4421
M: +61 417 111 697

Americas | Matthew Turnbull
M: +1 (713) 448-0956
E: This email address is being protected from spambots. You need JavaScript enabled to view it.

MEDIA

Christine Forster
M: +61 484 112 469
E: This email address is being protected from spambots. You need JavaScript enabled to view it.

HOUSTON--(BUSINESS WIRE)--USD Partners LP (NYSE: USDP) (the “Partnership”) announced today that the Board of Directors of its general partner declared a quarterly cash distribution of $0.1235 per unit for the second quarter of 2022 ($0.494 per unit on an annualized basis), the same amount as distributed in the prior quarter. The Partnership intends to issue further details and distribution guidance in its second quarter earnings release and discuss further on its second quarter earnings call on Thursday, August 4, 2022. The distribution is payable on August 12, 2022, to unitholders of record at the close of business on August 3, 2022.

Second Quarter 2022 Earnings Release Date and Conference Call Information

The Partnership plans to report second quarter 2022 financial and operating results after market close on Wednesday, August 3, 2022. The Partnership will host a conference call and webcast regarding second quarter 2022 results at 11:00 a.m. Eastern Time (10:00 a.m. Central Time) on Thursday, August 4, 2022.

To listen live over the Internet, participants are advised to log on to the Partnership’s website at www.usdpartners.com and select the “Events & Presentations” sub-tab under the “Investors” tab. To join via telephone, participants may dial (800) 909-7113 domestically or +1 (785) 830-1914 internationally, conference ID 6306282. Participants are advised to dial in at least five minutes prior to the call.

An audio replay of the conference call will be available for thirty days by dialing (800) 839-2434 domestically or +1 (402) 220-7211 internationally, conference ID 6306282. In addition, a replay of the audio webcast will be available by accessing the Partnership's website after the call is concluded.

About USD Partners LP

USD Partners LP is a fee-based, growth-oriented master limited partnership formed in 2014 by US Development Group, LLC (“USD”) to acquire, develop and operate midstream infrastructure and complementary logistics solutions for crude oil, biofuels and other energy-related products. The Partnership generates substantially all of its operating cash flows from multi-year, take-or-pay contracts with primarily investment grade customers, including major integrated oil companies and refiners. The Partnership’s principal assets include a network of crude oil terminals that facilitate the transportation of heavy crude oil from Western Canada to key demand centers across North America. The Partnership’s operations include railcar loading and unloading, storage and blending in on-site tanks, inbound and outbound pipeline connectivity, truck transloading, as well as other related logistics services. In addition, the Partnership provides customers with leased railcars and fleet services to facilitate the transportation of liquid hydrocarbons and biofuels by rail.

USD, which owns the general partner of USD Partners LP, is engaged in designing, developing, owning, and managing large-scale multi-modal logistics centers and energy-related infrastructure across North America. USD’s solutions create flexible market access for customers in significant growth areas and key demand centers, including Western Canada, the U.S. Gulf Coast and Mexico. Among other projects, USD is currently pursuing the development of a premier energy logistics terminal on the Houston Ship Channel with capacity for substantial tank storage, multiple docks (including barge and deepwater), inbound and outbound pipeline connectivity, as well as a rail terminal with unit train capabilities. For additional information, please visit texasdeepwater.com. Information on websites referenced in this release is not part of this release.

Qualified Notice to Nominees

This release serves as qualified notice to nominees as provided for under Treasury Regulation Section 1.1446-4(b)(4) and (d). Please note that we believe that 100 percent of the Partnership’s distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of the Partnership’s distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate for individuals or corporations, as applicable. Nominees, and not the Partnership, are treated as withholding agents responsible for withholding distributions received by them on behalf of foreign investors.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of U.S. federal securities laws, including statements with respect to the amount and timing of the Partnership’s second quarter 2022 cash distribution and the business prospects of the Partnership and USD. Words and phrases such as “plans,” “expects,” “will,” “progressing on,” “pursuing,” 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 relating to the Partnership are based on management’s expectations, estimates and projections about the Partnership, its interests, USD’s projects and the energy industry in general on the date this press release was issued. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. The current economic downturn (including the effects of the ongoing situation in Ukraine and its regional and global ramifications) and pandemic introduces unusual risks and an inability to predict all risks that may impact the Partnership’s business and outlook. 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 those as set forth under the heading “Risk Factors” in the Partnership’s most recent Annual Report on Form 10-K and in its subsequent filings with the Securities and Exchange Commission. The Partnership 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.

Category: Earnings

Investor Relations Contacts:

Adam Altsuler, (281) 291-3995
Executive Vice President and Chief Financial Officer

Jennifer Waller, (832) 991-8383
Senior Director, Financial Reporting and Investor Relations

LONDON--(BUSINESS WIRE)--Total Telecom reported the view of David Wang, Executive Director of the Board and Chairman of the ICT Infrastructure Managing Board of Huawei, who brought forth the vision of the 5.5G era, which is likely to become a reality by 2025 at the ongoing Huawei Win-Win Innovation Week.

He proposed the concept of "comprehensively moving towards the 5.5G era" in his speech and discussed the industry's development direction for the next five to ten years.

Digitalization has already entered the fast lane in the industrial segment. The collaboration between robots and humans will become all the more complex, leading to a greater requirement on the communications network. Therefore, the industry needs to innovate at the architecture and system levels to enhance the computing power and to address the current challenges in computing, reduced utilization of data center resources and low energy efficiency.

Further, the 5.5G era is characterised by a high speed of 10Gbps, the growing requirement beyond basic connectivity, ensuring more green and sustainable development, ten times storage, ten times effective computing and level four Autonomous Driving Networks (AND).

Wang introduced the concept of Net5.5G for the first time in his keynote address. "We need to keep innovating based on IPv6 to help the industry thrive. This is why we proposed Net5.5G," Wang mentioned.

What’s more, ensuring the energy efficiency of all solutions and products is crucial. There is a strong need to ensure that the industry remains committed to sustainability.

"More Bits and Less Watts are the green development concept proposed by us, which advocates reducing the energy consumption per bit and improving the energy efficiency of our networks," says Wang.

He further suggested that the industry should work together to improve the overall network energy efficiency from the perspectives of green sites and data centers, green networks, and green operations to accelerate the green development of the ICT industry.

About Total Telecom

Total Telecom offers daily online news with the option to sign up for headlines by email and monthly analysis. Total Telecom organises the annual World Communication Awards, Asia Communication Awards and a range of conferences and networking opportunities, including Submarine Networks EMEA, 5GLIVE, Connected Italy, Connected Britain, Connected Germany and the Total Telecom Congress. Find out more at www.totaltele.com

Media
James Llewellyn
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ALEXANDRIA, Va.--(BUSINESS WIRE)--VSE Corporation (NASDAQ: VSEC, "VSE"), a leading provider of aftermarket distribution and maintenance, repair and overhaul (MRO) services for land, sea and air transportation assets for government and commercial markets, today announced the appointment of two new members to its Board of Directors.

Anita D. Britt and Lloyd E. Johnson were each appointed to the VSE Board of Directors as independent directors, effective July 19, 2022. Ms. Britt and Mr. Johnson will join the VSE Board as part of the Board’s succession planning and potential retirements of existing board members.

“We are pleased to welcome both Anita and Lloyd to the VSE Board of Directors,” stated General Ralph E. Eberhart, Chairman of VSE. “Both incoming directors are accomplished finance executives with decades of commercial experience at respected, world-class public companies committed to delivering long-term value for shareholders. We are confident they will provide valuable perspectives integral to our continued, profitable growth.”

“Over the last three years, VSE has undergone a successful business transformation, prioritizing leadership within higher-margin verticals, product and capabilities expansions and opportunistic investments in high-return, adjacent markets,” stated John Cuomo, President and CEO of VSE. “As our business continues to evolve, we are committed to ensuring that our Board composition is diverse, with a variety of backgrounds, skills, experiences, and perspectives represented. We are excited to welcome Anita and Lloyd to the Board during this next chapter of growth.”

Anita D. Britt. Ms. Britt brings a wealth of corporate finance, capital markets and board-level experience. Previously, she served as the Chief Financial Officer for Perry Ellis International and held senior financial leadership positions at Jones Apparel Group and Urban Brands. She currently serves on the board of directors for urban-gro, Smith & Wesson Brands and Delta Apparel. Ms. Britt is a Certified Public Accountant; a Board Leadership Fellow as designated by the National Association of Corporate Directors; and holds a Carnegie Mellon Cybersecurity Oversight Certification.

Lloyd E. Johnson. Mr. Johnson brings a strong background in management consulting, mergers and acquisitions, internal audit and commercial operations experience. Previously, Mr. Johnson served as Global Managing Director, Finance and Internal Audit at Accenture Corporation; Executive Director, M&A and General Auditor for Delphi Automotive PLC; and held senior financial leadership positions at Emerson Electric Corporation, Sara Lee Corporation and Shaw Food Services. Mr. Johnson is a Certified Public Accountant and holds the National Association of Corporate Directors Directorship Certification designation. Mr. Johnson is currently a board member for Haemonetics Corporation, Apogee Enterprises, Beazer Homes USA, and AARP.

Following these new appointments and potential retirements, the VSE Board will return to nine directors, eight of whom are independent, and four of whom are members of diverse communities.

ABOUT VSE CORPORATION

VSE is a leading provider of aftermarket distribution and repair services for land, sea and air transportation assets for government and commercial markets. Core services include maintenance, repair, and overhaul (MRO) services, parts distribution, supply chain management and logistics, engineering support, and consulting and training services for global commercial, federal, military and defense customers. VSE also provides information technology and energy consulting services. For additional information regarding VSE’s services and products, visit www.vsecorp.com.

