Requires compliance with listing standards by May 18, 2022

VERNAL, Utah--(BUSINESS WIRE)--Superior Drilling Products, Inc. (NYSE American: SDPI) (“SDP” or the “Company”), a designer and manufacturer of drilling tool technologies, today announced that NYSE American has accepted the Company’s plan of compliance for continued listing on the exchange. SDP has been granted a plan period through May 18, 2022 to regain compliance with the listing compliance standards of Section 1003(a)(iii). The Company will continue to trade under the symbol “SDPI” on the NYSE American pursuant to this extension. The Company will be required to submit quarterly progress updates on the initiatives outlined in the compliance plan.

Troy Meier, Chairman, President and CEO of SDP, commented, “We are confident that we have outlined a plan of compliance that will enable us to continue our listing on the NYSE American. We are focused on delivering quality drilling technologies to a growing share of our markets both domestically and internationally. Our technologies drive notable efficiencies in drilling which we believe is beneficial to our customers and the environment. We also plan to capitalize on our unique capabilities in manufacturing to expand our opportunities to drive growth and profits.”

As previously announced, on November 18, 2020, the Company was notified by the NYSE American LLC that it had not met compliance standards of Section 1003(a)(iii) as a result of stockholders’ equity falling below $6.0 million and having reported losses in its five most recent fiscal years ended December 31, 2019. Stockholders’ equity was approximately $4.7 million as of September 30, 2020. If the Company is not in compliance with the continued listing standards by May 18, 2022 or if the Company does not make progress consistent with the plan during the plan period, NYSE Regulation staff will initiate delisting proceedings as appropriate. Were that to be the case, SDP may appeal the staff delisting determination.

About Superior Drilling Products, Inc.
Superior Drilling Products, Inc. is an innovative, cutting-edge drilling tool technology company providing cost saving solutions that drive production efficiencies for the oil and natural gas drilling industry. The Company designs, manufactures, repairs and sells drilling tools. SDP drilling solutions include the patented Drill-N-Ream® well bore conditioning tool and the patented Strider™ oscillation system technology. In addition, SDP is a manufacturer and refurbisher of PDC (polycrystalline diamond compact) drill bits for a leading oil field service company. SDP operates a state-of-the-art drill tool fabrication facility, where it manufactures its solutions for the drilling industry, as well as customers’ custom products. The Company’s strategy for growth is to leverage its expertise in drill tool technology and innovative, precision machining in order to broaden its product offerings and solutions for the oil and gas industry.

Additional information about the Company can be found at: www.sdpi.com.

Safe Harbor Regarding Forward Looking Statements
This news release contains forward-looking statements and information that are subject to a number of risks and uncertainties, many of which are beyond our control. All statements, other than statements of historical fact included in this release, including, without limitations, achieving the objective provided in the continued listing compliance plan submitted to the NYSE American, driving efficiencies in the production of fossil fuels, providing benefits to our customers, the environment and the global economy and the success of capitalizing on manufacturing expertise to drive growth and profits are forward-looking statements. The use of words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project”, “forecast,” “should” or “plan, and similar expressions are intended to identify forward-looking statements, although not all forward -looking statements contain such identifying words. These statements reflect the beliefs and expectations of the Company and are subject to risks and uncertainties that may cause actual results to differ materially. These risks and uncertainties include, among other factors, the duration of the COVID-19 pandemic and related impact on the oil and natural gas industry, the effectiveness of success at expansion in International markets, options available for market channels in North America, the deferral of the commercialization of the Strider technology, the success of the Company’s business strategy and prospects for growth; the market success of the Company’s specialized tools, effectiveness of its sales efforts, its cash flow and liquidity; financial projections and actual operating results; the amount, nature and timing of capital expenditures; the availability and terms of capital; competition and government regulations; and general economic conditions. These and other factors could adversely affect the outcome and financial effects of the Company’s plans and described herein. The Company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.

For more information, contact investor relations:
Deborah K. Pawlowski, Kei Advisors LLC
(716) 843-3908, This email address is being protected from spambots. You need JavaScript enabled to view it.

BERKELEY, Calif. & URBANA, Ill.--(BUSINESS WIRE)--The C3.ai Digital Transformation Institute invites scholars, software developers, and researchers to address the challenge of re-envisioning energy systems with artificial intelligence (AI) and digital transformation to lead the way to a lower-carbon, higher-efficiency economy that will enhance both energy and climate security.

“Mitigating the impact of global energy generation will require a massive transformation of the world’s energy infrastructure,” said Thomas M. Siebel, chairman and CEO of C3 AI, a leading enterprise AI software provider for accelerating digital transformation. “This call for proposals covers topics that aim to provide safer, cleaner, lower cost, and more reliable energy through the application of AI.”

Immediate Call for Proposals: AI and Digital Transformation for Energy and Climate Security.

Topics for research awards may include, but are not limited to, the following:

1. Sustainability: Applying AI, machine learning, and advanced analytic techniques to support sustainability initiatives for energy consumption and greenhouse gas emissions
   
   
2. AI for Carbon Sequestration: Applying AI/ML techniques to increase the scale and reduce the cost of carbon sequestration
   
   
3. AI for Leaks and Emissions Detection: Applying advanced AI/ML techniques for large-scale emissions detection, facility-level data reconciliation and gap analysis for emissions sensors, prediction of emissions risk, and analysis and optimization of flaring intensity across upstream and downstream operations
   
   
4. Safe Hydrocarbon Production and Transportation Infrastructure: Applying analytic and AI/ML modeling techniques to increase the safety and reduce emissions from oil and gas extraction, petrochemical production, and hydrocarbon transportation
   
   
5. AI for Advanced Energy and Carbon Markets: Enabling dynamic, automated, and real-time pricing of energy generation sources
   
   
6. Cybersecurity of Power and Energy Infrastructure: Leveraging AI/ML techniques to improve the cybersecurity of our critical power and energy assets, as well as smart connected factories and homes
   
   
7. Smart Grid Analytics: Applying AI and other analytic approaches to improve the efficiency and effectiveness of grid transmission and distribution operations
   
   
8. Distributed Energy Resource Management: Applying AI to increase the penetration and use of distributed renewables
   
   
9. AI for Energy-Efficient Buildings and Factories: Leveraging AI techniques for advanced building and factory control to improve energy efficiency
   
   
10. AI for Improved Natural Catastrophe Risk Assessment: Applying AI to improve modeling of natural catastrophe risks from future weather-related events (e.g., tropical storms, wildfires, and floods)
    
    
11. Resilient Energy Systems: Addressing how the use of AI/ML techniques and markets for energy and carbon introduce new vulnerabilities
    
    
12. AI for Improved Climate Change Modeling: Use of AI/ML to address climate change modeling and adaptation

“The energy industry is at a critical inflection point to accelerate delivery of cleaner, safer energy while meeting growing demand,” said Lorenzo Simonelli, chairman and CEO of Baker Hughes, an energy technology company serving energy and industrial customers worldwide. “We are excited about our partnership with the C3.ai Digital Transformation Institute and the impact these funded research projects will have in advancing AI at scale for the energy transition.”

This second call for proposals is open now, with a submission deadline of March 29, 2021. Researchers are invited to learn more about C3.ai DTI and how to submit their proposals for consideration at C3DTI.ai. Selected proposals will be announced in mid-May, with start dates of June 1, 2021.

Up to $5 million in cash awards will be funded from this second call, ranging from $100,000 to $250,000 each. In addition to cash awards, C3.ai DTI recipients will be provided with significant cloud computing, supercomputing, data access, and AI software resources and technical support provided by Microsoft and C3 AI. This will include unlimited use of the C3 AI® Suite, access to the Microsoft Azure cloud platform, and access to the Blue Waters supercomputer at the National Center for Supercomputing Applications (NCSA) at the University of Illinois at Urbana-Champaign.

Establishing the New Science of Digital Transformation

C3.ai DTI focuses its research on AI, machine learning, IoT, big data analytics, human factors, organizational behavior, ethics, and public policy. The Institute supports the development of ML algorithms, data security, and cybersecurity techniques. C3.ai DTI research analyzes new business operation models, develops methods of implementing organizational change management and protecting privacy, and amplifies the dialogue around the ethics and public policy of AI.

About C3.ai Digital Transformation Institute

C3.ai Digital Transformation Institute represents an innovative vision to take AI, ML, IoT, and big data research in a consortium model to a level that cannot be achieved by any one institution alone. Jointly managed and hosted by the University of California, Berkeley and the University of Illinois at Urbana-Champaign, C3.ai DTI attracts the world’s leading scientists to join in a coordinated and innovative effort to advance the digital transformation of business, government, and society, and establish the new science of digital transformation. To support the Institute, C3 AI will provide $57,250,000 in cash contributions over the first five years of operation. C3 AI and Microsoft will contribute an additional $310 million in-kind, including use of the C3 AI Suite and Microsoft Azure computing, storage, and technical resources to support C3.ai DTI research.

