• Complements DXP’s previous air compressor acquisitions
• Adds scale and complete capabilities
• Continues to Accelerate End Market Diversification
• Attractive Margins and Cash Flow

HOUSTON--(BUSINESS WIRE)--DXP Enterprises, Inc. (NASDAQ: DXPE) today announced that it has completed the acquisition of Cisco Air Systems, Inc. (“Cisco”). Cisco is a leading distributor of air compressors and related products and services focused on serving the food & beverage, transportation and general industrial markets in the Northern California and Nevada territories. Financial terms of the transactions were not disclosed. DXP funded the acquisition with cash from the balance sheet and DXP Enterprises, Inc. common stock as consideration.

“We are pleased to announce the acquisition of Cisco and the first-tier capabilities, strong leadership and complete business model as a part of our air compressor growth efforts. We are excited to have Cisco join the DXP family. Cisco provides DXP with exceptional sales expertise that will enhance our efforts and our ability to collaborate and serve our customers. This acquisition is consistent with our growth strategy and demonstrates our commitment to expanding DXP into other products, markets and capabilities as well as maintaining our leading position as the largest distributor of rotating equipment in North America,” commented David Little, CEO of DXP.

Signing of the definitive agreements occurred on May 2, 2022. Sales and adjusted EBITDA for Cisco for the last twelve months ending March 31, 2022 were approximately $43.2 million and $7.0 million, respectively. Adjusted EBITDA was calculated as income before tax, plus interest, plus depreciation and amortization, plus non-recurring items that will not continue after the acquisition.

Kent Yee, CFO, stated “We are very excited to welcome the talented and hardworking employees of Cisco to the DXP team. Cisco is another exciting addition to DXP and our efforts to be a premier distributor. We continue to execute on our strategic priorities and strategy of making acquisitions in markets and business models where we can continue to enhance DXP. We look forward to scaling Cisco and further diversifying DXP. This acquisition complements our recent acquisitions of APO Pumps & Compressors and Total Equipment. We anticipate this acquisition to be accretive to earnings and will provide us with a strong platform going forward.”

About DXP Enterprises, Inc.

DXP Enterprises, Inc. is a leading products and service distributor that adds value and total cost savings solutions to industrial customers throughout the United States, Canada and Dubai. DXP provides innovative pumping solutions, supply chain services and maintenance, repair, operating and production ("MROP") services that emphasize and utilize DXP’s vast product knowledge and technical expertise in rotating equipment, bearings, power transmission, metal working, industrial supplies and safety products and services. DXP's breadth of MROP products and service solutions allows DXP to be flexible and customer-driven, creating competitive advantages for our customers. DXP’s business segments include Service Centers, Innovative Pumping Solutions and Supply Chain Services. For more information, go to www.dxpe.com.

The Private Securities Litigation Reform Act of 1995 provides a “safe-harbor” for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made by or to be made by the Company) contains statements that are forward-looking. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future; and accordingly, such results may differ from those expressed in any forward-looking statement made by or on behalf of the Company. These risks and uncertainties include, but are not limited to; ability to obtain needed capital, dependence on existing management, leverage and debt service, domestic or global economic conditions, and changes in customer preferences and attitudes. In some cases, you can identify forward-looking statements by terminology such as, but not limited to, “may,” “will,” “should,” “intend,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “goal,” or “continue” or the negative of such terms or other comparable terminology. For more information, review the Company’s filings with the Securities and Exchange Commission.