FORWARD LOOKING STATEMENTS

This document contains certain forward-looking statements. These forward-looking statements, which are included in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, may involve known and unknown risks, uncertainties and other factors that may cause VSE’s actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this document. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that actual results will not differ materially from these expectations. “Forward-looking” statements, as such term is defined by the SEC in its rules, regulations and releases, represent our expectations or beliefs, including, but not limited to, statements concerning our operations, economic performance, financial condition, the impact of widespread health developments, such as the ongoing COVID-19 outbreak, the health and economic impact thereof, and the governmental, including federal contractor vaccine mandates, commercial, consumer and other responses thereto, growth and acquisition strategies, investments and future operational plans. Without limiting the generality of the foregoing, words such as “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “forecast,” “seek,” “plan,” “predict,” “project,” “could,” “estimate,” “might,” “continue,” “seeking” or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. These statements, by their nature, involve substantial risks and uncertainties, certain of which are beyond our control, and actual results may differ materially depending on a variety of important factors, including, but not limited to, the uncertainty surrounding the ongoing COVID-19 outbreak and the other factors identified in our reports filed or expected to be filed with the SEC including our Annual Report on Form 10-K for the year ended December 31, 2021. All forward-looking statements made herein are qualified by these cautionary statements and risk factors and there can be no assurance that the actual results, events or developments referenced herein will occur or be realized. Readers are cautioned not to place undue reliance on these forward looking-statements, which reflect management's analysis only as of the date hereof. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.

INVESTOR CONTACT

Noel Ryan, IRC
(720) 778-2415
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HOUSTON--(BUSINESS WIRE)--$XPRO #XPRO--Leading energy services provider Expro (NYSE: XPRO) has secured a contract for its first integrated services package to support a high-profile geothermal project in the Upper Rhine Graben area of SW-Germany.

A consortium formed by Ed. Züblin AG and Huisman Geo B.V, drilling and geothermal energy specialists, have commissioned Expro to deliver an integrated well services program for a new geothermal power plant in the Upper Rhine valley. This eight well contract for Germany’s largest private developer of geothermal energy plants includes well construction services and a bespoke high-rate surface well test system.

The contract which began in June 2022 has the potential for a long-term extension to follow the eight-well drilling and testing campaign of Deutsche ErdWärme (DEW) across four power plants that is that covered by the initially contracted work scope.

As part of its long-term strategy, Expro plans to continue to invest in transforming its business portfolio and reducing its greenhouse gas emissions. The Company, which recently published its environmental, social and governance (ESG) review, has also a stated aim of achieving Net Zero by 2050 with a 50% reduction in carbon intensity by 2030.

A member of the International Geothermal Association and the European Geothermal Energy Council, Expro has been supporting geothermal well services projects since 1986 and is recognized for its cost-effective, innovative solutions. This latest contract builds on the Company’s strategic desire to help customers unlock new sources of cleaner, low-carbon energy and enhance its support of the global geothermal market.

Steve Russell, Expro’s Chief Technology Officer commented:

“This is a significant award for Expro and strengthens our position as an integrated services provider to the growing and increasingly important geothermal sector. Expro has been delivering discrete services to the geothermal market for many years. This project provides Expro with an opportunity to demonstrate its ability to deliver a bespoke, project-specific well services package for our customers’ particular requirements. This contract also demonstrates our enhanced offering and capabilities in the geothermal sector and our commitment to a more sustainable and lower carbon future.”

Sebastian Homuth, Well Operation Manager, Deutsche ErdWärme, said:

“We are delighted to see well established oil and gas service companies like Expro showing real interest in the geothermal sector. The customer-oriented approach and dedicated back-office engineering expertise in conjunction with the broad experience in the execution of all kinds of well testing operations is exactly what our industry and DEW is looking for.”

Martin Geissler, Project Manager, JV Drilling Campaign Rheingraben, Ed. Züblin AG – Huisman Geo B.V, commented:

“We are very happy to have found a professional and well-established partner in Expro for the execution of this exciting geothermal project. Expro's many years of experience, solution-oriented approach and great commitment were evident from the first meeting and are a great asset for the project. We are very much looking forward to a successful co-operation.”

Ingrid Huldal, Expro’s Director, Portfolio Advancement, commented:

"We are very pleased to have been awarded this significant contract and look forward to collaborating with both Deutsche ErdWärme and the JV Drilling Campaign Rheingraben, Ed. Züblin AG – Huisman Geo B.V to provide high calibre well services and drilling support for their geothermal project. This is a key strategic opportunity for Expro as we look to expand our current portfolio and develop a more sustainable business. The geothermal industry will play an important role in the provision of clean energy security for our future. We are committed to helping our clients achieve their sustainability goals and reducing our own environmental impact.”

Expro

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

With roots dating to 1938, Expro has approximately 7,200 employees and provides services and solutions to leading exploration and production companies in both onshore and offshore environments in approximately 60 countries.

Today, Expro’s wells expertise and range of well intervention, integrity and flow measurement offerings are transferable to the low carbon and renewable energy industry, offering a low-carbon line of business adjacent to its oil and gas portfolio. As the energy industry seeks to address the challenges of tomorrow, Expro believes it is well positioned to play a leading role in enabling its clients to achieve their carbon reduction goals in support of the energy transition.

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

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This press release, and oral statements made from time to time by representatives of the Company, may contain certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding, among other things, the Company’s environmental, social and governance goals, targets and initiatives, and the future growth of the geothermal energy market, and are indicated by words or phrases such as "anticipate," "outlook," "estimate," "expect," "project," "believe," "envision," "goal," "target," "can," "will," and similar words or phrases. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the future results, performance or achievements expressed in or implied by such forward-looking statements. Forward-looking statements are based largely on the Company's expectations and judgments and are subject to certain risks and uncertainties, many of which are unforeseeable and beyond our control. The factors that could cause actual results, performance or achievements to materially differ include, among others the risk factors identified in the Company’s Annual Report on Form 10-K, Form 10-Q and Form 8-K reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, historical practice, or otherwise.

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DALLAS--(BUSINESS WIRE)--Pioneer Natural Resources Company (NYSE: PXD) (“Pioneer” or “the Company”) today announced the addition of Jacinto Hernandez to the Company’s Board of Directors.

Mr. Hernandez brings over twenty-two years of experience at Capital Group, where he previously helped lead the research portfolio for one of the largest growth mutual funds in the world and has extensive experience across multiple asset classes and industries, with a focus on the global energy sector. He has advised corporations and boards on a wide array of topics, including corporate strategy, communication, capital allocation and diversity, equity and inclusion. Mr. Hernandez retired from Capital Group earlier this year to spend more time with his family but remains active in the energy industry.

Pioneer’s Chief Executive Officer Scott D. Sheffield stated, “We are excited for Jacinto to join our Board of Directors. He has immense experience in financial markets, investment management and the energy sector and will help Pioneer navigate and excel as the energy landscape continues to evolve. His deep understanding of the sector, viewed through the lens of an experienced investor, will no doubt serve as a unique and long-lasting benefit to Pioneer.”

Chairman of the Board, J. Kenneth Thompson added, “Jacinto brings an impressive financial background to Pioneer’s Board through over two decades at one of the largest investment firms in the world. His many strengths will complement the Board’s existing diverse experience base and help Pioneer continue its leadership position in the industry.”

Mr. Hernandez earned his Bachelor of Science in Economics from Stanford University, with a minor in Political Science.

Pioneer is a large independent oil and gas exploration and production company, headquartered in Dallas, Texas, with operations in the United States. For more information, visit Pioneer’s website at www.pxd.com.

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Alsym’s high-performance battery technology promises to speed the pace of electrification in the maritime sector by minimizing the risk of fires associated with lithium-based batteries

WOBURN, Mass.--(BUSINESS WIRE)--#battery--Alsym™ Energy, a developer of next-generation rechargeable batteries, today announced that Alsym and Synergy Marine, in collaboration with Nissen Kaiun, Japan, will jointly develop applications specific to the marine shipping industry using Alsym’s high-performance, low-cost technology. Singapore-based Synergy Marine is a leading global ship management services provider, currently managing more than 500 vessels.

Greenhouse gases from ships are predicted to make up 17% of total global emissions by 2050 if the industry does not accelerate efforts to electrify. Port operations generate substantial amounts of air pollution—up to half of total emissions in some metro areas—and some ports now require ships to use high efficiency fuels and observe speed limits within 20 miles of shore, while others have banned the use of auxiliary diesel generators while docked.

Alsym will provide Synergy and Nissen Kaiun with 1 gigawatt of batteries per year for three years starting in the company’s first year of high-volume production, conditional on the battery systems meeting key performance levels and regulatory requirements specific to cargo ships and tankers. Alsym’s batteries may be used to propel cargo ships and tankers as they enter and leave port, power berthed ships, and support peak shaving applications at sea. The company plans to start pilot manufacturing its non-flammable batteries for EVs, ships, and stationary storage later this year at its facility in Massachusetts, with high-volume production expected to follow in 2025.

“Zero-emission vessels are the future of maritime shipping, and we’re working with like-minded owners, including Nissen Kaiun, to decarbonize every part of the ecosystem as quickly as possible,” said Captain Rajesh Unni, Founder and CEO of Synergy Marine Group. “By lowering the cost of electrification and minimizing the risk of battery-related fire events, Alsym’s technology is well-placed to be a safer alternative that can help the shipping industry meet its goal of zero net emissions by 2050—especially in light of the European Commission’s recent proposal to classify lithium as toxic.”

By using low-cost, inherently non-flammable raw materials with robust global supply chains, Alsym’s aims to provide batteries at a fraction of the cost of lithium-based technologies, making electrification both safe and economically viable. These batteries can help reduce risks to crew and cargo, as well as lower insurance costs for fleet managers and shippers.

“Synergy Marine is on the cutting edge of technology in the maritime sector, and we’re honored to be part of their journey to work with owners in their transition away from fossil fuels,” said Mukesh Chatter, President and CEO at Alsym Energy. “By manufacturing batteries from low-cost, readily available materials that are inherently non-flammable and non-toxic, we’re providing an economically-viable way to help them decarbonize while also lowering operating expenditures and insurance costs associated with lithium and cobalt-based battery technologies.”

