MUMBAI, India--(BUSINESS WIRE)--Black & Veatch, a leading global provider of critical human infrastructure solutions, has named Ruturaj Govilkar as Country Manager and Managing Director, India, to steer the company’s growth. He will oversee all aspects of Black & Veatch’s business in the country.

The news follows India’s recent 100 trillion rupees (approximately US$1.35 trillion) commitment to infrastructure development over the next 25 years to further boost economic growth, create jobs and become energy self-reliant by 2047. With more than 800 in-country professionals based in Mumbai and Pune, the team will draw on the company’s full portfolio of global engineering and construction experience delivering localised and integrated solutions for Indian clients.

“From deploying new energy solutions to designing and building data centres and other industrial and processing facilities, there is a new generation of Indian developers and businesses seeking greater reliability, quality and sustainable benefits from their investments in infrastructure,” said Govilkar. “Tapping into Black & Veatch’s advanced global standards and technologies, clients have an opportunity to lower operational costs, improve reliability and resilience and meet new expectations for better environmental outcomes.”

Black & Veatch’s India operations provides a full range of infrastructure solutions for clients in India as well as proficient and high-quality engineering resources for Black & Veatch projects delivered throughout the world.

“Ruturaj brings a wealth of experience from international projects in Europe, Africa, Middle East and Asia and from across multiple industries such as oil, gas, water and power,” said Hoe Wai Cheong, President, Asia-Pacific and India, Black & Veatch. “He is ideally positioned to guide our Indian clients who are navigating opportunities resulting from global megatrends such as electrification, clean fuels, decarbonisation, digitisation and resilience.”

Govilkar has served multiple functional roles at Black & Veatch since joining in 2010. He has more than 30 years of experience in the global engineering and construction industry and graduated in Chemical Engineering from Nagpur University.

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Editor’s Notes:

• Black & Veatch has been supporting communities in India since 1969 and has a heritage through previously acquired entities that dates back even further. More than 800 professionals across two locations in India work on engineering and construction projects throughout the world and within India; recent projects include the first regasification terminal on India's East Coast, India's first floating storage and regasification terminal in Gujarat, and optimising Adani Power’s assets by reducing operational costs and emissions.

About Black & Veatch

Black & Veatch is a 100-percent employee-owned global engineering, procurement, consulting and construction company with a more than 100-year track record of innovation in sustainable infrastructure. Since 1915, we have helped our clients improve the lives of people around the world by addressing the resilience and reliability of our most important infrastructure assets. Our revenues in 2021 exceeded US$3.3 billion. Follow us on www.bv.com and on social media.

EMILY CHIA | +65 6335 6623 P | +65 9875 8907 M | This email address is being protected from spambots. You need JavaScript enabled to view it.

ELKHART, Ind.--(BUSINESS WIRE)--LCI Industries (NYSE: LCII), which, through its wholly-owned subsidiary, Lippert Components, Inc. ("Lippert"), supplies a broad array of highly engineered components for the leading original equipment manufacturers ("OEMs") in the recreation and transportation product markets, and the related aftermarkets of those industries, today announced that Brian Hall, LCI Industries’ Executive Vice President and Chief Financial Officer, has notified the Company of his intention to resign from the Company to pursue philanthropic ventures and opportunities as well as to spend more time with his family. Mr. Hall will remain in his current position until June 2023 or until his successor is appointed, if earlier.

“The Board and I thank Brian for his dedication and many contributions to LCI during his tenure,” said Jason Lippert, LCI Industries' President and Chief Executive Officer. “As a key member of our executive management team, he has played an integral part of shaping and executing the Company’s diversification strategy. Through Brian's leadership, he has built a strong team of financial professionals poised to support LCI into the future. The Board has initiated a search to identify Brian’s successor, and we sincerely appreciate his full support to ensure a smooth transition. On behalf of the Board and the entire LCI team, we wish him all the best in this next chapter.”

“It has been a privilege to be part of the LCI Industries team,” said Mr. Hall. “I am thankful to have had the opportunity to work with so many talented individuals over the years. While this was a difficult decision, I made it in the best interests of my family and know that the Company is well-positioned for the future. I am committed to helping with a successful transition of our finance leadership.”

About LCI Industries

LCI Industries, through its wholly-owned subsidiary, Lippert, supplies, domestically and internationally, a broad array of highly engineered components for the leading OEMs in the recreation and transportation product markets, consisting primarily of recreational vehicles and adjacent industries, including buses; trailers used to haul boats, livestock, equipment, and other cargo; trucks; boats; trains; manufactured homes; and modular housing. The Company also supplies engineered components to the related aftermarkets of these industries, primarily by selling to retail dealers, wholesale distributors, and service centers, as well as direct to retail customers via the Internet. Lippert's products include steel chassis and related components; axles and suspension solutions; slide-out mechanisms and solutions; thermoformed bath, kitchen, and other products; vinyl, aluminum, and frameless windows; manual, electric, and hydraulic stabilizer and leveling systems; entry, luggage, patio, and ramp doors; furniture and mattresses; electric and manual entry steps; awnings and awning accessories; towing products; truck accessories; electronic components; appliances; air conditioners; televisions and sound systems; tankless water heaters; and other accessories. Additional information about Lippert and its products can be found at www.lippert.com.

Brian M. Hall, CFO
(574) 535-1125
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New relationship between organisations seeks to accelerate bunker digitalisation and transparency and jumpstart the green transition in the marine fuel market

COPENHAGEN, Denmark--(BUSINESS WIRE)--Technology company ZeroNorth has today announced it has acquired Prosmar Bunkering AS, the online platform supporting the bunker fuel market. The acquisition will aim to accelerate digitalisation and transparency in the bunker industry and further support the decarbonisation transition within the marine value chain.

The deal sees ZeroNorth acquire Prosmar’s Bunker Dashboard solution and Bunker Pricer module, which will operate under the name Prosmar Bunkering AS. Prosmar’s two other services, Prosmar Risk and Prosmar Price Matrix, which offer freight risk management services, are not included as part of the deal with ZeroNorth.

Investment and commercial support from ZeroNorth will enable Prosmar Bunkering to accelerate its already impressive growth journey by increasing the company’s commercial presence in relevant markets, spurring continued development of its product portfolio, as well as enhancing customer experience.

Prosmar Bunkering will operate as an independent, standalone business, with the same management team currently running the company. The company will continue to offer a cross-functional dashboard to simplify and streamline the bunker process, as well as support suppliers, buyers, and brokers with their bunker fuel needs.

The move to acquire Prosmar Bunkering directly supports ZeroNorth’s ambitious growth strategy within the bunker space, allowing the company to offer more accurate bunker prices.

This is the first acquisition by ZeroNorth since its capital equity raise of $50M earlier this year. In December 2021, ZeroNorth acquired ClearLynx - now ZeroNorth Bunker - another industry leading online bunker platform.

Commenting on the announcement, Søren Meyer, CEO of ZeroNorth, said: “The bunker industry and its full value chain are integral to the process of decarbonising shipping. The ‘business as usual’ way of operating must now be fundamentally challenged if we are to propel the industry forward rapidly enough to save the planet and meet tightening regulations.

“We have a clear ambition to help the industry with its transition to clean fuels. By acquiring Prosmar Bunkering, we believe that we can further accelerate and pursue our goal to decarbonise shipping, together with the industry.”

Ali Jourabchi, CEO at Prosmar, said “Prosmar Bunkering will continue to provide its customers with practical software to simplify the bunker process. This partnership with ZeroNorth will now enable us to further develop our products, rapidly bring new solutions to market and propel change in the bunker space, while operating as an independent company. We will also place increased focus on growing Prosmar Bunkering’s presence in new markets, bringing us closer to customers and supporting their needs through this dynamic and changing landscape.”

Notes to Editors

About ZeroNorth

Recognising the challenges posed by climate change, technology company ZeroNorth was founded to accelerate the transition to greener global trade. By blending cutting-edge data-driven technology with human expertise, the ZeroNorth platform provides a range of software solutions that are helping the global shipping industry cut emissions and reduce its impact on the climate, whilst maintaining commercial performance.

ZeroNorth offers one platform with multiple services and is an industry leading software developer, which interconnects data into insights and actions, optimising global trade for cargo owners, vessel owners, commercial operators, charterers, and bunker suppliers. The company’s software offers a full range of services which support the value chain to increase earnings and reduce CO2 emissions.

For more information, please visit: https://zeronorth.com

About Prosmar AS

Prosmar AS is a specialist in providing risk software/service. Since 2013, the company has helped multiple shipping companies to effectively manage their bunker and freight risk by providing tools, systems and specialized training. 50+ major shipping companies already use Prosmar’s services ranging from effective fuel risk management to full risk reporting, analysis and hedge execution.

For more information, please visit: https://prosmar.no/

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BLUE Communications
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WHITE PLAINS, N.Y.--(BUSINESS WIRE)--$OPAL--OPAL Fuels Inc. (Nasdaq: OPAL), a leading vertically integrated producer and distributor of renewable natural gas (RNG), today announced that it will release its earnings results for the third quarter ended September 30, 2022, after market close on Monday, November 14, 2022. A conference call will take place on Tuesday, November 15, 2022, at 11:00 a.m. Eastern Time.

A listen-only connection to the investor presentation will be accessible at https://edge.media-server.com/mmc/p/5oahi7s2. Investors can also listen to a webcast of the presentation on the company’s Investor Relations website at https://investors.opalfuels.com/news-events/events-presentations.

About OPAL Fuels Inc.
OPAL Fuels Inc. (Nasdaq: OPAL) is a leading vertically integrated renewable fuels platform involved in the production and distribution of renewable natural gas (RNG) for the heavy-duty truck market. RNG is a proven low-carbon fuel that is rapidly decarbonizing the transportation industry now while also significantly reducing fuel costs for fleet owners. OPAL Fuels captures harmful methane emissions at the source and recycles the trapped energy into a commercially viable, lower-cost alternative to diesel fuel. The company also develops, constructs, and services RNG and hydrogen fueling stations. As a producer and distributor of carbon-reducing fuel for heavy-duty truck fleets for more than a decade, OPAL Fuels delivers complete renewable solutions to customers and production partners. To learn more about OPAL Fuels and how it is leading the effort to capture North America’s harmful methane emissions and decarbonize the transportation industry, please visit www.opalfuels.com and follow the company on LinkedIn and Twitter at @OPALFuels.

Forward-Looking Statements
Certain statements in this communication may be considered forward-looking statements within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts and generally relate to future events or OPAL Fuels’ (the “Company”) future financial or other performance metrics. In some cases, you can identify forward-looking statements by terminology such as “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “target,” “plan,” “expect,” or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those expressed or implied by such forward looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by the Company and its management, as the case may be, are inherently uncertain and subject to material change. Factors that may cause actual results to differ materially from current expectations include various factors beyond management’s control, including but not limited to general economic conditions and other risks, uncertainties and factors set forth in the sections entitled “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” in the proxy statement/prospectus filed on June 21, 2022, in connection with our Registration Statement on Form S-4, and other filings with the Securities and Exchange Commission. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements in this communication, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

Disclaimer
This communication is for informational purposes only and is neither an offer to purchase, nor a solicitation of an offer to sell, subscribe for or buy, any securities, nor shall there be any sale, issuance or transfer or securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Media
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BURLINGTON, Ontario--(BUSINESS WIRE)--$ANRG #ANRG--Anaergia Inc. (“Anaergia” or the “Company”) (TSX: ANRG) announced it has received the Biogas Groundbreaker Award for 2022 from the European Biogas Association. The award recognizes the Company’s growth and dedication to research activities as well as its ambition to accelerate biogas production at scale in Europe and across the world. The award was presented at a ceremony in Brussels, Belgium last week.

Anaergia has been rapidly growing its operations in Europe as part of its commitment to combatting climate change by producing renewable fuels at scale. The Company has created one of the continent’s largest organic waste-to-biomethane platforms and by 2023 will have completed the construction of six new facilities in Italy. These plants in Italy will process about 230,000 metric tons of organic waste each year and use it to produce pipeline-quality biomethane (renewable natural gas). This will translate to about 50,000 tCO2e of greenhouse gas (GHG) reductions per year.

The Company is also building the Tønder plant in Denmark. It is expected to produce 1.4 million MMBtu per year of biomethane, which would make it one of the world's largest anaerobic digestion facilities. In addition to producing biomethane, this plant will provide biogenic CO2 for the production of green ethanol as fuel for the world’s first container vessel operating on carbon-neutral fuel.

“We’re grateful that the European Biogas Association has recognized Anaergia’s passion for stopping climate change through the global-scale transformation of waste into renewable fuels,” said Andrew Benedek, Anaergia's Chairman and CEO. “Our dedication has led us to create a complete set of technologies that can convert any type of organic waste into biogas. So instead of allowing waste to cause climate change, we are using it to create a carbon-negative fuel that is helping the world reach net-zero.”

Founded in February 2009, the European Biogas Association (EBA) is committed to the deployment of sustainable biogas and biomethane production and use throughout the continent. EBA counts today on a well-established network of nearly 200 national organizations covering the whole biogas and biomethane value chain across Europe and beyond.

About Anaergia

Anaergia was created to eliminate a major source of greenhouse gases by cost effectively turning organic waste into renewable natural gas (“RNG”), fertilizer and water, using proprietary technologies. With a proven track record from delivering world-leading projects on four continents, Anaergia is uniquely positioned to provide end-to-end solutions for extracting organics from waste, implementing high efficiency anaerobic digestion, upgrading biogas, producing fertilizer and cleaning water. Our customers are in the municipal solid waste, municipal wastewater, agriculture, and food processing industries. In each of these markets Anaergia has built many successful plants including some of the largest in the world. Anaergia owns and operates some of the plants it builds, and it also operates plants that are owned by its customers.