Kent Yee
Senior Vice President CFO
713-996-4700 – www.dxpe.com
THE INDUSTRIAL DISTRIBUTION EXPERTS

Outlines Commitments to Climate Leadership, Community Engagement, Corporate Governance

DENVER--(BUSINESS WIRE)--Civitas Resources, Inc. (NYSE: CIVI) (“Civitas” or “the Company”) today released its inaugural Corporate Sustainability Report, which highlights the Company’s 2021 environmental and social achievements, outlines the company’s governance structure, and lays out future goals. The report can be found on the Sustainability page of Civitas’ corporate website: www.civitasresources.com/sustainability

“It is with great pride that I introduce Civitas Resources’ inaugural Sustainability Report,” said Ben Dell, Civitas Chairman of the Board. “Civitas represents the coming together of four Colorado energy companies with extensive operating histories in the DJ Basin, who now share a single commitment to safe operations, the environment, and to the communities in which we operate,” he said. “In a short period of time, Civitas has distinguished itself among exploration and production companies as an ESG leader with ambitious objectives.”

Civitas’ key stakeholders – investors, regulators, employees, and communities – demand excellence in sustainability to ensure the Company successfully navigates the transition to a low-carbon economy and maintains its social license to operate as a top-tier energy producer in Colorado.

This inaugural report was produced utilizing three different climate disclosure frameworks in the interest of maximizing transparency as a best practice: the Sustainability Accounting Standards Board (SASB), the Task Force on Climate-related Financial Disclosures (TCFD), and the American Exploration and Production Council (AXPC).

The Company will annually evaluate the climate disclosure framework landscape and evolving market, regulatory, and shareholder expectations to stay abreast of future annual reporting priorities.

About Civitas Resources, Inc.

Civitas Resources, Inc. is Colorado’s first carbon neutral oil & gas producer and is focused on developing and producing crude oil, natural gas and natural gas liquids in Colorado’s Denver-Julesburg Basin. The Company is committed to pursuing compelling economic returns and cash flow while delivering best-in-class cost leadership and capital efficiency. Civitas is dedicated to safety, environmental responsibility, and implementing industry leading practices to create a positive local impact. For more information about Civitas, please visit www.civitasresources.com.

Forward-looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. For a description of factors that may cause Civitas’ actual results, performance or expectations to differ from any forward-looking statements, please review the information under the heading “Risk Factors” included in Item 1A of Civitas’ 2021 Annual Report on Form 10-K and other documents of Civitas’ on file with the Securities and Exchange Commission. Any forward-looking statements made in this press release are qualified by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by Civitas will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, Civitas or its business or operations. Except as required by law, Civitas undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. We caution you that actual outcomes and results may differ materially from what is expressed, implied or forecasted by Civitas’ forward-looking statements.

For further information, please contact:

Investor Relations:
John Wren, This email address is being protected from spambots. You need JavaScript enabled to view it.
Media:
Steven Emmen, This email address is being protected from spambots. You need JavaScript enabled to view it.

First-quarter 2022 Highlights

• Net Sales of $459.0 million, up 29.6% year-over-year
• Diluted net income per share of $0.09, $0.03 on an adjusted basis⁽¹⁾
• Adjusted EBITDA⁽¹⁾ of $31.2 million, up $10.1 million year-over-year

MILWAUKEE--(BUSINESS WIRE)--The Manitowoc Company, Inc. (NYSE: MTW), (the “Company” or “Manitowoc”) a leading global manufacturer of cranes and lifting solutions, today reported first-quarter net income of $3.1 million, or $0.09 per diluted share. On an adjusted basis, first-quarter net income⁽¹⁾ was $1.0 million, or $0.03 per diluted share.

Net sales in the first-quarter increased 29.6% year-over-year to $459.0 million and were unfavorably impacted by $15.8 million from changes in foreign currency exchange rates. Adjusted EBITDA⁽¹⁾ was $31.2 million, an increase of $10.1 million from the prior year. In addition, Adjusted EBITDA percentage improved by approximately 80 basis-points year-over-year to 6.8%.

First-quarter orders of $481.5 million increased $7.9 million, or 1.7% over the prior year. Orders were unfavorably impacted by $14.6 million from changes in foreign currency exchange rates. Backlog as of March 31, 2022 totaled $1,033.4 million, an increase of 56.0% year-over-year, and an increase of 2.2% from December 31, 2021.

