NEW TAIPEI CITY, Taiwan--(BUSINESS WIRE)--SYSTECH, one of the world's best IoT and IoV solution providers, will specially showcase its unique CAREU UA1 asset tracker, UC1 container lock tracker and "Intelli FleetWeb" fleet management platform software at the Expo Securidad Mexico.

- CAREU UA1 is an LTE/M1 enabled GPS tracking device for asset devices, it is waterproof and dustproof (IP67) to withstand harsh outdoor environments. What’s more, it contains built-in light sensor and air pressure sensor, and equipped with a battery that can last up to six years.

- The CAREU UC1 is a cargo lock with a high-capacity battery that can be locked and unlocked via RFID, electronic fencing or fleet management platform. In addition, if someone vandalizes the UC1 chain, the UC1 will send an alarm message to the fleet management platform.

- Intelli FleetWeb is suitable for fleet tracking management in logistics, leasing, transportation and manufacturing industries. It is highly integrated with the full series of SYSTECH vehicle products and peripherals, and supports video type vehicle recorder for live broadcast, event video upload and history video playback function. In addition, through systematic report integration and statistical analysis, it can effectively reduce management costs and improve enterprise competitiveness.

In the Mexican exhibition, SYSTECH provides an opportunity to use the Intelli FleetWeb system for free when purchasing the full series of SYSTECH’s products.

Please contact SYSTECH sales staff for more information. For more information, please visit our website https://www.systech.com.tw/about

Media: Charlene Chi
TEL: +886-2-26981599
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it. / This email address is being protected from spambots. You need JavaScript enabled to view it.

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NEENAH, Wis.--(BUSINESS WIRE)--#safety--J. J. Keller & Associates, Inc., a North American leader in safety and regulatory compliance solutions, is now accepting applications for the 20^th Annual J. J. Keller Safety Professional of the Year (SPOTY) Awards. This annual event recognizes workplace safety professionals who go above and beyond their daily duties to build a culture and vision for safety and achieve excellence in safety for their companies. Applications will remain open through July 31, 2022, at 5:00 p.m. CST at jjkeller.com/spoty.

The winning safety professionals will be chosen by a panel from J. J. Keller’s staff of 75+ safety consultants and experts — acknowledged industry leaders with a combined 500+ years of experience. The winners will be announced in September.

The first-place J. J. Keller SPOTY Award winner will receive a range of items totaling more than $20,000 in value:

• $2,500 to be donated by J. J. Keller to the winner’s nonprofit 501(c)3 organization of choice
• a free one-year subscription to the J. J. Keller® SAFETY MANAGEMENT SUITE for the winner and their staff (up to 10 users)
• $1,200 in free online training from J. J. Keller
• $200 toward J. J. Keller® SAFEGEAR^TM PPE
• a commemorative plaque

In addition, the winner and their company will be featured in a webcast by J. J. Keller in October 2022.

“The SPOTY Awards differ from many other awards in the industry because they focus on the personal commitment and influence of safety professionals who are on the ground doing the hard work of keeping people safe every day,” said Rustin Keller, president and CEO of J. J. Keller. “In serving more than 90% of Fortune 1000® companies, we see and advise on safety practices that are head-and-shoulders above the others. We look forward to honoring those who have implemented forward-thinking approaches.”

Awards are presented for the Safety Professional of the Year as well as second and third places.

Second place receives a $500 donation to the 501(c)3 nonprofit organization of their choice, a free one-year subscription to the J. J. Keller® SAFETY MANAGEMENT SUITE, $200 toward J. J. Keller® SAFEGEAR^TM PPE and a commemorative plaque. Third place receives a $50 donation to the 501(c)3 nonprofit organization of their choice, a free one-year subscription to the J. J. Keller® SAFETY MANAGEMENT SUITE, $200 toward J. J. Keller® SAFEGEAR^TM PPE and a commemorative plaque.

“Safety is one of the most important things a company can provide for employees,” said Keller. “We want to honor safety professionals who create a safety culture every day.”

The SPOTY Awards are open only to legal residents of the United States and Canada, excluding Quebec, who are safety professionals. See complete official rules at jjkeller.com/spoty.

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

About J. J. Keller & Associates, Inc.

Since we began as a family-owned company in 1953, our purpose at J. J. Keller & Associates, Inc. has been to protect people and the businesses they run. Today, serving 500,000+ companies across North America, our associates are proud to make a larger impact than ever. Transportation, construction and industrial organizations of all sizes rely on our expert insights to create safe work environments and simplify complex government regulations. They trust our diversified portfolio of solutions – cloud-based management tools, consulting, professional services, training, forms, PPE and safety supplies – to safeguard workers, reduce risk and build operational confidence. www.jjkeller.com

About J. J. Keller® SAFETY MANAGEMENT SUITE

The J. J. Keller® SAFETY MANAGEMENT SUITE is the newest addition to J. J. Keller’s growing family of world-class cloud solutions – honored as a World-Changing Idea by Fast Company. It is a must-have for safety professionals at any level. It provides safety management tools and applications to help drive performance, reduce risk and ensure compliance. Developed using real-world insight from industry leaders across the country, SAFETY MANAGEMENT SUITE delivers round-the-clock access to all of J. J. Keller’s most popular safety management tools, making it easy to develop a full-service safety program from the ground up. Learn more at Safety Management Suite | EHS Compliance Software | JJKellerSafety.com.

Susan Baranczyk, This email address is being protected from spambots. You need JavaScript enabled to view it., 920-727-7391

DUBLIN--(BUSINESS WIRE)--Power management company Eaton (NYSE:ETN) today announced Taras “Terry” Szmagala Jr. has been named executive vice president and chief legal officer. In this role, he will serve as counsel to Eaton’s executive management team and its Board of Directors, and will lead the company’s global Legal organization, including the Corporate Governance and Compliance functions. Szmagala will report to Craig Arnold, chairman and chief executive officer.

Since joining Eaton in 2007, Szmagala has served as chief counsel for the Fluid Power Group, vice president and chief counsel of the Industrial Sector, senior vice president and deputy general counsel for Eaton, and, most recently, Eaton’s senior vice president of Public and Community Affairs and Corporate Communications. Prior to joining Eaton, Szmagala worked as group counsel with Avery Dennison Corporation and as an attorney with Squire Patton Boggs in its Cleveland, Ohio; Washington, D.C.; and Kyiv, Ukraine offices.

Szmagala holds a bachelor’s degree from the University of Virginia and a juris doctorate from the University of Virginia School of Law.

Additionally, Nancy Berardinelli-Krantz has been named senior vice president and deputy chief legal officer reporting to Szmagala. In this role, Berardinelli-Krantz will continue to lead the business legal teams for the company’s Electrical and Industrial Sectors and will partner closely with Szmagala in leading the Law department.

Most recently, Berardinelli-Krantz served as senior vice president and general counsel for the company’s Electrical and Industrial Sectors. Prior to this, she held a number of leadership roles within Eaton’s legal team including senior vice president and general counsel of Digital, Innovation and Technology; senior vice president of Ethics and Compliance; vice president and chief counsel of Litigation; business counsel for the Electrical Products Group; and senior attorney for Government Contracts and Internal Investigations. Berardinelli-Krantz has also served as senior legal counsel, Americas, for The Goodyear Tire & Rubber Company and as an associate in the Trial Practice/Government Regulation Group for the international law firm of Jones Day. Berardinelli-Krantz is also a Veteran of the United States Army.

Berardinelli-Krantz received a bachelor’s degree from John Carroll University and a juris doctorate, magna cum laude, from Cleveland-Marshall College of Law.

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

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

Jennifer Tolhurst, 440-523-4006

HOUSTON--(BUSINESS WIRE)--PACIFIC COAST OIL TRUST (OTC–ROYTL) (the “Trust”), a royalty trust formed by Pacific Coast Energy Company LP (“PCEC”), announced today that there will be no cash distribution to the holders of its units of beneficial interest of record on June 27, 2022 based on the Trust’s calculation of net profits generated during April 2022 (the “Current Month”) as provided in the conveyance of net profits interests and overriding royalty interest (the “Conveyance”). Given the Trust’s receipt of insufficient monthly income from its net profits interests and overriding royalty interest during 2020 and 2021, the Trust had been expected to terminate by its terms at the end of 2021; however, as described further below, a court has issued a temporary restraining order enjoining the dissolution of the Trust until an arbitration tribunal can rule on the plaintiff’s request for injunctive relief. As described further below, based on information from PCEC, the likelihood of distributions to the unitholders in the foreseeable future is extremely remote. All financial and operational information in this press release has been provided to the Trustee by PCEC.

The Current Month’s distribution calculation for the Developed Properties resulted in operating income of approximately $2.1 million. Revenues from the Developed Properties were approximately $4.0 million, lease operating expenses including property taxes were approximately $1.9 million, and development costs were approximately $100,000. The average realized price for the Developed Properties was $103.75 per Boe for the Current Month, as compared to $110.26 per Boe in March 2022. Oil prices in recent months generally have remained elevated well above their 2020 and 2021 levels, and were higher in the Current Month as compared to April 2021. The cumulative net profits deficit amount for the Developed Properties declined approximately $1.6 million, to approximately $16.3 million in the Current Month versus approximately $17.9 million in the prior month.

The Current Month’s calculation included approximately $143,000 generated from the 7.5% overriding royalty interest on the Remaining Properties from Orcutt Diatomite and Orcutt Field. Average realized prices for the Remaining Properties were $102.03 per Boe in the Current Month, as compared to $106.86 per Boe in March 2022. The cumulative net profits deficit for the Remaining Properties decreased by approximately $308,000 and was approximately $1.0 million for the Current Month.