For further information please see: www.anaergia.com

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Jensen to lead global deployments of gravity and battery energy storage solutions, bringing over three decades of power industry engineering, construction, commissioning and project management experience

LUGANO, Switzerland & WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--$NRGV--Energy Vault Holdings, Inc. (NYSE: NRGV) (“Energy Vault” or the “Company”), a leader in sustainable grid-scale energy storage solutions, announced today the appointment of E.B. Jensen as Senior Vice President of Project Execution and Delivery. The appointment is effective immediately and Jensen will report to Robert A. Piconi, Chairman and Chief Executive Officer.

In this new role, Jensen will be responsible for the project execution and delivery of gravity and battery energy storage projects. Specifically, Mr. Jensen will collaborate with Energy Vault’s Engineering, Procurement and Construction (EPC) partners while optimizing the supply chain at each customer site to ensure successful execution, commissioning and final project delivery. He will also oversee Energy Vault’s site selection and permitting processes for building the Company’s energy storage facilities on a global basis.

“I am pleased to welcome E.B. to Energy Vault as he brings deep industry expertise leading projects across a variety of power generation platforms,” said Robert Piconi, Chairman, and Chief Executive Officer, Energy Vault. “E.B. joins the team at an especially exciting time for Energy Vault, as we continue to rapidly advance a number of global deployments, including our first gravity energy storage solutions in China, the United States and Australia, as well as several large short duration battery energy storage projects announced in the last four months across the United States and Australia. The rapid market adoption of our portfolio of energy storage solutions is reflected in the growth of our backlog and commercial project awards on a multi-GWh basis, and continue at a rapid pace as we are closing our first year as a public company.”

“I am thrilled to join Energy Vault and look forward to accelerating the execution and deployment of projects, delivering on-time and on-budget results as the Company leads the industry in providing a full range of energy storage solutions to our customers and partners,” said E.B. Jensen, Senior Vice President of Project Execution and Delivery. “I look forward to building on the existing foundation and implementing a world-class execution function.”

Prior to joining Energy Vault, Jensen served as Senior Vice President at Mott MacDonald, where he led a multi-discipline national engineering design and construction group. Before Mott MacDonald, he was Vice President and General Manager of Power and New Energy at Worley, an engineering and complex process specialist, from 2015 until 2021, where he was a member of the global strategy team that was responsible for driving the business unit from $350 million of annual revenues to $3 billion. Previously, Jensen spent 12 years at Jacobs, a leading engineering and construction firm, serving in a variety of positions, most recently as Director and Operations Manager of Power and Energy.

Jensen graduated with a Bachelor’s Degree in Mechanical Engineering from California State Polytechnic University, is a registered Professional Engineer and a Certified Energy Manager.

About Energy Vault

Energy Vault develops and deploys sustainable energy storage solutions designed to transform the world's approach to utility-scale energy storage in realizing decarbonization while maintaining grid resiliency. The company's proprietary gravity-based energy storage technology, battery storage technology, and energy storage management and integration platform are intended to help utilities, independent power producers and large industrial energy users significantly reduce their levelized cost of energy while maintaining power reliability. Utilizing eco-friendly materials with the ability to integrate waste materials for beneficial re-use, Energy Vault is facilitating the shift to a circular economy while accelerating the clean energy transition for its customers.

For more information on Energy Vault, please see the Company’s website at https://www.energyvault.com/.

Forward-Looking Statements

This press release contains forward-looking statements that involve risks, uncertainties, and assumptions including statements regarding Energy Vault’s future expansion, deployments and capabilities. There are a significant number of factors that could cause actual results to differ materially from the statements made in this press release, including: risks related to the deployment of Energy Vault’s energy management software the projects announced in this press release, risks related to Energy Vault’s ability to supply equipment, engineering, procurement, construction and balance of plant services for the projects announced in this press release, the fact that the project is the first such deployment for Energy Vault and as a result, there could be unforeseen issues with the system, the ability to meet milestones in order to receive payments, unforeseen delays in the projects announced in this press release, whether these projects will be constructed on time or whether they will operate as planned, developments and changes in the general market, the continuing impact of COVID-19, political, economic, and business conditions, and the impact of competing technologies on demand for battery powered projects. Additional risks and uncertainties that could affect our financial results are included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, filed with the SEC on August 8, 2022, which is available on our website at investors.energyvault.com and on the SEC's website at www.sec.gov. Additional information will also be set forth in other filings that we make with the SEC from time to time. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by applicable law.

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HOUSTON--(BUSINESS WIRE)--Enterprise Products Partners L.P. (“Enterprise”) (NYSE: EPD) today announced its financial results for the three and nine months ended September 30, 2022.

Enterprise reported net income attributable to common unitholders of $1.4 billion, or $0.62 per unit on a fully diluted basis, for the third quarter of 2022, compared to $1.2 billion, or $0.52 per unit on a fully diluted basis, for the third quarter of 2021. Net income for the third quarters of 2022 and 2021 was reduced by non-cash, asset impairment charges of $29 million, or $0.01 per fully diluted unit.

Distributable Cash Flow (“DCF”), excluding proceeds from asset sales, increased 16 percent to $1.9 billion for the third quarter of 2022 compared to $1.6 billion for the third quarter of 2021. Distributions declared with respect to the third quarter of 2022 increased 5.6 percent to $0.475 per unit, or $1.90 per unit annualized, compared to distributions declared for the third quarter of 2021. DCF provided 1.8 times coverage of the distribution declared with respect to the third quarter of 2022. Enterprise retained $826 million of DCF for the third quarter of 2022, and $3.3 billion for the twelve months ended September 30, 2022.

Adjusted cash flow provided by operating activities (“Adjusted CFFO”) was $2.0 billion for the third quarter of 2022 compared to $1.7 billion for the third quarter of 2021. Enterprise’s payout ratio of distributions to common unitholders and partnership unit buybacks for the twelve months ended September 30, 2022, was 56 percent of Adjusted CFFO. For the twelve months ended September 30, 2022, Adjusted Free Cash Flow (“Adjusted FCF”) was $3.0 billion. Excluding $3.2 billion used for the acquisition of Navitas Midstream Partners, LLC (“Navitas Midstream”) in February 2022, the partnership’s payout ratio of Adjusted FCF for this period was 70 percent.

Third Quarter Highlights

• Gross operating margin, operating income and net income attributable to common unitholders for the third quarters of 2022 and 2021 included $48 million and $47 million, respectively, of non-cash, mark-to-market (“MTM”) net gains on financial instruments used in our hedging activities.
• Capital investments were $474 million in the third quarter of 2022, which included $397 million of organic growth capital expenditures and $77 million for sustaining capital expenditures. For the first nine months of 2022, capital investments were $4.4 billion, which included $3.2 billion for the acquisition of Navitas Midstream, $973 million of growth capital expenditures and $234 million for sustaining capital expenditures.
• During the third quarter of 2022, Enterprise repurchased approximately 3.9 million of its common units on the open market for approximately $95 million. For the nine months ended September 30, 2022, the partnership repurchased approximately 5.3 million common units for approximately $130 million. Including these purchases, the partnership has utilized 31 percent of its authorized $2.0 billion unit buyback program.

Third Quarter Volume Highlights

“Enterprise reported strong financial results for the third quarter of 2022,” said A.J. “Jim” Teague, co-chief executive officer of Enterprise’s general partner. “Our third quarter performance was very similar to our record second quarter of 2022. Enterprise reported a $232 million increase in gross operating margin for the third quarter of 2022 compared to the third quarter of last year. These results were primarily driven by contributions from the partnership’s Midland Basin natural gas gathering and processing business (acquired in February 2022) and higher gross operating margin from our natural gas processing, octane enhancement and natural gas pipeline businesses. These businesses more than offset a $149 million decrease in gross operating margin from our propylene business, primarily due to lower average propylene sales margins, and a $59 million decrease in gross operating margin from our EFS Midstream System due to the expiration of minimum volume commitments in July 2022.”

“During the third quarter, our pipelines transported a record 11.3 million barrels per day equivalent of NGLs, crude oil, natural gas, refined products and petrochemicals. Enterprise’s natural gas pipelines transported a record 17.5 trillion Btus per day for the third quarter of 2022. The partnership also set quarterly volumetric records for NGL fractionation, ethane export, butane isomerization and fee-based natural gas processing volumes,” stated Teague.

“Enterprise generated $1.9 billion of DCF for the third quarter of 2022 that provided 1.8 times coverage of the cash distribution for the quarter. We retained approximately $826 million of excess DCF to reinvest in the partnership, reduce debt and buy back common units. We have $5.5 billion of organic growth projects under construction. These major projects remain on-time and on-budget,” said Teague.

Review of Third Quarter 2022 Results

Enterprise reported an 11 percent increase in total gross operating margin to $2.3 billion for the third quarter of 2022 compared to $2.1 billion for the third quarter of 2021. Below is a detailed review of each business segment’s quarterly performance.

NGL Pipelines & Services – Gross operating margin from the NGL Pipelines & Services segment was $1.3 billion for the third quarter of 2022, a 27 percent increase from $1.0 billion reported for the third quarter of 2021.

Enterprise’s natural gas processing and related NGL marketing business reported gross operating margin of $485 million for the third quarter of 2022, an 84 percent increase over gross operating margin of $264 million for the third quarter of 2021. Gross operating margin for the third quarters of 2022 and 2021 included non-cash, MTM gains of $18 million and $38 million, respectively.

The partnership’s Midland Basin natural gas processing facilities, acquired in February 2022, contributed $128 million of gross operating margin in the third quarter of 2022 on 972 MMcf/d of fee-based natural gas processing volumes and 57 MBPD of equity NGL-equivalent production volumes.

The partnership’s Delaware Basin natural gas processing plants reported $93 million of gross operating margin this quarter compared to $57 million for the third quarter of 2021. The $36 million net increase was primarily due to higher average processing margins, including the impact of hedging activities, and higher fee-based natural gas processing volumes of 180 MMcf/d, partially offset by lower equity NGL-equivalent production volumes of 26 MBPD.

Gross operating margin from Enterprise’s South Texas natural gas processing facilities increased $12 million this quarter compared to the same quarter last year, primarily due to higher average processing margins, including the impact of hedging activities. Fee-based natural gas processing volumes at these facilities increased 64 MMcf/d for the third quarter of 2022 compared to the same quarter last year.

In general, higher NGL prices contributed to an increase in average processing margins for Enterprise’s natural gas processing business. The weighted-average indicative NGL price for the third quarter of 2022 increased 13 percent to $0.95 per gallon from $0.84 per gallon for the third quarter of 2021. Total fee-based natural gas processing volumes were a record 5.2 Bcf/d in the third quarter of 2022 compared to 4.0 Bcf/d in the third quarter of 2021. Equity NGL-equivalent production volumes were 182 MBPD for the third quarter of 2022 compared to 150 MBPD for the same quarter last year.

Gross operating margin from NGL marketing activities increased a net $46 million for the third quarter of 2022 compared to the third quarter of 2021, primarily due to higher average sales margins and sales volumes, partially offset by lower non-cash, MTM earnings.

Gross operating margin from the partnership’s NGL pipelines and storage business for the third quarter of 2022 increased to $611 million compared to $570 million for the third quarter of 2021. NGL pipeline transportation volumes increased to 3.7 million BPD in the third quarter of 2022 from 3.5 million BPD in the third quarter of 2021, and NGL marine terminal volumes increased to 747 MBPD in the third quarter of 2022 from 664 MBPD in the third quarter of 2021.

Gross operating margin from the partnership’s Eastern ethane pipelines, which include our ATEX and Aegis pipelines, increased a combined $39 million for the third quarter of this year compared to the third quarter of 2021, primarily due to higher transportation volumes of 30 MBPD on the ATEX Pipeline as well as higher deficiency fees.

A number of Enterprise’s NGL pipelines, including the Mid-America (“MAPL”) and Seminole NGL Pipeline Systems, Shin Oak NGL Pipeline and Chaparral NGL pipeline, serve the Permian Basin and Rocky Mountain regions. On a combined basis, these pipelines reported a net $25 million decrease in gross operating margin for the third quarter of 2022 compared to the third quarter of 2021, primarily due to lower deficiency fees, including the impacts of certain contracts associated with the Rocky Mountain pipeline segment of the MAPL system that terminated during the third quarter of 2021, and higher utility and other operating costs, partially offset by higher transportation volumes of 34 MBPD, net to our interest.

The Enterprise Hydrocarbons Terminal (“EHT”) had a $18 million decrease in gross operating margin for the third quarter of this year compared to the third quarter of 2021, primarily due to lower average loading fees. LPG export volumes at EHT increased 49 MBPD this quarter compared to the third quarter of last year. The partnership’s Morgan’s Point Ethane Export Terminal reported a $16 million increase in gross operating margin, primarily attributable to higher average loading fees and a 34 MBPD increase in export volumes.

Gross operating margin from the partnership’s NGL storage complex in Chambers County, Texas increased $11 million for the third quarter of 2022 compared to the third quarter of last year, primarily due to higher storage revenues.

Enterprise’s NGL fractionation business reported gross operating margin of $200 million for the third quarter of 2022 compared to $189 million for the third quarter of 2021. Total NGL fractionation volumes were a record 1.4 million BPD in the third quarter of 2022 compared to 1.3 million BPD for the third quarter of 2021.