"I am pleased with our overall performance during the quarter. While our revenue was lower than planned mainly due to continuing supply chain and logistics challenges, the team was able to generate $31 million of Adjusted EBITDA, exceeding our expectations,” commented President and Chief Executive Officer, Aaron Ravenscroft. “The Ukrainian crisis combined with the severe COVID measures taken in China have further exacerbated the global macroeconomic environment. The recent acceleration of inflation, particularly in Europe, combined with further deterioration in our supply chain will place added pressure on crane demand and our margins throughout the remainder of the year. As a result, we believe that our full-year results will be on the lower-end of the Adjusted EBITDA guidance previously communicated.”

“While we see clear signs of an economic slowdown in the near-term, the backdrop for a crane renaissance remains unchanged – crane fleets continue to age beyond historic levels, and the U.S. infrastructure bill has been approved. Manitowoc will continue to invest in our four breakthrough initiatives and we remain committed to our CRANES+50 strategy, which is to grow our non-new machine sales by 50% in the next five years,” concluded Ravenscroft.

Investor Conference Call

The Manitowoc Company will host a conference call for security analysts and institutional investors to discuss its first-quarter earnings on Wednesday, May 4, 2022, at 10:00 a.m. ET (9:00 a.m. CT). A live audio webcast of the call, along with the related presentation, published in conjunction with this press release, can be accessed in the Investor Relations section of Manitowoc’s website at www.manitowoc.com. A replay of the conference call will also be available at the same location on the website.

About The Manitowoc Company, Inc.

The Manitowoc Company was founded in 1902 and has over a 119-year tradition of providing high-quality, customer-focused products and support services to its markets. Manitowoc is one of the world's leading providers of engineered lifting solutions. Manitowoc, through its wholly-owned subsidiaries, designs, manufactures, markets, and supports comprehensive product lines of mobile hydraulic cranes, lattice-boom crawler cranes, boom trucks, and tower cranes under the Aspen Equipment, Grove, Manitowoc, MGX Equipment Services, National Crane, Potain, and Shuttlelift brand names.

Footnote

⁽¹⁾ Adjusted net income (loss), adjusted diluted net income (loss) per share, adjusted EBITDA, adjusted operating income and free cash flows are financial measures that are not in accordance with GAAP. For a reconciliation to the comparable GAAP numbers please see schedule of “Non-GAAP Financial Measures” at the end of this press release. Manitowoc believes these non-GAAP financial measures provide important supplemental information to both management and investors regarding financial and business trends used in assessing its results of operations. Manitowoc believes excluding specified items provides a more meaningful comparison to the corresponding reporting periods and internal budgets and forecasts, assists investors in performing analysis that is consistent with financial models developed by investors and research analysts, provides management with a more relevant measure of operating performance and is more useful in assessing management performance.

Forward-looking Statements

This press release includes “forward-looking statements” intended to qualify for the safe harbor from liability under the Private Securities Litigation Reform Act of 1995. Any statements contained in this press release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current expectations of the management of the Company and are subject to uncertainty and changes in circumstances. Forward-looking statements include, without limitation, statements typically containing words such as “intends,” “expects,” “anticipates,” “targets,” “estimates,” and words of similar import. By their nature, forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results and developments to differ materially include, among others:

• The negative impacts COVID-19 has had and will continue to have on Manitowoc’s business, financial condition, cash flows, results of operations and supply chain, as well as customer demand (including future uncertain impacts);
• actions of competitors;
• changes in raw material and commodity prices;
• changes in economic or industry conditions generally or in the markets served by Manitowoc;
• unanticipated changes in customer demand, including changes in global demand for high-capacity lifting equipment, changes in demand for lifting equipment in emerging economies and changes in demand for used lifting equipment;
• failure to comply with regulatory requirements related to the products the Company sells;
• the ability to capitalize on key strategic opportunities and the ability to implement Manitowoc’s long-term initiatives;
• the ability to complete and appropriately integrate acquisitions, strategic alliances, joint ventures or other significant transactions;
• unanticipated changes in revenues, margins and costs;
• geographic factors and political and economic conditions and risks;
• the ability to increase operational efficiencies across Manitowoc and to capitalize on those efficiencies;
• Geo-political events, including the ongoing conflict between Russia and Ukraine, could lead to market disruptions, including significant volatility in commodity prices (including oil and gas), energy prices, inflation, consumer behavior, supply chain, and credit and capital markets, and could result in the impairment of assets;
• other risk factors detailed in Manitowoc's 2021 Annual Report on Form 10-K and its other filings with the United States Securities and Exchange Commission.

