SAN ANTONIO--(BUSINESS WIRE)--NuStar Energy L.P. (NYSE: NS) today announced that its Board of Directors has declared a first quarter 2021 common unit distribution of $0.40 per unit. The first quarter common unit distribution will be paid on May 14, 2021 to holders of record as of May 10, 2021.

NuStar Energy L.P.’s Board of Directors also declared a first quarter 2021 Series A preferred unit distribution of $0.53125 per unit, a Series B preferred unit distribution of $0.47657 per unit and a Series C preferred unit distribution of $0.56250 per unit. The preferred unit distributions will be paid on June 15, 2021 to holders of record as of June 1, 2021.

A conference call with management is scheduled for 9:00 a.m. CT on Tuesday, May 4, 2021, to discuss the financial and operational results for the first quarter of 2021. Investors interested in listening to the discussion may dial toll-free 844/889-7787, passcode 1971125. International callers may access the discussion by dialing 661/378-9931, passcode 1971125. The partnership intends to have a playback available following the discussion, which may be accessed by dialing toll-free 855/859-2056, passcode 1971125. International callers may access the playback by dialing 404/537-3406, passcode 1971125. The playback will be available until 12:00 p.m. CT on June 3, 2021.

Investors interested in listening to the live discussion or a replay via the internet may access the discussion directly at https://edge.media-server.com/mmc/p/ngcf7ru6 or by logging on to NuStar Energy L.P.’s website at www.nustarenergy.com.

NuStar Energy L.P., a publicly traded master limited partnership based in San Antonio, Texas, is one of the largest independent liquids terminal and pipeline operators in the nation. NuStar currently has approximately 10,000 miles of pipeline and 73 terminal and storage facilities that store and distribute crude oil, refined products, renewable fuels and specialty liquids. The partnership’s combined system has approximately 72 million barrels of storage capacity, and NuStar has operations in the United States, Canada and Mexico. For more information, visit NuStar Energy L.P.’s website at www.nustarenergy.com and our Sustainability page at www.nustarenergy.com/Sustainability.

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

NuStar Energy, L.P., San Antonio
Investors, Tim Delagarza, Manager, Investor Relations
Investor Relations: 210-918-INVR (4687)
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Media, Mary Rose Brown, Executive Vice President and Chief Administrative Officer,
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website: http://www.nustarenergy.com

LITTLE RIVER, S.C.--(BUSINESS WIRE)--$pctl #energy--PCT LTD (OTC PINK: PCTL) provides an update relative to ongoing infield testing at the Grassy Creek, MO testing site.

During the three weeks, January 7^th – 21^st, PCTL implemented its oilfield testing protocols in Grassy Creek, MO. The purpose of the in-field testing was to gather empirical data relative to whether PCT Catholyte was effective in enhancing oil production in shallow wells, and then to determine the effective enhancement of each well and what process and protocols yielded the best results. In our first round of in-field testing, we selected and tested six (6) producing oil wells (that had prior “damage”) and one (1) injection well. The baseline of 99/1 (water/oil) was established. Over the next two (2) weeks, we injected PCT Catholyte, ran dye tests and the results improved to a 97/3 ratio of water to oil. Severe weather shut in our testing for approximately eighteen (18) days. Once we were able to resume testing in March, we changed the treatment regimen, ran further dye tests, shut in 3 non-oil producing wells and assessed the findings: 92/8, a 250% increase over baseline data.

Later in March, we added three (3) new wells, increased the intervals of treatment with different specifications of PCT Catholyte, ran new dye tests and determined another increase in water/oil, up to 90/10; then saw further improvement to 80/20 by the end of March. Our most recent test results indicate a level of 60/40 water to oil ratio, which is a significant turn-around.

Testing continues and PCTL will release the findings in a technical report within thirty (30) days.

About PCT LTD:

PCT LTD ("PCTL") focuses its business on acquiring, developing and providing sustainable, environmentally safe disinfecting, cleaning and tracking technologies. The company acquires and holds rights to innovative products and technologies, which are commercialized through its operating subsidiary, Paradigm Convergence Technologies Corporation (PCT Corp).

ADDITIONAL NEWS AND CORPORATE UPDATES:

PCTL would like to warn its stockholders and potential investors that material corporate information regarding sales, areas of business and other corporate updates will only be made through press releases or filings with the SEC and through Twitter (PCTL@PCTL_). PCTL does not utilize social media, chatrooms or other online sources to disclose material information. The public should only rely on official press releases, Tweets from the Company’s official Twitter account, and corporate filings for accurate and up to date information regarding PCTL.

Forward-Looking Statements:

This press release contains "forward-looking statements" as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21B of the Securities Exchange Act of 1934, as amended. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements."

Such statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties, which could cause actual results or events to differ materially from those presently anticipated. Such statements involve risks and uncertainties, including but not limited to: PCTL's ability to raise sufficient funds to satisfy its working capital requirements; the ability of PCTL to execute its business plan; the anticipated results of business contracts with regard to revenue; and any other effects resulting from the information disclosed above; risks and effects of legal and administrative proceedings and government regulation; future financial and operational results; competition; general economic conditions; and the ability to manage and continue growth. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. Important factors that could cause actual results to differ materially from the forward-looking statements PCTL makes in this press release include market conditions and those set forth in reports or documents it files from time to time with the SEC. PCTL undertakes no obligation to revise or update such statements to reflect current events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

www.para-con.com
www.pctcorphealth.com
www.pctcorporation.com
Twitter: https://mobile.twitter.com/PCTL_

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• Reported a first-quarter loss of $654 million or $1.49 per share; adjusted loss of $509 million or $1.16 per share
• Financial and operating performance impacted by severe winter storms
• Recognized for exemplary 2020 safety performance in Refining, Midstream and Chemicals
• Recently started renewable diesel production at San Francisco Refinery
• Continued to advance lower-carbon initiatives

HOUSTON--(BUSINESS WIRE)--Phillips 66 (NYSE: PSX), a diversified energy manufacturing and logistics company, announces a first-quarter 2021 loss of $654 million, compared with a loss of $539 million in the fourth quarter of 2020. Excluding special items of $145 million, the company had an adjusted loss of $509 million in the first quarter, compared with a fourth-quarter adjusted loss of $507 million.

“Our first-quarter results reflect the impact of severe winter storms in the Central and Gulf Coast regions, as well as the ongoing COVID-19 pandemic,” said Greg Garland, Chairman and CEO of Phillips 66. “We realized lower utilization and higher costs across our businesses. We safely resumed operations following storm-related downtime and performed multiple turnarounds in the first quarter. We are proud of our employees and their commitment to operating excellence, particularly during these challenging times.

“We continued to execute our strategy despite these challenges. Earlier this month we commenced renewable diesel production at the San Francisco Refinery with the completion of the diesel hydrotreater conversion. Additionally, the South Texas Gateway Terminal was completed, and we advanced construction of the C2G Pipeline. We also published our inaugural Human Capital Management Report, which provides a comprehensive look at our approach to building a high-performing organization.

“We remain committed to a secure, competitive and growing dividend. In the first quarter, we paid $394 million in dividends to shareholders and repaid $500 million of debt. We will continue to take a disciplined approach to capital allocation, including debt repayment, as cash flow recovers.”

Midstream

Midstream first-quarter 2021 pre-tax income was $76 million, compared with $223 million in the fourth quarter of 2020. Midstream results in the first quarter included a $198 million impairment resulting from Phillips 66 Partners’ decision to exit the Liberty Pipeline project, as well as $2 million in maintenance and repair costs resulting from the winter storms. Fourth-quarter results included $96 million of impairments related to Phillips 66 Partners’ investments in two crude oil logistics joint ventures, $3 million of hurricane-related costs and $1 million of pension settlement expense.

Transportation first-quarter adjusted pre-tax income of $206 million was $10 million higher than the fourth quarter. The increase was primarily due to lower operating costs and higher equity earnings, partially offset by decreased volumes.

NGL and Other adjusted pre-tax income was $36 million in the first quarter, compared with $86 million in the fourth quarter. The decrease was mainly due to higher operating costs resulting from the winter storms.

The company’s equity investment in DCP Midstream, LLC generated first-quarter adjusted pre-tax income of $34 million, a $7 million decrease from the prior quarter, resulting from the winter storms.

Chemicals

The Chemicals segment reflects Phillips 66’s equity investment in Chevron Phillips Chemical Company LLC (CPChem). Chemicals first-quarter 2021 pre-tax income was $154 million, compared with $193 million in the fourth quarter of 2020. Chemicals results in the first quarter included a reduction to equity earnings of $30 million for maintenance and repair costs resulting from the winter storms. Fourth-quarter results included a reduction to equity earnings of $21 million for pension settlement expense and $1 million of hurricane-related costs, partially offset by a $12 million benefit from lower-of-cost-or-market inventory adjustments.

CPChem’s Olefins and Polyolefins (O&P) business contributed $174 million of adjusted pre-tax income in the first quarter, compared with $216 million in the fourth quarter. The $42 million decrease was primarily due to winter storm impacts, which resulted in decreased production and higher utility costs. These items were partially offset by higher margins primarily due to tight supplies, low inventory levels and continued strong demand. Global O&P utilization was 79% for the quarter.

CPChem’s Specialties, Aromatics and Styrenics (SA&S) business contributed first-quarter adjusted pre-tax income of $27 million, compared with $13 million in the fourth quarter. The increase primarily reflects improved margins.

Refining

Refining had a first-quarter 2021 pre-tax loss of $1.0 billion, compared with a pre-tax loss of $1.1 billion in the fourth quarter of 2020. First-quarter results included $14 million of maintenance and repair costs resulting from the winter storms. Fourth-quarter results included $22 million of hurricane-related costs and $3 million of pension settlement expense, partially offset by $6 million of favorable U.K. R&D credits.

Refining had an adjusted pre-tax loss of $1.0 billion in the first quarter, compared with an adjusted pre-tax loss of $1.1 billion in the fourth quarter. Higher realized margins in the first quarter were largely offset by increased turnaround costs, as well as higher utilities resulting from the winter storms. First-quarter realized margins were $4.36 per barrel, up from $2.18 in the prior quarter, due to an increase in market crack spreads and the sale of electricity to help meet demand in the Texas market, partially offset by lower product differentials and higher RIN costs.