The partnership’s gasoline hydrotreater, which commenced operations in October 2021 contributed $9 million of gross operating margin this quarter.

Enterprise’s Norco NGL fractionator in Louisiana reported an $8 million increase in gross operating margin for the third quarter of 2022 compared to the third quarter of 2021, primarily due to higher fractionation volumes of 23 MBPD. The Norco NGL fractionator was down for 29 days during the third quarter of 2021 due to damages sustained from Hurricane Ida.

Gross operating margin from Enterprise’s Chambers County NGL fractionation complex decreased a net $11 million in the third quarter of 2022 compared to the third quarter of 2021 primarily due to higher utility and other operating costs, partially offset by a 66 MBPD, net to our interest, increase in fractionation volumes and higher average fractionation fees.

Crude Oil Pipelines & Services – Gross operating margin from the Crude Oil Pipelines & Services segment was $415 million for the third quarter of 2022 compared to $423 million for the third quarter of 2021. Gross operating margin for the third quarters of 2022 and 2021 included non-cash, MTM gains related to hedging activities of $31 million and $11 million, respectively. Total crude oil pipeline transportation volumes were 2.2 million BPD for the third quarter of 2022 compared to 2.0 million BPD for the third quarter of 2021. Total crude oil marine terminal volumes increased 40 percent to 824 MBPD this quarter from 588 MBPD for the third quarter of last year.

Gross operating margin from Enterprise’s EFS Midstream System decreased $59 million this quarter compared to the third quarter of 2021, primarily due to lower deficiency fees as a result of the expiration of minimum volume commitments associated with certain long-term gathering agreements entered into at the time Enterprise acquired the system in July 2015. The EFS Midstream System will continue to transport volumes produced from dedicated acreage through the remaining term of these agreements.

Enterprise’s share of gross operating margin associated with the Seaway Pipeline decreased $19 million for the third quarter of this year compared to the same quarter in 2021, primarily due to lower average transportation fees. Transportation volumes on our Seaway Pipeline increased 96 MBPD, net to our interest.

Gross operating margin from Enterprise’s Midland-to-ECHO Pipeline System decreased a net $5 million for the third quarter of 2022 compared to the third quarter of 2021, primarily due to lower average sales margins, partially offset by higher transportation volumes of 89 MBPD, net to our interest, and higher average transportation fees.

Gross operating margin from other crude oil marketing activities increased $46 million, primarily due to higher average sales margins and higher non-cash MTM earnings.

Gross operating margin from the partnership’s West Texas Pipeline System increased $21 million, primarily due to higher ancillary service and other revenues. Transportation volumes increased 5 MBPD on this pipeline system.

Gross operating margin from Enterprise’s South Texas Crude Oil Pipeline System increased a net $12 million, primarily due to higher ancillary service and other revenues, partially offset by lower average transportation fees. Transportation volumes increased 7 MBPD on this pipeline system.

Natural Gas Pipelines & Services – Gross operating margin from the Natural Gas Pipelines & Services segment increased 25 percent to $278 million for the third quarter of 2022 from $223 million for the third quarter of 2021. Total natural gas transportation volumes increased 20 percent to a record 17.5 TBtus/d this quarter compared to 14.6 TBtus/d for the same quarter of 2021.

Gross operating margin from the partnership’s Texas Intrastate System increased $40 million this quarter compared to the third quarter of 2021, primarily due to higher average transportation fees, higher ancillary and other revenues and higher capacity reservation revenues. Transportation volumes for the Texas Intrastate System increased 421 BBtus/d to 5.6 TBtus/d this quarter.

On a combined basis, gross operating margin from the partnership’s Jonah Gathering System, Piceance Basin Gathering System, and San Juan Gathering System in the Rocky Mountains increased $17 million for the third quarter of 2022 compared to the third quarter of 2021, primarily due to higher average gathering fees. Gathering volumes on these systems decreased a combined 139 BBtus/d this quarter compared to the same quarter of 2021.

Enterprise’s Midland Basin Gathering System, acquired in February 2022, generated $15 million of gross operating margin this quarter on gathering volumes of 1.3 TBtus/d.

Gross operating margin from Enterprise’s natural gas marketing business decreased $22 million, primarily due to lower average sales margins.

Petrochemical & Refined Products Services – Gross operating margin for the Petrochemical & Refined Products Services segment was $353 million for the third quarter of 2022 compared to $411 million for the third quarter of 2021. Total segment pipeline transportation volumes were 758 MBPD for the third quarter of 2022 compared to 782 MBPD for the third quarter of 2021. Total refined products and petrochemicals marine terminal volumes were 166 MBPD this quarter compared to 264 MBPD for the same quarter of 2021.

Gross operating margin from propylene production and related activities decreased $149 million for the third quarter of 2022 compared to the third quarter of 2021. Gross operating margin from the partnership’s Chambers County propylene production facilities decreased a net $141 million for the third quarter of 2022 compared to the third quarter of 2021 primarily due to lower average propylene sales margins, lower average processing fees and higher utility and other operating costs, partially offset by higher propylene sales volumes. Total propylene and associated by-product production volumes at these facilities increased 6 MBPD this quarter compared to the same quarter of 2021.

The octane enhancement and related operations business reported a net $59 million increase in gross operating margin this quarter compared to the third quarter of 2021, primarily due to higher sales margins, partially offset by higher utility and other operating costs.

The partnership’s ethylene exports and related activities generated a $10 million increase in gross operating margin for the third quarter of 2022, primarily due to higher average loading fees, a 24 MBPD increase in transportation volumes and higher storage and other revenues.

Enterprise’s refined products pipelines and related activities reported a net $8 million increase in gross operating margin for the third quarter of 2022 compared to the third quarter of 2021, primarily due to higher average sales margins from refined products marketing, partially offset by lower transportation volumes of 69 MBPD and related fees from the refined products pipelines.

Gross operating margin for the marine transportation and other services business increased $12 million for the third quarter of 2022 compared to the same period in 2021, primarily due to higher average fees and fleet utilization rates.

Capitalization

Total debt principal outstanding at September 30, 2022 was $29.5 billion, including $2.3 billion of junior subordinated notes to which the nationally recognized debt rating agencies ascribe partial equity content. At September 30, 2022, Enterprise had consolidated liquidity of approximately $3.3 billion, comprised of available borrowing capacity under its revolving credit facilities and unrestricted cash on hand.

At September 30, 2022, approximately 93 percent of Enterprise’s debt had fixed interest rates. The debt portfolio had a weighted-average maturity of approximately 20 years with a weighted-average interest rate of 4.4 percent for debt outstanding at September 30, 2022.

Capital Investments

Total capital investments in the third quarter of 2022 were $474 million, which included $77 million of sustaining capital expenditures. For the first nine months of 2022, Enterprise’s capital investments totaled $4.4 billion, which included $3.2 billion for the acquisition of Navitas Midstream, $973 million for organic growth capital projects and $234 million of sustaining capital expenditures.

Our current expectation for growth capital investments associated with sanctioned projects for 2022 and 2023 is approximately $1.6 billion and $2.0 billion, respectively. We currently expect sustaining capital expenditures to be approximately $350 million for 2022.

Conference Call to Discuss Third Quarter 2022 Earnings

Today, Enterprise will host a conference call to discuss third quarter 2022 earnings. The call will be broadcast live over the Internet beginning at 9:00 a.m. CT and may be accessed by visiting the partnership’s website at www.enterpriseproducts.com.

Use of Non-GAAP Financial Measures

This press release and accompanying schedules include the non-GAAP financial measures of total gross operating margin, Adjusted CFFO, FCF, Adjusted FCF, DCF and Adjusted EBITDA. The accompanying schedules provide definitions of these non-GAAP financial measures and reconciliations to their most directly comparable financial measure calculated and presented in accordance with GAAP. Our non-GAAP financial measures should not be considered as alternatives to GAAP measures such as net income, operating income, net cash flow provided by operating activities or any other measure of financial performance calculated and presented in accordance with GAAP. Our non-GAAP financial measures may not be comparable to similarly titled measures of other companies because they may not calculate such measures in the same manner as we do.

Company Information and Use of Forward-Looking Statements

Enterprise Products Partners L.P. is one of the largest publicly traded partnerships and a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, refined products and petrochemicals. Services include: natural gas gathering, treating, processing, transportation and storage; NGL transportation, fractionation, storage and marine terminals; crude oil gathering, transportation, storage and marine terminals; petrochemical and refined products transportation, storage, and marine terminals and related services; and a marine transportation business that operates on key United States inland and intracoastal waterway systems. The partnership’s assets include more than 50,000 miles of pipelines; over 260 million barrels of storage capacity for NGLs, crude oil, refined products and petrochemicals; and 14 Bcf of natural gas storage capacity.

This press release includes forward-looking statements. Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve certain risks and uncertainties, such as the partnership’s expectations regarding future results, capital expenditures, project completions, liquidity and financial market conditions. These risks and uncertainties include, among other things, direct and indirect effects of the COVID-19 pandemic, insufficient cash from operations, adverse market conditions, governmental regulations and other factors discussed in Enterprise’s filings with the U.

Randy Burkhalter, Vice President, Investor Relations, (713) 381-6812

Rick Rainey, Vice President, Media Relations, (713) 381-3635

• Project will double the capacity of the Campo Viejo facility, including modifications that will enhance the capabilities of its carbon capture equipment
• The expanded facility will further increase support for the growing volumes of natural gas from operators drilling horizontal oil wells targeting the San Andres formation of Yoakum County, Texas and Lea County, New Mexico (the “Horizontal San Andres”)
• Project will provide significant environmental benefits by reducing methane flaring and increasing the amount of CO₂ that is captured and sequestered

SAN ANTONIO--(BUSINESS WIRE)--Stakeholder Midstream, LLC (“Stakeholder”) announced today a final investment decision (“FID”) on the installation of a second treating and processing train (“Train II”) at its Campo Viejo facility. The installation of Train II will double the current inlet gas capacity from approximately 80 million cubic feet per day (80MMcfd) to approximately 160MMcfd.

Stakeholder’s Campo Viejo Train II will support the continued development of the Horizontal San Andres in Yoakum County, Texas, Lea County, New Mexico, and other surrounding counties. Train II will include front-end liquid handling, an amine treater, a cryogenic processing plant, a nitrogen rejection unit and additional sequestration compression. In anticipation of reaching FID, Stakeholder began ordering long-lead equipment items in late summer 2022 and plans to commission Train II by January of 2024.

In addition to adding incremental treating and processing capacity, the installation and commissioning of Train II will also provide immediate, tangible environmental benefits. The additional capacity and redundancies created by Train II will further reduce methane emissions and result in additional volumes of CO₂ being captured and permanently sequestered in Stakeholder’s Pozo Acido well, which recently received approval from the U.S. Environmental Protection Agency for its MRV (Monitoring, Reporting and Verification) Plan.

The San Andres is one of the oldest and most prolific formations in the United States. Producers began to breathe new life into the play through horizontal drilling and modern completion techniques in 2014 and 2015, buoyed by compelling economics that compare favorably to all other North American basins. Since then, well results in the San Andres have continued to improve, and oil and gas volumes have significantly increased as producers refine the way that they drill, complete and operate these wells. Stakeholder originally partnered with its producer customers in 2017 by implementing a crude oil gathering system that has reduced crude oil truck traffic by removing over 200,000 truckloads from local roads and highways, replacing them with a safer and environmentally conscious solution to transport crude oil to market. In order to mitigate growing methane and carbon emissions in the region, Stakeholder further collaborated with its producer customers to commission the original natural gas treating and processing train at its Campo Viejo facility in 2019. Train II was necessitated by the strong results and continued development of the Horizontal San Andres.

Customer Perspective

“Our priority is to be good stewards of the resources and opportunities that we manage by delivering our produced gas to downstream markets. We are excited about our continued partnership with Stakeholder and the additional capacity and redundancy that will be afforded by Train II,” said Lance Taylor, CEO of Steward Energy, a private exploration and production company with more than 100,000 acres in the Permian Basin in Texas and New Mexico. “We continue to deliver improved well results across the Horizontal San Andres that leads to this further partnership between Steward and Stakeholder. Our teams have worked tirelessly together to maximize returns while minimizing our collective environmental impact, so we’re excited to continue to grow together.”

CEO Perspective

“The thing that has been the most rewarding is working with like-minded producers who are focused on the environment and continue to drive ever improving well results,” said Gaylon Gray, Co-CEO of Stakeholder Midstream. “We are excited to be able to expand our system capabilities to better meet their needs and to further our efforts towards reducing our carbon intensity.”

About Stakeholder Midstream, LLC

Based in San Antonio and founded in 2015, Stakeholder Midstream is an independent midstream company serving oil and gas producers operating throughout North America. Stakeholder’s vision of success is built on fostering strong, long-term relationships with all constituents. Stakeholder cultivates these relationships based on trust, accountability and fairness to ensure that all stakeholders are heard, valued and served. Capabilities include in-field natural gas gathering, compression, treating and processing services; innovative NGL solutions; crude oil gathering, transportation, and storage; and carbon capture and sequestration services. Stakeholder is backed by growth capital commitments from EnCap Flatrock Midstream. Please visit www.stakeholdermidstream.com for additional information.

