DEERFIELD, Ill.--(BUSINESS WIRE)--CF Industries Holdings, Inc. (NYSE: CF) today announced that it will report its full year and fourth quarter 2020 results after the market close on Wednesday, February 17, 2021. The company plans to host a conference call to discuss these results at 9:00 a.m. ET on Thursday, February 18, 2021.

Investors can access the call by dialing 866-748-8653 or 678-825-8234. The passcode is 5443126. The conference call also will be available live on the company’s website at www.cfindustries.com. Participants also may pre-register for the webcast on the company’s website. Please log-in or dial-in at least 10 minutes prior to the start time to ensure a connection. A replay of the webcast will be available through the company’s website at www.cfindustries.com.

About CF Industries Holdings, Inc.

CF Industries is a leading global manufacturer of hydrogen and nitrogen products for clean energy, emissions abatement, fertilizer, and other industrial applications. We operate manufacturing complexes in the United States, Canada, and the United Kingdom, which are among the most cost-advantaged, efficient, and flexible in the world and an unparalleled storage, transportation and distribution network in North America. Our 3,000 employees focus on safe and reliable operations, environmental stewardship and disciplined capital and corporate management, driving our strategy to leverage and sustainably grow the world’s most advantaged hydrogen and nitrogen platform to serve customers, creating long-term shareholder value. CF Industries routinely posts investor announcements and additional information on the company’s website at www.cfindustries.com and encourages those interested in the company to check there frequently.

Media
Chris Close
Director, Corporate Communications
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Investors
Martin Jarosick
Vice President, Investor Relations
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HOUSTON--(BUSINESS WIRE)--Geospace Technologies (NASDAQ: GEOS) today announced its highest first quarter earnings in seven years, narrowing its net loss to $1.1 million, or $(0.08) per diluted share, on revenue of $28.5 million for its first quarter ended December 31, 2020. This compares with a net loss of $9.3 million, or ($0.69) per diluted share, on revenue of $17.7 million for the first quarter of the prior year.

Walter R. (“Rick”) Wheeler, President and CEO of Geospace Technologies (the “Company”) said, “Despite the negative impacts that the COVID-19 worldwide pandemic continues to have on our business segments, we are pleased to report that we generated revenue totaling $28.5 million during the first three months of fiscal year 2021. This quarterly figure exceeds each of the previously reported quarterly figures in fiscal year 2020, and moreover represents the Company’s highest recorded first quarter revenue in seven years. Additionally, several notable first-time events occurred in the quarter. These include our first sale of a large OBX nodal marine system. The system was purchased by a large international seismic contractor for $9.9 million which included 7,500 OBX ocean-bottom marine nodes from our rental fleet along with all necessary central electronics. The quarter also marks the first occurrence of meaningful revenue from our Quantum Technology Sciences subsidiary in our Emerging Markets segment. The revenue is in partial fulfillment of a $10.5 million contract secured in April 2020 with the U.S. Customs and Border Protection, U.S. Border Patrol for a high technology border security solution. Our Emerging Markets products provide customers in a variety of markets with actionable real-time information by utilizing proprietary seismic acoustics and data analytics.”

Wheeler continued, “In another company 'first', combined revenue generated from our Emerging Markets and Adjacent Markets segments reached its highest amount ever, exceeding total revenue generated in our Oil and Gas Markets segment. This accomplishment is a tangible demonstration of true value derived entirely from our disciplined diversification strategy. With clear and focused objectives of deepening our technologies and advancing our core engineering and manufacturing competencies into broader markets, we believe this strategy will continue to create new value.”

Oil and Gas Markets Segment

Combined revenue from the Company’s Oil and Gas Markets segment totaled $12.8 million for the three months ended December 31, 2020. This compares with $11.5 million for the equivalent three-month period a year ago, reflecting an increase of 11%. The increase for the three-month period is the result of increased sales of the Company’s wireless seismic products, partially offset by lower rental revenue from these products as well as lower demand for its traditional and reservoir seismic products and services. The Company believes that the worldwide reduction in demand for oil and gas, arising from COVID-19 and the actions taken to prevent its spread, will continue to impair demand for products and services in its Oil and Gas Markets segment for the foreseeable future.

Revenue contributions from the Company’s traditional exploration products totaled $1.0 million for the three-month period ended December 31, 2020. This reflects a decrease of 58% compared to $2.4 million for the same period a year ago. The decrease for the compared three-month period is the result of lower demand for the Company’s marine seismic products and lower amounts of customer product repair and support services. Greatly reduced demand for these products is expected to remain unchanged so long as industry wide seismic exploration activity remains at its current historic lows.

Segment contributions from the Company’s wireless seismic products totaled $11.7 million for the three-months ended December 31, 2020. This compares with $8.9 million for the equivalent three months last year, reflecting an increase of 31%. The increase is attributed to the sale of a large marine nodal recording system for $9.9 million comprised of 7,500 OBX ocean bottom nodes from the Company’s rental fleet. The increase was partially offset by reduced rental revenue due to lower utilization of the Company’s GSX land and OBX marine rental equipment and the conversion of an OBX rental contract to the aforementioned sale. Based on current rental contracts and requested quotes for future contracts, the Company expects lower utilization of its GSX and OBX rental equipment to continue until later in the fiscal year. Not yet included in reported revenue is the sale of a 30,000 channel GCL wireless land recording system, valued at $12.5 million and delivered in the second quarter of fiscal year 2020. The sale was partially financed by a $10.0 million promissory note. Due to concerns of collectability of the promissory note, the Company only intends to recognize revenue from the sale in the future, when and if it is likely that all payments will be made on the promissory note. To date, all payments toward the purchase have been received in a timely manner and are included in non-current deferred revenue on the Company’s balance sheet.

The Company’s reservoir seismic products contributed $29,000 to revenue in the first fiscal quarter ended December 31, 2020, reflecting a decrease of 87% compared to $218,000 for the same year ago period. The decrease stems from fewer performed services and lower sales of borehole tool parts and repairs. Management believes contracts for the manufacture and deployment of permanent reservoir monitoring (PRM) systems represent the greatest opportunities for meaningful revenue from this product category. The Company has not received an order for a large-scale seabed PRM system since November 2012, although it has the largest installed base of PRM systems in the world, utilizing either high-resolution electromagnetic motion sensors or OptoSeis^® fiber optic sensor technology. In September 2020, the Company received a request from a major oil and gas producer for a proposal to manufacture and install a large-scale seabed PRM system. The Company decided not to provide a bid on the project under the offered terms and conditions initially presented by the customer. Discussions are ongoing with this customer to try and resolve the issues necessary to provide a PRM system. Management does not know exactly when, or if these discussions will lead to a resolution or the award of a proposal. The Company also has ongoing discussions with other major oil and gas producers for possible PRM systems.

Adjacent Markets Segment

For the three-month period ended December 31, 2020, combined revenue from the Company’s Adjacent Markets segment totaled $6.9 million, a comparative increase of 13% from $6.1 million recorded in the equivalent period one year-ago. The increase is largely the result of increased sales of the Company’s smart water meter cable and connector products, augmented by higher demand for its contract manufacturing services. The increase is partially offset by lower demand for the Company’s industrial sensors and cables in conjunction with a slight decrease in sales of its graphic imaging products. Demand has been negatively impacted by the economic effects of COVID-19 for many of the products in this market segment, and the Company expects such decreased demand to continue until there is greater recovery from the pandemic. Management does not believe the improvement over the same period last year is a convincing sign of recovery from the many issues presented by the COVID-19 pandemic, but is more likely a part of normal variations in demand for these products.

Emerging Markets Segment

The Company’s Emerging Markets segment generated revenue of $8.8 million for the three months ended December 31, 2020. This compares with $0.1 million for the similar period last year. The large increase in revenue is the result of the Company’s fulfillment of the majority of equipment and installation obligations in its contract with the U.S. Customs and Border Protection, U.S. Border Patrol, secured in April 2020 through its Quantum Technology Sciences subsidiary. The contract provides the U.S. Department of Homeland Security with a border and perimeter security solution using the Company’s advanced seismic acoustic technologies and innovative data analytics developed by its Quantum subsidiary. Although the Company currently has no other significant contracts for its border and perimeter security systems, management believes the unique features and capabilities of these systems have no industry equivalent, and that the actionable information they provide to government and commercial customers will lead to additional contracts.

Balance Sheet and Liquidity

For the three months ended December 31, 2020, the Company generated $2.3 million in cash and cash equivalents from operating activities. The Company used $0.5 million of cash for investment activities that included $0.6 million invested in additions to property, plant, and equipment, which were partially offset by $0.1 million of proceeds from the sale of rental equipment. As of December 31, 2020, the Company had $33.7 million in cash and cash equivalents, and maintained an additional borrowing availability of $14.7 million under its bank credit agreement with no borrowings outstanding. As of December 31, 2020, the Company’s total liquidity stood at $48.4 million. The Company also owns unencumbered property and real estate in both domestic and international locations.

In November 2020, the Company announced the authorization of a stock repurchase program by its Board of Directors, pursuant to which, the Company could repurchase up to $5 million worth of shares of its common stock in open market transactions. Purchases under the program are determined on a discretionary basis depending on various factors, including stock price, trading volume, and general business and market conditions. As of December 31, 2020, the Company had purchased a total of 117,637 of its shares on the open market for an aggregate amount of $828,000.

Wheeler concluded, “It has been a year since COVID-19 began to wreak havoc on the Earth, jeopardizing the health of mankind and disrupting whole national economies in attempts to prevent its spread. The world is anxious, yet hopeful, that the vaccines emerging today will provide a path to normalcy. A successful recovery will take some time though, and a true rendering of society’s new normal after COVID-19 is still un-defined. Therefore, many challenges remain ahead of us in fiscal year 2021, as they do for many other companies, including our customers. The reduced demand for energy that we’ve seen over the past year is a direct consequence of the reactions to COVID-19, and we believe it is unrealistic that this reduced demand will persist once the pandemic is contained. Renewable energy will be able to assist with some fraction of these near-term needs. However, servicing a full return and subsequent growth in primary energy demand will require better recovery from existing oil and gas reservoirs and renewed exploration for new resources. The products and services we offer in our Oil and Gas Markets segment are ideally suited for these tasks, especially where the required fidelity of seismic imaging demands the highest quality data. As economic recovery takes place and a new normalcy evolves, we fully expect our Adjacent Markets segment to resume the trending growth it experienced prior to the COVID-19 pandemic. In its very essence, Geospace is a technology company, and our Adjacent Markets products embody innovative solutions created from our extensive engineering accomplishments in a broad range of industries. Our deep manufacturing skills give us the means to rapidly bring these products to market with controlled quality and cost. This is very convincingly illustrated by the novel technologies incorporated in the border and perimeter security solution we are providing to the U.S. Border Patrol, the features and capabilities of which have never existed before. While many challenges remain ahead in our 2021 fiscal year, our technical focus, conservative management, and strong balance sheet comprising no debt and ample liquidity, keep us steadily aligned on the path toward success.”

Conference Call Information

Geospace Technologies will host a conference call to review its fiscal year 2021 first quarter financial results on February 4, 2021 at 10:00 a.m. Eastern Time (9 a.m. Central). Participants can access the call at (877) 876-9173 (US) or (785) 424-1667 (International). Please reference the conference ID: GEOSQ121 prior to the start of the conference call. A replay will be available for approximately 60 days and may be accessed through the Investor Relations tab of our website at www.geospace.com.

About Geospace Technologies

Geospace principally designs and manufactures seismic instruments and equipment. We market our seismic products to the oil and gas industry to locate, characterize and monitor hydrocarbon-producing reservoirs. We also market our seismic products to other industries for vibration monitoring, border and perimeter security and various geotechnical applications. We design and manufacture other products of a non-seismic nature, including water meter products, imaging equipment and offshore cables.

Forward Looking Statements

This press release contains “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. These forward-looking statements can be identified by terminology such as “may”, “will”, “should”, “intend”, “expect”, “plan”, “budget”, “forecast”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “continue”, “evaluating” or similar words. Statements that contain these words should be read carefully because they discuss our future expectations, contain projections of our future results of operations or of our financial position or state other forward-looking information. Examples of forward-looking statements include, among others, statements that we make regarding our expected operating results, the adoption, results and success of our transactions with Quantum and the OptoSeis^® technology, the adoption and sale of our products in various geographic regions, potential tenders for PRM systems, future demand for OBX systems, the completion of new orders for our channels of our GCL system, the fulfillment of customer payment obligations, the impact of the coronavirus (COVID-19) pandemic, our ability to manage changes and the continued health or availability of management personnel, volatility and direction of oil prices, anticipated levels of capital expenditures and the sources of funding therefor, and our strategy for growth, product development, market position, financial results and the provision of accounting reserves. These forward-looking statements reflect our current judgment about future events and trends based on the information currently available to us. However, there will likely be events in the future that we are not able to predict or control. The factors listed under the caption “Risk Factors” in our most recent Annual Report on Form 10-K which is on file with the Securities and Exchange Commission, as well as other cautionary language in such Annual Report, any subsequent Quarterly Report on Form 10-Q, or in our other periodic reports, provide examples of risks, uncertainties and events that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements. Such examples include, but are not limited to, the failure of the Quantum or OptoSeis^® technology transactions to yield positive operating results, decreases in commodity price levels, which could reduce demand for our products, the failure of our products to achieve market acceptance (despite substantial investment by us), our sensitivity to short term backlog, delayed or cancelled customer orders, product obsolescence resulting from poor industry conditions or new technologies, bad debt write-offs associated with customer accounts, inability to collect on promissory notes, inability to realize value from bonds, lack of further orders for our OBX systems, failure of our Quantum products to be adopted by the border and security perimeter market or a decrease in such market due to governmental changes, and infringement or failure to protect intellectual property. The occurrence of the events described in these risk factors and elsewhere in our most recent Annual Report on Form 10-K or in our other periodic reports could have a material adverse effect on our business, results of operations and financial position, and actual events and results of operations may vary materially from our current expectations. We assume no obligation to revise or update any forward-looking statement, whether written or oral, that we may make from time to time, whether as a result of new information, future developments or otherwise.

Rick Wheeler
President and CEO
TEL: 713.986.4444
FAX: 713.986.4445

HAMILTON, Bermuda--(BUSINESS WIRE)--February 3, 2021– Triton International Limited (NYSE: TRTN) announced today that it has completed an offering of $479.1 million Fixed Rate Asset-Backed Series 2021-1 Class A Notes at an annual yield of 1.658% and $23.8 million Fixed Rate Asset-Backed Series 2021-1 Class B Notes at an annual yield of 2.558% (collectively, the “Notes”).