Pre-tax turnaround costs for the first quarter were $192 million, compared with fourth-quarter costs of $76 million. Crude utilization rate was 74% in the first quarter, up from 69% in the fourth quarter. Clean product yield was 82% in the first quarter.

Marketing and Specialties

Marketing and Specialties (M&S) first-quarter 2021 pre-tax income was $290 million, compared with $232 million in the fourth quarter of 2020. Fourth-quarter results included a $14 million benefit to equity earnings from a lower-of-cost-or-market inventory adjustment, partially offset by $2 million of hurricane-related costs and $1 million of pension settlement expense.

Adjusted pre-tax income for Marketing and Other was $211 million in the first quarter, an increase of $30 million from the fourth quarter. The increase was due to higher domestic margins, partially offset by lower international margins. Refined product exports in the first quarter were 204,000 barrels per day (BPD).

Specialties generated first-quarter adjusted pre-tax income of $79 million, up from $40 million in the fourth quarter, largely due to improved base oil and finished lubricant margins.

Corporate and Other

Corporate and Other first-quarter 2021 pre-tax costs were $251 million, compared with pre-tax costs of $226 million in the fourth quarter of 2020. Fourth-quarter pre-tax costs included a $9 million gain on an asset sale.

The $16 million increase in Corporate and Other adjusted pre-tax costs in the first quarter was mainly driven by timing of charitable contributions and environmental expenses, as well as lower capitalized interest.

Financial Position, Liquidity and Return of Capital

Phillips 66 generated $271 million in cash from operations in the first quarter of 2021, including $502 million of cash distributions from equity affiliates. Excluding working capital impacts, operating cash flow was $173 million.

During the quarter, Phillips 66 funded $331 million of capital expenditures and investments and paid $394 million in dividends. The company also repaid $500 million of floating rate senior notes upon maturity.

As of March 31, 2021, Phillips 66 had $6.7 billion of liquidity, reflecting $1.4 billion of cash and cash equivalents and approximately $5.3 billion of total committed capacity under revolving credit facilities. Consolidated debt was $15.4 billion at March 31, 2021, including $3.9 billion at Phillips 66 Partners (PSXP). The company’s consolidated debt-to-capital ratio was 43% and its net debt-to-capital ratio was 41%. Excluding PSXP, the debt-to-capital ratio was 39% and the net debt-to-capital ratio was 36%.

Strategic Update

The South Texas Gateway Terminal commissioned additional storage capacity, bringing total capacity to 8.6 million barrels and marking completion of the final construction phase. The marine export terminal has two deepwater docks with up to 800,000 BPD of export capacity. Phillips 66 Partners owns a 25% interest in the terminal.

Phillips 66 Partners continued construction of the C2G Pipeline, a 16 inch ethane pipeline that will connect its Clemens Caverns storage facility to petrochemical facilities in Gregory, Texas, near Corpus Christi, Texas. The project is backed by long-term commitments and is expected to be completed in mid-2021.

At the Sweeny Hub, Phillips 66 plans to resume construction of the fourth fractionator in the second half of 2021. Upon completion of the 150,000-BPD Frac 4, the Sweeny Hub will have 550,000 BPD of fractionation capacity. The fractionators are supported by long-term customer commitments.

In Chemicals, CPChem and Qatar Petroleum are jointly pursuing development of petrochemical facilities on the U.S. Gulf Coast and in Ras Laffan, Qatar. CPChem is closely monitoring economic developments and expects a final investment decision for its U.S. Gulf Coast project in 2022.

CPChem is advancing optimization and debottlenecking opportunities. This includes approved projects at its Cedar Bayou facility in Baytown, Texas, that will increase production capacity of ethylene and polyethylene. In addition, CPChem is pursuing expansion of its normal alpha olefins capacity.

Phillips 66 is advancing its plans at the San Francisco Refinery in Rodeo, California, to meet the growing demand for renewable fuels. In April, the company completed its diesel hydrotreater conversion, which will ramp up to 8,000 BPD (120 million gallons per year) of renewable diesel production by the third quarter of 2021. Subject to permitting and approvals, full conversion of the refinery is expected in early 2024. Upon completion, the facility will have over 50,000 BPD (800 million gallons per year) of renewable fuel production capacity. The conversion is expected to reduce the facility’s greenhouse gas emissions by 50% and help California meet its lower-carbon objectives.

Phillips 66 is increasing its focus on lower-carbon initiatives across the company, including the creation of an Emerging Energy group early this year and ongoing research in its Energy Research and Innovation organization. New initiatives this year include:

• An investment in Shell Rock Soy Processing, a joint venture that plans to construct a new soybean-processing facility in Iowa. The project is expected to be completed in late 2022. The company will purchase 100% of the soybean oil production.

• A memorandum of understanding with Southwest Airlines to commercialize sustainable aviation fuel.

• A technical collaboration with Faradion, a leader in sodium-ion battery technology, to develop lower-cost and higher-performing anode materials for sodium-ion batteries.

Six Phillips 66 refineries were recognized by the American Fuel and Petrochemical Manufacturers (AFPM) for exemplary 2020 safety performance, including the Lake Charles, Ponca City and Santa Maria refineries, which received Distinguished Safety Awards. This is the highest annual safety award the industry recognizes and the fifth year in a row that the company's refineries have received this recognition.

In Midstream, Phillips 66 was awarded the American Petroleum Institute (API) Distinguished Pipeline Safety Award for Large Operators. This is the highest recognition by API for the midstream industry.

In Chemicals, AFPM selected CPChem’s Conroe, Orange and Port Arthur facilities as recipients of the Elite Silver Safety Award for exemplary 2020 safety performance.

Investor Webcast

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

About Phillips 66

Phillips 66 is a diversified energy manufacturing and logistics company. With a portfolio of Midstream, Chemicals, Refining, and Marketing and Specialties businesses, the company processes, transports, stores and markets fuels and products globally. Phillips 66 Partners, the company’s master limited partnership, is integral to the portfolio. Headquartered in Houston, the company has 14,200 employees committed to safety and operating excellence. Phillips 66 had $55 billion of assets as of March 31, 2021. For more information, visit www.phillips66.com or follow us on Twitter @Phillips66Co.

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

^{This news release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Words and phrases such as “is anticipated,” “is estimated,” “is expected,” “is planned,” “is scheduled,” “is targeted,” “believes,” “continues,” “intends,” “will,” “would,” “objectives,” “goals,” “projects,” “efforts,” “strategies” and similar expressions are used to identify such forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this news release are based on management’s expectations, estimates and projections as of the date they are made. These statements are not guarantees of future performance and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include: the continuing effects of the COVID-19 pandemic and its negative impact on commercial activity and demand for refined petroleum products; the inability to timely obtain or maintain permits necessary for capital projects; changes to worldwide government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs like the renewable fuel standards program, low carbon fuel standards and tax credits for biofuels; fluctuations in NGL, crude oil, and natural gas prices, and petrochemical and refining margins; unexpected changes in costs for constructing, modifying or operating our facilities; unexpected difficulties in manufacturing, refining or transporting our products; the level and success of drilling and production volumes around our Midstream assets; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products, renewable fuels or specialty products; lack of, or disruptions in, adequate and reliable transportation for our NGL, crude oil, natural gas, and refined products; potential liability from litigation or for remedial actions, including removal and reclamation obligations under environmental regulations; failure to complete construction of capital projects on time and within budget; the inability to comply with governmental regulations or make capital expenditures to maintain compliance; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; potential disruption of our operations due to accidents, weather events, including as a result of climate change, terrorism or cyberattacks; general domestic and international economic and political developments including armed hostilities, expropriation of assets, and other political, economic or diplomatic developments, including those caused by public health issues and international monetary conditions and exchange controls; changes in governmental policies relating to NGL, crude oil, natural gas, refined petroleum products, or renewable fuels pricing, regulation or taxation, including exports; changes in estimates or projections used to assess fair value of intangible assets, goodwill and property and equipment and/or strategic decisions with respect to our asset portfolio that cause impairment charges; investments required, or reduced demand for products, as a result of environmental rules and regulations; changes in tax, environmental and other laws and regulations (including alternative energy mandates); the operation, financing and distribution decisions of equity affiliates we do not control; the impact of adverse market conditions or other similar risks to those identified herein affecting PSXP, as well as the ability of PSXP to successfully execute its growth plans; and other economic, business, competitive and/or regulatory factors affecting Phillips 66’s businesses generally as set forth in our filings with the Securities and Exchange Commission. Phillips 66 is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.}

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

^{References in the release to total consolidated earnings (loss) refer to net income (loss) attributable to Phillips 66. Effective with the first quarter of 2021, refined product exports also include refined products purchased by Phillips 66 for export. The refined product export amounts on this basis in the fourth, third, second and first quarters of 2020 were 157,000 BPD, 208,000 BPD, 176,000 BPD and 223,000 BPD, respectively.}

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• Diversity is an integral part of the history, culture and identity at Schneider Electric, earning it the No. 48 position in this year’s rankings and best in our industry
• Award reaffirms commitment to diversity, equity and inclusion, building an empowered culture across the company

BOSTON--(BUSINESS WIRE)--#Diversity--Schneider Electric, the global leader in the digital transformation of energy management and automation, today announced that it ranked No. 48 on the Forbes America’s Best Employers in Diversity 2021 list and the best in our industry. The award recognizes the company’s commitment to building a diverse and inclusive culture that welcomes and respects individuals from all walks of life, ages, and cultures.

“The diversity of our team is a core strength that enables us to come together for a common purpose to address the energy needs and challenges of our customers,” said Annette Clayton, CEO & President, Schneider Electric North America. “By bringing together people from different backgrounds, we benefit from their diverse thinking and unique perspectives to develop innovative, sustainable solutions. Fostering this inclusive culture within the company is a priority for the betterment of our people and our organization over the long term.”

This prestigious award is presented by Forbes and Statista Inc., the world-leading statistics portal and industry ranking provider. The Best Employers for Diversity were selected based on Statista's innovative methodology, guaranteeing unbiased results and providing reliable insights. Over 50,000 U.S. employees were surveyed in companies with a minimum of 1,000 employees to identify The Best Employers for Diversity.