About EnCap Flatrock Midstream

EnCap Flatrock Midstream provides value-added growth capital to proven management teams focused on midstream infrastructure opportunities across North America. The firm was formed in 2008 by a partnership between EnCap Investments L.P. and Flatrock Energy Advisors, LLC. Based in San Antonio with offices in Oklahoma City and Houston, the firm manages investment commitments of nearly $9 billion from a broad group of prestigious institutional investors. EnCap Flatrock Midstream is currently making commitments to new management teams from EFM Fund IV, a $3.25 billion fund. For more information, please visit www.efmidstream.com.

Redbird Communications
Bevo Beaven
Mobile: 720-666-5064
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HOUSTON--(BUSINESS WIRE)--In conjunction with the CenterPoint Energy Board of Directors' continued focus on a comprehensive and ongoing succession planning process to support the company's long-term growth strategy, the company today announced the promotion of Jason P. Wells, Executive Vice President and Chief Financial Officer, to the role of President and Chief Operating Officer, effective January 1, 2023. Dave Lesar will continue to serve as Chief Executive Officer.

The company also announced that it is initiating a public search for a CFO and that Wells will continue to serve in his current capacity until his successor has been appointed.

“Driving a robust succession planning and executive development process has been a top priority for our Board of Directors as we continue to execute on the company’s industry-leading growth plan,” said Martin Nesbitt, Independent Chair of the Board. “We know from our extensive shareholder engagement efforts that ensuring a deep leadership pipeline is also an important priority for our shareholders. The selection of Jason Wells for this critical execution-focused role represents the achievement of a significant milestone, and the Board has every confidence in his continued leadership.”

Lesar said, “Since my appointment as President and CEO, I have been committed to unlocking the power and potential of our company and refocusing our strategy to take advantage of the inherent long-term growth opportunities for our regulated utilities. With his deep industry experience, operational expertise, financial acumen, and clear strategic vision for establishing the utility of the future, I am confident that Jason is the ideal person with the right skillset and proven track record of leadership for this important President and COO role. I look forward to continuing to work with him and the rest of our excellent executive management team as he moves forward in his new role.”

Wells said, “When I joined CenterPoint Energy more than two years ago, I believed that the company’s compelling utility-focused strategy, outstanding regulated assets, attractive opportunities to invest capital across a diversified, premium territory, and its talented workforce would be driving forces in our ability to deliver sustainable value to our stakeholders. Two years later, I believe that we have earned our place amongst the premium utilities in our business. I look forward to collaborating with the Board, Dave, the leadership team, and my colleagues across the enterprise to continue our momentum and execute on our long-term growth strategy.”

Wells earned his bachelor's degree and master's degree in accounting, both from the University of Florida. He is a Certified Public Accountant (CPA).

Wells is active in the community and serves on the Bauer College Board of the C.T. Bauer College of Business at the University of Houston; the Advisory Board of the Kinder Institute for Urban Research at Rice University; and the Boards of Central Houston, Inc. and M.D. Anderson Cancer Center.

Forward Looking Statement:

This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this news release, the words "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "goal," "intend," "may," "objective," "plan," "potential," "predict," "projection," "should," "target," "will" or other similar words are intended to identify forward-looking statements. These forward-looking statements are based upon assumptions of management which are believed to be reasonable at the time made and are subject to significant risks and uncertainties. Actual events and results may differ materially from those expressed or implied by these forward-looking statements. Any statements in this news release regarding future events, such as executive succession planning and timing thereof, CenterPoint Energy’s ability to execute on its long-term strategy, and any other statements that are not historical facts are forward-looking statements. Each forward-looking statement contained in this news release speaks only as of the date of this release. Important factors that could cause actual results to differ materially from those indicated by the provided forward-looking information include risks and uncertainties relating to: (1) the impact of disruption to the global supply chain; (2) financial market conditions; (3) general economic conditions; (4) the timing and impact of future regulatory and legislative decisions; (5) effects of competition; (6) weather variations; (7) changes in business plans; and (8) other factors, risks and uncertainties discussed in CenterPoint Energy's Annual Report on Form 10-K for the fiscal year ended December 31, 2021, CenterPoint Energy's Quarterly Reports on Form 10-Q for the quarters ended March 31, 2022, June 30, 2022 and September 30, 2022 and other reports CenterPoint Energy or its subsidiaries may file from time to time with the Securities and Exchange Commission.

About CenterPoint Energy

As the only investor-owned electric and gas utility based in Texas, CenterPoint Energy, Inc. (NYSE: CNP) is an energy delivery company with electric transmission and distribution, power generation and natural gas distribution operations that serve more than 7 million metered customers in Indiana, Louisiana, Minnesota, Mississippi, Ohio and Texas. As of September 30, 2022, the company owned approximately $35 billion in assets. With approximately 8,900 employees, CenterPoint Energy and its predecessor companies have been in business for more than 150 years. For more information, visit CenterPointEnergy.com.

Media:
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Investors:
Jackie Richert / Ben Vallejo
Phone: 713.207.6500

Allison’s 3000 Specialty Series™ transmission enables the Army’s Cold Weather All-Terrain Vehicle (CATV) to travel in extreme arctic conditions.

INDIANAPOLIS--(BUSINESS WIRE)--Allison Transmission, the largest global manufacturer of medium- and heavy-duty fully automatic transmissions for commercial and defense vehicles, will provide the transmission for the U.S. Army’s new Cold Weather All-Terrain Vehicle (CATV) program. The Allison-equipped Beowulf vehicle, from BAE Systems, will provide soldiers with capable, reliable mobility and increase their survivability in the harshest conditions that Alaska and the Arctic has to offer.

“The CATV program proves the versatility and power of Allison’s propulsion solutions. The CATV is a light tracked vehicle powered by a transmission normally used in a medium-duty truck or Stryker wheeled combat vehicle,” said Dana Pittard, Vice President, Defense Programs, Allison Transmission. “Our transmission successfully performed down to minus 50 degrees Fahrenheit, effortlessly moved a 10,000-pound payload, climbed 60-degree slopes and had the superior reliability and torque to accomplish the challenging Alaskan amphibious swim test.”

The U.S. Army operates in a variety of grueling conditions including Arctic regions and other extreme cold weather environments. The CATV is a tracked vehicle that will provide transportation for up to ten soldiers, emergency medical evacuation, communication and general cargo transportation on- and off-road in an arctic environment under a wide range of otherwise impassable terrain, including ice and extreme cold weather conditions, to support missions involving homeland security, humanitarian assistance and search and rescue.

The Allison 3000 Specialty Series™ transmission, paired with next generation controls, provides optimal maneuverability across varying surfaces, which is key to the effectiveness of the Beowulf vehicle’s articulated mobility system. In addition to the proven durability and reliability of the Specialty Series transmission, Allison engineers have continued to refine the transmission to accommodate future controls evolutions, enabling continued advancements in system performance over the life cycle of the vehicle.

About Allison Transmission

Allison Transmission (NYSE: ALSN) is a leading designer and manufacturer of propulsion solutions for commercial and defense vehicles and the largest global manufacturer of medium- and heavy-duty fully automatic transmissions that Improve the Way the World Works. Allison products are used in a wide variety of applications, including on-highway trucks (distribution, refuse, construction, fire and emergency), buses (school, transit and coach), motorhomes, off-highway vehicles and equipment (energy, mining and construction applications) and defense vehicles (tactical wheeled and tracked). Founded in 1915, the company is headquartered in Indianapolis, Indiana, USA. With a presence in more than 150 countries, Allison has regional headquarters in the Netherlands, China and Brazil, manufacturing facilities in the USA, Hungary and India, as well as global engineering resources, including electrification engineering centers in Indianapolis, Indiana, Auburn Hills, Michigan and London in the United Kingdom. Allison also has more than 1,400 independent distributor and dealer locations worldwide. For more information, visit allisontransmission.com

About BAE Systems

BAE Systems, Inc. and its 34,000 people are part of a global defense, aerospace, and security company with 89,600 employees worldwide. We deliver a full range of products and services for air, land, sea and space, as well as advanced electronics, intelligence, security, and IT solutions and support services. Our dedication shows in everything we design, produce, and deliver— to protect those who protect us in a high-performance, innovative culture. We push the limits of possibility to provide a critical advantage to our customers where it counts.

Claire Gregory
Director, Global External Communications
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317-694-2065

• Third Quarter Earnings Per Share of $1.52 and Record Quarterly Adjusted Earnings Per Share of $2.02, up 15% Over 2021

• Record Quarterly Segment Margins of 21.2%, Above the High End of Guidance and 130 Basis Points Above the Third Quarter of 2021

• Accelerating Organic Sales Growth of 15%, at the High End of Guidance

• Accelerating Order Growth on a Rolling 12-Month Basis, up 27% in Electrical and up 22% in Aerospace

• Reaffirms Adjusted Earnings Per Share Guidance Midpoint

DUBLIN--(BUSINESS WIRE)--Intelligent power management company Eaton Corporation plc (NYSE:ETN) today announced that earnings per share were $1.52 for the third quarter of 2022. Excluding charges of $0.25 per share related to intangible amortization, $0.21 per share related to acquisitions and divestitures, and $0.04 per share related to a multi-year restructuring program, adjusted earnings per share of $2.02 were a quarterly record and up 15% over the third quarter of 2021.

Sales in the third quarter of 2022 were $5.3 billion, up 8% from the third quarter of 2021. Organic sales were up 15% and acquisitions added 1%, which was partially offset by 4% from the divestiture of the Hydraulics business and 4% from negative currency translation.

Third quarter segment margins were 21.2%, a quarterly record and above the high end of guidance. This represents a 130-basis point improvement over the third quarter of 2021. Operating cash flow in the third quarter of 2022 was $965 million, up 29% over adjusted operating cash flow for the third quarter of 2021, and free cash flow was $830 million, up 36% over adjusted free cash flow in the third quarter of 2021.

Craig Arnold, Eaton chairman and chief executive officer, said, “I’m proud of how we continue to deliver record results across our businesses, driven by strong demand and accelerating organic growth. I want to thank our teams for their efforts in successfully navigating both the challenges and the tailwinds of the current environment. I’m confident in our ability to continue executing our strategy and delivering for our stakeholders.”

The company reaffirms its full year adjusted earnings per share guidance midpoint of $7.56. For the fourth quarter of 2022, the company anticipates organic growth of 13-15% and adjusted earnings per share of between $2.00 and $2.10.

Business Segment Results

Sales for the Electrical Americas segment were $2.2 billion, up 18% from the third quarter of 2021, driven entirely by organic sales growth. Operating profits were $511 million, up 27% over the third quarter of 2021. Operating margins in the quarter were 23.5%, up 180 basis points over the third quarter of 2021.

The twelve-month rolling average of orders accelerated in the third quarter and was up 36% organically, with particular strength in data center, utility and industrial end markets. Backlog at the end of September continued to grow to new record levels, up 97% organically over September 2021.

Sales for the Electrical Global segment were $1.5 billion, up 5% over the third quarter of 2021. Organic sales were up 13%, partially offset by negative currency translation of 8%. Operating profits were $305 million, up 7% over the third quarter of 2021. Operating margins in the quarter were 20.6%, up 50 basis points over the third quarter of 2021.

The twelve-month rolling average of orders also remained strong in the third quarter and was up 14% organically, driven by particular strength in commercial/institutional and industrial end markets. At the end of September, backlog was also strong, up 22% organically over September 2021.

Aerospace segment sales were $768 million, up 3% from the third quarter of 2021. Organic sales were up 8%, partially offset by 5% negative currency translation. Operating profits were a record $185 million, up 13% from the third quarter of 2021. Operating margins in the quarter were 24.0%, up 200 basis points over the third quarter of 2021.

The twelve-month rolling average of orders also accelerated in the third quarter and was up 22% organically, driven by strength in both commercial and military markets. Backlog at the end of September was up 17% organically over September 2021.

The Vehicle segment posted sales of $744 million, up 16% from the third quarter of 2021. Organic sales were up 19%, partially offset by 3% from negative currency translation. Operating profits were $125 million, and operating margins in the quarter were 16.8%.

eMobility segment sales were $137 million, up 63% over the third quarter of 2021. Organic sales were up 17%, and the acquisition of Royal Power Solutions added 49%, which was partially offset by 3% negative currency translation. The segment recorded an operating loss of $2 million, reflecting continued investment in research and development and start-up costs associated with new program wins. Operating margins improved 800 basis points, driven by higher organic volumes and the impact of the Royal Power Solutions acquisition.

Eaton is an intelligent power management company dedicated to improving the quality of life and protecting the environment for people everywhere. We are guided by our commitment to do business right, to operate sustainably and to help our customers manage power ─ today and well into the future. By capitalizing on the global growth trends of electrification and digitalization, we’re accelerating the planet’s transition to renewable energy, helping to solve the world’s most urgent power management challenges, and doing what’s best for our stakeholders and all of society.

Founded in 1911, Eaton has been listed on the NYSE for nearly a century. We reported revenues of $19.6 billion in 2021 and serve customers in more than 170 countries. For more information, visit www.eaton.com. Follow us on Twitter and LinkedIn.

Notice of conference call: Eaton’s conference call to discuss its third quarter results is available to all interested parties today as a live audio webcast at 11 a.m. United States Eastern time via a link on Eaton’s home page. This news release can be accessed under its headline on the home page. Also available on the website before the call will be a presentation on third quarter results, which will be covered during the call.

