AMES, Iowa--(BUSINESS WIRE)--Renewable Energy Group, Inc. (REG) (NASDAQ: REGI) announced today the pricing of its offering (the “offering”) of $550 million aggregate principal amount of 5.875% senior secured notes due 2028 (the “Notes”) in a private placement pursuant to exemptions from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). The offering was upsized from the previously announced $500 million offering amount. The sale of the Notes is scheduled to close on May 20, 2021, subject to satisfaction of customary closing conditions.

REG estimates that the net proceeds from the offering will be approximately $538 million, after deducting the initial purchasers’ discount and estimated offering expenses payable by REG. REG intends to use the net proceeds to finance or refinance, in part or in full, new and/or existing eligible green projects, including the expansion of REG’s Geismar, Louisiana biorefinery.

The Notes will mature on June 1, 2028 unless earlier redeemed or repurchased. On or after June 1, 2024, REG may redeem for cash all or part of the Notes at a redemption price equal to the principal amount thereof, plus accrued and unpaid interest, if any. Unless the Notes have been called for redemption, holders may require REG to repurchase the Notes, in cash, upon the occurrence of certain fundamental changes at a repurchase price equal to the principal amount thereof, plus accrued and unpaid interest, if any.

The Notes and related guarantees are being offered only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act or outside the United States to persons other than “U.S. persons” in compliance with Regulation S under the Securities Act. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. The offer and sale of the Notes and related guarantees has not been registered under the Securities Act or applicable state securities laws and, unless so registered, the Notes and related guarantees may not be offered or sold in the United States or to U.S. persons except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws.

About Renewable Energy Group

Renewable Energy Group, Inc. is leading the energy industry's transition to sustainability by transforming renewable resources into high-quality, cleaner fuels. REG is an international producer of cleaner fuels and one of North America’s largest producers of advanced biodiesel. REG solutions are alternatives for petroleum diesel and produce significantly lower carbon emissions. REG utilizes an integrated procurement, distribution and logistics network to operate 12 biorefineries in the U.S. and Europe. In 2020, REG produced 519 million gallons of cleaner fuel delivering 4.2 million metric tons of carbon reduction. REG is meeting the growing global demand for lower-carbon fuels and leading the way to a more sustainable future.

Note Regarding Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements other than statements of historical fact, including statements regarding our future results of operations and financial position, strategy and plans, and our expectations for future operations, are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “design,” “intend,” “expect” and similar expressions are intended to identify forward-looking statements. Forward-looking statements include, but are not limited to, statements regarding the offering and aggregate principal amount of the Notes, the expected use of the net proceeds from the offering, expectations regarding the eligible green project (including the expansion of the Geismar, Louisiana biorefinery), the expected terms of the offering and the expected closing of the offering. These forward-looking statements are based on current expectations, estimates, assumptions and projections that are subject to change, and actual results may differ materially from the forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, market and other conditions that may affect REG’s ability to complete the offering, risks related to REG’s ability to satisfy the conditions required to close any sale of the Notes, the use of the proceeds from any sale of the Notes, factors affecting REG’s business that may affect REG’s liquidity and working capital requirements, REG’s ability to successfully finance or refinance the eligible green projects (including the expansion of REG’s Geismar, Louisiana biorefinery), impacts related to the COVID-19 or any other pandemic, and other risks and uncertainties described from time to time in REG’s annual report on Form 10-K, quarterly reports on Forms 10-Q and other periodic filings with the Securities and Exchange Commission. All forward-looking statements are made as of the date of this press release, and REG does not undertake to update any forward-looking statements based on new developments or changes in its expectations, except as required by law.

Todd Robinson
Deputy Chief Financial Officer
Renewable Energy Group
This email address is being protected from spambots. You need JavaScript enabled to view it.
(515) 239-8048

DUBLIN--(BUSINESS WIRE)--Power management company Eaton (NYSE:ETN) today announced that its Chairman and Chief Executive Officer, Craig Arnold, will participate in the Goldman Sachs Industrials and Materials Conference on Thursday, May 13 at 1 p.m. Eastern time.

During the conference, Arnold will participate in a fireside chat where he will discuss topics including Eaton’s first quarter financial performance, company strategy and growth outlook.

A live webcast of the event will be available on the company’s Investor Relations website at www.eaton.com/investor-relations-presentations. A replay will be available following the event at the same link.