The evaluation was based on both direct and indirect recommendations with employees asked to provide their opinions on a series of statements regarding Age, Gender, Ethnicity, Disability, LGBTQA+ & General Diversity in their current workplace. The recommendations of women, elders, and ethnic minorities were weighted higher than the non-minority groups. Participants were also given the chance to evaluate other employers in their respective industries that stand out either positively or negatively with regard to diversity. Only the recommendations of minority groups were considered. The diversity among top executives and diversity engagement indicators were also part of the evaluation.

“At Schneider Electric, ‘Embrace Different’ is one of our core values and we continue to place emphasis on diversity, equity and inclusion in our recruiting, developing, and advancing employees across the organization,” said Mai Lan Nguyen, SVP, Human Resources, Schneider Electric. “In order to lead in the markets where we serve, the faces and voices of our people have to mirror those of our customers and communities, and the values we set within our company must set an example for the industry.”

For more information on Diversity at Schneider Electric, please visit www.se.com/us/diversity.

To learn more about this award and the culture of diversity, equity and inclusion at Schneider Electric, please visit https://blog.se.com/life-at-schneider-electric/2021/04/30/best-employers-for-diversity-advice/.

About Schneider Electric

Schneider’s purpose is to empower all to make the most of our energy and resources, bridging progress and sustainability for all. We call this Life Is On.

Our mission is to be your digital partner for Sustainability and Efficiency.

We drive digital transformation by integrating world-leading process and energy technologies, end-point to cloud connecting products, controls, software and services, across the entire lifecycle, enabling integrated company management, for homes, buildings, data centers, infrastructure and industries.

We are the most local of global companies. We are advocates of open standards and partnership ecosystems that are passionate about our shared Meaningful Purpose, Inclusive and Empowered values.

www.se.com

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Hashtags: #SchneiderElectric #Diversity

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ELKHART, Ind.--(BUSINESS WIRE)--LCI Industries (NYSE: LCII), through its wholly-owned subsidiary, Lippert Components, Inc. (“Lippert”) which 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 its new wholly-owned German subsidiary, LCI Industries GmbH, acquired 100% of the shares of Schaudt GmbH Elektrotechnik & Apparatebau (“Schaudt”), a leading supplier of electronic controls and energy management systems for the European Caravan Industry. Located in Markdorf, Germany, Schaudt has been one of the leading suppliers to the recreational vehicle market in Germany and throughout Europe for over 40 years.

The formation of LCI Industries GmbH and the subsequent acquisition of Schaudt is part of Lippert’s larger European strategy to be closer to its key German customers and to have local contacts within the country. Schaudt’s facilities in Markdorf are expected to become the hub for Lippert’s German operations and are planned to eventually offer services for all Lippert brands and products for the German market. Schaudt will also partner with Lippert Technologies, Lippert’s North American electronics and technology manufacturer based out of Detroit, Michigan, to offer globally-aligned technology solutions that will help to set new global standards for these products.

Schaudt has proven over many years to be a leading partner to key European caravan manufacturers, delivering innovative power supply and booster systems, and controlling solutions and indicator panels that are setting new standards within the industry. Schaudt’s engineers work closely with their customers to develop customized solutions to work toward solving their challenges. Their philosophy is to always think ahead, making their solutions easier, safer and more compatible, focusing on the most user-friendly design possible. Most importantly, Schaudt is focusing on providing a full range of power supply and control products, linking all of these systems and making them completely expandable.

“We are excited to welcome Schaudt to the Lippert family, reaching a long-term goal of having operations within Germany,” said Jason Lippert, President and CEO of Lippert. He continued, “I am very impressed with Schaudt’s team; they have excellent leadership and their culture fits perfectly within the Lippert family. Lippert’s goal has always been to be the leading global supplier to the RV Industry, and Schaudt helps develop that global footprint with key product and service offerings in the largest RV market in Europe.”

“Schaudt’s excellent reputation for customer service and their great customer relationships were key to this partnership,” said Jim Menefee, Group President of Lippert Europe. “At Lippert, we understand the importance of offering our European customers localized services in their native language, all while maintaining quick reaction times and being as flexible as possible. This acquisition will no doubt strengthen our ability to deliver all of these aspects of business. To that point, we are excited that Barbara Härle and Armin Steinmetz are staying on as directors, and we have the utmost trust in them leading this newly-acquired German subsidiary,” he continued.

“We are happy to start on this new journey with the Lippert family, a true global player in our industry with the same goals as we have; to serve our customers with reliability and to have 100% focus on the customer,” said Barbara Härle, Managing Director of Schaudt. She continued, “We also appreciate their sense of responsibility for their team members, their communities and the future generations to come.”

Armin Steinmetz, Managing Director for Schaudt, also commented: “The rate at which recreational vehicles are adapting electronics is rapidly increasing and becoming more complex by the day. Having a global strategy with this new partnership will be a big benefit for customers and end users alike.”

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. 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; and other accessories. Additional information about Lippert and its products can be found at www.lci1.com.

Forward-Looking Statements

This press release contains certain "forward-looking statements" with respect to our financial condition, results of operations, business strategies, operating efficiencies or synergies, competitive position, growth opportunities, acquisitions, plans and objectives of management, markets for the Company's common stock, the impact of legal proceedings, and other matters. Statements in this press release that are not historical facts are "forward-looking statements" for the purpose of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, and involve a number of risks and uncertainties.

Forward-looking statements, including, without limitation, those relating to our future business prospects, net sales, expenses and income (loss), capital expenditures, tax rate, cash flow, financial condition, liquidity, covenant compliance, retail and wholesale demand, integration of acquisitions, R&D investments, and industry trends, whenever they occur in this press release are necessarily estimates reflecting the best judgment of the Company's senior management at the time such statements were made. There are a number of factors, many of which are beyond the Company's control, which could cause actual results and events to differ materially from those described in the forward-looking statements. These factors include, in addition to other matters described in this press release, the impacts of COVID-19, or other future pandemics, on the global economy and on the Company's customers, suppliers, employees, business and cash flows, pricing pressures due to domestic and foreign competition, costs and availability of, and tariffs on, raw materials (particularly steel and aluminum) and other components, seasonality and cyclicality in the industries to which we sell our products, availability of credit for financing the retail and wholesale purchase of products for which we sell our components, inventory levels of retail dealers and manufacturers, availability of transportation for products for which we sell our components, the financial condition of our customers, the financial condition of retail dealers of products for which we sell our components, retention and concentration of significant customers, the costs, pace of and successful integration of acquisitions and other growth initiatives, availability and costs of production facilities and labor, team member benefits, team member retention, realization and impact of expansion plans, efficiency improvements and cost reductions, the disruption of business resulting from natural disasters or other unforeseen events, the successful entry into new markets, the costs of compliance with environmental laws, laws of foreign jurisdictions in which we operate, other operational and financial risks related to conducting business internationally, and increased governmental regulation and oversight, information technology performance and security, the ability to protect intellectual property, warranty and product liability claims or product recalls, interest rates, oil and gasoline prices and availability, the impact of international, national and regional economic conditions and consumer confidence on the retail sale of products for which we sell our components, and other risks and uncertainties discussed more fully under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2020, and in the Company's subsequent filings with the Securities and Exchange Commission. Readers of this press release are cautioned not to place undue reliance on these forward-looking statements, since there can be no assurance that these forward-looking statements will prove to be accurate. The Company disclaims any obligation or undertaking to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.

Contact: Brian M. Hall, CFO
Phone: (574) 535-1125
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HARTFORD, Conn. & BOSTON--(BUSINESS WIRE)--Eversource Energy will webcast a conference call with financial analysts on Monday, May 10, 2021, beginning at 9 a.m. Eastern Daylight Time, at which senior management will discuss the company’s financial performance through the first quarter of 2021.

This listen-only, live audio presentation will be accessible from the Investors section of the Eversource website at https://www.eversource.com/Content/general/about/investors/presentations-webcasts.

Eversource (NYSE: ES) transmits and delivers electricity and natural gas and supplies water to approximately 4.3 million customers in Connecticut, Massachusetts and New Hampshire. Celebrated as a national leader for its corporate citizenship, Eversource is the #1 energy company in Newsweek’s list of America’s Most Responsible Companies for 2021 and recognized as one of America’s Most JUST Companies. The #1 energy efficiency provider in the nation, Eversource harnesses the commitment of approximately 9,300 employees across three states to build a single, united company around the mission of safely delivering reliable energy and water with superior customer service. The company is empowering a clean energy future in the Northeast, with nationally recognized energy efficiency solutions and successful programs to integrate new clean energy resources like solar, offshore wind, electric vehicles and battery storage, into the electric system. For more information, please visit eversource.com, and follow us on Twitter, Facebook, Instagram, and LinkedIn. For more information on our water services, visit aquarionwater.com.

Jeffrey R. Kotkin
860-665-5154

• Reported a first-quarter loss of $18 million and adjusted EBITDA of $289 million
• Announced quarterly distribution of $0.875 per common unit
• Reached agreement to exit the Liberty Pipeline joint venture
• South Texas Gateway Terminal commissioned additional storage, completing the project
• Progressed C2G Pipeline construction

HOUSTON--(BUSINESS WIRE)--Phillips 66 Partners LP (NYSE: PSXP) announces a first-quarter 2021 loss of $18 million, or $0.13 per diluted common unit. Cash from operations was $227 million, and distributable cash flow was $233 million. Adjusted EBITDA was $289 million in the first quarter, compared with $318 million in the prior quarter.

“Our first-quarter results reflect winter storm impacts and our decision to exit the Liberty Pipeline project,” said Greg Garland, Phillips 66 Partners Chairman and CEO. “We operated our assets safely despite the weather-related challenges. The South Texas Gateway Terminal commissioned additional storage, and we are nearing completion of the C2G Pipeline construction. We remain focused on operating excellence, a strong balance sheet and disciplined capital allocation.”

On April 20, 2021, the general partner’s board of directors declared a first-quarter 2021 cash distribution of $0.875 per common unit, or $3.50 per unit on an annualized basis.

Financial Results

Phillips 66 Partners’ first-quarter 2021 loss was $18 million, compared with earnings of $104 million in the fourth quarter. The decrease was mainly due to a $198 million impairment in the first quarter of 2021 resulting from the Partnership’s decision to exit the Liberty Pipeline project, compared with impairments of $96 million in the fourth quarter of 2020. The Partnership reported adjusted EBITDA of $289 million in the first quarter, compared with $318 million in the prior quarter. The decrease in adjusted EBITDA was primarily due to reduced volumes and higher utility costs at the Partnership’s wholly owned and joint venture assets, largely due to the severe winter storms impacting the Central and Gulf Coast regions in the first quarter of 2021.