This news release contains forward-looking statements concerning the fourth quarter and full year 2022 adjusted earnings per share, organic sales growth, and anticipated restructuring program charges and savings. These statements should be used with caution and are subject to various risks and uncertainties, many of which are outside the company’s control. The following factors could cause actual results to differ materially from those in the forward-looking statements: the course of the COVID-19 pandemic globally and government actions related thereto; unanticipated changes in the markets for the company’s business segments; unanticipated downturns in business relationships with customers or their purchases from us; competitive pressures on sales and pricing; supply chain disruptions, unanticipated changes in the cost of material, labor, and other production costs, or unexpected costs that cannot be recouped in product pricing; the introduction of competing technologies; unexpected technical or marketing difficulties; unexpected claims, charges, litigation or dispute resolutions; strikes or other labor unrest; natural disasters; the performance of recent acquisitions; unanticipated difficulties completing or integrating acquisitions; new laws and governmental regulations; interest rate changes; changes in tax laws or tax regulations; stock market and currency fluctuations; and unanticipated deterioration of economic and financial conditions in the United States and around the world. We do not assume any obligation to update these forward-looking statements.

Financial Results

The company’s comparative financial results for the three months ended September 30, 2022, are available on the company’s website, www.eaton.com.

EATON CORPORATION plc
NOTES TO THE THIRD QUARTER 2022 EARNINGS RELEASE

Amounts are in millions of dollars unless indicated otherwise (per share data assume dilution). Columns and rows may not add and the sum of components may not equal total amounts reported due to rounding.

Note 1. NON-GAAP FINANCIAL INFORMATION

This earnings release includes certain non-GAAP financial measures. These financial measures include adjusted earnings, adjusted earnings per ordinary share, adjusted operating cash flow, free cash flow, and adjusted free cash flow, each of which differs from the most directly comparable measure calculated in accordance with generally accepted accounting principles (GAAP). A reconciliation of each of these financial measures to the most directly comparable GAAP measure is included in this earnings release. Management believes that these financial measures are useful to investors because they provide additional meaningful financial information that should be considered when assessing our business performance and trends, and they allow investors to more easily compare Eaton Corporation plc's (Eaton or the Company) financial performance period to period. Management uses this information in monitoring and evaluating the on-going performance of Eaton and each business segment.

The Company's fourth quarter and full year adjusted earnings guidance for 2022 is as follows:

A reconciliation of operating cash flow to free cash flow is as follows:

A reconciliation of operating cash flow to adjusted operating cash flow and adjusted free cash flow is as follows:

Note 2. ACQUISITIONS AND DIVESTITURE OF BUSINESSES

Acquisition of a 50% stake in Jiangsu Huineng Electric Co., Ltd’s circuit breaker business

On July 1, 2022, Eaton acquired a 50 percent stake in Jiangsu Huineng Electric Co., Ltd’s circuit breaker business, which manufactures and markets low-voltage circuit breakers in China. Eaton accounts for this investment on the equity method of accounting and is reported within the Electrical Global business segment.

Russia

During the second quarter of 2022, in light of the ongoing war with Ukraine, the Company decided to exit its business operations in Russia and recorded charges of $29 million. The charges consisted primarily of write-downs of accounts receivable, inventory and other assets, and accruals for severance.

Acquisition of Royal Power Solutions

On January 5, 2022, Eaton acquired Royal Power Solutions for $612 million, net of cash received. Royal Power Solutions is a U.S. based manufacturer of high-precision electrical connectivity components used in electric vehicle, energy management, industrial and mobility markets. Royal Power Solutions is reported within the eMobility business segment.

Sale of Hydraulics business

On August 2, 2021, Eaton completed the sale of the Hydraulics business to Danfoss A/S. As a result of the sale, the Company received $3.1 billion, net of cash sold, and recognized a pre-tax gain of $617 million in 2021. According to the terms of the sales agreement, the Company finalized negotiations of post-closing adjustments with Danfoss A/S during the first quarter of 2022. As a result of these negotiations, the Company recognized an additional pre-tax gain of $24 million. In the second quarter of 2022, Eaton received cash of $22 million from Danfoss A/S to fully settle all post-closing adjustments. The business had sales of $1.3 billion in 2021 through the date of the sale.

Acquisition of Mission Systems

On June 1, 2021, Eaton acquired Mission Systems for $2.80 billion, net of cash received. Mission Systems is a leading manufacturer of air-to-air refueling systems, environmental systems, and actuation primarily for defense markets. Mission Systems is reported within the Aerospace business segment.

Acquisition of Tripp Lite

On March 17, 2021, Eaton acquired Tripp Lite for $1.65 billion, net of cash received. Tripp Lite is a leading supplier of power quality products and connectivity solutions including single-phase uninterruptible power supply systems, rack power distribution units, surge protectors, and enclosures for data centers, industrial, medical, and communications markets in the Americas. Tripp Lite is reported within the Electrical Americas business segment.

Note 3. ACQUISITION AND DIVESTITURE CHARGES AND INCOME

Eaton incurs integration charges and transaction costs to acquire and integrate businesses, and transaction, separation and other costs to divest and exit businesses. Eaton also recognizes gains and losses on the sale of businesses. A summary of these Corporate items is as follows:

Acquisition integration, divestiture charges and transaction costs in 2022 are primarily related to the acquisitions of Royal Power Solutions, Souriau-Sunbank Connection Technologies, Green Motion, Tripp Lite, and Mission Systems, and other charges to acquire and exit businesses including certain indemnity claims associated with the sale of 50% interest in the commercial vehicle automated transmission business in 2017. These costs also included charges of $29 million related to the decision in the second quarter to exit the Company's business operations in Russia. These charges consisted primarily of write-downs of accounts receivable, inventory and other assets, and accruals for severance. Charges in 2021 are primarily related to the divestiture of the Hydraulics business, the acquisitions of Tripp Lite, Mission Systems, Souriau-Sunbank Connection Technologies, and Ulusoy Elektrik Imalat Taahhut ve Ticaret A.S., and other charges to acquire and exit businesses including certain indemnity claims associated with the sale of 50% interest in the commercial vehicle automated transmission business in 2017. These charges were included in Cost of products sold, Selling and administrative expense, Research and development expense, or Other expense (income) - net. In Business Segment Information, the charges were included in Other income (expense) - net.

Note 4. RESTRUCTURING CHARGES

In the second quarter of 2020, Eaton decided to undertake a multi-year restructuring program to reduce its cost structure and gain efficiencies in its business segments and at corporate in order to respond to declining market conditions brought on by the COVID-19 pandemic. Since the inception of the program, the Company has incurred charges of $341 million. These restructuring activities are expected to incur additional expenses of approximately $9 million in 2022 primarily comprised of plant closing and other costs, resulting in total estimated charges of $350 million for the entire program.

A summary of restructuring program charges is as follows:

Restructuring program charges related to the following segments:

These restructuring program charges were included in Cost of products sold, Selling and administrative expense, Research and development expense, or Other expense (income) - net, as appropriate. In Business Segment Information, these restructuring program charges are treated as Corporate items. The projected mature year savings from these restructuring actions are expected to be $250 million when fully implemented in 2023.

Note 5. INTANGIBLE ASSET AMORTIZATION EXPENSE

Intangible asset amortization expense is as follows:

Eaton Corporation plc
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SHYFT, an electronic light scheduling device, automates Fluence’s entire LED product suite to help cultivators optimize environments wherever they are

AUSTIN, Texas--(BUSINESS WIRE)--Fluence, a leading global provider of energy-efficient LED lighting solutions for commercial cannabis and food production, announced today the launch of SHYFT Light Scheduler (SHYFT), a lighting automation tool built to offer cultivators expert-level, easy-to-use control over their grow environments.

In an industry with notoriously tight margins, cultivators must leverage every advantage to improve environmental management, enhance top-line performance and cut operating costs. SHYFT is a user-friendly, wall-mountable waterproof device with patented photoacclimation technology that allows growers to automate, control and monitor lighting conditions in multiple fixture zones simultaneously. It also provides the ability to configure and replicate precise conditions for crops to help cultivators maximize yields and increase growing cycles per season.

“The goal of every Fluence product is to help cultivators grow smarter,” said David Cohen, CEO of Fluence. “We achieve that not only by building best-in-class lighting products that help improve yields and increase efficiency but also by creating products like SHYFT that empower cultivators to more effectively and accurately manage their lighting systems.”

SHYFT, which is compatible with Fluence’s full range of LED lighting technology, is designed to withstand a wide range of operating temperatures and humidity levels and can be mounted directly in cultivation environments. The product’s photoacclimation and photoperiod modes regulate the intensity and duration of light delivered, enhancing growth while protecting plant health. SHYFT can also be installed with the DC Flex Dimming Cable or Wireless Flex Dimming, a revolutionary solution that leverages Bluetooth Mesh technology to wirelessly adjust Fluence luminaire light levels using any industry-standard 0-10V dimmer or environmental controller.

“Fluence’s team of scientists and lighting experts works alongside our network of growers to collaborate on what cultivators need to maximize both crop and operational performance,” said Jordon Musser, chief product officer of Fluence. “We’ve heard from cultivators of all sizes the importance of optimizing yield consistency through scheduling. SHYFT offers the flexibility to customize the growing environment to accommodate various growth stages.”

SHYFT helps smaller growers make the transition to automated scheduling and assists larger growers to eliminate unnecessary integration costs in more complex control systems.

SHYFT is currently only available in North America. For more information on SHYFT, Fluence and the company’s extended portfolio of luminaires and lighting controls, visit www.fluence.science.

About Fluence

Fluence Bioengineering, Inc. (Fluence) creates powerful and energy-efficient LED lighting solutions for commercial crop production and research applications. Fluence is a leading LED lighting supplier in the global cannabis market and is committed to enabling more efficient crop production with the world’s top vertical farms and greenhouse produce growers. Fluence global headquarters are in Austin, Texas, with its EMEA headquarters in Rotterdam, Netherlands. Fluence operates as a business unit within Signify’s Digital Solutions division. For more information about Fluence, visit www.fluence.science.

Nichole Hazard
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CANONSBURG, Pa.--(BUSINESS WIRE)--Equitrans Midstream Corporation (NYSE: ETRN), today, announced financial and operational results for the third quarter 2022. Included in the "Non-GAAP Disclosures" section of this news release are important disclosures regarding the use of non-GAAP supplemental financial measures, including information regarding their most comparable GAAP financial measure.

Q3 2022 Highlights:

• Recorded 72% of total operating revenue from firm reservation fees
• Reduced full-year capital expenditure guidance by approximately $20 million
• Raised full-year free cash flow and retained free cash flow guidance

“There continues to be significant, bipartisan support for federal energy infrastructure permitting reform legislation,” said Thomas F. Karam, Equitrans chairman and chief executive officer. “However, despite current global events continuing to evidence the need for MVP to help the United States deliver energy certainty, security and independence, the same panel of judges in the U.S. Fourth Circuit Court of Appeals has again been assigned and appears hostile in an MVP-related permitting case. Further, there is timing uncertainty in the MVP permitting process. The litigation and regulatory issues present for critical natural gas infrastructure projects like MVP, combined with global events, clearly highlight the need for expeditious action by Congress on federal permitting reform legislation as the best path to complete the MVP project in 2023.”

Net loss attributable to ETRN common shareholders for the third quarter 2022 was impacted by several items, including a $583.1 million impairment of equity method investment related to Mountain Valley Pipeline, LLC (MVP JV) primarily as a result of increased risk from recent legal and regulatory uncertainties, an associated $116.8 million increase in income tax expense primarily due to a valuation allowance placed on the deferred tax assets, a $2.4 million unrealized loss on derivative instruments, and a $3.7 million gain on sale of non-core gathering assets. The unrealized loss is reported within other income and relates to the contractual agreement with EQT Corporation (EQT) in which ETRN will receive cash from EQT conditioned on the quarterly average of certain Henry Hub natural gas prices exceeding certain thresholds beginning with the quarter in which the Mountain Valley Pipeline (MVP) is placed in-service through the fourth quarter of 2024. The contract is accounted for as a derivative with the fair value marked-to-market at each quarter-end. The valuation allowance is reported within income tax (benefit) expense and the gain on sale is reported within other income.

As a result of the gathering agreement entered into with EQT in February 2020, revenue from the contracted minimum volume commitment (MVC) is recognized utilizing an average gathering rate applied over the remaining contract life. The difference between the cash received from the MVC and the revenue recognized results in the deferral of revenue into future periods. For the third quarter 2022, deferred revenue was $84.9 million.

Operating revenue for the third quarter decreased by $10.3 million, compared to the same quarter last year, primarily due to increased deferred revenue and lower gathered volumes, partially offset by higher water services revenue. Operating expenses decreased by $1.1 million compared to the third quarter 2021, primarily from lower operating and maintenance expenses.

QUARTERLY DIVIDEND

For the third quarter 2022, ETRN will pay a quarterly cash dividend of $0.15 per common share on November 14, 2022, to ETRN common shareholders of record at the close of business on November 2, 2022.

BUSINESS AND PROJECT UPDATES

Outstanding Debt and Liquidity

As of September 30, 2022, ETRN reported $6.4 billion of consolidated debt; $100.0 million of borrowings and $234.9 million of letters of credit outstanding under EQM's revolving credit facility; $295.0 million of borrowings under Eureka's revolving credit facility; and $48.1 million of cash.

Exercise of Cash Option

Pursuant to the 2020 gathering agreement, on July 8, 2022, EQT elected to forgo aggregate gathering rate relief of up to approximately $235 million in the 24 months following MVP's in-service in exchange for a cash payment of approximately $196 million. The cash payment represents final consideration for approximately 20.5 million ETRN common shares that were purchased from EQT and retired in the first quarter of 2020. ETRN made the $196 million cash payment to EQT on October 4, 2022.