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 Eaton.com.

Jennifer Tolhurst, Media Relations, +1 (440) 523-4006, This email address is being protected from spambots. You need JavaScript enabled to view it.
Yan Jin, Investor Relations, +1 (440) 523-7558

Electrical Distributor Installs Commercial Solar with Tigo Optimizers on Central Brazilian Headquarters

CAMPBELL, Calif.--(BUSINESS WIRE)--#solarenergy--Tigo Energy, Inc., the solar industry’s leading Flex MLPE (Module Level Power Electronics) supplier, announced today that Stark Renováveis has used the Tigo TS4-A-O to mitigate energy lost due to shade on their corporate headquarters in São José do Rio Preto, Brazil. Their confidence in Tigo’s solution drove the selection of the products for their own use. The Tigo solution gives installers and commercial system owners the freedom to choose their preferred inverters and panels along with the right features for optimized, monitored and PV safe systems.

The Stark Renováveis team chose a rooftop PV system with 405 Wp modules organized in multiple strings and using GoodWe^TM grid-tied inverters. The optimum placement of the modules was on a roof bordering a large construction wall which would ordinarily lead to shade and a degradation of the output. To mitigate the problem of energy lost due to shade, Tigo TS4-A-O optimizers were deployed to ensure the best possible system performance.

"As a leading electrical distributor serving Brazil since 2010, we were excited to expand our offering into the growing solar market,” according to Rafael Priuli, Owner and Operations Director, Stark. “The opportunity to install Tigo optimizers on our headquarters enabled us to simultaneously maximize the solar generation for our own usage and use the product to thoroughly understand the power of optimization in order to provide great service to our customers.”

Stark Electric is an importer and distributor of industrial electrical materials that seeks to offer high quality products at competitive prices with superior service throughout the Brazilian market. Stark entered the solar market in 2018, offering equipment from suppliers such as GoodWe, Jntech, and Canadian Solar, along with the Tigo TS4-A-O optimizers. Stark installed rooftop solar at their Central Brazilian headquarters in January of 2021 and commissioned the system at the end of February.

“We are excited to have Stark Electric promoting our product portfolio to the Brazilian market”, said Jurgen Krehnke, Tigo’s Chief Commercial Officer. “South American countries, and Brazil in particular, offer tremendous solar potential and this collaboration with Stark will lead the way. There is no stronger vote of confidence than putting an installation on your own roof and Stark Electric are on their way to realizing tremendous opportunities for both our companies.”

Tigo Energy provides flexible solutions that increase energy production of PV systems with optimization, decrease operating costs with remote monitoring and enhance safety with rapid shutdown capabilities. Tigo is different because it gives its PV customers the power to choose the right features and the right inverter for a tested and certified solution at the equipment and system level that maximizes the benefit for their installation.

For inquiries, contact: This email address is being protected from spambots. You need JavaScript enabled to view it.

About Tigo

Tigo is the worldwide leader in Flex MLPE (Module Level Power Electronics) with innovative solutions that increase energy production, decrease operating costs, and significantly enhance safety of photovoltaic (PV) systems. Tigo’s TS4 platform maximizes the benefit of PV systems and provides customers with the most scalable, versatile, and reliable MLPE solution available. Tigo was founded in Silicon Valley in 2007 to accelerate the adoption of solar energy worldwide. Tigo systems operate on 7 continents and produce gigawatt hours of reliable, clean, affordable and safe solar energy daily. Tigo's global team is dedicated to making the best MLPE on earth so more people can enjoy the benefits of solar. Visit us at www.tigoenergy.com.

About Stark Electric

Stark Electric emerged in 2006 in Shanghai in China as a Trading Company, which created great business partnerships with companies in the Electrical sector. In 2010, aiming exclusively to serve the electric market Brazilian industrial sector, they inaugurated their first distribution company in Brazil, in the city of São José do Rio Preto, São Paul. Understanding that the future of Electrical in the world is sustainable, in 2018 they created the Stark Renováveis, a brand specifically for the purpose of actively contributing globally to the transition from fossil fuels to renewable energies. Embracing the clean energy culture and offering sustainable solutions to minimize environmental impacts is important to Stark through Photovoltaic Electrical Engineering Projects Customizable.

https://starkrenovaveis.com.br/

Media Contact for Tigo
John Lerch
408.402.0802 x430
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NEW YORK--(BUSINESS WIRE)--International Seaways, Inc. (NYSE: INSW) (the “Company” or “INSW”), one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products today reported results for the first quarter of 2021.