Liquidity, Capital Expenditures and Investments

As of March 31, 2021, total debt outstanding was $3.9 billion. The Partnership had $3 million in cash and cash equivalents and $299 million available under its revolving credit facility.

The Partnership’s capital expenditures and investments for the quarter were $58 million. Growth capital included spend on the C2G Pipeline project and investment in the South Texas Gateway Terminal.

On April 1, 2021, Phillips 66 Partners repaid the two remaining $25 million tranches of tax-exempt bonds, totaling $50 million. Also in April, the Partnership borrowed $450 million under a new term loan agreement. Proceeds were primarily used to repay amounts borrowed under the Partnership’s $750 million revolving credit facility.

Strategic Update

The South Texas Gateway Terminal commissioned additional storage capacity, bringing total capacity to 8.6 million barrels and marking completion of the final construction phase. The marine export terminal has two deepwater docks with up to 800,000 barrels per day of export capacity. Phillips 66 Partners owns a 25% interest in the terminal.

Phillips 66 Partners continued construction of the C2G Pipeline, a 16 inch ethane pipeline that will connect its Clemens Caverns storage facility to petrochemical facilities in Gregory, Texas, near Corpus Christi, Texas. The project is backed by long-term commitments and is expected to be completed in mid-2021.

Investor Webcast

Members of Phillips 66 Partners executive management will host a webcast today at 2 p.m. EDT to discuss the Partnership’s first-quarter performance. To listen to the conference call and view related presentation materials, go to www.phillips66partners.com/events. For detailed supplemental information, go to www.phillips66partners.com/reports.

About Phillips 66 Partners

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

^{CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS}

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

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

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

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

Jeff Dietert (investors)
832-765-2297
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Shannon Holy (investors)
832-765-2297
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Thaddeus Herrick (media)
855-841-2368
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The FUV also qualifies for the $750 California Clean Vehicle Rebate Program

EUGENE, Ore.--(BUSINESS WIRE)--Arcimoto, Inc.® (NASDAQ: FUV), makers of fun, affordable, and ultra-efficient electric vehicles for everyday drivers and fleets, today announced that the 2021 Arcimoto FUV is eligible for the $2,500 Oregon Clean Vehicle Rebate, as well as the $2,500 Charge Ahead Rebate, which combined can save Oregonians up to $5,000 on the purchase of a new FUV. The rebates apply to all 2021 FUVs purchased on or after January 1, 2021.

“In order for Oregon to transition to a sustainable transportation system, we must move towards right-sized, ultra-efficient EVs we can all afford. We can’t afford not to,” said Eric Fritz, Arcimoto Chief Marketing Officer. “We applaud Oregon and California for helping to make EVs more accessible and affordable for everyone who is ready to begin driving electric today.”

In California, 2021 Arcimoto FUVs also qualify for the $750 California Clean Vehicle Rebate Program. Combined with the $1,500 California Clean Fuel Reward, Californians can now save up to $2,250 off a new FUV. The California Clean Fuel Reward is available to anyone who resides in California and purchases a new FUV from Arcimoto.com.

The FUV is on sale now in Oregon, California, Washington, and Florida, starting at $17,900.

About Arcimoto, Inc.

Arcimoto (NASDAQ: FUV) develops and manufactures ultra-efficient and affordable electric vehicles to help the world shift to a sustainable transportation system. Now available to preorder customers in California, Oregon, Washington, and Florida, the Arcimoto FUV® is purpose-built for everyday driving, transforming ordinary trips into pure-electric joyrides. Available for preorder, the Deliverator® and Rapid Responder™ provide last-mile delivery and emergency response functionality, respectively, at a fraction of the cost and environmental impact of traditional gas-powered vehicles. Two additional concept prototypes built on the versatile Arcimoto platform are currently in development: the Cameo™, aimed at the film and influencer industry; and the Roadster, designed to be the ultimate on-road fun machine. Every Arcimoto vehicle is built at the Arcimoto Manufacturing Plant in Eugene, Oregon. For more information, please visit Arcimoto.com.

Public Relations Contact:
Megan Kathman
(651) 785-3212
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Investor Relations Contact:
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First Quarter 2021 Results and Management Perspectives

• Cash flow from operating activities of $9.3 billion fully funded dividend and capital expenditures, and drove debt reduction of over $4 billion
• Lowered cash operating expenses versus the first and fourth quarters of 2020; on pace to deliver additional structural cost savings
• Advanced several initiatives to reduce emissions and launched Low Carbon Solutions business to commercialize extensive low-carbon technology portfolio
• Added three new directors to strengthen board experience in energy, capital allocation and complex business transitions

IRVING, Texas--(BUSINESS WIRE)--Exxon Mobil Corporation (NYSE:XOM):

Exxon Mobil Corporation today announced estimated first quarter 2021 earnings of $2.7 billion, or $0.64 per share assuming dilution, compared with a loss of $610 million in the first quarter of 2020. Results included unfavorable identified items of $31 million, or $0.01 per share assuming dilution. First quarter capital and exploration expenditures were $3.1 billion, $4 billion lower than the first quarter of 2020.

Oil-equivalent production was 3.8 million barrels per day, up 3 percent from the fourth quarter of 2020. Excluding entitlement effects, government mandates and divestments, oil-equivalent production was up 2 percent.

“The strong first quarter results reflect the benefits of higher commodity prices and our focus on structural cost reductions, while prioritizing investments in assets with a low cost of supply,” said Darren Woods, chairman and chief executive officer. “Cash flow from operating activities during the quarter fully covered the dividend and capital investments, and we strengthened the balance sheet by reducing debt. We also made progress on our energy transition strategy by launching our new ExxonMobil Low Carbon Solutions business, which is initially working to develop innovative, large-scale carbon capture and storage (CCS) concepts, including the evaluation and advancement of more than 20 new opportunities, such as a multi-industry hub to reduce emissions from hard-to-decarbonize industries near the Houston Ship Channel. As the global leader in carbon capture, we are seeing growing public and private sector support for CCS as a critical enabling technology to reduce emissions and help meet society's net-zero ambitions.”

During severe winter weather in Texas in February, ExxonMobil cogeneration facilities generated 400 megawatts of electricity, helping to power about 200,000 homes. The severe weather event reduced first quarter earnings by nearly $600 million across all businesses from decreased production and lower sales volumes, repair costs, and the net impact of energy purchases and sales. All affected facilities have resumed normal operations.

First Quarter 2021 Results and Business Highlights

Upstream

• Average realizations for crude oil increased 42 percent from the fourth quarter. Natural gas realizations rose by 33 percent in the quarter.
• Total production volumes increased 98,000 oil-equivalent barrels per day from the fourth quarter. Excluding entitlement effects, government mandates and divestments, liquids volumes were down 3 percent including impacts from higher maintenance and the winter storm. Natural gas volumes increased 12 percent driven by higher seasonal demand in Europe.
• During the quarter, production volumes in the Permian averaged 394,000 oil-equivalent barrels per day, an increase of 12 percent from the prior year. The focus remains on continuing to grow positive free cash flow by lowering overall development costs and increasing recovery through efficiency gains and technology applications.

Downstream

• Industry fuels margins improved from the fourth quarter, but remained below 10-year-lows driven by market oversupply and high product inventory levels. Lubricants delivered strong performance, underpinned by lower costs and improved margins.
• Despite winter storm disruptions, overall refining throughput was essentially flat with the fourth quarter as the company managed refinery operations in line with fuel demand and integrated chemical manufacturing needs.

Chemical

• Industry margins improved further in the quarter reflecting continued strong demand, global shipping constraints, and ongoing supply disruptions, particularly in North America, where the polyethylene and polypropylene markets were affected by severe winter weather in Texas.
• Strong first quarter Chemical earnings performance of $1.4 billion was supported by robust base operations capturing high margins and continued delivery of cost efficiencies.
• ExxonMobil announced it is pursuing three new advanced recycling initiatives in the U.S. and Europe that further advance our commitment to sustainability and capture value from plastic waste at scale. The company plans to begin marketing certified circular plastics products later this year.

Strengthening the Portfolio

• ExxonMobil signed an agreement valued at more than $1 billion for the sale of most of its non-operated upstream assets in the United Kingdom central and northern North Sea. The sale price, subject to closing adjustments, has potential additional upside of up to $300 million based on contingent payments associated with future commodity price increases. The transaction is expected to close near mid-year 2021, subject to regulatory and third-party approvals.
• The company is progressing plans to convert both its Altona, Australia refinery, and Slagen refinery in Norway to fuel import terminals, ensuring ongoing, reliable fuel supply for their respective local markets. Final decisions were made following local consultation processes with employees and their representatives as part of extensive reviews of the long-term economic viability of both facilities.

Capital Allocation and Structural Cost Improvement

• The company's long-term capital allocation priorities remain investing in advantaged projects to drive cash flow, strengthening the balance sheet and maintaining a reliable dividend.
• ExxonMobil’s 2021 capital program remains at $16 billion to $19 billion. If market conditions continue above the company's planning basis, additional cash will be used to accelerate deleveraging.
• In addition to $3 billion in structural cost reductions already achieved in 2020, the company is on pace to achieve $3 billion of further structural efficiencies through 2023 for a total of $6 billion relative to 2019. Efforts to identify additional structural savings resulting from the reorganizations completed in 2019 are continuing.

Reducing Emissions and Advancing Low Carbon Solutions

• The company announced the creation of ExxonMobil Low Carbon Solutions, a new business to commercialize its extensive low-carbon technology portfolio, with an initial focus on carbon capture and storage (CCS), the process of sequestering industrial emissions and safely storing them permanently underground. CCS is considered one of the critical technologies required to achieve society’s net-zero ambitions and the climate goals outlined in the Paris Agreement.
• In April, ExxonMobil introduced the innovative concept of a multi-industry CCS hub along the Houston Ship Channel and surrounding industrial areas to capture CO2 emissions from area industry, including petrochemical, manufacturing and power generation facilities. The concept would require large-scale collaboration and policy advancements among governments, private industry, and local communities.
• ExxonMobil became the first company to file an application with the U.S. Environmental Protection Agency (EPA) to use new aerial technologies to detect methane emissions at oil and natural gas sites.
• ExxonMobil and Porsche are testing advanced biofuels and renewable, lower-carbon eFuels, as part of a new agreement to find pathways toward potential future consumer adoption of fuels that could significantly reduce emissions.