About Alsym™ Energy

Alsym Energy is a leading developer of advanced low-cost, high-performance rechargeable batteries made from readily available materials that are inherently non-flammable and non-toxic, providing an economically viable alternative to lithium-based technologies. The company is focused on commercial development and mass production of batteries for use in applications including passenger electric vehicles and two-wheelers, marine shipping, and stationary energy storage to enable a zero-carbon future. To learn more, please visit www.alsym.com.

About Synergy Marine Group

Headquartered in Singapore, Synergy’s hallmarks are its through-life approach to asset management and ability to develop custom-designed thought partnership strategies with leading owners. Spanning across a network of 25 offices in 13 countries and employing more than 18,000 seafarers, Synergy manages a fleet of over 500 vessels including the most complex LNG (including FSUs), LPG and vast 20,000+ TEU container ships, as well as oil and chemical tankers, car carriers and bulk carriers. With a strong focus on crew wellbeing, digitalization and environmentally responsible policies, Synergy is at the forefront of transforming the ship management industry. For more information visit www.synergymarinegroup.com.

Cassandra Sweet
Antenna Group for Alsym Energy
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OBX Product Line Rental Contracts Exceed $25M in Bookings for Fiscal Year 2022

HOUSTON--(BUSINESS WIRE)--#energyexploration--Geospace Technologies Corporation (NASDAQ: GEOS) today announced an extended duration rental contract with SAExploration, an international marine geophysical services provider who will rent OBX-750E seabed ocean bottom wireless seismic data acquisition nodes. Based on current contract terms, the value of the agreement is estimated at $12M.

“Following our recent good news of a separate $4M OBX rental contract, we’re pleased to announce this sizeable, long-term contract with another trusted customer,” said Walter R. Wheeler, President and CEO, Geospace Technologies. “We’re realizing the benefit of our earlier investments to build and maintain a sizable fleet of seabed seismic nodes. Combined with our recently announced OBX rentals, the minimum value from OBX product rental contracts executed during the fiscal year exceed $25M. Additionally, our shallow water units are nearly at pre-pandemic utilization levels. Sales and rentals of our OBX product line have been a reliable revenue workhorse for the company and we are encouraged by the current resurgence.”

About Geospace Technologies

Geospace principally designs and manufactures seismic instruments and equipment. The company markets seismic products to the oil and gas industry to locate, characterize and monitor hydrocarbon-producing reservoirs. The company also markets seismic products to other industries for vibration monitoring, border and perimeter security and various geotechnical applications. Geospace designs and manufactures other products of a non-seismic nature, including smart water connectivity tools, imaging equipment and specialty contract manufactured products.

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NEWBURY PARK, Calif.--(BUSINESS WIRE)--Kolibri Global Energy Inc. (the “Company” or “KEI”) (TSX: KEI, OTCQB: KGEIF) is pleased to provide an update on its board of directors and its operations located in the Company’s Tishomingo field in Oklahoma.

Election of Evan Templeton

Evan Templeton was elected as a new director at the annual general meeting held on July 19, 2022. Mr. Templeton brings over 25 years of financial experience to the Company. His financial career has focused primarily on the High Yield and Leveraged Loan markets as a Senior Credit Analyst covering the Exploration & Production, Midstream, Oilfield Services and Refining sectors. He is the Founder and principal of WestOak Advisors, LLC which provides capital markets services to middle-market public and private companies. He is also a Managing Director at Odinbrook Global Advisors, LLC, which provides advisory services to companies in transition or financial distress. Prior to his current roles, Mr. Templeton was a Managing Director in the Leveraged Credit Trading group at Jefferies, where he led the Strategy Group. Prior to Jefferies, he held similar roles at RBC Capital Markets and FleetBoston Robertson Stephens. Mr. Templeton played key roles in the diligence, structuring and marketing of over $20 billion of left-lead high yield and leveraged loan transactions.

Wolf Regener, President, and CEO commented, “We are very pleased to have someone with Evan’s wealth of experience and expertise join our team. We believe that Evan will bring a tremendous benefit to our Company and its shareholders. We welcome Evan to our Board of Directors.”

OPERATIONS

The Company has completed the location work for the subsequent two wells in its 2022 drilling program. The drilling rig for the Glenn 16-3H and Brock 9-3H wells is expected to arrive on location around the first week of August. The wells will be drilled back to back, and the completion operations for both wells have been scheduled for mid-September. The fifth well in the 2022 drilling program is anticipated to be drilled shortly after the Glenn 16-3H and Brock 9-3H wells.

Wolf Regener, President, and CEO commented, “I am excited that we will be continuing our 2022 drilling program shortly and that the Barnes 7-3H and Barnes 8-4H wells are performing as anticipated. The new wells have significantly increased our second quarter cash flow and adjusted funds flow. We are currently on target to meet or exceed our previously announced financial guidance. This guidance has the Company exiting the year with production rates that are about three times higher than the beginning of the year, with an annual adjusted funds flow that is about four times higher than what we achieved in 2021, and a total debt to EBITDA ratio at year-end of less than 1.0.”

NON-GAAP MEASURES

Adjusted funds flow is not a measure recognized under Canadian generally accepted accounting principles ("GAAP") and does not have any standardized meaning prescribed by IFRS. Management of the Company believes that adjusted funds flow is relevant for evaluating returns on each of the Company's projects as well as the performance of the enterprise as a whole. Adjusted funds flow may differ from similar computations as reported by other similar organizations and, accordingly, may not be comparable to similar non-GAAP measures as reported by such organizations. Adjusted funds flow should not be construed as an alternative to net income, cash flows related to operating activities, working capital or other financial measures determined in accordance with IFRS, as an indicator of the Company's performance.

An explanation of how adjusted funds flow provides useful information to an investor and the purposes for which the Company’s management uses adjusted funds flow is set out in the management's discussion and analysis under the heading “Non-GAAP Measures” which is available under the Company's profile at www.sedar.com and is incorporated by reference into this earnings release.

The following is the reconciliation of adjusted funds flow to the comparable financial measures disclosed in the Company’s financial statements:

About Kolibri Global Energy Inc.

Kolibri Global Energy Inc. is an international energy company focused on finding and exploiting energy projects in oil, gas, and clean and sustainable energy. Through various subsidiaries, the Company owns and operates energy properties in the United States. The Company continues to utilize its technical and operational expertise to identify and acquire additional projects. The Company's shares are traded on the Toronto Stock Exchange under the stock symbol KEI and on the OTCQB under the stock symbol KGEIF.

Cautionary Statements

In this news release and the Company’s other public disclosure: The references to barrels of oil equivalent ("Boes") reflect natural gas, natural gas liquids and oil. Boes may be misleading, particularly if used in isolation. A Boe conversion ratio of 6 Mcf:1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value. Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves. The type curve utilized by the Company’s management is the average of the 7 Caney wells that are located in the Corridor (well names can be found on the Company’s Corporate presentation), with lateral lengths normalized to a 4,900 ft lateral length, the other assumptions are the same as in the Company’s December 31, 2021 independent reserves evaluation.

Readers should be aware that references to initial production rates and other short-term production rates are preliminary in nature and are not necessarily indicative of long-term performance or of ultimate recovery. Readers are referred to the full description of the results of the Company's December 31, 2021 independent reserves evaluation and other oil and gas information contained in its Form 51-101F1 Statement of Reserves Data and Other Oil and Gas Information for the year ended December 31, 2021, which the Company filed on SEDAR on March 8, 2022.

Caution Regarding Forward-Looking Information

Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws and “forward-looking statements” within the meaning of United States securities laws (collectively, “forward looking information”), including statements regarding the benefit Evan will bring to the Company and shareholders, the timing and expected funding sources of, and expected results from, planned wells development, projected total capital program budget for all five of the Company’s 2022 wells, the drilling rig arriving on location around the first week of August, completion operations for both wells scheduled for mid-September, the timing of drilling of the 5^th well in the 2022 program, and forecasted production rates, revenue, adjusted funds flow and net debt to EBITDA ratio.

Forward-looking information is based on plans and estimates of management and interpretations of data by the Company's technical team at the date the data is provided and is subject to several factors and assumptions of management, including $90 a barrel oil price, $6 Henry Hub and NGL pricing of $36 bbl, cost inflation of over 20% for the three remaining wells planned for 2022, that the drilling rig will become available , the drilling rig arriving on location around the first week of August, completion operations for both wells occurring in mid-September, the 5^th well in the 2022 drill program being drilled shortly thereafter, that required regulatory approvals will be available when required, that no unforeseen delays, unexpected geological or other effects, including flooding and extended interruptions due to inclement or hazardous weather conditions, equipment failures, permitting delays or labor or contract disputes are encountered, that the necessary labor and equipment will be obtained, that the development plans of the Company and its co-venturers will not change, that the offset operator’s operations will proceed as expected by management, that the demand for oil and gas will be sustained, that the price of oil will be sustained or increase, that the Company will continue to be able to access sufficient capital through cash flow, debt, financings, farm-ins or other participation arrangements to maintain its projects, and that global economic conditions will not deteriorate in a manner that has an adverse impact on the Company's business, its ability to advance its business strategy and the industry as a whole.

Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions on which such forward looking information is based vary or prove to be invalid, including that the Company or its subsidiaries is not able for any reason to obtain and provide the information necessary to secure required approvals or that required regulatory approvals are otherwise not available when required, that unexpected geological results are encountered, that equipment failures, permitting delays, labor or contract disputes or shortages of equipment or labor or materials are encountered, the risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration and development projects or capital expenditures; the uncertainty of reserve and resource estimates and projections relating to production, costs and expenses, and health, safety and environmental risks, including flooding and extended interruptions due to inclement or hazardous weather conditions), the risk of commodity price and foreign exchange rate fluctuations, that the offset operator’s operations have unexpected adverse effects on the Company’s operations, that completion techniques require further optimization, that production rates do not match the Company’s assumptions, that very low or no production rates are achieved, that the price of oil will decline, that the Company is unable to access required capital, that occurrences such as those that are assumed will not occur, do in fact occur, and those conditions that are assumed will continue or improve, do not continue or improve, and the other risks and uncertainties applicable to exploration and development activities and the Company's business as set forth in the Company's management discussion and analysis and its annual information form, both of which are available for viewing under the Company's profile at www.sedar.com, any of which could result in delays, cessation in planned work or loss of one or more concessions and have an adverse effect on the Company and its financial condition. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.

Caution Regarding Future-Oriented Financial Information and Financial Outlook

This news release may contain information deemed to be “future-oriented financial information” or a “financial outlook” (collectively, “FOFI”) within the meaning of applicable securities laws. The FOFI has been prepared by management to provide an outlook of the Company’s activities and results and may not be appropriate for other purposes. The FOFI has been prepared based on a number of assumptions including the assumptions discussed above under “Caution Regarding Forward-Looking Information”. The actual results of operations of the Company and the resulting financial results may vary from the amounts set forth herein, and such variations may be material. The Company and management believe that the FOFI has been prepared on a reasonable basis, reflecting management’s best estimates and judgments. FOFI contained in this news release was made as of the date of this news release and the Company disclaims any intention or obligations to update or revise any FOFI contained in this news release, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law.

Wolf E. Regener +1 (805) 484-3613
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Website: www.kolibrienergy.com

AltaSea’s third open house of the year will feature a discussion on aquaculture, with kid-friendly science activities including a floating research lab and art workshop

LOS ANGELES--(BUSINESS WIRE)--AltaSea at the Port of Los Angeles announced today that Dr. Anthony Michaels, a nationally-recognized leader in sustainability, innovation and environmental science, will be the featured guest speaker for its upcoming open house, leading a discussion titled “We Need All the Kelp We Can Get.” Dr Michaels, formerly the founding director of the USC Wrigley Institute for Environmental Studies, will discuss the benefits of aquaculture, food security, human health, biofuels, renewable materials and more as part of AltaSea’s unique open house.

The open house will be held from 10 a.m. to 12:30 p.m. on Saturday, July 30, at AltaSea at the Port of Los Angeles, Berth 58, 2451 South Signal Street in San Pedro. The event is free and open to the public. Registration is required at: https://altasea.org/event/open-house-we-need-all-the-kelp-we-can-get/.

“Our open houses are a fantastic opportunity for the community to come to AltaSea and engage with some of the brightest minds in sustainability like Dr. Michaels,” said CEO Terry Tamminen. “We’re proud to be able to open our doors to everyone to show them first-hand the scientific collaboration that AltaSea fosters every day that helps us all understand and benefit from our amazing ocean.”

In addition to the presentation by Dr. Michaels, the open house will include a variety of family-friendly science-related activities provided by local ocean science organizations and will offer the opportunity for attendees to step aboard AltaSea’s Ocean Research Barge, or “ORB,” a floating lab for student research and community science.

Assemblymember Mike Gipson, who has pushed for more employment opportunities in emerging “blue” sectors such as underwater robotics, aquaculture farming, and ecosystem health analysis, said the open house is the perfect way for young people to see what careers are available to them in the ocean economy.

“For black and brown students to see that there are real opportunities in these fields and to get excited about the science that is right in their backyards is inspiring,” said Assemblymember Mike Gipson. “It’s another opportunity for inclusion in a world that, without events like this, they might never know is available to them.”

State Senator Steve Bradford, who helped secure $6 million in funding towards AltaSea’s Center for Innovation, said the work being done at the site is critical.

“Not only do we want to build the emerging blue economy in our community by creating new jobs and launching new careers, but we also want to infuse this effort with the core value of inclusion so that students from under-served communities see this as a viable, rewarding and lucrative career pathway,” he said. “That is what makes events like AltaSea’s open house so important.”

The Open House will also include the creation of a community sculpture that will be shown at Angels Gate Cultural Center this fall. The sculpture “Long Lines” will consist of found fishing rope and small sculptures (“lures”) made by the community using ocean plastics collected from San Pedro. The goal of this sculpture is to create multiple spaces to facilitate dialogue around what we put into the ocean and how we extract from it.

Artist At Work Fellow Taylor Griffith will be hosting a “lure” making workshop during the Open House to guide participants in making these small sculptures that will be included in the final installation. A unique print will be made by each participant to be picked up at the show in October.

For more information, please visit: https://altasea.org/event/open-house-we-need-all-the-kelp-we-can-get/.

About AltaSea at the Port of Los Angeles

AltaSea at the Port of Los Angeles is dedicated to accelerating scientific collaboration, advancing an emerging blue economy through business innovation and job creation, and inspiring the next generation, all for a more sustainable, just, and equitable world.

For more information on AltaSea, please see our website: https://altasea.org.

Jacob Scott
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412-445-7719

• Orders of $5.9 billion for the quarter, down 14% sequentially and up 15% year-over-year.

• Revenue of $5.0 billion for the quarter, up 4% sequentially and down 2% year-over-year.

• GAAP operating loss of $25 million for the quarter, down $304 million sequentially and down $219 million year-over-year.

• Adjusted operating income (a non-GAAP measure) of $376 million for the quarter, up 8% sequentially and up 13% year-over-year.

• Adjusted EBITDA* (a non-GAAP measure) of $651 million for the quarter, up 4% sequentially and up 6% year-over-year.

• GAAP loss per share of $(0.84) for the quarter which included $0.95 per share of adjusting items. Adjusted earnings per share (a non-GAAP measure) was $0.11.

• Cash flows generated from operating activities were $321 million for the quarter. Free cash flow (a non-GAAP measure) for the quarter was $147 million.

The Company presents its financial results in accordance with GAAP. However, management believes that using additional non-GAAP measures will enhance the evaluation of the profitability of the Company and its ongoing operations. Please see reconciliations in the section entitled "Reconciliation of GAAP to non-GAAP Financial Measures." Certain columns and rows in our tables and financial statements may not sum up due to the use of rounded numbers.

*Adjusted EBITDA (a non-GAAP measure) is defined as operating income (loss) excluding depreciation & amortization and operating income adjustments.

LONDON & HOUSTON--(BUSINESS WIRE)--Baker Hughes Company (Nasdaq: BKR) ("Baker Hughes" or the "Company") announced results today for the second quarter of 2022.

"F" is used in most instances when variance is above 100%. Additionally, "U" is used in most instances when variance is below (100)%.

“Our second quarter results were mixed as each product company navigated a different set of challenges ranging from component shortages and supply chain inflation to the suspension of our Russian operations. While OFS and TPS are managing the current situation fairly well, OFE and DS have both had more difficulty. I would like to thank our team for their continued efforts and commitment to deliver for our customers and execute on our strategy through these volatile times,” said Lorenzo Simonelli, Baker Hughes chairman and chief executive officer.

“As we look to the second half of 2022 and into 2023, the oil markets face an unusual set of circumstances and challenges. On one hand, the demand outlook for the next 12 to 18 months is deteriorating, as inflation erodes consumer purchasing power and central banks aggressively raise interest rates to combat inflation. On the other hand, due to years of underinvestment globally and the potential need to replace Russian barrels, broader supply constraints can realistically keep commodity prices at elevated levels even in a scenario of moderate demand destruction. As a result, we believe the outlook for oil prices remains volatile, but still supportive of strong activity levels as higher spending is required to re-order the global energy map and likely offsets demand destruction in most recessionary scenarios.”

“Baker Hughes is preparing for all of these scenarios and will continue to execute on our long-term strategy. If commodity prices remain resilient as we expect, our portfolio is well positioned to benefit from a strong LNG cycle and a multi-year upstream spending cycle. We will also continue to invest in our energy transition and industrial initiatives, while also returning 60 to 80% of free cash flow to shareholders,” concluded Simonelli.

Quarter Highlights

Supporting our Customers

The OFS segment saw continued customer interest in its electrical submersible pumps (ESPs) and artificial lift solutions. OFS secured an exclusive three year contract to provide ESPs for an operator in the Permian Delaware Basin for existing wells as well as ESPs for approximately 250 new wells through 2025. The contract enables the customer to advance development of its Permian assets while reducing overall operating costs through improved ESP performance, field service and equipment delivery.

OFS also secured a four-year contract to provide artificial lift solutions for the Missan Field in Iraq. The contract includes the supply of electrical submersible pumps (ESP), surface equipment and dedicated field services. The ESPs will be utilized to maximize oil recovery and extend system run-life in harsh environments.

The TPS segment continued to have another strong quarter of LNG leadership. TPS secured a major contract from Bechtel to provide seven mid-scale LNG trains to support the Stage 3 expansion project of Cheniere’s Corpus Christi Liquefaction facility (CCL). Each train is comprised of two electric motor-driven compressors producing approximately 1.5 MTPA of LNG, totaling approximately 10.5 MTPA of production capacity. This award builds on the strong relationship between Baker Hughes and Cheniere since 2012, as we currently provide all liquefaction equipment for Cheniere’s Corpus Christi and Sabine Pass projects.

Also in LNG, TPS continued to support New Fortress Energy’s (NFE) “Fast LNG” facilities project with a contract for two main refrigerant turbocompressor strings in offshore. Each turbocompressor will feature one LM6000PF+ gas turbine. NFE will deploy Baker Hughes’ technology in various offshore projects across the globe, helping to secure overall LNG supply for NFE’s customer base.

TPS was awarded a contract from Samsung Engineering (SECL) to supply 14 electric motor driven compressors (EMCC) to support gas processing for Saudi Aramco’s Jafurah unconventional gas field project, the largest non-associated gas field in the Kingdom of Saudi Arabia. For this project, Baker Hughes will leverage its local compressor packaging facility in Modon, supporting the Kingdom’s in-country total value add program.