Highlights

• Net loss for the three months ended March 31, 2021 was $13.4 million, or $0.48 per diluted share, compared to net income of $33.0 million, or $1.12 per diluted share, in the first quarter of 2020.
• Time charter equivalent (TCE) revenues^(A) for the first quarter were $45.2 million, compared to $119.7 million for the first quarter of 2020.
• Adjusted EBITDA^(B) for the first quarter was $10.7 million, compared to $74.2 million for the first quarter of 2020.
• Cash^(C) was $172.4 million as of March 31, 2021; total liquidity was $212.4 million, including $40 million of undrawn revolver capacity, compared to $255.7 million as of December 31, 2020.
• Paid a regular quarterly cash dividend of $0.06 per share in March 2021.
• Announced a definitive merger agreement pursuant to which INSW will merge with Diamond S Shipping Inc. (NYSE: DSSI) in a stock-for-stock transaction, creating a 100-ship fleet.
• Immediately prior to the closing of the merger, existing INSW shareholders are expected to receive a special dividend of approximately $1.10 per share.
• Announced a contract to build three dual fuel LNG VLCCs at DSME shipyard in South Korea with seven-year time charters to Shell commencing at delivery in the first quarter of 2023.

“The first quarter was transformational for Seaways, as we took important steps to unlock shareholder value,” said Lois Zabrocky, INSW’s President and CEO. “We entered into an accretive merger that will combine two leading U.S.-based diversified tanker owners to create an industry bellwether with significantly enhanced scale and capabilities. Among the benefits of this transaction, we expect to double our net asset value, realize significant cost synergies, increase our equity market capitalization, all while maintaining one of the lowest net leverage ratios amongst our peers. During the quarter, we also capitalized on an opportunity to once again renew our fleet at a cyclical low point. With our agreement to build three LNG dual-fuel VLCCs for delivery in 2023, we will add state-of-the-art vessels to our fleet that will commence seven-year time charters to Shell upon delivery. In addition to the charters providing strong, stable cash flows with added upside, these highly efficient vessels offer significant environmental benefits and advance Seaways position at the forefront of sustainability initiatives in the maritime sector.”

Ms. Zabrocky continued, “We continue to demonstrate our commitment to the return of capital to shareholders as an important part of our capital allocation strategy, highlighted by the intention to pay a special dividend to INSW shareholders immediately prior to completing the merger. Going forward, and based on our strengthened commercial scale, we are in a strong position to take advantage of positive long-term tanker fundamentals and further create enduring value well into the future.”

Jeff Pribor, the Company’s CFO, added, “We entered 2021 with an all-time high cash position, which provided Seaways with a strong foundation for taking advantage of attractive strategic opportunities. Our success building a strong balance sheet continues to serve us well, and we remain committed to paying a quarterly dividend, while opportunistically executing on our share repurchase program. As of the end of the first quarter, we had ample total liquidity of approximately $212 million, and our net loan to value of 33% is one of the lowest among our tanker peers.”

First Quarter 2021 Results

Net loss for the first quarter of 2021 was $13.4 million, or $0.48 per diluted share, compared to net income of $33.0 million, or $1.12 per diluted share, for the first quarter of 2020. The decline in the first quarter primarily reflects significantly lower TCE revenues, which was partially offset by lower vessel expenses, charter hire expenses and interest expense. Decreased global oil production, drawdowns of sea- and shore-based inventories, and COVID-19’s continued negative impact on oil demand continue to place downward pressure on tanker day rates.

Consolidated TCE revenues for the first quarter were $45.2 million, compared to $119.7 million for the first quarter of 2020. Shipping revenues for the first quarter were $46.8 million, compared to $125.3 million for the first quarter of 2020.

Adjusted EBITDA for the first quarter was $10.7 million, compared to $74.2 million for the first quarter of 2020.