“We are pleased to have concluded another successful ABS offering. The offering experienced very strong demand, enabling us to take advantage of historically low interest rates,” said Brian Sondey, Chairman and Chief Executive Officer. “This transaction supports our ongoing container investment and market leading supply capabilities as we continue to play a key role in helping our customers keep global supply chains functioning during this critical time.”

The Notes were issued by TIF Funding II LLC (the “Issuer”), a wholly-owned subsidiary of Triton International Limited. The Notes are secured by a pool of containers and related assets owned by the Issuer. The Issuer will be the sole obligor on the Notes; the Notes will not be obligations of or guaranteed by Triton International Limited or any of its other subsidiaries. The net proceeds from the Notes offering will be used for general corporate purposes, including to repay outstanding indebtedness.

About the Notes

The Series 2021-1 Class A Notes, are rated “A” by S&P Global Ratings and were issued with a coupon of 1.65% per annum and an annual yield of 1.658%. The Series 2021-1 Class B Notes are rated “BBB” by S&P Global Ratings and were issued with a coupon of 2.54% per annum and an annual yield of 2.558%. The Series 2021-1 Notes have a legal final maturity date of February 20, 2046. The transaction documents contain customary affirmative and negative covenants, financial covenants, representations and warranties, and events of default, which are subject to various exceptions and qualifications.

The Notes were offered within the United States only to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), to institutional “accredited investors” as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act and to persons outside the United States in compliance with Regulation S under the Securities Act. The Notes have not been registered under the Securities Act, or any state securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering would be unlawful.

About Triton International Limited

Triton International Limited is the world’s largest lessor of intermodal freight containers. Triton operates a container fleet of over six million twenty-foot equivalent units ("TEU"), and its global operations include acquisition, leasing, re-leasing and subsequent sale of multiple types of intermodal containers and chassis.

Important Cautionary Information Regarding Forward-Looking Statements

Certain statements in this release, other than purely historical information, including statements about the offering and the intended use of proceeds of the offering, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that include the words "expect," "intend," "plan," "believe," "project," "anticipate," "will," "may," "would" and similar statements of a future or forward-looking nature may be used to identify forward-looking statements. All forward-looking statements address matters that involve risks and uncertainties, many of which are beyond Triton's control. Accordingly, there are important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements.

These factors include, without limitation, those risk factors included in the offering memorandum for the Notes, changes in the financial markets, including changes in credit markets, interest rates and securitization markets generally, economic, business, competitive, market and regulatory conditions and the following: the impact of COVID-19 on our business and financial results; decreases in the demand for leased containers; decreases in market leasing rates for containers; difficulties in re-leasing containers after their initial fixed-term leases; our customers' decisions to buy rather than lease containers; our dependence on a limited number of customers for a substantial portion of our revenues; customer defaults; decreases in the selling prices of used containers; extensive competition in the container leasing industry; difficulties stemming from the international nature of our business; decreases in the demand for international trade; disruption to our operations resulting from the political and economic policies of the United States and other countries, particularly China, including but not limited to the impact of trade wars and tariffs; disruption to our operations from failures of, or attacks on, our information technology systems; disruption to our operations as a result of natural disasters; our compliance or failure to comply with laws and regulations related to economic and trade sanctions, security, anti-terrorism, environmental protection and corruption; our ability to obtain sufficient capital to support our growth; restrictions imposed by the terms of our debt agreements; changes in tax laws in, Bermuda, the United States and other countries and other risks and uncertainties, including those risk factors set forth in the section entitled "Risk Factors" in our Form 10-K filed with the Securities and Exchange Commission ("SEC"), on February 14, 2020, in any Form 10-Q filed or to be filed by Triton, and in other documents we file with the SEC from time to time. Except to the extent required by applicable law, we undertake no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

Andrew Greenberg
Senior Vice President
Business Development & Investor Relations
(914) 697-2900

HOUSTON--(BUSINESS WIRE)--Sunnova Energy International Inc. (NYSE: NOVA) announced today the launch of the industry’s first 0% APR financing¹ for home solar and battery storage service with 25-year system protection. New Sunnova customers may now be eligible to go solar for as low as 0% APR and $0 down with the purchase of a new Sunnova SunSafe® solar + battery storage system, or .99% APR and $0 down for the purchase of solar-only service. Sunnova provides its exclusive 25-year Sunnova Protect™ limited warranty service coverage for each solar + storage customer, offering worry-free maintenance, monitoring, repairs, and replacements to help ensure each home solar investment perform to its maximum potential.²

“We are thrilled to be able to offer such competitive financing in the solar service industry,” said Michael Grasso, Chief Marketing Officer of Sunnova. “In addition to these historically low APRs³, this financing solution will allow new customers to take advantage of the 26% federal tax credit⁴ and state incentives while uniquely enjoying 25 years of Sunnova Protect™ coverage on their solar or solar + battery systems, and greater control over their energy costs.”

“We are focused on knocking down barriers that prevent homeowners from purchasing a clean and affordable energy system from a trusted service provider, like Sunnova,” said William J. (John) Berger, Chief Executive Officer of Sunnova Energy International. “Alongside our Lease and PPA (power purchase agreement) service offerings, this new APR offering will help address a real need in the marketplace and will further increase our industry-leading growth rate.”

During a power outage, Sunnova SunSafe® provides resilient backup power so homeowners can run their essential appliances. Unlike a solar-only system, Sunnova SunSafe® produces solar energy during the day and sends excess energy to the rechargeable battery for use at night, or anytime it’s needed.⁵ During the installation process, solar dealers will conduct an extensive review of the home and build an efficient home solar system - with battery - tailored to each consumer’s energy needs and budget. Sunnova only uses industry-leading, vetted battery technology like the Generac PWRcell™, Tesla Powerwall, and the recently announced Enphase Encharge™ storage system. All home solar and battery systems are covered by Sunnova Protect™⁶ featuring worry and hassle-free maintenance, monitoring, repairs, and replacements.

ABOUT SUNNOVA

Sunnova Energy International Inc. (NYSE: NOVA) is a leading residential solar and energy storage service provider with customers across the U.S. states and its territories. Sunnova’s goal is to be the source of clean, affordable and reliable energy with a simple mission: to power energy independence so that homeowners have the freedom to live life uninterrupted^TM.

For more information, visit www.sunnova.com, and connect with us on LinkedIn, Twitter and Facebook.

Forward Looking Statements

This press release contains 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. Forward-looking statements generally relate to future events or Sunnova’s future financial or operating performance. In some cases, you can identify forward looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates,” “going to,” "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these words or other similar terms or expressions that concern Sunnova’s expectations, strategy, priorities, plans or intentions. Forward-looking statements in this release include, but are not limited to, statements regarding allowing new customers being able to take greater control over their energy costs, and this offering addressing a real need in the marketplace and further increasing our industry-leading growth rate. Sunnova’s expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks regarding our ability to forecast our business due to our limited operating history, our competition, fluctuations in the solar and home-building markets, our ability to attract and retain dealers and customers and our dealer and strategic partner relationships. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in Sunnova’s filings with the Securities and Exchange Commission, including Sunnova’s prospectus filed pursuant to Rule 424(b) under the Securities Act of 1933, as amended, on July 26, 2019 and in Sunnova's other filings with the SEC, which are available free of charge on the SEC's website at: www.sec.gov.The forward-looking statements in this release are based on information available to Sunnova as of the date hereof, and Sunnova disclaims any obligation to update any forward-looking statements, except as required by law.

¹ Financing for well-qualified applicants only. APR offer may not be available in all markets.
² Refer to the Limited Warranty agreement for complete warranty terms and limitations, including the battery and specifications for energy retention over the life of the battery.
³ Financing for well-qualified applicants only. APR offer may not be available in all markets.
⁴ Customers may be eligible for a federal tax credit with the purchase of a solar system. To qualify for the tax credit, you must have federal income tax liability at least equal to the value of the tax credit. Additional tax credits may also be available for homeowners in certain states. Tax incentives are subject to change or termination by executive, legislative or regulatory action. Sunnova makes no guarantees regarding eligibility of any of the system’s costs for tax benefits. Sunnova does not provide tax advice. Contact your personal tax advisor for eligibility requirements.
⁵ The amount of power available from the battery during a power outage is limited, depending on the loads connected, customer usage and battery configuration (i.e. batteries in certain areas may be set up to provide you with the best economic benefit, which may affect the amount of back-up power available). Solar systems and/or batteries may require repairs after weather events and such repairs may be delayed due to forces outside of our control. No assurances can be given that the solar system or the battery will always work. You should never rely upon either of these to power life support or other medical devices. To see how long your battery will last during an outage, go to https://www.sunnova.com/batteryduration/.
⁶ Refer to the Limited Warranty agreement for complete warranty terms and limitations, including the battery and specifications for energy retention over the life of the battery.

Alina Eprimian
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ABERDEEN, Scotland--(BUSINESS WIRE)--KNOT Offshore Partners LP (NYSE:KNOP) (“the Partnership”) plans to release its financial results for the Fourth Quarter of 2020 before opening of the market on Thursday, March 11, 2021.

The Partnership also plans to host a conference call on Thursday, March 11, 2021 at 11:00 AM (Eastern Time) to discuss the results for the Fourth Quarter of 2020. All unitholders and interested parties are invited to listen to the live conference call by choosing from the following options:

• By dialing 1-855-209-8259 from the US, dialing 1-855-669-9657 from Canada or 1-412-542-4105 if outside North America (please ask to be joined into the KNOT Offshore Partners LP call).
• By accessing the webcast, which will be available on the Partnerships website: www.knotoffshorepartners.com.

Our Fourth Quarter 2020 Earnings Presentation will also be available at www.knotoffshorepartners.com prior to the conference call start time.

The conference call will be recorded and remain available until March 18, 2021. This recording can be accessed following the live call by dialing 1-877-344-7529 from the US, or 1-412-317-0088 if outside North America, and entering the replay access code 10152009.

About KNOT Offshore Partners LP

KNOT Offshore Partners LP owns, operates and acquires shuttle tankers under long-term charters in the offshore oil production regions of the North Sea and Brazil. KNOT Offshore Partners LP is structured as a publicly traded master limited partnership. KNOT Offshore Partners LP’s common units trade on the New York Stock Exchange under the symbol “KNOP.”

KNOT Offshore Partners LP
Gary Chapman
Chief Executive Officer and Chief Financial Officer
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Tel: +44 1224 618 420

Technologies to increase production in North Kuwait Integrated Digital Field

HOUSTON--(BUSINESS WIRE)--Halliburton Company (NYSE: HAL) today announced it was awarded a contract from Kuwait Oil Company (KOC) to collaborate on their digital transformation journey through the maintenance and expansion of digital solutions for their North Kuwait asset. It will allow KOC to accelerate their data-to-decisions cycle by designing and operating digital twins of the field to automate work processes, supported by DecisionSpace^® 365, a cloud-based subscription service for E&P applications.

Built on an open architecture, DecisionSpace^® 365 will help KOC engineers’ model, optimize and deploy intelligent work processes to plan, forecast and optimize production and asset operations. The open architecture integrates Halliburton and third-party technologies to enhance operational performance and increase ultimate recovery.

“We are excited to collaborate with KOC on their digital transformation initiatives and build on our previous work to increase reservoir recovery and production,” said Nagaraj Srinivasan, senior vice president of Landmark, Halliburton Digital Solutions and Consulting. “By using cloud computing, IoT and real-time technologies to drive new ways of working, we can improve production planning, scheduling and enable virtual and autonomous reservoir optimization.”

About Halliburton

Founded in 1919, Halliburton is one of the world's largest providers of products and services to the energy industry. With approximately 40,000 employees, representing 130 nationalities in more than 70 countries, the company helps its customers maximize value throughout the lifecycle of the reservoir – from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production throughout the life of the asset. Visit the company’s website at www.halliburton.com. Connect with Halliburton on Facebook, Twitter, LinkedIn, Instagram and YouTube.

For Investors:
Abu Zeya
Investor Relations
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281-871-2688

For News Media:
William Fitzgerald
External Affairs
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281-871-2601

DEERFIELD, Ill.--(BUSINESS WIRE)--CF Industries Holdings, Inc. (NYSE: CF) today reported that its Board of Directors has declared a $0.30 per share dividend on its common stock. The dividend will be payable on February 26, 2021, to stockholders of record as of February 16, 2021.

About CF Industries Holdings, Inc.
CF Industries is a leading global manufacturer of hydrogen and nitrogen products for clean energy, emissions abatement, fertilizer, and other industrial applications. We operate manufacturing complexes in the United States, Canada, and the United Kingdom, which are among the most cost-advantaged, efficient, and flexible in the world and an unparalleled storage, transportation and distribution network in North America. Our 3,000 employees focus on safe and reliable operations, environmental stewardship and disciplined capital and corporate management, driving our strategy to leverage and sustainably grow the world’s most advantaged hydrogen and nitrogen platform to serve customers, creating long-term shareholder value. CF Industries routinely posts investor announcements and additional information on the company’s website at www.cfindustries.com and encourages those interested in the company to check there frequently.

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

Investors
Martin Jarosick
Vice President, Investor Relations
847-405-2045 – This email address is being protected from spambots. You need JavaScript enabled to view it.

HOUSTON--(BUSINESS WIRE)--Enterprise Products Partners L.P. (“Enterprise”) (NYSE: EPD) today announced its financial results for the three months and year ended December 31, 2020.

Year Ended 2020 Results

Enterprise reported net income attributable to common unitholders for 2020 of $3.8 billion, or $1.71 per unit on a fully diluted basis, compared to $4.6 billion, or $2.09 per unit on a fully diluted basis for 2019. Net income for 2020 and 2019 was reduced by non-cash, asset impairment and related charges of approximately $891 million, or $0.40 per fully diluted unit, and $133 million, or $0.06 per fully diluted unit, respectively. The impairment charges recorded in 2020 were primarily for goodwill associated with the partnership’s Natural Gas Pipelines & Services segment and for certain long-lived assets, including those associated with our marine transportation business and natural gas gathering and processing facilities.

Net cash flow provided by operating activities, or cash flow from operations (“CFFO”), for 2020 was $5.9 billion compared to $6.5 billion for 2019. CFFO for 2020 and 2019 was reduced by $768 million and $457 million, respectively, for the net effect of changes in operating, or working capital, accounts. Free cash flow (“FCF”), which is defined as CFFO less cash used in investing activities plus net cash contributions from non-controlling interests, increased 8 percent to $2.7 billion for 2020 from $2.5 billion for 2019.

Distributable cash flow (“DCF”) was $6.4 billion for 2020 compared to $6.6 billion for 2019. DCF provided 1.6 times coverage of the distributions declared with respect to 2020. Enterprise retained $2.5 billion of DCF in 2020 to reinvest in the partnership and provide additional financial flexibility.