TPS was awarded a contract by a subsidiary of Tellurian Inc., to provide electric-powered Integrated Compressor Line (ICL) technology and turbomachinery equipment for a natural gas transmission project in southwest Louisiana. The Driftwood pipeline project will be the first North American application of Baker Hughes’ ICL technology - the project is expected to supply upwards of 5.5 billion cubic feet of natural gas daily, with virtually no emissions. The project will initially include four ICL compressors and other turbomachinery equipment for the compressor trains, as well as a LM6000PF+ gas turbine for backup power for the initial phase of the pipeline project.

The OFE segment continued to gain momentum internationally with its offshore flexible pipe technology, securing several large contracts with multiple customers across the Americas and the Middle East. OFE will provide flexible pipe systems and services, including risers, flowlines and jumpers, to improve oil recovery and help to extend field life and profitability. In addition, OFE continued to find new sustainable applications for its onshore flexible pipe technology, deploying it for the first time as part of a CO2 district heating and cooling system.

The DS segment continued to gain traction in the aerospace sector for industrial asset inspection solutions. Waygate Technologies secured several multi-year contracts with aircraft manufacturers in North America and China for its industrial inspection services as well as ultrasonic inspection equipment. Waygate’s solutions will be used to inspect additive-printed parts and components to ensure structural integrity and material durability, which is also critical for the growing electric mobility segment.

Executing on Priorities and Leading with Innovation

OFS continued to maintain its strategic market leadership in Saudi Arabia, securing its third contract with Aramco in the past two quarters for Integrated Well Services & Solutions (IWS&S). IWS&S’s integrated model helps optimize project performance and value by combining project management expertise, a comprehensive technology portfolio, and service delivery for the customer.

Baker Hughes continued to support its customers as they work towards their net-zero ambitions. TPS secured an important upgrade contract with Société pour la Construction du Gazoduc Transtunisien (SCOGAT), part of the Trans Tunisian Pipeline Company (TTPC), for two compression stations in Tunisia. The project will replace three gas turbines from Single Annular Combustor (SAC) to Dry Low Emission (DLE) turbines, contributing to a significant reduction of NOx in ISO conditions compared to the previous solutions installed and supporting the customer in meeting its emission reduction targets.

TPS continued to support the growth of the hydrogen economy. TPS secured a contract with Air Products to supply advanced compression technology for production of green ammonia for the NEOM Green Hydrogen Company in the Kingdom of Saudi Arabia. When completed, NEOM will be the world’s largest single-line ammonia and the first full scale green ammonia plant. The order is part of the companies’ previously announced hydrogen collaboration agreement in 2021 and leverages Baker Hughes’ broad experience and references in supplying syngas and ammonia compressors.

DS gained traction with its emissions management portfolio of technologies. Following a memorandum of understanding signed in February with the Egyptian General Petroleum Corporation (EGPC), DS secured a contract with Petrosafe, an EGPC subsidiary, for the first deployment of flare.IQ technology to reduce emissions in refining operations in the country. The deployment will be implemented at the APC Refinery in Alexandria, supporting Egypt’s low-carbon strategy and tackling emissions in the sector as the country prepares to host COP27 in November.

DS saw continued interest for its condition monitoring systems and services in the industrial sector. Bently Nevada secured a contract to upgrade the machinery protection systems for critical machines at a steel plant in the Middle East. The contract includes Bently Nevada’s latest Orbit 60 system which will provide the customer with reliable protection and enable advanced condition monitoring of critical assets.

Consolidated Results by Reporting Segment

Consolidated Orders by Reporting Segment

Orders for the quarter were $5,860 million, down 14% sequentially and up 15% year-over-year. The sequential decrease was a result of lower order intake in Turbomachinery & Process Solutions and Oilfield Equipment, partially offset by an increase in Oilfield Services and Digital Solutions. Sequentially, equipment orders were down 37% and service orders were up 14%.

Year-over-year, the increase in orders was a result of higher order intake in all segments. Year-over-year equipment orders were up 17% and service orders were up 14%.

The Company's total book-to-bill ratio in the quarter was 1.2; the equipment book-to-bill ratio in the quarter was 1.2.

Remaining Performance Obligations (RPO) in the second quarter ended at $24.3 billion, a decrease of $1.5 billion from the first quarter of 2022. Equipment RPO was $8.8 billion, down 11%. Services RPO was $15.5 billion, down 3% sequentially.

Consolidated Revenue by Reporting Segment

Revenue for the quarter was $5,047 million, an increase of 4%, sequentially. The increase in revenue was driven by higher volume in Digital Solutions, Oilfield Services, and Oilfield Equipment, partially offset by lower volume in Turbomachinery & Process Solutions.

Compared to the same quarter last year, revenue was down 2%, driven by lower volume in Turbomachinery & Process Solutions and Oilfield Equipment, partially offset by higher volume in Oilfield Services and Digital Solutions.

Consolidated Operating Income by Reporting Segment

*Non-GAAP measure.

"F" is used in most instances when variance is above 100%. Additionally, "U" is used in most instances when variance is below (100)%.

On a GAAP basis, operating loss for the second quarter of 2022 was $25 million. Operating income decreased $304 million sequentially and decreased $219 million year-over-year. Total segment operating income was $485 million for the second quarter of 2022, up 7% sequentially and up 9% year-over-year. Adjusted operating income (a non-GAAP measure) for the second quarter of 2022 was $376 million, which excludes adjustments totaling $402 million before tax. Included in these adjustments was a $365 million charge related to the suspension of substantially all of Baker Hughes' operations in Russia, which are either prohibited under applicable sanctions or unsustainable in the current environment. A complete list of the adjusting items and associated reconciliation from GAAP has been provided in Table 1a in the section entitled “Reconciliation of GAAP to non-GAAP Financial Measures.” Adjusted operating income for the second quarter of 2022 was up 8% sequentially, primarily driven by higher volume in Oilfield Services and Digital Solutions. Adjusted operating income was up 13% year-over-year driven by volume and margin expansion in Oilfield Services, partially offset by lower volume in Turbomachinery & Process Solutions and Oilfield Equipment, and margin contraction in Digital Solutions.

Depreciation and amortization for the second quarter of 2022 was $275 million.

Adjusted EBITDA (a non-GAAP measure) for the second quarter of 2022 was $651 million, which excludes adjustments totaling $402 million before tax. See Table 1b in the section entitled “Reconciliation of GAAP to non-GAAP Financial Measures.” Adjusted EBITDA for the second quarter was up 4% sequentially and up 6% year-over-year.

Corporate costs were $108 million in the second quarter of 2022, up 3% sequentially and down 2% year-over-year.

Other Financial Items

Income tax expense in the second quarter of 2022 was $182 million.

Other non-operating loss in the second quarter of 2022 was $570 million. Included in other non-operating loss are $426 million of losses related to the Oilfield Services business in Russia which was classified as held for sale at the end of the second quarter, an $85 million loss from the net change in fair value of our investment in ADNOC Drilling, and a $38 million loss from the net change in fair value of our investment in C3 AI.

GAAP diluted earnings per share was $(0.84). Adjusted diluted earnings per share was $0.11. Excluded from adjusted diluted earnings per share were all items listed in Table 1a as well as the "other adjustments (non-operating)" found in Table 1c in the section entitled "Reconciliation of GAAP to non-GAAP Financial Measures."

Cash flow from operating activities was $321 million for the second quarter of 2022. Free cash flow (a non-GAAP measure) for the quarter was $147 million. A reconciliation from GAAP has been provided in Table 1d in the section entitled "Reconciliation of GAAP to non-GAAP Financial Measures."

Capital expenditures, net of proceeds from disposal of assets, were $174 million for the second quarter of 2022.

Results by Reporting Segment

The following segment discussions and variance explanations are intended to reflect management's view of the relevant comparisons of financial results on a sequential or year-over-year basis, depending on the business dynamics of the reporting segments.

Oilfield Services

Oilfield Services (OFS) revenue of $2,689 million for the second quarter increased by $200 million, or 8%, sequentially.

North America revenue was $857 million, up 9% sequentially. International revenue was $1,832 million, an increase of 8% sequentially, driven by higher revenues in Sub Saharan Africa, Latin America, Europe, and the Middle East, partially offset by lower revenues in Russia Caspian.

Segment operating income before tax for the quarter was $261 million. Operating income for the second quarter was up $40 million, or 18% sequentially, primarily driven by higher volume and price, partially offset by cost inflation.

Oilfield Equipment

Oilfield Equipment (OFE) orders of $723 million were up $43 million, or 6% year-over-year, driven by higher order intake in Flexibles, Services, and Surface Pressure Control, partially offset by lower orders in Subsea Production Systems and the removal of Subsea Drilling Services from consolidated OFE operations. Equipment orders were up $16 million, or 3%, and services orders were up $26 million, or 13% year-over-year.

*Non-GAAP measure.

OFE revenue of $541 million for the quarter decreased $95 million, or 15%, year-over-year. The decrease was driven by lower volume in Subsea Production Systems and Surface Pressure Control Projects, and from the removal of Subsea Drilling Services from consolidated OFE operations. These decreases were partially offset by higher volume in Services and Flexibles.

Segment operating loss before tax for the quarter was $12 million, a decline of $40 million year-over-year, driven by lower volume and lower cost productivity.

Turbomachinery & Process Solutions

Turbomachinery & Process Solutions (TPS) orders of $1,858 million were up $346 million, or 23% year-over-year. Equipment orders were up $215 million, or 38% and service orders were up $131 million, or 14%.

TPS revenue of $1,293 million for the quarter decreased $335 million, or 21%, year-over-year. The decrease was primarily driven by lower equipment and projects volume. Equipment revenue in the quarter represented 42% of TPS revenue, and service revenue represented 58% of TPS revenue.