Manitowoc undertakes no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise. Forward-looking statements only speak as of the date on which they are made. Information on the potential factors that could affect the Company's actual results of operations is included in its filings with the Securities and Exchange Commission, including but not limited to its Annual Report on Form 10-K for the fiscal year ended December 31, 2021.

Non-GAAP Financial Measures

Non-GAAP Items

Adjusted net income (loss), adjusted diluted net income (loss) per share, adjusted EBITDA, adjusted operating income and free cash flows are financial measures that are not in accordance with GAAP. Manitowoc believes these non-GAAP financial measures provide important supplemental information to both management and investors regarding financial and business trends used in assessing its results of operations. Manitowoc believes excluding specified items provides a more meaningful comparison to the corresponding reporting periods and internal budgets and forecasts, assists investors in performing analysis that is consistent with financial models developed by investors and research analysts, provides management with a more relevant measure of operating performance and is more useful in assessing management performance.

Adjusted EBITDA and Adjusted Operating Income

The Company defines adjusted EBITDA as earnings before interest, income taxes, depreciation and amortization, plus an addback of restructuring and certain other charges. The reconciliation of net income (loss) to EBITDA, and further to adjusted EBITDA and to adjusted operating income and operating income for the three months ended March 31, 2022 and 2021 and trailing twelve months, are summarized as follows. All dollar amounts are in millions:

Ion Warner
SVP, Marketing and Investor Relations
+1 414-760-4805

NEWCASTLE & HOUSTON--(BUSINESS WIRE)--Regulatory News:

TechnipFMC plc (NYSE: FTI) (the “Company”) announced today the results as of 5:00 p.m., New York City time, on May 3, 2022 (the “Early Tender Time”) of its previously announced tender offer (the “Tender Offer”) to purchase, subject to certain terms and conditions, its 6.500% Senior Notes due 2026 (the “Notes”) and the related solicitation of consents (the “Consents”) of holders with respect to the Notes (the “Consent Solicitation”) to certain proposed amendments (the “Proposed Amendments”) to the indenture governing the Notes. The Proposed Amendments will, among other things, eliminate substantially all of the restrictive covenants and certain events of default triggers in the indenture.

The Company further announced that it has increased the maximum aggregate principal amount of Notes to be accepted in the Tender Offer (the “Maximum Tender Amount”) from $320,000,000 to $430,187,000. The terms and conditions of the Tender Offer and the Consent Solicitation, as set forth in an Offer to Purchase and Consent Solicitation (the “Statement”), dated April 20, 2022, otherwise remain unchanged.

As of the Early Tender Time, $430,187,000 aggregate principal amount of the Notes had been validly tendered and not validly withdrawn. The Company intends to accept all such Notes without proration. The settlement date for the Notes accepted for purchase is expected to occur on May 4, 2022 (the "Early Settlement Date"). Holders of Notes validly tendered at or prior to the Early Tender Time, not validly withdrawn and accepted for purchase in accordance with the terms of the Tender Offer will receive on the Early Settlement Date, for each $1,000 principal amount of such Notes, the “Total Consideration” of $1,050, which includes an “Early Tender Premium” of $30.00. In addition to the Total Consideration, such Holders are also receiving, in respect of such Notes, accrued and unpaid interest from February 1, 2022, the last interest payment date for the Notes to, but not including, the Early Settlement Date.