Ohio Valley Connector Expansion Project

On September 30, 2022, the Federal Energy Regulatory Commission (FERC) issued a Draft Environmental Impact Statement for the Ohio Valley Connector Expansion Project (OVCX). OVCX will increase deliverability on ETRN's Ohio Valley Connector pipeline by approximately 350 MMcf per day and is designed to meet growing demand in key markets in the mid-continent and Gulf Coast through existing interconnects with long-haul pipelines in Clarington, OH. Based on the expected regulatory and permitting timeframe, ETRN is targeting the incremental capacity to be in-service during the first half of 2024. ETRN expects to invest approximately $160 million in the project, which is primarily supported by a long-term firm capacity commitment of 330 MMcf per day.

Mountain Valley Pipeline

MVP JV remains engaged in the permitting process with the relevant federal agencies for the outstanding permits required to complete the project. However, based on ETRN’s perceptions of the continued hostility of the Fourth Circuit Court panel during the oral argument conducted on October 25, 2022 relating to the West Virginia Section 401 water quality certification approval for the project, as well as uncertainty regarding Federal agencies’ final timelines to issue necessary permits and authorizations for the MVP project, ETRN believes that the best path to complete the MVP project in accordance with ETRN’s previously-communicated targeted full in-service date during the second half of 2023 and total project cost of approximately $6.6 billion is for there to be enacted expeditiously federal energy infrastructure permitting reform legislation that specifically requires the completion of the MVP project. Through September 30, 2022, ETRN has funded approximately $2.7 billion and, based on the total project cost estimate, expects to fund a total of approximately $3.4 billion and to have an approximate 48.1% ownership interest in MVP. ETRN will operate the pipeline.

MVP Southgate

The MVP JV continues to evaluate the MVP Southgate project, including engaging in discussions with the shipper regarding options for the project, such as likely changes to the project design, scope and timing in lieu of pursuing the project as originally contemplated. As originally designed, MVP Southgate is estimated to cost approximately $450 million to $500 million and is backed by a 300 MMcf per day firm capacity commitment from Dominion Energy North Carolina. In 2022, ETRN expects to make capital contributions related to MVP Southgate of less than $5 million. ETRN has a 47.2% ownership interest in MVP Southgate and is expected to operate the pipeline.

Water Services

In the third quarter, water operating income was $2.3 million and water EBITDA was $7.5 million. For the year, ETRN continues to expect water EBITDA of approximately $30 million.

Q3 2022 Earnings Conference Call Information

ETRN will host a conference call with security analysts today, November 1, 2022, at 10:30 a.m. (ET) to discuss third quarter 2022 financial results, operating results, and other business matters.

Call Access: An audio live stream of the call will be available on the internet, and participants are encouraged to pre-register online, in advance of the call. A link to the audio live stream will be available on the Investors page of ETRN’s website the day of the call.

Security Analysts :: Dial-In Participation
To participate in the Q&A session, security analysts may access the call in the U.S. toll free at (888) 330-3573; and internationally at (646) 960-0677. The ETRN conference ID is 6625542.

All Other Participants :: Webcast Registration
Please Note: For optimal audio quality, the webcast is best supported through Google Chrome and Mozilla Firefox browsers.

Call Replay: For 14 days following the call, an audio replay will be available at (800) 770-2030 or (647) 362-9199. The ETRN conference ID: 6625542.

ETRN management speaks to investors from time-to-time and the presentation for these discussions, which is updated periodically, is available via www.equitransmidstream.com.

NON-GAAP DISCLOSURES

Adjusted Net Income (Loss) Attributable to ETRN Common Shareholders and Adjusted Earnings per Diluted Share Attributable to ETRN Common Shareholders

Adjusted net income (loss) attributable to ETRN common shareholders and adjusted earnings (loss) per diluted share attributable to ETRN common shareholders are non-GAAP supplemental financial measures that management and external users of ETRN’s consolidated financial statements, such as investors, may use to make period-to-period comparisons of earnings trends. Management believes that adjusted net income (loss) attributable to ETRN common shareholders and adjusted earnings (loss) per diluted share attributable to ETRN common shareholders as presented provide useful information for investors for evaluating period-over-period earnings. Adjusted net income (loss) attributable to ETRN common shareholders and adjusted earnings (loss) per diluted share attributable to ETRN common shareholders should not be considered as alternatives to net income (loss) attributable to ETRN common shareholders, earnings (loss) per diluted share attributable to ETRN common shareholders or any other measure of financial performance presented in accordance with GAAP. Adjusted net income (loss) attributable to ETRN common shareholders and adjusted earnings (loss) per diluted share attributable to ETRN common shareholders as presented have important limitations as analytical tools because they exclude some, but not all, items that affect net income (loss) attributable to ETRN common shareholders and earnings (loss) per diluted share attributable to ETRN common shareholders, including, as applicable, impairments of long-lived assets and equity method investments, unrealized gain (loss) on derivative instruments, loss on extinguishment of debt, gain on the sale of gathering assets and the related tax impacts of these items, which items affect the comparability of results period to period. Additionally, because these non-GAAP metrics may be defined differently by other companies in ETRN's industry, ETRN's definitions of adjusted net income (loss) attributable to ETRN common shareholders and adjusted earnings (loss) per diluted share attributable to ETRN common shareholders may not be comparable to similarly titled measures of other companies, thereby diminishing the utility of the measures. Adjusted net income (loss) attributable to ETRN common shareholders and adjusted earnings (loss) per diluted share attributable to ETRN common shareholders should not be viewed as indicative of the actual amount of net income (loss) attributable to ETRN common shareholders or actual earnings (loss) of ETRN in any given period.

The table below reconciles adjusted net income attributable to ETRN common shareholders and adjusted earnings per diluted share attributable to ETRN common shareholders with net income (loss) attributable to ETRN common shareholders and earnings (loss) per diluted share attributable to ETRN common shareholders as derived from the statements of consolidated comprehensive income to be included in ETRN’s Quarterly Report on Form 10-Q for the three months ended September 30, 2022.

Adjusted EBITDA

As used in this news release, Adjusted EBITDA means, as applicable, net income (loss), plus income tax expense (benefit), net interest expense, loss on extinguishment of debt, depreciation, amortization of intangible assets, impairments of long-lived assets and equity method investment, payments on the preferred interest in EQT Energy Supply, LLC (Preferred Interest), non-cash long-term compensation expense, and less equity income, AFUDC-equity, unrealized gain (loss) on derivative instruments, gain on sale of gathering assets and adjusted EBITDA attributable to noncontrolling interest.

The table below reconciles adjusted EBITDA with net (loss) income as derived from the statements of consolidated comprehensive income to be included in ETRN's Quarterly Report on Form 10-Q for the three months ended September 30, 2022.

Free Cash Flow

As used in this news release, free cash flow means net cash provided by operating activities plus principal payments received on the Preferred Interest, and less net cash provided by operating activities attributable to noncontrolling interest, dividends paid to Series A Preferred Shareholders, premiums and fees paid on extinguishment of debt, capital expenditures (excluding the noncontrolling interest share (40%) of Eureka capital expenditures), and capital contributions to MVP JV.

Retained Free Cash Flow

As used in this news release, retained free cash flow means free cash flow less dividends paid to common shareholders.

The table below reconciles free cash flow and retained free cash flow with net cash provided by operating activities as derived from the statements of consolidated cash flows to be included in ETRN's Quarterly Report on Form 10-Q for the three months ended September 30, 2022.

Adjusted EBITDA, free cash flow and retained free cash flow are non-GAAP supplemental financial measures that management and external users of ETRN's consolidated financial statements, such as industry analysts, investors, lenders, and rating agencies, may use to assess:

• ETRN’s operating performance as compared to other publicly traded companies in the midstream energy industry without regard to historical cost basis or, in the case of adjusted EBITDA, financing methods
• The ability of ETRN’s assets to generate sufficient cash flow to pay dividends to ETRN’s shareholders
• ETRN’s ability to incur and service debt and fund capital expenditures and capital contributions
• The viability of acquisitions and other capital expenditure projects and the returns on investment of various investment opportunities

ETRN believes that adjusted EBITDA, free cash flow, and retained free cash flow provide useful information to investors in assessing ETRN's financial condition and results of operations. Adjusted EBITDA, free cash flow, and retained free cash flow should not be considered as alternatives to net income (loss), operating income, or net cash provided by operating activities, as applicable, or any other measure of financial performance or liquidity presented in accordance with GAAP. Adjusted EBITDA, free cash flow, and retained free cash flow have important limitations as analytical tools because they exclude some, but not all, items that affect net income (loss), operating income and net cash provided by operating activities. Additionally, because these non-GAAP metrics may be defined differently by other companies in ETRN's industry, ETRN's definitions of adjusted EBITDA, free cash flow, and retained free cash flow may not be comparable to similarly titled measures of other companies, thereby diminishing the utility of the measures. Free cash flow and retained free cash flow should not be viewed as indicative of the actual amount of cash that ETRN has available for dividends or that ETRN plans to distribute and are not intended to be liquidity measures.

ETRN is unable to provide a reconciliation of projected adjusted EBITDA from projected net income (loss), the most comparable financial measure calculated in accordance with GAAP, or a reconciliation of projected free cash flow or retained free cash flow to net cash provided by operating activities, the most comparable financial measure calculated in accordance with GAAP. ETRN has not provided a reconciliation of projected adjusted EBITDA to projected net income (loss), the most comparable financial measure calculated in accordance with GAAP, due to the inherent difficulty and impracticability of predicting certain amounts required by GAAP with a reasonable degree of accuracy. Net income (loss) includes the impact of depreciation expense, income tax expense (benefit), the impact of changes in the projected fair value of derivative instruments prior to settlement, potential changes in estimates for certain contract liabilities and unbilled revenues and certain other items that impact comparability between periods and the tax effect of such items, which may be significant and difficult to project with a reasonable degree of accuracy. Therefore, a reconciliation of projected adjusted EBITDA to projected net income (loss) is not available without unreasonable effort.

ETRN is unable to project net cash provided by operating activities because this metric includes the impact of changes in operating assets and liabilities related to the timing of cash receipts and disbursements that may not relate to the period in which the operating activities occurred. ETRN is unable to project these timing differences with any reasonable degree of accuracy to a specific day, three or more months in advance. Therefore, ETRN is unable to provide projected net cash provided by operating activities, or the related reconciliation of each of projected free cash flow and projected retained free cash flow to projected net cash provided by operating activities, without unreasonable effort.

Analyst inquiries:
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Media inquiries:
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The company is ranked first in the key Development Component by the 2022 GRESB Real Estate Assessment – a leading environmental, social and governance (ESG) benchmark for the real estate & investment sector

SAN DIEGO--(BUSINESS WIRE)--IQHQ, a premier life sciences real estate development company, demonstrated the company’s expanding commitments to Environmental, Social, and Governance (ESG) transparency and sector leading development practices by participating in the 2022 GRESB Real Estate Assessment. IQHQ was ranked first under the “Development” score within the Americas Technology and Science Sector and received its first Green Star designation.

IQHQ partners with the life science community to develop purpose-driven real estate solutions that inspire continuous progress. The Development component of the Real Estate Assessment measures a developer’s efforts to address ESG issues during design, construction, and renovation of buildings. With much of IQHQ’s portfolio in development, this score assesses the company’s approach to sustainable building strategies and certifications.

“IQHQ is raising the bar in the commercial real estate and life sciences industries through continuous improvement and innovation, which integrates seamlessly with the tenets of sustainability, energy efficiency, and ESG excellence,” said Jenny Whitson, Director of Sustainability & ESG for IQHQ. “By participating in the GRESB Real Estate Assessment, we are demonstrating that the ESG initiatives across our management, development, and construction practices are benchmarked as industry-leading sustainable design strategies within the science community.”

Each year, GRESB assesses and benchmarks the ESG performance of assets worldwide, providing clarity and insights to financial markets on complex sustainability topics. GRESB also continues to recognize real estate companies with a score higher than 50 percent of the points allocated to each relevant component with the green star designation.

“With more fund managers and asset owners reporting to GRESB than ever before, we are proud to see the global real assets industry deepen its commitment to ESG transparency and pave the way for a more sustainable future,” said Sebastien Roussotte, CEO of GRESB. “Having industry leaders such as IQHQ participate is important, especially given the exponential growth in life science commercial real estate.”

The GRESB Assessments are guided by what investors and the industry consider to be material issues in the sustainability performance of asset investments and are aligned with international reporting frameworks, goals, and emerging regulations. The GRESB ESG Benchmark grew this year to cover more than USD 8.6 trillion of assets under management, up from USD 6.4 trillion the year before.

GRESB data is used by hundreds of capital providers and thousands of asset managers to benchmark investments across portfolios and to better understand the opportunities, risks and choices that need to be made as the industry transitions to a more sustainable future.

As pioneers in developing innovative life science districts, IQHQ is partnering with the life science community to develop purpose-driven real estate solutions that inspire continuous progress. To find out more about IQHQ’s ESG commitments, click the link to view the company’s full ESG Annual Report.

About IQHQ
IQHQ is giving progress a home, empowering the life science community to thrive and succeed by creating and developing districts that inspire innovation and drive progress and growth. IQHQ’s focus is to acquire, develop, and operate sustainable transformational life science districts in the innovation hubs of San Francisco, San Diego, and Boston in the United States, and the United Kingdom. IQHQ has offices in San Diego and Boston. To learn more, visit iqhqreit.com or follow us on LinkedIn or Instagram.