Segment operating income before tax for the quarter was $218 million, down $2 million, or 1%, year-over-year. The decrease was driven by volume, partially offset by higher services mix.

*Non-GAAP measure.

Digital Solutions

Digital Solutions (DS) orders of $609 million were up $69 million, or 13%, year-over-year, driven by higher order intake in the Process and Pipeline Services, Bently Nevada, Precision Sensors and Instrumentation, and Waygate Technologies businesses, partially offset by lower order intake in the Nexus Controls businesses.

DS revenue of $524 million for the quarter increased $4 million, or 1%, year-over-year, primarily driven by higher volume in the Process and Pipeline Services and Waygate Technologies businesses, partially offset by lower volume in the Bently Nevada and Nexus Controls businesses.

Segment operating income before tax for the quarter was $18 million, down $7 million, or 28%, year-over-year. The decrease year-over-year was primarily driven by lower cost productivity and cost inflation.

*Non-GAAP measure.

Reconciliation of GAAP to non-GAAP Financial Measures

Management provides non-GAAP financial measures because it believes such measures are widely accepted financial indicators used by investors and analysts to analyze and compare companies on the basis of operating performance and liquidity, and that these measures may be used by investors to make informed investment decisions.

Table 1a. Reconciliation of GAAP and Adjusted Operating Income/(Loss)

Table 1a reconciles operating income (loss), which is the directly comparable financial result determined in accordance with Generally Accepted Accounting Principles (GAAP), to adjusted operating income (a non-GAAP financial measure).

Investor Relations

Jud Bailey
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HOUSTON--(BUSINESS WIRE)--Forum Energy Technologies, Inc. (NYSE: FET) announced today that it will host its second quarter 2022 earnings conference call at 10:00 AM CDT on Friday, August 5, 2022. Forum will issue a press release regarding its second quarter 2022 earnings prior to the conference call.

The call will be webcast through the Investor Relations link on Forum’s website at ir.f-e-t.com. Please note that the process for dialing in for the call has changed. Participants who want to join the call and ask a question should register on the Company’s Investor Relations website page or click here to receive the dial-in numbers and a unique PIN for the call. A listen-only webcast link will also be available on the Company’s Investor Relations website page. Participants are encouraged to log in to the webcast or dial in to the conference call approximately ten minutes prior to the start time. A replay of the call will be available on the Investor Relations website beginning on August 5, 2022, at approximately 11:00 AM CDT.

FET (Forum Energy Technologies) is a global company, serving the oil, natural gas, industrial and renewable energy industries. FET provides value added solutions that increase the safety and efficiency of energy exploration and production. We are an environmentally and socially responsible company headquartered in Houston, TX with manufacturing, distribution and service facilities strategically located throughout the world. For more information, please visit www.f-e-t.com.

Lyle Williams
Executive Vice President and Chief Financial Officer
713.351.7920
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• Companies sign Memorandum of Understanding to combine cloud technologies with high fidelity digital data and analytics and operational and financial data sources to drive standardized reporting across aircraft operations
• Goal = reduce carbon emissions in the Aviation industry

FARNBOROUGH, England--(BUSINESS WIRE)--GE Digital today announced at the Farnborough Air Show that it had signed a Memorandum of Understanding (MOU) with Microsoft and Teradata to develop a solution designed to reduce carbon emissions. The three companies expect to begin to work together to develop an offering designed to help empower aircraft operators with the tools they need to record, report, and reduce emissions – today.

The collaboration brings the software solutions of three leading companies together to target the challenge of reducing aviation emissions. GE Digital provides high fidelity flight data and fuel efficiency analytics to identify specific opportunities to reduce fuel and emissions. Microsoft Cloud for Sustainability enables reporting across aircraft operation stakeholders through its common data model and streamlined data capture via Microsoft Sustainability Manager and a broad array of calculation services. The Teradata Vantage multi-cloud data and analytics platform via Flight Data Link™, a solution developed with GE Digital, allows for the integration of additional operational and financial data sources via the airline industry’s data model, as well as powerful analytics to understand root cause of non-adherence to fuel saving opportunities. Bringing these capabilities together can help close the feedback loop with front-line personas outside the direct sphere of influence of the fuel team.

“Sustainability is core to the future of the aviation industry; our ambition is net zero by 2050,” said Andrew Coleman, General Manager of GE Digital Aviation Software. “While new technologies are key to achieving that in the long term, we need to make progress now. We have the data and solutions that can help the industry make strides by leveraging data airlines already have.”

The goal of the future solution will be to support recording, reporting, and reducing emissions by breaking down silos with an integrated data model using actual data, not estimates. The new solution is intended to allow users to access a sustainability dashboard for accurate measurement of emissions and savings for Scope 1, 2, and 3 reporting. In addition, the companies intend to deliver self-service analytics to help users leverage predictive, prescriptive, and actionable recommendations to make changes within the operation that reduce emissions and influence across the value chain.

“Working with GE Digital will help us lead the pathway to enable sustainability solutions on Microsoft Cloud for Sustainability,” said Elisabeth Brinton, CVP of Sustainability for Microsoft. “Combining GE’s deep aviation expertise with the security, scale and resilience of the Microsoft Cloud will yield powerful insights for airlines to report, record and reduce emissions.”

The three companies are prioritizing the following features and functionalities in the new solution:

• Record & Report: Develop auditable carbon accounting and reporting capabilities geared towards airlines who need to view emissions data, trends, and opportunities to prioritize efforts, set targets for reduction, and meet compliance expectations with flight data.
• Reduce: Develop an integrated platform using GE Digital’s Fuel Insight™ software for actionable analysis of fuel optimization opportunities within an airline to reduce carbon emissions. In addition, the aim is to enable airlines to ingest data to provide weight reduction monitoring and optimization as well as potable water consumption.
• Standardize: Develop a standard data model specific to airlines so sustainability initiatives can scale in a cost effective manner and extend mechanisms of flight data for Scope 3 reporting (i.e. companies beyond airlines who must report business travel emissions).

“The aviation industry is working hard to reduce its impact on the environment and encouraging new technologies in their effort to reach net zero by 2050,” said Lisa Stewart, SVP, Worldwide Alliances and Partners at Teradata. “Data has always been a cornerstone of aviation and now airlines are looking for ways to leverage data to improve efficiencies. Teradata is proud to join GE Digital and Microsoft in building capabilities to measure the industry’s sustainability efforts and accelerate the elimination of carbon emissions.”

“Collaborations like this one with Teradata and Microsoft improve product capabilities and deepen relationships within the industry,” continued GE Digital’s Coleman. “This work accelerates the impact of sustainability allowing airlines to make strides toward peak efficiency today.”

Click on this link for more information about GE Digital’s Aviation Software portfolio.

About GE Digital

GE Digital transforms how our customers solve their toughest challenges by putting industrial data to work. Our mission is to bring simplicity, speed, and scale to digital transformation activities, with industrial software that delivers breakthrough business outcomes. GE Digital’s product portfolio – including grid optimization and analytics, asset and operations performance management, and manufacturing operations and automation – helps industrial companies in the utility, power generation, oil & gas, aviation, and manufacturing sectors change the way industry works. For more information, visit www.ge.com/digital.

© 2022 General Electric. All rights reserved. GE, the GE logo, and associated product names are either registered trademarks or trademarks of General Electric in the United States and/or other countries. All other trademarks are the property of their respective owners.

Media:
Ellie Holman
GE Digital
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President visits site of future offshore wind cable manufacturing facility made possible by AVANGRID’s Commonwealth Wind Bid

SOMERSET, Mass.--(BUSINESS WIRE)--Ignacio Galán, Chairman and CEO of Iberdrola and Chairman of AVANGRID, today joined President Joe Biden in support of his actions to advance the U.S. offshore wind industry and promote climate resilience while also creating jobs and lowering energy costs for families. The event was held at Brayton Point in Somerset –a former 1,600-Megawatt (MW) coal plant that will be transformed into a subsea cable manufacturing facility that was catalyzed by AVANGRID’s 1,232 MW Commonwealth Wind project.

Other federal officials that joined President Biden at this event included White House National Climate Advisor Gina McCarthy, Special Presidential Envoy for Climate John Kerry, Senator Edward Markey (MA), Senator Elizabeth Warren (MA), Senator Sheldon Whitehouse (RI), Representative Jake Auchincloss (MA-04), and Representative Bill Keating (MA-09).

“As a company truly committed to building a cleaner, more sustainable energy future, we support the Administration’s action to advance the U.S. offshore wind industry and build climate resilient communities, taking crucial steps to tackle the urgent crisis of climate change,” said Ignacio Galán. “The investment we are making in our three advanced offshore wind farms off the coast of Massachusetts alone will exceed $10 billion. AVANGRID and the entire Iberdrola Group stand with the United States in its effort to build a clean energy future, and strong actions like the measures announced by President Biden today are essential to advance the energy transition.”

During the event, President Biden outlined a series of actions to advance the U.S. offshore wind industry and promote climate resilience while also creating jobs and lowering energy costs for families. The President emphasized the importance of offshore wind, including AVANGRID’s joint venture Vineyard Wind 1 project, as critical to meeting the United States’ climate goals, and highlighted the role of American utility companies, like AVANGRID, in advancing the innovation and grid modernization needed to support the clean energy economy of the future.

Iberdrola and AVANGRID are well positioned to support the Administration’s efforts to take on global climate change and, true to its Environmental, Social, Governance and Financial (ESG+F) principles, is taking real steps to help the U.S. meet its clean energy goals, including the Biden Administration’s target of deploying 30 Gigawatts (GW) of offshore wind by 2030, while also stimulating economic growth through bold investments in clean energy.

AVANGRID is the third largest onshore renewable operator in the U.S. with a portfolio of 8.4 Gigawatts (GW) of wind and solar installed capacity and a 23 GW pipeline of new projects. The company also committed to being carbon neutral by 2035, being the first US utility to set a goal for neutrality.