Distributions declared with respect to 2020 increased 1.1 percent to $1.785 per common unit compared to 2019. The total payout ratio of CFFO to common unitholders with respect to 2020 was 70 percent, which includes distributions declared of $3.9 billion and $200 million of common unit buybacks. In addition, the partnership’s distribution reinvestment and employee unit purchase plans purchased $137 million of Enterprise common units on the open market in 2020.

“We are extremely thankful and proud of Enterprise’s employees for their dedication and perseverance in responding to the challenges and opportunities during 2020 caused by the effects of the pandemic,” stated A. J. “Jim” Teague, co-chief executive officer of Enterprise’s general partner. “The diversification of Enterprise’s fee-based businesses, storage assets, marketing activities and cost control enabled us to generate $6.4 billion of distributable cash flow for 2020, which was just 3 percent shy of the record distributable cash flow we earned in 2019. This level of cash flow provided 1.6 times coverage of the $3.9 billion in distributions to limited partners with respect to 2020, covered $200 million of unit buybacks and enabled us to self-fund over 75 percent of our $3 billion of growth capital expenditures for the year. This performance supported our 22^nd consecutive year of distribution growth. We also preserved our strong balance sheet.”

“We are optimistic that the combination of the vaccines, significant government stimulus and shorter economic cycles associated with pandemics and natural disasters will lead to the world emerging from this economic sudden stop in 2021. We are encouraged by the early signs of a rebound in the global economy that we see through strong domestic and international demand for NGLs, ethylene and propylene and the continuing recovery in the demand for refined products,” said Teague.

“There are still numerous uncertainties and headwinds for the U.S. energy industry as we begin 2021. The world, with its growing population of almost 8 billion people, including 3 billion living in energy poverty, is evolving and we will evolve with it. We have a successful track record of using technology to become more efficient and repurposing assets to adapt to changes in energy market fundamentals. We believe we are in a position of financial strength to manage through this period. Our financial objectives today are consistent with those when we went public in 1998: building a company that is sustainable for the long-term by maintaining financial flexibility and preserving a strong balance sheet; investing in organic growth projects and acquisitions with attractive returns on capital; and prudently returning capital to our limited partners,” stated Teague.

“In 2021, Enterprise has three major growth capital projects scheduled to begin commercial operations: an expansion of one of the partnership’s ethane pipelines serving the petrochemical industry on the U.S. Gulf Coast (first quarter 2021); our Gillis natural gas pipeline that will deliver Haynesville production to LNG markets in southwestern Louisiana (fourth quarter of 2021); and a hydrotreater in Mont Belvieu that will remove sulfur in natural gasoline (second half of 2021). These projects will provide new sources of cash flow to the partnership,” continued Teague.

“We continue to look at opportunities to increase our use of renewable power and to economically reduce emissions. We estimate by 2025 that 25 percent of our power will be from renewable sources. In addition, several of our growth capital projects in the early stages of development are consistent with the theme of energy evolution,” said Teague.

Fourth Quarter and Full Year 2020 Financial Highlights

• Enterprise increased its cash distribution to $0.45 per common unit with respect to the fourth quarter of 2020, which was a 1.1 percent increase compared to the distribution declared with respect to the fourth quarter of 2019. The distribution will be paid on February 11, 2021 to common unitholders of record as of the close of business on January 29, 2021.
• CFFO and FCF for the fourth quarter of 2020 was $1.6 billion and $1.0 billion, respectively.
• DCF for the fourth quarter of 2020 was $1.6 billion, which provided 1.6 times coverage of the $0.45 per common unit cash distribution. Enterprise retained $640 million of distributable cash flow in the fourth quarter of 2020.
• Capital investments in the fourth quarter of 2020 were $624 million, which included $556 million of investments in growth capital projects and $68 million of sustaining capital expenditures. Total capital investments for 2020 were $3.3 billion, which included $3.0 billion of investments in growth capital projects and $294 million of sustaining capital expenditures.

Fourth Quarter 2020 Volume Highlights

As used in this press release, “NGL” means natural gas liquids, “LPG” means liquefied petroleum gas, “BPD” means barrels per day, “MBPD” means thousand barrels per day, “MMcf/d” means million cubic feet per day, “Bcf/d” means billion cubic feet per day, “BBtus/d” means billion British thermal units per day and “TBtus/d” means trillion British thermal units per day.

“Enterprise reported a resilient fourth quarter of 2020 generating $2.1 billion of gross operating margin and $1.6 billion of distributable cash flow compared to $2.0 billion and $1.6 billion, respectively, for the fourth quarter of 2019. The partnership reported record operational or financial performance for our NGL fractionation, propylene, NGL export, and octane enhancement businesses. This was partially offset by lower gross operating margin in our natural gas gathering, processing and marketing businesses; South Texas and Seaway crude oil pipelines and our refined products-related businesses,” stated Teague.

Review of Fourth Quarter 2020 Segment Performance

Enterprise reported total gross operating margin of $2.1 billion for the fourth quarter of 2020 compared to $2.0 billion for the fourth quarter of 2019. Gross operating margin for the fourth quarters of 2020 and 2019 included net non-cash, mark-to-market activity, which were net gains of $26 million and net losses of $25 million, respectively. Below is a summary review of each business segment’s performance.

NGL Pipelines & Services – Gross operating margin for the NGL Pipelines & Services segment was $1.1 billion for both fourth quarters of 2020 and 2019.

Enterprise’s natural gas processing and related NGL marketing business reported gross operating margin of $289 million for the fourth quarter of 2020 compared to $330 million of gross operating margin for the fourth quarter of 2019. Enterprise’s natural gas processing plants reported a $48 million decrease in gross operating margin for the fourth quarter of 2020 compared to the fourth quarter of 2019, primarily attributable to lower processing margins and volumes, including $20 million of losses related to hedging activities. Certain plants in Louisiana and Mississippi were also impacted by lower production from the Gulf of Mexico as a result of producer shut-ins associated with two hurricanes in early October. Total fee-based processing volumes were 4.2 Bcf/d in the fourth quarter of 2020 compared to 4.8 Bcf/d in the fourth quarter of 2019. Equity NGL production this quarter was 143 MBPD compared to 162 MBPD in the same quarter of 2019. Gross operating margin from Enterprise’s NGL marketing activities increased $6 million for the fourth quarter of 2020 compared to the same quarter in 2019.

Gross operating margin from the partnership’s NGL pipelines and storage business was $662 million for the fourth quarter of 2020 compared to $663 million for the fourth quarter of 2019. NGL pipeline transportation volumes decreased to 3.7 million BPD in the fourth quarter of 2020 from 3.9 million BPD in the fourth quarter of 2019. NGL marine terminal volumes increased 9 percent to a record 800 MBPD for the fourth quarter of 2020 from 732 MBPD reported for the same quarter of 2019, primarily due to higher LPG exports from the Enterprise Hydrocarbons Terminal (“EHT”) on the Houston Ship Channel.

Gross operating margin from EHT, the related Channel Pipeline and Morgan’s Point ethane marine terminal increased $20 million, primarily due to a 73 MBPD increase in LPG exports and a 68 MBPD increase in transportation volumes on the related Channel Pipeline. EHT loaded record LPG volumes of 668 MBPD during the fourth quarter of 2020.

Enterprise’s NGL pipelines in South Louisiana, including the South Louisiana NGL pipeline system, Lou-Tex, Tri-State, and Wilprise NGL pipelines and the Aegis ethane pipeline, reported an aggregate $17 million decrease in gross operating margin for the fourth quarter of 2020 compared to the same quarter in 2019, primarily due to the effects of the hurricanes.

Gross operating margin from the partnership’s NGL fractionation business increased $51 million, or 35 percent, to a record $193 million for the fourth quarter of 2020. NGL fractionation volumes increased 20 percent to 1.3 million BPD in the fourth quarter of 2020, compared to 1.1 million BPD in the fourth quarter of 2019. Enterprise’s Mont Belvieu NGL fractionators reported a $58 million increase in gross operating margin due to a net 331 MBPD increase in fractionation volumes. The partnership’s tenth and eleventh NGL fractionators in the Mont Belvieu area were put into service in March and September of 2020, respectively.

Crude Oil Pipelines & Services – Gross operating margin from the Crude Oil Pipelines & Services segment increased $12 million to $428 million for the fourth quarter of 2020 from $416 million for the fourth quarter of 2019. Gross operating margin included non-cash, mark-to-market losses of $9 million in the fourth quarter of 2020 compared to losses of $14 million in the fourth quarter of 2019. Total crude oil pipeline transportation volumes were 2.0 million BPD for the fourth quarter of 2020 compared to 2.3 million BPD for the fourth quarter of 2019. Total crude oil marine terminal volumes were 529 MBPD for the fourth quarter of 2020 compared to 926 MBPD for the same quarter in 2019.

Aggregate gross operating margin from Enterprise’s Midland-to-ECHO Pipeline System and related activities increased $5 million for the fourth quarter of 2020 versus the fourth quarter of 2019. Total system transportation volumes increased 32 MBPD, net to the partnership’s interest. The partnership’s West Texas pipeline system reported a $13 million decrease in gross operating margin for the fourth quarter of 2020 compared to the same quarter of 2019, primarily due to a 28 MBPD decrease in volumes and lower average fees between the two periods.

Gross operating margin from the South Texas Crude Oil Pipeline System decreased $17 million in the fourth quarter of 2020 compared to the same quarter in 2019, due to lower transportation volumes of 54 MBPD and lower blending revenues. Enterprise’s share of gross operating margin associated with the Seaway Pipeline decreased $9 million, primarily due to lower average transportation fees and volumes. Transportation and marine volumes on the Seaway Pipeline decreased 142 MBPD and 58 MBPD, respectively, on a net basis.

Gross operating margin from crude oil export activities at marine terminals on the Houston Ship Channel and Beaumont increased $8 million over the fourth quarter of 2019, primarily due to higher average fees and storage and other revenues, partially offset by decreased revenues from lower loading volumes of 316 MBPD.

Gross operating margin from the partnership’s crude oil marketing activities increased $33 million over the fourth quarter of 2019, primarily due to higher average sales margins, including a $4 million benefit from non-cash, mark-to-market activities.

Natural Gas Pipelines & Services – Gross operating margin for the Natural Gas Pipelines & Services segment was $226 million for the fourth quarter of 2020 compared to $238 million for the fourth quarter of 2019. Total natural gas transportation volumes were 13.7 TBtus/d this quarter compared to 13.8 TBtus/d for the same quarter of 2019.

Enterprise’s Permian Basin gathering system reported an $11 million increase in gross operating margin for the fourth quarter of 2020 compared to the same quarter in 2019. This increase was primarily attributable to an 809 BBtus/d increase in gathering volumes and higher condensate sales that were partially offset by lower gathering fees. The increase in volumes on the Permian Basin gathering system was associated with the expansion of the Orla natural gas processing facility and the start-up of the Mentone natural gas processing plant in December 2019.

Gross operating margin from the Texas Intrastate System increased $9 million for the fourth quarter of 2020 compared to the same quarter of 2019, primarily due to higher capacity reservation fees, an increase in transportation volumes and lower maintenance costs. Natural gas pipeline volumes for this system were 4.6 TBtus/d for the fourth quarter of 2020 versus 4.5 TBtus/d for the fourth quarter of 2019.

Enterprise’s East Texas and Haynesville gathering pipeline systems reported an aggregate $13 million decrease in gross operating margin on a combined 313 BBtus/d decrease in gathering volumes compared to the fourth quarter of 2019. Gross operating margin for the Acadian Gas System decreased by $3 million for the fourth quarter of 2020 compared to the same quarter of 2019, primarily due to lower capacity reservation fees and a 94 BBtus/d decrease in transportation volumes on the Haynesville Extension Pipeline.

Aggregate gross operating margin from the Jonah, San Juan and Piceance gathering systems decreased by $4 million for the fourth quarter of 2020 versus the fourth quarter of 2019. Aggregate volumes on these systems decreased by 519 BBtus/d for the fourth quarter of 2020 compared to the fourth quarter of the prior year.

Gross operating margin from natural gas marketing activities decreased $12 million for the fourth quarter of 2020 compared to the same quarter in 2019 primarily due to lower marketing volumes and average sales margins, and a decrease in non-cash, mark-to-market activity.

Petrochemical & Refined Products Services – Gross operating margin for the Petrochemical & Refined Products Services segment increased 27 percent, or $63 million to $297 million for the fourth quarter of 2020 from $234 million for the fourth quarter of 2019. Total segment pipeline transportation volumes were up 19 percent to 867 MBPD this quarter versus 729 MBPD for the same quarter in 2019, and marine terminal volumes were up 20 percent to 297 MBPD this quarter compared to the same quarter of 2019.

The partnership’s propylene business reported a $91 million increase in gross operating margin to a record $169 million for the fourth quarter of 2020. Total propylene production volumes increased 17 percent to 104 MBPD for the fourth quarter of 2020 from 89 MBPD in the fourth quarter of 2019. Enterprise’s propylene production facilities located at Mont Belvieu, which includes its propylene fractionators and propane dehydrogenation (“PDH”) unit, contributed $85 million to the quarterly increase in gross operating margin, including $30 million from the PDH facility. This increase was primarily due to higher sales margins, higher average fees, lower maintenance expenses related to the propylene fractionation facilities and an 8 MBPD increase in propylene production from the PDH facility, which on average operated at its nameplate capacity of 25 MBPD for the fourth quarter of 2020. Higher average export fees led to a $3 million increase in gross operating margin from the propylene export terminals, which benefited from a 26 percent increase in export volumes to 24 MBPD in the fourth quarter of 2020 as compared to the fourth quarter of 2019.

Gross operating margin from ethylene exports, pipelines, and related services increased $11 million this quarter compared to the fourth quarter of 2019. The partnership’s ethylene export marine terminal, which was placed into partial service in December 2019 and full service in December 2020, had gross operating margin of $5 million in the fourth quarter of 2020 on loading volumes of 12 MBPD net to our 50 percent interest at the terminal.

Enterprise’s refined products pipeline and related activities reported a $14 million decrease in gross operating margin for the fourth quarter of 2020 compared to the fourth quarter of 2019, primarily due to an $18 million decrease in gross operating margin from our TE Products Pipeline System, primarily due to a 22 MBPD reduction in NGL transportation volumes and lower deficiency fees that were partially offset by higher refined products fees.

Gross operating margin from Enterprise’s octane enhancement, isobutane dehydrogenation (“iBDH”) and related operations for the fourth quarter of 2020 decreased $19 million as a result of lower average sales margins, partially offset by higher sales volumes and lower maintenance expenses.

The partnership’s PDH and octane enhancement facilities are scheduled for planned turnarounds during the first quarter of 2021. We expect these plants to be out of service for approximately 45 days and 24 days, respectively, during the first quarter, with completion of the octane enhancement turnaround expected in April 2021. In addition, we expect to incur approximately $115 million of sustaining capital expenditures associated with these turnarounds in 2021.