Ongoing Board Refreshment

• During the quarter, ExxonMobil announced the elections of Michael Angelakis, Jeffrey Ubben, and Wan Zulkiflee to its board of directors. With the addition of the new members, the ExxonMobil board increased to 13 directors, 12 of whom are independent. The company has added six new independent directors since 2017 with specific experience in the areas of climate science, asset and risk management, capital allocation, energy and business transition, investor perspectives, and additional energy industry experience.

ExxonMobil will discuss financial and operating results and other matters during a webcast at 8:30 a.m. Central Time on April 30, 2021. To listen to the event or access an archived replay, please visit www.exxonmobil.com.

Cautionary Statement

Outlooks, projections, goals, targets, descriptions of strategic plans and objectives, and other statements of future events or conditions in this release are forward-looking statements. Actual future results, including financial and operating performance; planned capital and cash operating expense reductions and ability to meet or exceed announced reduction objectives; plans to reduce future emissions intensity and the expected resulting absolute emission reductions; progressing carbon capture projects and results; total capital expenditures and mix; cash flow, dividend and shareholder returns; business and project plans, timing, costs and capacities; resource recoveries and production rates; and accounting and financial reporting effects resulting from market developments and ExxonMobil’s responsive actions, could differ materially due to a number of factors. These include the continuity of our board of directors and their strategic oversight; global or regional changes in the supply and demand for oil, natural gas, petrochemicals, and feedstocks and other market conditions that impact prices and differentials; the impact of company actions to protect the health and safety of employees, vendors, customers, and communities; actions of competitors and commercial counterparties; the ability to access short- and long-term debt markets on a timely and affordable basis; the severity, length and ultimate impact of COVID-19 and government responses on people and economies; reservoir performance; the outcome of exploration projects and timely completion of development and construction projects; changes in law, taxes, or regulation including environmental regulations, and timely granting of governmental permits; government policies and support for low carbon technologies like carbon capture; war, trade agreements and patterns, shipping blockades or harassment, and other political or security disturbances; opportunities for and regulatory approval of potential investments or divestments; the actions of competitors; the capture of efficiencies within and between business lines and the ability to maintain near-term cost reductions as ongoing efficiencies while maintaining future competitive positioning; unforeseen technical or operating difficulties; the development and competitiveness of alternative energy and emission reduction technologies; the results of research programs; the ability to bring new technologies to commercial scale on a cost-competitive basis; general economic conditions including the occurrence and duration of economic recessions; and other factors discussed under Item 1A. Risk Factors of ExxonMobil’s 2020 Form 10-K.

Frequently Used Terms and Non-GAAP Measures

This press release includes cash flow from operations and asset sales. Because of the regular nature of our asset management and divestment program, we believe it is useful for investors to consider proceeds associated with the sales of subsidiaries, property, plant and equipment, and sales and returns of investments together with cash provided by operating activities when evaluating cash available for investment in the business and financing activities. A reconciliation to net cash provided by operating activities for first quarter 2021 is shown on page 6 and for 2021 and 2020 periods in Attachment V.

This press release also includes cash flow from operations and asset sales excluding working capital. We believe it is useful for investors to consider these numbers in comparing the underlying performance of our business across periods when there are significant period-to-period differences in the amount of changes in working capital. A reconciliation to net cash provided by operating activities for first quarter 2021 is shown on page 6 and for 2021 and 2020 periods in Attachment V.

This press release also includes earnings/(loss) excluding identified items, which are earnings/(loss) excluding individually significant non-operational events with an absolute corporate total earnings impact of at least $250 million in a given quarter. The earnings/(loss) impact of an identified item for an individual segment may be less than $250 million when the item impacts several periods or several segments. We believe it is useful for investors to consider these figures in comparing the underlying performance of our business across periods when one, or both, periods include identified items. A reconciliation to earnings is shown for 2021 and 2020 periods in Attachments II-a and II-b. Corresponding per share amounts are shown on page 1 and in Attachment II-a, including a reconciliation to earnings/(loss) per common share – assuming dilution (U.S. GAAP).

This press release also includes total taxes including sales-based taxes. This is a broader indicator of the total tax burden on the corporation’s products and earnings, including certain sales and value-added taxes imposed on and concurrent with revenue-producing transactions with customers and collected on behalf of governmental authorities (“sales-based taxes”). It combines “Income taxes” and “Total other taxes and duties” with sales‑based taxes, which are reported net in the income statement. We believe it is useful for the corporation and its investors to understand the total tax burden imposed on the corporation’s products and earnings. A reconciliation to total taxes is shown as part of the Estimated Key Financial and Operating Data in Attachment I.

References to the resource base and other quantities of oil, natural gas or condensate may include estimated amounts that are not yet classified as “proved reserves” under SEC definitions, but which are expected to be ultimately recoverable. The term “project” as used in this release can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports. Further information on ExxonMobil’s frequently used financial and operating measures and other terms including "Cash operating expenses", “Cash flow from operations and asset sales”, and “Total taxes including sales-based taxes” is contained under the heading “Frequently Used Terms” available through the “Investors” section of our website at www.exxonmobil.com.

Reference to Earnings

References to corporate earnings mean net income attributable to ExxonMobil (U.S. GAAP) from the consolidated income statement. Unless otherwise indicated, references to earnings, Upstream, Downstream, Chemical and Corporate and financing segment earnings, and earnings per share are ExxonMobil’s share after excluding amounts attributable to noncontrolling interests.

Exxon Mobil Corporation has numerous affiliates, many with names that include ExxonMobil, Exxon, Mobil, Esso, and XTO. For convenience and simplicity, those terms and terms such as corporation, company, our, we, and its are sometimes used as abbreviated references to specific affiliates or affiliate groups. Similarly, ExxonMobil has business relationships with thousands of customers, suppliers, governments, and others. For convenience and simplicity, words such as venture, joint venture, partnership, co-venturer, and partner are used to indicate business and other relationships involving common activities and interests, and those words may not indicate precise legal relationships.

Important Additional Information Regarding Proxy Solicitation

Exxon Mobil Corporation (“ExxonMobil”) has filed a definitive proxy statement and form of associated BLUE proxy card with the U.S. Securities and Exchange Commission (the “SEC”) in connection with the solicitation of proxies for ExxonMobil’s 2021 Annual Meeting (the “Proxy Statement”). ExxonMobil, its directors and certain of its executive officers will be participants in the solicitation of proxies from shareholders in respect of the 2021 Annual Meeting. Information regarding the names of ExxonMobil’s directors and executive officers and their respective interests in ExxonMobil by security holdings or otherwise is set forth in the Proxy Statement. To the extent holdings of such participants in ExxonMobil’s securities are not reported, or have changed since the amounts described, in the Proxy Statement, such changes have been reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC. Details concerning the nominees of ExxonMobil’s Board of Directors for election at the 2021 Annual Meeting are included in the Proxy Statement. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SHAREHOLDERS OF THE COMPANY ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH OR FURNISHED TO THE SEC, INCLUDING THE COMPANY’S DEFINITIVE PROXY STATEMENT AND ANY SUPPLEMENTS THERETO AND ACCOMPANYING BLUE PROXY CARD, BECAUSE THEY CONTAIN IMPORTANT INFORMATION.

ExxonMobil
Media Relations, 972-940-6007

Public-private partnership will bring transformative microgrid technology to new low-to-moderate income residential construction project in Prince George’s County

WASHINGTON--(BUSINESS WIRE)--Housing Initiative Partnership (HIP), a green nonprofit affordable housing developer based in Prince George’s County, along with Pepco and Emera Technologies, have been awarded a $200,000 grant from the Maryland Energy Administration (MEA) to construct a new residential microgrid to power a small subdivision of highly energy efficient single family homes in Fairmount Heights, Maryland.

The grant builds on efforts catalyzed by MEA’s Resilient Maryland program and will support a community solar and battery energy storage system, as well as the associated racking, mounting, and wiring equipment, for six low-to-moderate income households. This innovative pilot project, which received design and feasibility funding in 2020, will enable the community to generate its own energy independent of the electrical grid.

“Supporting the development of new and affordable, clean energy homes for first time low-to-moderate income home buyers is a sustainable model Maryland can build upon,” stated Governor Larry Hogan.

"This strategic partnership with the State of Maryland, Pepco, Housing Initiative Partnership and Emera Technologies is paving the way for the first block microgrid community in the state,” stated Dr. Mary Beth Tung, MEA Director.

“This generous grant from the Maryland Energy Administration allows Pepco and our community partners a unique opportunity to provide affordable and equitable access to sustainable energy, while at the same time helping Fairmount Heights achieve its revitalization and climate change goals,” said Dave Velazquez, president and CEO of Pepco Holdings. “By working collaboratively with the MEA, Housing Initiative Partnership, Emera Technologies and other key stakeholders on this project, we are executing our vision and commitment to supporting a low-carbon future in the communities where we live and for the customers we serve.”

This innovative project was originally proposed to the Maryland Energy Administration in 2020 by HIP’s architect, Peabody & Fine Architects. The resulting feasibility study conducted was part of MEA’s efforts to support microgrid and other distributed energy resource (DER) systems that bring clean, reliable and flexible energy solutions to Maryland organizations and communities. This microgrid is an integral part of creating a community that makes affordable, sustainable, and resilient new construction housing more accessible to Maryland’s low-to-moderate income population.

“HIP is focused on developing affordable housing that is both healthy and highly energy efficient in older neighborhoods across Prince George’s County. This will be our second project in Fairmount Heights focused on passive design and affordable home ownership,” said Stephanie Prange-Proestel, HIP’s Deputy Director, who serves as the project manager for the development team.

HIP expects to break ground on Phase I of the development in the fall of 2021. Six single-family homes will be built on vacant lots on 60^th Place in Fairmount Heights using modular construction, designed to meet the U.S. Department of Energy's Zero Ready Energy standards and the Passive House Institute’s PHIUS+ 2018 standard. These rigorous requirements ensure energy savings, comfort, health, and durability. HIP will market the homes to first-time homebuyers earning 80 percent or less of the area median income.