In February 2022, AVANGRID and Prysmian Group made a historic announcement that Prysmian Group will transform the former 1,600 MW coal-fired power plant, a site with an ideal waterfront location and large acreage, into a state-of-the-art factory to build specialized transmission cables for the growing offshore wind industry in the U.S. and globally.

AVANGRID catalyzed this deal by committing to procure cables from this manufacturer for its Park City and Commonwealth Wind projects. The partnership between both companies will result in a $200 million investment and will create more than 200 good paying manufacturing jobs at Brayton Point.

Commonwealth Wind is the largest offshore wind project in New England and will create 11,000 full time equivalent jobs over the project’s lifetime while generating enough energy to power 750,000 homes annually. The project will also deliver a host of energy, environmental, and workforce benefits to Massachusetts, including a first-in-the-nation partnership to supply offshore wind power to municipal utilities, significant investments in the development of a diverse, inclusive, and equitable workforce, and an investment in New Bedford to create an offshore wind operations and maintenance control center.

In January 2022, AVANGRID announced the completion of the restructuring of its existing Vineyard Wind joint venture to become the leading offshore wind developer in New England. In total, AVANGRID has a projected offshore wind pipeline of 5 Gigawatts (GW) on the East Coast of the United States – enough to power more than two million households. In addition to its 50% stake in the first-in-the-nation Vineyard Wind 1 project (800 MW total), AVANGRID owns 100% of Commonwealth Wind (1200 MW to Massachusetts), Park City Wind (804 MW to Connecticut) and Kitty Hawk Wind (2500 MW off the coast of North Carolina).

Within Iberdrola’s global renewables pipeline, totaling 90 GW, offshore wind has become one of the group’s central growth opportunities. Over the last year, Iberdrola has invested in new growth platforms in other countries such as Poland, Sweden, Ireland, Japan, and Australia, which has increased the size of the group’s global offshore wind portfolio to 31.7 GW.

About AVANGRID: AVANGRID, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $40 billion in assets and operations in 24 U.S. states, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs more than 7,000 people and has been recognized by JUST Capital in 2021 and 2022 as one of the JUST 100 companies – a ranking of America’s best corporate citizens. In 2022, AVANGRID ranked second within the utility sector for its commitment to the environment and the communities it serves. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2022 for the fourth consecutive year by the Ethisphere Institute. For more information, visit www.avangrid.com.

About Iberdrola: Iberdrola is one of the world's biggest energy companies and a leader in renewables, spearheading the energy transition to a low carbon economy. The group supplies energy to almost 100 million people in dozens of countries. With a focus on renewable energy, smart networks and smart solutions for customers, Iberdrola’s main markets include Europe (Spain, the United Kingdom, Portugal, France, Germany, Italy and Greece), the United States, Brazil, Mexico and Australia. The company is also present in growth markets such as Japan, Taiwan, Ireland, Sweden and Poland, among others.

With a workforce of nearly 40,000 and assets in excess of €141.7 billion, across the world, Iberdrola helps to support 400,000 jobs across its supply chain, with annual procurement of €12.2 billion. A benchmark in the fight against climate change, Iberdrola has invested more than €130 billion over the past two decades to help build a sustainable energy model, based on sound environmental, social and governance (ESG) principles.

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Partnership Will Fuel Vanguard Renewables’ Organics-to-Renewable Energy Expansion Plan

BOSTON--(BUSINESS WIRE)--Vanguard Renewables, a U.S. leader in organics-to-renewable energy, today announced that a fund managed by BlackRock Real Assets has acquired the company from Vision Ridge Partners. BlackRock Real Assets will partner with Vanguard Renewables’ management team to build upon the company’s market-leading track record and drive its next phase of growth, including its plans to commission more than 100 anaerobic digesters to produce renewable natural gas across the country by 2026.

Since its founding by John Hanselman and Kevin Chase in 2014, Vanguard Renewables has been changing the perception of U.S. food waste and how that waste can be recycled into renewable energy to benefit the planet. The company mitigates greenhouse gas emissions from food waste and cow manure through two distinct business lines: Vanguard Organics and Vanguard Ag. Vanguard Organics’ Farm Powered^® anaerobic codigestion process converts inedible food and beverage waste and dairy manure into renewable natural gas and liquid low-carbon fertilizer. Vanguard Ag, developed in partnership with Dominion Energy in 2019, converts manure into renewable natural gas. This multi-year partnership is essential to Vanguard Ag’s growth and Dominion Energy’s commitment to further its ESG goals via significant investments in renewable natural gas projects.

“We are pleased to invest in Vanguard Renewables, a leading producer of renewable natural gas from agriculture and organic food waste in the U.S., supported by long-term contracts,” said Mark Florian, Head of Diversified Infrastructure, BlackRock Real Assets. “Renewable natural gas is an attractive and fast-growing market that provides decarbonization solutions for both the provider of the waste, as well as the natural gas consumer. We look forward to partnering with Vanguard Renewables’ experienced management team to support the company’s strong growth momentum.”

Neil H. Smith, Chief Executive Officer at Vanguard Renewables, added, “Today is the beginning of an exciting next chapter for Vanguard Renewables as we scale our Farm Powered^® program across the nation. We are thankful for the steadfast support of Vision Ridge over the past eight years and look forward to our new partnership with BlackRock Real Assets, one of the world's most forward-thinking and environmentally-focused investors, as we continue to develop solutions to protect our planet.”

"Since our investment in Vanguard Renewables in 2014, we have worked closely with Neil, John, Kevin, and the entire team to enable them to grow the company from its modest beginnings into the national leader in the development of organics-to-renewable energy projects,” commented George Polk, partner at Vision Ridge Partners. “We are proud to have helped build Vanguard Renewables into an unmatched RNG platform pioneering a decarbonizing pathway in the U.S. while generating strong returns for Vision Ridge investors, and are pleased to transition ownership to a likeminded investor, BlackRock Real Assets.”

John Hanselman, Founder and Chief Strategy Officer at Vanguard Renewables, concluded, “I am immensely proud to have helped build a company from the ground up into a national organic waste-to-renewable energy leader. Vanguard Renewables’ mission has always been to help America realize a future where waste is a resource for renewable energy generation and regenerative agriculture practice.”

Onpeak Capital LLC served as the exclusive financial adviser to Vanguard Renewables. Evercore served as exclusive financial adviser and Simpson Thacher, & Bartlett served as legal counsel to BlackRock Real Assets. Ropes & Gray LLP served as legal counsel to Vision Ridge Partners.

About Vanguard Renewables

Vanguard Renewables, based in Wellesley, Massachusetts, is a national leader in developing food and dairy waste-to-renewable energy projects. The Company owns and operates on-farm anaerobic digester facilities in the northeast and currently operates manure-only digesters in the south and west for Dominion Energy. Expansion plans include more than 100 anaerobic digestion facilities by 2026. Vanguard Renewables is committed to advancing decarbonization by reducing greenhouse gas emissions from farms and food waste and supporting regenerative agriculture on partner farms through anaerobic digestion. To learn more about the Company, its energy partners, and the Farm Powered Strategic Alliance, visit www.vanguardrenewables.com.

About BlackRock Real Assets

In today’s dynamic and complex global investing market, BlackRock Real Assets seeks to help clients access real assets that could help meet their investment goals by providing a distinct range of well defined, outcome orientated strategies, along the investment risk-return spectrum.

BlackRock Real Assets’ dedicated teams of industry and sector specialists deliver global reach, with deep local expertise. They have decades of relevant experience, are deeply embedded in their operating industries by sector and geography and have developed strong partnership networks over time. BlackRock’s culture of risk management, knowledge sharing and investment discipline sets BlackRock Real Assets apart and underpins all that they do. With over 400 professionals in 30 offices managing over $70 billion in client commitments as of June 30, 2022, BlackRock Real Assets partners with clients to provide solutions tailored to individual portfolio needs such as income, growth, liquid or balanced real assets outcomes.

About Vision Ridge Partners

Vision Ridge Partners is a preeminent investor in sustainable real assets that seeks to deliver superior financial returns while driving positive environmental impact. Founded by Reuben Munger and joined by partners Justin Goerke and George Polk, Vision Ridge manages approximately $2.5 billion, as of December 31, 2021, across its three funds and associated co-investments. Vision Ridge has offices in Colorado and New York. For more information visit https://vision-ridge.com.

Visual assets to accompany the story can be found in the Vanguard Renewables Media Room.

Media Contacts:
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Vision Ridge Partners
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HOUSTON--(BUSINESS WIRE)--NRG Energy, Inc. (NYSE:NRG) today announced that its Board of Directors declared a quarterly dividend on the Company’s common stock of $0.35 per share, or $1.40 per share on an annualized basis. The dividend is payable on August 15, 2022, to stockholders of record as of August 1, 2022.

About NRG

At NRG, we’re bringing the power of energy to people and organizations by putting customers at the center of everything we do. We generate electricity and provide energy solutions and natural gas to millions of customers through our diverse portfolio of retail brands. A Fortune 500 company, operating in the United States and Canada, NRG delivers innovative solutions while advocating for competitive energy markets and customer choice, working towards a sustainable energy future. More information is available at www.nrg.com. Connect with NRG on Facebook, LinkedIn and follow us on Twitter @nrgenergy.

Safe Harbor

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Investors:
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Reliability and Clean Technology Were Key Factors in Microturbine Selection

VAN NUYS, Calif.--(BUSINESS WIRE)--$CGRN #Biogas--Capstone Green Energy Corporation's (NASDAQ: CGRN) exclusive distributor in Texas, Arizona, and the Gulf States, Lone Star Power Solutions, has secured an order for a 600 kW microturbine system to be installed at a renewable natural gas station in Kansas.