Crude Tankers

TCE revenues for the Crude Tankers segment were $35.9 million for the first quarter compared to $88.9 million for the first quarter of 2020. This decrease primarily resulted from the impact of lower average rates in the VLCC, Suezmax, Aframax and Panamax sectors, with average spot earnings declining to approximately $15,700, $12,200, $11,700 and $14,200 per day, respectively, aggregating approximately $53.5 million. Also contributing to the decline in TCE revenues was a $2.8 million decline in the Aframax fleet as a result of the sales of two older Aframaxes in 2020. Partially offsetting these decreases was the impact of a 120-day increase in VLCC revenue days, aggregating $7.4 million, which was primarily the result of 313 fewer drydock repair and other off-hire days in the first quarter of 2021. In the prior year’s quarter the Company’s VLCCs were out of service for 305 days to have scrubbers installed, and 53 days relating to the detention of the Seaways Mulan by Indonesian authorities. This increase was offset in part by the impact of the sales of two older VLCCs during 2020, including the Seaways Mulan. Shipping revenues for the Crude Tankers segment were $37.5 million for the first quarter compared to $93.7 million for the first quarter of 2020.

Product Carriers

TCE revenues for the Product Carriers segment were $9.2 million for the first quarter, compared to $30.9 million for the first quarter of 2020. The decrease is primarily attributable to lower period-over-period average daily blended rates earned by the LR2, LR1 and MR fleets, which accounted for a decrease in TCE revenues of approximately $14.6 million. Average spot rates fell during the first quarter of 2021 to approximately $12,900 and $7,400, respectively for the LR1 and MR fleets. In addition, fewer revenue days in the LR1 and MR fleets during the first quarter due to LR1s being off-hire for scheduled drydocks and a decrease in the MR fleet, primarily resulting from the redeliveries of three chartered-in MRs between March 2020 and July 2020, contributed an aggregate decrease in TCE revenues of approximately $7.0 million. Shipping revenues for the Product Carriers segment were $9.2 million for the first quarter of 2021, compared to $31.7 million for the first quarter of 2020.

Announced Merger with Diamond S Shipping

On March 30, 2021, the Company announced a definitive merger agreement pursuant to which INSW will merge with Diamond S Shipping Inc. (“Diamond S”) in a stock-for-stock transaction. Subsequent to the merger, INSW and Diamond S shareholders will own approximately 55.75% and 44.25% of the combined company, respectively. Prior to the effective date of the merger, INSW is expected to pay a special dividend to its shareholders in an aggregate amount equal to $31.5 million, which special dividend will not result in a change to the above ownership split.

Following the transaction, the senior management and Chairman of INSW will remain in their current roles and lead the combined company and the board of directors of the combined company will be comprised of seven representatives designated by the board of directors of INSW and three representatives designated by the board of directors of Diamond S.

The merger of Diamond S with INSW unites two companies with long-term customer relationships, similar cultures, and complementary positions in key tanker sectors. The merger is expected to enhance INSW’s capabilities in both the crude and product markets and create “power alleys” for INSW in the large crude—VLCC and Suezmax—and LR1/Panamax and MR markets. The merger will create the second largest U.S.-listed tanker company by vessel count and the third largest by deadweight (“dwt”). On a pro forma basis, the combined company will have 100 vessels, shipping revenues of over $1 billion, over 2,200 employees, and an enterprise value of approximately $2 billion.

Constructing Three Dual Fuel VLCC Newbuildings

During the quarter, the Company contracted to build three dual fuel LNG VLCCs at DSME shipyard in South Korea. The three ships, upon delivery in the first quarter of 2023, will be time chartered to Shell for a period of seven years at a rate that consists of an attractive base rate plus profit sharing.

Conference Call

The Company will host a conference call to discuss its first quarter 2021 results at 10:00 a.m. Eastern Time (“ET”) on Thursday, May 6, 2021. To access the call, participants should dial (833) 329-1696 for domestic callers and (639) 380-0031 for international callers and entering Conference ID 7891019. Please dial in ten minutes prior to the start of the call. A live webcast of the conference call will be available from the Investor Relations section of the Company’s website at https://www.intlseas.com.

An audio replay of the conference call will be available starting at 1:00 p.m. ET on Thursday, May 6, 2021 through 11:59 p.m. ET on Thursday, May 13, 2021 by dialing (800) 585-8367 for domestic callers and (416) 621-4642 for international callers, and entering Conference ID 7891019.

About International Seaways, Inc.