The collaboration of community partners looks forward to providing electricity generation solutions like rooftop community solar to modernize grid technologies in neighborhoods such as Fairmount Heights, which will help meet state and county de-carbonization goals. Emera Technologies’ residential microgrid solution BlockEnergy will allow for homes to share the benefits of combined renewable generation. The community microgrid system also provides reliability and resiliency for the neighborhood.

“The BlockEnergy microgrid is a utility-focused system that easily scales to meet new residential growth and gives utilities the ability to manage distributed community energy with a single point of control. This partnership is a great model for what is possible when we work together to use new technology like BlockEnergy to bring clean, reliable energy sources cost-effectively to customers in communities across the country,” said President and CEO of Emera Technologies Rob Bennett.

Fairmount Heights, Maryland, the second oldest African American majority municipality in Prince George's County, is home to just under 2,000 residents and a model location for clean and resilient development. The town has set ambitious goals for 2021 to revitalize vacant land with projects that will encourage citizen engagement and attract growth while minimizing its carbon footprint and promoting a green, sustainable future. Working with Pepco, HIP, and Emera Technologies to complete this onsite microgrid project will also mark yet another step in Fairmount Heights’ efforts to earn certification from Sustainable Maryland, a program for Maryland municipalities that want to go green, save money and take steps to sustain their quality of life over the long term.

“The Town of Fairmount Heights is greatly appreciative of the $200,000 for this new and innovative microgrid project at the site of our 6 new Net Zero homes in our historic town. We are positive that the energy savings will reduce our carbon footprint and make life more enjoyable for all of our residents” said Mayor Lillie-Thompson Martin.

“We are excited about this new grant and public-private partnership that will bring affordable and sustainable housing to one of our communities,” said Prince George’s County Executive Angela Alsobrooks. “This is one of the many ways our county is working to preserve and create affordable housing, while also ensuring we can protect our environment and mitigate the impact of climate change.”

Pepco and Emera Technologies will install the microgrid elements, and supporting distribution infrastructure, alongside the construction of the homes. For the first three years after residents move into the new homes, Pepco will operate a pilot in conjunction with the other partners to collect data for specific metrics related to the system and potential benefits to the distribution system. Pepco will share additional details regarding the design, goals, proposed metrics and timeline associated with the three-year pilot with the Maryland Public Service Commission, community members and the public later this year.

Affordable access to sustainable energy has taken center stage in communities across America in the face of increasing threats from climate change, which can disproportionately affect our most vulnerable communities. The Fairmount Heights Net Zero community will provide replicable, scalable, and cost-effective solutions that will serve as models for wide-scale adoption across Maryland. This pilot underscores the importance of state investments in positively advancing the local energy grid through collaboratively identified inclusive and equitable solutions.

Readers are encouraged to visit The Source, Pepco’s online newsroom. For more information about Pepco, visit pepco.com. Follow us on Facebook at facebook.com/pepcoconnect and on Twitter at twitter.com/pepcoconnect. Our mobile app is available at pepco.com/mobileapp.

For more information regarding the Maryland Energy Administration, including its mission, incentives, resources, and initiatives, please visit Energy.Maryland.gov and follow them on LinkedIn, Facebook, and Twitter.

For more information on HIP, visit https://HIPhomes.org or follow at www.Facebook.com/HIPHomesMd.

For more information on Emera Technologies, please visit https://blockenergy.com/.

Pepco is a unit of Exelon Corporation (Nasdaq: EXC), the nation’s leading energy provider, with approximately 10 million customers. Pepco provides safe and reliable energy service to approximately 894,000 customers in the District of Columbia and Maryland.

The Maryland Energy Administration advises the governor and general assembly on all energy matters, promoting affordable, reliable and cleaner energy. MEA develops and administers programs and policy to support and expand all sectors of the state’s economy while benefiting all Marylanders and implementing legislation.

HIP is an innovative, green nonprofit housing developer and counseling agency, based in Prince George’s County, and dedicated to revitalizing neighborhoods. HIP builds affordable apartments and homes, and provides a full range of housing and financial counseling services to renters, first-time buyers, and homeowners to help them realize their housing goals.

Emera Technologies is a wholly owned subsidiary of Emera Inc. with a dedicated and nimble team focused on developing new ways to deliver renewable energy to customers. Headquartered in Tampa, Florida, the team engages experts, research organizations and technology leaders to capitalize on the disruptive challenges and innovation opportunities in today’s energy industry. They’ve developed BlockEnergy, the first utility-owned business model delivering a distributed energy solution to new residential communities.

Jamie Caswell
Pepco, Communications
202-872-2680

Kaymie Owen
MEA, Communications
410-537-4073

Dina Bartolacci Seely
Emera, Communications
902-478-0080

Lesia R. Bullock
HIP, Communications
301-875-3389

CALGARY, Alberta--(BUSINESS WIRE)--Imperial Oil Limited (TSX, NYSEAM: IMO):

• Net income of $392 million in the first quarter of 2021
• Cash flows from operating activities of over $1 billion in the first quarter
• Improved financial performance across all business segments compared to the fourth quarter
• Highest first quarter Upstream production in 30 years, driven by record gross production at Kearl
• Imperial reinstates significant share purchase program with plans to purchase up to four percent of outstanding common shares by June 28, 2021
• Quarterly dividend raised by almost 23% from 22 cents to 27 cents per share

Imperial reported estimated net income of $392 million for the first quarter of 2021, driven by improved crude prices, strong operating performance and continued cost discipline across all business segments, and bolstered by improved product and chemical margins compared to the fourth quarter.

During the first quarter of 2021, the company generated cash flow from operating activities of $1,045 million, up from $423 million in the same period of 2020. Cash flows from operating activities excluding working capital¹ were $1,068 million, up from $611 million in the same period of 2020.

“Imperial took decisive actions to weather the economic storm throughout 2020, including making fundamental improvements to its cost structure and continuing to progress key projects to ensure the company was well positioned to take full advantage of market conditions as they began to improve,” said Brad Corson, chairman, president and chief executive officer. “The benefits of this approach underpin our strong performance this quarter. I am extremely proud of our ability to deliver these results while also meeting our commitments to the care of our people, communities, and the environment.”

Upstream production for the first quarter averaged 432,000 gross oil-equivalent barrels per day, the highest first quarter production in 30 years. Kearl total gross production averaged 251,000 barrels per day, establishing a new production record for each month of the first quarter.

Downstream throughput averaged 364,000 barrels per day in the first quarter, with utilization at 85 percent, up from 359,000 barrels per day in the fourth quarter of 2020. Petroleum product sales were 414,000 barrels per day, compared to 416,000 barrels per day in the fourth quarter of 2020. Despite continuing weak demand, Downstream generated net income of $292 million in the first quarter, an increase of $186 million from the fourth quarter of 2020, primarily driven by stronger product margins.

Consistent with the company’s long-standing commitment to shareholders, Imperial amended its current share purchase program and plans to purchase up to four percent of outstanding common shares (as of June 15, 2020) by June 28, 2021. Additionally, Imperial declared a second quarter dividend of 27 cents per share, an increase of almost 23 percent. “These actions reflect the company’s strong financial performance and confidence in its future, and demonstrate our ongoing commitment to return cash to shareholders,” Corson added.

First quarter highlights

• Net income of $392 million or $0.53 per share on a diluted basis, compared to net loss of $188 million or $0.25 per share in the first quarter of 2020. Net income excluding identified items¹ of $392 million in the first quarter of 2021, up from $93 million in the same period of 2020.
• Cash flows from operating activities of $1,045 million, up from $423 million in the same period of 2020. Cash flows from operating activities excluding working capital¹ of $1,068 million, up from $611 million in the same period of 2020.
• Capital and exploration expenditures totalled $163 million, compared to $331 million in the first quarter of 2020. The company continues to anticipate full-year capital and exploration expenditures of $1.2 billion in 2021.
• Dividends paid totalled $162 million or $0.22 per share, compared to $164 million or $0.22 per share in the first quarter of 2020.
• Increased share purchase program underpinned by strong financial position. In April, the program was amended to allow Imperial to purchase up to four percent of its common shares outstanding (as of June 15, 2020), approximately 29,363,070 shares, during a 2-month period ending June 28, 2021. Consistent with the company’s balance sheet strength, low capital requirements and strong cash generation, this amendment reflects the company’s priority and capacity to return cash to shareholders.
• Production averaged 432,000 gross oil-equivalent barrels per day, up from 419,000 barrels per day in the same period of 2020.
• Total gross production at Kearl averaged 251,000 barrels per day (178,000 barrels Imperial's share), up from 226,000 barrels per day (160,000 barrels Imperial's share) in the first quarter of 2020. The asset established new production records for each month of the first quarter, with higher production primarily driven by supplemental crushing facilities.
• Gross bitumen production at Cold Lake averaged 140,000 barrels per day, in line with 140,000 barrels per day in the first quarter of 2020.
• The company's share of gross production from Syncrude averaged 79,000 barrels per day, up from 73,000 barrels per day in the first quarter of 2020.
• Refinery throughput averaged 364,000 barrels per day, compared to 383,000 barrels per day in the first quarter of 2020. Capacity utilization was 85 percent, compared to 91 percent in the first quarter of 2020. Lower refinery throughput was primarily driven by lower market demand due to the COVID-19 pandemic.
• Petroleum product sales were 414,000 barrels per day, compared to 462,000 barrels per day in the first quarter of 2020. Lower petroleum product sales were primarily driven by reduced demand due to the COVID-19 pandemic.
• Chemical net income of $67 million in the quarter, up from $21 million in the first quarter of 2020.
• The Liquid Addition to Steam for Enhanced Recovery (LASER) Project at Cold Lake's Mahkeses plant successfully started up. This latest deployment of Imperial’s enhanced recovery solvent technology improves productivity and is expected to enable up to a 25% greenhouse gas intensity reduction for the associated production.
• Imperial released its updated Corporate Sustainability Report. The update highlights the company’s actions and results across key dimensions of sustainability. The report’s expanded climate section includes scope 3 emissions estimates and outlines Imperial's efforts to develop pathways in support of a net-zero future.
• Imperial provided an additional $2.5 million in free fuel to 100,000 frontline health care workers in recognition of their tireless service. This is the second Health Care Heroes campaign initiated by Imperial during the pandemic; $2 million in free fuel cards were provided to 80,000 health care workers in 2020.