With an anticipated commission date of August 2022, the new system will provide reliable power for gas compression operations at a remote site where no utility electricity is available. At the heart of the system is a natural gas-fueled Capstone C600S configured for dual mode (both grid-connected and stand-alone) operation, which will use the high-pressure natural gas (HPNG) available on-site.

The Capstone microturbine was an ideal energy solution for this project because it can deliver on the customer's priorities, the first of which was reliability. Due to the installation being remote and unstaffed, operational reliability and low maintenance were key factors in the decision to go with Capstone. Further, leveraging clean energy technology – the microturbine’s ability to run on biogas or renewable natural gas - was an important consideration for the customer.

"Capstone was a natural fit for this unstaffed site both because the turbines are extremely reliable and they require very little maintenance," said Doug Demaret, President of Lone Star Power Solutions. "The Capstone products are the cleanest power generation combustion technology available today, which our customers value," added Demaret.

Turnaround time was also a critical factor. In a time when equipment shortages and shipping delays plague companies, Capstone’s ability to deliver and install the new system in weeks rather than months was also a significant benefit to the customer.

"Providing reliable power at remote sites is a hallmark of Capstone microturbine-based systems," said Darren Jamison, President and Chief Executive Officer of Capstone Green Energy. "Our microturbines deliver a range of benefits that other power generation systems simply can't—from ultra-low emissions without aftertreatment and minimal maintenance to speed-to-implement and system scalability. We firmly believe that our microturbines are a practical and often cost-effective path to the clean energy future," said Mr. Jamison.

About Lone Star Power Solutions

Lone Star Power Solutions is the exclusive distributor for Capstone Green Energy products and services in Texas, Arizona and the Gulf States. Lone Star Power in partnership with Capstone Green Energy, are technology leaders and innovators in on-site power and distributed energy. Our team has decades of experience in Distributed Generation, on-site power, combined heat and power (CHP, CCHP) and renewable energy, focusing on energy and power solutions where they're needed, at the point of consumption.

About Capstone Green Energy

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

For customers with limited capital or short-term needs, Capstone offers rental systems; for more information, contact: This email address is being protected from spambots. You need JavaScript enabled to view it.. To date, Capstone has shipped over 10,000 units to 83 countries and estimates that, in FY21, it saved customers over $217 million in annual energy costs and approximately 397,000 tons of carbon. Total savings over the last three years are estimated at 1,115,100 tons of carbon and $698 million in annual energy savings.

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

Cautionary Note Regarding Forward-Looking Statements

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

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

• New manufacturing plant to produce gigawatts of clean power and green hydrogen, bringing hundreds of new full-time careers to Bay Area
• In addition, Bloom recently showcased a new R&D facility and is adding a dedicated hydrogen facility to support the energy transition and emerging hydrogen economy

SAN JOSE, Calif.--(BUSINESS WIRE)--$BE #cleanenergy--Bloom Energy (NYSE:BE) today announced the grand opening of its multi-gigawatt Fremont, California manufacturing plant. The newly operational, state-of-the-art 164,000 square foot facility, representing a $200 million investment, follows recent expansion of the company’s global headquarters in San Jose as well as the opening of a new research and technical center and a global hydrogen development facility in Fremont. Bloom’s expanded footprint, now more than 524,000 square feet, is expected to create more than 400 clean energy jobs by year-end, bringing Bloom’s California headcount to nearly 2,000.

California Governor Gavin Newsom, State Senator Nancy Skinner, State Senator Bob Wieckowski, Fremont Mayor Lily Mei, and Alameda County Supervisor David Haubert were on hand Wednesday to tour the new Bloom Energy Fremont Manufacturing Plant and see the production of solid oxide fuel cells first-hand.

“Powering our homes and our communities has never been more important – especially as the Golden State weathers some of the most dire impacts of climate change like extreme heat and wildfire,” said Governor Newsom. “Together with partners like Bloom Energy, California is powering the future while creating thousands of new jobs in manufacturing and clean energy. Our state’s reliable energy future depends on the hard work and innovation of California-bred companies.”

As the energy industry decarbonizes, Bloom is well-positioned to meet the moment with an unmatched ability to directly convert a variety of fuels to clean, resilient electricity and electricity into storable, clean hydrogen with unmatched efficiencies.

Extreme drought, heatwaves, and wildfires have challenged California’s ability to provide resilient energy, notably in the evening hours during the summer. Under extreme conditions, California officials are planning for potential energy shortfalls that could add up to many gigawatts. Bloom’s microgrids can provide space-efficient energy capacity on a 24/7 basis, creating islands of energy resiliency, adding capacity and resiliency to the grid, producing virtually no harmful air pollutants for residents, and protecting against extended grid outages caused by extreme weather, earthquakes, and potential cyberattacks. When time is of the essence to ensure continuous power is up and running, the Bloom microgrid solution was designed with quick “time to power” as an important value proposition – from installation to providing always-on power within a matter of weeks.

“Founded over twenty years ago, we are a global pioneer in clean energy technology,” said KR Sridhar, founder, chairman, and CEO, Bloom Energy. “Our roots are here, and our home is here. We are proud to continue innovating in Silicon Valley, fully supporting California as a beacon for the rest of the world in its energy transition. It is important to ensure both energy resiliency and reliability today are accessible while charting a sustainable path to decarbonization. We need to make the right decisions now that support the lifeblood of our digital economy.”

A typical nuclear reactor produces one gigawatt of electrical power and takes, on average, eight to 10 years to build. Bloom’s new Fremont plant will have an annual output of more than one gigawatt, the equivalent capacity of adding a nuclear power plant every year.

“As Bloom’s power is generated on-site where power is consumed, we do not face the same challenges as traditional power plants, such as the maintenance of power lines,” added Sridhar. “And, unlike most nuclear power plants that consume billions of gallons of water each year, we use little to no water. It’s an incredibly precious resource that needs to be conserved, especially now.”

Bloom’s technology can play an important role for customers in California, generating clean, reliable, distributed power. In fact, in 2020, when California’s utilities were forced to cut power to as many as two million residents to protect the grid’s stability, Bloom customers graciously stepped up. With the support of Bloom customers, we were able to take megawatts of excess power generation and return it to the grid, keeping the lights on for vulnerable populations across California, resulting in enough energy to power 15,000 homes.

“The great people at Bloom Energy are showing us yet again that the green economy is an economy for all – creating desirable full–time jobs for Californians of all stripes while leading us toward a more climate-resilient future,” said State Senator Bob Wieckowski.

“Thank you to Bloom Energy for building its advanced manufacturing facility right here in Fremont, creating hundreds of new jobs and career opportunities that can help support families in our high-cost region. Creating smart high-paying jobs is exactly what our state needs right now,” said Fremont Mayor Lily Mei.

“I’m excited that as our economy evolves Alameda County is home to new green and highly paid manufacturing jobs,” said Alameda County Supervisor David Haubert.

Job seekers interested in a manufacturing career at Bloom Energy can apply online here or come to one of the company’s upcoming job fairs in Fremont July 29-30 or August 12-13 at:

Bloom Energy Fremont Manufacturing Plant
44408 Pacific Commons Boulevard
Fremont, California

Forward-Looking Statements

This press release contains certain forward-looking statements that are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “will” and “would” or the negative of these words or similar terms or expressions that concern Bloom’s expectations, strategy, priorities, plans or intentions. These forward-looking statements include, but are not limited to, Bloom’s expectations regarding its new manufacturing center, growth in California and role in its energy market, including plans to create jobs and attract sufficient labor, its production capabilities, its ability to sell and install microgrids in California, the capabilities of those microgrids, the amount of electricity generated and progress towards any net-zero emissions or decarbonization goals. More information on potential risks and uncertainties that may impact Bloom’s business are set forth in Bloom’s periodic reports filed with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on February 25, 2022, and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, filed with the SEC on May 6, 2022, as well as subsequent reports filed with or furnished to the SEC from time to time. Bloom assumes no obligation to, and does not currently intend to, update any such forward-looking statements.

About Bloom Energy

Bloom Energy empowers businesses and communities to responsibly take charge of their energy. The company’s leading solid oxide platform for distributed generation of electricity and hydrogen is changing the future of energy. Fortune 100 companies around the world turn to Bloom Energy as a trusted partner to deliver lower carbon energy today and a net-zero future. For more information, visit www.bloomenergy.com.

Bloom Energy Contacts:
Media
Jennifer Duffourg
480.341.5464
This email address is being protected from spambots. You need JavaScript enabled to view it.

Investor Relations
Ed Vallejo
267.370.9717
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HOUSTON--(BUSINESS WIRE)--Westlake Chemical Partners (NYSE: WLKP) will release its second quarter 2022 earnings prior to the market opening on Tuesday, August 2, 2022. The company will host a conference call at 1:00 p.m. Eastern Time (12:00 p.m. Central Time) on the same day to discuss the earnings release.

To access the conference by phone, it is necessary to pre-register at https://register.vevent.com/register/BI770b013956e543e090a2a540520a4a97. The phone number and unique PIN will be provided after registration.

The conference call will also be available via webcast at https://edge.media-server.com/mmc/p/nam5wr7h and the earnings release can be obtained via the company's Web page at, https://investors.wlkpartners.com/corporate-profile/default.aspx.

A replay of the conference call will be available beginning two hours after the earnings call concludes at https://edge.media-server.com/mmc/p/nam5wr7h.

About Westlake Chemical Partners:

Westlake Chemical Partners is a limited partnership formed by Westlake Corporation to operate, acquire and develop ethylene production facilities and other qualified assets. Headquartered in Houston, the Partnership owns an 22.8% interest in Westlake Chemical OpCo LP. Westlake Chemical OpCo LP's assets consist of three ethylene production facilities in Calvert City, Kentucky, and Lake Charles, Louisiana and an ethylene pipeline. For more information about Westlake Chemical Partners LP, please visit http://www.wlkpartners.com.

Media Relations – L. Ben Ederington – 713.585.2900

Investor Relations – Steve Bender – 713.585.2900