C3.ai DTI Contact:
Kap Stann
Communications Manager, C3.ai DTI @ Berkeley
Tel. +1 510-295-9685
This email address is being protected from spambots. You need JavaScript enabled to view it.

DALLAS--(BUSINESS WIRE)--Atmos Energy Corporation (NYSE: ATO) today reported consolidated results for its first fiscal quarter ended December 31, 2020.

Highlights

• Earnings per diluted share was $1.71 for the three months ended December 31, 2020.
• Consolidated net income was $217.7 million for the three months ended December 31, 2020.
• Capital expenditures totaled $456.8 million for the three months ended December 31, 2020, with approximately 87 percent of capital spending related to system safety and reliability investments.

Outlook

• Earnings per diluted share for fiscal 2021 is expected to be in the previously announced range of $4.90 to $5.10.
• Capital expenditures are expected to be in the range of $2.0 billion to $2.2 billion in fiscal 2021.
• The company's Board of Directors has declared a quarterly dividend of $0.625 per common share. The indicated annual dividend for fiscal 2021 is $2.50, which represents an 8.7% increase over fiscal 2020.

"I am so proud of our employees and their continued dedication to execute our strategy of investing in safety and reliability," said Kevin Akers, President and Chief Executive Officer of Atmos Energy. "Their resilience and hard work positions us for continued success in fiscal 2021."

Results for the Three Months Ended December 31, 2020

Consolidated operating income increased $46.0 million to $298.8 million for the three months ended December 31, 2020, compared to $252.8 million in the prior year, which primarily reflects rate outcomes combined with lower operating and maintenance expenses in both segments, partially offset by lower service order revenue in our distribution segment, lower through system revenue in our pipeline and storage segment and increased depreciation and property tax expenses.

Distribution operating income increased $29.3 million to $209.6 million for the three months ended December 31, 2020, compared with $180.3 million in the prior year. The increase reflects a net $37.0 million increase in rates and customer growth in most of our jurisdictions of $5.7 million combined with $2.9 million decrease in travel and entertainment expense, partially offset by a $9.8 million increase in depreciation and property tax expenses associated with increased capital investments and a $4.5 million decrease in service order revenues.

Pipeline and storage operating income increased $16.8 million to $89.3 million for the three months ended December 31, 2020, compared with $72.5 million in the prior year. This increase is primarily attributable to a $13.3 million increase from our GRIP filings approved in fiscal 2020 and an $8.1 million decrease in operating and maintenance expense due primarily to nonrecurring well integrity costs in the prior-year quarter. These increases were partially offset by a $1.2 million decrease in through system revenues, and a $4.6 million increase in depreciation and property tax expenses due to increased capital investments.

Capital expenditures decreased $72.4 million to $456.8 million for the three months ended December 31, 2020, compared with $529.2 million in the prior year, primarily as a result of timing of spending in our distribution segment.

For the three months ended December 31, 2020, the company generated operating cash flow of $157.1 million, a $15.4 million decrease compared with the three months ended December 31, 2019. The year-over-year decrease is primarily the result of the increase in the price of natural gas, the timing of gas cost recoveries under our purchase gas cost mechanisms and the timing of customer collections partially offset by the positive effects of rate case outcomes completed in fiscal 2020.

Our equity capitalization ratio at December 31, 2020 was 58.5%, compared with 60.0% at September 30, 2020, due to the issuance of $600 million of 1.50% senior notes in October 2020.

Conference Call to be Webcast February 3, 2021

Atmos Energy will host a conference call with financial analysts to discuss the fiscal 2021 first quarter financial results on Wednesday, February 3, 2021, at 9:00 a.m. Eastern Time. The domestic telephone number is 877-407-3088 and the international telephone number is 201-389-0927. Kevin Akers, President and Chief Executive Officer, and Chris Forsythe, Senior Vice President and Chief Financial Officer, will participate in the conference call. The conference call will be webcast live on the Atmos Energy website at www.atmosenergy.com. A playback of the call will be available on the website later that day.

Forward-Looking Statements

The matters discussed in this news release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical fact included in this news release are forward-looking statements made in good faith by the company and are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. When used in this news release or any of the company’s other documents or oral presentations, the words “anticipate”, “believe”, “estimate”, “expect”, “forecast”, “goal”, “intend”, “objective”, “plan”, “projection”, “seek”, “strategy” or similar words are intended to identify forward-looking statements. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those discussed in this presentation, including the risks relating to regulatory trends and decisions, the company’s ability to continue to access the credit and capital markets, and the other factors discussed in the company’s reports filed with the Securities and Exchange Commission. These risks and uncertainties include the following: federal, state and local regulatory and political trends and decisions, including the impact of rate proceedings before various state regulatory commissions; increased federal regulatory oversight and potential penalties; possible increased federal, state and local regulation of the safety of our operations; the impact of greenhouse gas emissions or other legislation or regulations intended to address climate change; possible significant costs and liabilities resulting from pipeline integrity and other similar programs and related repairs; the inherent hazards and risks involved in distributing, transporting and storing natural gas; the availability and accessibility of contracted gas supplies, interstate pipeline and/or storage services; increased competition from energy suppliers and alternative forms of energy; adverse weather conditions; the impact of climate change; the inability to continue to hire, train and retain operational, technical and managerial personnel; increased dependence on technology that may hinder the Company's business if such technologies fail; the threat of cyber-attacks or acts of cyber-terrorism that could disrupt our business operations and information technology systems or result in the loss or exposure of confidential or sensitive customer, employee or Company information; natural disasters, terrorist activities or other events and other risks and uncertainties discussed herein, all of which are difficult to predict and many of which are beyond our control; the capital-intensive nature of our business; our ability to continue to access the credit and capital markets to execute our business strategy; market risks beyond our control affecting our risk management activities, including commodity price volatility, counterparty performance or creditworthiness and interest rate risk; the concentration of our operations in Texas; the impact of adverse economic conditions on our customers; changes in the availability and price of natural gas; increased costs of providing health care benefits, along with pension and postretirement health care benefits and increased funding requirements; and the outbreak of COVID-19 and its impact on business and economic conditions.

Accordingly, while we believe these forward-looking statements to be reasonable, there can be no assurance that they will approximate actual experience or that the expectations derived from them will be realized. Further, the company undertakes no obligation to update or revise any of our forward-looking statements whether as a result of new information, future events or otherwise.

About Atmos Energy

Atmos Energy Corporation is the nation’s largest fully regulated, natural gas-only distributor of safe, clean, efficient and affordable energy. As part of our vision to be the safest provider of natural gas services, we are modernizing our business and our infrastructure while continuing to invest in safety, innovation, environmental sustainability and our communities. An S&P 500 company headquartered in Dallas, Atmos Energy serves more than 3 million distribution customers in over 1,400 communities across eight states and manages proprietary pipeline and storage assets, including one of the largest intrastate natural gas pipeline systems in Texas. Find us online at http://www.atmosenergy.com, Facebook, Twitter, Instagram and YouTube.

This news release should be read in conjunction with the attached unaudited financial information.

Dan Meziere (972) 855-3729

Collaboration to focus on scaling net-zero carbon engineered solutions

VANCOUVER, British Columbia & NEW YORK--(BUSINESS WIRE)--#CO2capture--Carbon Direct Capital Management LLC announced that it has closed its first equity investment into Vancouver-based Svante Inc, a global carbon capture technology leader using proprietary solid structured adsorbent nano-filters to prevent climate-relevant amounts of CO₂ from going into our atmosphere or removing them from air. On February 2, 2021, Svante closed its USD $75 million Series D equity financing. Carbon Direct was a significant participant in the round, which was led by Temasek. Following the Series D financing, Jonathan Goldberg, the CEO of Carbon Direct, will join Svante's board as an observer.

Svante offers companies in industries with unavoidable emissions, such as cement and chemicals, a commercially viable way to capture large-scale CO₂ emissions from existing infrastructure at half the capital cost of traditional engineered solutions. Svante is also well positioned to play a significant role in the decarbonization of ‘’blue’’ hydrogen production.

Carbon Direct combines human and financial capital to scale carbon removal & utilization into a major global industry. Carbon Direct was founded in 2019 by Jonathan Goldberg, a former commodities trader and the managing partner of BBL Commodities LLC. Mr. Goldberg is on the advisory board of Columbia University's Center on Global Energy Policy. Carbon Direct employs a team of 26 world-renowned scientists who conduct technical research on carbon technologies for its advisory clients. The firm also invests committed capital into leading growth companies in the carbon removal & utilization space. Svante is squarely within the firm's core investment mandate.

"We strive to create world-changing solutions that address climate change and accelerate the global transition to carbon neutrality, reversing human impact on the climate," said Claude Letourneau, President & CEO. "We are very proud to partner with a team of world-renowned carbon scientists at Carbon Direct to confront difficult facts head on and have the passion, courage and technical excellence to prevail and deliver innovative customer centric solutions."