About GRESB
GRESB is a mission-driven and industry-led organization providing standardized and validated Environmental, Social, and Governance (ESG) data to financial markets. Established in 2009, GRESB has become the leading ESG benchmark for real estate and infrastructure investments across the world, used by more than 170 institutional and financial investors to inform decision-making. For more information, visit GRESB.com.

Media:

For IQHQ
Travis Small
617-538-9041
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AUSTIN, Texas--(BUSINESS WIRE)--USA Compression Partners, LP (NYSE: USAC) (“USA Compression” or the “Partnership”) announced today its financial and operating results for third-quarter 2022.

Third-Quarter 2022 Highlights

• Total revenues were $179.6 million for third-quarter 2022, compared to $158.6 million for third-quarter 2021.
• Net income was $9.6 million for third-quarter 2022, compared to $4.1 million for third-quarter 2021.
• Net cash provided by operating activities was $49.2 million for third-quarter 2022, compared to $45.3 million for third-quarter 2021.
• Adjusted EBITDA was $109.2 million for third-quarter 2022, compared to $99.6 million for third-quarter 2021.
• Distributable Cash Flow was $55.2 million for third-quarter 2022, compared to $52.0 million for third-quarter 2021.
• Announced cash distribution of $0.525 per common unit for third-quarter 2022, consistent with third-quarter 2021.
• Distributable Cash Flow Coverage was 1.07x for third-quarter 2022, compared to 1.02x for third-quarter 2021.

“Our third-quarter results were consistent with the continued strengthening in energy markets, as demand for our compression services continued to grow, leading to sequential-quarter increases in revenues, Adjusted EBITDA, and revenue generating horsepower, along with continued improvements to contract pricing,” commented Eric D. Long, USA Compression’s President and Chief Executive Officer. “Our strong third-quarter results were underpinned by continued improvements to our fleet utilization, which surpassed a 90-percent exit rate for the third quarter, and by further strengthening to our quarter-over-quarter average price per horsepower per month. Our third-quarter performance also led to continued improvement to our leverage ratio while essentially maintaining the previous quarter’s distribution coverage.”

“A positive energy macroenvironment continues to drive increased demand for natural gas and our compression services with our largest asset-operating basins registering year-over-year production increases. Our customers remain active across our operating regions, and we have and plan to continue keeping pace with their activity levels through the expansion of our compression and station services.”

“We anticipate achieving improved market share in key production basins through our recent commitment to purchase an additional 50 large horsepower compression units that was made in September of this year. These planned purchases were driven by pronounced demand from our major customers for additional compression and station services, and will bring our committed new unit order for 2023 to 66 units, for a total of 165,000 of additional horsepower. We have locked in unit delivery slots for these new units, and we expect to have these units under multi-year contracts with our customers for deployment by year-end 2023.”

“Finally, we believe continuing to deliver high-quality service to customers under contracts with lengthening contract tenors, while maintaining capital discipline, should improve USA Compression’s financial flexibility over time. Enhanced financial flexibility will allow us to deploy cash flows opportunistically to fund additional accretive capital investments, reduce debt, consider changes to distribution policy, or a combination thereof.”

Expansion capital expenditures were $46.7 million, maintenance capital expenditures were $8.1 million, and cash interest expense, net was $33.3 million for third-quarter 2022.

On October 13, 2022, the Partnership announced a third-quarter cash distribution of $0.525 per common unit, which corresponds to an annualized distribution rate of $2.10 per common unit. The distribution will be paid on November 4, 2022, to common unitholders of record as of the close of business on October 24, 2022.

Operational and Financial Data

Liquidity and Long-Term Debt

As of September 30, 2022, the Partnership was in compliance with all covenants under its $1.6 billion revolving credit facility. As of September 30, 2022, the Partnership had outstanding borrowings under the revolving credit facility of $618.4 million, $981.6 million of availability and, subject to compliance with the applicable financial covenants, available borrowing capacity of $286.6 million. As of September 30, 2022, the outstanding aggregate principal amount of the Partnership’s 6.875% senior notes due 2026 and 6.875% senior notes due 2027 was $725.0 million and $750.0 million, respectively.

Full-Year 2022 Outlook

USA Compression is updating its full-year 2022 guidance as follows:

• Net income range of $30.0 million to $40.0 million;
• A forward-looking estimate of net cash provided by operating activities is not provided because the items necessary to estimate net cash provided by operating activities, in particular the change in operating assets and liabilities, are not accessible or estimable at this time. The Partnership does not anticipate changes in operating assets and liabilities to be material, but changes in accounts receivable, accounts payable, accrued liabilities, and deferred revenue could be significant, such that the amount of net cash provided by operating activities would vary substantially from the amount of projected Adjusted EBITDA and Distributable Cash Flow;
• Adjusted EBITDA range of $420.0 million to $430.0 million; and
• Distributable Cash Flow range of $215.0 million to $225.0 million.

Conference Call

The Partnership will host a conference call today beginning at 11:00 a.m. Eastern Time (10:00 a.m. Central Time) to discuss third-quarter 2022 performance. The call will be broadcast live over the Internet. Investors may participate by audio webcast, or if located in the U.S. or Canada, by phone.

About USA Compression Partners, LP

USA Compression Partners, LP is a growth-oriented Delaware limited partnership that is one of the nation’s largest independent providers of natural gas compression services in terms of total compression fleet horsepower. USA Compression partners with a broad customer base composed of producers, processors, gatherers and transporters of natural gas and crude oil. USA Compression focuses on providing natural gas compression services to infrastructure applications primarily in high-volume gathering systems, processing facilities and transportation applications. More information is available at usacompression.com.

Non-GAAP Financial Measures

This news release includes the Non-GAAP financial measures of Adjusted gross margin, Adjusted EBITDA, Distributable Cash Flow and Distributable Cash Flow Coverage Ratio.

Adjusted gross margin is defined as revenue less cost of operations, exclusive of depreciation and amortization expense. Management believes Adjusted gross margin is useful to investors as a supplemental measure of the Partnership’s operating profitability. Adjusted gross margin is impacted primarily by the pricing trends for service operations and cost of operations, including labor rates for service technicians, volume, and per-unit costs for lubricant oils, quantity and pricing of routine preventative maintenance on compression units, and property tax rates on compression units. Adjusted gross margin should not be considered an alternative to, or more meaningful than, gross margin or any other measure presented in accordance with GAAP. Moreover, the Partnership’s Adjusted gross margin, as presented, may not be comparable to similarly titled measures of other companies. Because the Partnership capitalizes assets, depreciation and amortization of equipment is a necessary element of its cost structure. To compensate for the limitations of Adjusted gross margin as a measure of the Partnership’s performance, management believes it important to consider gross margin determined under GAAP, as well as Adjusted gross margin, to evaluate the Partnership’s operating profitability.

Management views Adjusted EBITDA as one of its primary tools for evaluating the Partnership’s results of operations, and the Partnership tracks this item on a monthly basis as an absolute amount and as a percentage of revenue compared to the prior month, year-to-date, prior year, and budget. The Partnership defines EBITDA as net income (loss) before net interest expense, depreciation and amortization expense, and income tax expense (benefit). The Partnership defines Adjusted EBITDA as EBITDA plus impairment of compression equipment, impairment of goodwill, interest income on capital leases, unit-based compensation expense (benefit), severance charges, certain transaction expenses, loss (gain) on disposition of assets, and other. Adjusted EBITDA is used as a supplemental financial measure by management and external users of the Partnership’s financial statements, such as investors and commercial banks, to assess:

• the financial performance of the Partnership’s assets without regard to the impact of financing methods, capital structure, or the historical cost basis of the Partnership’s assets;
• the viability of capital expenditure projects and the overall rates of return on alternative investment opportunities;
• the ability of the Partnership’s assets to generate cash sufficient to make debt payments and pay distributions; and
• the Partnership’s operating performance as compared to those of other companies in its industry without regard to the impact of financing methods and capital structure.

Management believes Adjusted EBITDA provides useful information to investors because, when viewed in conjunction with the Partnership’s GAAP results and the accompanying reconciliations, it may provide a more complete assessment of the Partnership’s performance as compared to solely considering GAAP results. Management also believes that external users of the Partnership’s financial statements benefit from having access to the same financial measures that management uses to evaluate the results of the Partnership’s business.

Adjusted EBITDA should not be considered an alternative to, or more meaningful than, net income (loss), operating income (loss), cash flows from operating activities, or any other measure presented in accordance with GAAP. Moreover, the Partnership’s Adjusted EBITDA, as presented, may not be comparable to similarly titled measures of other companies.

Distributable Cash Flow is defined as net income (loss) plus non-cash interest expense, non-cash income tax expense (benefit), depreciation and amortization expense, unit-based compensation expense (benefit), impairment of compression equipment, impairment of goodwill, certain transaction expenses, severance charges, loss (gain) on disposition of assets, proceeds from insurance recovery, and other, less distributions on the Partnership’s Series A Preferred Units (“Preferred Units”) and maintenance capital expenditures.

Distributable Cash Flow should not be considered an alternative to, or more meaningful than, net income (loss), operating income (loss), cash flows from operating activities, or any other measure presented in accordance with GAAP. Moreover, the Partnership’s Distributable Cash Flow, as presented, may not be comparable to similarly titled measures of other companies.​

Management believes Distributable Cash Flow is an important measure of operating performance because it allows management, investors and others to compare the cash flows that the Partnership generates (after distributions on the Partnership’s Preferred Units but prior to any retained cash reserves established by the Partnership’s general partner and the effect of the Distribution Reinvestment Plan) to the cash distributions that the Partnership expects to pay its common unitholders.

Distributable Cash Flow Coverage Ratio is defined as the period’s Distributable Cash Flow divided by distributions declared to common unitholders in respect of such period. Management believes Distributable Cash Flow Coverage Ratio is an important measure of operating performance because it permits management, investors, and others to assess the Partnership’s ability to pay distributions to common unitholders out of the cash flows the Partnership generates. The Partnership’s Distributable Cash Flow Coverage Ratio, as presented, may not be comparable to similarly titled measures of other companies.

This news release also contains a forward-looking estimate of Adjusted EBITDA and Distributable Cash Flow projected to be generated by the Partnership for its 2022 fiscal year. A forward-looking estimate of net cash provided by operating activities and reconciliations of the forward-looking estimates of Adjusted EBITDA and Distributable Cash Flow to net cash provided by operating activities are not provided because the items necessary to estimate net cash provided by operating activities, in particular the change in operating assets and liabilities, are not accessible or estimable at this time. The Partnership does not anticipate changes in operating assets and liabilities to be material, but changes in accounts receivable, accounts payable, accrued liabilities, and deferred revenue could be significant, such that the amount of net cash provided by operating activities would vary substantially from the amount of projected Adjusted EBITDA and Distributable Cash Flow.

See “Reconciliation of Non-GAAP Financial Measures” for Adjusted gross margin reconciled to gross margin, Adjusted EBITDA reconciled to net income (loss) and net cash provided by operating activities, and net income (loss) and net cash provided by operating activities reconciled to Distributable Cash Flow and Distributable Cash Flow Coverage Ratio.

Forward-Looking Statements

Some of the information in this news release may contain forward-looking statements. These statements can be identified by the use of forward-looking terminology including “may,” “believe,” “expect,” “intend,” “anticipate,” “estimate,” “continue,” “if,” “project,” “outlook,” “will,” “could,” “should,” or other similar words or the negatives thereof, and include the Partnership’s expectation of future performance contained herein, including as described under “Full-Year 2022 Outlook.” These statements discuss future expectations, contain projections of results of operations or of financial condition, or state other “forward-looking” information. You are cautioned not to place undue reliance on any forward-looking statements, which can be affected by assumptions used or by known risks or uncertainties. Consequently, no forward-looking statements can be guaranteed. When considering these forward-looking statements, you should keep in mind the risk factors noted below and other cautionary statements in this news release. The risk factors and other factors noted throughout this news release could cause actual results to differ materially from those contained in any forward-looking statement. Known material factors that could cause the Partnership’s actual results to differ materially from the results contemplated by such forward-looking statements include:

• changes in general economic conditions, including inflation or supply chain disruptions and changes in economic conditions of the crude oil and natural gas industries, including any impact from the ongoing military conflict involving Russia and Ukraine;
• changes in the long-term supply of and demand for crude oil and natural gas, including as a result of the severity and duration of world health events, including the COVID-19 pandemic, related economic repercussions, actions taken by governmental authorities, and other third parties in response to such events, and the resulting disruption in the oil and gas industry and impact on demand for oil and gas;
• competitive conditions in the Partnership’s industry, including competition for employees in a tight labor market;
• changes in the availability and cost of capital, including changes to interest rates;
• renegotiation of material terms of customer contracts;
• actions taken by the Partnership’s customers, competitors, and third-party operators;
• operating hazards, natural disasters, epidemics, pandemics (such as COVID-19), weather-related impacts, casualty losses, and other matters beyond the Partnership’s control;
• operational challenges relating to COVID-19 and efforts to mitigate the spread of the virus, including logistical challenges, protecting the health and well-being of the Partnership’s employees, remote work arrangements, performance of contracts, and supply chain disruptions;
• the deterioration of the financial condition of the Partnership’s customers, which may result in the initiation of bankruptcy proceedings with respect to certain customers;
• the restrictions on the Partnership’s business that are imposed under the Partnership’s long-term debt agreements;
• information technology risks, including the risk from cyberattacks;
• the effects of existing and future laws and governmental regulations;
• the effects of future litigation;
• the Partnership’s ability to realize the anticipated benefits of acquisitions;
• factors described in Part I, Item 1A (“Risk Factors”) of the Partnership’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, which was filed with the Securities and Exchange Commission (the “SEC”) on February 15, 2022, and subsequently filed reports; and
• other factors discussed in the Partnership’s filings with the SEC.

