Forbes Business Council is an Invitation-Only Community for Successful Business Owners and Leaders

OVERLAND PARK, Kan.--(BUSINESS WIRE)--Cindy Wallis-Lage, Executive Director of global engineering leader Black & Veatch, has been accepted into the Forbes Business Council, the foremost growth and networking organization for successful business owners and leaders worldwide.

Wallis-Lage, who has been with Black & Veatch since 1986 and is well known in the industry for her expertise in the treatment and reuse of water and wastewater resources, was vetted and selected by a review committee based on the depth and diversity of her experience. Criteria for acceptance include a track record of successfully impacting business growth metrics, as well as personal and professional achievements and honors.

“We are honored to welcome Cindy Wallis-Lage into the community,” said Scott Gerber, founder of Forbes Councils, the collective that includes Forbes Business Council. “Our mission with Forbes Councils is to bring together proven leaders from every industry, creating a curated, social capital-driven network that helps every member grow professionally and make an even greater impact on the business world.”

As an accepted member of the Council, Wallis-Lage has access to a variety of exclusive opportunities designed to help her reach peak professional influence. She will connect and collaborate with other respected local leaders in a private forum and at members-only events. Wallis-Lage will also be invited to work with a professional editorial team to share her expert insights in original business articles on Forbes.com, and to contribute to published Q&A panels alongside other experts.

Finally, Wallis-Lage will benefit from exclusive access to vetted business service partners, membership-branded marketing collateral, and the high-touch support of the Forbes Councils member concierge team.

“I am grateful to Forbes for granting me this opportunity to share my ideas on sustainability and resilience in business with a larger audience, and I am honored to be joining an esteemed group of fellow business leaders,” said Wallis-Lage. “As the business world takes on new and exciting challenges around decarbonization, digitalization and innovation, it is imperative we contribute to communities of knowledge sharing and idea generation. In this role on the Forbes Business Council, I hope to further involve Black & Veatch in the conversations crucial to solving our world’s evolving challenges.”

Editor’s Notes:

• Wallis-Lage joined the Black & Veatch Board of Directors in 2012 and currently serves on the Board of Directors for the U.S. Water Alliance and on the Leadership Council for Water For People. She has been involved in more than 100 projects globally in both the municipal and industrial sectors.
• Download a high-resolution headshot of Cindy Wallis-Lage.
• In 2020, Forbes honored Black & Veatch by placing the company on its annual list of Best Employers for Diversity.

About Black & Veatch

Black & Veatch is a 100-percent employee-owned global engineering, procurement, consulting and construction company with a more than 100-year track record of innovation in sustainable infrastructure. Since 1915, we have helped our clients improve the lives of people around the world by addressing the resilience and reliability of our most important infrastructure assets. Our revenues in 2020 exceeded US$3.0 billion. Follow us on www.bv.com and on social media.

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SAN JOSE, Calif.--(BUSINESS WIRE)--QuantumScape Corporation (NYSE: QS), a leader in the development of next-generation solid-state lithium-metal batteries for use in electric vehicles, today announced its financial results for the first quarter of 2022, which ended March 31.

The company posted a letter to shareholders on its Investor Relations website. It details first-quarter results and provides a business update.

QuantumScape will host a live webcast at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) today, April 26, 2022. Participating on the call will be Jagdeep Singh, chief executive officer and co-founder, and Kevin Hettrich, chief financial officer, of QuantumScape.

The call is accessible via a live webcast on the Events section of the Investor Relations website, www.ir.quantumscape.com. An archive of the webcast will be available shortly after the call for 12 months.

About QuantumScape Corporation

QuantumScape is on a mission to transform energy storage with solid-state lithium-metal battery technology. The company’s next-generation batteries are designed to enable longer range, faster charging and enhanced safety in electric vehicles to support the transition away from legacy energy sources toward a lower carbon future. For more information, please visit www.quantumscape.com.

For Investors
John Saager, CFA
Head of Investor Relations
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Global real estate private equity firm’s efforts will be led by new Partner and Head of ESG & Impact Linda J. Isaacson

NEW YORK--(BUSINESS WIRE)--ACRE, a global real estate private equity firm, today announced its commitment to reduce its carbon emissions to net zero by 2050. The pledge comes as part of the firm’s evolving Environmental, Social & Governance (ESG) strategy, led by Partner and Head of ESG & Impact, Linda J. Isaacson.

ACRE will undertake a number of measures to chart its path to net zero across its entire portfolio, including a complete Greenhouse Gas (GHG) inventory and assessment of available data to understand the sources of emissions. ACRE is already pursuing the development and implementation of a comprehensive decarbonization strategy in order to align with climate change mitigation and adaptation goals identified in the Paris Agreement.

“Commercial and residential buildings are among the largest contributors to carbon emissions and climate change across the U.S. and the world,” said ACRE Founding Partner Michael Van Der Poel. “We have always considered ourselves to be leaders in investment, as well as in the creation of healthy, sustainable communities. We are proud to lead the charge for the industry as we incorporate a variety of responsible, cutting-edge ESG practices and pursue a truly carbon-neutral future across our growing portfolio.”

Last year, ACRE was welcomed as a strategic partner of the Urban Land Institute (ULI) Greenprint Center for Building Performance, which is dedicated to leading the global real estate industry towards improved environmental performance, focusing on energy efficiency and reduced carbon emissions.

ULI Greenprint will play a key role in ACRE’s path to net zero through measurement, benchmarking, knowledge sharing, and the implementation of best practices that will guide the firm as it decarbonizes its portfolio and continues its success as a leading global real estate investor. ULI defines net zero in line with the World Green Building Council, as a building portfolio that is highly efficient and powered by on- or off-site renewables, including offsets. The goal is also in line with the Paris Agreement, and findings from the Intergovernmental Panel on Climate Change report to limit global warming to 1.5 degrees Celsius. The baseline net zero goal is based on the CDP scope 1 and 2 greenhouse gas emissions, and direct operational control, excluding occupant operations.

“Our formal commitment to be Net Carbon Zero by 2050 is a natural evolution of ACRE’s core principles, which are focused on value creation for all of our stakeholders, and a better, more sustainable future for our residents and the communities they call home,” said Isaacson. “We have already taken many of the early steps that will pave our way to carbon neutrality, and we could not be more excited to stand alongside our peers in ULI Greenprint as we do our part to create a positive, lasting impact on the built environment.”

Isaacson was hired as Partner and ACRE’s first-ever Head of ESG & Impact in February 2022. In addition to guiding the firm’s path to net zero and other ESG initiatives across its portfolio, Isaacson will also play a leading role in its forthcoming venture capital vehicle, guiding investment activity in early-stage companies and technologies aimed at creating social impact and disruption related to the built environment, sustainable communities, climate tech, health tech, and other emerging priorities. ACRE’s unique approach to managing its diverse portfolio of multifamily properties includes an intentional focus on creating added value for residents that extends beyond the four walls of their homes. By establishing a sense of community among residents through socially impactful investments and environmentally conscious measures, ACRE effectively improves tenant retention and generates stable, cash-flowing properties.

About ACRE

Founded in 2011, ACRE is a global real estate private equity firm managing capital for institutional and family office investors through a series of private equity and debt funds and currently has more than $2.9 billion in assets under management. Since its inception, ACRE’s acquisition, development and lending efforts have spanned 22,000 units across 82 properties in 32 cities. ACRE’s strategies focus on direct real estate equity and credit investments and are concentrated in high growth markets in the United States, with additional properties currently in development in Southeast Asia and the United Kingdom. ACRE manages a global multifamily housing portfolio with offices in Atlanta, New York and Singapore.

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HAMILTON, Bermuda--(BUSINESS WIRE)--April 26, 2022-- Triton International Limited (NYSE:TRTN) will host its first quarter 2022 earnings conference call on May 3, 2022 at 8:30 a.m. Eastern Time. The earnings announcement and presentation will be released by 7:00 a.m. that morning and will be available on www.trtn.com.

The conference call will be Webcast, and an archive of the Webcast will be available one hour after the live call. To access the live Webcast or archive, please visit the Company’s website at www.trtn.com. Please allow extra time prior to the call to visit the site and download any necessary software that may be needed to listen to the Webcast.

To listen by phone, please dial in approximately 15 minutes prior to the start time and reference the Triton International Limited conference call.

Live Teleconference Dial-In:
Domestic: 1-877-418-5277
International: 1-412-717-9592

Triton International Limited is the world’s largest lessor of intermodal freight containers. With a container fleet of over 7 million twenty-foot equivalent units ("TEU"), Triton’s global operations include acquisition, leasing, re-leasing and subsequent sale of multiple types of intermodal containers and chassis.

Triton International Limited
Andrew Greenberg, 914-697-2900
Senior Vice President
Business Development & Investor Relations

PRINCETON, N.J.--(BUSINESS WIRE)--Atlantic Power Transmission LLC (“APT”), a Blackstone (NYSE: BX) portfolio company, announces a $50 million commitment to workforce development in New Jersey. The commitment contributes towards creating a workforce hub for the burgeoning offshore wind industry in the Northeast region and the state, addressing one of the recommendations outlined by the New Jersey Offshore Wind Strategic Plan. APT remains committed to this smart, coordinated approach at this critical early stage in the development of the nation’s offshore wind market.

APT will initiate this investment into the New Jersey workforce upon award of its bids to provide transmission supporting the delivery of 3,600MW of offshore wind power to the existing electrical grid under the New Jersey Offshore Wind SAA Transmission Solicitation initiated by the New Jersey Board of Public Utilities and PJM Interconnection. This funding commitment of $50 million over ten years will support workforce development investment in New Jersey’s education, training, and research institutions.

APT has prioritized and actively partnered with its New Jersey Union Coalition in support of its bids and will continue to further expand the existing partnership that APT and Blackstone have with labor. The project’s broad-based New Jersey Union Coalition includes Eastern Atlantic States Regional Council of Carpenters; International Union of Operating Engineers Locals 825 & 25; Iron Workers Local 399; and International Brotherhood of Electrical Workers Local 456.

APT has engaged New Jersey workforce development programs to help ensure New Jersey’s workers will be well prepared to lead the next phase of the development of the offshore wind industry. APT and its Alliance Partners – industry leaders with established offshore wind transmission experience – are committed to using our collective expertise and resources in offshore wind development to map out new, high-impact technical and professional employment opportunities for New Jersey citizens. As part of this workforce development initiative and investment, APT is actively collaborating with local enterprises with a focus on Diversity, Equity & Inclusion, statewide leadership, and Middlesex academic institutions, including Middlesex College and Middlesex County Vocational and Technical Schools.

Commenting on the announcement, APT CEO Andy Geissbuehler said, “This generational investment will support New Jersey and the development of its workforce that will be necessary to build this new industry and to establish a new national standard for wind transmission. Investing in New Jersey’s workforce is crucial for the future of clean energy and this commitment to the next generation of New Jersey families reflects our company’s values.”

Sebastien Sherman, Senior Managing Director at Blackstone, added, “As experienced developers, we recognize that we only win if communities we are serving win alongside us. APT’s collaboration with key stakeholders, including the New Jersey Union Coalition, on proactive design of workforce development programs and development of local content opportunities will cement New Jersey’s first-mover advantage in the burgeoning offshore wind transmission sector for decades to come.”

APT’s project is expected to generate $1.5 billion in economic benefits to New Jersey, including enabling 1,000 direct jobs per year during 5 construction years. Beyond these quantifiable benefits, APT and the New Jersey Union Coalition are working to establish New Jersey’s industry leadership by focusing on maximizing local manufacturing opportunities, including working with local companies and building components in-state. APT is in the process of developing sites to assemble 6,000-ton substation foundations and additional sites to install sensitive electrical equipment into substations.

William Sproule, Executive Secretary-Treasurer of the Eastern Atlantic States Regional Council of Carpenters remarked, “We wholeheartedly support the APT project with Blackstone. Their initiatives, strategic planning, and the discussions that we’ve been having even before construction starts is going to be extremely beneficial to New Jersey residents and help create more jobs in the construction industry as well as give us the ability to recruit new members into our union, into our apprenticeship, and provide them with career training and life-sustaining jobs with good pay and benefits”.

Blackstone has more than a decade of experience investing in renewable energy and climate change solutions and has long worked with the skilled men and women of America’s labor movement. Since 2019, Blackstone has committed over $16 billion in investments that it believes are consistent with the broader energy transition. Blackstone Infrastructure helped launch Atlantic Power Transmission LLC in 2021 to develop, construct and operate planned transmission systems along the US East Coast.

About Blackstone

Blackstone is the world’s largest alternative asset manager. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $915 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, infrastructure, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.

Blackstone Infrastructure Partners

Blackstone Infrastructure Partners is an active investor across energy, transportation, digital infrastructure and water and waste infrastructure sectors. We seek to apply a long-term buy-and-hold strategy to large-scale infrastructure assets with a focus on delivering stable, long-term capital appreciation together with a predictable annual cash flow yield. Our approach to infrastructure investing is one that focuses on responsible stewardship and stakeholder engagement to create value for our investors and the communities we serve.

Atlantic Power Transmission LLC (“APT”)

APT is a Blackstone Infrastructure Partners Portfolio Company, headquartered in Princeton, New Jersey and is dedicated to developing, constructing and operating planned transmission systems along the US East Coast to enable efficient interconnection of commercial scale offshore wind facilities.

Paula Chirhart
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347-463-5453

• Discoveries at Barreleye-1, Patwa-1 and Lukanani-1 to inform future development plans in southeast portion of block
• Continued success in Stabroek Block validates company’s ambitious exploration strategy
• Brings total discoveries offshore Guyana in 2022 to five

IRVING, Texas--(BUSINESS WIRE)--ExxonMobil has made three new discoveries offshore Guyana and increased its estimate of the recoverable resource for the Stabroek Block to nearly 11 billion oil-equivalent barrels.

The three discoveries are southeast of the Liza and Payara developments and bring to five the discoveries made by ExxonMobil in Guyana in 2022.

The Barreleye-1 well encountered approximately 230 feet (70 meters) of hydrocarbon-bearing sandstone and was drilled in 3,840 feet (1,170 meters) of water. Drilling at Patwa-1 encountered 108 feet (33 meters) of hydrocarbon-bearing sandstone and was conducted in 6,315 feet (1,925 meters) of water. The Lukanani-1 well encountered 115 feet (35 meters) of hydrocarbon-bearing sandstone and was drilled in a water depth of 4,068 feet (1,240 meters). Operations are ongoing at Barreleye-1 and Lukanani-1.

“These discoveries and the updated resource estimate increase the confidence we have in our ambitious exploration strategy for the Stabroek Block and will help to inform our future development plans for the southeast part of the block,” said Liam Mallon, president of ExxonMobil Upstream Company. “ExxonMobil remains committed to delivering value at an accelerated pace to the people of Guyana, our partners and shareholders and reliably supplying affordable energy to meet increasing demand around the world.”

ExxonMobil currently has four sanctioned projects offshore Guyana. Liza Phase 1 is producing approximately 130,000 barrels per day using the Liza Destiny floating production storage and offloading (FPSO) vessel. Liza Phase 2, which started production in February, is steadily ramping up to its capacity of 220,000 barrels per day using the Liza Unity FPSO. The third project, Payara, is expected to produce 220,000 barrels per day; construction on its production vessel, the Prosperity FPSO, is running approximately five months ahead of schedule with start-up likely before year-end 2023. The fourth project, Yellowtail, is expected to produce 250,000 barrels per day when the ONE GUYANA FPSO comes online in 2025.

Guyana’s Stabroek Block is 6.6 million acres (26,800 square kilometers). ExxonMobil affiliate Esso Exploration and Production Guyana Limited is the operator and holds 45% interest in the Block. Hess Guyana Exploration Ltd. holds 30% interest, and CNOOC Petroleum Guyana Limited holds 25% interest.

About ExxonMobil

ExxonMobil, one of the largest publicly traded international energy and petrochemical companies, creates solutions that improve quality of life and meet society’s evolving needs.

The corporation’s primary businesses - Upstream, Product Solutions and Low Carbon Solutions - provide products that enable modern life, including energy, chemicals, lubricants, and lower-emissions technologies. ExxonMobil holds an industry-leading portfolio of resources, and is one of the largest integrated fuels, lubricants and chemical companies in the world. To learn more, visit exxonmobil.com and the Energy Factor.

Follow us on Twitter and LinkedIn.

Cautionary Statement

Statements of future events or conditions in this release are forward-looking statements. Actual future results, including project plans, schedules, capacities, production rates, and resource recoveries could differ materially due to: changes in market conditions affecting the oil and gas industry or long-term oil and gas price levels; political or regulatory developments including obtaining necessary regulatory permits; reservoir performance; the outcome of future exploration efforts; timely completion of development and construction projects; technical or operating factors; the outcome of commercial negotiations; unexpected technological breakthroughs or challenges; and other factors cited under the caption “Factors Affecting Future Results” on the Investors page of our website at exxonmobil.com and under Item 1A. Risk Factors in our annual report on Form 10-K. References to “recoverable resources,” “oil-equivalent barrels,” and other quantifies of oil and gas include estimated quantities that are not yet classified as proved reserves under SEC definitions but are expected to be ultimately recoverable. The term “project” can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports.

ExxonMobil Media Relations
(972) 940-6007

Company reports record first quarter revenue and announces share repurchase plan

SCHAFFHAUSEN, Switzerland--(BUSINESS WIRE)--Garmin^® Ltd. (NYSE: GRMN) today announced results for the first quarter ended March 26, 2022.

Highlights for first quarter 2022 include:

• Record consolidated revenue of $1.17 billion, a 9% increase over the prior year quarter with three segments posting double digit growth
• Gross and operating margins were 56.5% and 19.5%, respectively
• Operating income of $229 million, an 8% decrease compared to the prior year quarter
• GAAP EPS was $1.09 and pro forma EPS⁽¹⁾ was $1.11
• Launched a sweeping update to our lineup of outdoor adventure watches
• Named the 2022 Associate Member of the Year by the Aircraft Electronics Association, and for the 18th consecutive year, ranked 1st place in Professional Pilot Magazine’s 2022 Avionics Product Support Survey
• Unveiled LiveScope Plus a high-resolution live sonar that raises the performance bar in the recreational fishing market

Executive Overview from Cliff Pemble, President and Chief Executive Officer:

“We delivered another quarter of growth and record revenue in an increasingly complex and challenging business environment,” said Cliff Pemble, President and CEO of Garmin. “High freight cost and component supply challenges persist while new headwinds emerge such as the strengthening of the U.S. dollar and the uncertainty created by Russia’s invasion of Ukraine. In this dynamic environment, we remain focused on creating highly differentiated products that excite our customers and lead to success.”

Fitness:

Revenue from the fitness segment decreased 28% in the first quarter. All categories declined but the weakness is primarily attributable to the normalization of demand for cycling products from the pandemic-driven levels in the prior year. Gross and operating margins were 48% and 0% in the quarter, respectively, resulting in $1 million of operating income. Our Garmin Connect platform contains a sizable repository of health insights covering millions of Garmin device users. Utilizing anonymized data from Garmin Connect, we showed that people who sleep more also experience lower levels of stress during the day. In addition, we provided useful insights on the link between modest levels of activity and lower resting heart rate, which is an indicator often associated with improved cardiac health. These insights are made possible by the state-of-the-art bio sensors and algorithms found in Garmin wearables.

Outdoor:

Revenue from the outdoor segment grew a robust 50% in the first quarter primarily due to strong demand for our adventure watches. Gross and operating margins were 64% and 39%, respectively, resulting in $149 million of operating income. During the quarter, we announced a sweeping update to our lineup of adventure watches including our flagship fēnix 7, the exciting new epix premium smartwatch, and the next generation Instinct 2 which includes versions that can operate indefinitely by harvesting the power of the sun.

Aviation:

Revenue from the aviation segment grew 1% in the first quarter primarily driven by growth in the OEM category. Gross and operating margins were 73% and 23%, respectively, resulting in $40 million of operating income. During the quarter we launched the D2 Mach 1, a premium aviator smartwatch with a vibrant AMOLED display, and the D2 Air X10, which combines powerful aviation features with voice functionality, allowing pilots to take calls and use their compatible smartphone’s voice assistant. We also announced additional certifications for our GFC 500/600 autopilot, bringing the performance and safety enhancing benefits of our flight control technology to more aircraft models.

Marine:

Revenue from the marine segment grew 21% in the first quarter with growth across multiple categories led by strong demand for our chartplotters. Gross and operating margins were 51% and 23%, respectively, resulting in $59 million of operating income. During the quarter, we launched the new LiveScope Plus with enhanced resolution, clearer images and improved target separation. Also during the quarter, our LiveScope technology helped Garmin sponsored fishing pro Jason Christie win the 2022 Bassmaster Classic, which drew more than 150,000 spectators over a three day period.

Auto:

Revenue from the auto segment grew 11% during the first quarter driven by growth in both OEM and consumer products. Gross margin was 38%, and we recorded an operating loss of $20 million in the quarter driven by ongoing investments in auto OEM programs. During the quarter, we launched the Instinct 2 dēzl edition smartwatch. This rugged smartwatch was created for professional truck drivers seeking to lead a healthy over-the-road lifestyle.

Additional Financial Information:

Total operating expenses in the first quarter were $434 million, an 11% increase over the prior year. Research and development increased by 11%, primarily due to engineering personnel costs. Selling, general and administrative expenses increased 11%, driven primarily by personnel related expenses and information technology costs. Advertising increased 10% over the prior year quarter primarily due to higher spend in the outdoor and marine segments.

The effective tax rate in the first quarter was 10.3% compared to 12.2% in the prior year quarter. The year-over-year decrease in the effective tax rate is primarily due to an increase in U.S. tax deductions and credits.

In the first quarter of 2022, we generated approximately $126 million of free cash flow⁽¹⁾, and paid a quarterly dividend of approximately $129 million. We ended the quarter with cash and marketable securities of approximately $3.0 billion.

2022 Fiscal Year Guidance:

We are maintaining our 2022 guidance for revenue of approximately $5.5 billion and pro forma EPS of $5.90 (see discussion on Forward-looking Financial Measures).

Dividend Recommendation and Share Repurchase Program:

As announced in February, the Board will recommend to the shareholders for approval at the annual meeting to be held on June 10, 2022 a cash dividend in the total amount of $2.92 per share (subject to possible adjustment based on the total amount of the dividend in Swiss Francs as approved at the annual meeting) payable in four equal quarterly installments.

On April 22, 2022, the Board of Directors authorized the Company to repurchase up to $300 million of the Company’s shares through December 29, 2023. The timing and volume of any share repurchases under this authorization will be determined by management at its discretion. Share repurchases, which are subject to market conditions, other business conditions and applicable legal requirements, may be made from time to time in the open market or in privately negotiated transactions, including under plans complying with the provisions of Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended.

Webcast Information/Forward-Looking Statements:

The information for Garmin Ltd.’s earnings call is as follows:

An archive of the live webcast will be available until April 26, 2023 on the Garmin website at www.garmin.com. To access the replay, click on the Investors link and click over to the Events Calendar page.

This release includes projections and other forward-looking statements regarding Garmin Ltd. and its business that are commonly identified by words such as “anticipates,” “would,” “may,” “expects,” “estimates,” “plans,” “intends,” “projects,” and other words or phrases with similar meanings. Any statements regarding the Company’s expected fiscal 2022 GAAP and pro forma estimated earnings, EPS, and effective tax rate, and the Company’s expected segment revenue growth rates, consolidated revenue, gross margins, operating margins, potential future acquisitions, share repurchase programs, currency movements, expenses, pricing, new product launches, market reach, statements relating to possible future dividends, statements related to the ongoing impact of the COVID-19 pandemic, and the Company’s plans and objectives are forward-looking statements. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of risk factors and uncertainties affecting Garmin, including, but not limited to, the risk factors that are described 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 001-41118). A copy of Garmin’s 2021 Form 10-K can be downloaded from https://www.garmin.com/en-US/investors/sec/. All information provided in this release and in the attachments is as of March 26, 2022. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to us on the date hereof. We undertake no duty to update this information unless required by law.

This release and the attachments contain non-GAAP financial measures. A reconciliation to the nearest GAAP measure and a discussion of the Company's use of these measures are included in the attachments.

Garmin, the Garmin logo, the Garmin delta, dēzl, fēnix, Instinct are trademarks of Garmin Ltd. or its subsidiaries and are registered in one or more countries, including the U.S. D2, epix, Garmin Connect, GFC, LiveScope and Panoptix are trademarks of Garmin Ltd. or its subsidiaries. All other brands, product names, company names, trademarks and service marks are the properties of their respective owners. All rights reserved.

Changes in Classification and Allocation

Prior period information presented here has been recast to conform to the current period presentation. See Appendix A for further discussion and recast presentation of additional prior periods.

The following table includes supplemental financial information for the consumer auto and auto OEM operating segments that management believes is useful.

Non-GAAP Financial Information

To supplement our financial results presented in accordance with GAAP, this release includes the following measures defined by the Securities and Exchange Commission as non-GAAP financial measures: pro forma effective tax rate, pro forma net income (earnings) per share and free cash flow. These non-GAAP measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and may be different from non-GAAP measures used by other companies, limiting the usefulness of the measures for comparison with other companies. Management believes providing investors with an operating view consistent with how it manages the Company provides enhanced transparency into the operating results of the Company, as described in more detail by category below.

The tables below provide reconciliations between the GAAP and non-GAAP measures.

Pro forma effective tax rate

The Company’s income tax expense is periodically impacted by discrete tax items that are not reflective of income tax expense incurred as a result of current period earnings. Therefore, management believes disclosure of the effective tax rate and income tax provision before the effect of certain discrete tax items are important measures to permit investors' consistent comparison between periods. In the first quarter 2022 and 2021 there were no such discrete tax items identified.

Pro forma net income (earnings) per share

Management believes that net income (earnings) per share before the impact of foreign currency gains or losses and certain discrete income tax items, as discussed above, is an important measure in order to permit a consistent comparison of the Company’s performance between periods.

Free cash flow

Management believes that free cash flow is an important liquidity measure because it represents the amount of cash provided by operations that is available for investing and defines it as operating cash flows less capital expenditures for property and equipment. Management believes that excluding purchases of property and equipment provides a better understanding of the underlying trends in the Company’s operations and allows more accurate comparisons of the Company’s results between periods. This metric may also be useful to investors, but should not be considered in isolation as it is not a measure of cash flow available for discretionary expenditures. The most comparable GAAP measure is net cash provided by operating activities.

Forward-looking Financial Measures

The forward-looking financial measures in our 2022 guidance provided above do not consider the potential future net effect of foreign currency exchange gains and losses, certain discrete tax items and any other impacts that may be identified as pro forma adjustments in calculating the non-GAAP measures described above.

The estimated impact of foreign currency gains and losses cannot be reasonably estimated on a forward-looking basis due to the high variability and low visibility with respect to non-operating foreign currency exchange gains and losses and the related tax effects of such gains and losses. The impact on diluted net income per share of foreign currency gains and losses, net of tax effects, was $0.02 per share for the first quarter ended March 26, 2022.

At this time, management is unable to determine whether or not significant discrete tax items will occur in fiscal 2022 or anticipate the impact of any other events that may be considered in the calculation of non-GAAP financial measures.

Appendix A – Expense classification and segment allocation methodology changes

Beginning in the first quarter of 2022, the Company refined its methodology used in classifying certain indirect costs and allocating certain operating expenses to the segments. These changes had no effect on the Company’s consolidated operating income, net income, or composition of operating segments and reportable segments. Each prior period that will be presented in the forthcoming Form 10-Q and Form 10-K filings will be recast to conform to current period presentation. The following tables provide the relevant financial results as previously reported, as recast for the current period and forthcoming filings, and the associated impacts of the changes.

Investor Relations Contact:
Teri Seck
913/397-8200
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Media Relations Contact:
Krista Klaus
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CENTRAL ISLIP, N.Y.--(BUSINESS WIRE)--CVD Equipment Corporation (NASDAQ: CVV), a leading provider of chemical vapor deposition systems, announced today that it has received an order for nine (9) Physical Vapor Transport (PVT) systems. The systems will be used to grow Silicon Carbide (SiC) material which is subsequently processed into wafers to support high power electronics applications. The systems are scheduled to ship in the second half of 2022. This order is in addition to the order for 6 PVT tools that was previously announced in Q4 2021.

SiC circuits are in demand for the rapidly expanding power electronics market as applications push toward the “electrification of everything”. The Electric Vehicle Industry is driving the transition from Silicon-based power electronics to SiC, to increase the efficiency and range of such vehicles while increasing the power density of control electronics and enabling faster charging times. Applications for SiC circuits within the transportation sector also include electrified trains, ships, and aircraft electric propulsion systems. Renewable energy applications such as solar photovoltaics and wind energy will benefit from SiC circuitry by minimizing conversion losses and increasing overall energy efficiency. SiC is also expected to impact the telecommunications market including 5G wireless devices as SiC enables smaller, lighter circuits than can withstand higher voltages than Silicon and have reduced requirements for thermal management.

“The demand for SiC devices for high power electronics continues to accelerate for electric vehicles, energy and industrial applications. We are committed to establishing a leadership role in manufacturing high quality SiC production systems and proud to support our customers and stakeholders in this fast-growing market,” said Emmanuel Lakios, President and CEO of CVD Equipment Corporation.

About CVD Equipment Corporation
CVD Equipment Corporation (NASDAQ: CVV) designs, develops, and manufactures a broad range of chemical vapor deposition, gas control, and other state-of-the-art equipment and process solutions used to develop and manufacture materials and coatings for research and industrial applications. This equipment is used by its customers to research, design, and manufacture these materials or coatings for aerospace engine components, medical implants, semiconductors, battery nanomaterials, solar cells, smart glass, carbon nanotubes, nanowires, LEDs, MEMS, and other applications. Through its application laboratory, the Company provides process development support and process startup assistance with the focus on enabling tomorrow’s technologies™. It’s wholly owned subsidiary CVD Materials Corporation provides advanced materials and metal surface treatments and coatings to serve demanding applications in the electronic, biomedical, petroleum, pharmaceutical, and many other industrial markets.

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by CVD Equipment Corporation) contains statements that are forward-looking. All statements other than statements of historical fact are hereby identified as “forward-looking statements, “as such term is defined in Section 27A of the Securities Exchange Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward looking information involves a number of known and unknown risks and uncertainties that could cause actual results to differ materially from those discussed or anticipated by management. Potential risks and uncertainties include, among other factors, market and business conditions, the COVID-19 pandemic, the success of CVD Equipment Corporation’s growth and sales strategies, the possibility of customer changes in delivery schedules, cancellation of, or failure to receive orders, potential delays in product shipments, delays in obtaining inventory parts from suppliers and failure to satisfy customer acceptance requirements, and other risks and uncertainties that are described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 and the Company’s other filings with the Securities and Exchange Commission. For forward-looking statements in this release, the Company claims the protection of the safe harbor of the Private Securities Litigation Reform Act of 1995. The Company assumes no obligations to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise. Past performance in not a guaranty of future results.

Thomas McNeill, EVP and CFO
Phone: (631) 981-7081
Fax: (631) 981-7095
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DUBLIN--(BUSINESS WIRE)--The "Marine Engines Market by Engine (Propulsion Engine, Auxiliary Engine), Type (Two Stroke, Four Stroke), Power Range (Up to 1,000 hp, 1,001-5,000 hp, 5,001-10,000 hp, 10,001-20,000 hp, Above 20,000 hp), Fuel, Vessel and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The marine engines market is projected to reach USD 13.3 billion by 2027 from an estimated USD 11.7 billion in 2022, at a CAGR of 2.6% during the forecast period.

The global marine engines market is driven by the growth in international marine freight transport, aging fleet, and adoption of smart engines for performance and safety. The rise of e-commerce and online trade, and rising demand for dual-fuel and hybrid engines are expected to offer lucrative opportunities for the marine engines market during the forecast period.

The propulsion engine segment, by engine, is expected to be the largest market from 2022 to 2027

The by engine segment is categorized into propulsion engine, and auxiliary engine. The propulsion engine segment held the largest share of the marine engines market. Propulsion engines are the main engines of ships, providing thrust and power to move and sail the oceans. Marine propulsion engines are a very important asset of ships as they are the prime mover of the ship. Propulsion engines are further divided into gas turbines, diesel engines, steam turbines, and dual-fuel engines. The demand for propulsion engines across various engine types is high and expected to increase further as the demand for new build ships increases. This may drive the growth of the propulsion engine segment of the marine engines market.

The above 20,000 HP segment, by power range, is expected to be the largest market from 2022 to 2027

The above 20,000 HP segment held the largest market share of the marine engines market in 2021. The above 20,000 HP marine engines have applications mainly for very large vessels, which include large bulk carriers, cargo vessels, containerships, defense vessels, LPG carriers, LNG carriers, and others, wherein, they are used as the main propulsion engine for the vessel. The revival of maritime trade and the requirement for more and more vessels are expected to drive the growth of the above 20,000 HP segment during the forecast period.

Asia Pacific: The largest region in the marine engines market

Asia Pacific is expected to dominate the global marine engines market between 2022-2027. The growth of the regional market is driven by its robust shipbuilding industry, supported by governments through tax rebates and tax incentive packages, sustained economic growth, and the development of efficient marine engine technologies. The demand for marine engines in the defense sector is also projected to increase because of the ongoing territorial conflicts in the region. Asia Pacific is expected to see a further growth in the manufacturing sector due to lower capital and labor costs. The growth in manufacturing industry is also expected to lead to an upward trend in the marine engines market as maritime import-export trade increases.

Market Dynamics

Drivers

• Growth in International Marine Freight Transport
• Aging Fleet
• Adoption of Smart Engines for Performance and Safety

Restraints

• Stringent Environmental Regulations for Decarbonizing Shipping
• Soaring Freight Rates and Fees
• Dependence on Heavy Liquid Fuels

Opportunities

• Rise of E-Commerce and Online Trade
• Rising Demand for Dual-Fuel and Hybrid Engines

Challenges

• Structural Factors Increasing Maritime Transport Costs
• Volatile Oil & Gas Prices

Companies Mentioned

• Bergen Engines
• Caterpillar
• CNPC Jichai Power Company Limited
• Cummins
• Daihatsu Diesel Mfg. Co. Ltd.
• Deutz Ag
• Doosan Infracore
• Fairbanks Morse
• Hyundai Heavy Industries Co. Ltd.
• IHI Power Systems
• Isotta Fraschini Motori
• Mahindra Powerol
• Mitsubishi Heavy Industries, Ltd.
• Rolls-Royce Holdings
• Siemens Energy
• Volkswagen Group (Man Energy Solutions)
• Volvo Penta
• Wabtec (Ge Transportation)
• Wingd
• Wartsila
• Yanmar

For more information about this report visit https://www.researchandmarkets.com/r/y23ve5

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• Gross discovered recoverable resource estimate for Stabroek Block increased to approximately 11 billion barrels of oil equivalent
• Discoveries at Barreleye, Lukanani and Patwa further underpin the development potential of the block

NEW YORK--(BUSINESS WIRE)--Hess Corporation (NYSE: HES) today announced an increase in the gross discovered recoverable resource estimate for the Stabroek Block offshore Guyana to approximately 11 billion barrels of oil equivalent, up from the previous estimate of more than 10 billion barrels of oil equivalent. The updated resource estimate includes three new discoveries on the block at Barreleye, Lukanani and Patwa in addition to the Fangtooth and Lau Lau discoveries announced earlier this year.

The Barreleye-1 well encountered approximately 230 feet (70 meters) of hydrocarbon bearing sandstone reservoirs of which approximately 52 feet (16 meters) is high quality oil bearing. The well was drilled in 3,840 feet (1,170 meters) of water and is located approximately 20 miles (32 kilometers) southeast of the Liza Field.

The Lukanani-1 well encountered 115 feet (35 meters) of hydrocarbon bearing sandstone reservoirs of which approximately 76 feet (23 meters) is high quality oil bearing. The well was drilled in water depth of 4,068 feet (1,240 meters) and is located in the southeastern part of the block, approximately 2 miles (3 kilometers) west of the Pluma discovery.

The Patwa-1 well encountered 108 feet (33 meters) of hydrocarbon bearing sandstone reservoirs. The well was drilled in 6,315 feet (1,925 meters) of water and is located approximately 3 miles (5 kilometers) northwest of the Cataback-1 discovery.

CEO John Hess said: “These new discoveries further demonstrate the extraordinary resource density of the Stabroek Block and will underpin our queue of future development opportunities. We look forward to continuing to work with the Government of Guyana and our partners to realize the remarkable potential of this world class resource for the benefit of all stakeholders.”

Hess and its co-venture partners currently have four sanctioned developments on the Stabroek Block. The Liza Phase 1 development, which began production in December 2019 utilizing the Liza Destiny floating production, storage and offloading vessel (FPSO) with a production capacity of approximately 120,000 gross barrels of oil per day, recently completed production optimization work that expanded its production capacity to more than 140,000 gross barrels of oil per day. It is currently producing approximately 130,000 gross barrels of oil per day and is expected to reach its full capacity in the second quarter. The Liza Phase 2 development, utilizing the Liza Unity FPSO, began production in February 2022 and is expected to reach its production capacity of approximately 220,000 gross barrels of oil per day by the third quarter. The third development at Payara is ahead of schedule and now expected to come online in late 2023 utilizing the Prosperity FPSO with a production capacity of approximately 220,000 gross barrels of oil per day. The fourth development, Yellowtail, is expected to come online in 2025, utilizing the ONE GUYANA FPSO with a production capacity of approximately 250,000 gross barrels of oil per day.

At least six FPSOs with a production capacity of more than 1 million gross barrels of oil per day are expected to be online on the Stabroek Block in 2027, with the potential for up to 10 FPSOs to develop gross discovered recoverable resources.

The Stabroek Block is 6.6 million acres. ExxonMobil affiliate Esso Exploration and Production Guyana Limited is operator and holds 45% interest in the Stabroek Block. Hess Guyana Exploration Ltd. holds 30% interest and CNOOC Petroleum Guyana Limited holds 25% interest.

Hess Corporation is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas. More information on Hess Corporation is available at www.hess.com.

Cautionary Statements
This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as “anticipate,” “estimate,” “expect,” “forecast,” “guidance,” “could,” “may,” “should,” “would,” “believe,” “intend,” “project,” “plan,” “predict,” “will,” “target” and similar expressions identify forward-looking statements, which are not historical in nature. Our forward-looking statements may include, without limitation, the expected number, timing and completion of our development projects and estimates of capital and operating costs for these projects; estimates of our crude oil and natural gas resources and levels of production; and our future financial and operational results. Forward-looking statements are based on our current understanding, assessments, estimates and projections of relevant factors and reasonable assumptions about the future. Forward-looking statements are subject to certain known and unknown risks and uncertainties that could cause actual results to differ materially from our historical experience and our current projections or expectations of future results expressed or implied by these forward-looking statements. The following important factors could cause actual results to differ materially from those in our forward-looking statements: fluctuations in market prices or demand for crude oil, NGLs and natural gas, including due to COVID-19, competing or alternative energy products and political conditions and events; potential failures or delays in increasing oil and gas reserves, including as a result of unsuccessful exploration activity, drilling risks and unforeseen reservoir conditions, and in achieving expected production levels; changes in laws, regulations and governmental actions applicable to our business, including legislative and regulatory initiatives regarding environmental concerns, such as measures to limit greenhouse gas emissions and flaring, fracking bans as well as restrictions on oil and gas leases; the ability of our contractual counterparties to satisfy their obligations to us, including the operation of joint ventures which we may not control and exposure to decommissioning liabilities for divested assets in the event the current or future owners are unable to perform; unexpected changes in technical requirements for constructing, modifying or operating exploration and production facilities and/or the inability to timely obtain or maintain necessary permits; potential disruption or interruption of our operations due to catastrophic events, including COVID-19 or climate change; and other factors described in Item 1A—Risk Factors in our Annual Report on Form 10-K and any additional risks described in our other filings with the Securities and Exchange Commission. As and when made, we believe that our forward-looking statements are reasonable. However, given these risks and uncertainties, caution should be taken not to place undue reliance on any such forward-looking statements since such statements speak only as of the date when made and there can be no assurance that such forward-looking statements will occur and actual results may differ materially from those contained in any forward-looking statement we make. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events or otherwise.

We use certain terms in this release relating to resources other than proved reserves, such as unproved reserves or resources. Investors are urged to consider closely the oil and gas disclosures in Hess Corporation’s Form 10-K, File No. 1-1204, available from Hess Corporation, 1185 Avenue of the Americas, New York, New York 10036 c/o Corporate Secretary and on our website at www.hess.com. You can also obtain this form from the SEC on the EDGAR system.

Investor Contact:
Jay Wilson
(212) 536-8940
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Media Contact:
Lorrie Hecker
(212) 536-8250
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DUBLIN--(BUSINESS WIRE)--The "Hydrogen Fuel Cell: Global Markets" report has been added to ResearchAndMarkets.com's offering.

This report covers fuel cells used in stationary power generation and storage applications along with mobility applications. Other applications primarily include fuel cell electrolyzers.

The key contributor to growth is the stationary segment, especially combined heat and power (CHP) products, a technology that has evolved from the cogeneration process. Stationary systems provide electricity and sometimes heat and are immovable. Their output capacity generally ranges from 0.5 kW to 2 MW.

CHP systems are more efficient in fuel-to-energy conversion as they use heat generated during power generation. These systems are available in a wide range of power capability and sizes, making them popular for residential and commercial applications.

Definitive and detailed estimates and forecasts of the global market are provided. The report also contains a detailed analysis of the key fuel cell types, regions, countries, applications, and ongoing trends in the market.

The fuel cell market is segmented based on a) type of fuel cell and b) application. Solid oxide fuel cells and proton exchange membrane fuel cells (PEMFC) are the major types in the fuel cell market. The applications considered in this study are combined heating and power (CHP), stationary power supply units, auxiliary power units (APU), and vehicle propulsion systems.

Descriptive company profiles of the leading global players, including Bloom Energy, Cummins Inc., Delphi Automotive, General Electric, Mitsubishi Heavy Industries Ltd., Panasonic Group, Rolls-Royce Fuel Cell Systems Ltd, and Shell Hydrogen BV.

Report Includes

• 44 data tables and 38 additional tables
• An up-to-date overview of the global market for hydrogen fuel cells technology
• Analyses of the global market trends, with data from 2021, estimates for 2022, and projections of compound annual growth rates (CAGRs) through 2027
• Highlights of the upcoming market potential for hydrogen fuel cells in stationery and transport power generation industry, future trends and innovations, and areas of focus to forecast this market into various segments and sub-segments
• Evaluation and forecast the global hydrogen fuel cell market size for, and corresponding market share analysis by fuel cell type, application, and region
• Discussion of the key market dynamics (DROs), technology updates, industry value chain analysis, and COVID-19 implications on the progress of this market
• Insight into recent industry structure, current competitive scenario, R&D activities, major growth strategies, and company value share analysis based on their segmental revenues
• Latest information on recent developments in the hydrogen fuel cell industry

Key Topics Covered:

Chapter 1 Introduction

• Study Goals and Objectives
• Scope of Report
• Information Sources
• Methodology
• Geographic Breakdown
• Analyst's Credentials
• Custom Research
• Related Research Reports

Chapter 2 Summary and Highlights

Chapter 3 Market and Technology Overview

• Technical Overview
• History of Fuel Cells
• Hydrogen Fuel Industry
• Market Overview
• Value Chain
• Competitive Technologies
• Government Initiatives to Promote Fuel Cells

Chapter 4 Covid-19 Impact Analysis

• Combined Heat and Power
• Auxiliary and Backup Power

Chapter 5 Market Breakdown by Type

• Pemfc
• Pem Technology
• Sofc
• Sofc Technology
• Sofc Technology: Current and Developmental Configurations
• Other Fuel Cell Types
• Alkaline Fuel Cells
• Phosphoric Acid Fuel Cell
• Molten Carbon Fuel Cell

Chapter 6 Market Breakdown by Application

• Stationary Power Units
• Combined Heat and Power Units
• Backup/Secondary Power Unit
• Portable Power Units
• Residential and Commercial (Generators)
• Recreational and Commercial Vehicles
• Signage
• Anti-Idling Apus
• Aircraft
• Military Apus
• Transportation
• On-Road
• Off-Road

Chapter 7 Market Breakdown by Region

• Apac
• Japan
• South Korea
• Rest of Apac
• North America
• U.S.
• Europe
• Ene-Field
• Pace
• Kfw 433 (Germany)

Chapter 8 Recent Developments

• Recent Developments

Chapter 9 Company Profiles

• Acal Energy Ltd.
• Acumentrics Holding Corp.
• Adelan UK Ltd.
• Afc Energy
• Alpps Fuel Cell Systems
• Alstom Technology
• Altergy
• Ariston Holding N.V.
• Babcock & Wilcox
• Ballard Power Systems
• Bloom Energy
• Ceres Power
• Clara Venture Labs
• Convion Oy
• Cummins Inc.
• Delphi Automotive
• Doosan Fuel Cell
• Elcogen As
• Entwicklungs Und Vertriebsgesellschaft Brennstoffzelle
• Ezelleron Inc.
• Fuelcell Energy
• Fuel Cell Technologies
• Fuji Electric
• General Electric Co.
• George Westinghouse Research and Technology Park
• H2E Power Systems Inc.
• H2 Power Tech
• Haldor Topsoe A/S/Topsoe Fuel Cell
• Horizon Fuel Cells and Riversimple
• Itm Power
• Intelligent Energy
• Kansai Electric Power Co. Inc.
• Linde Boc
• Logan Energy Corp.
• Meidensha Corp.
• Meridian Energy Ltd.
• Mitsubishi Heavy Industries Ltd.
• Nedstack Fuel Cell Technology
• Palcan Fuel Cells Ltd.
• Panasonic
• Plug Power Inc.
• Pohang Iron and Steel Co. (Posco)
• Proton Motor Fuel Cell GmbH
• Rolls-Royce Fuel Cell Systems Ltd.
• Safcell
• Shell Hydrogen Bv
• Siemens Power Generation Inc.
• Smart Fuel Cell AG (Sfc)
• Solidpower
• Staxera GmbH (Sunfire)
• Sulzer Hexis AG
• Sumitomo Corp.
• Tokyo Gas Co. Ltd.
• Toshiba Fuel Cell Power Systems Corp.
• Toyota
• Vaillant GmbH
• Versa Power Systems Inc.
• Violet Fuel Cell Sticks
• Watt Fuel Cell Corp.

For more information about this report visit https://www.researchandmarkets.com/r/cbgw5w

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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DALLAS--(BUSINESS WIRE)--Matador Resources Company (NYSE: MTDR) (“Matador” or the “Company”) today reported financial and operating results for the first quarter of 2022. A short slide presentation summarizing the highlights of Matador’s first quarter 2022 earnings release is also included on the Company’s website at www.matadorresources.com on the Events and Presentations page under the Investor Relations tab.

Management Summary Comments

Joseph Wm. Foran, Matador’s Founder, Chairman and CEO, commented, “On both our website and the webcast planned for tomorrow’s earnings conference call is a set of six slides identified as ‘Chairman’s Remarks’ (Slides A through F) to add color and detail to my remarks. We invite you to review these slides in conjunction with my comments below, which are intended to provide context for the first quarter 2022 results. Slide A shows our progress from previous periods and priorities and expected milestones for the current year.

First Quarter 2022 Highlights and Achievements

“The first quarter of 2022 was another outstanding quarter both operationally and financially for Matador, highlighted by the successful completion of 26 gross operated wells with better-than-expected results. Matador also set several new financial records, including record oil and natural gas revenues of $627 million and net income of $207 million, leading to record adjusted net income of $277 million and record Adjusted EBITDA of $462 million (see Slide B). San Mateo Midstream also had a record quarter, including all-time high throughput volumes for natural gas gathering and processing, oil gathering and transportation and water handling, as well as record net income of $35 million and record Adjusted EBITDA of $45 million (see Slide C).

“In addition, Matador used its free cash flow in late 2020 and 2021 to pay down its commercial debt by nearly $400 million and its free cash flow in the first quarter of 2022 to repay $50 million in borrowings outstanding under its reserves-based revolving credit facility, which reduced the borrowings outstanding under its reserves-based revolving credit facility to $50 million at March 31, 2022 from $100 million at year-end 2021. Then, in April 2022, Matador repaid the remaining commercial borrowings of $50 million to eliminate all borrowings outstanding under its reserves-based revolving credit facility. This repayment represents $475 million in debt repayments (one-third of Matador’s total debt outstanding) since the end of the third quarter of 2020 and is a significant achievement, especially given the volatility in the global energy markets during the last two years. Matador’s leverage ratio under the reserves-based revolving credit facility declined from 2.9x at year-end 2020 to 1.1x at year-end 2021 to 0.8x during the first quarter of 2022, marking Matador’s lowest leverage ratio since mid-2013 (see Slide D).

“Matador expects to continue generating significant free cash flow for the full year 2022, and, as we announced yesterday, we are committed to continue paying a quarterly dividend to shareholders, while continuously evaluating various enhanced shareholder return opportunities. For example, net cash provided by operating activities in the first quarter was $329 million, leading to first quarter of 2022 adjusted free cash flow of $246 million, which was more than double the adjusted free cash flow we generated in the fourth quarter of 2021. We believe we will continue to have a number of good opportunities for the remainder of the year, but our first priority is to maintain our financial and operating discipline.

First Quarter 2022 Capital Expenditures Below Forecast

“Our total capital expenditures for drilling, completing and equipping wells for the first quarter of 2022 amounted to $199 million, which was 9%, or $19 million, less than the midpoint of our guidance. While we saw anticipated inflationary pressures on our capital expenditures during the quarter, these cost increases were partially offset by efficiencies achieved by our operations team (see Slide E). Drilling and completion costs for the 26 gross (24.2 net) operated wells turned to sales during the first quarter of 2022 increased 2% from $738 per completed lateral foot in the fourth quarter of 2021 to $752 per completed lateral foot during the first quarter of 2022. We anticipate a 5 to 10% sequential increase in costs per completed lateral foot in the second quarter of 2022, as compared to the first quarter of 2022, which is still within our original estimates for service cost inflation. Our staff and field personnel have done a great job of keeping costs relatively flat so far this year. There is more uncertainty, however, in the second half of 2022 primarily due to rising commodity and raw materials prices, global supply chain constraints, high inflation rates and service and labor availability. As a result, our costs per completed lateral foot in the second half of the year could be somewhat higher than our original estimates, depending on the circumstances. We will continue to look for ways to mitigate any potential cost increases through additional operational and capital efficiencies such as continued improvement in drilling times and wellbore design, simultaneous fracturing operations, the use of dual-fuel fracturing fleets and focusing on drilling longer laterals.

Initial Key 2022 Milestones Achieved

“As mentioned earlier, Matador’s 2022 priorities and milestones are summarized on Slide A. In February, we achieved our first significant operational milestone of 2022 when we turned to sales 11 new Voni wells in our Stateline asset area. Matador is particularly pleased with the results from these most recent Voni wells, which included excellent results from five additional tests of the Third Bone Spring Carbonate formation on this leasehold (see Slide F). In late March, Matador achieved its second key operational milestone of the year when we turned to sales the next nine Rodney Robinson wells in the western portion of the Antelope Ridge asset area. As a result, in March, we averaged production of over 100,000 barrels of oil and natural gas equivalent per day in a single month for the first time in the Company’s history! Going forward, we expect to continue to average above 100,000 barrels of oil and natural gas equivalent per day for the remainder of the year. Notably, this new production level is better than fourteen times our production level at the time we went public ten years ago.”

First Quarter 2022 Financial and Operational Highlights

Net Cash Provided by Operating Activities and Adjusted Free Cash Flow

• First quarter 2022 net cash provided by operating activities was $329.0 million (GAAP basis), leading to first quarter 2022 adjusted free cash flow (a non-GAAP financial measure) of $245.7 million.

Net Income, Earnings Per Share and Adjusted EBITDA

• First quarter 2022 net income (GAAP basis) was $207.1 million, or $1.73 per diluted common share, a 4% sequential decrease from net income of $214.8 million in the fourth quarter of 2021, but a 242% year-over-year increase from net income of $60.6 million in the first quarter of 2021. The 4% sequential decrease in net income was primarily attributable to a change in non-cash, unrealized gains and losses on derivatives of $173.2 million. On a GAAP basis, Matador’s net income in the first quarter of 2022 was negatively impacted by a non-cash unrealized loss on derivatives of $75.0 million, and Matador’s net income in the fourth quarter of 2021 was positively impacted by a non-cash unrealized gain on derivatives of $98.2 million. This negative impact between the fourth quarter of 2021 and the first quarter of 2022 was primarily due to the significant increase in oil and natural gas futures prices for the remainder of 2022.

• First quarter 2022 adjusted net income (a non-GAAP financial measure) was $277.5 million, or adjusted earnings of $2.32 per diluted common share, an 84% sequential increase from adjusted net income of $151.2 million in the fourth quarter of 2021, and a 229% increase from adjusted net income of $84.5 million in the first quarter of 2021.

• First quarter 2022 adjusted earnings before interest expense, income taxes, depletion, depreciation and amortization and certain other items (“Adjusted EBITDA,” a non-GAAP financial measure) were $461.8 million, a 54% sequential increase from $299.1 million in the fourth quarter of 2021, and a 133% year-over-year increase from $198.1 million in the first quarter of 2021.

Oil, Natural Gas and Total Oil Equivalent (“BOE”) Production Above Expectations

• As summarized in the table below, Matador’s first quarter 2022 average daily oil, natural gas and total oil equivalent production were all quarterly records and above the Company’s expectations. The majority of the higher-than-expected production resulted from (i) better-than-expected production from existing Boros and Voni wells in the Stateline asset area in Eddy County, New Mexico that were shut in during portions of the first quarter for offset completions and (ii) less shut-in time than forecasted on certain of the recently acquired properties in the Ranger asset area in Lea County, New Mexico, which had been shut in due to the need to install and repair electrical submersible pumps (ESPs) and to upgrade production facilities on these properties.

Capital Expenditures Below Expectations

• Matador incurred capital expenditures for drilling, completing and equipping wells (“D/C/E capital expenditures”) of approximately $198.8 million in the first quarter of 2022, or 9% below the Company’s estimate of $218 million for D/C/E capital expenditures during the quarter. Matador estimates that most of these savings resulted from the timing of both operated and non-operated drilling and completion activities, and most of these costs are currently expected to be incurred in the second quarter of 2022. The Company expects to incur $187 million for D/C/E capital expenditures during the second quarter of 2022.

• Drilling and completion costs for the 26 gross (24.2 net) operated horizontal wells turned to sales in the first quarter of 2022 averaged approximately $752 per completed lateral foot, an increase of 2% from average drilling and completion costs of $738 per completed lateral foot achieved in the fourth quarter of 2021.

Borrowing Base and Elected Commitment Increased

• In late April 2022, as part of the spring 2022 redetermination process, Matador’s 12 lenders completed their review of the Company’s proved oil and natural gas reserves at December 31, 2021. As a result, the Company’s borrowing base under its reserves-based credit facility was increased by 48% from $1.35 billion to $2.0 billion. An additional lender, MUFG Bank, joined Matador’s commercial bank group, at which time Matador increased its elected commitment from $700 million to $775 million.

• In the last six months, the Company’s borrowing base has increased 122% from $900 million to $2.0 billion and four additional lenders have joined Matador’s commercial bank group with commitments of almost $250 million. Matador’s Board and staff greatly appreciate the new lenders and the additional commitments from its bank group led by the Royal Bank of Canada and Truist Bank.

Note: All references to Matador’s net income, adjusted net income, Adjusted EBITDA and adjusted free cash flow reported throughout this earnings release are those values attributable to Matador Resources Company shareholders after giving effect to any net income, Adjusted EBITDA or adjusted free cash flow, respectively, attributable to third-party non-controlling interests, including in San Mateo Midstream, LLC (“San Mateo”). Matador owns 51% of San Mateo. For a definition of adjusted net income, adjusted earnings per diluted common share, Adjusted EBITDA and adjusted free cash flow and reconciliations of such non-GAAP financial metrics to their comparable GAAP metrics, please see “Supplemental Non-GAAP Financial Measures” below.

Sequential and year-over-year quarterly comparisons of selected financial and operating items are shown in the following table:

Full-Year and Second Quarter 2022 Guidance Estimates

Full-Year 2022 Guidance Estimates

At April 26, 2022, Matador made no changes to its full-year 2022 guidance estimates for oil, natural gas or total oil equivalent production or capital expenditures from those originally provided on February 22, 2022.

Second Quarter 2022 Completions and Production Cadence Update

Second Quarter 2022 Estimated Wells Turned to Sales

At April 26, 2022, Matador expects to turn to sales 11 gross (7.0 net) operated horizontal wells in the Delaware Basin during the second quarter of 2022, all of which are located in the Rustler Breaks asset area in Eddy County, New Mexico and have completed lateral lengths of 1.75 miles or greater.

Second Quarter 2022 Estimated Oil, Natural Gas and Total Oil Equivalent Production

As a result of the large number of wells turned to sales during the first quarter of 2022, Matador expects significant increases in its average daily oil and natural gas production in the second quarter of 2022. The table below provides Matador’s estimates, as of April 26, 2022, for the anticipated quarterly sequential changes in the Company’s average daily total oil equivalent, oil and natural gas production for the second quarter of 2022, which is unchanged from the second quarter estimates provided on February 22, 2022.

As noted in the table above, Matador expects its average daily total production to increase 14% sequentially from 93,969 BOE per day in the first quarter of 2022 to approximately 107,000 BOE per day in second quarter of 2022. This significant sequential increase is primarily attributable to the initial production from the nine Rodney Robinson wells turned to sales late in the first quarter of 2022, a full quarter of production from the 11 new Voni wells turned to sales in the first quarter of 2022, better-than-expected results from the 2021 drilling program and the return to production of wells shut in for offset completions during the first quarter in the Stateline asset area and the Rodney Robinson leasehold.

Operations Update

Drilling and Completions Activity

At April 26, 2022, Matador was operating six drilling rigs throughout its various Delaware Basin asset areas in Lea and Eddy Counties, New Mexico and Loving County, Texas. Four of these rigs were drilling the next 16 wells in the Company’s Antelope Ridge asset area, which are expected to be turned to sales late in the third quarter of 2022. One of these rigs was drilling a batch of four wells in the Rustler Breaks asset area and the sixth rig was drilling on recently acquired acreage in the Ranger asset area in Lea County, New Mexico. The Company expects to operate this sixth drilling rig in the Ranger asset area for the remainder of 2022.

Wells Completed and Turned to Sales

During the first quarter of 2022, Matador turned to sales a total of 38 gross (26.4 net) wells in its various Delaware Basin operating areas, all of which had lateral lengths of two miles or longer. This total was comprised of 26 gross (24.2 net) operated wells and 12 gross (2.2 net) non-operated wells. The ten operated wells in the Antelope Ridge asset area, including the nine Rodney Robinson wells in the western portion of the asset area, were turned to sales late in the first quarter of 2022 and are expected to more fully contribute to the Company’s production in the second quarter.

Mac Schmitz
Vice President - Investor Relations
(972) 371-5225
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Selected by Governor Tom Wolf of Pennsylvania, the Environmental Excellence award recognizes Vicinity’s sustainability efforts in Philadelphia.

PHILADELPHIA--(BUSINESS WIRE)--Vicinity Energy has been recognized for its commitment to sustainability with “The Governor’s Award for Environmental Excellence” by Governor Tom Wolf and the Pennsylvania Department of Environmental Protection (DEP).

The annual award acknowledges schools, businesses, community organizations, and civic leaders working on projects that promote environmental stewardship in Pennsylvania. Honorees are selected for their efforts in environmental protection, innovation, partnership, and economic impact, their consideration of climate change, and sustainability, and their support for Environmental Justice areas.

In a crucial step towards Vicinity’s commitment to reaching net zero carbon emissions, Vicinity has incorporated LR100™ into its fuel mix—a biogenic fuel composed of waste vegetable oil collected from Philadelphia’s restaurants and food services businesses. LR100™ is a clean fuel source that will reduce air emissions of nitrogen oxides and particulate matter by 50% and sulfur dioxide emissions by nearly 99%.

“We are thrilled to support Philadelphia in its efforts to decarbonize and offer locally- sourced energy to our customers,” said Matt O’Malley, chief sustainability officer of Vicinity Energy. “With the help of our local partners, we have been able to reduce the amount of dangerous greenhouse gases in our atmosphere and keep waste and pollution from harming our community. It’s a truly circular solution we’re proud to be a part of.”

“These awards represent a commitment to creating a better Pennsylvania for today and tomorrow,” said DEP Secretary Patrick McDonnell. “I’d like to commend Vicinity Energy for their dedication and much deserved recognition.”

Earlier this month, Vicinity Energy announced its plan to electrify its district systems in Boston and Cambridge and utilize eSteam™, the first-ever carbon-free energy product powered by renewable energy. Vicinity will begin to implement the same plan at its Philadelphia facility in the near future.

To read more about Vicinity and its commitment to innovation and the environment, visit the Pennsylvania Department of Environmental Protection’s announcement here.

About Vicinity Energy

Vicinity Energy, a national decarbonization leader with the most extensive portfolio of district energy systems, provides sustainable, reliable, and resilient energy to over 230 million square feet of building space nationwide. Vicinity provides steam, hot water, and chilled water for heating, cooling, sterilization, and humidification to commercial buildings and campuses. Vicinity continuously invests in its infrastructure and the latest technologies to remain the energy solution of choice for commercial building decarbonization. For more information, check out www.vicinityenergy.us.

Media
Sara DeMille
Senior Director of Marketing and Communications
857 557 7838
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ORANGE, Conn.--(BUSINESS WIRE)--AVANGRID, Inc. (NYSE:AGR) posted its first quarter 2022 earnings release and presentation in the Investors section of the Company’s website. Interested parties can access using the following link: www.avangrid.com.

In conjunction with the earnings release, AVANGRID will conduct a webcast conference call with financial analysts on Wednesday, April 27, 2022 beginning at 10:00 A.M. ET. AVANGRID’s Executive team will present an overview of the financial results followed by a question and answer session.

Interested parties, including analysts, investors and the media, may listen to a live audio-only webcast by accessing a link located in the Investors section of AVANGRID’s website at http://www.avangrid.com.

About AVANGRID: AVANGRID, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $40 billion in assets and operations in 24 U.S. states, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs approximately 7,000 people and has been recognized by JUST Capital in 2021 and 2022 as one of the JUST 100 companies – a ranking of America’s best corporate citizens. In 2022, AVANGRID ranked second within the utility sector for its commitment to the environment and the communities it serves. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2022 for the fourth consecutive year by the Ethisphere Institute. For more information, visit www.avangrid.com.

Analysts: Alvaro Ortega 207-629-7412
Media: Zsoka McDonald 203-997-6892

HOUSTON--(BUSINESS WIRE)--Air Liquide was recently recognized by Texas Instruments (TI) as part of its annual supplier awards program. For 2021, Air Liquide received TI’s Supplier Excellence Award. The award honors companies whose dedication and commitment in supplying products and services meet TI’s highest standards for excellence. Recipients are an elite group of suppliers chosen for their exemplary performance in the areas of cost, environmental and social responsibility, technology, responsiveness, assurance of supply and quality.

For over 50 years, Air Liquide and Texas Instruments have worked alongside each other to achieve the high quality mindset needed to meet the stringent requirements of the semiconductor industry. Air Liquide’s capability to provide a seamless supply of gases, products, equipment, and services demonstrates the company’s commitment to serve Texas Instruments.

Terry Humphrey, President, Air Liquide Electronics U.S. commented: “Air Liquide is honored to be awarded the Texas Instruments (TI) 2021 Supplier Excellence Award. The strong relationship between Air Liquide and Texas Instruments is a direct reflection of the hard work, dedication, and collaboration of all the teams involved. Air Liquide’s commitment to supply multiple products has positioned us well to support such an innovative and diverse market leader as Texas Instruments.”

A world leader in gases, technologies and services for Industry and Health, Air Liquide is present in 75 countries with approximately 66,400 employees and serves more than 3.8 million customers and patients. Oxygen, nitrogen and hydrogen are essential small molecules for life, matter and energy. They embody Air Liquide’s scientific territory and have been at the core of the company’s activities since its creation in 1902.

Air Liquide’s ambition is to be a leader in its industry, deliver long term performance and contribute to sustainability - with a strong commitment to climate change and energy transition at the heart of its strategy. The company’s customer-centric transformation strategy aims at profitable, regular and responsible growth over the long term. It relies on operational excellence, selective investments, open innovation and a network organization implemented by the Group worldwide. Through the commitment and inventiveness of its people, Air Liquide leverages energy and environment transition, changes in healthcare and digitization, and delivers greater value to all its stakeholders.

Air Liquide’s revenue amounted to more than 23 billion euros in 2021. Air Liquide is listed on the Euronext Paris stock exchange (compartment A) and belongs to the CAC 40, CAC 40 ESG, EURO STOXX 50 and FTSE4Good indexes.

www.airliquide.com
Follow us on Twitter @airliquidegroup

Corporate Communications
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Investor Relations
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Air Liquide Corporate Communications, Americas
Cassandra Mauel
+713 548-6056

HOUSTON--(BUSINESS WIRE)--Cheniere Energy, Inc. (“Cheniere”) (NYSE American: LNG) today announced that its Board of Directors has declared a quarterly cash dividend of $0.33 per common share payable on May 17, 2022 to shareholders of record as of the close of business on May 10, 2022.

About Cheniere

Cheniere Energy, Inc. is the leading producer and exporter of liquefied natural gas (LNG) in the United States, reliably providing a clean, secure, and affordable solution to the growing global need for natural gas. Cheniere is a full-service LNG provider, with capabilities that include gas procurement and transportation, liquefaction, vessel chartering, and LNG delivery. Cheniere has one of the largest liquefaction platforms in the world, consisting of the Sabine Pass and Corpus Christi liquefaction facilities on the U.S. Gulf Coast, with total production capacity of approximately 45 million tonnes per annum of LNG in operation. Cheniere is also pursuing liquefaction expansion opportunities and other projects along the LNG value chain. Cheniere is headquartered in Houston, Texas, and has additional offices in London, Singapore, Beijing, Tokyo, and Washington, D.C.

For additional information, please refer to the Cheniere website at www.cheniere.com and Annual Report on Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission.

Forward-Looking Statements

This press release contains certain statements that may include “forward-looking statements” within the meanings of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical or present facts or conditions, included herein are “forward-looking statements.” Included among “forward-looking statements” are, among other things, (i) statements regarding Cheniere’s financial and operational guidance, business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding regulatory authorization and approval expectations, (iii) statements expressing beliefs and expectations regarding the development of Cheniere’s LNG terminal and pipeline businesses, including liquefaction facilities, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements, (vi) statements regarding future discussions and entry into contracts, (vii) statements relating to Cheniere’s capital deployment, including intent, ability, extent, and timing of capital expenditures, debt repayment, dividends, and share repurchases, and (viii) statements regarding the COVID-19 pandemic and its impact on our business and operating results. Although Cheniere believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere’s periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere does not assume a duty to update these forward-looking statements.

Cheniere Energy, Inc.

Investors
Randy Bhatia 713-375-5479
Frances Smith 713-375-5753

Media Relations
Eben Burnham-Snyder 713-375-5764
Phil West 713-375-5586

DUBLIN--(BUSINESS WIRE)--The "Steam Turbine for Power Generation Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" report has been added to ResearchAndMarkets.com's offering.

The market for a steam turbine for power generation is expected to grow at a CAGR of around 6.5% during the forecast period of 2022 - 2027.

Companies Mentioned

• Siemens AG
• Mitsubishi Hitachi Power Systems Ltd
• Bharat Heavy Electricals Limited
• General Electric Company
• Dongfang Turbine Company Limited
• Toshiba Corporation
• Doosan Heavy Industries & Construction Company Ltd.
• Elliott Company

Key Market Trends

Natural Gas Combined Cycle Plants to Witness a Significant Growth

• Natural gas plants do not directly use steam turbines, but combined cycle plants, which is the most efficient method of natural gas-fired plants, use smaller megawatt turbines.
• An increase in the adoption of combined-cycle natural gas plants as a reliable source of energy is one of the prominent reasons behind the increase in the demand for steam turbines.
• As renewable resources cannot provide energy around the clock, a component of natural gas-based plants in the energy mix can make way for a cleaner future.
• Many countries are looking forward to generating electricity from natural gas and are on the verge of closing coal-fired power plants. Thus, driving the growth of the market during the forecast period. For instance in the United States, as of 2021, around 32.3 GW of new natural gas-fired power plants are scheduled to commence operations in 2025 and are in advanced stages of development. Out of which 14.2 GW have a status of under construction, 3.4 GW are at pre-construction, and 14.7 GW have a status of advanced permitting.
• Further, there are several other countries that have plans to build natural gas power plants. Countries like India, China, Russia, and several other European countries are concentrating on having more number of gas fired power plant in place of coal-fired on accounts of its lower impact on the environment.
• Thus such a scenario is expected to make the natural gas combined cycle plants to have significant growth during the forecast period.

Asia-Pacific to Record the Highest Growth

• Asia- Pacific is already the largest market for steam turbines and is expected to create a significant demand for steam turbines in the coming years.
• As electricity demand increases per capita around the globe, planned thermal plants like Phulari Coal Powered Plant in Bangladesh and Patratu Super-Thermal Power Plant (Coal) in India are expected to maintain the growth in the steam turbine sector.
• China, already a significant user of steam turbines, is constructing the highest number of thermal power plants in the world. Ultra-supercritical coal plants like Fuyang Power Station and Huadian Laizhou Power Station are being built to match the electricity demand.
• Around 22 coal-powered plants are under construction in Japan, including power plants like Hitachinaka Kyodo power plant and Nakoso power plant which are expected to provide more than 1000 MW of electricity and are likely to have a positive impact on the market studied.
• Many of the countries in the Asia-Pacific region cannot provide 24-hour electricity to its citizens, and the cheapest path to achieve the objective is to construct thermal plants and use steam turbines.
• Thus, with aforementioned devlopments and upcoming thermal power plants, the Asia-pacific region will dominate the market during the forecast period.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET OVERVIEW

4.1 Introduction

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

4.3 Recent Trends and Developments

4.4 Government Policies and Regulations

4.5 Market Dynamics

4.5.1 Drivers

4.5.2 Restraint

4.6 Supply Chain Analysis

4.7 Porter's Five Forces Analysis

5 MARKET SEGMENTATION

5.1 Plant Type

5.1.1 Gas

5.1.2 Coal

5.1.3 Nuclear

5.1.4 Others

5.2 Capacity

5.2.1 Below 40MW

5.2.2 Above 40MW

5.3 Geography

5.3.1 North America

5.3.2 Asia-Pacific

5.3.3 Europe

5.3.4 Middle-East and Africa

5.3.5 South America

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/is1bpw

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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BOCA RATON, Fla.--(BUSINESS WIRE)--East Resources Acquisition Company (NASDAQ: ERES) (the “Company”) today announced that, on April 22, 2022, it received a notice (the “Notice”) from the Listing Qualifications Department of The NASDAQ Stock Market LLC (“NASDAQ”) stating that the Company is not in compliance with NASDAQ Listing Rule 5250(c)(1) (the “Rule”) because the Company failed to timely file its Annual Report on Form 10-K for the fiscal year ended December 31, 2021 (the “Form 10-K”) with the Securities and Exchange Commission (“SEC”). The Notice has no immediate effect on the listing or trading of the Company’s securities on the NASDAQ.

As previously disclosed in the Form 12b-25 filed on March 31, 2022 by the Company, the Company determined that it was unable, without unreasonable effort or expense, to file the Form 10-K by the required date of March 31, 2022.

Under NASDAQ rules, the Company has 60 calendar days from the date of the Notice, or until June 21, 2022, to submit a plan to regain compliance with the Rule. If NASDAQ accepts the Company’s plan, then NASDAQ may grant an exception of up to 180 calendar days from the due date of the Form 10-K or until October 12, 2022, to regain compliance. The Company is continuing to review the impacts of the SEC Statement on the Company’s unaudited financial statements for the fiscal year ended December 31, 2021 and is working diligently to complete the Form 10-K as soon as reasonably practicable with the intention of regaining compliance.

ABOUT EAST RESOURCES ACQUISITION COMPANY

East Resources Acquisition Company, led by Terrence (Terry) M. Pegula, is a blank check company formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses in the energy industry in North America.

FORWARD-LOOKING STATEMENTS

This press release contains statements that constitute “forward-looking statements.” Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus for the offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

SOURCE East Resources Acquisition Company

Investor Contact:
Kelly Seward
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Research Into Trust’s Asset Base Underscores Need for Active Management

DALLAS--(BUSINESS WIRE)--The Trustee of Sabine Royalty Trust (NYSE: SBR) (the “Trust” or “SBR”) has adjourned the Special Meeting of the Trust - called to elect a successor Trustee - due to lack of a requisite quorum. As previously announced, STJ Ventures, LLC (together with its affiliates, “STJ”) strongly supports the proposed change in Trustee, and encourages fellow unitholders to review the Trustee’s proposals and instructions for voting. STJ is also making some of its research into the Trust’s assets available to fellow unitholders via a new website to underscore its view that there is significant activity and value in the Trust’s asset base to be managed by a qualified successor Trustee.

“STJ began investing in the Trust’s units over four years ago. In that time, we have spent hundreds of hours researching the Trust, its properties, and its business. Our database of SBR’s mineral ownership was developed through courthouse research in 57 key counties, where we ultimately identified and digitally mapped over 2,400 tracts covering over 850,000 gross acres and 95,000 net acres. Importantly, the database was assembled entirely from research of public records and with no access to any proprietary property records maintained by the Trustee,” said Joe Peacock, Jr., manager of STJ Ventures.

The information available on the new website is similar to what is prepared and disclosed by STJ’s peer mineral vehicles. Of course, those vehicles use their own proprietary records to prepare this information for investors.

“STJ has decided to make summaries of its research available to fellow unitholders to illustrate the type of information that the Trust has at its disposal, and to emphasize the activity taking place on the Trust’s properties that, in our view, should be overseen by a manager with the proper skillset such as the proposed successor Trustee, Argent Trust,” continued Peacock.

The summary information is now available at www.stjventures.com. For each basin researched, STJ has provided its maps, acreage summaries, permit status summaries and operator summaries. STJ encourages SBR unitholders to review these materials, and to participate in the Special Meeting of the Trust by following the Trustee’s instructions for voting. If you held units as of the record date but do not have your proxy materials, you should be able to contact your broker, request a control number for your SBR Units, and vote online at www.ProxyVote.com.

SBR unitholders with questions may contact This email address is being protected from spambots. You need JavaScript enabled to view it..

STJ has no relationship with Trustee or proposed successor Trustee and is not soliciting proxies in respect of the unitholder vote on the proposals. STJ Ventures, LLC makes no representation or warranty with respect to the data provided herein, including as to its accuracy or fitness for a particular purpose. Parties accessing or utilizing the data do so at their own risk.

PR Contact:
Melinda Hart PR
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210-240-4669

The 3414 RHS combined with Navistar’s RH^TM Series trucks will deliver improved performance, fuel economy and drivability.

INDIANAPOLIS--(BUSINESS WIRE)--Allison Transmission is pleased to announce that one of the largest private fleets in North America, and a major wholesale restaurant food distributor, has selected the award-winning Allison 3414 Regional Haul Series^TM transmission for its fleet. The 3414 RHS will be integrated into Navistar’s RH^TM Series trucks, designed to provide customers with optimal productivity and maneuverability.

“When evaluating vehicle options for our customer’s regional food distribution fleet, we felt the Allison 3414 RHS transmission combined with Navistar’s RH truck would best meet their needs and provide a truly differentiated offering that addressed their operational challenges,” said Layth Gaston, National Account Manager, Kyrish International Trucks of Houston, a leading Navistar dealer. “The faster acceleration, increased torque capability and elimination of the power interrupted shifts made possible by the Allison transmission provide unmatched benefits to the drivers who operate these vehicles every day.”

The fleet will purchase up to 450 trucks annually equipped with the 3414 RHS, an uprated variant of Allison’s proven 3000 Series^TM fully automatic transmission. The 3414 RHS offers up to 8% fuel economy improvement over the Allison 3000 Highway Series transmission and provides 25% faster acceleration when compared to competitive automated manual transmissions. Increased horsepower and the fully automatic architecture translate into more deliveries, reduced route times, and more productivity, especially in frequent start-stop duty-cycles. The 3414 RHS is also the lightest transmission in the segment.

“Allison is proud of the ability of the 3414 RHS to deliver faster acceleration, seamless shifting and increased maneuverability to our fleet customers,” said Rohan Barua, Vice President of North America Sales, Global Channel, and Aftermarket, Allison Transmission. “The 3414 RHS was designed to deliver the reliability and durability that Allison is known for, combined with improved performance and fuel economy. This latest partnership is an example of the value Allison places in voice of customer feedback and our commitment to delivering innovative solutions that meet the needs of the markets we serve.”

The fleet is expected to put the Allison 3414 Regional Haul Series transmission paired with the Navistar A26 engine into service in late April. For more information on Allison’s 3414 Regional Haul Series, please visit allisontransmission.com/3414.

About Allison Transmission

Allison Transmission (NYSE: ALSN) is a leading designer and manufacturer of vehicle propulsion solutions for commercial and defense vehicles, the largest global manufacturer of medium- and heavy-duty fully automatic transmissions, and a leader in electrified propulsion systems that Improve the Way the World Works. Allison products are used in a wide variety of applications, including on-highway trucks (distribution, refuse, construction, fire and emergency), buses (school, transit and coach), motorhomes, off-highway vehicles and equipment (energy, mining and construction applications) and defense vehicles (tactical wheeled and tracked). Founded in 1915, the company is headquartered in Indianapolis, Indiana, USA. With a presence in more than 150 countries, Allison has regional headquarters in the Netherlands, China and Brazil, manufacturing facilities in the USA, Hungary and India, as well as global engineering resources, including electrification engineering centers in Indianapolis, Indiana, Auburn Hills, Michigan and London in the United Kingdom. Allison also has more than 1,400 independent distributor and dealer locations worldwide. For more information, visit allisontransmission.com.

Allison Transmission Forward-Looking Statements

This press release contains forward-looking statements. All statements other than statements of historical fact contained in this press release are forward-looking statements, including all statements regarding future financial results. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expect,” “plans,” “project,” “anticipate,” “believe,” “estimate,” “predict,” “intend,” “forecast,” “could,” “potential,” “continue” or the negative of these terms or other similar terms or phrases. Forward-looking statements are not guarantees of future performance and involve known and unknown risks. Factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made include, but are not limited to: the duration and spread of the COVID-19 pandemic, including new variants of the virus and the pace and availability of vaccines and boosters, mitigating efforts deployed by government agencies and the public at large, and the overall impact from such outbreak on economic conditions, financial market volatility and our business, including but not limited to the operations of our manufacturing and other facilities, the availability of labor, our supply chain, our distribution processes and demand for our products and the corresponding impacts to our net sales and cash flow; increases in cost, disruption of supply or shortage of labor, freight, raw materials or components used to manufacture or transport our products or those of our customers or suppliers, including as a result of the COVID-19 pandemic; our participation in markets that are competitive; our ability to prepare for, respond to and successfully achieve our objectives relating to technological and market developments, competitive threats and changing customer needs, including with respect to electric hybrid and fully electric commercial vehicles; the highly cyclical industries in which certain of our end users operate; uncertainty in the global regulatory and business environments in which we operate; the concentration of our net sales in our top five customers and the loss of any one of these; the failure of markets outside North America to increase adoption of fully automatic transmissions; the success of our research and development efforts, the outcome of which is uncertain; U.S. and foreign defense spending; risks associated with our international operations, including increased trade protectionism; general economic and industry conditions; the discovery of defects in our products, resulting in delays in new model launches, recall campaigns and/or increased warranty costs and reduction in future sales or damage to our brand and reputation; our ability to identify, consummate and effectively integrate acquisitions and collaborations; labor strikes, work stoppages or similar labor disputes, which could significantly disrupt our operations or those of our principal customers or suppliers; risks related to our indebtedness; and other risks and uncertainties associated with our business described in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that the expectations will be attained or that any deviation will not be material. All information is as of the date of this press release, and we undertake no obligation to update any forward-looking statement to conform the statement to actual results or changes in expectations.

Claire Gregory
Director, Global External Communications
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(317) 694-2065