"Svante addresses more than 7 Gigatons of carbon dioxide that are emitted annually from industrial sources," commented Jonathan Goldberg, CEO of Carbon Direct. "The company excels at both research & development and commercialization. Svante's growing project pipeline reflects its value proposition as a low cost provider of modular, point source capture solutions. We look forward to working with Svante as they strive to lower the cost of capture of CO2 and contribute to net-zero goals," said Mr. Goldberg.

"Svante exhibits both technology leadership and a capital-light business model. Taken together, we believe the Company is optimally positioned to scale point source capture globally," commented Josh Dienstag, Chief Investment Officer of Carbon Direct. "As a growth equity investor focused on the carbon capture ecosystem, we are delighted to join Svante's roster."

Svante’s technology is currently being deployed in the field at pilot plant-scale by industry leaders in the energy and cement manufacturing sectors. The CO₂MENT Pilot Plant Project – a partnership between LafargeHolcim and TOTAL S.A. – is operating a 1 tonne per day plant in Richmond, British Columbia, Canada that will re-inject captured CO₂ into concrete, while the construction and commissioning of a 30 tonne per day demonstration plant was completed in 2019 at an industrial facility in Lloydminster, Saskatchewan, Canada. A 25 tonne per day demonstration plant is currently under design and construction at Chevron U.S.A. located near Bakersfield, California. A direct air capture (DAC) demonstration plant in Palm Spring, CA, using Climeworks DAC solution together with Svante’s structured adsorbent bed technology to lower the cost of DAC is currently under construction.

###

About Svante

Svante offers companies in emissions-intensive industries a commercially viable way to capture large-scale CO₂ emissions from existing infrastructure, either for safe storage or to be used for further industrial use in a closed loop. With the ability to capture CO₂ directly from industrial sources at less than half the capital cost of existing solutions, Svante makes industrial-scale carbon capture a reality. Svante’s Board of Directors includes Nobel Laureate and former Secretary of Energy, Steven Chu and CEO of OGCI Climate Investments Pratima Rangarajan. To learn more about Svante’s technology, click here or visit Svante’s website at www.svanteinc.com, LinkedIn or Twitter (@svantesolutions).

About Carbon Direct LLC

Carbon Direct provides both scientific advisory services and investment capital to the carbon removal & utilization ecosystem. Our advisory business works for clients to fulfill their carbon removal & utilization commitments. Carbon Direct's team of world-renowned carbon scientists has a nuanced understanding of the true risks and opportunities of emerging and mature carbon removal & utilization technologies. Our investment business makes direct investments into leading carbon removal & utilization companies. Carbon Direct was founded in 2019 by Jonathan Goldberg and has offices in New York City. To learn more, visit www.carbon-direct.com.

Svante
Julia McKenna (Media)
This email address is being protected from spambots. You need JavaScript enabled to view it.
+1 (778) 985 5722

Carbon Direct LLC
Mark Strachan (COO)
This email address is being protected from spambots. You need JavaScript enabled to view it.
+1 (212) 742 3700

PG&E and SBA Communications Corporation Also Enter into Strategic Relationship to Market and Sublicense Additional Wireless Attachment Locations on Electric Transmission Assets

Agreement Will Further Strengthen PG&E’s Balance Sheet and Portion of Proceeds Will Benefit Electric Customers

SAN FRANCISCO--(BUSINESS WIRE)--Today, Pacific Gas and Electric Company (PG&E) announced that it has entered into a definitive agreement with a wholly owned subsidiary of SBA Communications Corporation (Nasdaq: SBAC) (SBA or SBA Communications) to sell its license agreements with wireless providers that attach their equipment to certain electric transmission towers and other utility structures. The arrangement also allows the SBA subsidiary to continue to market and sublicense access to the towers and structures to additional wireless providers and PG&E will receive a portion of that future revenue. The sale of these licenses, which apply to over 700 towers, is expected to generate $973 million in initial proceeds, subject to customary closing adjustments. PG&E is not selling any transmission towers as part of this transaction.

PG&E is also entering into a strategic relationship with SBA, through SBA’s wholly owned subsidiary, to sublicense and market equipment at additional attachment locations on up to 28,000 transmission towers across PG&E’s extensive network. Through this arrangement, PG&E will receive a portion of future revenues from these sublicensed equipment attachment locations.

Overall, PG&E expects the proceeds from this agreement to help further reduce its financing needs and strengthen its financial position while also benefiting customers, who will receive a significant portion of the sale proceeds in the form of lower monthly bills as well as a portion of any future revenues from additional attachment locations.

“When we emerged from Chapter 11, we made a commitment to achieve financial stability and bolster our overall financial health and we’re delivering on that objective. Strategically selling non-core assets like these is one way we’re continuing to follow through on that commitment, reduce our financing needs and strengthen our balance sheet,” said Chris Foster, PG&E Interim Chief Financial Officer.

“This transaction adds a significant portfolio of high quality, exclusive locations to our outstanding existing US macro tower portfolio and SBA expects these assets to generate approximately $39.5 million in Tower Cash Flow in their first full year in our portfolio,” said Jeff Stoops, President and Chief Executive Officer of SBA Communications. “As 5G network deployments are now a reality, we are excited to use our vast experience and industry leading position in order to facilitate the future additional use of these assets by wireless service providers for the collective benefit of the wireless industry, PG&E and SBA. We are also particularly pleased about the opportunity to work closely with PG&E over the coming years to maximize wireless deployments across their extensive network of transmission towers.”

Customer Benefit

PG&E estimates that approximately half of the net sale proceeds will be returned to electric transmission and distribution customers in the form of lower monthly bills. Furthermore, the net transaction proceeds are expected to help partially offset future equity issuances and dilution of PG&E shares, a substantial portion of which are held by the Fire Victim Trust established to compensate victims of 2015, 2017 and 2018 fires.

Continued Commitment to Safety

Licenses for wireless antennas are one of the secondary uses of transmission towers approved by the Federal Energy Regulatory Commission (FERC) and the California Public Utllities Commission (CPUC) and under this agreement, PG&E retains control over its safety protocols. For years, wireless providers have paid PG&E to attach equipment to many of the company’s thousands of transmission towers and other utility structures.

These arrangements are carried out in compliance with the CPUC’s General Order 95, wildfire mitigation procedures, and other utility safety standards and protocols. PG&E will continue to regularly inspect and maintain the towers and audit the attachments. Any work on PG&E’s electric transmission infrastructure will continue to be performed by trained, qualified electrical workers.

This transaction is expected to close in early 2021.

PJT Partners acted as exclusive financial advisor to PG&E. Munger, Tolles & Olson LLP acted as legal counsel to PG&E.

Forward-Looking Statements

This news release includes forward-looking statements that are not historical facts, including statements about expected cashflows, and the beliefs, expectations, estimates, future plans and strategies of PG&E Corporation and PG&E, including but not limited to the sale of the transmission tower wireless license revenues and its impact on PG&E Corporation and PG&E’s expected financing needs, rates and operations. These statements are based on current expectations and assumptions, which management believes are reasonable, and on information currently available to management, but are necessarily subject to various risks and uncertainties. In addition to the risk that these assumptions prove to be inaccurate, factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include factors disclosed in PG&E Corporation and PG&E's joint Annual Report on Form 10-K for the year ended December 31, 2019, their joint Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020, June 30, 2020 and September 30, 2020, and their subsequent reports filed with the Securities and Exchange Commission. PG&E Corporation and PG&E undertake no obligation to publicly update or revise any forward-looking statements, whether due to new information, future events or otherwise, except to the extent required by law.

This press release includes forward-looking statements, including statements regarding SBA’s expectations for the amount of Tower Cash Flow the acquired assets will generate in their first twelve months in SBA’s portfolio and the intent and ability of SBA to maximize use of the PG&E assets by wireless carriers in the future. These forward-looking statements may be affected by risks and uncertainties in SBA’s business as well as other important factors that could cause actual results to differ materially from those expressed in such forward-looking statements. These risk factors include (1) the ability of both parties to meet the closing conditions of the definitive agreements and to successfully close the contemplated transaction, (2) the willingness and ability of wireless service providers to maintain or increase their capital expenditures, especially in those geographic regions covered by the definitive agreements; (3) SBA’s ability to accurately identify and manage any risks associated with the sites and other assets covered by definitive agreements, to effectively integrate such sites and other assets into its business; (4) SBA’s ability to secure and retain as many site sublicensees as planned at anticipated license rates on the sites covered by the definitive agreements, including the impact of continued consolidation, and (5) SBA’s ability to accurately anticipate the future performance of the referenced sites. These forward-looking statements are also qualified in their entirety by cautionary statements and risk factor disclosures contained in SBA’s Securities and Exchange Commission filings, including SBA’s Annual Report on Form 10-K filed with the Commission on February 24, 2020 and Quarterly Report on Form 10-Q filed with the Commission on November 5, 2020.

About PG&E

Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is one of the largest combined natural gas and electric energy companies in the United States. Based in San Francisco, with more than 24,000 employees, the company delivers some of the nation’s cleanest energy to nearly 16 million people in Northern and Central California. For more information, visit pge.com and pge.com/news.