First quarter 2021 vs. first quarter 2020

In early 2020, the balance of supply and demand for petroleum and petrochemical products experienced two significant disruptive effects. On the demand side, the COVID-19 pandemic spread rapidly through most areas of the world resulting in substantial reductions in consumer and business activity and significantly reduced demand for crude oil, natural gas, and petroleum products. This reduction in demand coincided with announcements of increased production in certain key oil-producing countries which led to increases in inventory levels and sharp declines in prices for crude oil, natural gas, and petroleum products.

While demand has rebounded considerably, the lingering effects of the weak 2020 business environment has continued to have a negative impact on financial results in 2021 when compared to periods prior to the pandemic. Signs of improvement are emerging including higher crude and gas prices through the quarter and stronger Downstream and Chemical margins.

The company recorded net income of $392 million or $0.53 per share on a diluted basis in the first quarter of 2021, compared to a net loss of $188 million or $0.25 per share in the same period of 2020. First quarter 2020 results included non-cash charges of $281 million relating to the revaluation of the company's inventory.

Upstream recorded net income of $79 million in the first quarter of 2021, compared to a net loss of $608 million in the same period of 2020. Improved results reflect higher realizations of about $700 million and the absence of the prior year non-cash charge of $229 million, related to the revaluation of the company's inventory. These items were partially offset by higher royalties of about $100 million, unfavourable foreign exchange effects of about $70 million, and higher operating expenses of about $60 million.

West Texas Intermediate (WTI) averaged US$58.14 per barrel in the first quarter of 2021, up from US$45.78 per barrel in the same quarter of 2020. Western Canada Select (WCS) averaged US$45.64 per barrel and US$25.60 per barrel for the same periods. The WTI / WCS differential averaged approximately US$13 per barrel for the first quarter of 2021, compared to around US$20 in the same period of 2020.

The Canadian dollar averaged US$0.79 in the first quarter of 2021, an increase of US$0.05 from the first quarter of 2020.

Imperial’s average Canadian dollar realizations for bitumen increased in the quarter, primarily due to an increase in WCS. Bitumen realizations averaged $47.19 per barrel in the first quarter of 2021, up from $18.08 per barrel in the first quarter of 2020. The company’s average Canadian dollar realizations for synthetic crude increased generally in line with WTI, adjusted for changes in exchange rates and transportation costs. Synthetic crude realizations averaged $67.41 per barrel in the first quarter of 2021, up from $58.94 per barrel in the same period of 2020.

Total gross production of Kearl bitumen averaged 251,000 barrels per day in the first quarter (178,000 barrels Imperial’s share), up from 226,000 barrels per day (160,000 barrels Imperial’s share) in the first quarter of 2020. Higher production was primarily driven by the supplemental crushing facilities.

Gross production of Cold Lake bitumen averaged 140,000 barrels per day in the first quarter, in line with 140,000 barrels per day in the same period of 2020.

The company's share of gross production from Syncrude averaged 79,000 barrels per day, up from 73,000 barrels per day in the first quarter of 2020.

Downstream recorded net income of $292 million in the first quarter of 2021, compared to net income of $402 million in the same period of 2020. Results were negatively impacted by lower margins of about $150 million and lower sales volumes of about $60 million. These items were partially offset by the absence of the prior year non-cash charge of $52 million, related to the revaluation of the company's inventory and lower operating expenses of about $50 million.

Refinery throughput averaged 364,000 barrels per day, compared to 383,000 barrels per day in the first quarter of 2020. Capacity utilization was 85 percent, compared to 91 percent in the first quarter of 2020. Lower refinery throughput was primarily driven by lower market demand due to the COVID-19 pandemic.

Petroleum product sales were 414,000 barrels per day, compared to 462,000 barrels per day in the first quarter of 2020. Lower petroleum product sales were primarily driven by reduced demand due to the COVID-19 pandemic.

Chemical net income was $67 million in the first quarter, up from net income of $21 million in the same quarter of 2020.

Corporate and other expenses were $46 million in the first quarter, up from $3 million in the same period of 2020, mainly due to higher share-based compensation costs.

Cash flow generated from operating activities was $1,045 million in the first quarter, up from $423 million in the corresponding period in 2020, primarily reflecting higher Upstream realizations.

Investing activities used net cash of $147 million in the first quarter, compared with $308 million used in the same period of 2020, primarily reflecting lower additions to property, plant and equipment.

Cash used in financing activities was $202 million in the first quarter, compared with $445 million used in the first quarter of 2020. Dividends paid in the first quarter of 2021 were $162 million. The per share dividend paid in the first quarter was $0.22, consistent with the same period of 2020. The company did not purchase shares during the first quarter. In the first quarter of 2020, the company purchased about 9.8 million shares for $274 million, including shares purchased from Exxon Mobil Corporation.

The company’s cash balance was $1,467 million at March 31, 2021, versus $1,388 million at the end of first quarter 2020.

At March 31, 2021, due to the termination of transportation services agreements related to a third-party pipeline project, the company recognized a liability of $62 million, previously reported as a contingent liability in Note 10 of Imperial’s Form 10-K. In connection with the same project, commitments under “Other long-term purchase agreements” as reported in Imperial’s Form 10-K decreased by approximately $2.9 billion. The majority of these commitments related to years 2026 and beyond.

On April 30, 2021, the company announced an amendment to its normal course issuer bid to increase the number of common shares that it may purchase. Under the amendment, the number of common shares that may be purchased will increase to a maximum of 29,363,070 common shares during the period June 29, 2020 to June 28, 2021, which includes shares purchased under the normal course issuer bid and from Exxon Mobil Corporation concurrent with, but outside of the normal course issuer bid. No other provisions of the normal course issuer bid have changed. The company currently anticipates maximizing its share purchases under the program. Purchase plans may be modified at any time without prior notice.

Key financial and operating data follow.

Forward-looking statements

Statements of future events or conditions in this report, including projections, targets, expectations, estimates, and business plans are forward-looking statements. Forward-looking statements can be identified by words such as believe, anticipate, intend, propose, plan, goal, seek, project, predict, target, estimate, expect, strategy, outlook, schedule, future, continue, likely, may, should, will and similar references to future periods. Forward-looking statements in this report include, but are not limited to, references to plans for purchases under the company’s amended share purchase program; the company’s low capital requirements, strong cash generation, confidence in its future and the priority and capacity to return cash to shareholders; the commitment to sustainability, including efforts to develop pathways in support of a net-zero future; anticipated full year capital and exploration expenditures of $1.2 billion for 2021; the Cold Lake Mahkeses LASER project enabling greenhouse gas and water intensity reductions; and signs of improvement emerging in the business environment through higher crude and gas prices and stronger Downstream and Chemical margins.

Forward-looking statements are based on the company's current expectations, estimates, projections and assumptions at the time the statements are made. Actual future financial and operating results, including expectations and assumptions concerning demand growth and energy source, supply and mix; commodity prices, foreign exchange rates and general market conditions; production rates, growth and mix; project plans, timing, costs, technical evaluations and capacities and the company’s ability to effectively execute on these plans and operate its assets; the adoption and impact of new facilities or technologies, including on reductions to greenhouse gas and water intensity; progression of COVID-19 and its impacts on Imperial’s ability to operate its assets, including the possible shutdown of facilities due to COVID-19 outbreaks; the company’s ability to effectively execute on its business continuity plans and pandemic response activities; applicable laws and government policies, including restrictions in response to COVID-19; the company’s ability to achieve cost savings; cash generation, financing sources and capital structure; and capital and environmental expenditures could differ materially depending on a number of factors.

These factors include global, regional or local changes in supply and demand for oil, natural gas, and petroleum and petrochemical products and resulting price, differential and margin impacts, including foreign government action with respect to supply levels and prices and the impact of COVID-19 on demand; availability and allocation of capital; transportation for accessing markets; availability and performance of third-party service providers, including in light of restrictions related to COVID-19; management effectiveness and disaster response preparedness, including business continuity plans in response to COVID-19; political or regulatory events, including changes in law or government policy such as tax laws, production curtailment and actions in response to COVID-19; the results of research programs and new technologies, and ability to bring new technologies to commercial scale on a cost-competitive basis; environmental risks inherent in oil and gas exploration and production activities; environmental regulation, including climate change and greenhouse gas regulation and changes to such regulation; unanticipated technical or operational difficulties; project management and schedules and timely completion of projects; the receipt, in a timely manner, of regulatory and third-party approvals; operational hazards and risks; cybersecurity incidents, including increased reliance on remote working arrangements and activation of business continuity plans due to COVID-19; currency exchange rates; general economic conditions; and other factors discussed in Item 1A risk factors and Item 7 management’s discussion and analysis of financial condition and results of operations of Imperial Oil Limited’s most recent annual report on Form 10-K.

Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, some that are similar to other oil and gas companies and some that are unique to Imperial Oil Limited. Imperial’s actual results may differ materially from those expressed or implied by its forward-looking statements and readers are cautioned not to place undue reliance on them. Imperial undertakes no obligation to update any forward-looking statements contained herein, except as required by applicable law.

In this release all dollar amounts are expressed in Canadian dollars unless otherwise stated. This release should be read in conjunction with Imperial’s most recent Form 10-K. Note that numbers may not add due to rounding.

The term “project” as used in this release can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports.

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Acquisition of BOS Solutions, Inc. Makes Stage 3 Separation One of the Largest Independent Players in Solids Control Management Across North America

HOUSTON--(BUSINESS WIRE)--Stage 3 Separation, LLC (“Stage 3”), a Texas-based separation and filtration services company, has acquired the assets of BOS Solutions, Inc., expanded geographic reach, and broadened service offerings to include environmental solutions for municipal and utility, construction and industrial projects. The acquisition comes in a time of economic downturn for the oil and gas industry, giving the company increased financial stability and additional markets for expansion.

Summary of Assets Acquisition

In the spring of 2020, when oil demand plummeted to under $0, many companies in the industry faced hard financial decisions. In early May 2020, Ernst & Young Inc. was appointed as the Receiver and Manager of BOS Solutions in Canada. The Receivership was subsequently recognized by the US Bankruptcy Court under Chapter 15 Bankruptcy. The Receiver commenced a sales process to sell the assets of BOS Solutions Ltd. in June 2020. Stage 3 was selected as the successful bidder and closed the purchase of BOS Solutions in September 2020.

