DUBLIN--(BUSINESS WIRE)--The "Oil and Gas Industry in Ukraine - Forecast and Analysis 2022" report has been added to ResearchAndMarkets.com's offering.

The report presents an in-depth analysis of the Oil and Gas Industry of Ukraine in its research report Oil and Gas Industry in Ukraine - Forecast and Analysis 2022 keeping in mind the ongoing Russia-Ukraine conflict.

Ukraine oil and gas is a strategically important industry for the government, which has been making all attempts to gain independence from foreign oil and gas imports. The Russian invasion of Ukraine began on February 24, 2022, with the attack being launched from multiple directions. In the weeks that followed since the war started, it is estimated that nearly three million citizens have fled the country, and there has also been mass destruction of the infrastructure in Ukraine.

There is no doubt that this conflict is not only having but also going to have far-reaching implications on the entire European energy sector, considering that Russia accounts for nearly 40 percent of Europe's natural gas supply during 2021, with a third of this passing through the pipeline network of Ukraine, and 25 percent of Europe's oil supply.

At the same time, the COVID-19 pandemic hit Ukraine particularly hard in the fourth quarter of 2020, with the cases rising dramatically. With a raging pandemic, Ukraine's economy also contracted by 5.5% in 2020, though it was expected that the economy will bounce back by the end of 2021. The COVID-19 pandemic continued to affect Ukraine's oil and gas industry on the demand side, as the nationwide lockdown and recession impacted fuel usage across all sectors.

At the same time, while gas flows through Ukraine to Europe are going on uninterrupted as of now, but there are considerable risks, not only from the Russian threat to cut off supplies but also due to the damage caused to the infrastructure. In fact, Naftogaz, Ukraine's state energy company, has already reported several incidences of damage to the domestic pipeline network since the war began.

Looking at this, it is natural to expect a sharp downturn in the consumption of oil and gas in 2022 due to this conflict. Based on this, both short-term and long-term forecasts have been revised as we foresee a contraction in the consumption of refined fuels by over 20 percent, with a similar reduction likely in gas consumption as well by the end of 2022.

The report covers the following data:

• A detailed analysis of how the Ukraine-Russia conflict in affecting the Ukrainian oil and gas sector.
• An in-depth coverage of the energy industry in Ukraine by sectors (Electricity, Coal, Heat Transmission and Distribution), Oil, Natural Gas).
• Market structure of these segments, energy interconnections and regional energy markets, regulatory landscape, energy efficiency, and energy security in Ukraine are examined. We also look at the reliability of Ukraine's energy sector and the emergency response policies of the government.
• To understand the Ukrainian oil and gas industry situation, it is essential to look at the oil and gas sector in Central and Eastern European (CEE) countries. The report includes an overview of CEE's oil and gas industry, including a forecast up to 2031.
• A Porter's Five Forces Strategic Analysis of the European Oil and Gas Industry is included that looks at the bargaining power of buyers and suppliers, competitive rivalry in the industry, and the threat of new entrants and industry substitution.
• Coming to the analysis of the oil and gas industry in Ukraine, the report includes statistics from 2018 to 2031. An industry overview is followed by the impact of the COVID-19 pandemic on Ukraine's oil and gas industry. Upstream exploration, along with a comprehensive look at the 2019 licensing rounds and major upstream projects, is included. Refining capacity, the market for refined fuels, and oil trade statistics are all included.
• Data from upstream gas production and consumption, shale gas market, and gas trade statistics are also included in the report.
• We take an up-close view of the Ukrainian regulatory framework governing the oil and gas industry, followed by a SWOT analysis of the sector.
• Ukraine is often plagued by an aging infrastructure in the oil and gas industry, and we dedicate a section to explore the oil and gas infrastructure in Ukraine through oil refineries and pipelines and gas pipelines.
• Competition in the industry, along with an in-depth analysis of the major player, Naftogaz Ukrainy, is included.

Key Topics Covered:

A. Executive Summary

B. Industry Definition

C. Energy Industry in Ukraine

C.1 Overview of Resources

C.2 Infrastructure and Investment in the Energy Sector

C.2.1 Electricity

C.2.2 Coal

C.2.3 Heat Transmission and Distribution

C.2.4 Oil

C.2.5 Natural Gas

C.2.6 Importance of Cross-border Infrastructure

C.3 Market Structure

C.3.1 Electricity

C.3.2 Coal

C.3.3 Oil and Natural Gas

C.3.4 Nuclear

C.3.5 Large Hydropower & Renewable Energy

C.4 Energy Interconnections and Regional Energy Markets

C.5 Regulatory Landscape

C.6 Energy Security in Ukraine

C.7 Energy Efficiency in Ukraine

C.8 Fuel Switching in Ukraine

C.9 Reliability of the Energy Sector

C.10 Energy Research and Development

C.11 Emergency Response Policies

D. Oil and Gas in Central and Eastern Europe (CEE)

D.1 Overview

D.2 Oil Production

D.3 Refining Capacity

D.4 Consumption of Refined Products

D.5 Gas Production & Consumption

E. Oil & Gas Industry in Europe: Porter's Five Forces Analysis

E.1 Introduction

E.2 Bargaining Power of Buyer

E.3 Bargaining Power of Suppliers

E.4 Competitive Rivalry in the Industry

E.5 Threat of New Entrants

E.6 Threat of Industry Substitution

F. Oil and Gas Industry in Ukraine

F.1 Industry Overview

F.2 Impact of the Russia-Ukraine Conflict on the Oil & Gas Sector

F.3 Impact of Covid-19

F.4 Upstream Exploration

F.4.1 2019 Licensing Rounds

F.4.2 Major Upstream Projects

F.5 Refining Capacity

F.6 Refined Fuels

F.7 Oil & Refined Fuels Import/Export

F.8 Upstream Gas Production

F.9 Gas Consumption

F.10 Shale Gas in Ukraine

F.11 Gas Import/Export

G. Ukraine Oil and Gas: Regulatory Landscape

G.1 Overview

G.2 Licensing Regime

G.3 Fiscal Regime

H. Ukraine Oil and Gas: SWOT Analysis

H.1 Strengths to Build Upon

H.2 Weaknesses to Overcome

H.3 Opportunities to Exploit

H.4 Threats to Overcome

I. Oil and Gas Infrastructure in Ukraine

I.1 Oil Refineries and Pipelines

I.2 Gas Pipelines

J. Ukraine Oil and Gas: Competition in the Industry

K. Ukraine Oil and Gas: Major Players

K.1 Naftogaz Ukrainy

K.1.1 Company Analysis

K.1.2 Industry Updates

K.1.3 SWOT Analysis

L. Ukraine Oil and Gas Industry Forecast

L.1 Upstream Exploration

L.2 Upstream Oil Production

L.3 Refining & Refined Fuels Sector

L.4 Oil & Refined Fuels Import/Export

L.5 Upstream Gas Production

L.6 Gas Consumption

L.7 Gas Import/Export

For more information about this report visit https://www.researchandmarkets.com/r/9ub87a

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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DUBLIN--(BUSINESS WIRE)--The "Aircraft Propeller System Market Research Report by Component (Blade, Hub, and Spinner), Engine, End User, Application, Platform, Region (Americas, Asia-Pacific, and Europe, Middle East & Africa) - Global Forecast to 2027 - Cumulative Impact of COVID-19" report has been added to ResearchAndMarkets.com's offering.

The Global Aircraft Propeller System Market size was estimated at USD 506.97 million in 2021, USD 544.89 million in 2022, and is projected to grow at a Compound Annual Growth Rate (CAGR) of 7.73% to reach USD 792.72 million by 2027.

Competitive Strategic Window:

The Competitive Strategic Window analyses the competitive landscape in terms of markets, applications, and geographies to help the vendor define an alignment or fit between their capabilities and opportunities for future growth prospects. It describes the optimal or favorable fit for the vendors to adopt successive merger and acquisition strategies, geography expansion, research & development, and new product introduction strategies to execute further business expansion and growth during a forecast period.

FPNV Positioning Matrix:

The FPNV Positioning Matrix evaluates and categorizes the vendors in the Aircraft Propeller System Market based on Business Strategy (Business Growth, Industry Coverage, Financial Viability, and Channel Support) and Product Satisfaction (Value for Money, Ease of Use, Product Features, and Customer Support) that aids businesses in better decision making and understanding the competitive landscape.

Market Share Analysis:

The Market Share Analysis offers the analysis of vendors considering their contribution to the overall market. It provides the idea of its revenue generation into the overall market compared to other vendors in the space. It provides insights into how vendors are performing in terms of revenue generation and customer base compared to others. Knowing market share offers an idea of the size and competitiveness of the vendors for the base year. It reveals the market characteristics in terms of accumulation, fragmentation, dominance, and amalgamation traits.

The report provides insights on the following pointers:

1. Market Penetration: Provides comprehensive information on the market offered by the key players

2. Market Development: Provides in-depth information about lucrative emerging markets and analyze penetration across mature segments of the markets

3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments

4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players

5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments

The report answers questions such as:

1. What is the market size and forecast of the Global Aircraft Propeller System Market?

2. What are the inhibiting factors and impact of COVID-19 shaping the Global Aircraft Propeller System Market during the forecast period?

3. Which are the products/segments/applications/areas to invest in over the forecast period in the Global Aircraft Propeller System Market?

4. What is the competitive strategic window for opportunities in the Global Aircraft Propeller System Market?

5. What are the technology trends and regulatory frameworks in the Global Aircraft Propeller System Market?

6. What is the market share of the leading vendors in the Global Aircraft Propeller System Market?

7. What modes and strategic moves are considered suitable for entering the Global Aircraft Propeller System Market?

Market Dynamics

Drivers

• Rising demand for lightweight and fuel-efficient aircraft globally
• Increasing number of special light-sport aircraft (SLSA) deliveries worldwide
• Increasing operations in commercial aircraft industry

Restraints

• Lack of efficiency of aircraft using turboprop engines at high altitudes

Opportunities

• Increasing adoption of solar-powered aircraft worldwide
• Technological advancements being carried out in passenger drones

Challenges

• High costs involved in manufacturing aircraft propeller systems

Companies Mentioned

• Aero Products Component Services, Inc.
• Airmaster Propellers Ltd
• AKS Inc
• AMETEK.Inc.
• Arrow Aviation
• FP-propeller Srl
• GE Aviation Systems
• HELICES E-PROPS
• HOFFMANN PROPELLER GmbH & Co. KG
• MT-Propeller Entwicklung GmbH
• Nanchang Sanrui Intelligent Technology Co., Ltd.
• Performance Propellers USA LLC.
• Propeller Aerobotics Pty Ltd
• Ratier Figeac
• Raytheon Technologies Corporation
• Sensenich Propeller Company
• Tennessee Propellers, Inc
• Warp Drive Inc
• Whirl Wind Propellers Corporation
• Woodward, Inc.

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

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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For E.S.T Office Hours Call 1-917-300-0470
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For GMT Office Hours Call +353-1-416-8900

DENVER--(BUSINESS WIRE)--Liberty Energy Inc., formerly known as Liberty Oilfield Services Inc. (NYSE: LBRT; “Liberty” or the “Company”), announced today the commencement of an underwritten public secondary offering (the “Offering”) of an aggregate of 14,500,000 shares of its Class A common stock by Schlumberger Technology Corporation (the “Selling Stockholder”).

The underwriters intend to offer the shares from time to time for sale in one or more transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices. Liberty will not sell any shares of Class A common stock in the Offering and will not receive any proceeds therefrom.

BofA Securities and J.P. Morgan are acting as joint bookrunning managers for the Offering.

The Offering will be made only by means of a prospectus supplement and the accompanying base prospectus, which was filed as part of an effective shelf registration statement with the Securities and Exchange Commission (the “SEC”) on Form S-3. Before investing, prospective investors should read the prospectus supplement, the accompanying base prospectus and the documents incorporated by reference therein for more complete information about the Company and the Offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, copies of the prospectus supplement and the accompanying base prospectus related to this Offering, when available, may be obtained by contacting BofA Securities, Attention: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255-001, or by email at This email address is being protected from spambots. You need JavaScript enabled to view it., or J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Toll-free: 1-866-803-9204.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful without registration or qualification under the securities laws of any such state or jurisdiction.

About Liberty

Liberty is a North American oilfield services firm that offers completion services and technologies to onshore oil and natural gas exploration and production companies. Liberty was founded in 2011. Liberty is headquartered in Denver, Colorado.

Forward-Looking and Cautionary Statements

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included herein concerning, among other things, Liberty’s expectations concerning the Offering, are forward-looking statements. These forward-looking statements are identified by their use of terms and phrases such as “may,” “expect,” “estimate,” “outlook,” “project,” “plan,” “position,” “believe,” “intend,” “achievable,” “anticipate,” “will,” “continue,” “potential,” “likely,” “should,” “could,” and similar terms and phrases. However, the absence of these words does not mean that the statements are not forward-looking. Although we believe that the expectations reflected in these forward-looking statements are reasonable, they do involve certain assumptions, risks and uncertainties. These forward-looking statements represent our expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to certain risks, uncertainties and assumptions identified above or as disclosed from time to time in Liberty's filings with the SEC. As a result of these factors, actual results may differ materially from those indicated or implied by such forward-looking statements.

Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, we do not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for us to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in “Item 1A. Risk Factors” included in our Annual Report on Form 10-K for the year ended December 31, 2021 as filed with the SEC on February 22, 2022, in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 as filed with the SEC on April 25, 2022 and in our other public filings with the SEC. These and other factors could cause our actual results to differ materially from those contained in any forward-looking statements.

Liberty Energy Inc.
Michael Stock
Chief Financial Officer
(303) 515-2851
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• Earned $5.5 billion in first quarter 2022; generated $14.8 billion of cash flow from operating activities, more than covering capital investment and shareholder distributions

• Earnings excluding identified items were $8.8 billion, an increase of more than $6 billion versus the first quarter of 2021, after adjusting for a $3.4 billion after-tax charge related to the company's Russia Sakhalin-1 operation

• Announced increase in share repurchase program up to a total of $30 billion through 2023

• Achieved first oil at the Liza Phase 2 development in Guyana; Payara FPSO construction approximately five months ahead of schedule with start-up likely before year-end 2023; announced five new discoveries, increasing the estimated recoverable resource base for the Stabroek block to nearly 11 billion oil-equivalent barrels

• Progressed significant lower-emission opportunities, including plans for a world-scale blue hydrogen plant supported by one of the world's largest carbon capture and storage projects in Baytown, Texas, and received top certification for methane emission management at Poker Lake in the Permian Basin

• Effective April 1, to further capture benefits of technology, scale, and integration, the corporation formed ExxonMobil Product Solutions, combining world-scale Downstream and Chemical businesses, and centralized Technology & Engineering and Operations & Sustainability groups

IRVING, Texas--(BUSINESS WIRE)--In the Chemical section of the release, the first sentence of the fifth bullet, should read: The company is progressing plans to increase its global offer of certified circular polymer with capacity to process up to 500,000 metric tons of plastic waste per year by 2026. (instead of The company is progressing plans to increase its global offer of certified circular polymer with capacity to process up to 500 metric tons of plastic waste per year by 2026.)

The updated release reads:

EXXONMOBIL ANNOUNCES FIRST-QUARTER 2022 RESULTS

• Earned $5.5 billion in first quarter 2022; generated $14.8 billion of cash flow from operating activities, more than covering capital investment and shareholder distributions

• Earnings excluding identified items were $8.8 billion, an increase of more than $6 billion versus the first quarter of 2021, after adjusting for a $3.4 billion after-tax charge related to the company's Russia Sakhalin-1 operation

• Announced increase in share repurchase program up to a total of $30 billion through 2023

• Achieved first oil at the Liza Phase 2 development in Guyana; Payara FPSO construction approximately five months ahead of schedule with start-up likely before year-end 2023; announced five new discoveries, increasing the estimated recoverable resource base for the Stabroek block to nearly 11 billion oil-equivalent barrels

• Progressed significant lower-emission opportunities, including plans for a world-scale blue hydrogen plant supported by one of the world's largest carbon capture and storage projects in Baytown, Texas, and received top certification for methane emission management at Poker Lake in the Permian Basin

• Effective April 1, to further capture benefits of technology, scale, and integration, the corporation formed ExxonMobil Product Solutions, combining world-scale Downstream and Chemical businesses, and centralized Technology & Engineering and Operations & Sustainability groups

Exxon Mobil Corporation (NYSE:XOM):

Exxon Mobil Corporation today announced estimated first-quarter 2022 earnings of $5.5 billion, or $1.28 per share assuming dilution. First-quarter results included an unfavorable identified item of $3.4 billion associated with our planned exit from Russia Sakhalin-1, or $0.79 per share assuming dilution. First-quarter capital and exploration expenditures were $4.9 billion.

Oil-equivalent production was 3.7 million barrels per day, down 4% from the fourth quarter of 2021 due to weather-related unscheduled downtime, planned maintenance, lower entitlements associated with higher prices, and divestments. Excluding entitlement effects, government mandates, and divestments, oil-equivalent production was down 2%.

“The quarter illustrated the strength of our underlying business and significant progress in further developing our competitively advantaged production portfolio,” said Darren Woods, chairman and chief executive officer. “Earnings increased modestly, as strong margin improvement and underlying growth was offset by weather and timing impacts. The absence of these temporary impacts in March provides strong, positive momentum for the second quarter.”

Financial Highlights

• First-quarter earnings of $5.5 billion compared with $8.9 billion in the fourth quarter of 2021. Excluding identified items, earnings of $8.8 billion were slightly higher than the prior quarter, as higher industry prices and margins and reduced expenses were largely offset by a temporary reduction in volumes, unfavorable mark-to-market derivative effects, and price timing impacts.

• First-quarter cash increased by $4.3 billion compared to the fourth quarter of 2021, as strong cash flow from operations more than funded capital investment, additional debt reduction, and shareholder distributions in the quarter. Free cash flow in the quarter was approximately $11 billion.

• With the balance sheet well within the targeted debt-to-capital range of 20-25%, the company initiated its previously announced $10 billion buyback program, repurchasing shares totaling $2.1 billion during the quarter. The company has increased this program and now expects to repurchase up to a total of $30 billion through 2023.

• Effective April 1, to improve the effectiveness of our operations and to better serve our customers, the corporation formed ExxonMobil Product Solutions, combining world-scale Downstream and Chemical businesses, and centralized Technology & Engineering and Operations & Sustainability groups. This new integrated business will be focused on high-value products, improving portfolio value, and leading in sustainability. The new centralized organizations will fully leverage functional expertise and quickly deploy best practices across the globe.

Leading the Drive to Net Zero

• In January, ExxonMobil announced its ambition to achieve net-zero greenhouse gas emissions from operated assets by 2050. This ambition applies to Scope 1 and 2 greenhouse gas emissions and builds on the company’s 2030 emission-reduction plans.

• The company reached a final investment decision to expand carbon capture capacity at its facility in LaBarge, Wyoming, adding up to 1.2 million metric tons to the nearly 7 million metric tons already captured at LaBarge each year.

• ExxonMobil announced plans for its first world-scale blue hydrogen plant in Baytown, Texas. The proposed plant would produce up to 1 billion cubic feet per day of blue hydrogen and include one of the world’s largest carbon capture and storage projects, doubling the company’s industry-leading carbon capture capacity and providing a potential anchor for the ambitious Houston Industrial Hub emissions reduction project.

• The company advanced several renewable fuel initiatives, including planned renewable diesel production through an equity investment in Global Clean Energy Holdings. In partnership with Neste, the company also agreed to deliver sustainable aviation fuel to Virgin Atlantic and Singapore Airlines.

• Earlier this month, ExxonMobil began selling commercial volumes of certified natural gas after MiQ, an independent validator, certified the company’s assets in the Permian Basin with an "A" grade – the highest recognition possible – for its methane and emissions-reduction processes and technology applications. The company plans to expand the certification process to other operations in the United States.

• The company recently announced that Dan Ammann has been appointed president of ExxonMobil Low Carbon Solutions, effective May 1. Ammann previously served as president and CEO of General Motors’ Cruise autonomous vehicle company.

• First-quarter 2022 Upstream earnings of $4.5 billion compared with $6.1 billion in the fourth quarter of 2021. Excluding identified items, earnings were $7.7 billion, an increase of $1.1 billion from the previous quarter, primarily due to higher liquids prices and lower expenses, partly offset by lower volumes driven by weather-related impacts, fewer days in the quarter, price entitlement effects, and divestments. Average realizations for crude oil increased 28%.

• Oil-equivalent production in the first quarter was 3.7 million barrels per day. Excluding entitlement effects, divestments, and government mandates, oil-equivalent production decreased 2% versus the fourth quarter 2021. Liquids volumes were down 119,000 barrels per day, while natural gas volumes were down 132 million cubic feet per day. By the end of the quarter, production had fully recovered from weather-related impacts.

• Relative to the first quarter of 2021, earnings excluding identified items increased $5.2 billion, primarily due to higher industry prices, which were partly offset by lower volumes. Average realizations for crude oil increased 68%, while natural gas realizations increased 137%. Excluding entitlement effects, divestments, and government mandates, oil-equivalent production decreased 2%. Liquids volumes were up slightly, while natural gas volumes were down 721 million cubic feet per day.

• The company is discontinuing operations at the Sakhalin-1 venture (“Sakhalin”). As operator of Sakhalin, the company remains focused on the safety of people, protection of the environment, and integrity of operations. In the first quarter the company recorded a charge of $3.4 billion related to its investment in the project, which is reflected as an identified item and mainly impacts the Upstream segment.

• The Permian Basin continued to improve efficiency and grow production, reaching production of 560,000 barrels per day at the end of the quarter. The company remains on track to deliver a production increase of 25% this year versus full-year 2021, and to eliminate routine flaring by year end.

• In February, the company started production at its second major development offshore Guyana. The successful start-up of the Liza Phase 2 development brought total production capacity to more than 340,000 barrels per day. In early April, ExxonMobil announced it made a final investment decision for the Yellowtail development. Yellowtail will be the company’s fourth and largest development to date in Guyana with production capacity of 250,000 barrels of oil per day. It is expected to begin production in 2025. Additionally, Payara FPSO construction is running approximately five months ahead of schedule with start-up likely before year-end 2023.

• ExxonMobil continued to progress its global LNG growth strategy to meet growing worldwide demand for reliable gas supply. Commissioning of the Area 4 Coral South Floating LNG project in Mozambique is underway, with first production expected this year, and the company signed the P’nyang Gas Agreement in Papua New Guinea. Additionally, construction of the Golden Pass liquefaction facilities on the U.S. Gulf Coast remains on schedule.

• First-quarter 2022 Downstream earnings of $0.3 billion compared with $1.5 billion in fourth quarter 2021. Improved industry fuels refining margins and lower expenses were partially offset by lower basestock margins and lower volumes, driven by higher turnaround activity. Results were also impacted by unfavorable mark-to-market impacts and price timing effects that are expected to reverse or unwind over time.

• Global refining margins improved from the fourth quarter despite softening seasonal demand, higher natural gas prices in Europe, and lagging jet demand recovery. By the end of the first quarter, industry margins improved to levels above the 10-year range, with the tight supply / demand balance expected to persist. While average basestock margins declined from the prior quarter, pricing in April is catching up to rising feedstock costs.

• Refining throughput was lower than in the fourth quarter of 2021, primarily due to increased planned maintenance activity.

• Compared to the first quarter of 2021, earnings excluding identified items increased $0.7 billion, primarily due to higher industry refining margins, the absence of unfavorable one-time impacts, and improved reliability.

• The Permian Crude Venture remains on track for phased expansion in 2023 and 2024. The project will significantly expand pipeline capacity to transport Permian crude to both the Baytown and Beaumont, Texas refineries, and includes a 250,000 barrel per day light crude processing expansion at Beaumont. Transport fuels production is expected to increase by nearly 125,000 barrels per day in 2023.

• First-quarter 2022 Chemical earnings of $1.4 billion compared with $1.9 billion in the fourth quarter 2021. Excluding identified items, earnings of $1.4 billion in the first quarter 2022 compared with $1.3 billion in the previous quarter. The increase was driven by lower expenses and higher volumes on improved production mix, partly offset by lower margins.

• Compared to the first quarter of 2021, earnings excluding identified items were down slightly as increased project and planned maintenance spend offset higher volumes.

• While first-quarter global industry chemical margins declined, with bottom-of-cycle conditions in Asia Pacific, ExxonMobil’s advantaged portfolio continued to capture value from its ethane feed advantage to deliver strong results.

• The recently completed Corpus Christi Chemical Complex is already delivering positive cash and earnings results, despite still ramping up to full production capacity.

• The company is progressing plans to increase its global offer of certified circular polymer with capacity to process up to 500,000 metric tons of plastic waste per year by 2026. ExxonMobil is leveraging existing assets and proprietary advanced recycling technology to increase its capacity to process a wide range of plastic waste. Operations in Baytown will be among North America’s largest advanced plastic waste recycling facilities when its expansion is complete later this year, and will have an initial planned capacity to recycle 30,000 metric tons of plastic waste per year. The company is also evaluating and progressing other opportunities in France, the Netherlands, the U.S. Gulf Coast, Canada, and Singapore. In the first quarter of 2022, the company announced its first commercial sale of certified circular polymer using its Exxtend™ technology for advanced recycling of plastic waste.

• ExxonMobil is growing high-value, performance product capacity with competitively advantaged projects. The company's new polypropylene manufacturing unit in Baton Rouge, Louisiana, is expected to start up by year-end 2022. Construction of the new Vistamaxx™ performance polymer and linear alpha olefins (LAO) manufacturing units in Baytown are progressing toward a mid-2023 start-up. ExxonMobil will manufacture 10 high-purity LAO products and market this new offering under the Elevexx™ brand name. LAOs are used in a broad range of applications, including plastic packaging, high-performing engine and industrial oils, surfactants and other specialty chemicals.

• Corporate and Financing reported net charges of $0.7 billion in the first quarter 2022, compared with $0.6 billion in the fourth quarter 2021. Excluding an identified items charge of $0.1 billion related to Russia, net charges were essentially flat.

• Net charges of $0.7 billion in the first quarter 2022 compared with $0.8 billion in the first quarter of 2021. Excluding identified items, costs declined $0.2 billion, driven by lower pension-related corporate costs.

ExxonMobil will discuss financial and operating results and other matters during a webcast at 8:30 a.m. Central Time on April 29, 2022. To listen to the event or access an archived replay, please visit www.exxonmobil.com.

Cautionary Statement

Outlooks; projections; descriptions of strategic, operating, and financial plans and objectives; statements of future ambitions and plans; and other statements of future events or conditions in this release, are forward-looking statements. Similarly, the emission-reduction roadmaps to drive towards net zero emissions are dependent on future market factors, such as continued technological progress and policy support, and represent forward-looking statements. Actual future results, including financial and operating performance; total capital expenditures and mix, including allocations of capital to low carbon solutions; cost reductions and efficiency gains, including the ability to meet or exceed announced cost and expense reduction objectives; plans to reduce future emissions and emissions intensity; timing and outcome of projects to capture and store CO₂; timing and outcome of biofuel and plastic waste recycling projects; cash flow, dividends and shareholder returns, including the timing and amounts of share repurchases; future debt levels and credit ratings; business and project plans, timing, costs, capacities and returns; achievement of ambitions to reach Scope 1 and Scope 2 net zero from operated assets by 2050; achievement of plans to reach Scope 1 and 2 net zero in Upstream Permian Basin operated assets by 2030; and resource recoveries and production rates could differ materially due to a number of factors. These include global or regional changes in the supply and demand for oil, natural gas, petrochemicals, and feedstocks and other market conditions that impact prices and differentials for our products; variable impacts of trading activities on our margins and results each quarter; actions of competitors and commercial counterparties; the outcome of commercial negotiations, including final agreed terms and conditions; the ability to access debt markets; the ultimate impacts of COVID-19, including the extent and nature of further outbreaks and the effects of government responses on people and economies; reservoir performance, including variability and timing factors applicable to unconventional resources; the outcome of exploration projects; timely completion of development and other construction projects; final management approval of future projects and any changes in the scope, terms, or costs of such projects as approved; changes in law, taxes, or regulation including environmental regulations, trade sanctions, and timely granting of governmental permits and certifications; government policies and support and market demand for low carbon technologies; war, and other political or security disturbances; opportunities for potential investments or divestments and satisfaction of applicable conditions to closing, including regulatory approvals; the capture of efficiencies within and between business lines and the ability to maintain near-term cost reductions as ongoing efficiencies; unforeseen technical or operating difficulties and unplanned maintenance; the development and competitiveness of alternative energy and emission reduction technologies; the results of research programs and the ability to bring new technologies to commercial scale on a cost-competitive basis; and other factors discussed under Item 1A. Risk Factors of ExxonMobil’s 2021 Form 10-K.

Frequently Used Terms and Non-GAAP Measures

This press release includes cash flow from operations and asset sales. Because of the regular nature of our asset management and divestment program, the company believes it is useful for investors to consider proceeds associated with the sales of subsidiaries, property, plant and equipment, and sales and returns of investments together with cash provided by operating activities when evaluating cash available for investment in the business and financing activities. A reconciliation to net cash provided by operating activities for 2021 and 2022 periods is shown on page 7.

This press release also includes cash flow from operations and asset sales excluding working capital. The company believes it is useful for investors to consider these numbers in comparing the underlying performance of the company's business across periods when there are significant period-to-period differences in the amount of changes in working capital. A reconciliation to net cash provided by operating activities for 2021 and 2022 periods is shown on page 7.

ExxonMobil
Media Relations, 972-940-6007

• Highest first quarter net income in over 30 years of $1,173 million with Upstream income of $782 million and Downstream income of $389 million, driven primarily by strong market conditions
• Highest first quarter cash flow from operating activities in over 30 years of $1,914 million, with free cash flow¹ of $1,635 million
• Upstream production of 380,000 barrels per day, impacted by extreme cold weather and unplanned downtime at Kearl
• Downstream quarterly refinery capacity utilization of 93%, third consecutive quarter above 90%
• Completed construction of the Sarnia Products Pipeline providing enhanced access to the high-value Toronto market and reducing transportation costs
• Declared second quarter dividend of 34 cents per share
• Announced intention to initiate a substantial issuer bid to purchase up to $2.5 billion of its common shares

CALGARY, Alberta--(BUSINESS WIRE)--TMLImperial Oil Limited (TSE: IMO, NYSE American: IMO):

Imperial reported estimated net income in the first quarter of $1,173 million up from $813 million in the fourth quarter of 2021, driven primarily by strong market conditions. Cash flow from operating activities was $1,914 million up from $1,632 million in the fourth quarter of 2021. Both net income and cash flow from operating activities represent the highest first quarter result in over 30 years.

“Imperial achieved strong financial results across all business lines in the first quarter as pandemic restrictions were lifted and commodity prices further strengthened,” said Brad Corson, chairman, president and chief executive officer. “With strong margins across all our businesses, we are very well positioned to continue generating substantial free cash flow¹ this year.”

Upstream production in the first quarter averaged 380,000 gross oil-equivalent barrels per day. At Kearl, quarterly total gross production averaged 186,000 barrels per day with operations impacted by extreme cold weather and unplanned downtime. Subsequent to the first quarter, Kearl’s April month-to-date production increased to about 250,000 total gross barrels per day. At Cold Lake, the company’s strategic focus on reliability and optimization continued to drive strong operating performance with quarterly production of 140,000 gross barrels per day.

In the Downstream, quarterly refining throughput averaged 399,000 barrels per day with capacity utilization of 93% representing the third consecutive quarter with utilization above 90%. Quarterly petroleum product sales averaged 447,000 barrels per day as pandemic restrictions began lifting late in the quarter.

During the quarter, construction of the Sarnia Products Pipeline was completed ahead of schedule, with start-up and commissioning completed in April. The pipeline provides enhanced access into the high-value Toronto market and is expected to reduce annual transportation costs by $40 million.

Chemical first quarter net income was $56 million, compared to net income of $64 million in the fourth quarter of 2021, as margins eased from record highs.

During the quarter, Imperial returned $449 million to shareholders through the accelerated completion of the company’s normal course issuer bid, with the program concluding on January 31, 2022. The company also paid $185 million in dividends, and declared a second quarter dividend of 34 cents per share. “Imperial has a long track record of returning surplus cash to shareholders and I am pleased to announce the company’s plans to initiate a substantial issuer bid returning up to $2.5 billion to shareholders in the second quarter of 2022,” said Corson.

Imperial continues to advance lower emission solutions in support of its sustainability goals, including its recently announced oil sands greenhouse gas intensity reduction goal of 30 percent by 2030 from 2016 levels. Imperial is a member of the Oil Sands Pathways to Net Zero alliance that is working with federal and provincial governments with a goal to achieve net zero greenhouse gas emissions from oil sands operations by 2050. The company also continues to progress plans for a world-class renewable diesel manufacturing facility at its Strathcona refinery, to provide Canada with a large new domestic source of renewable fuel to help reduce Scope 3 emissions.

“Imperial remains confident in our ability to reduce emissions and advance lower-emission technologies. We are also encouraged by recent steps taken by the federal government to support investment tax credits on large-scale carbon capture projects to help Canada achieve its climate goals,” said Corson. “Continued collaboration and our long history of research and development will continue to serve us well on this journey.”

First quarter highlights

• Net income of $1,173 million or $1.75 per share on a diluted basis, the highest first quarter in over 30 years, up from $392 million or $0.53 per share in the first quarter of 2021. Improved net income was primarily driven by strong market conditions.
• Cash flows from operating activities of $1,914 million, the highest first quarter in over 30 years, up from $1,045 million in the same period of 2021. Cash flows from operating activities excluding working capital¹ of $1,219 million, compared with $1,068 million in the same period of 2021. Changes in working capital of $695 million includes $459 million of income taxes payable in the first quarter of 2023.
• Capital and exploration expenditures totalled $296 million, up from $163 million in the first quarter of 2021.
• The company returned $634 million to shareholders in the first quarter of 2022, including $449 million from the accelerated completion of the company’s normal course issuer bid program on January 31, 2022 and $185 million in dividends paid.
• Announced intention to initiate a substantial issuer bid to purchase for cancellation up to $2.5 billion of its common shares. The company anticipates that the terms and pricing will be determined and the offer will commence during the next two weeks.
• Production averaged 380,000 gross oil-equivalent barrels per day, compared to 432,000 barrels per day in the same period of 2021. Production was impacted by extreme cold weather and unplanned downtime at Kearl.
• Total gross bitumen production at Kearl averaged 186,000 barrels per day (132,000 barrels Imperial's share), compared to 251,000 barrels per day (178,000 barrels Imperial's share) in the first quarter of 2021. Production was impacted by extreme cold weather and unplanned downtime. April month-to-date production has since increased to about 250,000 total gross barrels per day.
• Gross bitumen production at Cold Lake averaged 140,000 barrels per day, consistent with the first quarter of 2021, driven by continued strong operating performance and efficiently offsetting production decline.
• The company's share of gross production from Syncrude averaged 77,000 barrels per day, compared to 79,000 barrels per day in the first quarter of 2021. Syncrude continues to leverage the interconnect pipeline to capture value, achieving record first quarter bitumen production.
• The previously announced marketing process for Imperial and ExxonMobil Canada’s interests in XTO Energy Canada is on-going, with bids received now under evaluation. A definitive decision to sell the assets has not yet been made and operations will continue as normal throughout the marketing process and should the process not result in a sale.
• Refinery throughput averaged 399,000 barrels per day, up from 364,000 barrels per day in the first quarter of 2021. Capacity utilization was 93 percent, up from 85 percent in the first quarter of 2021, the third consecutive quarter with utilization above 90 percent. Higher throughput and utilization were driven primarily by increased demand.
• Petroleum product sales were 447,000 barrels per day, up from 414,000 barrels per day in the first quarter of 2021. Higher petroleum product sales were driven primarily by increased demand.
• Completed construction of the Sarnia Products Pipeline ahead of schedule, with commissioning and start-up completed in April. The pipeline provides enhanced access into the high-value Toronto market and is expected to reduce annual transportation costs by $40 million.
• Chemical net income of $56 million in the quarter, compared to $67 million in the first quarter of 2021 as margins eased from record highs.
• Announced expanded partnership with Loblaw’s PC Optimum loyalty program, offering Canadians the opportunity to redeem PC Optimum points at more than 2,000 Esso stations across Canada.

Current business environment

During the COVID-19 pandemic, industry investment to maintain and increase production capacity was restrained to preserve capital, resulting in underinvestment and supply tightness as demand for petroleum and petrochemical products recovered. Across late 2021 and early 2022, this dynamic, along with supply chain constraints, and a continuation of demand recovery led to a steady increase in oil and natural gas prices. In the first quarter of 2022, tightness in the oil and natural gas markets was further exacerbated by Russia’s invasion of Ukraine and subsequent sanctions imposed upon business and other activities in Russia. The price of crude oil and certain regional natural gas indicators increased to levels not seen for several years.

Operating results
First quarter 2022 vs. first quarter 2021

Upstream
Net income (loss) factor analysis
millions of Canadian dollars

Price – Higher realizations were generally in line with increases in marker prices, driven primarily by increased demand and supply chain constraints. Average bitumen realizations increased by $42.17 per barrel generally in line with WCS and synthetic crude oil realizations increased by $49.83 per barrel generally in line with WTI.

Volumes – Lower volumes primarily driven by extreme cold weather and unplanned downtime at Kearl.

Royalty – Higher royalties primarily driven by improved commodity prices.

Downstream
Net income (loss) factor analysis
millions of Canadian dollars

Margins – Higher margins primarily reflect improved market conditions.

Improved refinery throughput in the first quarter of 2022 primarily reflects increased demand.

Improved petroleum product sales in the first quarter of 2022 were mainly due to increased demand.

Chemicals
Net income (loss) factor analysis
millions of Canadian dollars

Corporate and other

Liquidity and capital resources

Cash flow generated from operating activities primarily reflects higher Upstream realizations, improved Downstream margins, and favourable working capital impacts.

Cash flow used in investing activities primarily reflects higher additions to property, plant and equipment.

Cash flow used in financing activities primarily reflects:

The company completed share repurchases under its normal course issuer bid on January 31, 2022. The company did not purchase shares during the first quarter of 2021.

On April 29, 2022 the company announced its intention to launch a substantial issuer bid pursuant to which the company will offer to purchase for cancellation up to $2,500,000,000 of its common shares. The substantial issuer bid will be made through a modified Dutch auction, with a tender price range to be determined by the company at the time of commencement of the offer. Shares may also be tendered by way of a proportionate tender, which will result in a shareholder maintaining their proportionate share ownership. ExxonMobil has advised Imperial that it intends to make a proportionate tender in connection with the offer in order to maintain its proportionate share ownership at approximately 69.6 percent following completion of the offer. Nothing in this report shall constitute an offer to purchase or a solicitation of an offer to sell any shares.

Key financial and operating data follow.

Additional information regarding the tender offer

The tender offer described in this communication (the “Offer”) has not yet commenced. This communication is for informational purposes only. This communication is not a recommendation to buy or sell Imperial Oil Limited shares or any other securities, and it is neither an offer to purchase nor a solicitation of an offer to sell Imperial Oil Limited Shares or any other securities.

On the commencement date of the Offer, Imperial Oil Limited will file an offer to purchase, accompanying issuer bid circular and related letter of transmittal and notice of guaranteed delivery (the “Offering Documents”) with Canadian securities regulatory authorities and mail these to the company’s shareholders. The company will also file a tender offer statement on Schedule TO, including the Offering Documents, with the United States Securities and Exchange Commission (the “SEC”). The Offer will only be made pursuant to the Offering Documents filed with Canadian securities regulatory authorities and as a part of the Schedule TO. Shareholders should read carefully the Offering Documents because they contain important information, including the various terms of, and conditions to, the Offer. Once the Offer is commenced, shareholders will be able to obtain a free copy of the tender offer statement on Schedule TO, the Offering Documents and other documents that Imperial Oil Limited will be filing with the SEC at the SEC’s website at www.sec.gov, with Canadian securities regulatory authorities at www.sedar.com, or from Imperial Oil Limited’s website at www.imperialoil.ca.

Forward-looking statements

Statements of future events or conditions in this report, including projections, targets, expectations, estimates, and business plans are forward-looking statements. Forward-looking statements can be identified by words such as believe, anticipate, intend, propose, plan, goal, seek, project, predict, target, estimate, expect, strategy, outlook, schedule, future, continue, likely, may, should, will and similar references to future periods. Forward-looking statements in this report include, but are not limited to, references to the company’s intention to initiate a substantial issuer bid, including the size, timing for determining the terms and pricing and commencement, structure and ExxonMobil’s intent to make a proportionate tender; being well positioned to generate substantial free cash flow in 2022; anticipated cost reductions from the Sarnia Products Pipeline; continuing to advance lower emissions solutions in support of the company’s sustainability goals, and benefit from collaboration and research and development; oil sands greenhouse gas intensity reduction goal of 30 percent by 2030; the Oil Sands Pathways to Net Zero alliance goal to achieve net zero greenhouse gas emissions from oil sands operations by 2050; continuing to progress the Strathcona renewal diesel manufacturing facility and its potential impact; the impact of leveraging the Syncrude interconnect pipeline; the marketing process for XTO Energy Canada, including evaluation of bids and operations continuing as normal throughout the marketing process; and the expanded partnership with Loblaw’s PC Optimum program.

Forward-looking statements are based on the company's current expectations, estimates, projections and assumptions at the time the statements are made. Actual future financial and operating results, including expectations and assumptions concerning demand growth and energy source, supply and mix; production rates, growth and mix across various assets; project plans, timing, costs, technical evaluations and capacities and the company’s ability to effectively execute on these plans and operate its assets, including factors influencing a final investment decision for the renewable diesel complex at Strathcona; the adoption and impact of new facilities or technologies on reductions to GHG emissions intensity, including but not limited to Strathcona renewable diesel, solvent technologies to replace energy intensive steam at Cold Lake, boiler flue gas technology at Kearl, and support for and advancement of carbon capture and storage, and any changes in the scope, terms, or costs of such projects; the amount and timing of emissions reductions; receipt of regulatory approvals; support from policymakers and other stakeholders for various new technologies such as carbon capture and storage; that the necessary exemptive relief to proceed with the substantial issuer bid under applicable securities laws will be received on the timeline anticipated; ExxonMobil making a proportionate tender in connection with the substantial issuer bid; applicable laws and government policies, including with respect to climate change and GHG emissions reductions; capital and environmental expenditures; progression of COVID-19 and its impacts on Imperial’s ability to operate its assets; the company’s ability to effectively execute on its business continuity plans and pandemic response activities; and commodity prices, foreign exchange rates and general market conditions could differ materially depending on a number of factors.

These factors include global, regional or local changes in supply and demand for oil, natural gas, and petroleum and petrochemical products and resulting price, differential and margin impacts, including foreign government action with respect to supply levels and prices, the impact of COVID-19 on demand and the occurrence of wars; availability and allocation of capital; the receipt, in a timely manner, of regulatory and third-party approvals; the results of research programs and new technologies, the ability to bring new technologies to commercial scale on a cost-competitive basis, and the competitiveness of alternative energy and other emission reduction technologies; lack of required support from governments and policymakers for adoption of new technologies for emissions reductions; unanticipated technical or operational difficulties; project management and schedules and timely completion of projects; availability and performance of third-party service providers, including in light of restrictions related to COVID-19; environmental risks inherent in oil and gas exploration and production activities; political or regulatory events, including changes in law or government policy, environmental regulation including climate change and greenhouse gas regulation, and actions in response to COVID-19; management effectiveness and disaster response preparedness, including business continuity plans in response to COVID-19; operational hazards and risks; cybersecurity incidents, including increased reliance on remote working arrangements; currency exchange rates; general economic conditions; and other factors discussed in Item 1A risk factors and Item 7 management’s discussion and analysis of financial condition and results of operations of Imperial Oil Limited’s most recent annual report on Form 10-K.

Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, some that are similar to other oil and gas companies and some that are unique to Imperial Oil Limited. Imperial’s actual results may differ materially from those expressed or implied by its forward-looking statements and readers are cautioned not to place undue reliance on them. Imperial undertakes no obligation to update any forward-looking statements contained herein, except as required by applicable law.

In this release all dollar amounts are expressed in Canadian dollars unless otherwise stated. This release should be read in conjunction with Imperial’s most recent Form 10-K. Note that numbers may not add due to rounding.

The term “project” as used in this release can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports.

Investor relations
(587) 476-4743

Media relations
(587) 476-7010

HOUSTON--(BUSINESS WIRE)--$CRGY--Crescent Energy (NYSE: CRGY) today announced plans to host a conference call and webcast to discuss its first quarter 2022 financial and operating results at 10 a.m. CT, on Wednesday, May 11, 2022. The Company plans to release results after market close on Tuesday, May 10, 2022. The earnings release and presentation for the first quarter 2022 results will be available on the company’s website at https://ir.crescentenergyco.com.

Conference Call Information

Time: 10 a.m. CT (11 a.m. ET)
Date: Wednesday, May 11, 2022
Conference Dial-In: 877-407-0989 / 201-389-0921 (Domestic / International)
Webcast Link: https://ir.crescentenergyco.com/events-presentations/

A webcast replay will be available on the website following the call.

About Crescent Energy

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

Emily Newport
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CALGARY, Alberta--(BUSINESS WIRE)--Imperial Oil Limited (TSE: IMO, NYSE American: IMO) announced today that the Board of Directors, on the recommendation of a special committee of independent directors, has authorized the initiation of a substantial issuer bid (the “Offer”) pursuant to which the company will offer to purchase for cancellation up to $2,500,000,000 of its common shares (the “Shares”). The company anticipates that the terms and pricing will be determined, and the Offer will commence, during the next two weeks and will be completed before the end of June 2022. All amounts are in Canadian dollars.

Under the proposed issuer bid, which remains subject to obtaining the necessary exemptive relief under applicable securities laws in Canada and the United States, shareholders wishing to accept the Offer will have the opportunity to tender their Shares through a modified Dutch auction or through a proportionate tender which will result in them maintaining their proportionate Share ownership.

Exxon Mobil Corporation (“ExxonMobil”), Imperial’s majority shareholder, has advised Imperial that it intends to make a proportionate tender in connection with the Offer in order to maintain its proportionate Share ownership at approximately 69.6 percent following completion of the Offer.

The Offer referred to in this news release has not yet commenced. This news release is for informational purposes only and does not constitute an offer to buy or the solicitation of an offer to sell Shares. An offer to purchase the Shares will only be made pursuant to Offer documents to be filed with the applicable securities regulators in Canada and the United States, which remains subject to obtaining the necessary exemptive relief under applicable securities laws in Canada and the United States. The Offer will be optional for all shareholders, who will be free to choose whether to participate, how many Shares to tender and, in the case of auction tenders, at what price to tender within the specified range. Any shareholder who does not deposit any Shares (or whose Shares are not repurchased under the Offer) will realize a proportionate increase in equity interest in Imperial, to the extent that Shares are purchased under the Offer.

Imperial is one of Canada’s largest integrated oil companies. It is active in all phases of the petroleum industry in Canada, including the exploration for, and production and sale of, crude oil and natural gas. In Canada, it is a major producer of crude oil, the largest petroleum refiner and a leading marketer of petroleum products. It is also a major producer of petrochemicals. The company’s operations are conducted in three main segments: Upstream, Downstream and Chemical.

Source: Imperial

Cautionary statement: Statements of future events or conditions in this release, including projections, expectations and estimates are forward-looking statements. Forward-looking statements can be identified by words such as believe, anticipate, intend, propose, plan, expect, future, continue, likely, may, should, will and similar references to future periods. Forward-looking statements in this release include, but are not limited to, references to the aggregate amount of Shares to be purchased for cancellation under the Offer; the timing for determining the terms and pricing, commencement and expiration; the structure of the bid including a modified Dutch auction procedure and proportionate tender; and ExxonMobil’s intent to make a proportionate tender.

Forward-looking statements are based on the company's current expectations, estimates, projections and assumptions at the time the statements are made. Actual future financial and operating results, including expectations and assumptions concerning demand growth and energy source, supply and mix; commodity prices, foreign exchange rates and general market conditions; production rates, growth and mix; project plans, timing, costs, technical evaluations and capacities, and the company’s ability to effectively execute on these plans and operate its assets; that the necessary exemptive relief to proceed with the Offer under applicable securities laws in the United States and Canada will be received on the timeline anticipated; ExxonMobil making a proportionate tender in connection with the Offer; progression of COVID-19 and its impacts on Imperial’s ability to operate its assets; applicable laws and government policies, including restrictions in response to COVID-19; and capital and environmental expenditures could differ materially depending on a number of factors. These factors include global, regional or local changes in supply and demand for oil, natural gas, and petroleum and petrochemical products and resulting price, differential and margin impacts, including foreign government action with respect to supply levels and prices and the impact of COVID-19 on demand; the receipt, in a timely manner, of regulatory approvals; availability and allocation of capital; unanticipated technical or operational difficulties; operational hazards and risks; availability and performance of third-party service providers, including in light of restrictions related to COVID-19; management effectiveness and disaster response preparedness, including business continuity plans in response to COVID-19; currency exchange rates; political or regulatory events, including changes in law or government policy in response to COVID-19; general economic conditions; and other factors discussed in Item 1A risk factors and Item 7 management’s discussion and analysis of financial condition and results of operations of Imperial Oil Limited’s most recent annual report on Form 10-K and subsequent interim reports on Form 10-Q.

Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, some that are similar to other oil and gas companies and some that are unique to Imperial Oil Limited. Imperial’s actual results may differ materially from those expressed or implied by its forward-looking statements and readers are cautioned not to place undue reliance on them. Imperial undertakes no obligation to update any forward-looking statements contained herein, except as required by applicable law.

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

Source: Imperial

Investor Relations
(587) 476-4743

Media Relations
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LAKEWOOD, Colo.--(BUSINESS WIRE)--Atwell, LLC is pleased to promote Katrina Stewart to Project Manager in our Power and Energy group. Based in Atwell’s Lakewood, Colorado office, Katrina will be responsible for managing the civil design project team and guiding the team’s deliverables, maintaining project budgets and schedules, providing quality control, and promoting and expanding Atwell’s Power and Energy operations.

With a strong background in the power and energy industry, Katrina has over 12 years of experience in project management, transmission line creation, construction field engineering, and substation design, with four of those years being at Atwell. Katrina’s areas of expertise include project management, field engineering, issue resolution, construction, and materials testing (soils, asphalt and concrete, and Hilti DX). She has worked on projects nationwide from the El Algodon Alto Substation in Texas to the Blue Harvest Solar Plant in Ohio. She earned her Bachelor of Science degree in Civil Engineering at Michigan Technological University and has her engineering in training (EIT) certification.

“Katrina is an accomplished leader with extensive experience in power engineering, generation, transmission and distribution engineering, and construction support and inspection,” said Vice President Daniel Farmer. “She has been an incredible asset to the Power and Energy team the past four years and will be a great leader to the team.”

Atwell, LLC is a national consulting, engineering, and construction services firm with technical professionals located across the country. Creating innovative solutions for clients in industries such as real estate and land development, power and energy, and oil and gas, Atwell provides comprehensive turnkey services including land and right-of-way support, planning, landscape architecture, engineering, land surveying, environmental compliance, and permitting, and project and program management.

Timothy Augustine, Senior Vice President
ATWELL, LLC
248.447.2005
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EAST AURORA, N.Y.--(BUSINESS WIRE)--The Board of Directors of Moog Inc. (NYSE: MOG.A and MOG.B) has declared a quarterly dividend of $.26 per share on the Company’s issued and outstanding shares of Class A common stock and Class B common stock. The dividend will be paid on May 31, 2022 to all shareholders of record as of the close of business on May 13, 2022.

The dividend represents a use of cash of approximately $8 million. Future declarations of quarterly dividends are subject to the determination and discretion of Moog’s Board of Directors.

About Moog

Moog Inc. is a worldwide designer, manufacturer, and integrator of precision control components and systems. Moog’s high-performance systems control military and commercial aircraft, satellites and space vehicles, launch vehicles, missiles, automated industrial machinery, marine and medical equipment. Additional information about the company can be found at www.moog.com.

Ann Marie Luhr
716-687-4225

HOUSTON--(BUSINESS WIRE)--NOV Inc. (NYSE: NOV) today reported first quarter 2022 revenues of $1.55 billion, an increase of 2 percent compared to the fourth quarter of 2021 and an increase of 24 percent compared to the first quarter of 2021. Net loss for the first quarter of 2022 was $50 million, or 3.2 percent of sales, which included $45 million of Other Items (see Corporate Information for additional details). Adjusted EBITDA (operating profit excluding depreciation, amortization, gain and loss on sales of fixed assets, and, when applicable, Other Items) increased sequentially to $103 million, or 6.7 percent of sales. See reconciliation of Adjusted EBITDA to Net Income (Loss).

“NOV’s financial results continued to improve through the first quarter of 2022, as the Company benefited from better execution and improving pricing,” stated Clay Williams, Chairman, President, and CEO. “Our teams more efficiently navigated through raw material shortages, freight disruptions, and inflation, which intensified in many areas during the quarter due to further lockdowns and the conflict in Eastern Europe. Higher commodity prices are prompting greater activity among producers, who are now faced with oilfield service constraints brought about by years of underinvesting. Two years of cost- and infrastructure-cutting through the pandemic lockdown and persistent supply chain disruptions are challenging the sector’s ability to add production quickly in response to the higher commodity prices.”

“Nevertheless, global oilfield activity is slowly rising with growing urgency, and this helped drive another quarter of strong orders for the Company with book-to-bill once again exceeding 100 percent. While NOV has a ways to go to achieve our desired financial results, the first quarter demonstrated clear, continued progress. With our innovative portfolio of technology and products, global team of talented individuals and strong financial position, NOV stands ready to help the industry confront these challenges as we advance into the emerging oilfield up-cycle.”

Wellbore Technologies

Wellbore Technologies generated revenues of $608 million in the first quarter of 2022, an increase of 6 percent from the fourth quarter of 2021 and an increase of 47 percent from the first quarter of 2021. Operating profit was $39 million, or 6.4 percent of sales, and included $23 million of Other Items. Adjusted EBITDA increased $13 million sequentially and $67 million from the prior year to $101 million, or 16.6 percent of sales. Growing global drilling activity, a better sales mix, and improved pricing, partially offset by ongoing supply chain related challenges, drove the improvement in results.

Completion & Production Solutions

Completion & Production Solutions generated revenues of $530 million in the first quarter of 2022, a decrease of 3 percent from the fourth quarter of 2021 and an increase of 21 percent from the first quarter of 2021. Operating loss was $22 million, or 4.2 percent of sales, and included $16 million in Other Items. Adjusted EBITDA increased $8 million sequentially and $14 million from the prior year to $10 million, or 1.9 percent of sales. Despite the improvement in adjusted EBITDA margins, the segment remains challenged by continuing supply chain issues and operational disruptions in shipyards.

New orders booked during the quarter totaled $339 million, representing a book-to-bill of 110 percent when compared to the $308 million of orders shipped from backlog. As of March 31, 2022, backlog for capital equipment orders for Completion & Production Solutions was $1.36 billion, an increase of 6 percent from the fourth quarter of 2021 and an increase of 68 percent from the first quarter of 2021.

Rig Technologies

Rig Technologies generated revenues of $441 million in the first quarter of 2022, an increase of 2 percent from both the fourth quarter of 2021 and the first quarter of 2021. Operating profit was $11 million, or 2.5 percent of sales, and included $6 million of Other Items. Adjusted EBITDA increased $15 million sequentially and $23 million from the prior year to $36 million, or 8.2 percent of sales. A more favorable sales mix, cost savings initiatives, and improved pricing drove the improvement in profitability.

New orders booked during the quarter totaled $236 million, representing a book-to-bill of 124 percent when compared to the $190 million of orders shipped from backlog. The segment also recorded a positive $80 million adjustment to backlog, primarily related to contractual inflationary price index adjustments. As of March 31, 2022, backlog for capital equipment orders for Rig Technologies was $2.89 billion.

Corporate Information

During the first quarter, the Company recognized $45 million of Other Items due primarily to impairment and other charges associated with the Company's operations in Russia, Belarus and Ukraine, and restructuring costs, net of related credits. See reconciliation of Adjusted EBITDA to Net Income (Loss).

As of March 31, 2022, the Company had total debt of $1.71 billion, with $2.00 billion available on its primary revolving credit facility, and $1.41 billion in cash and cash equivalents.

Significant Achievements

NOV was awarded a large equipment package for a new wind power installation vessel. This award, which includes a jacking system, heavy-lift crane, and a special barge handling system, is part of an innovative concept that is expected to improve offshore wind farm economics by using a specially designed feeder barge system that will improve installation process efficiencies by up to 30% compared to conventional vessels. The Jones Act compliant solution is contracted to operate in U.S. waters.

NOV conducted successful trials of surface automation technology with two major national oil company customers in the Middle East. Both trials utilized NOV’s NOVOS drilling automation platform in combination with MDTotco’s™ Kaizen™ drilling optimization AI-based application and set drilling time field records, yielding an average 35% reduction in days-to-drill in comparison to offset wells.

NOV’s MPowerD™ managed pressure drilling (MPD) product line, augmented by the recent acquisition of AFGlobal’s Advanced Drilling Systems™ business, rapidly expanded its market presence during the first quarter. NOV installed and commissioned an MPD upgrade package integrated with the Company's NOVOS™ drilling system for a deepwater rig preparing to go back to work in Latin America. NOV also delivered an MPD package for a deepwater rig operated by an international drilling contractor in the Gulf of Mexico. Additionally, NOV helped drill the first well on an offshore jack-up rig in Norway utilizing NOV’s J-Series™ rotating control device (RCD) and MPD manifold integrated with the NOVOS operating system, drilling two-hole sections that required MPD capability at a cost and pace that exceeded customer expectations.

NOV partnered with a large Asian shipyard to secure a contract for a pre-Front End Engineering and Design (pre-FEED) study for a European energy major aiming to develop floating wind power projects in South Korea with NOV’s proprietary Tri-Floater and mooring designs. This pre-FEED award positions NOV to participate in the upcoming FEED study and to compete for the eventual 1.6-gigawatt project planned by the South Korean government, which intends to increase the amount of renewable power to 20 percent of total domestic energy generation as part of its Renewable Energy 2030 plan.

NOV received a major order for Fiberspar™ 6-inch reinforced thermoplastic pipe 1500-series product from an engineering services provider for Phase B of the Northern Arabia unconventional gas field development in Turaif, Saudi Arabia. This is the third major order of NOV's premium pipe product for this development, reaffirming the close technical and working collaboration between the customer and NOV.

NOV received significant bookings for its recently launched Mach 1™ Horizontal Pumping System (HPS). Each Mach 1 HPS is designed to extend operational life, reduce maintenance, and offer flexible, easy deployment in unpredictable site conditions. Pre-wired with NOV's GoConnect™ equipment monitoring solution and Guardian™ automation and control, this pump gives operators the ability to capture, visualize, and analyze data in real-time, monitor conditions, and automate flow to enhance site safety and optimize production.

NOV received multiple orders for the Valkyrie™ abandonment system from an oil and gas production company in the Netherlands for onshore decommissioning projects. Using high-frequency hydraulic pulses, the Valkyrie abandonment system creates a permanent, high-quality cement bond that allows operators to abandon wells safely and efficiently. The protective barrier reduces the amount of pipe that operators must retrieve from the well, creates a positive environmental impact, and minimizes costs without sacrificing the integrity of the abandoned well.

First Quarter Earnings Conference Call

NOV will hold a conference call to discuss its first quarter 2022 results on April 29, 2022 at 10:00 AM Central Time (11:00 AM Eastern Time). The call will be broadcast simultaneously at www.nov.com/investors. A replay will be available on the website for 30 days.

About NOV

NOV (NYSE: NOV) delivers technology-driven solutions to empower the global energy industry. For more than 150 years, NOV has pioneered innovations that enable its customers to safely produce abundant energy while minimizing environmental impact. The energy industry depends on NOV’s deep expertise and technology to continually improve oilfield operations and assist in efforts to advance the energy transition towards a more sustainable future. NOV powers the industry that powers the world.

Visit www.nov.com for more information.

Non-GAAP Financial Measures

This press release contains certain non-GAAP financial measures that management believes are useful tools for internal use and the investment community in evaluating NOV’s overall financial performance. These non-GAAP financial measures are broadly used to value and compare companies in the oilfield services and equipment industry. Not all companies define these measures in the same way. In addition, these non-GAAP financial measures are not a substitute for financial measures prepared in accordance with GAAP and should therefore be considered only as supplemental to such GAAP financial measures. Please see the attached schedules for reconciliations of the differences between the non-GAAP financial measures used in this press release and the most directly comparable GAAP financial measures.

Cautionary Statement for the Purpose of the “Safe Harbor” Provisions of the Private Securities Litigation Reform Act of 1995

Statements made in this press release that are forward-looking in nature are intended to be “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934 and may involve risks and uncertainties. These statements may differ materially from the actual future events or results. Readers are referred to documents filed by NOV with the Securities and Exchange Commission, including the Annual Report on Form 10-K, which identify significant risk factors which could cause actual results to differ from those contained in the forward-looking statements.

Certain prior period amounts have been reclassified in this press release to be consistent with current period presentation.

NOV INC.
RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME (LOSS) (Unaudited)
(In millions)

Presented below is a reconciliation of Net Income (Loss) to Adjusted EBITDA. The Company defines Adjusted EBITDA as Operating Profit excluding Depreciation, Amortization, Gains and Losses on Sales of Fixed Assets, and, when applicable, Other Items. Management believes this is important information to provide because it is used by management to evaluate the Company’s operational performance and trends between periods and manage the business. Management also believes this information may be useful to investors and analysts to gain a better understanding of the Company’s results of ongoing operations. Adjusted EBITDA is not intended to replace GAAP financial measures, such as Net Income. Other Items include impairment, restructure, severance, facility closure costs and inventory charges and credits.

Blake McCarthy
Vice President, Corporate Development and Investor Relations
(713) 815-3535
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CALGARY, Alberta--(BUSINESS WIRE)--Imperial Oil Limited (TSE: IMO, NYSE American: IMO) today declared a quarterly dividend of 34 cents per share on the outstanding common shares of the company, payable on July 1, 2022, to shareholders of record at the close of business on June 2, 2022.

This second quarter 2022 dividend compares with the first quarter 2022 dividend of 34 cents per share.

Imperial has a long and successful history of growth and financial stability in Canada as a leading member of the petroleum industry. The company has paid dividends every year for over a century and has increased its annual dividend payment for 27 consecutive years.

Source: Imperial

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

Investor relations
(587) 476-4743

Media relations
(587) 476-7010

HOUSTON--(BUSINESS WIRE)--Ranger Energy Services, Inc. (NYSE: RNGR) (“Ranger” or the “Company”) announced today its results for its fiscal quarter ended March 31, 2022.

– Quarterly revenues of $123.6 million increased $0.5 million from $123.1 million in Q4 despite weather and supply chain related delays early in the quarter

– High-Spec Rig revenue grew 9% or $5.4 million sequentially with an operating income increase of $6.8 million to $7.7 million in Q1 from $0.9 million in Q4

– Capital structure simplification complete with Class A common stock our sole outstanding equity

Consolidated Financial Highlights

Quarterly revenues of $123.6 million increased $0.5 million from $123.1 million in Q4. The revenue increase is attributable to the High Specification Rigs and Processing Solutions and Ancillary Services reporting segments.

Net loss of $5.7 million decreased $30.1 million from a net income of $24.4 million in Q4. The net income decrease is attributable to the $37.2 million bargain purchase gain related to the Basic Energy Asset Acquisition in the prior quarter, partially offset by a decrease in general and administrative costs.

Adjusted EBITDA⁽¹⁾ of $9.6 million increased $0.5 million from $9.1 million in Q4. The increase was driven by the increased gross profit margins attributable to the High-Spec Rig reporting segment, partially offset by a reduction to the Wireline gross profit margin.

CEO Comments

Stuart Bodden, the Company’s Chief Executive Officer, stated, “We are excited about our Q1 results, and in particular the velocity of the business as we exited the first quarter. The Ranger management team has been working diligently to integrate our recent acquisitions, and we made significant strides during Q1 in building right-sized and efficient operations in each of our service lines. We have also remained focused on the sale of excess assets, and we launched a concerted effort in Q1 to improve our working capital balance. All of these efforts are paying off, particularly as we move out of Q1 and into Q2.

We experienced seasonal and supply chain related issues during January and February, but Ranger finished Q1 with a strong quarterly revenue run rate of $140 million and corporate EBITDA margin of 10%. Moving into Q2, we continue to see increasing demand and a constructive pricing environment across all service lines, which, along with operational improvements in the business, are setting Ranger up for a very strong second quarter and second half of the year. Although we have experienced weather related delays in April, particularly in our Northern operations, we expect Q2 revenue to be between $135 million and $145 million with corporate EBITDA margins ranging between 10% and 12%. For full year 2022, we are increasing our guidance for revenue to be between $540 million and $580 million with full year EBITDA margins of 11% to 13%. We continue to target 15% EBITDA margins by year end.

As noted, we remain focused on excess asset sales and launched an effort in early Q1 to reduce working capital. Relative to the end of Q1, as of today we have reduced Term Loan B by $5 million and reduced our revolver draw by $13 million, for a total net debt reduction of $18 million. These improvements will be reflected in our Q2 results. Coupled with the strong performance of the business, by early 2023 we expect Ranger will have term debt of $10 million to $15 million, no revolver draw, and a positive cash balance. Depending on market conditions and availability of accretive deals, we intend to either build cash reserves in preparation for additional M&A or consider paying dividends.”

Business Segment Financial Results

High Specification Rigs

High Specification Rigs segment revenue increased by $5.4 million to $64.9 million in Q1 from $59.5 million in Q4 2021. Rig hours increased to 112,500 hours in Q1 from 111,600 hours in Q4. The increase in rig hours was coupled with an increase of $44, or 8%, in the hourly average rig rate to $577 in Q1 from $533 in Q4.

Operating income increased by $6.8 million to $7.7 million in Q1 from $0.9 million in Q4. Adjusted EBITDA increased 60%, or $5.3 million, to $14.1 million in Q1 from $8.8 million in Q4. The increase in operating income and Adjusted EBITDA was largely the result of the ongoing sequential increase in hourly rig rates.

Wireline Services

Wireline Services segment revenue decreased by $6.2 million to $38.6 million in Q1 from $44.8 million in Q4 2021. The decrease in revenue was primarily attributable to a decline of 2,500 completed stage counts from 9,900 in Q4 to 7,400 in Q1.

Operating loss increased $1.5 million to a loss of $4.5 million in Q1 from a loss of $3.0 million in Q4. Adjusted EBITDA decreased $2.8 million, to a loss of $1.8 million in Q1 from earnings of $1.0 million in Q4. The increase in operating loss and decrease in Adjusted EBITDA was driven by decreased profit margins within the completions business, attributable to the reduction in revenues as described above.

As discussed during last quarter’s earnings call, Wireline Services’ Q1 performance was impacted by both supply chain and labor utilization issues. We are making significant adjustments on several fronts and are seeing positive impacts. The segment exited Q1 with positive Adjusted EBITDA margins and we are expecting further margin growth though Q2 and the balance of the year.

Processing Solutions and Ancillary Services

Processing Solutions and Ancillary Services segment revenue increased by $1.3 million to $20.1 million in Q1 from $18.8 million in Q4 2021. The increase in revenue was attributable to the coil tubing line of business.

Operating income decreased $1.1 million to $1.3 million in Q1 from $2.4 million in Q4. Adjusted EBITDA decreased 8%, or $0.3 million, to $3.3 million in Q1 from $3.6 million in Q4. The decrease in operating income and Adjusted EBITDA was driven by decreased gross profit margins. The sequential margin decrease is attributable primarily to low January utilization levels.

Liquidity

We ended the quarter with $10.2 million of liquidity, consisting of $6.4 million of capacity on our revolving credit facility and $3.8 million of cash.

Our current liquidity is approximately $24.2 million, which is comprised of total loan borrowing capacity of $55.9 million, partially offset by borrowings of $32.1 million and cash on hand of $0.4 million.

Debt

We ended Q1 with aggregate net debt of $92.5 million, an increase of $8.6 million, as compared to $83.9 million at the end of Q4 2021. The increase is attributable to additional borrowings from our revolving credit facility, slightly offset by payments made to term debt.

We ended Q1 with aggregate adjusted net debt⁽¹⁾ of $79.9 million, an increase of $8.7 million, as compared to $71.2 million at the end of Q4. Of our total debt balance, we consider $31.0 million to be term debt.

We had an outstanding balance on our revolving credit facility of $44.8 million at the end of Q1 compared to $27.0 million at the end of Q4.

Our current principal balance under our revolving credit facility and term loan B are $32.1 million and $6.1 million, respectively, which compares to the $44.8 million and $11.0 million at the end of Q1, resulting in total principal reductions of $17.6 million.

Conference Call

The Company will host a conference call to discuss its Q1 2022 results on April 29, 2022 at 8:30 a.m. Central Time (9:30 a.m. Eastern Time). To join the conference call from within the United States, participants may dial 1-833-255-2829. To join the conference call from outside of the United States, participants may dial 1-412-902-6710. When instructed, please ask the operator to join the Ranger Energy Services, Inc. call. Participants are encouraged to login to the webcast or dial in to the conference call approximately ten minutes prior to the start time. To listen via live webcast, please visit the Investor Relations section of the Company’s website, http://www.rangerenergy.com.

An audio replay of the conference call will be available shortly after the conclusion of the call and will remain available for approximately seven days. It can be accessed by dialing 1-877-344-7529 within the United States or 1-412-317-0088 outside of the United States. The conference call replay access code is 7210015. The replay will also be available in the Investor Resources section of the Company’s website shortly after the conclusion of the call and will remain available for approximately seven days.

About Ranger Energy Services, Inc.

Ranger is one of the largest providers of high specification mobile rig well services, cased hole wireline services, and ancillary services in the U.S. oil and gas industry. Our services facilitate operations throughout the lifecycle of a well, including the completion, production, maintenance, intervention, workover and abandonment phases.

Cautionary Statement Concerning Forward-Looking Statements

Certain statements contained in this press release constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements represent Ranger’s expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Ranger’s control that could cause actual results to differ materially from the results discussed in the forward-looking statements.

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