Pursuant to the Consent Solicitation, the Company obtained the requisite consents required to approve the Proposed Amendments. The Company intends to execute a supplemental indenture to the indenture governing the Notes to give effect to the Proposed Amendments. Upon such execution, the Proposed Amendments will be effective.

Because the aggregate principal amount of the Notes that has been accepted for purchase is equal to the Maximum Tender Amount, no further Notes will be accepted in the Tender Offer.

The Company has engaged BofA Securities, Inc. and Citigroup Global Markets Inc. to act as the dealer managers for the Tender Offer and solicitation agents for the Consent Solicitation. The Information Agent for the Tender Offer and the Consent Solicitation is Global Bondholder Services Corporation. Copies of the Statement and related offering materials are available by contacting the Information Agent at (855) 654-2014 (toll-free) or (212) 430-3774. Questions regarding the Tender Offer and the Consent Solicitation should be directed to BofA Securities, Inc. at (888) 292-0070 (toll-free) or (980) 387-5602 (collect) or This email address is being protected from spambots. You need JavaScript enabled to view it. and Citigroup Global Markets, Inc. at (800) 558-3745 (toll-free) or (212) 723-6106 (collect).

This press release is not an offer to purchase or a solicitation of an offer to sell any securities. The Tender Offer and the Consent Solicitation are being made solely pursuant to the terms of the Statement. The Company may amend, extend or terminate the Tender Offer in its sole discretion. The Tender Offer and the Consent Solicitation is not being made to holders of Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities or other laws of such jurisdiction.

Forward-Looking Statements

This release contains forward-looking statements. The words “expect,” “believe,” “estimated,” and other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. Such forward-looking statements involve significant risks, uncertainties and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. For information regarding known material factors that could cause actual results to differ from projected results, please see our risk factors set forth in our filings with the United States Securities and Exchange Commission, which include our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any of our forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by law.

United Kingdom

The communication of this press release and any other documents or materials relating to the Tender Offer and the Consent Solicitation is not being made and such documents and/or materials have not been approved by an authorized person for the purposes of section 21 of the Financial Services and Markets Act 2000 (“FSMA”). Accordingly, such documents and/or materials are not being distributed to, and must not be passed on to, the general public in the United Kingdom. The communication of such documents and/or materials is exempt from the restriction on financial promotions under section 21 of the FSMA on the basis that it is only directed at and may be communicated to (1) those persons who are existing members or creditors of the Company or other persons within Article 43 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, and (2) to any other persons to whom these documents and/or materials may lawfully be communicated.

European Economic Area (EEA)

In any European Economic Area (EEA) Member State (the “Relevant State”), this press release is only addressed to and is only directed at qualified investors in that Relevant State within the meaning of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017, as amended (the “Prospectus Regulation”). Each person in a Relevant State who receives any communication in respect of the Tender Offer and the Consent Solicitation contemplated in this press release will be deemed to have represented, warranted and agreed to and with each Dealer Manager and Solicitation Agent and the Company that it is a qualified investor within the meaning of Article 2(e) of the Prospectus Regulation.

About TechnipFMC

TechnipFMC is a leading technology provider to the traditional and new energy industries, delivering fully integrated projects, products, and services.

With our proprietary technologies and comprehensive solutions, we are transforming our clients’ project economics, helping them unlock new possibilities to develop energy resources while reducing carbon intensity and supporting their energy transition ambitions.

Organized in two business segments — Subsea and Surface Technologies — we will continue to advance the industry with our pioneering integrated ecosystems (such as iEPCI™, iFEED™ and iComplete™), technology leadership and digital innovation.

Each of our approximately 20,000 employees is driven by a commitment to our clients’ success, and a culture of strong execution, purposeful innovation, and challenging industry conventions.

TechnipFMC uses its website as a channel of distribution of material company information. To learn more about how we are driving change in the industry, go to www.TechnipFMC.com and follow us on Twitter @TechnipFMC.