International Seaways, Inc. (NYSE: INSW) is one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets. International Seaways owns and operates a fleet of 36 vessels, including 11 VLCCs, two Suezmaxes, four Aframaxes/LR2s, 13 Panamaxes/LR1s and 4 MR tankers. Through joint ventures, it has ownership interests in two floating storage and offloading service vessels. International Seaways has an experienced team committed to the very best operating practices and the highest levels of customer service and operational efficiency. International Seaways is headquartered in New York City, NY. Additional information is available at https://www.intlseas.com.

Forward-Looking Statements

This release contains forward-looking statements. In addition, the Company may make or approve certain statements in future filings with the Securities and Exchange Commission (SEC), in press releases, or in oral or written presentations by representatives of the Company. All statements other than statements of historical facts should be considered forward-looking statements. These matters or statements may relate to the Company’s planned merger with Diamond S and plans to issue dividends, its prospects, including statements regarding vessel acquisitions, trends in the tanker markets, and possibilities of strategic alliances and investments. Forward-looking statements are based on the Company’s current plans, estimates and projections, and are subject to change based on a number of factors. Investors should carefully consider the risk factors outlined in more detail in the Annual Report on Form 10-K for 2020 for the Company, the Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, the Company’s Registration Statement on Form S-4 dated May 5, 2021 and in similar sections of other filings made by the Company with the SEC from time to time. The Company assumes no obligation to update or revise any forward-looking statements. Forward-looking statements and written and oral forward-looking statements attributable to the Company or its representatives after the date of this release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports previously or hereafter filed by the Company with the SEC.

Category: Earnings

Spot and Fixed TCE Rates Achieved and Revenue Days

The following table provides a breakdown of TCE rates achieved for spot and fixed charters and the related revenue days for the three months ended March 31, 2021 and the comparable period of 2020. Revenue days in the quarter ended March 31, 2021 totaled 2,809 compared with 3,115 in the prior year quarter. A summary fleet list by vessel class can be found later in this press release. The information in these tables excludes commercial pool fees/commissions averaging approximately $620 and $678 per day for the three months ended March 31, 2021 and 2020, respectively.

Revenue days in the above tables exclude days related to full service lighterings and days for which recoveries were recorded under the Company’s loss of hire insurance policies.

Fleet Information

As of March 31, 2021, INSW’s fleet totaled 39 vessels, including 3 newbuilds and 36 operating vessels, of which 31 were owned, 3 were chartered in, and 2 FSOs were held through joint ventures.

Reconciliation to Non-GAAP Financial Information

The Company believes that, in addition to conventional measures prepared in accordance with GAAP, the following non-GAAP measures may provide certain investors with additional information that will better enable them to evaluate the Company’s performance. Accordingly, these non-GAAP measures are intended to provide supplemental information, and should not be considered in isolation or as a substitute for measures of performance prepared with GAAP.

^(A) Time Charter Equivalent (TCE) Revenues

Consistent with general practice in the shipping industry, the Company uses TCE revenues, which represents shipping revenues less voyage expenses, as a measure to compare revenue generated from a voyage charter to revenue generated from a time charter. Time charter equivalent revenues, a non-GAAP measure, provides additional meaningful information in conjunction with shipping revenues, the most directly comparable GAAP measure, because it assists Company management in making decisions regarding the deployment and use of its vessels and in evaluating their financial performance. Reconciliation of TCE revenues of the segments to shipping revenues as reported in the consolidated statements of operations follow:

^(B) EBITDA and Adjusted EBITDA

EBITDA represents net (loss)/income before interest expense, income taxes and depreciation and amortization expense. Adjusted EBITDA consists of EBITDA adjusted for the impact of certain items that we do not consider indicative of our ongoing operating performance. EBITDA and Adjusted EBITDA do not represent, and should not be a substitute for, net income or cash flows from operations as determined in accordance with GAAP. Some of the limitations are: (i) EBITDA and Adjusted EBITDA do not reflect our cash expenditures, or future requirements for capital expenditures or contractual commitments; (ii) EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs; and (iii) EBITDA and Adjusted EBITDA do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on our debt.

Investor Relations & Media Contact:
David Siever, International Seaways, Inc.
(212) 578-1635
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NEW YORK--(BUSINESS WIRE)--New Fortress Energy Inc. (NASDAQ: NFE) (“NFE” or the “Company”) today reported its financial results for the first quarter ending March 31, 2021.