Capitalization

Total debt principal outstanding at December 31, 2020 was $30.1 billion, including $2.6 billion of junior subordinated notes, to which the debt rating agencies ascribe partial equity content. At December 31, 2020, Enterprise had consolidated liquidity of approximately $6.1 billion, comprised of $5 billion of available borrowing capacity under its revolving credit facilities and $1.1 billion of unrestricted cash on hand.

Capital Investments

Total capital investments in the fourth quarter of 2020 were $624 million, which included investments in growth capital projects of $556 million and $68 million of sustaining capital expenditures. Total capital investments in 2020 were $3.3 billion, which included investments in growth capital projects of $3.0 billion and $294 million of sustaining capital expenditures.

For 2021 and 2022, we currently expect growth capital investments on sanctioned projects to be approximately $1.6 billion and $800 million, respectively. These estimates do not include capital investments associated with the partnership’s proposed deepwater Seaport Oil Terminal (“SPOT”), which remains subject to governmental approval. We currently expect sustaining capital expenditures for 2021 to be approximately $440 million, which includes $115 million of expenditures associated with the turnarounds of our PDH and octane enhancement facilities.

2020 K-1 Tax Packages

The Enterprise K-1 tax packages are expected to be made available online through our website at www.enterpriseproducts.com on or before February 25, 2021. The mailing of the tax packages is expected to be completed by March 5, 2021.

Conference Call to Discuss Fourth Quarter 2020 Earnings

Enterprise will host a conference call today to discuss fourth quarter 2020 earnings. The call will be broadcast live over the Internet beginning at 9:00 a.m. (CT) and may be accessed by visiting the partnership’s website at www.enterpriseproducts.com.

Use of Non-GAAP Financial Measures

This press release and accompanying schedules include the non-GAAP financial measures of total gross operating margin, FCF, DCF and Adjusted EBITDA. The accompanying schedules provide definitions of these non-GAAP financial measures and reconciliations to their most directly comparable financial measure calculated and presented in accordance with GAAP.

Randy Burkhalter, Vice President, Investor Relations, (713) 381-6812
Rick Rainey, Vice President, Media Relations, (713) 381-3635

MINNEAPOLIS--(BUSINESS WIRE)--Northern Oil and Gas, Inc. (NYSE American: NOG) (the “Company”) announced today that it has commenced an underwritten public offering of 12,500,000 shares of its common stock (the “Offering”). The Company intends to grant the underwriters a 30-day option to purchase up to an additional 1,875,000 shares of its common stock. The Offering is subject to market and other conditions, and there can be no assurance as to whether or when the Offering may be completed, or as to the actual size or terms of the Offering.

The Company intends to use the net proceeds from the Offering to partially fund the cash purchase price of the Company’s recently announced pending acquisition of certain non-operated natural gas assets in the Appalachian Basin from Reliance Marcellus, LLC (the “Reliance Acquisition”). The consummation of the Offering is not conditioned upon the completion of the Reliance Acquisition and the consummation of the Offering is not a condition to the completion of the Reliance Acquisition. If the Reliance Acquisition is not consummated, the Company intends to use the net proceeds of the Offering to repay or redeem outstanding indebtedness and for general corporate purposes.

BofA Securities, RBC Capital Markets, Wells Fargo Securities and Citigroup are acting as book-running managers for the Offering. The Offering will be made only by means of a prospectus supplement and the accompanying base prospectus, which was filed as part of an effective shelf registration statement filed with the Securities and Exchange Commission on Form S-3. Copies of the preliminary prospectus supplement and accompanying base prospectus relating to the Offering, as well as copies of the final prospectus supplement, once available, may be obtained on the Securities and Exchange Commission’s website at www.sec.gov or by contacting BofA Securities by e-mail at This email address is being protected from spambots. You need JavaScript enabled to view it.; RBC Capital Markets, Attention: Equity Capital Markets, 200 Vesey Street, New York, NY 10281, by telephone at 877-822-4089 or by email at This email address is being protected from spambots. You need JavaScript enabled to view it.; Wells Fargo Securities, 500 West 33rd Street, New York, New York 10001, Attention: Equity Syndicate Department (fax no: (212) 214-5918; and Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (Tel: 800-831-9146).

This press release does not constitute an offer to sell, a solicitation to buy or an offer to purchase or sell any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

ABOUT NORTHERN OIL AND GAS

Northern Oil and Gas, Inc. is a company with a primary strategy of investing in non-operated minority working and mineral interests in oil & gas properties, with a core area of focus in the premier basins within the United States.

SAFE HARBOR

This press release contains forward-looking statements regarding future events and future results that are subject to the safe harbors created under the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934. All statements, other than statements of historical facts included in this press release, are forward-looking statements, including, but not limited to, statements regarding the Company’s plans to issue the common stock and the anticipated use of proceeds from the Offering. When used in this press release, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “continue,” “anticipate,” “target,” “could,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about actual or potential future production and sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond the Company’s control) that could cause actual results to differ materially from those set forth in the forward looking statements, including the following: changes in crude oil and natural gas prices; the pace of drilling and completions activity on the Company’s properties and properties pending acquisition; the Company’s ability to acquire additional development opportunities; potential or pending acquisition transactions, including the Reliance Acquisition; the Company’s ability to consummate the Reliance Acquisition, the anticipated timing of such consummation, and any anticipated financing transactions in connection therewith; the projected capital efficiency savings and other operating efficiencies and synergies resulting from the Company’s acquisition transactions; integration and benefits of property acquisitions, including the Reliance Acquisition, or the effects of such acquisitions on the Company’s cash position and levels of indebtedness; changes in the Company’s reserves estimates or the value thereof; disruptions to the Company’s business due to acquisitions and other significant transactions; general economic or industry conditions, nationally and/or in the communities in which the Company conducts business; changes in the interest rate environment, legislation or regulatory requirements; conditions of the securities markets; the Company’s ability to raise or access capital; changes in accounting principles, policies or guidelines; financial or political instability, acts of war or terrorism, and other economic, competitive, governmental, regulatory and technical factors affecting the Company’s operations, products and prices; and the COVID-19 pandemic and its related economic repercussions and effect on the oil and natural gas industry. Additional information concerning potential factors that could affect future financial results is included in the section entitled “Item 1A. Risk Factors” and other sections of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and the Company’s Quarterly Report on Form 10-Q for the fiscal quarters ended March 31, 2020, June 30, 2020 and September 30, 2020, as updated from time to time in amendments and subsequent reports filed with the SEC, which describe factors that could cause the Company’s actual results to differ from those set forth in the forward looking statements.

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

Mike Kelly, CFA
EVP, Finance
952-476-9800
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CLEVELAND--(BUSINESS WIRE)--Power management company Eaton today announces that it achieved a 100 percent on the 2021 Corporate Equality Index (CEI), a national benchmarking survey and report on corporate policies and practices related to LGBTQ workplace equality, administered by the Human Rights Campaign Foundation. This marks Eaton’s sixth consecutive year to receive a perfect score for LGBTQ workplace equality.

“To be named a Best Place to Work for LGBTQ Equality for the sixth straight year is a top honor for our organization and our teams around the globe, and proof positive that we are making meaningful progress toward our aspirational goal of being a model of inclusion and diversity in our industry,” said Monica Jackson, vice president, inclusion and diversity. “The focus Eaton has placed on inclusion and diversity, the programs and training and education we carry out, and our people who make it all possible are the reason we’ve achieved this honor.”

The 2021 CEI rated 1,142 businesses in the report, which evaluates LGBTQ-related policies and practices including nondiscrimination workplace protections, domestic partner benefits, transgender-inclusive health care benefits, competency programs and public engagement with the LGBTQ community. A record-breaking 767 businesses earned 100 percent on the 2021 CEI.

“From the previously unimaginable impact of the COVID-19 pandemic, to a long overdue reckoning with racial injustice, 2020 was an unprecedented year. Yet, many businesses across the nation stepped up and continued to prioritize and champion LGBTQ equality,” said Alphonso David, Human Rights Campaign President. “This year has shown us that tools like the CEI are crucial in the work to increase equity and inclusion in the workplace, but also that companies must breathe life into these policies and practices in real and tangible ways. Thank you to the companies that understand protecting their LGBTQ employees and consumers from discrimination is not just the right thing to do—but the best business decision.”

For more information on the 2021 Corporate Equality Index or to download a free copy of the report, visit www.hrc.org/cei.

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.

Margaret Hagan, (440) 523-4343
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MINNEAPOLIS--(BUSINESS WIRE)--Northern Oil and Gas, Inc. (NYSE American: NOG) (the “Company”) today announced that it intends to offer for sale (the “Offering”) in a private placement under Rule 144A and Regulation S of the Securities Exchange Act of 1933, as amended (the “Securities Act”), to eligible purchasers, $500.0 million in aggregate principal amount of new senior notes due 2028 (the “New Notes”).

The Company intends to use the net proceeds from the Offering to (i) fund a portion of the cash purchase price for the Company’s recently announced pending acquisition of certain non-operated natural gas assets in the Appalachian Basin from Reliance Marcellus LLC (the “Reliance Acquisition”), (ii) repay a portion of the outstanding borrowings under its revolving credit facility, (iii) repurchase or redeem all of its outstanding 8.50% Senior Secured Second Lien Notes due 2023 (the “2023 Notes”), (iv) repay in full its outstanding senior unsecured promissory note due 2022, and (v) pay all accrued and unpaid interest due in connection with such repurchases, repayments and redemptions and all related premiums and transaction expenses. The Company intends to use any remaining net proceeds for general corporate purposes, which may include further repayment of a portion of the outstanding borrowings under its revolving credit facility.

The consummation of the Offering is not conditioned upon the completion of the Reliance Acquisition, and the consummation of the Offering is not a condition to the completion of the Reliance Acquisition.

The New Notes to be offered will not be registered under the Securities Act or under any state or other securities laws, and the New Notes will be issued pursuant to an exemption therefrom, and may not be offered or sold within the United States, or to or for the account or benefit of any U.S. Person, absent registration or an applicable exemption from registration requirements.

The New Notes are being offered only to persons who are either reasonably believed to be “qualified institutional buyers” under Rule 144A or who are non-“U.S. persons” under Regulation S as defined under applicable securities laws.

This press release does not constitute an offer to sell, a solicitation to buy or an offer to purchase or sell any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. This press release does not constitute a notice of redemption under the optional redemption provisions of the indenture governing the 2023 Notes.

ABOUT NORTHERN OIL AND GAS

Northern Oil and Gas, Inc. is a company with a primary strategy of investing in non-operated minority working and mineral interests in oil & gas properties, with a core area of focus in the premier basins within the United States.

SAFE HARBOR

This press release contains forward-looking statements regarding future events and future results that are subject to the safe harbors created under the Securities Act and the Securities Exchange Act of 1934 (the “Exchange Act”). All statements, other than statements of historical facts included in this press release, are forward-looking statements, including, but not limited to, statements regarding the Company’s plans to issue the New Notes and the anticipated use of the net proceeds therefrom. When used in this press release, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “continue,” “anticipate,” “target,” “could,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about actual or potential future production and sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond the Company’s control) that could cause actual results to differ materially from those set forth in the forward looking statements, including the following: changes in crude oil and natural gas prices; the pace of drilling and completions activity on the Company’s properties and properties pending acquisition; the Company’s ability to acquire additional development opportunities; potential or pending acquisition transactions, including the Reliance Acquisition; the Company’s ability to consummate the Reliance Acquisition, the anticipated timing of such consummation, and any anticipated financing transactions in connection therewith; the projected capital efficiency savings and other operating efficiencies and synergies resulting from the Company’s acquisition transactions; integration and benefits of property acquisitions, including the Reliance Acquisition, or the effects of such acquisitions on the Company’s cash position and levels of indebtedness; changes in the Company’s reserves estimates or the value thereof; disruptions to the Company’s business due to acquisitions and other significant transactions; general economic or industry conditions, nationally and/or in the communities in which the Company conducts business; changes in the interest rate environment, legislation or regulatory requirements; conditions of the securities markets; the Company’s ability to raise or access capital; changes in accounting principles, policies or guidelines; financial or political instability, acts of war or terrorism, and other economic, competitive, governmental, regulatory and technical factors affecting the Company’s operations, products and prices; and the COVID-19 pandemic and its related economic repercussions and effect on the oil and natural gas industry. Additional information concerning potential factors that could affect future financial results is included in the section entitled “Item 1A. Risk Factors” and other sections of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and the Company’s Quarterly Report on Form 10-Q for the fiscal quarters ended March 31, 2020, June 30, 2020 and September 30, 2020, as updated from time to time in amendments and subsequent reports filed with the SEC, which describe factors that could cause the Company’s actual results to differ from those set forth in the forward looking statements.

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

Mike Kelly, CFA
EVP, Finance
(952) 476-9800
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Tesla Receives Inaugural Home Charging Experience Award

TROY, Mich.--(BUSINESS WIRE)--Home charging is a significant part of the electric vehicle (EV)¹ ownership experience, with 88% of owners who say they charge their vehicle at home “often” or “always.” Overall home charging satisfaction is highest among EV owners who install a Level 2 permanently mounted charging station, with a score of 749 (on a 1,000-point scale), according to the inaugural J.D. Power U.S. Electric Vehicle Experience (EVX) Home Charging Study,^SM released today.

The study measures EV owners’ satisfaction within three charging segments:² Level 1 portable; Level 2 portable; and Level 2 permanently mounted (permanent) charging stations. Satisfaction is measured across eight factors: fairness of retail price; cord length; size of charger; ease of winding/storing cable; cost of charging; charging speed; ease of use; and reliability, providing a comprehensive assessment of the owner experience and charger performance.

Satisfaction is highest among EV owners who use a permanent Level 2 charger (749) than among owners who use a portable Level 2 charger (741). Satisfaction is notably lower among EV owners who use a much slower Level 1 charger, just 574.

“Permanently mounted chargers are a significant expense, so owners of such chargers need to determine if it’s the right investment for them based on their usage and vehicle,” said Brent Gruber, senior director of global automotive at J.D. Power. “Many such owners need to upgrade their service panel to accommodate their EV’s amperage, and installation may require extra permits. The cost experience is so different for these owners because many spend thousands of dollars to have a charger permanently installed. The upside for those who have done so is higher satisfaction.”

Following are key findings of the 2021 study:

• Owners of Level 1 chargers dramatically less satisfied with speed: Satisfaction with charging speed is 352 points lower among owners of Level 1 portable chargers than among owners of Level 2 permanently mounted chargers. This is exacerbated by owners of Level 1 portable chargers citing charging speed as being almost twice as important as it is to owners of Level 2 permanent chargers. Despite knowing that their charging speed will be very slow, owners of Level 1 chargers are still very dissatisfied. In addition to considerably lower satisfaction for charging speed, scores for Level 1 chargers are lowest in six of the seven remaining home charging experience factors.

• Northeast EV owners most critical of charging costs: While cost of charging has the least variation between the three segments—they are only separated by 73 points—regional differences in satisfaction scores are more pronounced. A gap of 167 points exists between the New England region (609) and the West South Central region (776), most likely due to high electricity costs.

• Tesla provides best overall home charging experience: More than half (54%) of respondents own a Level 2 permanent charger, with Tesla ranking highest in this segment in six of the eight factors measured in the study. Notable, too, is that satisfaction scores for reliability are 54 points higher among owners of Tesla Level 2 permanent chargers and 52 points higher for cord length. The Tesla Level 2 permanent charger also performs well in ease of use; size of charger; charging speed; and ease of winding/storing cable.

• Problems affect overall satisfaction with Level 2 permanent chargers: The most-often-cited problems with Level 2 permanent chargers are charger stopped working/needs repair (29%) and Wi-Fi issues (22%). While only 9% of problems with Level 2 permanent chargers are related to slower-than-normal charging speed, when this problem is experienced, it has the largest overall negative effect: satisfaction declines 126 points.

• Cost-saving utility programs are underused: Satisfaction with the cost of charging increases if EV owners use multiple utility offerings and/or programs such as lower rates during certain hours; EV-only electrical rate plans; itemized costs for home EV charging usage; and incentives for Level 2 permanent charger installation. Satisfaction improves 76 points when four or more programs are utilized instead of just one. However, only one in five owners (21%) say their utility provider utilizes multiple savings options. “Communication between utility companies and automakers is important to help alleviate frustration for EV owners,” Gruber said. “If utility companies have these cost-savings options available, but automakers aren’t helping to promote them, it’s a disservice to all involved parties.”

Study Ranking

The study examines the home-charging experience of EV owners across all three charger segments, but only Level 2 permanent charging stations are award eligible.

Tesla ranks highest among Level 2 permanent charging stations with a score of 798. The segment average is 749.

The U.S. Electric Vehicle Experience (EVX) Home Charging Study is driven by a collaboration with PlugShare, the leading EV driver app maker and research firm. This study sets the standard for benchmarking satisfaction with the critical attributes that affect the total or overall EV ownership experience for both BEV and PHEV vehicles. Survey respondents for the inaugural study included 9,127 owners of 2015-2021 model year BEVs and PHEVs. The study was fielded in October-November 2020.

For more information about the U.S. Electric Vehicle Experience (EVX) Home Charging Study, visit https://www.jdpower.com/business/automotive/electric-vehicle-experience-evx-home-charging-study.

See the online press release at http://www.jdpower.com/pr-id/2021007.

Based in El Segundo, Calif., PlugShare maintains the most comprehensive census of EV infrastructure in the world. They make the PlugShare app for iOS, Android and the Web, the most popular EV driver app globally, in use by most drivers in North America and over one million EV drivers worldwide. PlugShare also provides sophisticated data tools, reports, custom consulting and comprehensive research on EVs for automakers, utilities, charging networks, government and the rest of the EV industry. It operates the world’s largest EV driver survey research panel, PlugInsights, now with over 63,000 members.

J.D. Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, J.D. Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world's leading businesses across major industries rely on J.D. Power to guide their customer-facing strategies.

J.D. Power is headquartered in Troy, Mich., and has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business. The J.D. Power auto shopping tool can be found at JDPower.com.

About J.D. Power and Advertising/Promotional Rules: http://www.jdpower.com/business/about-us/press-release-info

¹ Electric vehicles (EV) include battery electric vehicles (BEV), plug-in hybrid electric vehicles (PHEV) and hybrid electric vehicles (HEV).
² J.D. Power defines charger segments as Level 1 portable; Level 2 portable; or Level 2 permanently mounted (permanent). Level 1 portable charging stations offer simple electric vehicle charging capabilities at home through a standard 120-volt electrical outlet. Level 2 portable charging stations offer faster charging capabilities at home through an upgraded 240-volt electrical outlet. Level 2 permanently mounted charging stations use an upgraded 240-volt electrical outlet via a permanently wall-mounted format.

Geno Effler, J.D. Power; West Coast; 714-621-6224; This email address is being protected from spambots. You need JavaScript enabled to view it.
Shane Smith; East Coast; 424-903-3665; This email address is being protected from spambots. You need JavaScript enabled to view it.

New IPIMS Training Video on Seismic Processing Singled Out for Excellence

BOSTON--(BUSINESS WIRE)--#Energy--IHRDC, a leader in training and competency development for the worldwide oil and gas industry for more than 50 years, announced today that the company has been named the recipient of a prestigious Gold Award from the annual AVA Digital Awards. This international competition recognizes excellence demonstrated by those creative professionals responsible for the planning, concept and design of digital communications.

The award is for IHRDC’s Unconformities and Tectonic History video, part of the Background Learning topic, Basic Seismic Processing, contained in the updated IPIMS e-Learning course. The work was created by IHRDC’s Innovation and Development Group, consisting of the staff’s instructional designer, geophysics discipline manager and video graphics team. They skillfully created a fascinating animated story to illustrate the complicated tectonic history of a target area to provide insights about the structure and timing of hydrocarbon migration.

The leading e-Learning solution for building competencies in Upstream Petroleum Technology, IPIMS is a relational database of oil and gas learning assets – text, colorful graphics, award-winning video and challenging assessments -- that are structured into individual training events. This one-of-a-kind library now includes more than 1,054 courses in over 200 E&P topics, from beginning to advanced levels of content.

“High-quality videos are a key component of our IPIMS e-Learning courses,” said Timothy Donohue, IHRDC’s VP of e-Learning and Knowledge Solutions, “so it was welcome news when the AVA Digital Awards announced that our recent production had won Gold in the long-form training category. It reinforces our training methodology, and it’s a bonus for our customers.”

In 2015 IHRDC committed to a major long-term investment of resources to thoroughly renew IPIMS content in all four of its major disciplines: Petroleum Geology, Petroleum Geophysics, Petroleum Engineering and Formation Evaluation. Since then, the company has completely updated 44 of 143 IPIMS Background Learning Topics with current technological content including new video and animations. Basic Seismic Processing is one such Topic that includes the Unconformities and Tectonic History video, and the AVA Digital Gold award helps validate IHRDC’s commitment to enhanced learning and building performance competencies in the oil and gas industry.

More than 60 leading oil and gas companies now license IPIMS worldwide, and each company uses the system in a different way. Whether you need to train 5,000 people in one topic area or 50 people in 20 topic areas, IPIMS can meet the unique learning and development needs of your company in E&P technology and practice.

To view the award-winning video, click here: https://videos.ihrdc.com/no-auth/eLS/ihrdc_ava_award_2020.mp4

You can get more information on the new IPIMS here: https://ihrdc.com/IPIMS/

About IHRDC:

International Human Resources Development Corporation (www.ihrdc.com ) has been a global leader in training and competency management for the oil and gas industry for more than 50 years, offering the best Instructional Programs, e- Learning and Knowledge Solutions, and Competency Management products and services available to the industry today. The company is headquartered in Boston, USA with offices in Houston, London, Amsterdam, Abu Dhabi, Kuala Lumpur, Jakarta, and Lagos.

IHRDC is the proud recipient of the "Petroleum Industry Training Provider of the Year Award" from the Getenergy organization for 2010, 2011, and 2012, the 2011 Platinum and 2018, 2020 Gold AVA Awards, 18 Telly Awards, and the 2003 Corporate Award for Excellence in Distance Learning Programming.

Kathleen McDonnell
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• REE Automotive (“REE”), a leader in e-Mobility, has entered into a merger agreement with 10X Capital Venture Acquisition Corp (NASDAQ: VCVC) (“10X SPAC”); the newly combined company will be listed on the NASDAQ under the new ticker symbol “REE”.
• REE’s fully-flat and modular EV platforms are based on proprietary REEcorner technology, positioned to become the cornerstone of next-generation e-Mobility.
• REE is producing highly modular, mission-specific EV platforms with a low total cost of ownership (“TCO”) with fully autonomous-ready independent drive-by-wire, brake-by-wire and steer-by-wire technology for each wheel.
• The transaction is expected to provide more than $500 million of gross proceeds to the Company. This includes funds from a fully committed $300 million PIPE with participation from long-term strategic investors including Koch Strategic Platforms, Mahindra & Mahindra and Magna International. As a result of outsized demand, the PIPE offering was meaningfully oversubscribed and upsized.
• Pro forma equity value of the merger is approximately $3.6 billion and pro forma enterprise value of $3.1 billion, at the $10.00 per share PIPE price and assuming minimal 10X SPAC shareholder redemptions.
• REE is a unique, horizontally integrated e-Mobility player targeting a $700 billion total addressable market, encompassing EVs ranging in size from Class 1 through Class 6, for commercial and Mobility-as-a-Service (“MaaS”) applications.
• REE has an orderbook comprised of signed indications of interest for over 250,000 platforms, representing 27% of their total cumulative expected revenue of $19.1 billion by 2026.
• REE developed a global CapEx-light manufacturing model, leveraging low-cost integration centers to reduce the total cost and capital expenditure of manufacturing.
• The transaction will accelerate mass production of REEcorner technology and modular EV platforms, expected to begin in 2023.
• Investor webcast and call is scheduled for Wednesday, February 3, at 8:00 AM EST.

NEW YORK & TEL AVIV, Israel--(BUSINESS WIRE)--REE Automotive Ltd. (“REE” or “the Company”) and 10X Capital Venture Acquisition Corp (“10X SPAC”) (NASDAQ:VCVC), a special purpose acquisition company (“SPAC”), today announced they have entered into a merger agreement for a business combination that would result in REE becoming a publicly listed company. Following the close, NASDAQ will list the combined company under the ticker “REE”.

REE is revolutionizing the e-Mobility industry through its highly modular and disruptive REEcorner technology which integrates critical vehicle components (steering, braking, suspension, powertrain and control) into the arch of the wheel. REE’s proprietary x-by-wire technology challenges century-old automotive concepts by being agnostic to vehicle size and design, power-source and driving mode (human or autonomous). Platforms utilizing REEcorners can present significant functional and operational advantages over conventional EV “skateboards” currently available in the market.

REE’s innovative technology enables fully-flat and modular EV platforms that can carry more passengers, cargo and batteries as compared to conventional electric or internal combustion (IC) vehicles, thereby improving next generation e-Mobility for new electric and legacy OEMs, logistics companies and service providers. Compared to IC and electric vehicles, REE offers customers competitive pricing and substantially lower TCO with faster time-to-market.

REE targets commercial and MaaS markets, enabling them to build mission-specific electric vehicles as part of the shift towards electrification and autonomy. The shift is driven by the growth in e-commerce, government regulations on carbon emissions and public policy, as well as newly developed mobility concepts which require complete freedom of design for the build-out of any size or shape of electric or autonomous vehicle – from Class 1 through 6. For OEMs, incorporating REEcorner technology into EV product portfolios enables fast and efficient entry into EV markets. Mobility service providers such as delivery and logistics companies, e-commerce retailers, ride sharing companies and more can leverage the REEcorner architecture to build EVs based on their exact needs and specifications, while no longer being constrained to purely “off-the-shelf” offerings.

REE’s groundbreaking in-house drive-by-wire, brake-by-wire and steer-by-wire technology enables lower TCO through fast REEcorner replacements in under an hour, over-the-air (OTA) updates and hardware upgrades. REE’s data harvesting capabilities can be used to further reduce TCO via intelligent preventative maintenance features. REE’s award-winning technology is backed by an extensive intellectual property portfolio across engineering and design, with over 60 patents to date.

REE is uniquely positioned as a true horizontally-integrated player to provide a full system solution across most market segments in all classes. REE’s focus on the REEcorner architecture allows it to complete, and not compete with, vertically integrated OEMs, mobility and logistic players by allowing them to concentrate on their core service offerings and get to the market faster at a fraction of the cost, improving their competitive edge as well as creating new e-Mobility services. In addition, as a truly horizontal player in the EV market, REE embraces traditional Tier 1 suppliers and their global manufacturing capacity, instead of directly competing with them.

REE will utilize a CapEx-light manufacturing model comprised of globally located integration centers, which creates scalable and agile unit economics. REE will utilize manufacturing capacity via a secured and exclusive global network of Tier 1 partners in over 30 countries, with point-of-sale assembly. This strategy is expected to enable REE to reach profitability by 2024.

“We believe that our technology will become the cornerstone for our customers to create better and greener e-Mobility services that will be the backbone of our society. Being the only truly horizontal player in the market today positions us to play a major role in accelerating electrification of mission-specific vehicles in multiple sectors such as delivery fleets, Mobility-as-a-Service, e-commerce retailers and new mobility players. There is no limit to who we can serve, as REE is unbound in its capabilities and opportunities.” said Daniel Barel, REE Automotive Co-Founder and Chief Executive Officer. “We are truly excited to be partnering with Hans Thomas and the 10X Capital leadership team as we begin our next chapter as a publicly listed company in our journey towards a better, cleaner and more sustainable e-Mobility future.”

“10X Capital has a strong commitment to sustainability and we are very enthusiastic to partner with REE as it executes on its strategic vision of becoming the cornerstone of next generation EVs,” said Hans Thomas, Chairman and Chief Executive Officer of 10X Capital. “REE addresses an enormous total addressable market, and its ability to provide EV technology solutions to a broad array of markets is highly compelling. Daniel has assembled a world-class team of engineers and designers and is providing a truly unique offering in the EV space. We are also thrilled by the alignment with key strategic partners and investors that REE has assembled, and with a significant pipeline of orders reflected in its MOUs with top global automotive and mobility companies, we believe that REE is firmly on its way to establishing itself as a leader in the industry. The EV revolution is happening today, and it will be powered by REE.”

Transaction Overview

The transaction values the combined company at a pro forma enterprise value of $3.1 billion. Pursuant to the merger and following the share exchanges, the combined company is expected to receive approximately $500 million in gross cash proceeds from a combination of US $201 million in cash held in 10X SPAC's trust account, assuming no public shareholders exercise their redemption rights at closing, and $300 million from a fully committed PIPE with participation from long-term strategic investors including Koch Strategic Platforms, Mahindra & Mahindra and Magna International.

As a result of outsized demand, the PIPE offering was meaningfully oversubscribed and upsized. All existing shareholders and investors will continue to hold their equity ownership, including Mitsubishi Corporation, American Axle, and Musashi Seimitsu Industry. Net cash from the transaction will be used to fund growth of the combined company. Current REE shareholders will remain the majority owners of the combined company at closing.

The proposed transaction was unanimously approved by REE’s Board of Directors as well as 10X SPAC’s Board of Directors and is expected to be completed by the end of the first half of 2021. The proposed transaction will be subject to approval by REE’s shareholders and satisfaction or the waiver of the closing conditions identified in the merger agreement.