Category: UK regulatory

Investor relations
Matt Seinsheimer
Vice President, Investor Relations
Tel: +1 281 260 3665
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

James Davis
Senior Manager, Investor Relations
Tel: +1 281 260 3665
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Media relations
Nicola Cameron
Vice President, Corporate Communications
Tel: +44 1383 742297
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Catie Tuley
Director, Public Relations
Tel: +1 713 876 7296
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

HOUSTON--(BUSINESS WIRE)--Today Western Midstream Partners, LP (NYSE: WES) (“WES” or the “Partnership”) announced the appointment of Kristen Shults to Senior Vice President and Chief Financial Officer, effective on May 2, 2022.

In this role, Shults will continue to lead the organization’s Finance, Investor Relations, Communications, and Sustainability teams, with additional oversight of the Accounting organization.

“Since becoming a stand-alone midstream enterprise, our team has made tremendous progress in reducing our cost structure, increasing our operational efficiency, and returning value back to stakeholders through debt reduction, unit buybacks, and attractive distributions,” said President and CEO Michael Ure. “Kristen’s acumen, work ethic, and commitment at WES has made her an invaluable part of this effort, and I look forward to building upon our strong foundation with her steady leadership.”

“I’m excited to further expand my role and lead such a highly talented and diverse group of professionals,” Shults said. “Their talent and dedication to excellence, along with our culture of sustainability and operational efficiency, instill great confidence in me that the best is yet to come at WES.”

Shults joined Western Midstream in 2019 as Vice President, Investor Relations and Communications, and most recently served as Senior Vice President, Finance and Sustainability. She has 15 years of accounting and finance experience, including 10 years within the oil and natural gas industry. She served in various roles of increasing responsibility with Anadarko Petroleum Corporation’s tax organization, and began her career at Ernst & Young, LLP. Shults holds a Bachelor of Business Administration and Masters in Professional Accounting from The University of Texas at Austin and is a Certified Public Accountant, licensed in Texas.

ABOUT WESTERN MIDSTREAM

Western Midstream Partners, LP (“WES”) is a Delaware master limited partnership formed to acquire, own, develop, and operate midstream assets. With midstream assets located in Texas, New Mexico, Colorado, Utah, Wyoming, and Pennsylvania, WES is engaged in the business of gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, natural-gas liquids, and crude oil; and gathering and disposing of produced water for its customers. In its capacity as a natural-gas processor, WES also buys and sells natural gas, natural-gas liquids, and condensate on behalf of itself and as an agent for its customers under certain contracts.

For more information about Western Midstream Partners, LP, please visit www.westernmidstream.com.

This news release contains forward-looking statements. WES’s management believes that its expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove correct. A number of factors could cause actual results to differ materially from the projections, anticipated results, or other expectations expressed in this news release. These factors include our ability to meet financial guidance or distribution expectations; the ultimate impact of efforts to fight COVID-19 on the global economy and any related impact on commodity demand and prices; our ability to safely and efficiently operate WES’s assets; the supply of, demand for, and price of oil, natural gas, NGLs, and related products or services; our ability to meet projected in-service dates for capital-growth projects; construction costs or capital expenditures exceeding estimated or budgeted costs or expenditures; and the other factors described in the “Risk Factors” section of WES’s most-recent Form 10-K and Form 10-Q filed with the Securities and Exchange Commission and other public filings and press releases. WES undertakes no obligation to publicly update or revise any forward-looking statements.

WESTERN MIDSTREAM CONTACTS

Daniel Jenkins
Director, Investor Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
832.636.1009

Shelby Keltner
Manager, Investor Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
832.636.1009

SINGAPORE--(BUSINESS WIRE)--CR Asia Group announced a rebranding of its name to CR3 together with a new corporate logo reflecting our strategic emphasis on sustainability and clean energy. CR3 will continue to build on the group’s reputation for excellence in energy engineering solutions while pursuing future opportunities in the energy transition to a lower carbon economy.

The CR3 brand and logo will replace the CR Asia name used in the past on our organization, operations, and logo. With a 30-year history, CR3 is a leading energy engineering solutions business operating across Asia serving customers in 18 Asian countries from its permanent bases in Singapore, Thailand, India, and Malaysia. Our new CR3 brand is committed to expanding further beyond our traditional markets in Asia to better serve our clients.

The new CR3 brand identity comes at an important time as our customers who operate in a variety of industries pursue continuous improvements in energy efficiency and decarbonization. The new logo connects CR3’s past experience with future opportunities. CR3’s number “3” signifies the 3^rd iteration of the Group’s name after former names Contract Resources and CR Asia as well as highlighting our 3 decades of operations across our 3 core skills in ENERGY efficiency, ENGINEERING excellence, plus sustainable SOLUTIONS. CR3’s vibrant green logo highlights the importance of sustainability to our market. The combination of mechanical and data-driven typography perfectly embodies our commitment to continuously develop and expand in the energy sector beyond Asia, as well as a greater focus on adding innovative and sustainable engineering solutions.

“The corporate name change is a significant milestone for us as it offers a more focused message of providing energy efficient solutions to meet today’s carbon challenges. Our new brand sharpens our market image of who we are and what makes CR3 unique. We believe that this distinctive identity will guide and accelerate our business growth and evolution,” said Mark Stansfield, CEO of CR3. “This new visual identity is designed to mark a new chapter for CR3 group of companies and clearly differentiates CR3 in the market for our customers.”

The CR3 visual identity will be seen across all the business assets, company names, and communications and will be implemented over the next several months. CR3’s branding and messaging will accentuate its position as a leading provider of energy engineering solutions while facilitating a low carbon transition for new and existing customers.

David Young, CR3’s Business Development Manager and a key driver in CR3’s rebranding strategy, said, “CR3’s visual identity will stand out in the energy landscape for our partners and customers. Our new website, new logo, branding, tools, and resources are precisely what CR3 needs to keep up with our future plans, and we will continue to offer comprehensive solutions with a more customer-centric approach. The timing is perfect as it comes shortly after the acquisition by ShawKwei & Partners and will help CR3 stand out from the competition.”

CR3’s new logo is effective immediately and will be implemented across the Group’s companies, solutions, assets, services, products and equipment.

END

About CR3 Group

Established in 1991, CR3 Group (formerly known as CR Asia Group) provides energy engineering solutions to customers through its permanent facilities in Thailand, Singapore, Malaysia, and India. CR3 Group is dedicated to becoming the leading provider of energy engineering solutions across Asia, serving world-class customers in asset-intensive industries such as energy production, chemical processing, and power.

For further information:
CR3 Group
Zee Noor
Group Corporate Communications Manager
E: This email address is being protected from spambots. You need JavaScript enabled to view it.
T: +65 6268 0255

OKLAHOMA CITY--(BUSINESS WIRE)--Gulfport Energy Corporation (NYSE: GPOR) (“Gulfport” or the “Company”) today reported financial and operating results for the three months ended March 31, 2022 and provided an update on its 2022 development plan and financial guidance.

First Quarter 2022 and Recent Highlights

• Delivered total net production of 1,008 MMcfe per day
• Reported $492.0 million of net loss and $235.3 million of adjusted EBITDA⁽¹⁾
• Generated $253.7 million of net cash provided by operating activities and $116.8 million of free cash flow⁽¹⁾
• Repurchased approximately 748 thousand shares of common stock for a total of $63 million as of May 2, 2022
• Expanded common stock repurchase program from $100 million to $200 million

Updated Full Year 2022 Outlook

• Increased expected capital expenditures to approximately $400 million⁽²⁾
• Increased forecasted free cash flow generation to a range of $375 million to $425 million at current strip prices

"Gulfport reported strong first quarter 2022 results, driven by the continued outperformance of our 2021 development program, excellent uptime during the winter months and the addition of five new SCOOP wells performing above expectations. As a result, we generated significant free cash flow, which allowed us to begin executing on our common stock repurchase program while maintaining a strong financial position and leverage below 1.0x," commented Tim Cutt, CEO of Gulfport.