The monthly operating and services fee of approximately $100,000 payable to PCEC, together with Trust general and administrative expenses of approximately $21,000 and the payment to PCEC of approximately $42,000 of accrued interest under the promissory note between the Trust and PCEC, together exceeded the payment of approximately $143,000 received from PCEC from the 7.5% overriding royalty interest on the Remaining Properties, creating a shortfall of approximately $21,000.

PCEC has provided the Trust with a $1 million letter of credit to be used by the Trust if its cash on hand (including available cash reserves) is not sufficient to pay ordinary course administrative expenses as they become due. As of March 31, 2021, the letter of credit has been fully drawn down. Further, the trust agreement provides that if the Trust requires more than the $1 million under the letter of credit to pay administrative expenses, PCEC will, upon written request of the Trustee, loan funds to the Trust in such amount as necessary to pay such expenses. Under the trust agreement, the Trust may only use funds provided under the letter of credit or loaned by PCEC or another source to pay the Trust’s current accounts or other obligations to trade creditors in connection with obtaining goods or services or for the payment of other accrued current liabilities arising in the ordinary course of the Trust’s business. As the Trust has fully drawn down the letter of credit, PCEC will be loaning funds to the Trust to pay the expected shortfall of approximately $21,000, which would bring the total amount of outstanding borrowings (including the amount drawn from the letter of credit, which also must be repaid as provided in the trust agreement) from PCEC to approximately $3.4 million plus interest thereon, related to shortfalls from prior months. Consequently, no further distributions may be made to Trust unitholders until the Trust’s indebtedness created by such amounts drawn or borrowed, including interest thereon, has been paid in full.

Sales Volumes and Prices

The following table displays PCEC’s underlying sales volumes and average prices for the Current Month:

East Coyote and Sawtelle Fields Operations Update

As previously disclosed, WG Holdings SPV, LLC (“WG Holdings”), the operator of the East Coyote and Sawtelle fields, had not made any payments to PCEC for production from such fields since April 30, 2021, despite repeated requests from PCEC. Because PCEC accrues for estimated future net income to be received from WG Holdings, PCEC previously passed through the Trust’s share of approximately $1 million in net income from these fields, which was approximately $830,000 net to the Trust, in the relevant monthly net profits interest calculations. As disclosed in last month’s press release, due to WG Holdings’ withholding of these past-due payments, PCEC reversed the cash flows attributable to these properties for the net profits interest calculation month of February 2022 (because PCEC had not received payment), pending the resolution of the payment issue with WG Holdings. As of the date of this press release, PCEC still has not received any payments from WG Holdings. PCEC has retained counsel and continues to take steps to secure its interest in these fields; however, the outcome is uncertain.

Update on Estimated Asset Retirement Obligations

As previously disclosed, in November 2019, PCEC informed the Trustee that, as permitted by the Conveyance, PCEC intended to begin deducting its estimated asset retirement obligations (“ARO”) associated with the West Pico, Orcutt Hill, Orcutt Hill Diatomite, East Coyote and Sawtelle fields, thereby reducing the amounts payable to the Trust under its Net Profits Interests. ARO is the recognition related to net present value of future plugging and abandonment costs that all oil and gas operators face. PCEC engaged an accounting firm, Moss Adams LLP (“Moss Adams”), acting as third-party consultants, to assist PCEC in determining its estimated ARO, and on February 27, 2020, PCEC informed the Trustee that based on the analysis performed by Moss Adams, PCEC’s estimated ARO, as of December 31, 2019, was $45,695,643, which is approximately $10.0 million less than the undiscounted amount that was originally estimated before Moss Adams completed its analysis, as previously disclosed in the Trust’s Current Report on Form 8‑K filed on November 13, 2019. According to PCEC and its third-party consultants, its estimated ARO, which reflected PCEC’s assessment of current market conditions as of December 31, 2019 and changes in California law, was determined to be approximately $33.2 million for the Developed Properties and approximately $12.5 million for the Remaining Properties, or approximately $26.5 million and approximately $3.1 million net to the Trust, respectively, and PCEC has reflected these amounts beginning with the calculation of the net profits generated during January 2020. The accrual has resulted in a current cumulative net profits deficit of approximately $17.3 million, which must be recouped from proceeds otherwise payable to the Trust from the Trust’s Net Profits Interests. Therefore, until the net profits deficit is eliminated, the only cash proceeds the Trust will receive are pursuant to the 7.5% overriding royalty interest.

PCEC has informed the Trustee that in accordance with generally accepted accounting principles, PCEC will evaluate the ARO on a quarterly basis. As a result of that re-evaluation, the actual ARO incurred in the future may be greater or less than the estimated amounts provided by PCEC. As previously disclosed, PCEC has informed the Trustee that at year-end 2020, and following the end of each of the first, second and third quarters of 2021, in light of the accounting guidance under Accounting Standards Codification 410-20-35-3, which requires the recognition of changes in the asset retirement obligation due to the passage of time and revision of the timing or amount of the originally estimated undiscounted cash flows, PCEC re-evaluated the estimated ARO, which resulted in an aggregate increase to the ARO accrual for the Developed Properties by approximately $5.1 million, net to the Trust’s interest, and an aggregate increase to the ARO accrual for the Remaining Properties by approximately $288,000, net to the Trust’s interest.

Based on PCEC’s estimate of its ARO attributable to the Net Profits Interest, deductions relating to estimated ARO are likely to eliminate the likelihood of any distributions to Trust unitholders for the foreseeable future, as previously disclosed in the Trust’s Current Report on Form 8-K filed on November 13, 2019.

As previously disclosed, the Trust engaged Martindale Consultants, Inc. (“Martindale”), a provider of analysis and compliance review services to the oil and gas industry, to perform an independent review of the estimated ARO in the Moss Adams report that PCEC provided to the Trustee. The Trustee also has engaged an accounting expert to advise the Trustee regarding the accruals that PCEC has booked relating to its estimated ARO. As disclosed in the Trust’s Current Report on Form 8-K filed on December 29, 2020, Martindale has completed its review of the estimated ARO and on December 21, 2020 provided its analysis and recommendations to the Trustee. Based on Martindale’s recommendations provided in its report to the Trust, as disclosed in the Trust’s Current Report on Form 8-K filed on December 29, 2020, the Trustee requested that PCEC promptly make several adjustments to its calculations and methods of deducting ARO from the proceeds to which the Trust is otherwise entitled pursuant to its Net Profits Interests. PCEC has responded to the Trustee, indicating PCEC’s view that the adjustments would violate applicable contracts and accounting standards, and has therefore declined to make any adjustments to the estimated ARO calculation based on those requests and the recommendations of the Martindale report. The Trustee has concluded that it has taken all action reasonably available to it under the Trust’s governing documents in connection with PCEC’s ARO calculation and therefore has determined not to take further action at this time.

As described in more detail in the Trust’s filings with the SEC, the trust agreement provides that the Trust will terminate if the annual cash proceeds received by the Trust from the Net Profits Interests and 7.5% overriding royalty interest total less than $2.0 million for each of any two consecutive calendar years. Because of the cumulative net profits deficit—which PCEC contends is the result of the substantial reduction in commodity prices during 2020 due to the COVID-19 pandemic and PCEC’s deduction of estimated ARO beginning in the first quarter of 2020—the only cash proceeds the Trust has received since March 2020 have been attributable to the 7.5% overriding royalty interest. As a result, the total proceeds received by the Trust in each of 2020 and 2021 were less than $2.0 million. Therefore, the Trust had been expected to terminate by its terms at the end of 2021.

Status of the Dissolution of the Trust

As previously disclosed in the Trust’s Current Report on Form 8-K filed on December 23, 2021, on December 8, 2021, Evergreen Capital Management LLC (“Evergreen”) filed an Amended Class Action and Shareholder Derivative Complaint alleging a derivative action on behalf of the Trust and against PCEC in the Superior Court of the State of California for the County of Los Angeles (the “Court”).

On December 10, 2021, Evergreen filed a motion for temporary restraining order and for preliminary injunction, seeking to (1) enjoin the Trustee from dissolving the Trust, (2) enjoin PCEC from dissolving the Trust, (3) direct PCEC to account for all monies withheld from the Trust on the basis of ARO costs since September 2019, and (4) direct PCEC to place such monies in escrow.

On December 16, 2021, the Court granted Evergreen’s application for a temporary restraining order. Accordingly, the Trust did not dissolve at the end of 2021 and commence the process of selling its assets and winding up its affairs. On January 11, 2022, PCEC and Evergreen filed an agreed stipulation to stay the prosecution of Evergreen’s derivative claims pending an arbitration of such claims. On January 13, 2022, the Court signed an Order dissolving the December 16, 2021, temporary restraining order and entering a new temporary restraining order to preserve the status quo until a tribunal of three arbitrators appointed pursuant to the trust agreement could rule on any request by Evergreen for injunctive relief. On April 11, 2022, PCEC notified the Court, at the arbitrators’ request, that the arbitration panel had issued an order on April 7, 2022, denying Evergreen’s request for injunctive relief. On April 13, 2022, Evergreen notified the Court that Evergreen had filed a motion for reconsideration with the arbitration panel that same day. On June 9, 2022, PCEC and Evergreen filed a stipulation, requesting that the Court stay the lawsuit for 90 days pending further ruling from the arbitration panel.

Production Update

PCEC has informed the Trustee that PCEC continues to strategically deploy capital to enhance production. Costs associated with returning wells to service must be recovered before cash flow to the Trust can be created. Although oil prices have improved significantly from their lowest levels in 2020, any monthly payments that PCEC may make to the Trust may not be sufficient to cover the Trust’s administrative expenses and outstanding debt to PCEC, and therefore the likelihood of distributions to the unitholders in the foreseeable future is extremely remote.

Overview of Trust Structure

Pacific Coast Oil Trust is a Delaware statutory trust formed by PCEC to own interests in certain oil and gas properties in the Santa Maria Basin and the Los Angeles Basin in California (the “Underlying Properties”). The Underlying Properties and the Trust’s net profits, and royalty interests are described in the Trust’s filings with the SEC. As described in the Trust’s filings with the SEC, the amount of any periodic distributions is expected to fluctuate, depending on the proceeds received by the Trust as a result of actual production volumes, oil and gas prices, development expenses, and the amount and timing of the Trust’s administrative expenses, among other factors. For additional information on the Trust, please visit https://royt.q4web.com/home/default.aspx.

Cautionary Statement Regarding Forward-Looking Information

This press release contains statements that are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical facts, are "forward-looking statements" for purposes of these provisions. These forward-looking statements include estimates of future asset retirement obligations, expectations regarding the impact of deductions for such obligations on future distributions to unitholders, estimates of future total distributions to unitholders, expectations regarding the outcome of the legal proceedings relating to the Trust and any future dissolution of the Trust, expectations regarding the impact of lower commodity prices on oil and gas reserve estimates, statements regarding the impact of returning shut-in wells to production, expectations regarding PCEC’s ability to loan funds to the Trust, and the amount and date of any anticipated distribution to unitholders. In any case, PCEC’s deductions of its estimated asset retirement obligations will have a material adverse effect on distributions to the unitholders and on the trading price of the Trust units and may result in the termination of the Trust. Any anticipated distribution is based, in part, on the amount of cash received or expected to be received by the Trust from PCEC with respect to the relevant period. Any differences in actual cash receipts by the Trust could affect this distributable amount. The amount of such cash received or expected to be received by the Trust (and its ability to pay distributions) has been and will be significantly and negatively affected by low commodity prices, which declined significantly during 2020, could decline again and could remain low for an extended period of time as a result of a variety of factors that are beyond the control of the Trust and PCEC. Other important factors that could cause actual results to differ materially include expenses related to the operation of the Underlying Properties, including lease operating expenses, expenses of the Trust, and reserves for anticipated future expenses. Statements made in this press release are qualified by the cautionary statements made in this press release. Neither PCEC nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release. An investment in units issued by Pacific Coast Oil Trust is subject to the risks described in the Trust's Annual Report on Form 10-K for the year ended December 31, 2018 filed with the SEC on March 8, 2019, and if applicable, the Trust’s subsequent Quarterly Reports on Form 10-Q. The Trust's Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q are available over the Internet at the SEC's website at http://www.sec.gov.

Pacific Coast Oil Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Sarah Newell
1(512) 236-6555

SAN FRANCISCO--(BUSINESS WIRE)--After an extensive search, the board of directors of the California Council for Environmental and Economic Balance (CCEEB) has appointed Tim Carmichael as its seventh President and CEO in leading the Council’s coalition of labor, business, and public leaders. Tim will join the CCEEB Team on July 1, 2022 and will succeed current President and CEO Bill Quinn upon Bill’s retirement on August 1.

“CCEEB is deeply honored by the impressive number of people who applied to become the next President and CEO–any of whom would have been able to lead CCEEB into the next half-century of trailblazing public policy,” says Sunne Wright McPeak, CCEEB Chair. “Tim brings a breadth of experiences as a chief executive, working across the spectrum of stakeholders who must be at the table as partners to policymakers and regulators to achieve the State's goals for the environment, economy, and equity. He will roll up his sleeves and dive in to represent CCEEB Members in fostering collaboration for breakthrough strategies to accelerate progress into the future.”

Carmichael brings to CCEEB over 20 years of environmental leadership in both the non-profit and private sectors. A well-known presence in the California legislature and regulatory agencies statewide, Carmichael has spearheaded the development of key environmental, transportation, and energy policy across four administrations. As the President of the Coalition for Clean Air, Carmichael helped negotiate key emissions reduction and climate change policy, including the legislation that paved the way for California to regulate greenhouse gas emissions from passenger vehicles. Under Carmichael’s leadership, the Coalition supported the initial development of the Carl Moyer Fund and other statewide and regional incentive programs to support the conversion of old diesel trucks and buses to cleaner technologies.

As the President of the California Natural Gas Vehicle Coalition, Carmichael led vehicle and engine manufacturers, utilities, fuel providers, and fleet operators in their work with policymakers to expand the use of low-emissions alternative fuels in the transportation system. During his tenure as President, the Coalition secured more than $90 million in incentive funding for natural gas vehicles, refueling infrastructure, and renewable natural gas production, and supported the re-adoption of California’s Low Carbon Fuel Standard.

Most recently, Carmichael served as State Agency Relations Manager for Sempra Utilities, working with one of the best government affairs teams in Sacramento to develop and pass important energy, transportation, and environmental policy.

Carmichael’s breadth of experience will allow him to steer the coalition-building efforts at the foundation of CCEEB, which was founded in 1973 by Governor Edmund G. “Pat” Brown to bring together the perspectives of business, labor, and public leaders in pursuit of balanced and effective policy solutions.

“While there are many challenges before us, I’m optimistic for what the future will bring,” says outgoing President and CEO Bill Quinn, who will retire with over 25 years of service to CCEEB. “Tim’s demonstrated capacity for consensus-building, his commitment to environmental protection, and his knowledge of Sacramento assure us that he is ready to take on what lies ahead.”

In accepting the position, Carmichael says, “CCEEB’s potential to lead change rests on the strength of its coalition. I look forward to building upon our past to secure our future. To get there, we will need to address the state’s thorniest challenges – delivering low-carbon, zero-carbon, and carbon-negative infrastructure at a pace never before achieved, delivering water supplies statewide in the face of a changing climate, and ensuring the vision of the future brings along everyone, not just some. Achieving these goals requires carefully crafted environmental policies, a resilient economy, and a workforce that has the skills needed to meet the demands of the future. I am committed to the work that it will take to get there, together.”

About CCEEB

Founded in 1973 by Governor Edmund G. Brown, the California Council for Environmental and Economic Balance (CCEEB) is a leader in advancing policies that benefit California’s environment, public health, and economy. CCEEB brings together the perspectives of business, labor, and public policy leaders in pursuit of balanced and effective policy solutions. CCEEB is a non-profit and non-partisan organization based in San Francisco, California.

Christine Wolfe, Policy and Communications Director
415-512-7890, ext. 113
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MINNEAPOLIS--(BUSINESS WIRE)--Northern Oil and Gas, Inc. (NYSE: NOG) (the “Company” or “NOG”) today announced that it has closed a negotiated agreement with the holder of its outstanding equity warrants issued in the Reliance Marcellus acquisition (the “Warrants”) to cancel such Warrants in exchange for shares of NOG common stock, on a cashless basis. Additionally, NOG announced that it has repurchased shares of its common stock, additional shares of its 6.5% Series A Convertible Preferred Stock (the “Preferred Stock”) and additional amounts of its 8.125% Senior Unsecured Notes due 2028 (the “Notes”).

WARRANT EXCHANGE TRANSACTION

• As part of the Reliance Marcellus acquisition, NOG previously issued 3.25 million Warrants exercisable at $14.00 per share, a substantial premium to NOG’s stock price when announced
• All Warrants issued in this acquisition have been cancelled in exchange for shares of common stock, on a cashless basis
• 3,294,092 potential shares of common stock issuable upon exercise of the Warrants (as adjusted for prior cash dividends) have been reduced to 2,322,690 common shares issued in the exchange transaction, a reduction of 971,402 shares

EQUITY AND DEBT REPURCHASES

• NOG has repurchased an additional $2.5 million of liquidation preference value of Preferred Stock since last update, reducing the diluted common share count by an additional 110,534 shares
• $57.5 million of liquidation preference value of Preferred Stock repurchased year-to-date; these transactions have reduced NOG’s diluted common share count by over 2.5 million shares in aggregate
• NOG’s $150 million common stock repurchase authorization is active, and the Company has repurchased 334,051 shares in the open market at an average price of $29.93 per share quarter-to-date (through June 22, 2022)
• NOG has repurchased an additional $8.4 million of its Notes at 97.7% of par value since last update, leaving $736.6 million of Notes outstanding

MANAGEMENT COMMENT

“We have substantially reduced the potential shares issuable under the Warrants,” commented Chad Allen, NOG’s Chief Financial Officer. “This helps continue to simplify our capital structure. We also continue to reduce our share count and fixed charges through opportunistic repurchases of our debt and our common and preferred stock.”

DISCLAIMER

This communication is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell 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.

ABOUT NOG

NOG 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. More information about NOG can be found at www.northernoil.com.

Mike Kelly, CFA
Chief Strategy Officer
(952) 476-9800
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DUBAI, United Arab Emirates--(BUSINESS WIRE)--Dubai Electricity and Water Authority (DEWA) is receiving applications from exhibitors, companies, and visitors to reserve their stands and participate in the 24^th Water, Energy, Technology and Environment Exhibition (WETEX) and Dubai Solar Show (DSS), which is held under the directives of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai; and the patronage of HH Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Supreme Council of Energy, from 27 to 29 September 2022 at the Dubai World Trade Centre.

The annual exhibition, the largest of its kind in the region and one of the largest of its kind in the world, witnesses major participation from regional and global companies to promote their products and services in the energy, water, sustainability, green technologies, renewable and clean energy, conservation, green buildings, electric vehicles and other vital sectors.

Registration for WETEX & DSS is available on https://www.wetex.ae/Registration

HE Saeed Mohammed Al Tayer, MD & CEO of DEWA, Founder and Chairman of WETEX and DSS, noted that the exhibition provides an ideal platform for signing deals and creating partnerships between local and international companies. It also enables decision-makers and investors from around the world to meet, sign deals and build partnerships, and learn about market needs, future projects, and opportunities to join renewable or clean energy projects in the UAE. This is especially important because of the ‘Projects of the 50,’ where the UAE aims to increase public-private partnerships and provide promising investment opportunities in the country.

The 23^rd WETEX, held at Expo 2020 Dubai, attracted 1,200 companies from 55 countries, 61 sponsors, 10 country pavilions, and 45,506 visitors from around the world. DEWA organised 56 seminars and panel discussions. Topics included sustainability; renewable and clean energy production and storage; green hydrogen; water desalination using clean energy; carbon capture; circular economy; waste to energy; Artificial Intelligence (AI); emerging technologies in utilities; smart meters and networks; and post-COVID-19 innovation.

*Source: AETOSWire

Dubai Electricity and Water Authority
Shaikha Almheiri, +971552288228
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DALLAS--(BUSINESS WIRE)--Primoris Services Corporation (NASDAQ Global Select: PRIM) (“Primoris” or the “Company”) today announced a solar project with an estimated value of $260 million. The contract was secured by the Company’s Energy/Renewables Segment.

“The organic growth of our utility-scale solar business is one measure of the success of our energy transition strategy,” said Tom McCormick, President and Chief Executive Officer of Primoris. “With over 3,200 megawatts of solar power projects under construction currently in 2022, Primoris ranks as one of the leading EPC contractors in the space. This contract brings our year-to-date total of new solar business to more than half of a billion dollars.”

The award is for the engineering, procurement and construction of a utility-scale solar facility in the South. Initial project construction will begin in the third quarter of 2022 with completion of the project expected in the fourth quarter of 2023.

ABOUT PRIMORIS

Primoris Services Corporation is a leading specialty contractor providing critical infrastructure services to the utility, energy/renewables and pipeline services markets throughout the United States and Canada. The Company supports a diversified base of blue-chip customers with engineering, procurement, construction and maintenance services. A focus on multi-year master service agreements and an expanded presence in higher-margin, higher-growth markets such as utility-scale solar facility installations, renewable fuels, electrical transmission and distribution systems and communications infrastructure have also increased the Company’s potential for long-term growth. Additional information on Primoris is available at www.primoriscorp.com.

FORWARD LOOKING STATEMENTS

This press release contains certain forward-looking statements that reflect, when made, the Company’s expectations or beliefs concerning future events that involve risks and uncertainties, including the Company’s future performance. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “anticipates”, “believes”, “could”, “estimates”, “expects”, “intends”, “may”, “plans”, “potential”, “predicts”, “projects”, “should”, “will”, “would” or similar expressions. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, financing plans, competitive position, industry environment, potential growth opportunities, the effects of regulation and the economy, generally. Forward-looking statements inherently involve known and unknown risks, uncertainties, and other factors, which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Actual results may differ materially as a result of a number of factors, including, among other things, the risks described in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2021, and our other filings with the U.S. Securities and Exchange Commission (“SEC”). Such filings are available on the SEC’s website at www.sec.gov. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements. Primoris does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Jeremy Apple
312-690-6003
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New battery energy storage will be installed at electric substations

SAN DIEGO--(BUSINESS WIRE)--Four microgrids equipped with energy storage will be added to the San Diego region to help the state meet high energy demand, particularly on hot summer days and in the peak evening hours after solar power dissipates. These small-scale grids that can operate independent of or parallel to the larger regional grid will also help keep critical community facilities powered during unexpected outages.

San Diego Gas & Electric (SDG&E) received approval yesterday from the California Public Utilities Commission to build these projects, which will add a total of approximately 39 megawatts (MW) / 180 megawatt-hours (MWh) of storage capacity at four company substations.

“These clean energy projects will help our region become more resilient to the impacts of our worsening climate,” said SDG&E Vice President of Energy Innovation Miguel Romero. “They will dispatch clean energy to the grid when needed and keep critical facilities like schools, Cool Zones, and fire stations powered during emergencies.”

The projects stemmed from Gov. Newsom’s Proclamation of a State Emergency issued last summer, which outlines California’s energy needs in the face of growing climate challenges. The four new projects, slated to be completed in summer 2023, are the latest of a series of energy storage investments by SDG&E, including the opening of Top Gun, a 30 MW facility, in June 2021 and Kearny Energy Storage, a 20 MW facility, in March 2022.

Battery storage works by capturing renewable resources like wind and solar when they are abundant during the day, then sending that energy back to the grid when it is needed. As with other SDG&E owned storage projects, these facilities will be connected to the state energy market so that the California Independent System Operator (CAISO) can dispatch these resources as needed to balance energy supply and demand throughout the state.

Below are brief descriptions of each of the projects.

• The Clairemont substation microgrid will have the ability to power the Balboa Branch Library/Cool Zone, Fire Station 36, and local schools such as Lafayette Elementary and Sequoia Elementary Schools, Innovation and CPMA Middle Schools, and Madison High School
• The Boulevard substation microgrid will have the ability to power the San Diego County Sheriff’s Department, Fire Station 47, Campo Reservation Fire Station, Cal Fire White Star Station, Campo Tribal Office, Campo Kumeyaay Nation Medical Center, Southern Indian Health Council Campo Clinic, the Boulevard Border Patrol Station, and the Boulevard Post Office
• The Paradise substation microgrid will have the ability to power Fire Stations 51 and 32, the Southeast Division Police Department, and Bell Middle School, as well as Freese, Boone and Fulton Elementary
• The Elliott substation microgrid will have the ability to power Fire Station 39, the Tierrasanta Public Library/Cool Zone, Tierrasanta Medical Center, Jean Farb Middle School, Canyon Hills High School, and Tierrasanta and Kumeyaay Elementary Schools.

To learn more about SDG&E’s clean energy projects, visit sdge.com/sustainability.

SDG&E is an innovative San Diego-based energy company that provides clean, safe and reliable energy to better the lives of the people it serves in San Diego and southern Orange counties. The company is committed to creating a sustainable future by providing its electricity from renewable sources; modernizing energy infrastructure; accelerating the adoption of electric vehicles; supporting numerous non-profit partners; and, investing in innovative technologies to ensure the reliable operation of the region’s infrastructure for generations to come. SDG&E is a subsidiary of Sempra (NYSE: SRE). For more information, visit SDGEnews.com or connect with SDG&E on Twitter (@SDGE), Instagram (@SDGE) and Facebook.

Krista Van Tassel
San Diego Gas & Electric
877-866-2066
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Twitter: @sdge

PARIS--(BUSINESS WIRE)--Regulatory News:

Technip Energies (PARIS:TE) will issue its first half 2022 financial results on Thursday July 28, 2022, at 07:30 CET. The Company will host a results conference call on the same day at 13:00 CET.

To participate in the conference call, please use one of the following telephone numbers and dial in approximately 10 minutes prior to the scheduled start time:

The event will be webcast simultaneously and can be accessed at:
https://edge.media-server.com/mmc/p/av5eu4kx

To listen to the webcast, please register on the website at least 10 minutes before the call begins. The webcast will be available on-demand shortly after it has finished.

About Technip Energies

Technip Energies is a leading Engineering & Technology company for the energy transition, with leadership positions in Liquefied Natural Gas (LNG), hydrogen and ethylene as well as growing market positions in blue and green hydrogen, sustainable chemistry and CO₂ management. The Company benefits from its robust project delivery model supported by extensive technology, products and services offering.

Operating in 34 countries, our 15,000 people are fully committed to bringing our client’s innovative projects to life, breaking boundaries to accelerate the energy transition for a better tomorrow.

Technip Energies shares are listed on Euronext Paris. In addition, Technip Energies has a Level 1 sponsored American Depositary Receipts (“ADR”) program, with its ADRs trading over-the-counter. For further information: www.technipenergies.com.

Investor relations
Phil Lindsay
Vice-President Investor Relations
Tel: +44 (0) 20 7585 5051
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Media relations
Stella Fumey
Director Press Relations & Digital Communications
Tel: +33 1 85 67 40 95
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DUBLIN--(BUSINESS WIRE)--The "Leisure Boat Market Size, Share & Trends Analysis Report by Type (New Leisure Boat, Used Leisure Boat, Monitoring Equipment), by Region (North America, Europe, Asia Pacific, South America, MEA), and Segment Forecasts, 2022-2030" report has been added to ResearchAndMarkets.com's offering.

The global leisure boat market size is expected to reach USD 64.08 billion by 2030. It is expected to expand at a CAGR of 4.73% from 2022 to 2030. The increasing popularity of marine and coastal tourism, coupled with the growing inclination toward yachting as a recreational activity, is a primary factor driving the market.

The world economy is witnessing healthy growth and markets, such as the U.S., are witnessing growth in the per-capita income of the individuals, which, in turn, has resulted in a rise in the disposable income of consumers. Moreover, there has been a rise in the number of High-Net-Worth Individuals (HNWIs), which is expected to drive consumers to spend more on leisure activities, thus boosting demand for recreational boats.

The increasing number of boat shows and water sporting events are attracting a large number of boaters worldwide. The leading manufacturers are sponsoring boat shows and events, which, in turn, is enhancing the popularity of leisure boats. North America is poised to remain the most prominent region in terms of revenue generation during the forecast period.

The rising demand for recreational watercraft is driven by factors such as improving economic conditions and the rising disposable income of consumers in the region. The U.S. is anticipated to witness significant growth over the forecast period. Demand in the country is majorly driven by factors such as the increasing number of high-net-worth individuals and the growing popularity of water sports and fishing activities.

Furthermore, there are changes taking place in boat building, such as the adoption of IoT technology that enables appliances, physical structures, vehicles, smartphones, wearable devices, and heavy equipment to be connected, while facilitating an exchange of information through a single network. The connected boat provides enhanced safety, security, and accuracy, while also improving the efficiency of the boat by digitalizing and optimizing various functions.

Measures taken by various governments to promote tourism activities in their countries are also boosting the market growth. Countries with rich natural resources, such as vast coastlines and large inland water bodies, are undertaking initiatives to promote recreational boating activities to increase their tourism business.

Leisure Boat Market Report Highlights

• Leisure boats are projected to witness a strong growth in demand owing to the initiatives taken by the governments worldwide for the development of coastal and marine tourism and the rising disposable income of citizens in emerging economies.
• Sports yachts are expected to witness greater demand in developed countries owing to the active participation of people in marine sporting events as well as recreational boating activities.
• Boat manufacturers are increasingly organizing boat shows worldwide to attract a greater number of potential boat buyers, and thereby expand their customer base.
• By type, the used leisure boat segment held the largest revenue share of over 76.0% in 2020 owing to the prompt and easy availability and relatively lower cost.
• North America held the largest revenue share of more than 45.5% in 2020 owing to the greater demand for recreational activities across the region, especially in the U.S.

Key Topics Covered:

Chapter 1. Methodology and Scope

Chapter 2. Executive Summary

Chapter 3. Market Variable, Trends & Scope

Chapter 4. Leisure Boat Market: Type Outlook

4.1. Leisure Boat Market: Type Analysis

4.1.1. New Leisure Boat

4.1.2. Used Leisure Boat

4.1.3. Equipment

Chapter 5. Leisure Boat Market: Regional Outlook

Chapter 6. Competitive Analysis

6.1. Recent Developments & Impact Analysis, by Key Market Participants

6.2. Company/ Competition Categorization (Key Innovators, Market Leaders, Emerging Players)

6.3. Vendor Landscape

6.3.1. Key Company Analysis, 2021

6.4. Company Analysis

6.4.1. Company Market Position Analysis

6.4.2. Competitive Dashboard Analysis

Companies Mentioned

• Avon Marine
• Azimut Benetti Group
• Baja Marine
• Bavaria Yachtbau GmbH
• Bombardier Recreational Products (BRP) Inc.
• Brunswick Corporation
• Chaparral Boats, Inc.
• Farr Yacht Design, Ltd
• Ferretti S.P.A.
• Fountain Powerboats, Inc.

For more information about this report visit https://www.researchandmarkets.com/r/izmca0

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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QINGDAO, China--(BUSINESS WIRE)--On the afternoon of June 19, the Third Qingdao Multinationals Summit, jointly hosted by the Ministry of Commerce and Shandong Provincial People's Government, was unveiled at Qingdao International Conference Center. Chinese State Councilor Wang Yong made a speech and announced the opening of the Summit. He stated that since the reform and opening up, a growing number of multinationals had expanded their footprints in China for investment and collaboration, which enables them to achieve their own development and also promote China's economy and economic globalization.

At the opening ceremony, former Japanese Prime Minister Fukuda Yasuo, former Italian Prime Minister Matteo Renzi, and Deputy Prime Minister of Hungary Mihaly Varga, made video speeches. Li Ganjie, Secretary of the CPC Shandong Provincial Committee, delivered a speech, and Zhou Naixiang, Governor of Shandong Province, presided over the ceremony. At the same time, Lu Zhiyuan, Deputy Secretary of the CPC Shandong Provincial Committee and Secretary of the CPC Qingdao Municipal Committee, attended the ceremony.

During his speech, Li Ganjie announced that, for scientific and technological innovations, multinational companies are welcome to establish global and regional headquarters and R&D centers and collaborate with competitive innovative platforms in Shandong. For industrial upgrading, multinational companies are expected to take Shandong as a central pivot for their global business landscape and boost more open and advantageous cooperation in the industrial chain and supply chain. For green and low-carbon development, multinational companies are encouraged to actively help Shandong develop its low-carbon industries and green energy. For trade exchanges, endeavors will be made to pledge unimpeded international logistics channels and promote the continuous improvement of bilateral trade quality and efficiency. For regional cooperation, Shandong will work with multinational companies to actively explore the emerging markets and constantly extend cooperation in new forms, new models, and new fields.

The Summit, which was held both online and offline, attracted 5,600 participants, including industry leaders from 186 Fortune 500 companies and 290 leading enterprises, diplomatic envoys of other countries to China, experts and scholars from related international organizations and business associations, heads of relevant ministries and commissions of China, and related officials from Shandong. During the Summit, there were 44 events of 14 categories, including meetings, sub-forums, summit dialogues, road shows of multinationals, introduction and marketing of the guest of honor, and project signing ceremonies.

Ms. Zhu Yiling
Tel.: 0086-532-85911619
YouTube: https://youtu.be/7o670FB5RXc

EWING, N.J.--(BUSINESS WIRE)--$OLED #OLED--Universal Display Corporation (Nasdaq: OLED), enabling energy-efficient displays and lighting with its UniversalPHOLED^® technology and materials, yesterday held its Virtual 2022 Annual Meeting of Shareholders.

“As we look back on 2021, we continued to build on our strong partnerships, advance our innovation engine and fortify our leadership position -- all of which, we believe, has bolstered our first-mover advantage in the OLED ecosystem and strengthened our runway of growth,” said Steven V. Abramson, Universal Display Corporation's President and Chief Executive Officer. “We delivered record 2021 results of $554 million in revenue, $228 million in operating income and $184 million in net income, or $3.87 per diluted share. We also extended our long-term agreements with LG Display, Visionox Technology and Tianma Micro-electronics. And on the global manufacturing front, we announced with PPG, our foundry partner of more than 20 years, the establishment of a new manufacturing site in Shannon, Ireland, for the production of our highly efficient, high-performing UniversalPHOLED materials.”

Abramson continued, “Twenty-five-plus years of ‘vision, innovation and reality’ has positioned Universal Display Corporation as a leader in the OLED industry. We have designed and executed on a blueprint of innovation, agility and growth. From the invention of phosphorescent OLED technology to the discovery, development and delivery of next-generation OLED materials and technologies, we are continuously envisioning, shaping and strengthening our technology roadmap. We are also making advances in our novel OVJP (organic vapor jet printing) platform and groundbreaking energy efficiency Plasmonic PHOLED architecture. This multifaceted strategic approach enables us to support our customers, expand our market opportunities and amplify our value proposition in the OLED ecosystem. Combined with our expanding global scale and partnerships, we are excited for the extraordinary opportunities ahead.”

During the annual meeting, shareholders voted on the three proposals described in the Company’s proxy statement for the meeting. The shareholders re-elected all nine nominees for the Company’s Board of Directors, approved a non-binding, advisory resolution on compensation of the Company’s named executive officers, and ratified the appointment of KPMG LLP as the Company’s independent registered public accounting firm for 2022.

The virtual annual meeting was broadcasted over the Internet. An online archive of the meeting will be available on the events page of the Company's Investor Relations website at ir.oled.com.

About Universal Display Corporation

Universal Display Corporation (Nasdaq: OLED) is a leader in the research, development and commercialization of organic light emitting diode (OLED) technologies and materials for use in display and solid-state lighting applications. Founded in 1994 and with subsidiaries and offices around the world, the Company currently owns, exclusively licenses or has the sole right to sublicense more than 5,500 patents issued and pending worldwide. Universal Display licenses its proprietary technologies, including its breakthrough high-efficiency UniversalPHOLED® phosphorescent OLED technology that can enable the development of energy-efficient and eco-friendly displays and solid-state lighting. The Company also develops and offers high-quality, state-of-the-art UniversalPHOLED materials that are recognized as key ingredients in the fabrication of OLEDs with peak performance. In addition, Universal Display delivers innovative and customized solutions to its clients and partners through technology transfer, collaborative technology development and on-site training. To learn more about Universal Display Corporation, please visit https://oled.com/.

Universal Display Corporation and the Universal Display Corporation logo are trademarks or registered trademarks of Universal Display Corporation. All other company, brand or product names may be trademarks or registered trademarks.

All statements in this document that are not historical, such as those relating to the projected adoption, development and advancement of the Company’s technologies, and the Company’s expected results and future declaration of dividends, as well as the growth of the OLED market and the Company’s opportunities in that market, are forward-looking financial statements within the meaning of the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on any forward-looking statements in this document, as they reflect Universal Display Corporation’s current views with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated. These risks and uncertainties are discussed in greater detail in Universal Display Corporation’s periodic reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, including, in particular, the section entitled “Risk Factors” in Universal Display Corporation’s Annual Report on Form 10-K for the year ended December 31, 2021. Universal Display Corporation disclaims any obligation to update any forward-looking statement contained in this document.

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Universal Display:
Darice Liu
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DUBLIN--(BUSINESS WIRE)--The "Well Testing Services Market Share, Size, Trends, Industry Analysis Report, By Application; By Well Type; By Service; By Stages; By Region; Segment Forecast, 2022 - 2030" report has been added to ResearchAndMarkets.com's offering.

The global well testing services market size is expected to reach USD 10.97 billion by 2030 according to a new study. The report gives a detailed insight into current market dynamics and provides analysis on future market growth.

The growing focus on unconventional oil & gas reserves, coupled with the rising investment in the discovery of unconventional oil & gas reserves, are the primary factors that are stimulating the industry growth. In addition, continuous technological developments to extract unconventional fuels, growing expenditure in the research and development activities, and increasing production of unconventional oil & gas are further surging the industry demand globally.

Furthermore, increasing offshore exploration and production activities, along with the thriving demand for fossil fuels to raise fuel production, is also presenting various growth prospects to the industry growth over the forecasting years. Based on the service, the real-time testing service segment is dominating the global market and is anticipated to lead the market over the forecasting period. The growth of the segment can be attributed to it helping in monitoring data and trends as the operation carry out. The segment offers real-time decisions that facilitate safe operation flow to confirm data competence, optimum utilization of resources, and maintain the quality of data.

Whereas the surface testing service segment is exhibiting the highest CAGR in the estimated period owing to it cutting down the production costs and the optimizing operation. Moreover, rising investment in the R&D activities by the leading vendors is further accelerating the segment growth in the near future. The increasing number of oilfield discoveries is one of the major driving factors for industry growth.

Various market players are focusing on making discoveries in some of the current fields to overcome several challenges in generating hydrocarbons at a low price in the oil & gas industry. Leading oil & gas enterprises are heavily investing in making extensive discoveries in the offshore and onshore areas. For instance, as per the B.P. Statistical Review of 2020, there are around 1,733.9 billion barrels unexplored for proven oil reserves by the end of 2019. These reserves offer growth prospects for drilling activities, which is projected to drive the market demand in the forecasting years.

Market Dynamics

Drivers and Opportunities

• Exploration and adoption of unconventional oil & gas resources
• Growth in oilfield discoveries

Restraints and Challenges

• The transition toward the adoption of renewable energy resources

Companies Mentioned

• Baker Hughes
• Edge Drilling
• EXALO Drilling SA
• EXPRO Group
• Greene's Energy Group
• Halliburton
• National Energy Services Reunited
• Oilserv
• Schlumberger Limited
• SGS SA
• Stuart Wells Limited
• TechnipFMC
• Tetra Technologies Inc.
• Weatherford
• Wellmax

The publisher has segmented the well testing services market report on the basis of services, application, well type, stages, and region:

Well Testing Services, Services Outlook

• Downhole Testing
• Surface Testing
• Reservoir Sampling
• Real Time Testing
• Hydraulic Fracturing Method

Well Testing Services, Application Outlook

• Onshore
• Offshore

Well Testing Services, Well Type Outlook

• Horizontal
• Vertical

Well Testing Services, Stage Outlook

• Exploration, Appraisal and Development
• Production

Well Testing Services, Regional Outlook

• North America
• U.S.
• Canada
• Europe
• France
• Germany
• UK
• Italy
• Spain
• Netherlands
• Russia
• Asia Pacific
• China
• India
• Japan
• Malaysia
• South Korea
• Indonesia
• Latin America
• Mexico
• Brazil
• Argentina
• Middle East & Africa
• UAE
• Saudi Arabia
• Israel
• South Africa

For more information about this report visit https://www.researchandmarkets.com/r/dica2

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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• Team GreenOverMorrow from Morocco wins with a smart energy management solution to set the energy transition of agriculture in motion
• The winners receive a 10,000-euro cash prize

MISSISSAUGA, Ontario--(BUSINESS WIRE)--Schneider Electric, the leader in the digital transformation of energy management and automation, today announced Team GreenOverMorrow from Morocco as the winner of Schneider Go Green, an annual competition that invites university students from around the globe to share their ideas for innovations that can help make the world cleaner, more inclusive, and more sustainable.

Spearheaded by Abir Werzgan, Hajar Werzgan and Omrane Derhy, Team GreenOverMorrow was awarded the title in recognition of their automated greenhouse solution: an IoT and AI-enabled, XaaS (Everything-as-a-Service) solution using solar panels alongside grid and crop data to reduce energy losses, save water and cut carbon emissions.

The judging panel, made up of senior executives from Schneider Electric and AVEVA, was particularly impressed by the applicability of the winning solution and the passion shown by the winning team to have a positive impact on farming in their region.

The judges congratulated all the finalists for their outstanding work, insightful presentations and the immense energy they showed. They commented that “Team GreenOverMorrow’s winning solution combines optimized energy management with a subscription service business model and can potentially unlock more sustainable food production, not just in Morocco, but in other parts of the world.”

The winning team, who are students at ENSAM University of Casablanca and Mohammed VI Polytechnic University in Ben Guerir, will receive a 10,000 euro cash prize. Seven other teams – each representing a different region – made it through to the final round of the competition. All participants received mentorship to help them fine-tune their ideas and pitch to the judges.

“With so many challenges now facing the planet – both environmental and social – we all have to help create a positive impact,” said Charise Le, Schneider Electric’s Chief Human Resources Officer. “Change doesn’t always have to be big-bang and top-down. In fact, innovations like these – targeted, grassroots and small-scale, but also bold and impactful – are an important part of the overall solution. It’s our responsibility to help them become a reality.”

First launched in 2011 by Schneider Electric, and now run in collaboration with the industrial software company AVEVA, Schneider Go Green has expanded rapidly over the past decade. In 2022 alone, more than 22,200 students from 200 countries registered for the event, and more than 3,700 submitted innovative ideas that fitted into the competition’s five categories: Access to Energy, Homes of the Future, Global Supply Chain of the Future, Grids of the Future, Decoding the Future.

The full list of finalists can be found here. For more details about the competition, including how to pre-register for the 2023 event, go to gogreen.se.com.

Schneider Electric’s sustainability commitments, including those connected with fostering the next generation, are here, and more about sustainability at AVEVA can be found here.

About Schneider Electric

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

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

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

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

https://www.se.com/ca/en/

Discover Life Is On
Follow us on: Twitter | Facebook | LinkedIn | YouTube | Instagram | Blog

Discover the newest perspectives shaping sustainability, electricity 4.0, and next generation automation on Schneider Electric Insights.

Media Relations - Edelman on behalf of Schneider Electric, Juan Pablo Guerrero, +1 416 875 7173, This email address is being protected from spambots. You need JavaScript enabled to view it.

Best-in-class marine audio range offering easier installation solutions and crystal-clear sound performance with purpose-built design

OLATHE, Kan.--(BUSINESS WIRE)--Garmin International, Inc., a unit of Garmin Ltd. (NYSE: GRMN), the world’s largest¹ and most innovative marine electronics manufacturer, today announced the Signature Series 3i marine speakers from Fusion^® Entertainment, a Garmin brand. Delivering new grille color options, seamless plug-and-play installation and added protection against the marine environment – alongside Fusion’s flagship onboard entertainment experience – the Signature Series 3i features new water-resistant connectors² that protect against water ingress and simplify the installation process. Complete with speakers, subwoofers and wake tower speakers, the series includes illuminated sport, non-illuminated sport, and classic styles that offer an exceptional level of customization and elegance for any boat.

“The Signature Series 3i combines the modern style and superior sound boaters want with the added layers of marine protection they need. From center consoles and yachts to wake boats and pontoons, this new range is built for life on the water,” said Dan Bartel, Garmin vice president of global consumer sales. “Whether a factory installation or aftermarket retrofit, the new connector solutions make installation a breeze so our customers can enjoy an unmatched entertainment experience without the hassle.”

New grille color option

Combining both function and style, the series adds a metallic Sports Gray grille option that builds on the sleek aesthetics that are the hallmark of Fusion audio systems. Designed to complement a variety of boat types and preferences, the Sports Gray model also features durable materials that are engineered to endure season after season onboard.

Premium audio performance

For even greater sound definition and higher power output, the series includes innovative, CURV^® cone technology. This woven fiber composite contributes to a lighter and stronger speaker design that helps the Signature Series 3i project high-quality audio over engine noise, even while cutting through the waves.

When fully integrated with a Fusion DSP-enabled stereo – like the award-winning Apollo™ MS-RA770 – and Fusion’s Apollo Series marine amplifiers³, these speakers maximize performance and enhance ease-of-use for Fusion products by delivering optimized sound reproduction to each individual zone. Plus, Apollo Series amplifiers alleviate the hassle of installation and complex audio adjustments by offering in-the-box mounting brackets and an Easy-Tune setup via the Fusion-Link™ app for compatible smart devices. With a full Fusion audio system on board, boaters can enjoy the benefit of both premium onboard entertainment and a seamless, tune-free setup and installation.

Unparalleled onboard entertainment

The Signature Series 3i combines traditional red, green and blue LEDs with cool white and warm white (CRGBW) for an unprecedented spectrum of color, from soft pastels to vibrant hues. Fusion became the first in the industry to deliver CRGBW LED-illuminated marine speakers and subwoofers, allowing lighting options that can match each unique boat and style preference. For more customization onboard, the intuitive CRGBW wireless remote allows full control over brightness, mode (static or dynamic) and speed of the Signature Series 3i from anywhere onboard.

Offered in illuminated and non-illuminated Sport Gray and Sport White styles – along with subtle, classic white styles – the Signature Series 3i includes a variety of size options that suit the needs of any boat type, including:

• 6.5-, 7.7- and 8.8-inch speakers
• 10- and 12-inch subwoofers
• 6.5-inch wake tower speakers

Built to last year after year, the Signature Series 3i is water-rated to IP65 with ISO12216 compliance and engineered to Fusion’s signature True-Marine^™ standard for protection against harsh marine elements such as salt fog, water, dust and UV. The full range also includes a 3-year consumer warranty.

Signature Series 3i speakers, subwoofers and wake tower speakers are available for purchase with prices ranging from $379.99 to $819.99. Click here to learn more about the full Signature Series 3i range and its seamless integration with Garmin marine electronics.

Engineered on the inside for life on the outside, Garmin products have revolutionized life for anglers, sailors, mariners and boat enthusiasts everywhere. Committed to developing the most innovative, highest quality, and easiest to use marine electronics the industry has ever known, Garmin believes every day is an opportunity to innovate and a chance to beat yesterday. For the seventh consecutive year, Garmin was recently named the Manufacturer of the Year by the National Marine Electronics Association (NMEA). Other Garmin marine brands include Fusion^® and Navionics^®. For more information, visit Garmin’s virtual Newsroom, This email address is being protected from spambots. You need JavaScript enabled to view it., connect with @fusionmarine on social media, or follow our adventures at garmin.com/blog.

¹ Based on 2021 reported sales.
² Excludes wake tower speaker models
³ Amplifiers are designed exclusively for use with Fusion DSP-enabled stereos (Apollo RA770, Apollo RA670, Apollo WB670 and RA210) and Fusion speakers

About Garmin International, Inc. Garmin International, Inc. is a subsidiary of Garmin Ltd. (Nasdaq: GRMN). Garmin Ltd. is incorporated in Switzerland, and its principal subsidiaries are located in the United States, Taiwan and the United Kingdom. Garmin, Fusion, CURV and Navionics are registered trademarks and Apollo, Fusion-Link and True-Marine are trademarks of Garmin Ltd. or its subsidiaries.

Notice on Forward-Looking Statements:

This release includes forward-looking statements regarding Garmin Ltd. and its business. Such statements are based on management’s current expectations. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of known and unknown risk factors and uncertainties affecting Garmin, including, but not limited to, the risk factors listed in the Annual Report on Form 10-K for the year ended December 25, 2021, filed by Garmin with the Securities and Exchange Commission (Commission file number 0001-411180). A copy of such Form 10-K is available at http://www.garmin.com/aboutGarmin/invRelations/finReports.html. No forward-looking statement can be guaranteed. Forward-looking statements speak only as of the date on which they are made and Garmin undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

Riley Swickard
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DUBLIN--(BUSINESS WIRE)--The "Directional Drilling Services Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" report has been added to ResearchAndMarkets.com's offering.

The directional drilling services market is expected to grow at a CAGR of approximately 6% during the forecast period 2022-2027.

The COVID-19 outbreak witnessed a severe impact on the market due to stringent lockdown protocols implemented by respective governments. Factors such as drilling in unconventional reserve, which involves directional or horizontal drilling to increase contact with the pay zone, as well as increase the production significantly are expected to drive the directional drilling services market during the forecast period.

Moreover, global crude oil demand is expected to grow by 1.2 mb/d in the next four years, further increasing pressure among the top oil and gas operating companies to increase their production is promulgating the market. However, the volatile crude oil prices and low investments in regions excluding North America is likely to hinder the growth of the market being studied.

Companies Mentioned

• Schlumberger Ltd
• Weatherford International PLC
• Halliburton Company
• Baker Hughes Company
• Scientific Drilling International Inc. (SDI)
• China Oilfield Services Limited
• PHX Energy Services Corp.
• Gyrodata Inc.
• Nabors Industries Ltd
• Leam Drilling Systems Inc.

Key Market Trends

Offshore Segment Expected to Witness Significant Growth

• The offshore oil and gas industry accounts for about 30% of the global crude oil production. The Middle East, North Sea, Brazil, the Gulf of Mexico, and the Caspian Sea are the major offshore oil and gas producing regions.
• Declining costs of oil production with more significant cost savings make deepwater the economical source of supply. The average breakeven price for all unofficial projects has come down to approximately USD 50 per barrel, declining close to 10% in the last years. This scenario is likely to raise the demand for directional drilling services in deepwater during the forecast timeline.
• The deepwater oil production is majorly concentrated in four countries, Angola, Brazil, Nigeria, and the United States. Significant offshore reserves are likely to institute a favorable business scenario for the industry participants operating in the directional drilling services market in the near future.
• The combined production from tight oil, oil sands, and deepwater is estimated to reach 21 mb/d by 2040 and is expected to account for almost a quarter of the global crude oil production. The changing economics and the exhaustion of some shallow offshore resources have compelled the producers to shift toward deepwater and ultra-deepwater resources.
• Therefore, owing to the above points, offshore segment is expected to witness a significant growth in directional drilling services market during the forecast period.

North America Expected to Dominate the Market

• Mainly owing to the demand from the United States and Canada, North America leads the directional drilling services market and is expected to be the largest market as of 2020.
• The United States has one of the largest technically-recoverable shale gas reserves, and the second-largest tight oil reserves in the world. The technological development in the hydraulic fracturing and low breakeven prices have supported the oil and gas directional drilling activity in the region.
• In the United States, the directional drilling services market is primarily driven by new offshore projects and redevelopment of matured fields. Due to the recovering drilling activity, the gas output is expected to reach an average of 47 billion cubic foot per day by 2020. The production from Marcellus/Utica shale and new oil wells is expected to account for most of the growth in gas production.
• In Canada, the biggest increase in activity is expected from the country's main crude oil and gas producing region, Alberta. Consequently, the directional drilling services market is estimated to grow at a moderate pace in Canada.
• Therefore, rapid growth in the drilling activities and the increase in many horizontal wells in the region are expected to drive the directional drilling services market during the forecast period.

Key Topics Covered:

1 INTRODUCTION

2 EXECUTIVE SUMMARY

3 RESEARCH METHODOLOGY

4 MARKET OVERVIEW

4.1 Introduction

4.2 Shale Reserve by Country

4.3 Technological Advancement in Directional Drilling

4.4 Market Size and Demand Forecast in USD billion, till 2027

4.5 Onshore CAPEX Forecast in USD billion, till 2027

4.6 Offshore CAPEX Forecast in USD billions, by Regions, 2019-2027

4.7 Key Upstream Projects

4.8 Recent Trends and Developments

4.9 Market Dynamics

4.9.1 Drivers

4.9.2 Restraints

4.10 Supply Chain Analysis

4.11 Porter's Five Forces Analysis

5 MARKET SEGMENTATION

5.1 Location of Deployment

5.1.1 Onshore

5.1.2 Offshore

5.2 Type

5.2.1 Rotory Steerable System (RSS)

5.2.2 Conventional

5.3 Geography

5.3.1 North America

5.3.2 Asia-Pacific

5.3.3 Europe

5.3.4 South America

5.3.5 Middle-East and Africa

6 COMPETITIVE LANDSCAPE

6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

6.2 Strategies Adopted by Leading Players

6.3 Company Profiles

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/r/6f912w

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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Energy innovator enters European market with partnership that pushes boundaries of clean power at Ferrari’s headquarters in Maranello, Italy

SAN JOSE, Calif.--(BUSINESS WIRE)--$BE #cleanenergy--Bloom Energy (NYSE: BE) today set a new pace for Ferrari’s drive to achieve carbon neutrality in manufacturing by 2030, announcing a one megawatt (MW) installation of Bloom’s solid oxide fuel cells at Ferrari’s expanding manufacturing facility and headquarters in Maranello, Italy.

The partnership with Ferrari, a global leader in the luxury and automotive sectors for 75 years, marks Bloom’s entry into the European Union and Italy and is the first step toward potentially larger projects between the two companies.

Bloom Energy’s highly efficient platform converts fuels such as hydrogen, biogas, or natural gas into clean electricity without combustion. Through Bloom’s solid oxide platform, Ferrari is expected to be able to reduce its fuel consumption and carbon emissions at its manufacturing facility while unlocking cost and sustainability benefits.

Operating at superior efficiencies, Bloom Energy Servers will initially provide 5 percent of the energy needed at Ferrari’s Maranello headquarters and manufacturing center.

The Bloom Energy Servers are expected to cut gas requirements by around 20% from the combined heat and power (CHP) system now in use at Ferrari, while also reducing emissions. This will enable Ferrari to bolster energy conservation amid record-high energy prices, while simultaneously reducing greenhouse gas emissions and improving local air quality, with virtually zero harmful air pollutant emissions such as sulfur oxides, nitrogen oxides, and particulate matter.

“Ferrari is a legendary trailblazer in the luxury automotive industry, and Bloom Energy commends their commitment to leading in both operational excellence and carbon neutrality across their entire value chain by 2030,” said KR Sridhar, founder, chairman, and CEO, Bloom Energy. “By collaborating, we’re showcasing how energy-intensive industries, such as manufacturing, can be decarbonized through clean, reliable energy. Ferrari, like Bloom Energy, has a commitment to uniqueness, innovation, technology leadership, and continuous learning that makes them the ideal partner for Bloom’s entry into the European manufacturing landscape, where energy resilience is more crucial than ever. Bloom Energy’s fuel cell platform is a best-in-class solution for a best-in-class luxury automaker.”

Bloom Energy’s fuel-flexible platform also equips Ferrari to lead the race in Italy’s emerging hydrogen economy. According to Italy’s Ministry of Economic Development, the country plans to cover a fifth of its overall energy demand from hydrogen by 2050. The flexibility of Bloom’s platform will allow Ferrari to generate carbon-free electricity from hydrogen and other zero-carbon fuel sources.

For more information about Bloom Energy’s decarbonization platform and the company’s commitment to a net-zero future, visit: https://www.bloomenergy.com/technology/powering-the-future/

Forward-Looking Statements

This press release contains certain forward-looking statements that are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “will” and “would” or the negative of these words or similar terms or expressions that concern Bloom’s expectations, strategy, priorities, plans or intentions. These forward-looking statements include, but are not limited to, Bloom’s expectations regarding the collaboration with Ferrari, including plans to install solid oxide fuel cells at Ferrari’s Maranello plant, any future collaborations, plans, or projects with Ferrari, and benefits from the collaboration with Ferrari, such as reductions in costs, fuel consumption (including gas requirements), and carbon and greenhouse gas emissions, sustainability and energy conservation improvements, carbon-free electricity or other zero-carbon fuel generation, and progress towards any net-zero emissions or decarbonization goals. More information on potential risks and uncertainties that may impact Bloom’s business are set forth in Bloom’s periodic reports filed with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on February 25, 2022, and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, filed with the SEC on May 6, 2022, as well as subsequent reports filed with or furnished to the SEC from time to time. Bloom assumes no obligation to, and does not currently intend to, update any such forward-looking statements.

About Bloom Energy

Bloom Energy empowers businesses and communities to responsibly take charge of their energy. The company’s leading solid oxide platform for distributed generation of electricity and hydrogen is changing the future of energy. Fortune 100 companies around the world turn to Bloom Energy as a trusted partner to deliver lower carbon energy today and a net-zero future. For more information, visit www.bloomenergy.com.

Media Contact:
Jennifer Duffourg
480.341.5464
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Investor Relations:
Ed Vallejo
267.370.9717
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HOUSTON--(BUSINESS WIRE)--ConocoPhillips (NYSE: COP) will host a conference call webcast on Thursday, Aug. 4, 2022, at 12:00 p.m. Eastern time to discuss second-quarter 2022 financial and operating results. The company’s financial and operating results will be released before the market opens on Aug. 4.

To access the webcast, visit ConocoPhillips’ Investor Relations site, www.conocophillips.com/investor, and click on the "Register" link in the Investor Presentations section. You should register at least 15 minutes prior to the start of the webcast. The event will be archived and available for replay later the same day, with a transcript available the following day.

--- # # # ---

About ConocoPhillips

ConocoPhillips is one of the world’s leading exploration and production companies based on both production and reserves, with a globally diversified asset portfolio. Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 13 countries, $93 billion of total assets and approximately 9,400 employees at March 31, 2022. Production averaged 1,747 thousand barrels of oil equivalent per day for the three months ended March 31, 2022, and proved reserves were 6.1 billion barrels of oil equivalent as of Dec. 31, 2021. For more information, go to www.conocophillips.com.

Dennis Nuss (media)
281-293-1149
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Investor Relations
281-293-5000
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• Advances E3 Lithium’s Clearwater Project with Imperial funding contribution
• Pilot project progresses commercialization of battery-grade lithium from historic Leduc field for electric vehicles and energy storage
• Imperial to provide technical and development support

CALGARY, Alberta--(BUSINESS WIRE)--Imperial Oil Limited (TSE: IMO, NYSE American: IMO) and E3 Lithium (TSXV: ETMC, OTCQX: EEMMF) announced today a collaboration to advance a lithium-extraction pilot in Alberta, exploring the redevelopment of an historic oil field into a potential new leading source of lithium for Canada’s growing critical minerals industry.

The pilot will support E3 Lithium’s Clearwater project, which will draw lithium from under the Leduc oil field, Imperial’s historic discovery that first launched major oil and gas development in Western Canada. E3 Lithium’s proprietary technology is designed to extract the critical mineral from the lithium-rich brine, with potential for commercial development of battery-grade products.

“This exciting collaboration brings together Imperial’s long-standing commitment to research and technology to help test and scale E3’s lithium-recovery technology,” said Jason Iwanika, director of commercial business development at Imperial. “We continue to advance the innovation and technologies needed to support the energy transition, working in collaboration with governments and industry to progress new opportunities from existing assets and sector expertise.”

“E3 Lithium and Imperial share an interest in the diversification of the Alberta economy, local job creation and sustainability,” said Chris Doornbos, CEO of E3 Lithium. “Leduc No.1, Imperial’s first well into this reservoir, was one of Imperial’s most prolific oil discoveries in Alberta and transformed the provincial and Canadian economies, much like lithium has the potential to do. Having Imperial now working with E3 Lithium in exploring the redevelopment of Leduc into a world-class source of lithium is an exciting new chapter in Alberta and Canada’s story.”

The pilot project includes drilling Alberta’s first lithium evaluation wells, planned to be completed by the end of the third quarter of this year. Work will also focus on scaling up E3 Lithium’s proprietary technology, which brings the brine liquid to the surface where the lithium is removed and concentrated. This liquid is immediately returned underground as part of a closed-loop system. E3 Lithium’s PEA¹ estimates the first phase of development could produce approximately 20,000 tonnes of lithium hydroxide per year.

Under the agreement, E3 Lithium will continue to operate the Clearwater project and retain its IP, with technical and development support from Imperial in areas such as water and reservoir management. The agreement also includes access for E3 Lithium to freehold lands in the area, which are operated by Imperial.

As part of the agreement, Imperial has agreed to invest CAD $6.35 million into E3 at a pre-paid price of CAD $1.86/warrant and the issuance of 3,413,979 warrants. Each warrant provides the holder the option to exercise the warrant for one common share of E3. The warrants are immediately exercisable, non-transferrable, expire in 24 months and are non-refundable.

About E3 Lithium

E3 Lithium is a lithium development company with 7.0 million tonnes of lithium carbonate equivalent (LCE) inferred mineral resources1 in Alberta and an NPV8% on its Clearwater Lithium Project of USD 1.1 Billion with a 32% IRR pre-tax and USD 820 Million with a 27% IRR after-tax1. Through the successful scale up its DLE technology towards commercialization, E3 Lithium’s goal is to produce high purity, battery grade, lithium products. With a significant lithium resource and innovative technology solutions, E3 Lithium has the potential to deliver lithium to market from one of the best jurisdictions in the world.

For more information about E3 Lithium, visit http://www.e3lithium.ca.

About Imperial

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

1 The Preliminary Economic Assessment (PEA) of the Clearwater Lithium Project NI 43-101 technical report is effective Dec 21, 2020. E3 Lithium has also released three NI 43-101 Technical Reports providing a total resource of 7.0Mt LCE. The Clearwater Lithium Project PEA resource estimate, identifying 2.2Mt LCE (inferred) effective December 21, 2020; the North Rocky Resource Area (NRRA) Technical Report effective October 27, 2017 identifying 0.9Mt LCE(inferred); and the Exshaw West Resource Area (EWRA) identifying 3.9Mt LCE (inferred) dated June 4, 2018. All reports are available on the Company's website (https://e3lithium.ca/our-assets/technical-reports/) and SEDAR (www.sedar.com)

Forward-Looking and Cautionary Statements

Statements of future events or conditions in this report, including projections, targets, expectations, estimates, and business plans are forward-looking statements within the meaning of applicable Canadian securities legislation. Forward-looking statements can be identified by words such as believe, anticipate, intend, propose, plan, target, estimate, expect, strategy, outlook, schedule, future, continue, likely, may, will and similar references to future events or developments or the negative thereof. Forward-looking statements in this report include, but are not limited to, references to the redevelopment of the Leduc oil field into a potential new leading source of lithium; the timing, scope, production and impact of the lithium-extraction pilot and the ability of E3 Lithium’s proprietary technology to extract lithium from brine; Imperial’s continued support innovation and technologies needed to support the energy transition; and lithium’s potential to transform provincial and Canadian economies.

Forward-looking statements are based on the company's current expectations, estimates, projections and assumptions at the time the statements are made. Actual future financial and operating results, including expectations and assumptions concerning demand growth and energy source, supply and mix; project plans, timing, costs, technical evaluations and capacities and the ability to effectively execute on these plans and operate assets; production rates and results of lithium pilot project technology; the adoption and impact of new facilities or technologies, including for extraction of lithium from brine; cash generation, financing sources and capital structure; applicable laws and government policies; commodity prices and general market conditions; capital and environmental expenditures; the political and economic impact of the Russia-Ukraine conflict; and progression of the COVID-19 pandemic and its impacts on the ability to operate assets could differ materially depending on a number of factors.

These factors include global, regional or local changes in supply and demand for lithium, including the speculative nature of mineral exploration and development; fluctuating commodity prices; the effectiveness and feasibility of emerging lithium extraction technologies which have not yet been tested or proven on a commercial scale or on the Company's brine, and the ability to bring new technologies to commercial scale on a cost-competitive basis; unexpected technological developments; political or regulatory events, including changes in law or government policy; the receipt, in a timely manner, of regulatory and third-party approvals including for new technologies and projects; environmental risks inherent in project activities; availability and performance of third-party service providers; project management and schedules and timely completion of projects; availability of financing and allocation of capital; unanticipated technical or operational difficulties; operational hazards and risks; mineral analysis and performance; general economic conditions, including the occurrence and duration of economic recessions; and other factors discussed in the risk factors and management’s discussion and analysis sections of the companies’ most recent annual reports and subsequent interim reports, as filed on EDGAR at www.sec.gov and SEDAR at www.sedar.com. All forward-looking statements are qualified in their entirety by the cautionary statements and risk factor disclosure contained in filings made by the Company with the Canadian securities regulators.

Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, some that are similar to other oil and gas companies and some that are unique to Imperial Oil Limited and E3 Lithium. Actual results may differ materially from those expressed or implied by its forward-looking statements and readers are cautioned not to place undue reliance on them. Neither company undertakes any obligation to update forward-looking statements contained herein, except as required by applicable law. The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.

Imperial
Investor relations
(587) 476-4743

Media relations
(587) 476-7010

E3 Lithium
Investor and Media Relations
403-612-9498
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