Business Highlights

• Closed previously announced acquisitions of Hygo Energy Transition Ltd. (“Hygo”) and Golar LNG Partners LP (“GMLP”) for $5.1bn enterprise value
• Development projects are advancing on budget and schedule⁽¹⁾
  • Our Mexico and Nicaragua terminals are expected to be operational⁽²⁾ in Q2 2021
  • Our first ISO Flex vessel has arrived in La Paz and two more expected in Nicaragua in Q2 2021
  • We are FID⁽³⁾ and currently developing new terminals at Santa Catarina, Barcarena, and Suape in Brazil
• We continue to make great progress on our Fast LNG asset which we expect will provide us with surety of stable supply at rates well below the current open market prices
  • Actively engaging with gas suppliers around the globe to supply long-term, fixed-price feedstock
  • Secured two world class jack up rigs from Maersk
  • Progressed engineering and design, complete with full operational simulations and deployment scenarios
  • Maintaining the development timeline of 16-20 months to full operations
• Launching Zero Parks, a Joint Venture with Fortress Transportation and Infrastructure
  • NFE is forming a new joint venture called “Zero Parks” with Fortress Transportation and Infrastructure LLC (NYSE: FTAI), a business with deep investment experience in transportation and high-utility infrastructure assets in the United States
  • Zero Parks pairs FTAI’s transportation experience and infrastructure with NFE’s focus on hydrogen and clean energy to commercialize the rapidly growing opportunity for renewable and low-carbon fuels
  • Starting with near-term opportunities for renewable diesel and blue hydrogen, Zero Parks aims to reach FID⁽³⁾ on its first two projects in 90-120 days
• Significant volume growth – over 5.1 million GPD Committed⁽⁴⁾ with over 21.2 million GPD of Committed⁽⁴⁾ and In Discussion Volumes⁽⁵⁾
• Completed the private offering of $1.5 billion of senior secured notes due 2026 (the “2026 Notes”)
  • The 2026 Notes bear interest at 6.50% per annum and were issued at an issue price equal to 100% of principal
• Closed a $200 million senior secured Revolving Credit Facility (“Revolving Facility”) to provide additional liquidity
• Our Board of Directors approved a dividend of $0.10 per share, with a record date of June 1, 2021 and a payment date of June 11, 2021

Financial Highlights

• Quarterly revenue of $145.7 million, remaining stable from Q4 2020
• Net loss was $39.5 million, as compared to the Q4 2020 net loss of $0.5 million, which was primarily a result of higher LNG cost in Q1 2021 vs. Q4 2020 as well as costs associated with Hygo and GMLP acquisitions
• Operating Margin*⁽⁴⁾ decreased by $28.1 million in Q1 2021 vs Q4 2020, which is line with our expectations due to higher LNG cost
• Average daily volumes sold in Q1 2021 were approximately 1.4 million GPD

*Operating Margin is a non-GAAP financial measure. For definitions and reconciliations of non-GAAP results please refer to the exhibit to this press release.

Please refer to our Q1 2021 Investor Presentation (the “Presentation”) for further information about the following terms:

1) “On schedule” and “on budget” are based on internal evaluations and refer to completing certain stages of projects within a timeframe and within a spectrum of budget parameters that, when taken as a whole, are substantially consistent with our business model.
2) “Operational” with respect to a particular project means we expect gas to be made available within thirty (30) days, gas has been made available to the relevant project, or that the relevant project is in full commercial operations.  Where gas is going to be made available or has been made available but full commercial operations have not yet begun, full commercial operations will occur later than, and may occur substantially later than, our reported Operational date.  We cannot assure you if or when such projects will reach full commercial operations.  Actual results could differ materially from the illustrations reflected in the Presentation and there can be no assurance we will achieve our goals.
3) “FID” means management has made an internal commitment to commit resources (including capital) to a particular project. Our management has not made an FID decision on certain projects as of the date of this press release, and there can be no assurance that we will be willing or able to make any such decision, based on a particular project’s time, resource, capital and financing requirements.
4) “Committed” means our expected volumes to be sold to customers under binding contracts, awards under requests for proposals, and the agreement being finalized in for our project in Southeast Asia as of the period specified in the Presentation.  There can be no assurance that we will enter into binding agreements for the awards we have under requests for proposals or our project in Southeast Asia on a particular timeline or at all.  Some, but not all, of our contracts contain minimum volume commitments, and our expected volumes to be sold to customers reflected in our “Committed Volumes” are substantially in excess of such minimum volume commitments.  Our near-term ability to sell these volumes is dependent on our customers’ continued willingness and ability to continue purchasing these volumes and to perform their obligations under their respective contracts.  If any of our customers fails to continue to make such purchases or fails to perform their obligations under their respective contract, our operating results, cash flow and liquidity could be materially and adversely affected.  References to Committed Volumes in the future and percentages of these volumes in the future should not be viewed as guidance or management’s view of the Company’s projected earnings, is not based on the Company’s historical operating results, which are limited, and does not purport to be an actual representation of our future economics.
5) “In Discussion” refers to potential customers (i) with whom we are in active negotiations, (ii) for whom there is a request for proposals or competitive bid process, or (iii) for whom we anticipate a request for proposals or competitive bid process will soon be announced based on our discussions with the potential customer as of date of this press release.  We cannot assure you if or when we will enter into contracts for sales of additional volumes, the price at which we will be able to sell such volumes, or our costs to purchase, liquefy, deliver and sell such volumes.  Some, but not all, of our contracts contain minimum volume commitments, and our expected sales to customers reflected in any volumes referenced is substantially in excess of potential minimum volume commitments.  References to these volumes and percentages of these volumes should not be viewed as guidance or management’s view of the Company’s projected earnings, is not based on the Company’s historical operating results, which are limited, and does not purport to be an actual representation of our future economics.
6) “Operating Margin” means the sum of (i) Net income / (loss), (ii) Selling, general and administrative, (iii) Depreciation and amortization, (iv) Interest expense, (v) Other (income) expense, net (vi) Loss on extinguishment of debt, net, and (vii) Tax expense (benefit), each as reported on our financial statements.  Operating Margin is mathematically equivalent to Revenue minus Cost of sales minus Operations and maintenance, each as reported in our financial statements.

Additional Information

For additional information that management believes to be useful for investors, please refer to the presentation posted on the Investor Relations section of New Fortress Energy’s website, www.newfortressenergy.com, and the Company’s most recent Annual Report on Form 10-K, which is available on the Company’s website.  Nothing on our website is included or incorporated by reference herein.

Earnings Conference Call

Management will host a conference call on Friday, May 7, 2021 at 8:00 A.M. Eastern Time. The conference call may be accessed by dialing (866) 953-0778 (from within the U.S.) or (630) 652-5853 (from outside of the U.S.) fifteen minutes prior to the scheduled start of the call; please reference “NFE First Quarter 2021 Earnings Call.”

A simultaneous webcast of the conference call will be available to the public on a listen-only basis at www.newfortressenergy.com. Please allow extra time prior to the call to visit the website and download any necessary software required to listen to the internet broadcast.

A replay of the conference call will also be available after 11:00 A.M. on Friday, May 7, 2021 through 11:00 A.M. on Friday, March 14, 2021 at (855) 859-2056 (from within the U.S.) or (404) 537-3406 (from outside of the U.S.), Passcode: 9098098.

About New Fortress Energy Inc.

New Fortress Energy Inc. (NASDAQ: NFE) is a global energy infrastructure company founded to help accelerate the world’s transition to clean energy. The company funds, builds and operates natural gas infrastructure and logistics to rapidly deliver fully integrated, turnkey energy solutions that enable economic growth, enhance environmental stewardship and transform local industries and communities.

Non-GAAP Financial Measure

Operating Margin is not a measurement of financial performance under GAAP and should not be considered in isolation or as an alternative to income/(loss) from operations, net income/(loss), cash flow from operating activities or any other measure of performance or liquidity derived in accordance with GAAP. We believe this non-GAAP financial measure, as we have defined it, provides a supplemental measure of financial performance of our current liquefaction, regasification and power generation operations. This measure excludes items that have little or no significance on day-to-day performance of our current liquefaction, regasification and power generation operations, including our corporate SG&A, contract termination charges and loss on mitigation sales, loss on extinguishment of debt, net, and other expense.

As Operating Margin measures our financial performance based on operational factors that management can impact in the short-term and provides an assessment of controllable expenses, items associated with our capital structure and beyond the control of management in the short-term, such as depreciation and amortization, taxation, and interest expense are excluded. As a result, this supplemental metric affords management the ability to make decisions to facilitate meeting current financial goals as well as to achieve optimal financial performance of our current liquefaction, regasification and power generation operations.