About SBA Communications Corporation

SBA Communications Corporation is a leading independent owner and operator of wireless communications infrastructure including towers, buildings, rooftops, distributed antenna systems (DAS) and small cells. With a portfolio of more than 32,000 communications sites in fourteen markets throughout the Americas and South Africa, SBA is listed on NASDAQ under the symbol SBAC. Our organization is part of the S&P 500 and is one of the top 20 Real Estate Investment Trusts (REITs) based on market capitalization. For more information, please visit: www.sbasite.com

MEDIA RELATIONS:
415-973-5930

BERKELEY, Calif. & URBANA, Ill.--(BUSINESS WIRE)--#AI--The C3.ai Digital Transformation Institute invites scholars, software developers, and researchers to address the challenge of re-envisioning energy systems with artificial intelligence (AI) and digital transformation to lead the way to a lower-carbon, higher-efficiency economy that will enhance both energy and climate security.

“Mitigating the impact of global energy generation will require a massive transformation of the world’s energy infrastructure,” said Thomas M. Siebel, chairman and CEO of C3 AI, a leading enterprise AI software provider for accelerating digital transformation. “This call for proposals covers topics that aim to provide safer, cleaner, lower cost, and more reliable energy through the application of AI.”

Immediate Call for Proposals: AI and Digital Transformation for Energy and Climate Security.

Topics for research awards may include, but are not limited to, the following:

1. Sustainability: Applying AI, machine learning, and advanced analytic techniques to support sustainability initiatives for energy consumption and greenhouse gas emissions
2. AI for Carbon Sequestration: Applying AI/ML techniques to increase the scale and reduce the cost of carbon sequestration
3. AI for Leaks and Emissions Detection: Applying advanced AI/ML techniques for large-scale emissions detection, facility-level data reconciliation and gap analysis for emissions sensors, prediction of emissions risk, and analysis and optimization of flaring intensity across upstream and downstream operations
4. Safe Hydrocarbon Production and Transportation Infrastructure: Applying analytic and AI/ML modeling techniques to increase the safety and reduce emissions from oil and gas extraction, petrochemical production, and hydrocarbon transportation
5. AI for Advanced Energy and Carbon Markets: Enabling dynamic, automated, and real-time pricing of energy generation sources
6. Cybersecurity of Power and Energy Infrastructure: Leveraging AI/ML techniques to improve the cybersecurity of our critical power and energy assets, as well as smart connected factories and homes
7. Smart Grid Analytics: Applying AI and other analytic approaches to improve the efficiency and effectiveness of grid transmission and distribution operations
8. Distributed Energy Resource Management: Applying AI to increase the penetration and use of distributed renewables
9. AI for Energy-Efficient Buildings and Factories: Leveraging AI techniques for advanced building and factory control to improve energy efficiency
10. AI for Improved Natural Catastrophe Risk Assessment: Applying AI to improve modeling of natural catastrophe risks from future weather-related events (e.g., tropical storms, wildfires, and floods)
11. Resilient Energy Systems: Addressing how the use of AI/ML techniques and markets for energy and carbon introduce new vulnerabilities
12. AI for Improved Climate Change Modeling: Use of AI/ML to address climate change modeling and adaptation

“The energy industry is at a critical inflection point to accelerate delivery of cleaner, safer energy while meeting growing demand,” said Lorenzo Simonelli, chairman and CEO of Baker Hughes, an energy technology company serving energy and industrial customers worldwide. “We are excited about our partnership with the C3.ai Digital Transformation Institute and the impact these funded research projects will have in advancing AI at scale for the energy transition.”

This second call for proposals is open now, with a submission deadline of March 29, 2021. Researchers are invited to learn more about C3.ai DTI and how to submit their proposals for consideration at C3DTI.ai. Selected proposals will be announced in mid-May, with start dates of June 1, 2021.

Up to $5 million in cash awards will be funded from this second call, ranging from $100,000 to $250,000 each. In addition to cash awards, C3.ai DTI recipients will be provided with significant cloud computing, supercomputing, data access, and AI software resources and technical support provided by Microsoft and C3 AI. This will include unlimited use of the C3 AI® Suite, access to the Microsoft Azure cloud platform, and access to the Blue Waters supercomputer at the National Center for Supercomputing Applications (NCSA) at the University of Illinois at Urbana-Champaign.

Establishing the New Science of Digital Transformation

C3.ai DTI focuses its research on AI, machine learning, IoT, big data analytics, human factors, organizational behavior, ethics, and public policy. The Institute supports the development of ML algorithms, data security, and cybersecurity techniques. C3.ai DTI research analyzes new business operation models, develops methods of implementing organizational change management and protecting privacy, and amplifies the dialogue around the ethics and public policy of AI.

About C3.ai Digital Transformation Institute

C3.ai Digital Transformation Institute represents an innovative vision to take AI, ML, IoT, and big data research in a consortium model to a level that cannot be achieved by any one institution alone. Jointly managed and hosted by the University of California, Berkeley and the University of Illinois at Urbana-Champaign, C3.ai DTI attracts the world’s leading scientists to join in a coordinated and innovative effort to advance the digital transformation of business, government, and society, and establish the new science of digital transformation. To support the Institute, C3 AI will provide $57,250,000 in cash contributions over the first five years of operation. C3 AI and Microsoft will contribute an additional $310 million in-kind, including use of the C3 AI Suite and Microsoft Azure computing, storage, and technical resources to support C3.ai DTI research.

C3.ai DTI Contact:
Kap Stann
Communications Manager, C3.ai DTI @ Berkeley
Tel. +1 510-295-9685
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PRINCETON, N.J.--(BUSINESS WIRE)--NRG Energy, Inc. (NSYE: NRG) announced today that the Company has been named the 2020 – 2021 Supplier of the Year by The Energy Professionals Association (TEPA), an organization comprised of independent energy aggregators, brokers and consultants (ABCs), as well as energy suppliers, resellers and other energy related entities seeking the advancement of fair deregulated energy markets.

TEPA’s aggregators, brokers, and consultants considered overall satisfaction, ease of doing business, ethical business practices, customer service, price competitiveness, and market knowledge among TEPA Supplier members when casting their vote. With collaboration at the forefront combined with innovative products and digital platforms, NRG was able to deliver a positive experience to both brokers and customers.

“We are humbled to receive the Supplier of the Year Award,” said Robert Gaudette, Senior Vice President of NRG Energy, Inc. “It is a testament to the customer-first model we have implemented at NRG. The hard work and focus of our team members truly demonstrate why we are able to meet and exceed our customers’ expectations. We look forward to continued excellence in the future as we expand it across our teams.”

The coveted award recognizes energy suppliers for comprehensive, innovative and strategic vision and their customer service. Finalists and winners are selected by TEPA’s national membership.

“NRG is a valued TEPA member that consistently delivers new products, services and technology that elevates the standards of our industry,” said Javier Barrios, TEPA National Board President. “We congratulate the NRG team for being named our 2020-2021 TEPA Supplier of the Year and their commitment to helping consumers make informed energy procurement decisions. Our TEPA members are at the heart of why commercial energy is working for consumers across the county.”

Since 2014, TEPA has celebrated members and organizations in the retail energy market that meet TEPA’s standards of ethics, education, and advocacy in the market through the Supplier of the Year, Aggregators, Brokers & Consultants of the Year, and Affiliate of the Year.

About NRG

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

Investors:
Kevin L. Cole, CFA
609.524.4526
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Media:
Lauren Brown
713.537.2861
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2021 Dirty Little Secrets - Fight or Flight: Taking Stock of the Midstream Available Now

CENTENNIAL, Colo.--(BUSINESS WIRE)--#energy--East Daley Capital Advisors, Inc., the midstream expert, today announced the availability of its 2021 Dirty Little Secrets - Fight or Flight: Taking Stock of the Midstream report which identifies the opportunities and risks affecting the midstream sector by bringing together commodity fundamentals with asset-level financial impact. It also includes a detailed breakout of the top 26 midstream companies in the sector.

“Despite the challenges and volatility of 2020, the sector has some genuine opportunities ahead,” said Justin Carlson, Co-Founder and Chief Strategy Officer at East Daley Capital. “Our new report digs deep into the trenches and evaluates factors affecting the midstream industry to separate what’s important from what’s not. Dirty Little Secrets gives readers proprietary intelligence to help them decide when to fight and when to fly.”

Key takeaways from the report include:

• The collapse in capital spending nets positively for cash flow of over $145 billion for the top 10 North American midstream companies and partnerships in the next four years. Aggregate midstream free cash flow will gain momentum as an expectation rather than an exception.
• Oil and refined products demand destruction from the pandemic has stifled associated gas growth, leaving the market reliant on gas basin supply increases to meet growing U.S. natural gas demand. East Texas and North Louisiana will benefit from rising U.S. natural gas demand because of the region’s strong well results, geographic location, and ability to build low-cost takeaway.
• Future energy supplies and the viability of many midstream projects hinge on the Permian Basin, the only major basin from which East Daley expects crude oil production will grow in a $40/bbl – $50 oil price range.
• Companies will focus on climbing back to their previous peaks rather than growth over the next few years, as stunted production growth will force companies to fight for every barrel and cubic foot of natural gas they send through their pipelines.
• The Biden presidency presents risks for energy and the midstream sector: more oversight, new climate regulations, slower permitting, and new hurdles for certain pipe projects. However, restricted supply should help rebuild pricing and margins.

To purchase a copy of 2021 Dirty Little Secrets - Fight or Flight: Taking Stock of the Midstream report, visit http://eastdaley.com/2021-dirty-little-secrets.

About East Daley Capital Advisors, Inc.

East Daley Capital (EDC) is the only comprehensive provider of midstream energy asset-level data and analysis that covers both the capital and commodity sectors. East Daley goes deep to empower its clients with North American Midstream energy expertise found nowhere else on the market. The company’s proprietary methodologies and datasets uncover risk and opportunity by leveraging analysis of the intersection of energy capital and commodity markets. East Daley provides unbiased, actionable market intelligence to many of the largest midstream companies in the oil and gas industry, and investors and capital market participants in the energy sector to give them the EDC Advantage with their strategy and execution. For more information visit http://www.eastdaley.com.

East Daley Capital
Meredith Bagnulo
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303-513-7494

HOUSTON--(BUSINESS WIRE)--Nine Energy Service, Inc. (NYSE:NINE) announced today that it has scheduled its fourth quarter and full year 2020 earnings conference call for Monday, March 8, 2021 at 9:00 am Central Time. During the call, Nine will discuss its financial and operating results for the quarter and full year ended December 31, 2020, which are expected to be released prior to the conference call.

Participants may join the live conference call by dialing U.S. (Toll Free): (877) 524-8416 or International: (412) 902-1028 and asking for the “Nine Energy Service Earnings Call”. Participants are encouraged to dial into the conference call ten to fifteen minutes before the scheduled start time to avoid any delays entering the earnings call.

For those who cannot listen to the live call, a telephonic replay of the call will be available through March 22, 2021 and may be accessed by dialing U.S. (Toll Free): (877) 660-6853 or International: (201) 612-7415 and entering the passcode of 13715295.

About Nine Energy Service

Nine Energy Service is an oilfield services company that offers completion solutions within North America and abroad. The Company brings years of experience with a deep commitment to serving clients with smarter, customized solutions and world-class resources that drive efficiencies. Serving the global oil and gas industry, Nine continues to differentiate itself through superior service quality, wellsite execution and cutting-edge technology. Nine is headquartered in Houston, Texas with operating facilities in the Permian, Eagle Ford, SCOOP/STACK, Niobrara, Barnett, Bakken, Marcellus, Utica and Canada.

For more information on the Company, please visit Nine’s website at nineenergyservice.com.

Nine Energy Service Investor Contact:
Heather Schmidt
Vice President, Strategic Development, Investor Relations and Marketing
(281) 730-5113
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Apex, Ares, Facebook, and McDonald’s to Bring New 302 MW Wind Project Online in 2021

Lincoln Land Wind Seeks to Replicate Success of Prior Wind Partnership

LOS ANGELES & CHARLOTTESVILLE, Va.--(BUSINESS WIRE)--Apex Clean Energy and Ares Management Corporation (NYSE: ARES) (“Ares”) today announced that funds managed by Ares’ Infrastructure and Power strategy acquired the Lincoln Land Wind project, located in Morgan County, Illinois, from Apex. The 302 MW wind project builds on a successful history of partnership between the two companies and showcases the industry’s strong momentum headed into 2021.

Apex led the development of Lincoln Land Wind and Ares finalized preconstruction milestones, including securing turbines, financing (tax equity and debt), and other project contracts. Lincoln Land Wind has long-term power purchase agreements with Facebook and McDonald’s, Apex’s two largest corporate customers. The companies, both considered pioneers in corporate sustainability, will purchase approximately 175 MW and 126 MW, respectively, of clean power from Lincoln Land Wind.

All four counterparties—Apex, Ares, McDonald’s, and Facebook—previously partnered on Aviator Wind, the largest single-phase, single-site project in the nation, which began operating in 2020.

“Repeat partnerships are the result of mission alignment, and Lincoln Land Wind is a perfect example,” said President and CEO of Apex Mark Goodwin. “Alongside sustainability leaders Ares Infrastructure and Power, Facebook, and McDonald’s, Apex continues to drive the energy transition through projects that deliver significant and long-lasting benefits to the climate and the local community.”

“We are excited to continue our long-standing and successful relationship with Apex, as well as Facebook and McDonald’s, and by our significant investment momentum in the North American renewables market,” said Keith Derman, Co-Head of Ares Infrastructure and Power. “Lincoln Land Wind is an example of our value-add investment strategy and our ability to build a portfolio of well-structured, high-quality climate infrastructure assets for our investors.”

Lincoln Land Wind is Ares’ 66th climate infrastructure investment, which collectively represent over 7 GW of power generation.

“We’re delighted to continue to grow our utility-scale wind portfolio with Lincoln Land,” said Steve Porto, Managing Director of Ares Infrastructure and Power. “Once Lincoln Land becomes operational in late 2021, we will have constructed, commercialized, and commissioned over 1.2 GW of utility-scale wind projects in the preceding eighteen months, making Ares Infrastructure and Power a top-tier builder of wind in the United States during that period.”

Lincoln Land, which will comprise 107 GE 2.82-127 turbines, has completed development, and is expected to begin operations in late 2021. Apex will provide both construction and asset management services for the project.

The project will generate approximately $65 million in local tax revenue, $90 million in payments to landowners, nearly 400 full-time local jobs during construction, and nine long-term local operations positions.

About Apex Clean Energy

Apex Clean Energy develops, constructs, and operates utility-scale wind and solar power facilities across North America. Our mission-driven team of more than 200 renewable energy experts uses a data-focused approach and an unrivaled portfolio of projects to create solutions for the world’s most innovative and forward-thinking customers. For more information on how Apex is leading the transition to a clean energy future, visit apexcleanenergy.com or follow us on Facebook, Twitter, and LinkedIn.

About Ares Management Corporation

Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager operating integrated groups across Credit, Private Equity, Real Estate and Strategic Initiatives. Ares Management’s investment groups collaborate to deliver innovative investment solutions and consistent, attractive investment returns for fund investors throughout market cycles. As of September 30, 2020, Ares Management's global platform had approximately $179 billion of assets under management with more than 1,400 employees operating across North America, Europe and Asia Pacific. For more information, please visit www.aresmgmt.com.

About Ares Infrastructure and Power

Ares Infrastructure and Power (“AIP”) provides flexible capital across the climate infrastructure, natural gas generation, and energy transportation sectors. AIP leverages a broadly skilled and cohesive team of more than 25 investment professionals with deep domain experience and has deployed nearly $9 billion of capital in more than 200 different infrastructure and power assets and companies as of September 30, 2020.

Apex Clean Energy
Cat Strumlauf
Director | Corporate Communications
(434) 227-4196
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Ares Management Corporation
Bill Mendel
(212) 397-1030
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or
Carl Drake
(800) 340-6597
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or
Priscila Roney
(212) 808-1185
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THE WOODLANDS, Texas--(BUSINESS WIRE)--Epsilyte, a leading North American producer of Expandable Polystyrene (EPS), will increase the price of all grades of EPS by $0.05/lb., effective March 1, 2021 or as contracts permit. This adjustment is necessary to continue investments in sustainability like ADEPT ™ Biodegradable EPS and to keep pace with escalating operating costs.

About Epsilyte

Epsilyte is one of North America’s leading producers of expandable polystyrene resin. We are a company of scale focused on solving customer needs for efficient, high-R value EPS. This includes reducing energy usage in buildings, ensuring safe and healthy food through innovative packaging technology, and participating in infrastructure investment both in the United States and abroad. Epsilyte is a portfolio company of Balmoral Funds LLC.

Epsilyte Contact:
Todd Galliart
Business Manager
Cell: 409-422-5903
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Adjusted Earnings Per Share of $1.28 for the Fourth Quarter

Full Year Free Cash Flow $2.6 Billion, at the Top of Guidance Range

Starting in 2021, Adjusted Earnings Per Share Will Be Revised to Add Back Amortization of Intangibles

Adjusted Earnings Per Share for 2021 Expected to be Between $5.40 and $5.80

DUBLIN--(BUSINESS WIRE)--Power management company Eaton Corporation plc (NYSE:ETN) today announced that earnings per share were $1.18 for the fourth quarter of 2020. Excluding charges of $0.06 per share related to acquisitions and divestitures and $0.04 per share related to a multi-year restructuring program, adjusted earnings per share were $1.28.