Advisors

Morgan Stanley & Co. LLC is serving as lead placement agent on the PIPE offering. Cowen is serving as financial advisor to REE and as a placement agent on the PIPE offering. Wells Fargo Securities is serving as financial advisor, and JVB Financial is serving as capital markets advisor to 10X SPAC. White and Case LLP, Zemah Schneider & Partners, and Goldfarb Seligman & Co. are serving as legal advisor to REE, and Morgan, Lewis & Bockius LLP and Gornitzky & Co. are serving as legal advisor to 10X SPAC. Latham & Watkins LLP is serving as legal advisor to the placement agents.

Investor Presentation

Management of REE and 10X SPAC will host an investor call on February 3, 2021, at 8:00 A.M. ET to discuss the proposed transaction. The conference call will be accompanied by a detailed investor presentation.

A webcast of the call will be available here and can also be accessed on https://ree.auto/investors as well as 10X SPAC’s website at www.10xspac.com. For those who wish to participate by telephone, please dial 1-877-407-4018 (U.S.) or 1-201-689-8471 (International) and reference the Conference ID 13715680. A replay of the call will also be available via webcast here and at https://ree.auto/investors.

In addition, 10X SPAC will file an investor presentation with the SEC as an exhibit to a Current Report on Form 8-K prior to the call, which will be available on the SEC’s website at www.sec.gov. All materials can also be found at https://ree.auto/investors and at www.10xspac.com.

About REE Automotive

REE is an automotive technology leader creating the cornerstone for tomorrow's zero-emission vehicles. REE’s mission is to empower global mobility companies to build any size or shape of electric or autonomous vehicle – from class 1 through class 6 - for any application and any target market. Our revolutionary, award-winning REEcorner technology packs traditional vehicle drive components (steering, braking, suspension, powertrain and control) into the arch of the wheel, allowing for the industry's flattest EV platform. Unrestricted by legacy thinking, REE is a truly horizontal player, with technology applicable to the widest range of target markets and applications. Fully scalable and completely modular, REE offers multiple customer benefits including complete vehicle design freedom, more space and volume with the smallest footprint, lower TCO, faster development times, ADAS compatibility, reduced maintenance and global safety standard compliance.

Headquartered in Tel Aviv, Israel, with subsidiaries in the USA, the UK and Germany. REE has a unique CapEx-light manufacturing model that leverages its Tier 1 partners’ existing production lines. REE’s technology, together with their unique value proposition and commitment to excellence, positions REE to break new ground in e-Mobility. For more information visit https://www.ree.auto.

About 10X CAPITAL.

10X Capital is a venture capital and investment firm at the nexus of Wall Street with Silicon Valley, aligning institutional capital with high growth ventures. Founded in 2004 by serial entrepreneur Hans Thomas, 10X Capital invests across the capital structure, with a focus on companies using technology to disrupt major industries, including finance, healthcare, transportation and real estate. For more information visit www.10xcapital.com.

10X Capital Venture Acquisition Corp (Nasdaq: VCVC), is 10X Capital’s Special Purpose Acquisition Company, focused on high growth technology companies, and was formed for the purpose of entering into a business combination with one or more businesses. For more information visit www.10xspac.com.

Additional Information

This communication is being made in respect of the proposed transaction involving REE Automotive Ltd. (“REE”) and 10X Capital Venture Acquisition Corp (“10X SPAC”). This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. In connection with the proposed transaction, REE will file with the Securities and Exchange Commission (“SEC”) a registration statement on Form F-4 that will include a proxy statement of 10X SPAC in connection with 10X SPAC’s solicitation of proxies for the vote by 10X SPAC’s shareholders with respect to the proposed transaction and other matters as may be described in the registration statement. REE and 10X SPAC also plan to file other documents with the SEC regarding the proposed transaction and a proxy statement/prospectus will be mailed to holders of shares of 10X SPAC’s Class A ordinary shares. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS ARE URGED TO READ THE FORM F-4 AND THE PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTION AND ANY OTHER RELEVANT DOCUMENTS CAREFULLY IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. The proxy statement/prospectus, as well as other filings containing information about REE and 10X SPAC will be available without charge at the SEC’s Internet site (https://www.sec.gov). Copies of the proxy statement/prospectus can also be obtained, when available, without charge, from REE’s website at https://ree.auto/. Copies of the proxy statement/prospectus can be obtained, when available, without charge, from 10X SPAC’s website https://www.10xspac.com/.

Participants in the Solicitations

REE, 10X SPAC and certain of their respective directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be participants in the solicitation of proxies from 10X SPAC’s shareholders in connection with the proposed transaction. You can find more information about 10X SPAC’s directors and executive officers in 10X SPAC’s final prospectus dated November 24, 2020 and filed with the SEC on November 25, 2020. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests will be included in the proxy statement/prospectus when it becomes available. Shareholders, potential investors and other interested persons should read the proxy statement/prospectus carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents from the sources indicated above.

No Offer or Solicitation

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of section 10 of the Securities Act, or an exemption therefrom.

Caution About Forward-Looking Statements

This communication includes forward-looking statements. These forward-looking statements are based on REE’s and 10X SPAC’s expectations and beliefs concerning future events and involve risks and uncertainties that may cause actual results to differ materially from current expectations. These factors are difficult to predict accurately and may be beyond REE’s and 10X SPAC’s control. Forward-looking statements in this communication or elsewhere speak only as of the date made. New uncertainties and risks arise from time to time, and it is impossible for REE or 10X SPAC to predict these events or how they may affect REE or 10X SPAC. Except as required by law, neither REE nor 10X SPAC has any duty to, and does not intend to, update or revise the forward-looking statements in this communication or elsewhere after the date this communication is issued. In light of these risks and uncertainties, investors should keep in mind that results, events or developments discussed in any forward-looking statement made in this communication may not occur. Uncertainties and risk factors that could affect REE’s and 10X SPAC’s future performance and cause results to differ from the forward-looking statements in this release include, but are not limited to: the occurrence of any event, change or other circumstances that could give rise to the termination of the business combination; the outcome of any legal proceedings that may be instituted against REE or 10X SPAC, the combined company or others following the announcement of the business combination; the inability to complete the business combination due to the failure to obtain approval of the shareholders of 10X SPAC or to satisfy other conditions to closing; changes to the proposed structure of the business combination that may be required or appropriate as a result of applicable laws or regulations; the ability to meet stock exchange listing standards following the consummation of the business combination; the risk that the business combination disrupts current plans and operations of 10X SPAC or REE as a result of the announcement and consummation of the business combination; the ability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and retain its management and key employees; costs related to the business combination; changes in applicable laws or regulations; REE’s estimates of expenses and profitability and underlying assumptions with respect to shareholder redemptions and purchase price and other adjustments; intense competition in the e-mobility space, including with competitors who have significantly more resources; ability to grow and scale REE’s manufacturing capacity through new relationships with Tier 1 suppliers; ability to maintain relationships with current Tier 1 suppliers and strategic partners; ability to make continued investments in REE’s platform; the need to attract, train and retain highly-skilled technical workforce; the impact of the ongoing COVID-19 pandemic; changes in laws and regulations that impact REE; ability to enforce, protect and maintain intellectual property rights; and risks related to the fact that we are incorporated in Israel and governed by Israeli law; and other risks and uncertainties set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in 10X SPAC’s final prospectus dated November 25, 2020 relating to its initial public offering and in subsequent filings with the SEC, including the proxy statement relating to the business combination expected to be filed by 10X SPAC.

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REE Inc.
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10X CAPITAL.
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MINNEAPOLIS--(BUSINESS WIRE)--Northern Oil and Gas, Inc. (NYSE American: NOG) (the “Company”) today announced that it has commenced a cash tender offer (the “Offer”) for any and all of its outstanding 8.50% Senior Secured Second Lien Notes due 2023 (the “Notes”), upon the terms and conditions set forth in the Offer to Purchase and Consent Solicitation Statement, dated as of February 3, 2021 (as it may be amended or supplemented from time to time, the “Statement”). The Offer will expire at 11:59 p.m., New York City time, on March 3, 2021, unless extended or earlier terminated (as such time may be extended, the “Expiration Time”).

Holders who validly tender (and do not validly withdraw) their Notes at or prior to 5:00 p.m., New York City time, on February 17, 2021 (the “Early Tender and Consent Date”), and whose Notes are accepted for purchase, will be entitled to receive total consideration equal to $1,030 per $1,000 principal amount of Notes accepted for purchase, which includes an early tender premium of $30 per $1,000 principal amount of the Notes (the “Early Tender Premium”). Holders who tender Notes at or prior to 5:00 p.m., New York City time, on February 17, 2021 (the “Withdrawal Deadline”) may withdraw such tender at any time at or prior to the Withdrawal Deadline. Tenders of Notes may not be withdrawn after the Withdrawal Deadline, even with respect to Notes tendered after the Withdrawal Deadline, except in certain limited circumstances where additional withdrawal rights are required by law.

Holders who validly tender (and do not validly withdraw) their Notes after the Early Tender and Consent Date but at or prior to the Expiration Time, and whose Notes are accepted for purchase, will be entitled to receive the tender consideration equal to $1,000 per $1,000 principal amount of Notes accepted for purchase. Holders who tender their Notes after the Early Tender and Consent Date will not receive the Early Tender Premium.

Payments for Notes purchased will include accrued and unpaid interest from and including the last interest payment date up to, but excluding, the applicable settlement date accepted for purchase. Provided the conditions to the Offer, including the Financing Condition (as defined below), have been satisfied or waived, settlement for Notes tendered at or prior to the Early Tender and Consent Date and accepted for purchase is expected to occur on February 19, 2021, and settlement for Notes tendered after the Early Tender and Consent Date but at or prior to the Expiration Time and accepted for purchase is expected to occur on March 5, 2021.

In connection with the Offer, the Company is soliciting consents (the “Solicitation”) from the holders of the Notes for certain proposed amendments (the “Proposed Amendments”) that would, among other things, eliminate substantially all restrictive covenants and certain of the default provisions contained in the indenture governing the Notes. A tender of Notes under the procedures described in the Statement will constitute the consent of such Holder to the Proposed Amendments. Holders may not deliver consents without also tendering their Notes. The Proposed Amendments require that the Company accept for payment validly tendered and not validly withdrawn Notes representing at least a majority of the aggregate principal amount of the Notes then outstanding to become effective. The Solicitation is being made pursuant to the Statement, which more fully sets forth the terms and conditions of the Solicitation.

The Offer is contingent upon, among other things, the Company’s consummation, on terms and conditions satisfactory to the Company, of the concurrent bond offering announced today (the “Concurrent Offering”) and the receipt of net proceeds therefrom sufficient to purchase the Notes tendered in the Offer and the fees and expenses related thereto (the “Financing Condition”). The Offer is not conditioned on any minimum amount of Notes being tendered. The Offer or the Solicitation may be amended, extended or terminated, and any condition with respect thereto may be waived by the Company in its sole discretion. There is no assurance that the Offer will be subscribed for in any amount.

AVAILABLE DOCUMENTS AND OTHER DETAILS

BofA Securities is acting as Dealer Manager for the Offer and Solicitation Agent for the Solicitation. Questions regarding the Offer or the Solicitation may be directed to BofA Securities, Inc. at (980) 388-3646. D.F. King & Co., Inc. is acting as Information Agent and Tender Agent for the Solicitation. Requests for copies of the Statement may be directed to D.F. King by telephone at (800) 901-0068 or by email at This email address is being protected from spambots. You need JavaScript enabled to view it..

None of Company, the Dealer Manager and Solicitation Agent, the Tender Agent and Information Agent, the trustee under the indenture governing the Notes or any of their respective affiliates is making any recommendation as to whether Holders should tender any Notes in response to the Offer and the Solicitation. Holders must make their own decision as to whether to participate in the Offer and the Solicitation and, if so, the principal amount of Notes as to which action is to be taken.

This press release is for information purposes only, and does not constitute an offer to sell, a solicitation to buy or an offer to purchase or sell any securities. Neither this press release nor the Statement is an offer to sell or a solicitation of an offer to buy debt securities in the Concurrent Offering or any other securities. The Offer and Solicitation are not being made in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction.

ABOUT NORTHERN OIL AND GAS

Northern Oil and Gas, Inc. is a company with a primary strategy of investing in non-operated minority working and mineral interests in oil & gas properties, with a core area of focus in the premier basins within the United States.

SAFE HARBOR

This press release contains forward-looking statements regarding future events and future results that are subject to the safe harbors created under the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts included in this press release, are forward-looking statements, including, but not limited to, statements regarding the Company’s plans and expected timing with respect to the Offer and the Solicitation. When used in this press release, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “continue,” “anticipate,” “target,” “could,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about actual or potential future production and sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond the Company’s control) that could cause actual results to differ materially from those set forth in the forward looking statements, including the following: changes in crude oil and natural gas prices; the pace of drilling and completions activity on the Company’s properties and properties pending acquisition; the Company’s ability to acquire additional development opportunities; potential or pending acquisition transactions; the Company’s ability to consummate its recently announced acquisition, the anticipated timing of such consummation, and any anticipated financing transactions in connection therewith; the projected capital efficiency savings and other operating efficiencies and synergies resulting from the Company’s acquisition transactions; integration and benefits of property acquisitions or the effects of such acquisitions on the Company’s cash position and levels of indebtedness; changes in the Company’s reserves estimates or the value thereof; disruptions to the Company’s business due to acquisitions and other significant transactions; general economic or industry conditions, nationally and/or in the communities in which the Company conducts business; changes in the interest rate environment, legislation or regulatory requirements; conditions of the securities markets; the Company’s ability to raise or access capital; changes in accounting principles, policies or guidelines; financial or political instability, acts of war or terrorism, and other economic, competitive, governmental, regulatory and technical factors affecting the Company’s operations, products and prices; and the COVID-19 pandemic and its related economic repercussions and effect on the oil and natural gas industry. Additional information concerning potential factors that could affect future financial results is included in the section entitled “Item 1A. Risk Factors” and other sections of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and the Company’s Quarterly Report on Form 10-Q for the fiscal quarters ended March 31, 2020, June 30, 2020 and September 30, 2020, as updated from time to time in amendments and subsequent reports filed with the SEC, which describe factors that could cause the Company’s actual results to differ from those set forth in the forward looking statements.

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

Mike Kelly, CFA
EVP, Finance
952-476-9800
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TORONTO--(BUSINESS WIRE)--Almonty Industries Inc. (“Almonty”) (TSX:AII / OTCQX:ALMTF / Frankfurt:1MR) is pleased to announce the expansion of its current Environmental, Social and Governance (ESG) program at its Panasqueira mine in Portugal and at its Sangdong project in South Korea. At Panasqueira, a solar project is being implemented over the next 12 months, building a 2.52 MW facility to produce 4.1 million KWH per year which represents 21.5 % of our consumption at the mine. At Sangdong, a third-party report will be concluded over the next 3 months, analyzing the carbon footprint and how best to minimize that footprint. Given the energy from the grid supplied to the Sangdong project is 100% renewable, the Company has a unique opportunity to push towards carbon neutrality at our Korean site.

Almonty’s Chairman, President and CEO Lewis Black commented:

"As we transition into the wider financial ETF markets of Asia and Australia, and our visibility continues to increase as a significant producer of the strategic metals of Tungsten and Molybdenum once Sangdong and Almonty Korea Moly opens, it has become increasingly important to ensure that we are continually reviewing and developing our ESG which sits perfectly in line with the equator principles around which the Sangdong project is being built. The equator principles were the backbone of KfW-IPEX Bank support but now we find that ETF’s covering the strategic space require a continuing push across the board regarding our ESG. The aim for carbon neutrality at Sangdong is potentially achievable once underground electric fleets can maintain a charge for an entire shift which is estimated to be technically possible within the next 18 months, but we are extremely fortunate that 100% of our energy comes from a renewable source making the target of carbon neutrality achievable. With Panasqueira, we are dealing with a 126-year-old project, but we now start the process of bringing far greater attention to its ESG. The first phase of this is to provide over 20% of our energy needs from solar. Social programs are already underway for some years now and further programs are also now being evaluated to bring the mine further into the 21^st century.”

About Almonty

The principal business of Toronto, Canada-based Almonty Industries Inc. is the mining, processing and shipping of tungsten concentrate from its Los Santos mine in western Spain and its Panasqueira mine in Portugal as well as the development of its Sangdong tungsten mine in Gangwon Province, South Korea and the development of the Valtreixal tin/tungsten project in north western Spain. The Los Santos mine was acquired by Almonty in September 2011 and is located approximately 50 kilometres from Salamanca in western Spain and produces tungsten concentrate. The Panasqueira mine, which has been in production since 1896, located approximately 260 kilometres northeast of Lisbon, Portugal, was acquired in January 2016 and produces tungsten concentrate. The Sangdong mine, which was historically one of the largest tungsten mines in the world and one of the few long-life, high-grade tungsten deposits outside of China, was acquired in September 2015 through the acquisition of a 100% interest in Woulfe Mining Corp. Almonty owns 100% of the Valtreixal tin-tungsten project in north-western Spain. Further information about Almonty’s activities may be found at www.almonty.com and under Almonty’s SEDAR profile at www.sedar.com.

Legal Notice

The release, publication or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published or distributed should inform themselves about and observe such restrictions.

Neither TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.

Disclaimer for Forward-Looking Information

When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. This press release contains forward-looking statements. These statements and information are based on management’s beliefs, estimates and opinions on the date that statements are made and reflect Almonty’s current expectations.

Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Almonty to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: any specific risks relating to fluctuations in the price of ammonium para tungstate from which the sale price of Almonty’s tungsten concentrate is derived, actual results of mining and exploration activities, environmental, economic and political risks of the jurisdictions in which Almonty’s operations are located and changes in project parameters as plans continue to be refined, forecasts and assessments relating to Almonty’s business, credit and liquidity risks, hedging risk, competition in the mining industry, risks related to the market price of Almonty’s shares, the ability of Almonty to retain key management employees or procure the services of skilled and experienced personnel, risks related to claims and legal proceedings against Almonty and any of its operating mines, risks relating to unknown defects and impairments, risks related to the adequacy of internal control over financial reporting, risks related to governmental regulations, including environmental regulations, risks related to international operations of Almonty, risks relating to exploration, development and operations at Almonty’s tungsten mines, the ability of Almonty to obtain and maintain necessary permits, the ability of Almonty to comply with applicable laws, regulations and permitting requirements, lack of suitable infrastructure and employees to support Almonty’s mining operations, uncertainty in the accuracy of mineral reserves and mineral resources estimates, production estimates from Almonty’s mining operations, inability to replace and expand mineral reserves, uncertainties related to title and indigenous rights with respect to mineral properties owned directly or indirectly by Almonty, the ability of Almonty to obtain adequate financing, the ability of Almonty to complete permitting, construction, development and expansion, challenges related to global financial conditions, risks related to future sales or issuance of equity securities, differences in the interpretation or application of tax laws and regulations or accounting policies and rules and acceptance of the TSX of the listing of Almonty shares on the TSX.

Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to, no material adverse change in the market price of ammonium para tungstate, the continuing ability to fund or obtain funding for outstanding commitments, expectations regarding the resolution of legal and tax matters, no negative change to applicable laws, the ability to secure local contractors, employees and assistance as and when required and on reasonable terms, and such other assumptions and factors as are set out herein. Although Almonty has attempted to identify important factors that could cause actual results, level of activity, performance or achievements to differ materially from those contained in forward-looking statements, there may be other factors that cause results, level of activity, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate and even if events or results described in the forward-looking statements are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, Almonty. Accordingly, readers should not place undue reliance on forward-looking statements and are cautioned that actual outcomes may vary.

Investors are cautioned against attributing undue certainty to forward-looking statements. Almonty cautions that the foregoing list of material factors is not exhaustive. When relying on Almonty’s forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events.

Almonty has also assumed that material factors will not cause any forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF ALMONTY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE ALMONTY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

Almonty
Lewis Black
Chairman, President and CEO
+1 647 438-9766
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HOUSTON--(BUSINESS WIRE)--Black Stone Minerals, L.P. (NYSE: BSM) (“Black Stone,” “BSM,” or “the Company”) today declared the distribution attributable to the fourth quarter of 2020. Additionally, the Partnership announced the date of its fourth quarter 2020 earnings call.

Common Distribution

The Board of Directors of the general partner has approved a cash distribution for common units attributable to the fourth quarter of 2020 of $0.175 per unit. This represents an increase of approximately 17% over the common distribution paid with respect to the prior quarter. Distributions will be payable on February 23, 2021 to unitholders of record on February 16, 2021.

Thomas L. Carter, Jr., Black Stone Minerals’ Chief Executive Officer and Chairman, commented, “Among the benefits of our successful debt reduction efforts over the course of 2020 is the ability to return a higher percentage of our free cash flow to our unitholders. As such, we are pleased to announce this meaningful increase in our common distribution. As we move forward in 2021 and beyond, we look forward to working with our lessees to prudently manage and grow production in a responsible manner.”

Earnings Conference Call

The Partnership is scheduled to release details regarding its results for the fourth quarter of 2020 after the close of trading on February 22, 2021. A conference call to discuss these results is scheduled for February 23, 2021 at 9:00 a.m. Central time (10:00 a.m. Eastern time). The conference call will be broadcast live in listen-only mode on the company’s investor relations website at www.blackstoneminerals.com. If you would like to ask a question, the dial-in number for the conference call is 877-447-4732 for domestic participants and 615-247-0077 for international participants. The conference ID for the call is 2856284. Call participants are advised to call in 10 minutes in advance of the call start time.

A telephonic replay of the conference call will be available approximately two hours after the call through March 25, 2021, at 855-859-2056 for domestic replay and 404-537-3406 for international replay. The conference ID for the replay is 2856284.

About Black Stone Minerals, L.P.

Black Stone Minerals is one of the largest owners of oil and natural gas mineral interests in the United States. The Company owns mineral interests and royalty interests in 41 states in the continental United States. Black Stone believes its large, diversified asset base and long-lived, non-cost-bearing mineral and royalty interests provide for stable to growing production and reserves over time, allowing the majority of generated cash flow to be distributed to unitholders.

Information for Non-U.S. Investors

This press release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Although a portion of Black Stone Minerals’ income may not be effectively connected income and may be subject to alternative withholding procedures, brokers and nominees should treat 100% of Black Stone Minerals’ distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, Black Stone Minerals’ distributions to non-U.S. investors are subject to federal income tax withholding at the highest marginal rate, currently 37.0% for individuals.

Black Stone Minerals, L.P. Contacts

Jeff Wood
President and Chief Financial Officer

Evan Kiefer
Director, Finance and Investor Relations
Telephone: (713) 445-3200
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DUBLIN--(BUSINESS WIRE)--The "Bio LPG Market - Forecasts from 2020 to 2025" report has been added to ResearchAndMarkets.com's offering.

The Bio LPG is market is evaluated at around US$150 million during the year 2019.

Bio LPG refers to the bio propane produced from plant and vegetable residuals. It is a derived product from Biomass using similar techniques such as Hydrotreating, Dehydrogenation, and Fermentation. The only difference between liquified petroleum gas and Bio LPG is that the source is different though in terms of the chemical composition both are same. Generally, Bio-LPG is derived from vegetable or waste cooking oils biofuel. While incinerating or combusting Biofuel releases biogas which further gets chemically treated to use in the same manner to that of LPG.

The demand for Bio LPG is increasing because of its clean fuel property providing equivalent calorific value as that of fossil fuels such as diesel and petrol. Bio LPG reduces hazardous emissions such as Carbon Monoxide, Hydrocarbons and Nitrogen dioxide leading to be an alternative to conventional fuels. Bio LPG is compatible to work with any LPG product and is delivered even to the remote areas with lower carbon footprints which attracts the firms, individual and government to uplift environment, social and governmental score.

For instance, Calor (main supplier of Bio LPG in the UK) has the vision to supply only renewable fuel by 2040. As per the companies press release, Bio LPG has resulted in savings environment from approximately 308 Mt of Carbon Dioxide in 2019, through the supply of Bio LPG for those living in the remote and off-grid locality. To have visualization, the firm produces Bio LPG with 60% waste materials and 40% vegetable oils. To confirm with the compliance records, the firm shares that the production facility is based under the European Union which facilitate the traceability of the product with many constraints.

For an industrial and commercial setting, with the increase in the number of pubs, restaurants outlets, hotels, farms, and godown/ warehouses at remote areas which require conventional fuels for daily operations can increase the need for Bio LPG. The utility of Bio LPG is greater for the public commercial space such as in hospitality, sports complexes and grounds and other commercial use. It enables the firms to reduce the negative impact on the environment while being efficient in terms of cost.

There are more projects to be undertaken upon Bio LPG as it is the fuel made from super waste material which can lead to the reduction of carbon emission from industry and retail sectors to great extent.

Under the Covid-19 scenario, with the lockdowns in force, the demand for the renewables and Bio LPG plummeted. With the economic shutdown caused shrink in the energy demand for retail and industrial purposes. There were cheap oil products available which outshow renewables such as Bio LPG in the short run.

Thus, Bio LPG sector faces a brunt on the margins during the shutdown. Since Bio LPG comes under the renewables, it will follow the growth and recovery trajectory to that of the biodiesel and LPG with the sector bailout support from the US government.

Key Topics Covered:

1. Introduction

1.1. Market Definition

1.2. Market Segmentation

2. Research Methodology

2.1. Research Data

2.2. Assumptions

3. Executive Summary

3.1. Research Highlights

4. Market Dynamics

4.1. Market Drivers

4.2. Market Restraints

4.3. Porters Five Forces Analysis

4.4. Industry Value Chain Analysis

5. Bio LPG Market Analysis, By Feedstock

5.1. Introduction

5.2. Organic Wastes

5.3. Wet Wastes

5.4. Sugar

5.5. Oil

6. Bio LPG Market Analysis, By End-User

6.1. Introduction

6.2. Residential

6.3. Commercial

7. Bio LPG Market Analysis, By Geography

7.1. Introduction

7.2. Americas

7.3. EMEA

7.4. Asia Pacific

8. Competitive Environment and Analysis

8.1. Major Players and Strategy Analysis

8.2. Emerging Players and Market Lucrativeness

8.3. Mergers, Acquisitions, Agreements, and Collaborations

8.4. Vendor Competitiveness Matrix

9. Company Profiles

9.1. SHV Energy

9.2. ENI

9.3. Neste

9.4. Avanti Gas

9.5. Renewable Energy Group

For more information about this report visit https://www.researchandmarkets.com/r/syryo3

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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VALLEY FORGE, Pa.--(BUSINESS WIRE)--UGI Corporation (NYSE: UGI) today reported financial results for the fiscal quarter ended December 31, 2020.

HEADLINES

• GAAP diluted earnings per share ("EPS") of $1.44 and adjusted diluted EPS of $1.18 compared to GAAP diluted EPS of $1.00 and adjusted diluted EPS of $1.17 in the prior-year period.
• Reportable segments earnings before interest expense and income taxes¹ ("EBIT") of $414 million compared to $419 million in the prior-year period.
• Margins stronger than prior year at UGI International, continued progress on the LPG business transformation initiatives, and disciplined expense management largely offset warmer than prior-year weather at our domestic businesses and the impact of the COVID-19 pandemic.
• Through its subsidiary, UGI Energy Services, LLC ("Energy Services") entered into definitive agreements to invest in New Energy One HoldCo LLC, which is part of the team developing a utility-scale renewable natural gas (“RNG”) project in Idaho.
• On December 30, 2020, UGI announced that it had signed a definitive agreement to acquire Mountaineer Gas Company.

ESG HIGHLIGHTS

• UGI Utilities, Inc. (“UGI Utilities”) has executed a RNG interconnect agreement with a landfill gas developer in northeast Pennsylvania.
• UGI Utilities has also commenced construction on a project to deliver natural gas to UPS Fuel Services Inc., a subsidiary of United Parcel Services, Inc. (“UPS”), for a large regional fleet of compressed natural gas (“CNG”) delivery vehicles.
• On February 2, 2021, UGI International announced a new supply and development partnership with Ekobenz, a Polish technology specialist in catalytic conversion of bioethanol to bio-gasoline and bioLPG, for exclusive rights to its supply of bioLPG.
• On December 14, 2020, UGI Utilities and Energy Services joined the coalition Our Nation’s Energy Future (ONE Future) to further progress their commitment toward achieving UGI’s ambitious greenhouse gas emission reduction targets.
• Created a dedicated ESG function to continue advancing UGI's commitment to sustainability.
• Through its subsidiary, UGI Utilities, UGI supported programs promoting Belonging, Inclusion, Diversity & Equity (BIDE) and STEM advancement through a gift of $300,000 to Penn State Harrisburg.

"UGI delivered a strong first quarter with GAAP diluted EPS of $1.44 and adjusted diluted EPS of $1.18, despite weather that was warmer than normal in all of our service territories and the ongoing impact of COVID-19 on our operations," said John L. Walsh, President and Chief Executive Officer of UGI Corporation. "The solid results highlight the benefits of both geographic and operational diversification as the strong performance was driven by higher margins at UGI International, higher volumes from AmeriGas’ cylinder exchange program, favorable capacity management margin at our Midstream & Marketing business, continued contribution from our growth drivers and transformation initiatives, and disciplined expense management. These factors largely offset generally warmer weather in our domestic businesses and the negative impact of COVID-19 during the quarter; demonstrating the resiliency of our business.