The newly obtained assets include patented proprietary processes, equipment (currently undergoing refurbishment), including over 500 centrifuges, and millions of dollars in potential business for oil and gas and environmental services. Stage 3 welcomed more than 70 employees to the team.

Strategic Benefits of Acquisition

Leaders at Stage 3 saw this as an opportunity to expand their geographical reach and service offerings beyond the energy sector.

• Geographical Expansion
  Stage 3 Separation is headquartered in Houston, TX and historically serviced the Greater Gulf Coast in Texas, Louisiana, Oklahoma and Florida with a majority of operations in the Eagle Ford, Haynesville and Permian Basins. Benefiting from newly acquired offices and equipment sites all over the United States and in parts of Canada, they can now easily deploy equipment and process specialists to jobsites all around North America. New offices and equipment yards are located in Anchorage, AK; Mandan, ND; Smithfield, PA; Los Angeles, CA; Leduc, AB; and Toronto, ON.

• Industry and Service Offering Expansion
  Although the two companies overlapped in the energy sector, the acquisition provided an opportunity for Stage 3 to add its data-driven approach to dewatering and solids control to new industries.
  
  Speaking to how the expertise at Stage 3 will apply moving forward, Fred Lausen Jr., Stage 3 Separation Chairman and CEO said, “This is an opportunity to take our capabilities into more markets and display the same quality that has thus far contributed to our track record of success. We are confident our proven and innovative processes developed for drill sites in the oilfield will have an application for improving the dewatering and waste removal processes for our newly acquired clients and those yet to come.”

• Leadership Updates
  A key player in the acquisition process was Vice President of Operations, Jarod McBride, who was promoted to the role of President with the acquisition. McBride oversees strategy, operations and the management of equipment capital and support services. He’s served at Stage 3 since 2010 and previously held key positions in the oilfield services market for the past 16 years.
  
  “We are very excited about this new opportunity and ability to make Stage 3 a bigger player in the broader environmental services market,” said McBride. “With the added strength of an expanded fleet of centrifuges and other resources, we feel more confident than ever that we can tackle just about any challenge.”

About Stage 3 Separation

Stage 3 Separation, LLC., founded in 2009 and headquartered in Houston, TX, is known in the oil and gas industry for meeting client’s solids control needs. Primary value drivers center around the recycling and reuse of fluids and reducing waste transportation and disposal through optimized process performance. The company has an excellent safety record throughout its twenty-four hours a day, seven days a week service offering and goes beyond a simple equipment rental business model. Stage 3 project management works with clients to build efficient project scopes and determine equipment needs. Specialized technologies allow for real-time monitoring and sophisticated data capture, setting Stage 3 apart from others in the industry, and guaranteeing clear value-added results for its clients.

For more information, visit www.s3s.com, email This email address is being protected from spambots. You need JavaScript enabled to view it., or contact Stage 3 HQ directly at: 800-868-4040.

About BOS Solutions

BOS Solutions Inc. was founded in 2006 and headquartered in Houston, TX, and included 12 corporate family companies including BOS Solutions Ltd. which was located in Calgary, Alberta, Canada. BOS Solutions offered solid and waste processing services for a number of industries: oil and gas, construction, municipal and utility and industrial. They held several patents for proprietary processes and had one of the largest fleets of industry service equipment.

Mandy Dixon This email address is being protected from spambots. You need JavaScript enabled to view it.

CALGARY, Alberta--(BUSINESS WIRE)--Imperial Oil Limited (TSE: IMO, NYSE American: IMO) today declared a quarterly dividend of 27 cents per share on the outstanding common shares of the company, payable on July 1, 2021, to shareholders of record at the close of business on June 3, 2021.

This second quarter 2021 dividend compares with the first quarter 2021 dividend of 22 cents per share.

Imperial has a long and successful history of growth and financial stability in Canada as a leading member of the petroleum industry. The company has paid dividends every year for over a century and has increased its annual dividend payment for 26 consecutive years.

After more than a century, Imperial continues to be an industry leader in applying technology and innovation to responsibly develop Canada’s energy resources. As Canada’s largest petroleum refiner, a major producer of crude oil, a key petrochemical producer and a leading fuels marketer from coast to coast, our company remains committed to high standards across all areas of our business.

Source: Imperial

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Revenues increased 58 percent year-over-year to $173.7 million; GAAP earnings were $0.65 per diluted share; non-GAAP earnings were $0.76 per diluted share

Share-repurchase authorization increased by $50 million

SAN JOSE, Calif.--(BUSINESS WIRE)--Power Integrations (Nasdaq: POWI) today announced financial results for the quarter ended March 31, 2021. Per-share measures for all periods reflect the effect of the August 2020 two-for-one stock split.

Net revenues for the first quarter of 2021 were $173.7 million, up 15 percent compared to the prior quarter and up 58 percent from the first quarter of 2020. Net income for the first quarter was $39.8 million or $0.65 per diluted share compared to $0.45 per diluted share in the prior quarter and $0.26 per diluted share in the first quarter of 2020. Cash flow from operations for the first quarter was $58.1 million.

In addition to its GAAP results, the company provided certain non-GAAP measures that exclude stock-based compensation, amortization of acquisition-related intangible assets and the tax effects of these items. Non-GAAP net income for the first quarter of 2021 was $46.7 million or $0.76 per diluted share compared with $0.60 per diluted share in the prior quarter and $0.38 per diluted share in the first quarter of 2020. A reconciliation of GAAP to non-GAAP financial results appears at the end of this press release.

Commented Balu Balakrishnan, president and CEO of Power Integrations: “First-quarter revenues grew 58 percent year-over-year reflecting the strong demand conditions across the industry as well as our continued success in advanced mobile-device chargers, appliances and many other power-supply applications. Distribution sell-through exceeded sell-in again in the first quarter and we have seen continued strength in bookings in recent weeks. As a result, we expect strong year-over-year growth again in the second quarter.”

Power Integrations paid a cash dividend of $0.13 per share on March 31, 2021. A dividend of $0.13 per share will be paid on June 30, 2021 to stockholders of record as of May 28, 2021. Also, the company’s board of directors has added $50 million to its share-repurchase authorization, bringing the total authorization to $91.3 million.

Financial Outlook

The company issued the following forecast for the second quarter of 2021:

• Revenues are expected to be flat compared to the first quarter of 2021, plus or minus five percent.
• GAAP gross margin is expected to be between 49.5 and 50 percent, and non-GAAP gross margin is expected to be between 50 and 50.5 percent. (The difference between the expected GAAP and non-GAAP gross margins is approximately equally attributable to amortization of acquisition-related intangible assets and stock-based compensation.)
• GAAP operating expenses are expected to be approximately $47.5 million; non-GAAP operating expenses are expected to be approximately $38.5 million. (Non-GAAP expenses are expected to exclude approximately $8.8 million of stock-based compensation and $0.2 million of amortization of acquisition-related intangible assets.)

Conference Call Today at 1:30 p.m. Pacific Time

Power Integrations management will hold a conference call today at 1:30 p.m. Pacific time. Members of the investment community can register for the call by visiting the following link: http://www.directeventreg.com/registration/event/1859015. A webcast of the call will also be available on the investor section of the company's website, http://investors.power.com.

About Power Integrations

Power Integrations, Inc. is a leading innovator in semiconductor technologies for high-voltage power conversion. The company’s products are key building blocks in the clean-power ecosystem, enabling the generation of renewable energy as well as the efficient transmission and consumption of power in applications ranging from milliwatts to megawatts. For more information please visit www.power.com.

Note Regarding Use of Non-GAAP Financial Measures

In addition to the company's consolidated financial statements, which are presented according to GAAP, the company provides certain non-GAAP financial information that excludes stock-based compensation expenses recorded under ASC 718-10, amortization of acquisition-related intangible assets, and the tax effects of these items. The company uses these measures in its financial and operational decision-making and, with respect to one measure, in setting performance targets for compensation purposes. The company believes that these non-GAAP measures offer important analytical tools to help investors understand its operating results, and to facilitate comparability with the results of companies that provide similar measures. Non-GAAP measures have limitations as analytical tools and are not meant to be considered in isolation or as a substitute for GAAP financial information. For example, stock-based compensation is an important component of the company’s compensation mix, and will continue to result in significant expenses in the company’s GAAP results for the foreseeable future, but is not reflected in the non-GAAP measures. Also, other companies, including companies in Power Integrations’ industry, may calculate non-GAAP measures differently, limiting their usefulness as comparative measures. Reconciliations of non-GAAP measures to GAAP measures are attached to this press release.

Note Regarding Forward-Looking Statements

The above statements regarding the company’s forecast for its second-quarter financial performance are forward-looking statements reflecting management's current expectations and beliefs. These forward-looking statements are based on current information that is, by its nature, subject to rapid and even abrupt change. Due to risks and uncertainties associated with the company's business, actual results could differ materially from those projected or implied by these statements. These risks and uncertainties include, but are not limited to: the impact of the COVID-19 pandemic on demand for the company’s products, its ability to supply products and its ability to conduct other aspects of its business such as competing for new design wins; changes in global macroeconomic conditions, including changing tariffs and uncertainty regarding trade negotiations, which may impact the level of demand for the company’s products; potential changes and shifts in customer demand away from end products that utilize the company's integrated circuits to end products that do not incorporate the company's products; the effects of competition, which may cause the company’s revenues to decrease or cause the company to decrease its selling prices for its products; unforeseen costs and expenses; and unfavorable fluctuations in component costs or operating expenses resulting from changes in commodity prices and/or exchange rates. In addition, new product introductions and design wins are subject to the risks and uncertainties that typically accompany development and delivery of complex technologies to the marketplace, including product development delays and defects and market acceptance of the new products. These and other risk factors that may cause actual results to differ are more fully explained under the caption “Risk Factors” in the company's most recent Annual Report on Form 10-K, filed with the Securities and Exchange Commission (SEC) on February 5, 2021. The company is under no obligation (and expressly disclaims any obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise, except as otherwise required by law.

Power Integrations and the Power Integrations logo are trademarks or registered trademarks of Power Integrations, Inc.