Sales in the fourth quarter of 2020 were $4.7 billion. Organic sales were down 5 percent, and the divestitures of the Lighting and Automotive Fluid Conveyance businesses reduced sales by 8 percent, partially offset by 2 percent growth from acquisitions.

Craig Arnold, Eaton chairman and chief executive officer, said, “Our fourth quarter was stronger than expected, with organic sales down 5 percent, at the high end of our guidance range and up 3 percent over the third quarter. We are pleased with our solid results, as our businesses have managed through the impact of the COVID-19 pandemic well.”

“Fourth quarter segment margins were 17.4 percent, reflecting a decremental on lower revenues of 21 percent,” said Arnold. “Our decremental margin performance was better than expected. This was the result of strong execution and continued focus on cost controls to offset pandemic-driven volume declines.”

“We generated strong cash flow in the fourth quarter,” said Arnold. “Operating cash flow totaled $943 million and free cash flow totaled $845 million.”

“For full year 2020, sales were $17.9 billion, down 11 percent organically from 2019. The divestitures of the Lighting and Automotive Fluid Conveyance businesses reduced sales by 7 percent and negative currency translation reduced sales by 1 percent, which was partially offset by 2 percent growth from acquisitions,” said Arnold. “Segment margins were 16.4 percent, reflecting a strong decremental margin of 23 percent.”

“Earnings per share for 2020 were $3.49. Excluding charges of $0.33 per share related to acquisitions and divestitures and $0.42 per share related to our multi-year restructuring program, adjusted earnings per share were $4.24,” said Arnold. “Operating cash flow was $2.9 billion, and free cash flow was $2.6 billion, at the top of our guidance range. Free cash flow as a percentage of revenues was 14.3 percent, 90 basis points over 2019 and an all-time record.”

“During 2020, we returned $2.8 billion to our shareholders in the form of dividends and share repurchases,” said Arnold. “Dividends totaled $1.2 billion, and share repurchases totaled $1.6 billion, representing 4 percent of our shares outstanding at the beginning of 2020.”

“We also took significant portfolio actions during 2020,” said Arnold. “In the first quarter, we completed the sale of our Lighting business and announced the sale of our Hydraulics business.”

“Looking at 2021, we expect our organic revenues to grow between 4 percent and 6 percent versus 2020, with growth in all segments. The divestitures of our Hydraulics and Lighting businesses are expected to reduce our sales by 8 percent partially offset by positive currency translation of approximately 1 percent,” said Arnold. “We anticipate segment margins between 17.6 percent and 18.0 percent, representing at the midpoint a 140 basis point improvement over 2020 and above the pre-pandemic levels of 2019.”

“We are pleased that we have recently signed agreements to acquire Tripp Lite and Cobham Mission Systems, allowing us to deploy $4.5 billion into high growth and high margin strategic businesses,” said Arnold.

“In 2021, we are revising our definition of adjusted earnings to add back amortization of intangibles. We believe this will provide investors with a more accurate measure of our performance and will make it easier to compare our performance to peers,” said Arnold. “For full year 2021, we expect adjusted earnings per share to be between $5.40 and $5.80, up 14 percent at the midpoint over 2020 adjusted to add back intangible amortization. We anticipate adjusted earnings per share for the first quarter of 2021 to be between $1.17 and $1.27.”

Business Segment Results

Sales for the Electrical Americas segment were $1.7 billion, down 18 percent from the fourth quarter of 2019, driven by a 19 percent reduction from the divestiture of the Lighting business and a 1 percent decline in organic sales, partially offset by 2 percent growth from the acquisition of Power Distribution, Inc. Operating profits were $359 million. Excluding the divested Lighting business, operating profits were down 1 percent from the fourth quarter of 2019.

“Operating margins were a strong 21.1 percent, up 120 basis points over the fourth quarter of 2019,” said Arnold. “The twelve-month rolling average of our orders in the fourth quarter, excluding Lighting, was down 1 percent. Despite the slight decline, we saw particular strength in residential and data center orders, and the backlog at the end of December remained strong, up 12 percent over December 2019.”

“We were pleased to sign an agreement last week to acquire Tripp Lite,” said Arnold. “The acquisition adds complementary products to serve data centers, users of industrial and medical equipment, and edge computing.”

Sales for the Electrical Global segment were $1.3 billion, down 5 percent from the fourth quarter of 2019. Organic sales were down 7 percent, at the high end of our guidance range, partially offset by positive currency translation of 2 percent. Operating profits were $208 million, down 7 percent from the fourth quarter of 2019.

“Operating margins were 16.6 percent, a decrease of 40 basis points from the fourth quarter of 2019,” said Arnold. “The twelve-month rolling average of our orders in the fourth quarter was down 6 percent, driven by declines in oil and gas and industrial markets. We saw particular strength in data centers and residential markets. The December backlog grew 14 percent over December 2019.”

“In mid December, we signed an agreement to buy 50 percent of HuanYu High Tech,” said Arnold. “HuanYu manufactures and markets low-voltage circuit breakers and contactors in China and throughout Asia Pacific. The investment provides us access to a strong portfolio of products, which opens up significant opportunities to grow our business throughout Asia Pacific.”

Hydraulics segment sales were $485 million, up 2 percent over the fourth quarter of 2019, driven entirely by growth in organic sales. Organic revenue growth was driven by strength in mobile equipment end markets. Operating profits were $51 million, up 70 percent over the fourth quarter of 2019.

“Operating margins in the fourth quarter were 10.5 percent, up 420 basis points over the fourth quarter of 2019,” said Arnold. “Orders in the fourth quarter increased 25 percent over the fourth quarter of 2019, driven by strength in mobile equipment end markets.”

Aerospace segment sales were $542 million, down 13 percent from the fourth quarter of 2019, driven by the continued downturn in commercial aviation, partially offset by growth in military sales. Organic sales were down 25 percent, while the acquisition of Souriau-Sunbank added 11 percent and positive currency translation added another 1 percent. Operating profits were $99 million, down 34 percent from the fourth quarter of 2019.

“Operating margins in the quarter were 18.3 percent, representing strong performance in light of the impact of the pandemic on sales,” said Arnold. “The twelve-month rolling average of orders in the fourth quarter was down 33 percent, driven by the downturn in commercial markets. Backlog at the end of December was down 14 percent compared to December 2019.”

“We are excited by the agreement we announced yesterday to acquire Cobham Mission Systems (CMS),” said Arnold. “CMS is a technological leader in important defense aerospace product lines and has attractive margins.”

The Vehicle segment posted sales of $620 million, down 7 percent from the fourth quarter of 2019. Organic sales were down 1 percent, well above the high end of our guidance range driven by better than expected recovery in NAFTA Class 8 and global light vehicle production. The divestiture of our Automotive Fluid Conveyance business at the end of last year reduced revenues by 5 percent, and currency translation was negative 1 percent. Operating profits were $103 million, down 9 percent from the fourth quarter of 2019, excluding the clutch warranty issue reported in the fourth quarter of 2019.

“Operating margins in the quarter were a strong 16.6 percent,” said Arnold. “Conditions have markedly improved in vehicle markets. Sales in the fourth quarter were up 8 percent over the third quarter and we expect this sequential growth trend to continue well into 2021.”

eMobility segment sales were $85 million, up 13 percent over the fourth quarter of 2019, driven by organic sales growth of 11 percent and positive currency translation of 2 percent. The segment recorded an operating loss of $5 million reflecting continued investment in research and development for new programs.

Eaton’s mission is to improve the quality of life and the environment through the use of power management technologies and services. We provide sustainable solutions that help our customers effectively manage electrical, hydraulic, and mechanical power – more safely, more efficiently, and more reliably. Eaton’s 2020 revenues were $17.9 billion, and we sell products to customers in more than 175 countries. We have approximately 92,000 employees. For more information, visit www.eaton.com.

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

This news release contains forward-looking statements concerning first quarter and full-year 2021 adjusted earnings per share, organic sales growth, adjusted segment margins, the expected impact on 2021 sales of acquisitions and divestitures, 2021 and 2022 anticipated restructuring charges, the closing dates for the Hydraulics divestiture and the HuanYu acquisition, and the acquisitions of Tripp Lite and CMS. These statements should be used with caution and are subject to various risks and uncertainties, many of which are outside the company’s control. The following factors could cause actual results to differ materially from those in the forward-looking statements: the course of the COVID-19 pandemic and government actions related thereto; unanticipated changes in the markets for the company’s business segments; unanticipated downturns in business relationships with customers or their purchases from us; competitive pressures on sales and pricing; unanticipated changes in the cost of material and other production costs, or unexpected costs that cannot be recouped in product pricing; the introduction of competing technologies; unexpected technical or marketing difficulties; unexpected claims, charges, litigation or dispute resolutions; strikes or other labor unrest; natural disasters; the performance of recent acquisitions; unanticipated difficulties completing or integrating acquisitions; new laws and governmental regulations; interest rate changes; changes in tax laws or tax regulations; stock market and currency fluctuations; and unanticipated deterioration of economic and financial conditions in the United States and around the world. We do not assume any obligation to update these forward-looking statements.

Financial Results

The company’s comparative financial results for the twelve months ended December 31, 2020 are available on the company’s website, www.eaton.com.

EATON CORPORATION plc
NOTES TO THE FOURTH QUARTER 2020 EARNINGS RELEASE

Amounts are in millions of dollars unless indicated otherwise (per share data assume dilution).

Note 1. NON-GAAP FINANCIAL INFORMATION

This earnings release includes certain non-GAAP financial measures. These financial measures include adjusted earnings, adjusted earnings per ordinary share, adjusted earnings per ordinary share including accretion from certain acquisitions and excluding amortization of intangibles, free cash flow, and operating profit before expense in the fourth quarter of 2019 for expected warranty costs in the Vehicle business segment, each of which differs from the most directly comparable measure calculated in accordance with generally accepted accounting principles (GAAP). A reconciliation of each of these financial measures to the most directly comparable GAAP measure is included in this earnings release. Management believes that these financial measures are useful to investors because they exclude certain transactions, allowing investors to more easily compare Eaton Corporation plc's (Eaton or the Company) financial performance period to period. Management uses this information in monitoring and evaluating the on-going performance of Eaton and each business segment.

In 2021, Eaton is revising its definition of adjusted earnings to add back intangible asset amortization expense as follows:

For full year 2020, free cash flow of $2.6 billion excludes $0.4 billion of capital expenditures for property, plant and equipment. For the fourth quarter of 2020, free cash flow of $845 excludes $98 of capital expenditures for property, plant and equipment.

Vehicle business segment operating profit of $63 for the fourth quarter of 2019 was $113 excluding $50 of expense for expected warranty costs to correct the performance of a product which incorporated a defective part from a supplier.

Note 2. ACQUISITIONS AND DIVESTITURES OF BUSINESSES

Agreement to Acquire Cobham Mission Systems

On January 31, 2021, Eaton signed an agreement to acquire Cobham Mission Systems (CMS), a leading manufacturer of air-to-air refueling systems, environmental systems, and actuation primarily for defense markets. Under the terms of the agreement, Eaton will pay $2.83 billion. The transaction is subject to customary closing conditions and is expected to close in the second half of 2021. CMS will be reported within the Aerospace business segment.

Agreement to Acquire Tripp Lite

On January 28, 2021, Eaton signed an agreement to acquire Tripp Lite, a leading supplier of power quality products and connectivity solutions including single-phase uninterruptible power supply systems, rack power distribution units, surge protectors, and enclosures for data centers, industrial, medical, and communications markets in the Americas. Under the terms of the agreement, Eaton will pay $1.65 billion for Tripp Lite. The transaction is subject to customary closing conditions and is expected to close in the middle of 2021. Tripp Lite will be reported within the Electrical Americas business segment.

Agreement to Acquire a 50% stake in HuanYu High Tech

On December 15, 2020, Eaton signed an agreement to acquire a 50 percent stake in HuanYu High Tech, a subsidiary of HuanYu Group that manufactures and markets low-voltage circuit breakers and contactors in China, and throughout the Asia-Pacific region. HuanYu High Tech had 2019 sales of $106 and has production operations in Wenzhou, China. The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in the second quarter of 2021. Eaton expects to account for this investment on the equity method of accounting and will report it within the Electrical Global business segment.

Sale of Lighting business

On March 2, 2020, Eaton sold its Lighting business to Signify N.V. for a cash purchase price of $1.4 billion. The Company recognized a pre-tax gain of $221. The Lighting business, which had sales of $1.6 billion in 2019 as part of the Electrical Americas business segment, serves customers in commercial, industrial, residential, and municipal markets. During the fourth quarter of 2019, the Company determined the Lighting business met the criteria to be classified as held for sale. Therefore, its assets and liabilities have been presented as held for sale in the Consolidated Balance Sheet as of December 31, 2019.

Pending Sale of Hydraulics business

On January 21, 2020, Eaton entered into an agreement to sell its Hydraulics business to Danfoss A/S, a Danish industrial company, for $3.3 billion in cash. Eaton’s Hydraulics business is a global leader in hydraulics components, systems, and services for industrial and mobile equipment. The business had sales of $1.8 billion and $2.2 billion for the years ended December 31, 2020 and 2019, respectively. During the first quarter of 2020, the Company determined the Hydraulics business met the criteria to be classified as held for sale. Therefore, its assets and liabilities have been presented as held for sale in the Consolidated Balance Sheet as of December 31, 2020. The transaction is subject to customary closing conditions and regulatory approvals.

Note 3. ACQUISITION AND DIVESTITURE CHARGES

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

Eaton Corporation plc
Margaret Hagan, Media Relations, +1 (440) 523-4343
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or
Yan Jin, Investor Relations, +1 (440) 523-7558

HOUSTON--(BUSINESS WIRE)--Superior Energy Services (“Superior” or the “Company”) announced today that the Company has successfully completed its financial restructuring and emerged from Chapter 11, implementing the Plan of Reorganization that was confirmed by the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division on January 19, 2021. The Company emerges with a strengthened capital structure that eliminated more than $1.30 billion of existing debt.

“Today’s milestone represents a tremendous accomplishment for Superior. The Company has emerged from bankruptcy in less than two months, free of debt and with a greatly strengthened balance sheet and financial ability to compete,” said David Dunlap, President and CEO of Superior. “Our hat goes off to the many people who helped us to get to this point, including employees, customers, lenders, noteholders and suppliers, and I look forward with great confidence to the many future opportunities that lie ahead.”

Given strong operational performance in recent months, Superior emerges with total cash at emergence of approximately $242 million. The Company’s liquidity position is further supported by a $120 million asset-backed secured credit facility. Superior intends to file its first periodic report with the Securities and Exchange Commission in late March 2021.

Ducera Partners LLC and Johnson Rice & Company LLC are acting as financial advisors for the Company, Latham & Watkins LLP and Hunton Andrews Kurth LLP are acting as legal counsel, and Alvarez & Marsal is serving as restructuring advisor. Evercore Group L.L.C. is acting as financial advisor for the ad hoc group of noteholders with Davis Polk & Wardwell LLP and Porter Hedges LLP serving as legal counsel. FTI Consulting, Inc. is acting as financial advisor for the agent for the Company’s secured asset-based revolving credit facility with Simpson Thacher & Bartlett LLP acting as legal counsel.

About Superior

Superior serves the drilling, completion and production-related needs of oil and gas companies worldwide through a diversified portfolio of specialized oilfield services and equipment that are used throughout the economic life cycle of oil and gas wells. For more information, visit http://www.superiorenergy.com.

Forward-Looking Statements

All statements in this press release (and oral statements made regarding the subjects of this communication) other than historical facts are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors, many of which are outside the control of Superior, which could cause actual results to differ materially from such statements. Forward-looking information includes, but is not limited to: statements regarding the timing and effect of the recapitalization; the outcomes of Bankruptcy Court rulings in the Chapter 11 Cases; general market and economic conditions; changes in law and government regulations; and other matters affecting Superior’s business.

These forward-looking statements are also affected by the risk factors, forward-looking statements and challenges and uncertainties described in Superior’s Annual Report on Form 10-K for the year ended December 31, 2019, and those set forth from time to time in Superior’s filings with the Securities and Exchange Commission. Except as required by law, Superior expressly disclaims any intention or obligation to revise or update any forward-looking statements whether as a result of new information, future events or otherwise.

No Solicitation or Offer

Any new securities to be issued pursuant to the restructuring transactions may not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws but may be issued pursuant to an exemption from such registration provided in the U.S. bankruptcy code. Such new securities may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and any applicable state securities laws. This press release does not constitute an offer to sell or buy, nor the solicitation of an offer to sell or buy, any securities referred to herein, nor is this press release a solicitation of consents to or votes to accept any chapter 11 plan. Any solicitation or offer will only be made pursuant to a confidential offering memorandum and disclosure statement and only to such persons and in such jurisdictions as is permitted under applicable law.

Paul Vincent, VP of Treasury and Investor Relations
(713) 654-2200

• First quarter GAAP net sales of $4.2 billion were flat from the year prior; underlying sales were down 2 percent, which was ahead of management's November guidance.
• First quarter GAAP EPS was $0.74, up 40 percent from the year prior; adjusted EPS, which excludes restructuring and first year purchase accounting charges and fees, was $0.83, up 24 percent.
• Strong operating cash flow of $808 million in the quarter, up 90 percent; Free cash flow was $686 million, up 121 percent.
• Restructuring and related actions of $69 million were initiated in the quarter, continuing aggressive execution of the comprehensive cost reset program to return the company to record adjusted EBIT margins.

ST. LOUIS--(BUSINESS WIRE)--Emerson (NYSE: EMR) today reported results for the first fiscal quarter ended December 31, 2020.

First quarter GAAP net sales were flat and underlying sales were only down 2 percent excluding favorable currency of 1 percent and impact from acquisitions of 1 percent. Revenue for the quarter was ahead of management's November guidance, with both business platforms finishing above expectations. Overall, the company continued to see a sharp bifurcation in North American markets, with residential markets showing continued strength while many core automation markets remained subdued. Overall, North America was down high single-digits in the quarter. All other regions trended to growth with Europe up mid single-digits and Asia, Middle East & Africa up low single-digits.

December trailing three-month underlying orders were only down 4.5 percent, ahead of previous expectations, as strength in residential-facing, cold chain, life sciences, medical, and food & beverage markets was more than offset by ongoing weakness in many process industries. Commercial & Residential Solutions trailing three-month underlying orders showed continued strength, up 15 percent, with growth across all businesses and geographies. Additionally, Automation Solutions trailing three-month underlying orders continued to stabilize, down 13 percent, as KOB3 demand was steady and KOB2 demand improved slightly.

First quarter gross profit margin of 41.4 percent was down 100 basis points from the previous year primarily due to deleverage and business mix. Pretax margin of 13.5 percent and EBIT margin of 14.5 percent were up 330 basis points and 350 basis points, respectively, as ongoing comprehensive cost reduction actions took effect. Adjusted EBIT margin, which excludes restructuring and first year purchase accounting charges and fees, was 16.3 percent for the quarter, up 260 basis points.

GAAP earnings per share was $0.74 for the quarter, up 40%, and adjusted earnings per share was $0.83, up 24 percent. Earnings in the quarter exceeded management guidance and benefited significantly from better volume, as well as ongoing restructuring and cost reduction actions.

Operating cash flow was $808 million for the quarter, up 90 percent. Free cash flow was $686 million, up 121 percent for the quarter, resulting in strong free cash flow conversion of 152 percent. Cash flow results reflected higher earnings due to rigorous operational execution across the two business platforms and favorable trade working capital management.

“Emerson’s leadership team and global operations remain steadfastly focused on safely serving customers and protecting business continuity in essential industries including life sciences, power, food and beverage, home comfort, energy, and water,” said Emerson Chairman and CEO David N. Farr. “Our dedicated team across the globe continues to make me proud as they work tirelessly to help our customers navigate ongoing industry and macroeconomic turbulence. As more COVID-19 vaccines are approved and begin to be distributed, we remain optimistic for some stabilization in the second half of the year. In the meantime, we will continue to operate nimbly and safely to serve our customers in vital industries.

“Orders and sales continued their upward trajectory in the quarter, and operating results exceeded expectations. These factors enabled us to deliver strong profitability, earnings and cash flow, driven by our ongoing robust cost containment and restructuring actions, as well as improvement in some of our end markets. As the broader macroeconomic outlook continues to stabilize, we are well-positioned with a more agile, lean, and technology-centric organization going forward.”

Business Platform Results

Automation Solutions net sales decreased 6 percent in the quarter, with underlying sales down 9 percent, which was ahead of November guidance. The improvement in orders and sales was primarily driven by European power, chemical, and life sciences markets, and energy markets in Asia, Middle East & Africa.

In the Americas, underlying sales were down 20 percent, resulting from continued broad-based demand challenges, particularly in North America. These challenges were partially offset by continued momentum in life sciences, food & beverage, and semiconductor markets, as well as some early signs of improvement in upstream energy markets. Europe underlying sales were up 2 percent, driven by strength in Eastern Europe. Asia, Middle East & Africa underlying sales remained positive in the low single-digits, as strength in China (up 6 percent) and the rest of Asia (up 7 percent) was offset by weakness in the Middle East & Africa.

December trailing three-month underlying orders were down 13 percent, consistent with November and reflecting ongoing weakness, but stabilization, across many key automation end markets. However, growth momentum continues in life sciences, medical, food & beverage, and semiconductor markets. Geographically, the Americas continue to be most challenged, down 27 percent. Asia, Middle East & Africa declined modestly by 1 percent, supported by China orders growing 6 percent. Europe declined by 3 percent due to weakness in energy markets somewhat offset by chemical, power and life science projects. Backlog in the business finished the quarter at $5.3 billion, an increase of approximately $600 million (of which the OSI acquisition represented approximately $300 million). Lastly, OSI had a strong first quarter as a part of the Emerson team, booking nearly $100 million of orders, reflecting early momentum well above revenue synergy plans. Overall, while the global demand environment stabilizes and begins to improve, key North American markets remain challenged for the Automation Solutions business, but they have stabilized and appear to be turning.

Segment EBIT margin increased 250 basis points to 13.4 percent, on down sales, as savings from cost actions and favorable price-cost more than offset volume deleverage and mix. Adjusted segment EBIT margin, which excludes restructuring and related costs, increased 200 basis points to 15.8 percent. Total restructuring and related actions in the quarter totaled $64 million.

Commercial & Residential Solutions net sales increased 13 percent in the quarter, with underlying sales up 12 percent. Underlying sales in the Americas were up 14 percent, reflecting strong demand in residential markets and improvement in the cold chain business. Similarly, Europe was up 8 percent as heat pump demand was driven by sustainability regulations and customer technology preferences. Asia, Middle East & Africa was up 7 percent, with China leading, up 10 percent.

December trailing three-month underlying orders were up 15 percent, reflecting growth across all businesses and geographies. Continued strength in residential markets and positive momentum in cold chain markets were key drivers. Geographically, North America increased by 16 percent as residential HVAC and home products markets continued to show robust demand. Additionally, cold chain markets improved with vaccine distribution infrastructure and food safety investment. Asia, Middle East & Africa orders increased by 17 percent, highlighted by growth in China of 17 percent. Europe grew by 10 percent, as demand for heat pump and efficient appliance solutions continued its momentum due to sustainability regulations and customer technology preferences. Lastly, backlog increased by approximately $200 million to end the quarter at nearly $800 million.

Segment EBIT margin increased 280 basis points to 21.0 percent driven by strong leverage combined with previous cost reduction actions. Adjusted segment EBIT margin, which excludes restructuring and related costs, increased 230 basis points to 21.2 percent. Total restructuring and related actions in the quarter were $3 million.

2021 Updated Outlook

As macroeconomic uncertainties related to COVID-19 begin to slowly wane, we continue to expect a slow-but-steady improvement in industrial demand over the course of 2021 as more vaccines become available and distribution methods mature. We also expect that residential demand for many of our markets around the world will remain robust through the year.

Within this framework, we now expect underlying revenue to be positive for the full year. However, due to the delayed recovery timeline in many key automation markets, especially in North America, we remain committed to our plan of total company restructuring spend of approximately $200 million for the full year. Lastly, the updated guidance assumes no major operational or supply chain disruptions and oil prices in the $45 to $55 range for the remainder of the year.

The following table summarizes the updated 2021 guidance framework:

“Looking ahead to the remainder of the fiscal year, we will continue to invest in core technologies, software solutions, and other capabilities that strengthen our position in attractive and growing marketplaces, including alternative fuels, renewable energy, power transmission and distribution, and life sciences, among others,” Farr said. “Digital transformation and ESG initiatives continue to gain momentum among many of our industrial customers, and these portfolio enhancements and development efforts will enable us to help more customers not only adapt, but truly excel in their new operating realities post-pandemic.”

Upcoming Investor Events

Today, beginning at 3 p.m. Eastern Time, Emerson management will discuss the first quarter results during an investor conference call. Participants can access a live webcast available at www.emerson.com/financial at the time of the call. A replay of the call will remain available for 90 days. Conference call slides will be posted in advance of the call on the company website.

On Tuesday, February 16th, beginning at 8:30 a.m. Eastern Time, Emerson management will host our annual Investor Conference in virtual format. Participants can access a live webcast available at www.emerson.com/financial at the time of the call. A replay of the call will remain available for 90 days. Conference call slides will be posted in advance of the call on the company website.

Forward-Looking and Cautionary Statements

Statements in this press release that are not strictly historical may be “forward-looking” statements, which involve risks and uncertainties, and Emerson undertakes no obligation to update any such statements to reflect later developments. These risks and uncertainties include the scope, duration and ultimate impact of the COVID-19 pandemic as well as economic and currency conditions, market demand, including related to the pandemic and oil and gas price declines and volatility, pricing, protection of intellectual property, cybersecurity, tariffs, competitive and technological factors, among others, as set forth in the Company's most recent Annual Report on Form 10-K and subsequent reports filed with the SEC.

(tables attached)

In fiscal 2021, the Company reclassified certain software product sales that were previously reported in Measurement & Analytical Instrumentation to Systems & Software (previously described as Process Control Systems & Solutions). These changes had no effect on the overall sales of the company's reporting segments.

To facilitate investor understanding and comparison, the Company is providing supplemental unaudited historical results on this new basis. The information provided below, which has been reclassified to conform to the current year presentation, does not represent a restatement of previously issued financial statements and should be read in conjunction with the Company’s Annual Report on Form 10-K and Quarterly Report on Form 10-Q for the quarter ended December 31, 2020.