“The LPG businesses continue to make good progress on the business transformation initiatives. Fiscal 2021 is an important year for both businesses as we begin to execute on critical aspects of the projects and continue to build a culture of continuous improvement. AmeriGas and UGI International continue to enhance operational efficiency, improve the customer experience, and remain on pace to deliver total ongoing annual benefits of more than $140 million and €30 million, respectively.

“On December 30, 2020 we announced an agreement to acquire Mountaineer Gas Company. The transaction accelerates the goal of rebalancing our portfolio and provides us with an opportunity to support our customers in West Virginia through investments that will ensure safe, reliable, affordable, and environmentally responsible natural gas services. We expect to see rate base grow by a compound annual growth rate of approximately 10% to 12% over the long term. The transaction is expected to be immediately accretive to adjusted diluted EPS and is expected to close in the second half of calendar year 2021.

“Lastly, we continue to make progress on our goal to be a leader in delivering renewable energy solutions for our customers. Recently, UGI Utilities executed a RNG interconnect agreement with a large landfill gas developer in northeast Pennsylvania and commenced construction on a project to deliver natural gas to UPS Fuel Services Inc. We also recently announced that UGI International entered into a supply and development partnership with Ekobenz and secured exclusive rights to Ekobenz’ supply of bioLPG, a renewable form of propane-butane produced from advanced bioethanol.

“We continued to make progress on key initiatives during the first quarter and remain on track to deliver on our long-term financial commitments to shareholders.”

KEY DRIVERS OF FIRST QUARTER RESULTS

• AmeriGas: Retail volume decreased 9% on weather that was 8.2% warmer than the prior-year period; Cylinder Exchange volumes increased 25%; 8% lower operating and administrative expenses due to progress on the LPG business transformation initiatives and disciplined expense management
• UGI International: Higher EBIT primarily driven by higher average LPG unit margins due to the effects of margin management efforts, lower LPG product costs, and lower costs associated with energy conservation certificates; increase in bulk volumes; and sound expense management
• Midstream & Marketing: Lower EBIT largely attributable to weather that was 11.4% warmer than the prior year period
• UGI Utilities: Core market volumes decreased 12% primarily due to weather that was 10.1% warmer than the prior-year period

EARNINGS CALL AND WEBCAST

UGI Corporation will hold a live Internet Audio Webcast of its conference call to discuss the quarterly earnings and other current activities at 9:00 AM ET on Thursday, February 4, 2021. Interested parties may listen to the audio webcast both live and in replay on the Internet at https://edge.media-server.com/mmc/p/znb3po4k or by visiting the company website https://www.ugicorp.com and clicking on Investors and then Presentations. A telephonic replay will be available from 12:00 PM ET on February 4 through 11:59 PM ET February 11. The replay may be accessed toll free at 855-859-2056 and internationally at +1 404-537-3406, conference ID 8949575.

ABOUT UGI

UGI Corporation is a distributor and marketer of energy products and services. Through subsidiaries, UGI operates natural gas and electric utilities in Pennsylvania, distributes LPG both domestically (through AmeriGas) and internationally (through UGI International), manages midstream energy assets in Pennsylvania, Ohio, and West Virginia and electric generation assets in Pennsylvania, and engages in energy marketing, including renewable natural gas, in twelve states and the District of Columbia and internationally in France, Belgium, the Netherlands and the UK.

Comprehensive information about UGI Corporation is available on the Internet at https://www.ugicorp.com.

USE OF NON-GAAP MEASURES

Management uses "adjusted diluted earnings per share," a non-GAAP financial measure, when evaluating UGI's overall performance. Management believes that this non-GAAP measure provides meaningful information to investors about UGI’s performance because it eliminates the impact of (1) gains and losses on commodity and certain foreign currency derivative instruments not associated with current-period transactions and (2) other significant discrete items that can affect the comparison of period-over-period results. Volatility in net income at UGI can occur as a result of gains and losses on commodity and certain foreign currency derivative instruments not associated with current-period transactions but included in earnings in accordance with U.S. generally accepted accounting principles ("GAAP").

Non-GAAP financial measures are not in accordance with, or an alternative to, GAAP and should be considered in addition to, and not as a substitute for, the comparable GAAP measures.

Tables on the last page reconcile net income attributable to UGI Corporation, the most directly comparable GAAP measure, to adjusted net income attributable to UGI Corporation, and diluted earnings per share, the most comparable GAAP measure, to adjusted diluted earnings per share, to reflect the adjustments referred to above.

¹ Reportable segments earnings before interest expense and income taxes represents an aggregate of our segment level EBIT as determined in accordance with GAAP.

USE OF FORWARD-LOOKING STATEMENTS

This press release contains statements, estimates and projections that are forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended). Management believes that these are reasonable as of today’s date only. Actual results may differ significantly because of risks and uncertainties that are difficult to predict and many of which are beyond management’s control. You should read UGI’s Annual Report on Form 10-K for a more extensive list of factors that could affect results. Among them are adverse weather conditions (including increasingly uncertain weather patterns due to climate change) and the seasonal nature of our business; cost volatility and availability of all energy products, including propane, natural gas, electricity and fuel oil as well as the availability of LPG cylinders; increased customer conservation measures; the impact of pending and future legal or regulatory proceedings, inquiries or investigations, liability for uninsured claims and for claims in excess of insurance coverage; domestic and international political, regulatory and economic conditions in the United States and in foreign countries, including the current conflicts in the Middle East and the withdrawal of the United Kingdom from the European Union, and foreign currency exchange rate fluctuations (particularly the euro); the timing of development of Marcellus Shale gas production; the availability, timing and success of our acquisitions, commercial initiatives and investments to grow our business; our ability to successfully integrate acquired businesses and achieve anticipated synergies; the interruption, disruption, failure, malfunction, or breach of our information technology systems, including due to cyber-attack; the inability to complete pending or future energy infrastructure projects; our ability to achieve the operational benefits and cost efficiencies expected from the completion of pending and future transformation initiatives including the impact of customer disruptions resulting in potential customer loss due to the transformation activities; uncertainties related to the global pandemics, including the duration and/or impact of the COVID-19 pandemic; and the extent to which we are able to utilize certain tax benefits currently available under the CARES Act and similar tax legislation and whether such benefits will remain available in the future.

SEGMENT RESULTS ($ in millions, except where otherwise indicated)

• Retail gallons sold decreased 9%, principally due to weather that was 8.2% warmer than the prior-year period, the negative effects of COVID-19 on commercial and motor fuel volumes, structural conservation and other residual volume loss, partially offset by increased cylinder exchange volumes.
• Total margin decreased $47 million primarily attributable to lower retail propane volumes ($36 million) and lower average retail unit margins ($7 million) compared to the prior-year period.
• Operating and administrative expenses decreased $19 million reflecting progress on the LPG business transformation initiatives and $3 million of lower general insurance costs. LPG transformation savings primarily reflect lower employee compensation and benefits-related costs ($11 million) and decreased vehicle and equipment operating and maintenance expenses ($6 million).
• Operating income and earnings before interest expense and income taxes each decreased $24 million reflecting the lower total margin, partially offset by lower operating and administrative expenses.

UGI International base-currency results are translated into U.S. dollars based upon exchange rates experienced during the reporting periods. Differences in these translation rates affect the comparison of line item amounts presented in the table above. The functional currency of a significant portion of our UGI International results is the euro and, to a much lesser extent, the British pound sterling. During the 2020 and 2019 three-month periods, the average unweighted euro-to-dollar translation rates were approximately $1.19 and $1.11, respectively, and the average unweighted British pound sterling-to-dollar translation rates were approximately $1.32 and $1.29, respectively.

• Retail volume decreased 4% principally due to termination of a high-volume low-margin autogas contract in Italy during Fiscal 2020, partially offset by increased crop drying and heating-related bulk volumes, on weather that was 4.9% colder than the prior-year period.
• Average propane wholesale prices in northwest Europe were approximately 8% lower than the prior-year period.
• Total margin increased $41 million compared to the prior-year period reflecting higher average LPG unit margins attributable to margin management efforts, lower LPG product costs and lower costs associated with energy conservation certificates, including adjustments related to the current compliance period. Total margin also increased due to higher bulk volumes, the translation effects of the stronger euro (approximately $21 million), and higher margins from energy marketing, slightly offset by the termination of the high-volume low-margin autogas contract and the effects of COVID-19.
• The increase in operating and administrative expenses largely reflects the translation effects of the stronger euro (approximately $10 million), partially offset by lower expenses due to the LPG business transformation initiatives and expense management.
• Operating income increased $39 million compared to the prior-year period primarily due to the increase in total margin, partially offset by higher operating and administrative expenses.
• Earnings before interest expense and income taxes increased $36 million compared to the prior-year period due to the higher operating income, partially offset by lower pre-tax realized gains on foreign currency exchange contracts used to reduce volatility in UGI International's net income resulting from changes in foreign currency exchange rates ($4 million).

• Temperatures were 9.1% warmer than normal and 11.4% warmer than the prior-year period.
• Total margin decreased $5 million primarily reflecting the absence of margins attributable to HVAC and Conemaugh that were divested in Fiscal 2020 ($7 million) and lower peaking margin ($5 million) compared to the prior-year period. The effect of these decreases was partially offset by higher capacity management margin ($8 million) compared to the prior-year period.
• Operating and administrative expenses decreased $3 million largely due to lower expenses attributable to the divested assets, partially offset by higher expenses for new assets placed into service and acquisitions.
• Operating income decreased due to lower total margin partially offset by lower operating and administrative expenses.

• Gas Utility service territory experienced temperatures that was 10.1% warmer than the prior-year period.
• Core market volumes decreased due to the warmer weather and volume reductions attributable to COVID-19, partially offset by customer growth.
• Total Gas Utility distribution throughput decreased 2 bcf reflecting lower core market volumes, partially offset by higher large firm delivery service volumes.
• Total margin decreased $10 million primarily due to lower total margin ($8 million) from Gas Utility core market customers.
• Operating and administrative expenses increased $2 million reflecting increases in employee compensation and benefits-related expenses and higher allocated corporate expenses compared to the prior-year period.
• Operating income decreased reflecting the lower total margin, higher depreciation expense ($3 million) and higher operating and administrative expenses ($2 million). The increased depreciation expense is attributable to continued IT and distribution system capital expenditure activity.

Non-GAAP Financial Measures - Adjusted Net Income Attributable to UGI and Adjusted Diluted Earnings Per Share

The following tables reconcile net income attributable to UGI Corporation, the most directly comparable GAAP measure, to adjusted net income attributable to UGI Corporation, and reconcile diluted earnings per share, the most comparable GAAP measure, to adjusted diluted earnings per share, to reflect the adjustments referred to previously:

INVESTOR RELATIONS
610-337-1000
Tameka Morris, ext. 6297
Arnab Mukherjee, ext. 1004
Shelly Oates, ext. 3202

The leading mobile commerce platform provider P97 Networks will enable Valero to deliver new and exciting customer experiences.

HOUSTON--(BUSINESS WIRE)--#MCommerce--Valero, a Fortune 50 international manufacturer and marketer of transportation fuels and petrochemical products, is pleased to announce its partnership with P97 Networks, a leader in cloud-based mobile commerce, to deliver a new consumer experience across its 5,100 sites in the United States. The new Valero mobile app will give customers a personalized fueling experience that lets them skip the keypad, activate the pump with their smartphone, and enable secure payments for fuel, car wash, and even in-store merchandise and food across Valero’s network of stores.

The Valero app, built on P97’s PetroZone mobile commerce platform, aims to revolutionize consumer’s experience at the pump and inside the store. The app will help them locate and navigate to Valero stations, pay for fuel, and receive offers and rewards for both fuel and in-store purchases. Mobile technology will enhance Valero’s ability to engage consumers through customized rewards, targeted digital offers, omni-channel messaging and even offer connected car capabilities. Mobile payment options bring consumers enhanced security, efficiency, and value.

With demand for mobile ordering at an all-time high, order ahead technology is the convenience industry’s best answer to delivering a quick, contactless shopping experience. In addition to new and exciting mobile commerce capabilities, Valero’s app will be further enhanced with the P97 Order Ahead Platform. P97 is proud to bring Valero a mobile app experience where users have the ability to purchase products through their mobile device. At participating Valero locations, users can purchase products and schedule curbside pickups - all though their mobile app. The Order Ahead technology will support card-on-file and tech wallets, the latest in mobile payment options.

In today’s current environment, offering customers a fast, safe and personalized way to shop is essential. Valero is committed to creating an app that significantly reduces the time to activate the pump and pay for fuel. It’s the latest way Valero is advancing the future of energy.

The P97 platform reduces friction during the purchase process for consumers while increasing sale opportunities, developing brand loyalty, and reducing transaction costs. PetroZone is PCI DSS and SOC 2 Type II compliant, utilizing Microsoft Azure^® Cloud Services with multifactor authentication to protect sensitive cardholder data.

“At P97, we use technology to elevate the entire customer experience,” Donald Frieden, founder and CEO of P97 said. “It’s putting the convenience back in convenience store and we are confident that these new capabilities will improve fueling experiences at the pump.”

About Valero

Valero Energy Corporation, through its subsidiaries (collectively, “Valero”), is an international manufacturer and marketer of transportation fuels and petrochemical products. Valero is a Fortune 50 company based in San Antonio, Texas, and it operates 15 petroleum refineries with a combined throughput capacity of approximately 3.2 million barrels per day and 13 ethanol plants with a combined production capacity of 1.68 billion gallons per year. The petroleum refineries are located in the United States (U.S.), Canada and the United Kingdom (U.K.), and the ethanol plants are located in the Midcontinent region of the U.S. Valero also is a joint venture partner in Diamond Green Diesel, which operates a renewable diesel plant in Norco, Louisiana. Diamond Green Diesel is North America’s largest biomass-based diesel plant. Valero sells its products in the wholesale rack or bulk markets in the U.S., Canada, the U.K., Ireland and Latin America. Approximately 7,000 outlets carry Valero’s brand names. Please visit www.valero.com for more information.

About P97

P97 Networks provides secure, cloud-based mobile commerce, in-vehicle payments, and digital marketing solutions for the convenience retail, fuel, and vehicle manufacturing industries under the brand name PetroZone®. P97’s mCommerce solutions enhance the ability to attract, engage, and retain customers by securely connecting millions of individual mobile phones and connected cars with merchants using identity, geolocation-based software that creates a unique mobile consumer experience. For more information, visit www.p97.com.

P97 Press Contact
Tracy DeJarnett
P97 Networks, Inc.
713-294-9888
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