The principal limitation of this non-GAAP measure is that it excludes significant expenses and income that are required by GAAP to be recorded in our financial statements. A reconciliation is provided for the non-GAAP financial measure to our GAAP net income/(loss). Investors are encouraged to review the related GAAP financial measures and the reconciliation of the non-GAAP financial measure to our GAAP net income/(loss), and not to rely on any single financial measure to evaluate our business.

Cautionary Statement Concerning Forward-Looking Statements

Certain statements contained in this press release constitute “forward-looking statements” including our expected volumes of LNG or production of power in particular jurisdictions; our expected volumes for In Discussion Volumes; the expectation that we will continue to take advantage of low LNG prices and develop our Fast LNG project for long-term LNG pricing; our expectations regarding our organic growth opportunities and the full capacity of our existing infrastructure, our expectations regarding our inorganic growth opportunities, the key markets we may enter, and our expectations regarding our green hydrogen investment and pilot projects.  You can identify these forward-looking statements by the use of forward-looking words such as “expects,” “may,” “will,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative version of those words or other comparable words.  These forward-looking statements represent the Company’s expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved.  These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of the Company’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements.  Factors that could cause or contribute to such differences include, but are not limited to: our limited operating history; loss of one or more of our customers; inability to procure LNG on a fixed-price basis, or otherwise to manage LNG price risks, including hedging arrangements; the completion of construction on our LNG terminals, facilities, power plants or liquefaction facilities and the terms of our construction contracts for the completion of these assets; cost overruns and delays in the completion of one or more of our LNG terminals, facilities, power plants or liquefaction facilities, as well as difficulties in obtaining sufficient financing to pay for such costs and delays; our ability to obtain additional financing to effect our strategy; we may be unable to successfully integrate the businesses and realize the anticipated benefits of the mergers of GMLP and Hygo; failure to produce or purchase sufficient amounts of LNG or natural gas at favorable prices to meet customer demand; hurricanes or other natural or manmade disasters; failure to obtain and maintain approvals and permits from governmental and regulatory agencies; operational, regulatory, environmental, political, legal and economic risks pertaining to the construction and operation of our facilities; inability to contract with suppliers and tankers to facilitate the delivery of LNG on their chartered LNG tankers; cyclical or other changes in the demand for and price of LNG and natural gas; failure of natural gas to be a competitive source of energy in the markets in which we operate, and seek to operate; competition from third parties in our business;  inability to re-finance our outstanding indebtedness; changes to environmental and similar laws and governmental regulations that are adverse to our operations; inability to enter into favorable agreements and obtain necessary regulatory approvals; the tax treatment of us or of an investment in our Class A shares; the completion of the certain exchange transactions; a major health and safety incident relating to our business; increased labor costs, and the unavailability of skilled workers or our failure to attract and retain qualified personnel; and risks related to the jurisdictions in which we do, or seek to do, business, particularly Florida, Jamaica, Brazil and the Caribbean. Accordingly, readers should not place undue reliance on forward-looking statements as a prediction of actual results.

Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for the Company to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements included in the Company’s annual and quarterly reports filed with the SEC, which could cause its actual results to differ materially from those contained in any forward-looking statement.

Exhibits – Financial Statements

IR:
Joshua Kane
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Media:
Jake Suski
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• Winter Storm Uri expected net impact of $500 to $700 million
• Reinstating 2021 Adjusted EBITDA and FCFbG guidance
• Announced appointment of Alberto Fornaro as Executive Vice President and Chief Financial Officer
• Designated Houston, TX as sole Corporate Headquarters

HOUSTON--(BUSINESS WIRE)--NRG Energy, Inc. (NYSE: NRG) today reported a first quarter 2021 net loss of $(82) million, or $(0.33) per diluted common share and Adjusted EBITDA for the first quarter of $567 million.

“NRG is committed to helping Texans recover from the impacts of Winter Storm Uri and working with our stakeholders on lasting solutions to improve resilience in the ERCOT market,” said Mauricio Gutierrez, NRG President and Chief Executive Officer. “We remain focused on advancing our customer-centric strategy and strengthening our platform.”

Loss from Winter Storm Uri

During the quarter ended March 31, 2021, Winter Storm Uri's financial impact was a loss of $967 million. Based on forecasted expenses and estimated mitigants, the total cash impact from Winter Storm Uri is expected to be in the range of $500 to $700 million over time. The following impacts are further discussed in the related sections below: