HOUSTON--(BUSINESS WIRE)--PNC Bank, National Association, as the trustee (the “Trustee”) of the San Juan Basin Royalty Trust (the “Trust”) (NYSE: SJT), today declared a monthly cash distribution to the holders (the “Unit Holders”) of its units of beneficial interest (the “Units”) of $ 3,996,441.96 or $0.085744 per Unit, based primarily upon the reported production of the Trust’s subject interests (the “Subject Interests”) during the month of December 2021. The distribution is payable March 14, 2022, to the Unit Holders of record as of February 28, 2022.

For the production month of December 2021, the owner of the Subject Interests, Hilcorp San Juan L.P. and the operator of the Subject Interests, Hilcorp Energy Company (collectively, “Hilcorp”), reported to the Trust net profits of $5,449,856 ($4,087,392 net royalty amount to the Trust).

Hilcorp reported $10,364,982 of total revenue from the Subject Interests for the production month of December 2021. This amount includes other revenues of $1,033,871, which includes $824,859 of prior period non-operated revenue actualizations and $209,012 of revenue related to 2018 audit exceptions plus interest. For the Subject Interests, Hilcorp reported $4,915,126 of production costs for the production month of December 2021, consisting of $3,665,890 of lease operating expenses (which includes $555,249 of non-operated lease operating expense actualizations), $1,204,985 of severance taxes and $44,251 of capital costs.

Based upon the information that Hilcorp provided to the Trust, gas volumes for the Subject Interests for December 2021 totaled 2,108,852 Mcf (2,343,169 MMBtu), as compared to 2,135,248 Mcf (2,372,498 MMBtu) for November 2021. Dividing revenues by production volume yielded an average gas price for December 2021 of $4.38 per Mcf ($3.94 per MMBtu), as compared to an average gas price for November 2021 of $4.60 per Mcf ($4.14 per MMBtu).

Hilcorp continues to inform the Trust that the production numbers reported to the Trust are based upon actual, instead of estimated, production for the production month and that it intends to continue to report to the Trust actual production numbers. Hilcorp informed the Trust that it will account for and report any non-operated revenue and non-operated severance tax actualizations remaining from prior periods in future distribution reports, but such amounts continue to be unknown. However, Hilcorp has indicated that approximately 50% of the non-operated actualizations from prior periods have now been accounted for and reported to the Trust

The Trustee continues to engage with Hilcorp regarding its ongoing accounting and reporting to the Trust, and the Trust’s third-party compliance auditors continue to audit all payments made by Hilcorp to the Trust, including adjustments, actualizations, and recoupments. The Trustee continues to consult with outside counsel to review the rights of the Trust with respect to these matters and to evaluate any available potential legal remedies for potential violations of the Trust’s rights.

Hilcorp has also provided the Trust with its 2022 capital project plan for the Subject Interests (the “2022 Plan”), and Hilcorp has estimated its 2022 capital expenditures for the Subject Interests to be $1.9 million.

Hilcorp informed the Trust that its 2022 Plan will allocate approximately $1.5 million of the 2022 Plan's budget towards 24 well recompletions and workovers scheduled to be completed in the Mesaverde, Pictured Cliffs and Fruitland Coal formations. Approximately $300,000 of the 2022 Plan's budget will be allocated to facilities projects related to natural gas compression, and approximately $100,000 will be spent for permitting and surveying costs for future new drill projects that are being considered for 2023 and 2024. Hilcorp further informed the Trust that its planned project status for 2022 is subject to revision if Hilcorp revises its assumptions underlying the 2022 Plan, and that actual capital costs may vary from these estimates.

Hilcorp’s actual capital expenditures during its 2021 accounting period (which corresponds to the Trust’s distribution months of March 2021 through February 2022), totaled approximately $300,000. Hilcorp allocated its 2021 capital spending primarily towards facilities projects related to natural gas compression.

Except for historical information contained in this news release, the statements in this news release are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements generally are accompanied by words such as “estimates,” “anticipates,” “could,” “plan,” or other words that convey the uncertainty of future events or outcomes. Forward-looking statements and the business prospects of San Juan Basin Royalty Trust are subject to a number of risks and uncertainties that may cause actual results in future periods to differ materially from the forward-looking statements. These risks and uncertainties include, among other things, certain information provided to the Trust by Hilcorp, volatility of oil and gas prices, governmental regulation or action, litigation, and uncertainties about estimates of reserves. These and other risks are described in the Trust’s reports and other filings with the Securities and Exchange Commission.

San Juan Basin Royalty Trust

PNC Bank, National Association
PNC Asset Management Group
2200 Post Oak Blvd., Floor 18
Houston, TX 77056
website: www.sjbrt.com
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James R. Wilharm, Senior Vice President and Director of Trust Real Estate Services
Kaye Wilke, Investor Relations, toll-free: (866) 809-4553

• Q4 2021 and year end 2021 operating results in-line with expectations, further establishing Fisker’s track-record of spending visibility and discipline.
• Fisker Ocean unveil in November 2021 illustrated multiple class-leading, customer-facing features, which forms a platform for brand-building and demand-generation activities that are showing significant traction.
• Ocean reservations total more than 30,000 as of February 14, 2022, including 1,600 fleet reservations. 2022YTD retail reservation pace has increased more than 400% versus FY2021.
• PEAR reservations now open to retail customers following strong customer outreach and potential for a near-term order from a large commercial customer.

LOS ANGELES--(BUSINESS WIRE)--#EVs--Fisker Inc. (NYSE: FSR) (“Fisker”) -- passionate creator of the world's most sustainable electric vehicles and advanced mobility solutions -- today announced its financial results for the fourth quarter and fiscal year ended December 31, 2021.

“2022 has kicked off at an amazing pace, with continued laser focus on delivery of the Fisker Ocean as priority one. We are now into the next-level prototype build phase and progressing through our vehicle testing and certification plan. Our extremely dedicated and focused team is working closely with all our suppliers to stay on track to deliver the first Fisker Oceans this year in November. Amid global semiconductor and other supply constraints, we work regularly in collaboration with key partners to identify and mitigate any issues,” stated Henrik Fisker, Chairman and Chief Executive Officer of Fisker.

“As the Fisker Ocean is heading towards production, it’s time for us to plan for a future of rapid growth. After many requests from potential customers (both retail and commercial) and completion of design and engineering phase 1, we decided to open reservations for the 2024 Fisker PEAR. This is a completely differentiated product, designed and engineered to reinvent urban mobility,” Fisker added.

“Our philosophy is that every vehicle that Fisker produces must be class-leading in multiple customer-facing areas and we are highly confident that we will achieve that with Fisker Ocean in terms of range, overall driving performance dynamics, and central display innovation. Today we released details on a global industry-leading warranty for the Fisker Ocean, right from launch, to show our confidence in the build quality, technology quality and overall durability of the Fisker Ocean. The acceleration of reservations for the Ocean clearly shows that people are discovering that the Ocean has features that no one else is offering in its price segment. Based on our in-house data analytics, we’ve seen a very positive customer reaction to the Fisker Ocean’s design and an enthusiastic response to its sustainability credentials,” Fisker said.

Fourth Quarter 2021 Business Highlights:

• Disciplined cash deployment planning and processes resulted in strong year-end cash balance of $1.2bn, sufficient to fund the production launch of Fisker Ocean in November 2022. Overall FY2021 non-GAAP Operating Expenses and Capital Expenditures was $458M, modestly favorable to guidance provided in the Q3 2021 earnings release due to timing of Capital Expenditure billing.
• Revealed the production-intent version of the Fisker Ocean at the LA Auto Show on November 17, 2021. Achieved goal of multiple class-leading features, including range, performance dynamics, and central display size and rotation.
• Began production of next-level prototypes at the Fisker Ocean assembly facility. We will soon have the capability to produce two prototypes per day to support our comprehensive test and validation program for global certification.
• Joined the UN Global Compact, committing to an annual progress report and complementing our ongoing alignment with the UN sustainable development goals. Additional ESG-related initiatives included publication of Fisker’s Labor and Human Rights Policy and continued progress on a Lifecycle Analysis of Fisker Ocean adhering to ISO standards.

Recent Updates:

• Affirming the expected timing plan for Fisker Ocean start-of-production on November 17, 2022.
• Showcased the Fisker Ocean advanced driver-assistance systems (“ADAS”) features at CES, offering state-of-the-art safety to drivers and passengers. Called Fisker Intelligent Pilot, the ADAS platform integrates four types of sensors: an industry-leading surround-view camera suite, a camera-based driver-monitoring system, ultrasonic technology, and a Digital-Imaging Radar System that Fisker expects to be first to market when the Fisker Ocean begins production in November 2022.
• Released details on the Fisker Ocean warranty here which we believe includes the longest coverage period of any electric vehicle in the Ocean’s segment (both comprehensive and powertrain).
• Nominated JP Morgan Chase in North America and Santander in Europe as Fisker’s retail financing partners to provide competitive vehicle loan offers to Fisker customers at the point of sale.
• Fisker Ocean reservations are over 30,000 as of February 14, 2022 (net of cancellations), including 1,600 fleet reservations (we recently received an incremental 200 unit order from ServiceNow). This compares to 18,600 (including 1,400 fleet) as of our Q3 2021 earnings call in November 2021. The net daily retail reservation rate in 2022 year-to-date has increased more than 400% compared to FY2021 and is on an annualized pace of over 55,000.
• Based on a survey of a subset of reservation holders conducted by Fisker in December 2021, 19% plan to order Ocean Sport, 38% Ocean Ultra, and 43% Ocean Extreme / One. This implies an initial average selling price (“ASP”) of approximately $56,000, excluding options and delivery fee. It also suggests that current reservations have an indicative future gross revenue value of approximately $1.7 billion based on the more than 30,000 reservations.
• Completed concept phase for Fisker PEAR. We anticipate PEAR will be manufactured in Ohio, USA at an annual volume of a minimum of 250,000 per year after full ramp-up.
• Currently in discussions with potentially large-volume commercial customers for incremental Ocean and PEAR reservations.
• Employee recruitment continued at strong pace, with headcount rising to 396 full-time employees as of February 14, 2022 from 327 as of December 31, 2021 and 101 as of December 31, 2020.

Fourth Quarter 2021 Financial Highlights:

• Cash and cash equivalents of $1.20 billion as of December 31, 2021.
• Loss from operations totaled $133.4 million, including $1.5 million of stock-based compensation expense.
• Net loss totaled $138.4 million and $0.47 loss per share.
• Net cash used in operating activities totaled $140.9 million and cash paid for capital expenditures totaled $52.6 million.
• Weighted average shares outstanding totaled 296.7 million for the three months ended December 31, 2021.

2022 Business Outlook

The following information reflects Fisker’s expectations for key non-GAAP operating expenses and capital expenditures for the full-year 2022. Fisker is projecting the total of these items to be within a range of $715 million to $790 million.

¹Excludes stock-based compensation expense. A reconciliation to the corresponding GAAP amount is not provided as the quantification of stock-based compensation excluded from the non-GAAP measure, which may be significant, cannot be reasonably calculated or predicted without unreasonable efforts. The Non-GAAP adjustment for stock-based compensation expense requires additional inputs such as number of shares granted and market price volatilities that are not currently ascertainable.

Conference Call Information

Fisker Inc. will host a conference call to discuss the results at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) today, February 16, 2022. The live audio webcast, along with supplemental information, will be accessible on Fisker’s Investor Relations website at https://investors.fiskerinc.com. A recording of the webcast will also be available following the conference call.

Use of Non-GAAP Financial Measures (Unaudited)

This press release and the accompanying tables references certain non-generally accepted accounting principles in the United States (GAAP) financial measures, including non-GAAP adjusted loss from operations, non-GAAP selling, general, and administrative expense, non-GAAP research and development expense and non-GAAP total operating expenses. These non-GAAP financial measures differ from their directly comparable GAAP financial measures due to adjustments made to exclude stock-based compensation expense. None of these non-GAAP financial measures is a substitute for or superior to measures of financial performance prepared in accordance with GAAP and should not be considered as an alternative to any other performance measures derived in accordance with GAAP.

Fisker believes that presenting these non-GAAP financial measures provides useful supplemental information to investors about Fisker in understanding and evaluating its operating results, enhancing the overall understanding of its past performance and future prospects, and allowing for greater transparency with respect to key financial metrics used by its management in financial and operational-decision making. However, there are a number of limitations related to the use of non-GAAP measures and their nearest GAAP equivalents. For example, other companies may calculate non-GAAP measures differently, or may use other measures to calculate their financial performance, and therefore any non-GAAP measures Fisker uses may not be directly comparable to similarly titled measures of other companies. Therefore, both GAAP financial measures of Fisker's financial performance and the respective non-GAAP measures should be considered together. Please see the reconciliation of non-GAAP financial measures to the most directly comparable GAAP measure in the tables below.

Disclosure Information

Fisker uses the investor relations section on its website as a means of complying with its disclosure obligations under Regulation FD. It also uses various social media channels as a means of disclosing information about Fisker and its products to its customers, investors and the public (e.g., @fiskerinc, @fiskerofficial, #fiskerinc, #henrikfisker and #fisker on Twitter, Facebook, Instagram, YouTube, TikTok and LinkedIn). Accordingly, investors should monitor Fisker's investor relations website and social media channels in addition to following Fisker's press releases, SEC filings, and public conference calls and webcasts.

About Fisker Inc.

California-based Fisker Inc. is revolutionizing the automotive industry by developing the most emotionally desirable and eco-friendly electric vehicles on Earth. Passionately driven by a vision of a clean future for all, the company is on a mission to become the No. 1 e-mobility service provider with the world’s most sustainable vehicles. To learn more, visit www.Fiskerinc.com – and enjoy exclusive content across Fisker’s social media channels: Facebook, Instagram, Twitter, YouTube and LinkedIn. Download the revolutionary new Fisker mobile app from the App Store or Google Play store.

Forward-Looking Statements

This press release includes forward-looking statements, which are subject to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “feel,” “believes,” expects,” “estimates,” “projects,” “intends,” “should,” “is to be,” or the negative of such terms, or other comparable terminology and include, among other things, the quotations of our Chief Executive Officer and statements regarding Fisker’s future performance under " 2022 Business Outlook," the reported financial results for the fourth quarter and full-year 2021, which are subject to completion of Fisker’s internal review, and other future events that involve risks and uncertainties. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: the completion of procedures and internal controls associated with Fisker’s year-end financial reporting, including all the customary reviews, external audit and approvals; Fisker’s limited operating history; Fisker’s ability to enter into additional agreements, as necessary, with Magna, Foxconn, or other original equipment manufacturers (“OEMs”) or tier-one suppliers in order to execute on its business plan; the risk that OEM and supply partners do not meet agreed upon timelines or experience capacity constraints; the risk that OEM and supply partners experience supply chain shortages for Fisker vehicle components now or in the future; Fisker may experience significant delays in the design, manufacture, regulatory approval, launch and financing of its vehicles; Fisker’s ability to execute its business model, including market acceptance of its planned products and services; Fisker’s inability to retain key personnel and to hire additional personnel; competition in the electric vehicle market; Fisker’s inability to develop a sales distribution network; the ability to protect its intellectual property rights; and those factors discussed in Fisker’s Annual Report on Form 10-K/A, and any subsequent Quarterly Reports on Form 10-Q under the heading “Risk Factors,” filed with the Securities and Exchange Commission (the “SEC”) and other reports and documents Fisker files from time to time with the SEC. Any forward-looking statements speak only as of the date on which they are made, and Fisker undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.

Fourth Quarter 2021 Financial Results

Source: Fisker Inc.

Fisker Inc.
Dan Galves, VP, Investor Relations
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Matthew Debord, Senior Director, Communications, Strategy & Storytelling
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AMES, Iowa--(BUSINESS WIRE)--Renewable Energy Group, Inc. (REG) (NASDAQ: REGI) will install a state-of-the-art pretreatment facility in Germany, enabling the company to refine some of the lowest carbon intensity, hardest to convert waste fats and oils for bio-based diesel production. The project is located on the North Sea harbor of Emden, Germany at the border to The Netherlands.

This project will enhance REG Emden and REG Oeding’s ability to produce renewable fuel from a wider variety of feedstocks, including ‘Generation 3’ advanced feedstocks as defined under the Renewable Energy Directive (RED) II. This strategic upgrade will enable the company to continue to expand the company’s strong global sourcing and trading position, produce more deeply decarbonized fuel and better serve European customers seeking to accelerate their transition to cleaner energy.

“This strategic investment expands our already wide selection of feedstock options that we run at Emden and Oeding today, and qualifies us to better serve the growing demand for low carbon fuel options in Europe,” said REG President & CEO, CJ Warner. “Upgrading our German production sites with our proprietary technology will position us well for the future, build on our supply assurance and empower us to further reduce the carbon intensity of the renewable fuels we produce.”

The RED II policy incentivizes waste and advanced feedstocks as Europe continues to emphasize decarbonization efforts. REG currently produces approximately 50 million gallons, or 167kMT per year of biodiesel at its two German biorefineries, delivering carbon reduction impact in Europe, notably with on-road transportation and maritime customers.

“REG will continue to build on our track record of delivering high quality fuels and being a trusted partner to waste producers seeking reliable offtake,” said REG VP and Managing Director, International Business, Raymond Richie. “As customers and suppliers demand more sustainable business practices, we are well positioned to play a key role in the circular supply chain.”

REG acquired the bio-based diesel plants in Germany in 2017 and has since opened a global trading office in Amsterdam for sourcing feedstocks and selling co-products and fuels. REG has all required permits for construction and the project is expected to be completed in the second half of 2023 with start-up by year-end. REG has selected BDI- BioEnergy International GmbH as the engineering, procurement and construction partner.

“With our innovative RetroFit programme, we are taking the two biodiesel plants to a completely new technical and economic level. The result is unique raw material flexibility, maximum plant availability and a measurably valuable contribution to the circular economy and CO₂ reduction,” said Markus Dielacher, CEO BDI-BioEnergy International GmbH.

About Renewable Energy Group

Renewable Energy Group, Inc. is leading the energy and transportation industries’ transition to sustainability by converting renewable resources into high-quality, sustainable fuels. Renewable Energy Group is an international producer of sustainable fuels that significantly lower greenhouse gas emissions to immediately reduce carbon impact. Renewable Energy Group utilizes a global integrated procurement, distribution and logistics network to operate 11 biorefineries in the U.S. and Europe. In 2020, Renewable Energy Group produced 519 million gallons, or 1.7 million metric tons of cleaner fuel delivering 4.2 million metric tons of carbon reduction. Renewable Energy Group is meeting the growing global demand for lower-carbon fuels and leading the way to a more sustainable future.

Forward Looking Statement

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements regarding the company’s plans to install a state-of-the-art pretreatment facility in Germany, allowing the use of a wide variety of low carbon intensity, hard to convert bio-based diesel feedstocks, including so called Generation 3 feedstocks, expanding the company’s global sourcing and trading position, producing more deeply decarbonized fuel, better serving customers seeking to accelerate their transition to cleaner energy, delivering high quality fuels, being a trusted partner to waste producers, playing a key role in the circular supply chain, and completing the project in second half of 2023 with start-up by the end of 2023. These forward-looking statements are based on current expectations, estimates, assumptions and projections that are subject to change, and actual results may differ materially from the forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, customer preferences for low carbon fuels and desire to source product from REG; the availability, future price, and volatility of feedstocks; changes in governmental programs and policies, including RED II and the definition of Generation 3 feedstocks; the potential impact of COVID-19 on our business and operations, including the project; risks associated with fire, explosions, leaks and other natural disasters at our German facilities and our suppliers facilities; our and our suppliers and construction partners’ ability to complete the project on time and on budget; and other risks and uncertainties described in REG’s annual report on Form 10-K for the year ended December 31, 2020 and subsequently filed Form 10-Q and other periodic filings with the Securities and Exchange Commission. All forward-looking statements are made as of the date of this press release and REG does not undertake to update any forward-looking statements based on new developments or changes in our expectations.

For Investors:
Renewable Energy Group
Todd Robinson
Deputy Chief Financial Officer and Treasurer
+1 (515) 239-8048
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For Media:
Renewable Energy Group
Katie Stanley
Manager, Communications
+1 (515) 239-8184
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HOUSTON--(BUSINESS WIRE)--Magnolia Oil & Gas Corporation (“Magnolia,” “we,” “our,” or the “Company”) (NYSE: MGY) today announced its financial and operational results for the fourth quarter and full year 2021.

Fourth Quarter Summary Financial Results:

Fourth Quarter and Full Year 2021 Highlights:

• Magnolia reported fourth quarter and full-year 2021 net income attributable to Class A Common Stock of $150.2 million, or $0.82 per diluted share, and $417.3 million or $2.36 per diluted share, respectively. Fourth quarter and full-year 2021 total net income was $192.1 million and $559.7 million, respectively.
  
  
• Adjusted EBITDAX was $260.6 million during the fourth quarter of 2021, with drilling and completions (“D&C”) capital of $72.1 million, representing just 28% of quarterly adjusted EBITDAX. Adjusted EBITDAX for the full-year 2021 was $828.9 million with total D&C capital of $231.9 million, also representing 28% of adjusted EBITDAX, and well below our annual spending limit of 55% of EBITDAX.
  
• Net cash provided by operating activities was $260.5 million during the fourth quarter and $788.5 million during full-year 2021. The Company generated free cash flow⁽¹⁾ of $178.5 million during the fourth quarter and $555.9 million during full-year 2021.
  
  
• Total production in the fourth quarter of 2021 grew 15% from the fourth quarter of 2020 to 69.4 thousand barrels of oil equivalent per day (“Mboe/d”). Production for full-year 2021 averaged 66.0 Mboe/d representing year-over-year volume growth of 7%.
  
  
• Production at Giddings and Other in the fourth quarter of 2021 grew 27% compared to the prior year fourth quarter to 36.0 Mboe/d including year-over-year oil production growth of more than 40%. This was accomplished with asset level D&C spending of around 35% of asset level adjusted EBITDAX, leading to significant free cash flow generation at Giddings. We continue to achieve further operational efficiencies at Giddings including an increase in drilling feet per day, fewer drilling days per well, and an improvement in stimulation stages per day.
  
  
• Magnolia added 31.0 MMboe of proved developed reserves, excluding acquisitions and price-related revisions, representing the reserve additions from our 2021 drilling program. These proved developed additions provide an organic proved developed Finding & Development (“F&D”) cost of $7.48/boe⁽³⁾.
  
  
• Magnolia repurchased 2.7 million shares during the fourth quarter, reducing the Company’s total diluted shares outstanding by 25.3 million shares⁽⁴⁾ or approximately 10% compared to the prior year. Magnolia’s board recently increased the existing share repurchase authorization by an additional 10 million with 15.8 million Class A Common shares remaining on the current authorization. This action accommodates our ongoing share repurchase plan during the year and is specifically allocated toward open market repurchases.
  
  
• Together with the initiation of a dividend payment and our share reduction efforts, Magnolia returned $358 million to its shareholders last year or approximately 65% of full-year 2021 free cash flow and ended the year with $367 million of cash on the balance sheet. The Company remains undrawn on its $450.0 million revolving credit facility, with no debt maturities until 2026 and has no plans to increase its debt levels.
  
  
• Magnolia’s board recently declared its final semi-annual dividend for 2021 of $0.20 a share payable on March 1, 2022. This final payment is based on Magnolia’s full-year 2021 financial results recast using oil prices of $55 per barrel.

“2021 was a defining year for Magnolia,” said Chairman, President and CEO Steve Chazen. “We achieved several new company records including EBIT margins and earnings per share. We also initiated our first dividend payment during the year and were able to significantly reduce our share count. Perhaps our greatest accomplishment for the year was moving our Giddings asset into full development. The positioning of Giddings toward full development provided a significant improvement in operating efficiencies which resulted in lower overall capital required to grow our total company production. We spent just 28 percent of our EBITDAX on drilling and completing wells, which resulted in year-over-year production growth of 7 percent.

“Our disciplined capital spending and our team’s continued focus on managing our costs provided strong pre-tax margins and generated significant free cash flow. During the year, we returned approximately 65 percent of our free cash flow to our shareholders in the form of significant share repurchases and our dividend. We repurchased more than 25 million shares reducing our diluted share count by 10 percent. Notwithstanding the significant return of cash to shareholders, our year-end cash balance nearly doubled from the prior year resulting in zero net debt.

“Our plan for 2022 is expected to build on many of last year’s achievements. After adding a second drilling rig during mid-2021, we plan to continue to operate a two-rig drilling program which we expect to generate high single digit full-year production growth. While we continue to limit our capital spending to 55 percent of EBITDAX, our spending percentage would be well-below this level in the current product price environment, providing significant free cash flow. We expect that our free cash flow would be allocated toward areas that would improve the per share value of the company including small, accretive bolt-on oil and gas property acquisitions and repurchasing at least 1 percent of our outstanding shares per quarter. So far this year, we have repurchased 2 million shares. The combination of organic production growth and share reduction is supportive of a growing dividend and Magnolia’s double-digit return investment proposition.”

Operational Update

Fourth quarter total company production averaged 69.4 Mboe/d, a 3% sequential increase from third quarter levels and growth of 15% from the prior year’s fourth quarter. Production grew during the quarter despite spending only 28% of adjusted EBITDAX on drilling and completing wells. Fourth quarter 2021 turn-in lines were more weighted to the Karnes area which resulted in a sequential quarterly production increase of 9% to 33.4 Mboe/d. Giddings and Other production averaged 36.0 Mboe/d which increased 27% from the prior year quarter.

Magnolia continues to operate two drilling rigs and plans to maintain this level of activity for the balance of the year. One rig will continue to drill multi-well development pads in our Giddings area consisting primarily of wells with greater than 7,000-foot laterals and with four wells per pad. The second rig will drill a mix of wells in both the Karnes and Giddings areas, including some appraisal wells in Giddings.

2021 Oil and Gas Reserves Replacement and F&D Costs

Magnolia’s total proved developed reserves at year-end 2021 were 109.8 MMboe. Excluding acquisitions and price related revisions, the company added 31.0 MMboe of proved developed reserves during the year. Total costs incurred excluding property acquisition costs, exploration expenses and asset retirement obligation costs were $231.9 million in 2021 resulting in organic proved developed F&D costs of $7.48 per boe.

Total 2021 proved reserves increased to 135.4 MMboe from 112.3 MMboe at year end 2020 and replaced 196%⁽⁵⁾ of 2021 production. Magnolia books only one year of proved undeveloped reserves and as a result, 81% of its 2021 proved reserves were developed. The proved undeveloped reserves represent what we expect to convert to proved developed producing during 2022.

Additional Guidance

Based on our 2-rig drilling plan for full-year 2022, we estimate our D&C capital to be approximately $350 million which is expected to deliver high single-digit, year-over-year production growth. Non-operated capital is expected to be similar to last year’s level. Most of the growth is expected to come from our development program at Giddings, with production at the field expected to average about 40 Mboe/d during the year. Within the current product price environment, we would expect that our full-year 2022 D&C spending to be well-below our limit of 55% of EBITDAX.

For the first quarter of 2022, we expect our D&C capital to be in the range of $85 to $90 million and total production to be approximately 70 to 72 Mboe/d. Oil price differentials are anticipated to be approximately a $3 per barrel discount to Magellan East Houston and Magnolia remains completely unhedged for all its oil and natural gas production. The fully diluted share count for the first quarter of 2022 is expected to be approximately 228 million shares which is 9 percent lower than first quarter 2021 levels.

Annual Report on Form 10-K

Magnolia's financial statements and related footnotes will be available in its Annual Report on Form 10-K for the year ended December 31, 2021, which is expected to be filed with the U.S. Securities and Exchange Commission (“SEC”) on February 17, 2022.

Conference Call and Webcast

Magnolia will host an investor conference call on Thursday, February 17, 2021 at 9:00 a.m. Central (10:00 a.m. Eastern) to discuss these operating and financial results. Interested parties may join the webcast by visiting Magnolia's website at www.magnoliaoilgas.com/investors/events-and-presentations and clicking on the webcast link or by dialing 1-844-701-1059. A replay of the webcast will be posted on Magnolia's website following completion of the call.

About Magnolia Oil & Gas Corporation

Magnolia (MGY) is a publicly traded oil and gas exploration and production company with operations primarily in South Texas in the core of the Eagle Ford Shale and Austin Chalk formations. Magnolia focuses on generating value for shareholders through steady production growth, strong pre-tax margins, and free cash flow. For more information, visit www.magnoliaoilgas.com.

Cautionary Note Regarding Forward-Looking Statements

The information in this press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding Magnolia’s strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward looking statements. When used in this press release, the words could, should, will, may, believe, anticipate, intend, estimate, expect, project, the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events. Except as otherwise required by applicable law, Magnolia disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. Magnolia cautions you that these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Magnolia, incident to the development, production, gathering and sale of oil, natural gas and natural gas liquids. In addition, Magnolia cautions you that the forward looking statements contained in this press release are subject to the following factors: (i) the length, scope and severity of the ongoing coronavirus disease 2019 (“COVID-19”) pandemic, including the emergence and spread of variant strains of COVID-19, including the effects of related public health concerns and the impact of continued actions taken by governmental authorities and other third parties in response to the pandemic and its impact on commodity prices and, supply and demand considerations; (ii) the outcome of any legal proceedings that may be instituted against Magnolia; (iii) Magnolia’s ability to realize the anticipated benefits of its acquisitions, which may be affected by, among other things, competition and the ability of Magnolia to grow and manage growth profitably; (iv) changes in applicable laws or regulations; and (v) the possibility that Magnolia may be adversely affected by other economic, business, and/or competitive factors. Should one or more of the risks or uncertainties described in this press release occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in Magnolia’s filings with the SEC, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2021, which is expected to be filed with the SEC on February 17, 2022. Magnolia’s SEC filings are available publicly on the SEC’s website at www.sec.gov.

Magnolia Oil & Gas Corporation
Costs Incurred, Proved Developed Reserves, Organic F&D Cost Per Boe and Reserve Replacement Ratio

The following tables summarize the Company's costs incurred in oil and gas property acquisition, exploration and development activities, reconciliation of changes in proved developed reserves, calculation of organic proved developed F&D cost per boe and calculation of proved developed reserve replacement ratio for the years ended December 31, 2021 and 2020.

Contacts for Magnolia Oil & Gas Corporation

Investors
Brian Corales
(713) 842-9036
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Media
Art Pike
(713) 842-9057
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The State of Louisiana continues its commitment to the world’s most deeply carbon-negative renewable diesel fuel project

COLUMBIA, La.--(BUSINESS WIRE)--#CCS--Strategic Biofuels, the leader in developing negative carbon footprint renewable fuels plants, announced today that Louisiana Governor John Bel Edwards awarded the company’s Louisiana Green Fuels project (LGF) a $250 million bond allocation. The bonds will form an integral part of the debt financing for construction costs of the project and be sold into the private market at final investment decision in early 2023, when construction begins.

“We are excited about the rapid advancement towards construction of Strategic Biofuel’s Louisiana Green Fuels project in Caldwell Parish,” said Gov. Edwards. “The project’s negative carbon footprint fuel production continues to keep Louisiana at the forefront of innovation in the renewable fuel industry. Furthermore, it illustrates what is practical and achievable on the path to meet our Climate Initiatives Task Force goal of net zero greenhouse gas emissions by 2050.”

As the first renewable diesel project in North America to achieve “negative” carbon emissions, LGF will affordably and sustainably convert forestry waste feedstock into cleaner-burning renewable diesel producing approximately 34 million gallons of renewable fuel per year, once in operation. The company’s location in Northern Louisiana combines the right geology, an abundance of forestry waste from managed, sustainable forests with a favorable legislative and regulatory environment in Louisiana. Together these factors de-risk the project, while serving as a blueprint for the energy industry working toward net zero carbon. The successful sequestration test well program completed in 2021 confirmed the plant’s ability to achieve deep carbon negativity.

For the 2021 private activity bond allocation year, LGF received $250 million of the $393 million that was available from the state. The allocation provides the right to issue tax-free bonds to finance the project, which is qualified to receive them because it is a waste-to-fuels project. Although the State of Louisiana authorizes the issuance of the bonds, they are not guaranteed by the State nor are taxpayer dollars involved. To date, LGF has received $450 million in total bond allocations toward plant construction.

“We are going beyond net zero by taking things a revolutionary step further and achieving a deeply negative carbon footprint, right here in the State of Louisiana,” said Strategic Biofuels CEO Dr. Paul Schubert. “The continued support from the State and Governor Edwards reflects the confidence they have in our project and team. Our LGF project’s momentum is exciting, and we look forward to bringing together industry and agriculture in Northern Louisiana to create a better tomorrow filled with economic growth and opportunities.”

Strategic Biofuels plans for the LGF plant to have a major economic impact on both Caldwell Parish and the surrounding region. Once complete, the LGF plant should create approximately 146 direct jobs onsite with an average annual income of $68,000 per year, excluding benefits; while four to five times as many indirect job opportunities are expected. As a result, the plant should substantially improve the local quality of life in the nation’s seventh poorest US Congressional District (LA-5) and tenth poorest Parish in Louisiana, which has an average household income of just $32,000 per year.

For more information about Strategic Biofuels or the Louisiana Green Fuels project, visit: www.strategicbiofuels.com.

About Strategic Biofuels
Strategic Biofuels LLC is a team of O&G, petrochemical and renewable technology experts focused on developing a series of deeply negative carbon footprint plants in northern Louisiana that convert waste materials from managed forests into renewable diesel fuel and renewable naphtha. The fuel qualifies for substantial Carbon Credits under the Federal Renewable Fuel Standard Program and under the California Low Carbon Fuels Standard.

About Louisiana Green Fuels
Louisiana Green Fuels is the first project by Strategic Biofuels LLC in Northern Louisiana at the Port of Columbia in Caldwell Parish. The plant and its accompanying Class VI Carbon Capture and Sequestration (CCS) Well will be the first renewable diesel project in North America to achieve “negative” carbon emissions. The feedstock for the plant is forestry waste from managed and sustainable forests.

Hunter Dodson
713-627-2223
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DALLAS--(BUSINESS WIRE)--AECOM (NYSE: ACM), the world’s trusted infrastructure consulting firm, today announced that Troy Rudd, AECOM’s chief executive officer, will participate in a fireside chat at Citi's 2022 Global Industrial Tech and Mobility Conference on February 22nd at 1 p.m. Eastern Time. A webcast of the fireside chat will be posted online at https://investors.aecom.com.

In addition, Gaurav Kapoor, AECOM’s chief financial officer will participate in Baird’s 2022 Sustainability Conference on February 23rd and in Barclays’ Industrial Select Conference on February 24th.

About AECOM

AECOM (NYSE: ACM) is the world’s trusted infrastructure consulting firm, delivering professional services throughout the project lifecycle – from planning, design and engineering to program and construction management. On projects spanning transportation, buildings, water, new energy, and the environment, our public- and private-sector clients trust us to solve their most complex challenges. Our teams are driven by a common purpose to deliver a better world through our unrivaled technical expertise and innovation, a culture of equity, diversity and inclusion, and a commitment to environmental, social and governance priorities. AECOM is a Fortune 500 firm and its Professional Services business had revenue of $13.3 billion in fiscal year 2021. See how we are delivering sustainable legacies for generations to come at aecom.com and @AECOM.

Forward-Looking Statements

All statements in this communication other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including any statements of the plans, strategies and objectives for future operations, profitability, strategic value creation, coronavirus impacts, risk profile and investment strategies, and any statements regarding future economic conditions or performance, and the expected financial and operational results of AECOM. Although we believe that the expectations reflected in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Important factors that could cause our actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in our forward-looking statements include, but are not limited to, the following: our business is cyclical and vulnerable to economic downturns and client spending reductions; impacts caused by the coronavirus and the related economic instability and market volatility, including the reaction of governments to the coronavirus, including any prolonged period of travel, commercial or other similar restrictions, the delay in commencement, or temporary or permanent halting of construction, infrastructure or other projects, requirements that we remove our employees or personnel from the field for their protection, and delays or reductions in planned initiatives by our governmental or commercial clients or potential clients; losses under fixed-price contracts; limited control over operations run through our joint venture entities; liability for misconduct by our employees or consultants; failure to comply with laws or regulations applicable to our business; maintaining adequate surety and financial capacity; high leverage and potential inability to service our debt and guarantees; ability to continue payment of dividends; exposure to Brexit; exposure to political and economic risks in different countries; currency exchange rate fluctuations; retaining and recruiting key technical and management personnel; legal claims; inadequate insurance coverage; environmental law compliance and adequate nuclear indemnification; unexpected adjustments and cancellations related to our backlog; partners and third parties who may fail to satisfy their legal obligations; AECOM Capital real estate development projects; managing pension cost; cybersecurity issues, IT outages and data privacy; risks associated with the benefits and costs of various dispositions such as the sale of our Management Services, self-perform at-risk civil infrastructure and power construction, and oil & gas maintenance and turnaround businesses, including the risk that purchase price adjustments, if any, from those transactions could be unfavorable and any future proceeds owed to us as part of those transactions could be lower than we expect; as well as other additional risks and factors that could cause actual results to differ materially from our forward-looking statements set forth in our reports filed with the Securities and Exchange Commission. Any forward-looking statements are made as of the date hereof. We do not intend, and undertake no obligation, to update any forward-looking statement.

Media Contact:
Brendan Ranson-Walsh
Senior Vice President, Global Communications
1.213.996.2367
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Investor Contact:
Will Gabrielski
Senior Vice President, Finance, Treasurer
1.213.593.8208
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HOUSTON--(BUSINESS WIRE)--Relevant Industrial, LLC (Relevant), a leader in value-added distribution and service for instrumentation and automation, rotating equipment, valve, purification, and thermal equipment solutions, announced the signing of an agreement to acquire Rawson/ICD, Inc., headquartered in Houston, TX. As part of the overall transaction, Rawson/ICD’s commercial building automation team will be acquired by Building Controls & Solutions, headquartered in Dallas, TX. Over the past 65 years, Rawson/ICD has become a trusted source for valves and valve automation, instrumentation, process control systems (PCS), steam solutions, commercial building controls, and process measurement. The transaction is expected to close in the coming weeks, following customary pre-closing approvals and minimal closing conditions.

Relevant Industrial, with the addition of Rawson/ICD, will have over 400 employees, throughout 35 locations, as well as strategically deployed sales resources covering a robust geography to serve key customer markets in the contiguous United States.

John Carte, Relevant Industrial’s Chief Executive Officer commented, “Our company’s commitment to an exceptional customer experience and success for our supply partners will be amplified with the addition of Rawson/ICD to the Relevant Industrial family. They have a customer-centric culture that directly aligns with Relevant’s mission. Additionally, Rawson/ICD’s recent performance shows that customers value their focus on cutting-edge solutions, which provides opportunities for growth for our suppliers and team members – a perfect fit with Relevant’s values.”

Eric Chernik, Building Controls & Solutions’ Chief Executive Officer noted, “We are excited to bring together two strong Building Automation and Controls teams by integrating ICD’s commercial division into our business. The addition of ICD’s commercial group enhances our position as a distributor and service provider that brings global product brands and inventory together with local in-market technical resources. Together our enhanced solutions will bring customized, value-added services to our commercial building customers every day.”

David Wilken, Rawson/ICD’s President stated, “Rawson/ICD is thrilled to join forces with Relevant and Building Controls & Solutions. These transactions create access to a broad line of products and solutions that will support the continued growth of our business.” Mr. Wilken continued, “Relevant has advanced engineering capabilities that complement the Rawson/ICD model, and our collaborative solutions will extend value to our customers.”

The acquisition of Rawson/ICD brings another trusted industrial instrumentation sales and process measurement company into the Relevant portfolio. Rawson/ICD’s expertise in valves and valve automation, process control engineering, and filtration adds a unique value that will strengthen our customer partnerships and broaden our geographic coverage.

About Rawson/ICD

Rawson was founded in 1954, with Industrial Controls being established in 1976. ERIKS would purchase both Rawson and Industrial Controls in 2010 and 2011, respectively, and merge the two companies in 2019. Rawson/ICD designs and customizes product solutions to help customers solve complex problems. Rawson/ICD has partnerships in 32 states across the Gulf Coast, Mid-Atlantic, Midwest, Northeast, Southeast, and Southwest regions of the United States. Additionally, in 2019, the Industrial Controls division formed a new commercial HVAC business unit called ICD Building Automation. ICD Building Automation was established to better serve customers who have specialized technology needs – such as contractors, schools, and hospitals. Rawson/ICD has a mission to be more than an industrial products distributor; the company offers one of the most comprehensive offerings of products and services in the industry. Customers continue to place their trust in Rawson/ICD because of our track record in providing preferred products that enable our customers to operate safely and efficiently. For additional information about Rawson/ICD, visit rawsonicd.com.

About Relevant Industrial

Relevant Industrial, LLC was formed in 2010 to acquire Wilson Mohr, which traces its roots back to 1965. As the first Honeywell thermal channel partner in the U.S., Wilson Mohr quickly established itself as an expert in burner management, fuel trains, and other critical thermal solutions for a growing customer base. Since 2010, the company has grown organically and through numerous acquisitions, expanding its product portfolio and engineered solutions to a wide range of customer end markets. Relevant Industrial brings together the finest problem-solvers in the world: trained technicians, engineers, designers, and experts in a dozen other crafts focused on finding answers and delivering results. We sell parts and service, but our mission goes beyond that; we help customers realize new and better ways to operate more efficiently. The company has 18 locations in California, Louisiana, Minnesota, New Mexico, Oklahoma, Utah, and Texas. The company also has a sales representation in Arizona, Arkansas, Colorado, Idaho, Iowa, Kansas, Montana, Nebraska, Nevada, North Dakota, South Dakota, Wisconsin, and Wyoming. Relevant serves customers in the Renewable Energy, Alternative Fuels, Semiconductor, Refining, Petrochemical Processing, OEM, Food processing, Upstream Oil & Gas, and Municipal markets through products and services including instrumentation and automation, rotating equipment, purification, and thermal equipment. Relevant Industrial is your partner for relevant solutions. For additional information about Relevant Industrial, visit relevantsolutions.com.

About Building Controls & Solutions

Building Controls & Solutions Building Controls & Solutions is the pre-eminent provider of energy management, building controls, automation, and gas detection solutions for the Commercial HVAC community, including distribution of products, in-market value added services, and a ‘smart’ path towards IOT & the Cloud. Interstate HVAC Controls will bring more resources, technical expertise, and partnerships to expand services for BCS. With locations across Arizona, California, Louisiana, Massachusetts, Texas, and Utah, Building Controls & Solutions helps companies create smarter work environments, maximize environmental efficiencies and leverage technology for building effectiveness, security, and safety. For additional information about Building Controls & Solutions, visit buildingcontrolsandsolutions.com.

Rawson/ICD
David Wilken
(713) 684-1498
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Relevant Industrial
John Wilson
(281) 295-8802
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Building Controls & Solutions
Eric Chernik
(469) 873-9652
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• Transaction immediately accretive on key financial metrics: cash flow per share, free cash flow per share and free cash flow yield, on an actual and debt-adjusted basis⁽¹⁾
• Scales Crescent’s production base in the Rockies region and adds multi-year inventory of proven, high-return development locations
• Maintains financial strength with pro forma Net Debt / LTM Adj. EBITDAX ratio of 1.4x⁽²⁾

HOUSTON--(BUSINESS WIRE)--$CRGY--Crescent Energy Company (NYSE: CRGY) today announced that it has entered into a definitive purchase agreement with Verdun Oil Company II LLC to acquire Uinta Basin assets previously owned by EP Energy for $815 million, subject to customary purchase price adjustments. The all-cash transaction, expected to close in the first half of 2022, will be funded through the company’s revolving credit facility and cash on hand. Closing is subject to customary closing conditions, including certain regulatory approvals. The acquisition is consistent with Crescent’s strategy to acquire high-value & accretive, cash flowing assets while maintaining financial strength. Additional details have been posted on Crescent’s website at www.crescentenergyco.com. Crescent plans to share additional information on the transaction along with its fourth quarter and year-end 2021 conference call in early March 2022.

Acquisition Consistent with Crescent’s Strategy:

• Highly Accretive Oil Acquisition Expands Rockies Asset Base: Acquisition multiple of <2.0x 2022E Adj. EBITDAX⁽¹⁾⁽³⁾generates ~55% accretion to annualized cash flow per share and ~30% accretion to annualized free cash flow per share

• Low-Risk Assets with Strong Production and Cash flow: Increasing annualized Adjusted EBITDAX⁽¹⁾⁽³⁾ by $400 - $465 million at $75/Bbl NYMEX WTI pricing, ~85% of which is from existing production and current drilled but uncompleted wells

• Proven Opportunity for Disciplined Reinvestment: Multi-year inventory of high value, oil-weighted development opportunities; planning to operate two rigs on the assets in 2022 post-closing

• Enhances Key Asset Portfolio Characteristics: Maintains our peer-leading decline rate (~21% pro forma), expands production from the Rockies & Eagle Ford to ~65% of our total production base, increases our percent operated to ~70% based on 2022 expected production

• Maintains Financial Strength and Increases Scale: Adding meaningful scale to the business while maintaining modest leverage (pro forma 1.4x Net Debt / LTM Adj. EBITDAX⁽²⁾)

“We are acquiring these assets at a compelling valuation. They are a great addition to our existing Rockies footprint and align perfectly with our cash flow based strategy,” said Crescent CEO David Rockecharlie. “Importantly, this transaction maintains our commitment to financial strength and flexibility while adding meaningful scale to our low-decline production base, free cash flow and proven inventory of highly economic re-investment opportunity.”

The transaction will be funded with borrowings under Crescent’s revolving credit facility and cash on hand. Crescent’s lenders authorized an increase of the Company’s elected commitment amount under the existing revolving credit facility to $1.3 billion from $700 million, contingent upon the closing of the transaction. The Company’s current liquidity pro forma for the elected commitment amount increase is $1.1 billion. In conjunction with signing of the transaction, the Company entered into additional oil swaps consistent with its risk-management strategy for invested capital.

Uinta Asset Overview:

Proven Basin with Substantial Existing Production: Crescent acquiring over 400 producing vertical and horizontal wells. Ongoing, well-understood development in the Uteland Butte and Wasatch formations with 350+ horizontal wells drilled by area operators to date and significant long-term resource potential from additional producing zones under active horizontal development.

Large, Contiguous Acreage Position: The transaction will provide Crescent with more than 145,000 contiguous net acres (>85% held-by-production), primarily located in Duchesne and Uintah counties, Utah. The assets are operated with an average working interest of ~83% and average royalty rates less than ~20%.

Deep, Undeveloped Inventory of Drilling Locations: Acquisition to provide Crescent with a multi-year inventory of high value, oil-weighted development opportunities. The Uinta basin has a significant amount of resource in place across multiple stacked reservoirs providing attractive long-term resource potential beyond the horizontal targets actively being developed today.

Preliminary 2022 Pro Forma Outlook:

Post-closing of the transaction, Crescent plans to operate two rigs in the Uinta Basin for the remainder of the year. The capital associated with this program is expected to be $225 - $275 million and Crescent’s revised 2022 capital budget is expected to be $600 - $700 million.

Updated Preliminary 2022E guidance is below, pro forma for the acquisition assuming nine months of contribution, based on $75/Bbl NYMEX WTI and $3.75/MMBtu Henry Hub pricing:

* All amounts are approximations based on currently available information and estimates and are subject to change based on events and circumstances after the date hereof. Please see “Cautionary Statement Regarding Forward-Looking Information.”

Fourth Quarter and Full Year 2021 Earnings Release and Call
Crescent Energy will host a conference call and webcast to discuss its fourth quarter and full year 2021 financial and operating results on March 10, at 10 AM CT (11 AM ET). The Company will release fourth quarter and full year 2021 results on Wednesday, March 9, 2022, after the market closes.

Date: Thursday, March 10, 2022
Time: 10:00 AM Central Time (11:00 AM Eastern Time)

Webcast Link
Live-Link (live stream of audio, after the event the on demand webcast will be available under this URL): https://www.webcast-eqs.com/crescentenergy20220310/en

Telephone Conference Dial-In
Domestic Dial-in Number: 877-407-0989
International Dial-in Number: 201-389-0921

Replay Information
A webcast replay will be available at the link above within several hours after the conclusion of the event. An updated investor presentation will also be available under Events and Presentations in the Investors section of the Company’s website prior to the start of the conference call, or directly at https://www. https://ir.crescentenergyco.com/.

1. Based on preliminary guidance expectations assuming $75 per Bbl NYMEX WTI and $3.75 per MMbtu Henry Hub.
2. Estimated LTM Adj. EBITDAX as of 3/31/22.
3. Adjusted EBITDAX, Unhedged Adjusted EBITDAX, Levered Free Cash Flow and Adjusted Cash G&A are non-GAAP financial measures. Please see “Non-GAAP Measures” for further discussion of such measures.
4. Annualized pro forma mid-point includes annualized cash flows from the acquisition.
5. Dividends are subject to board approval and applicable law. Pro forma dividend expectation based on 10% of Adj. EBITDAX framework.

About Crescent Energy

Crescent Energy is a well-capitalized, U.S. independent energy company with a portfolio of assets in key proven basins across the lower 48 states. Our core leadership team is a group of experienced investment, financial and industry professionals who continue to execute on the strategy we have employed since 2011. The Company’s mission is to invest in energy assets and deliver better returns, operations and stewardship. For additional information, please visit www.crescentenergyco.com.

Cautionary Statement Regarding Forward-Looking Information

This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on current expectations, including with respect to the proposed transaction. The words and phrases “should”, “could”, “may”, “will”, “believe”, “think”, “plan”, “intend”, “expect”, “potential”, “possible”, “anticipate”, “estimate”, “forecast”, “view”, “efforts”, “target”, “goal” and similar expressions identify forward-looking statements and express the Company’s expectations about future events. All statements, other than statements of historical facts, included in this communication that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the Company’s control. Such risks and uncertainties include, but are not limited to, the ability of the parties to consummate the transaction in a timely manner or at all; satisfaction of the conditions precedent to consummation of the transaction, including the ability to secure required consents and regulatory approvals in a timely manner or at all; the possibility of litigation (including related to the transaction itself), weather, political, economic and market conditions, including a decline in the price and market demand for natural gas, natural gas liquids and crude oil, the impact of pandemics such as COVID-19, actions by the Organization of the Petroleum Exporting Countries (“OPEC”) and non-OPEC oil producing countries, the timing and success of business development efforts, and other uncertainties. Consequently, actual future results could differ materially from expectations. The Company assumes no duty to update or revise their respective forward-looking statements based on new information, future events or otherwise.

The transactions and outlook announced today is based on information currently available to the Company, depends on certain estimates and assumptions and is subject to change.

Non-GAAP Measures

Crescent defines Adjusted EBITDAX as net income (loss) before interest expense, realized (gain) loss on interest rate derivatives, income tax expense, depreciation, depletion and amortization, exploration expense, non-cash gain (loss) on derivatives, impairment of oil and natural gas properties, equity-based compensation, (gain) loss on sale of assets, other (income) expense, certain non-controlling interest distributions made by Crescent Energy OpCo, LLC (“OpCo”), non-recurring expenses and transaction expenses. Management believes Adjusted EBITDAX is a useful performance measure because it allows for an effective evaluation of the Company’s operating performance when compared against its peers, without regard to financing methods, corporate form or capital structure. The Company excludes the items listed above from net income (loss) in arriving at Adjusted EBITDAX because these amounts can vary substantially within its industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDAX should not be considered as an alternative to, or more meaningful than, net income (loss) as determined in accordance with GAAP, of which such measure is the most comparable GAAP measure. Certain items excluded from Adjusted EBITDAX are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax burden, as well as the historic costs of depreciable assets, none of which are reflected in Adjusted EBITDAX. The Company’s presentation of Adjusted EBITDAX should not be construed as an inference that its results will be unaffected by unusual or non-recurring items. Crescent’s computations of Adjusted EBITDAX may not be identical to other similarly titled measures of other companies. In addition, the Company’s Credit Agreement and the notes include a calculation of Adjusted EBITDAX for purposes of covenant compliance.

In certain instances, this release refers to pro forma Annualized Adjusted EBITDAX. This pro forma measure is related to the business combination between Independence and Contango. Please refer to the Current Report on Form 8-K/A filed on December 17, 2021, which can be found at the SEC’s website at www.sec.gov, for additional details and information regarding the historical financial results for the nine month period ended September 30, 2021 of Independence and Contango and the assumptions made in preparing the pro forma financial statements derived therefrom that are summarized herein. Pro forma Annualized Adjusted EBITDAX was calculated by multiplying 4/3 by pro forma Adjusted EBITDAX for the nine months ended September 30, 2021. Pro forma Annualized Adjusted EBITDAX should not be considered as a substitute for a measure of historical or pro forma Adjusted EBITDAX for the twelve-month period ended September 30, 2021, or as an indicator that pro forma results for such twelve-month period would be equivalent to pro forma Annualized Adjusted EBITDAX.

Crescent defines Levered Free Cash Flow as Adjusted EBITDAX less interest expense, excluding noncash deferred financing cost amortization, realized gain (loss) on interest rate derivatives, current income tax provision, tax-related non-controlling distributions made by OpCo and development of oil and natural gas properties. Levered Free Cash Flow does not take into account amounts incurred on acquisitions. Levered Free Cash Flow is not a measure of performance as determined by GAAP. Levered Free Cash Flow is a supplemental non-GAAP performance measure that is used by Crescent’s management and external users of its financial statements, such as industry analysts, investors, lenders and rating agencies. Management believes Levered Free Cash Flow is a useful performance measure because it allows for an effective evaluation of operating and financial performance and the ability of the Company’s operations to generate cash flow that is available to reduce leverage or distribute to equity holders. Levered Free Cash Flow should not be considered as an alternative to, or more meaningful than, net income (loss) as determined in accordance with GAAP, of which such measure is the most comparable GAAP measure, or as an indicator of actual operating performance or investing activities. The Company’s computations of Levered Free Cash Flow may not be comparable to other similarly titled measures of other companies.

Crescent defines Unhedged Adjusted EBITDAX as Adjusted EBITDAX plus realized (gain) loss on commodity derivatives. Management believes Unhedged Adjusted EBITDAX is a useful performance measure because it allows for an effective evaluation of the Company’s operating performance when compared against its peers, without regard to commodity derivatives, which can vary substantially within its industry depending upon peers hedging strategies and when hedges were entered into. Unhedged Adjusted EBITDAX should not be considered as an alternative to, or more meaningful than, net income (loss) as determined in accordance with GAAP, of which such measure is the most comparable GAAP measure. Certain items excluded from Unhedged Adjusted EBITDAX are significant components in understanding and assessing a company’s financial performance, such as a company’s realized derivate loss or gain, cost of capital and tax burden, as well as the historic costs of depreciable assets, none of which are reflected in Unhedged Adjusted EBITDAX. The Company’s presentation of Unhedged Adjusted EBITDAX should not be construed as an inference that its results will be unaffected by unusual or non-recurring items. Crescent’s computations of Unhedged Adjusted EBITDAX may not be identical to other similarly titled measures of other companies.

Crescent defines Adjusted Cash G&A as General and Administrative Expense, excluding noncash equity-based compensation, and including certain non-controlling interest distributions made by OpCo related to the management fee.

Due to the forward-looking nature of the non-GAAP measures presented in this release, no reconciliations of the non-GAAP measures to their most directly comparable GAAP measure is available without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various reconciling items that would impact the most directly comparable forward-looking GAAP financial measure, that have not yet occurred, are out of our control and/or cannot be reasonably predicted. Accordingly, such reconciliations are excluded from this release. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.

Emily Newport
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• ExxonMobil adds Tyree™ and Nelson Petroleum as new lubricants distributors while expanding the territories of existing distributors CityServiceValcon and Snider Energy Company.
• Expanded distributor network will help further strengthen best-in-class customer service capabilities through a greater number of local warehouse locations and flexible technical support.
• All four distributors have deep roots in the local communities they serve and are equipped to provide customers with the local expertise they need to thrive and grow.

SPRING, Texas--(BUSINESS WIRE)--ExxonMobil announced today the expansion of its Finished Lubricants distribution network in the Pacific Northwest, including the addition of Tyree™ and Nelson Petroleum as new distributors while expanding the territories of CityServiceValcon and Snider Energy. Effective February 1, 2022, these distributors will replace Wilcox & Flegel as authorized distributors of Mobil™-branded products and services in their respective territories.

This network expansion helps further strengthen ExxonMobil’s best-in-class customer service capabilities across Oregon and Washington state, bringing more localized knowledge and expertise and improved technical support. All of these distributors have deep roots in the local communities that they serve, and they will continue to help businesses across the region thrive and grow through Mobil’s customized lubrication and technical service solutions that meet their unique needs, including cutting-edge Mobil-branded lubricant technologies.

“We are continuously evaluating our distributor network to meet the evolving needs of our customers and ensure they receive a best-in-class customer service experience, and the addition of our new distributors extends our ability to execute new technologies and provide innovate ways to meet our customer business needs in the local markets,” said Pedro Cano, West & Mid-Central US Commercial Sales Manager, at ExxonMobil Fuels and Lubricants Company. “It’s all about our customers, our new distributors bring deep knowledge of the Pacific Northwest market, a stronger local expertise, and leading-edge technical capabilities which gives our customer and their businesses a competitive advantage.”

These distributors, many of which are family-owned, have a long history in the Pacific Northwest:

• Nelson Petroleum: Serving Northwest Washington state, Nelson Petroleum is a third-generation family-run business that has been providing customers with petroleum products for more than 50 years. With two convenient locations in Northwest Washington, Nelson Petroleum is strategically positioned to efficiently serve local businesses, and the company’s state-of-the-art SmartLogix truck system gives up-to-the-minute access to the status of its fleet, increasing efficiency and allowing greater flexibility in scheduling customer deliveries.

• Tyree™: Serving Oregon and Southwest Washington state for over 33 years, Tyree™ is a family-owned, local business that is committed to listening to customers and getting to know them as business colleagues and neighbors. The company is committed to delivering unparalleled service, technical expertise, and timely-problem solving solutions to customers. Tyree™ believes in the motto “All About Uptime™.” To that end, they provide assurance customers will receive the right products at the right time to keep their business running smoothly, confidently, and profitably.

• CityServiceValcon (CSV): Serving Eastern Washington state, as well as the Northern Rockies, CSV has a long-standing relationship with Mobil dating back to the late 1930s. With an expanded territory for Mobil-branded products, CSV provides local businesses with exceptional services and ordering flexibility, such as customized pallets of packaged product, to meet customers’ needs. The company also has four convenient bulk plant locations across the region.

• Snider Energy Company: Serving Western Washington state, Snider is a locally-owned, third-generation family business that has been serving local businesses across the Pacific Northwest for 75 years. That consistency, along with the company’s high-quality products and services, means customers can depend on Snider to meet their complete petroleum needs with a customer-first approach to doing business.

By working with these distributors, customers across the Pacific Northwest can continue to benefit from industry-leading lubricant technologies and services. For more than 150 years, Mobil has helped customers around the world—and in every industry—to lower costs, improve productivity, enhance equipment efficiency, and much more. Mobil is a lubrication technology innovator, having manufactured many breakthrough lubricants and greases for machinery and equipment used in a wide variety of industries, including the world’s leading synthetic motor oil brand, Mobil 1™.

The Mobil brand has in-depth industry expertise, programs, and tools to help customers achieve new heights of equipment productivity. The business closely collaborates with original equipment manufacturers (OEM) and equipment builders (EB) to develop cutting-edge lubrication solutions designed specifically for their equipment, which helps maximize productivity and cut costs. Mobil Serv^SM expert technical services also provide customers with valuable insights designed to give their company an operational advantage.

For more information on Mobil-branded products and services, please visit www.mobil.com.

About ExxonMobil

ExxonMobil, the largest publicly traded international energy company, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is one of the largest refiners and marketers of petroleum products, and its chemical company is one of the largest in the world. For more information, visit www.exxonmobil.com or follow us on Twitter www.twitter.com/exxonmobil.

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Company reports record full year revenue and operating income and proposes dividend increase

SCHAFFHAUSEN, Switzerland--(BUSINESS WIRE)--Garmin^® Ltd. (NYSE: GRMN), today announced results for the fourth quarter and fiscal year ended December 25, 2021.

Highlights for fourth quarter 2021 include:

• Record consolidated revenue of $1.39 billion, a 3% increase over the prior year quarter with three of our segments posting strong double digit growth
• Gross and operating margins were 55.5% and 22.6%, respectively
• Operating income of $315 million, a 15% decrease compared to the prior year quarter
• GAAP EPS was $1.48 and pro forma EPS⁽¹⁾ was $1.55
• Garmin Descent Mk2i dive computer and Descent T1 transmitter named one of 2021’s greatest innovations by Popular Science
• Named a supplier of the year by Embraer for seventh consecutive year
• Garmin Surround View Camera System was awarded the prestigious DAME design award
• Recently announced the acquisition of Vesper Marine, a leading provider of marine communication equipment and services
• Introduced the new Garmin DriveSmart series of portable car navigators with a range of large displays up to 8”

Highlights for fiscal year 2021 include:

• Sixth consecutive year of revenue growth with each of our five segments posting double digit growth over the prior year
• Record consolidated revenue of $4.98 billion, a 19% increase over the prior year
• Gross margin of 58.0% compared to 59.3% in the prior year
• Operating margin of 24.5% compared to 25.2% in the prior year
• Record operating income of $1.22 billion, increasing 16% over the prior year
• GAAP EPS was $5.61 and pro forma EPS⁽¹⁾ was $5.82, representing 13% growth over the prior year pro forma EPS