All forward-looking statements speak only as of the date of this news release and are expressly qualified in their entirety by the foregoing cautionary statements. Unless legally required, the Partnership undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise. Unpredictable or unknown factors not discussed herein also could have material adverse effects on forward-looking statements.

Investor Contacts:

USA Compression Partners, LP

Mike Pearl
Chief Financial Officer
832-823-7306
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Julie McEwen
Controller
512-369-1389
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DUBLIN--(BUSINESS WIRE)--The "Solar Photovoltaic Glass Market by Type (AR-Coated, Tempered, TCO-Coated), Application, End User (Crystalline Silicon PV Module, Thin Film Module, Perovskite Module), Installation Technology & Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The solar photovoltaic glass market is projected to grow from USD 6.2 billion in 2022 to USD 21.1 billion by 2027, at a CAGR of 27.9% from 2022 to 2027. The global market for solar PV glass market driven by increase in various utility applications around the globe.

By type, the TCO coated PV glass segment is estimated to be the fastest-growing segment of solar photovoltaic glass market during 2022 to 2027

Based on type, the TCO-coated PV glass is estimated to be the fastest growing segment during the forecast period. TCO-coated glass is preferred in many solar applications due its high rate of transmission and a high Hayes value property.

The utility segment in application is projected to register the highest CAGR during the forecast period

Based on application, the utility segment is projected to register the highest CAGR during the forecast period. Utility scale solar power plant are getting popular worldwide due to its capability of generating large amount of electricity. This source of energy helps to meets the current energy demand in a renewable form.

By end-user, the perovskite module is estimated to be the fastest-growing segment of solar photovoltaic glass market during 2022 to 2027.

Based on end-user, the perovskite module is estimated to be the fastest-growing segment during the forecast period. Perovskite modules are getting popularity in global market as they can respond to wide range of light wavelength. High efficiency, low potential material prices, and low processing costs are some of the major properties of this module.

The float glass segment in installation is projected to register the highest CAGR during the forecast period.

Based on installation, the float glass segment is projected to register the highest CAGR during the forecast period. The properties of float glass such as extra clear, low-iron, high solar transmittance, among others makes it suitable option for many solar applications.

The solar photovoltaic glass market in South America region is projected to witness the highest CAGR during the forecast period

South America region is projected to register the highest CAGR in the solar photovoltaic glass market from 2022 to 2027. South America is one of the key markets for solar PV glass. The region has high demand for the solar PV glass due to rising demand from various end use applications

Market Dynamics

Drivers

• Supportive Policies and Initiatives of Various Governments for Solar Pv Plant Installations to Promote Renewable Energy Generation
• Increasing Demand for Solar Systems in Non-Utility Applications

Restraints

• High Costs Involved in Purchase, Installation, and Storage of Power Conversion Devices
• Fluctuations in Raw Material Prices
• Implementation of Various Stringent Regulations for Carbon Dioxide Emissions

Opportunities

• Decreasing Costs of Solar Systems and Energy Storage Devices
• Increasing Prices of Fossil Fuels

Challenges

• Energy-Efficient Manufacturing Processes for Glass Industry
• Low Availability of High-Quality Solar Pv Glass

Companies Mentioned

• Agc Solar
• Borosil Renewables Ltd.
• Brite Solar
• Changzhou Almaden Co. Ltd.
• Dongguan Csg Solar Glass Co. Ltd.
• Emmvee Toughened Glass Private Limited
• Euroglas
• Flat Glass Group Co. Ltd.
• Gruppostg
• Guardian Glass
• Hainan Development Holdings Nanhai Co. Ltd.
• Hecker Glastechnik GmbH & Co. Kg
• Irico Group New Energy Co. Ltd.
• Jinjing (Group) Co. Ltd.
• Nippon Sheet Glass Co. Ltd.
• Onyx Solar Group LLC
• Polysolar
• Qingdao Jinxin Glass Co. Ltd.
• Qingdao Migo Glass Co. Ltd.
• Saint-Gobain
• Shenzhen Topray Solar Co. Ltd.
• Sisecam Flat Glass
• Sunarc Technology A/S
• Taiwan Glass Ind. Corp.
• Targray
• Thermosol Glass
• Xinyi Solar Holdings Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/6d01rk

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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For E.S.T Office Hours Call 1-917-300-0470
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• Reported third-quarter earnings of $5.4 billion or $11.16 per share; adjusted earnings of $3.1 billion or $6.46 per share
• Generated $3.1 billion of operating cash flow
• Returned $1.2 billion to shareholders through dividends and share repurchases
• Increased economic interest in DCP Midstream, LP and offered to acquire all outstanding public common units
• Strong Refining operations and market capture
• Recently started operations of Sweeny Frac 4

HOUSTON--(BUSINESS WIRE)--$PSX--Phillips 66 (NYSE: PSX), a diversified energy company, announces third-quarter 2022 earnings of $5.4 billion, compared with earnings of $3.2 billion in the second quarter of 2022. Excluding special items of $2.3 billion, the company had adjusted earnings of $3.1 billion in the third quarter, compared with second-quarter adjusted earnings of $3.3 billion.

“Third-quarter results reflect a continued favorable market environment, as well as strong operating performance and improved market capture,” said Mark Lashier, President and CEO of Phillips 66. “Our focus remains on operating safely and reliably producing critical energy products.

“In Midstream, we increased our economic interest in DCP Midstream to capture the value of a fully integrated NGL business from wellhead to market. Our Sweeny Frac 4 started up on time and under budget. With this latest expansion, we are now processing over 550,000 barrels per day of natural gas liquids at our Sweeny Hub.

“We demonstrated our commitment to shareholder distributions, returning $1.2 billion through share repurchases and dividends during the quarter. We look forward to providing an update on our strategic initiatives and how we will continue to deliver shareholder value at our upcoming investor day.”

Midstream

On August 17, 2022, Phillips 66 announced a realignment of its economic and governance interests in DCP Midstream, LP and Gray Oak Pipeline, LLC (Gray Oak Pipeline) resulting from the merger of DCP Midstream, LLC and Gray Oak Holdings, LLC. In connection with the merger, Phillips 66 was delegated DCP Midstream, LLC’s governance rights over DCP Midstream, LP and its general partner entities. As a result, starting on August 18, 2022, the company’s financial results reflect the consolidation of DCP Midstream, LP and its general partner entities (collectively referred to as DCP Midstream), as well as DCP Sand Hills Pipeline, LLC (Sand Hills Pipeline) and DCP Southern Hills Pipeline, LLC (Southern Hills Pipeline). The results of these entities after the merger and our share of DCP Midstream, LLC’s results prior to the merger are reported in the NGL and Other amounts shown below. Additionally, our economic interest in Gray Oak Pipeline decreased to 6.5%.

Midstream third-quarter 2022 pre-tax income was $3.6 billion, compared with $292 million in the second quarter of 2022. Midstream results in the third quarter include a net gain of $3.0 billion related to the consolidation of DCP Midstream, Sand Hills Pipeline and Southern Hills Pipeline and the transfer of interest in Gray Oak Pipeline.

Transportation third-quarter adjusted pre-tax income was $229 million, compared with adjusted pre-tax income of $250 million in the second quarter. The decrease was mainly due to lower equity earnings from the Gray Oak Pipeline resulting from the merger.

NGL and Other adjusted pre-tax income was $449 million in the third quarter, compared with adjusted pre-tax income of $282 million in the second quarter. The increase was mainly driven by the consolidation of DCP Midstream, Sand Hills Pipeline and Southern Hills Pipeline as a result of the merger.

In the third quarter, the fair value of the company’s investment in NOVONIX, Ltd., decreased by $33 million compared with a $240 million decrease in the second quarter.

Chemicals

The Chemicals segment reflects Phillips 66’s equity investment in Chevron Phillips Chemical Company LLC (CPChem). Chemicals third-quarter 2022 pre-tax income was $135 million, compared with $273 million in the second quarter of 2022.

CPChem’s Olefins and Polyolefins (O&P) business contributed $105 million of adjusted pre-tax income in the third quarter, compared with $216 million in the second quarter. The $111 million decrease mainly reflects a sharp decline in polyethylene margins, partially offset by lower turnaround costs. Global O&P utilization was 90% for the quarter.

CPChem’s Specialties, Aromatics and Styrenics (SA&S) business contributed third-quarter adjusted pre-tax income of $60 million, in line with the second quarter.

The $28 million increase in Other adjusted costs in the third quarter mainly reflects legal contingencies.

Refining

Refining third-quarter 2022 pre-tax income was $2.9 billion, compared with pre-tax income of $3.0 billion in the second quarter of 2022. Refining results in the third quarter included a $24 million hurricane-related insurance recovery benefit. Second-quarter results included $70 million of costs related to the finalization of RIN obligations for prior year compliance periods and $26 million of costs related to the conversion of the Alliance Refinery to a terminal.

Adjusted pre-tax income for Refining was $2.8 billion in the third quarter, compared with adjusted pre-tax income of $3.1 billion in the second quarter. The decrease was primarily due to lower realized margins, partially offset by higher volumes. Realized margins declined 6% from $28.31 per barrel in the second quarter to $26.58 per barrel in the third quarter as the impact of lower market crack spreads was largely offset by improved crude and product differentials. The composite global market crack decreased 22% from $46.72 in the second quarter to $36.29 per barrel in the third quarter.

Pre-tax turnaround costs for the third quarter were $225 million, compared with second-quarter costs of $223 million. Crude utilization rate was 91% and clean product yield was 85% in the third quarter.

Marketing and Specialties

Marketing and Specialties third-quarter 2022 pre-tax income was $847 million, compared with $765 million in the second quarter of 2022.

Adjusted pre-tax income for Marketing and Other was $717 million in the third quarter compared with $656 million in the second quarter, reflecting higher international margins, partially offset by lower domestic results, including inventory impacts.

Specialties generated third-quarter adjusted pre-tax income of $130 million, up from $109 million in the prior quarter, largely due to improved base oil margins.

Corporate and Other

Corporate and Other third-quarter 2022 pre-tax costs were $320 million, compared with pre-tax costs of $260 million in the second quarter of 2022. Pre-tax costs included $74 million and $25 million of business transformation restructuring costs in the third quarter and second quarter, respectively.

Adjusted pre-tax loss was $246 million in third-quarter 2022. The increase in the third quarter was mainly due to higher interest expense from the DCP Midstream consolidation, partially offset by increased interest income driven by higher interest rates and cash balances.

Financial Position, Liquidity and Return of Capital

Phillips 66 generated $3.1 billion in cash from operations in the third quarter of 2022.

During the quarter, the company funded $466 million of dividends and $694 million of share repurchases. Capital expenditures and investments for the quarter were $735 million, including the company’s $306 million investment in DCP Midstream, LLC in connection with the merger, net of cash acquired. The company ended the quarter with 473 million shares outstanding.

As of Sept. 30, 2022, the company had $10.5 billion of liquidity, reflecting $3.7 billion of cash and cash equivalents, approximately $5.0 billion of total committed capacity under a Phillips 66 revolving credit facility and $1.8 billion under DCP Midstream, LP’s credit and accounts receivable facilities. The company’s consolidated debt-to-capital ratio was 35% and its net debt-to-capital ratio was 29%.

Strategic Update

Phillips 66 will provide an update on its plans to continue to deliver shareholder value and its strategic initiatives, including business transformation, at the company’s investor day in New York on November 9.

In Midstream, Phillips 66 completed Sweeny Frac 4, adding 150,000 BPD of capacity. Frac 4 achieved full rates in early October. Total Sweeny Hub fractionation capacity is 550,000 BPD. The fractionators are supported by long-term commitments.

Additionally, the company’s increased economic interest in DCP Midstream, LP allows for further integration and optimization of its NGL business that builds on the company’s existing value chain from wellhead to market, creating a platform for enhanced commercial opportunities and value generation. Phillips 66 also submitted a non-binding proposal to acquire all publicly held common units of DCP Midstream, LP for cash.

In Chemicals, CPChem is pursuing a portfolio of high-return growth projects:

• Growing its normal alpha olefins business with a second world-scale unit to produce 1-hexene, a critical component in high-performance polyethylene. Construction is underway on the 586 million pounds per year unit located in Old Ocean, Texas. The project utilizes CPChem’s proprietary technology. Startup is expected in the second half of 2023.
• Expanding propylene splitting capacity by 1 billion pounds per year with a new unit located at its Cedar Bayou facility. Startup is expected in the second half of 2023.
• Increasing polyalphaolefins production capacity in Belgium by over 130 million pounds per year. Startup is expected in 2024.
• Continuing development of world-scale petrochemical facilities on the U.S. Gulf Coast and in Ras Laffan, Qatar, jointly with Qatar Energy. CPChem expects to make a final investment decision for its U.S. Gulf Coast project in the fourth quarter.

In Refining, Phillips 66 is converting its San Francisco Refinery in Rodeo, California, into one of the world’s largest renewable fuels facilities. The Rodeo Renewed refinery conversion project is expected to begin commercial operations in the first quarter of 2024. Upon completion, the facility will have over 50,000 BPD (800 million gallons per year) of renewable fuel production capacity. The conversion will reduce emissions from the facility and produce lower carbon-intensity transportation fuels. The total project is anticipated to cost approximately $850 million.

Investor Webcast

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