"Our outlook for free cash flow continues to improve, despite the growing inflationary effects that has led us to increase our capital outlook for the year. Our development program builds during the second quarter, before peaking in the third, which results in executing a high percentage of our program at higher service rates."

"We continue to prioritize the return of capital to shareholders and are pleased to announce the expansion of our common stock repurchase program, which is now authorized up to $200 million during 2022."

A company presentation to accompany the Gulfport earnings conference call can be accessed by clicking here.

1. A non-GAAP financial measure. Reconciliations of these non-GAAP measures and other disclosures are provided with the supplemental financial tables available on our website at www.gulfportenergy.com.
2. Assumes midpoint of 2022 guidance.

Expanded Common Stock Repurchase Program
Gulfport's board of directors recently expanded the Company's previously announced common stock repurchase program and Gulfport is now authorized to repurchase up to $200 million of its outstanding shares of common stock through December 31, 2022. Purchases under the repurchase program may be made from time to time in open market or privately negotiated transactions, and will be subject to available liquidity, market conditions, credit agreement restrictions, applicable legal requirements, contractual obligations and other factors. The repurchase program does not require the Company to acquire any specific number of shares. The Company intends to purchase shares under the repurchase program opportunistically with available funds while maintaining sufficient liquidity to fund its capital development program. The repurchase program may be suspended from time to time, modified, extended or discontinued by the board of directors at any time.

As of May 2, 2022, the Company had repurchased 748 thousand shares of common stock at a weighted-average share price of $84.26 during 2022, totaling approximately $63 million in aggregate.

Operational Update
The table below summarizes Gulfport's operated drilling and completion activity for the first quarter of 2022:

Gulfport’s net daily production for the first quarter of 2022 averaged 1,008.1 MMcfe per day, primarily consisting of 779.1 MMcfe per day in the Utica and 228.9 MMcfe per day in the SCOOP. For the first quarter of 2022, Gulfport’s net daily production mix was comprised of approximately 92% natural gas, 6% natural gas liquids ("NGL") and 2% oil and condensate.

Capital Investment
Capital investment was $100.4 million (on an incurred basis) for the first quarter of 2022, of which $94.3 million related to drilling and completion (“D&C”) activity and $6.1 million related to leasehold and land investment.

Financial Position and Liquidity
As of March 31, 2022, Gulfport had approximately $5.9 million of cash and cash equivalents, $25.0 million of borrowings under its New Credit Facility, $113.2 million of letters of credit outstanding and $550 million of outstanding 2026 Senior Notes.

Gulfport’s liquidity at March 31, 2022, totaled approximately $568 million, comprised of the $5.9 million of cash and cash equivalents and approximately $561.8 million of available borrowing capacity under its New Credit Facility.

In March 2022, the company paid approximately $1.5 million in cash dividends on its preferred stock.

Spring Borrowing Base Redetermination
Gulfport recently completed its spring borrowing base redetermination and on May 2, 2022, the Company entered into the first amendment to its credit agreement (the “Amendment”) governing the New Credit Facility. The Amendment, among other things, increased the borrowing base under the New Credit Facility from $850 million to $1 billion, with aggregate elected lender commitments to remain at $700 million. In addition, the Amendment eased certain requirements and limitations related to hedging, amended the covenants governing certain restricted payments and provides for the transition from a LIBOR to a SOFR benchmark. The Amendment increases Gulfport's financial flexibility to continue to execute our business plan and provides additional clarity around our ability to return capital to shareholders.

2022 Guidance Update
Driven by increasing inflationary effects, Gulfport has updated its forecasted capital expenditures for D&C activity and expects to invest in a range of $355 million to $395 million during 2022. In addition, based on activity to date and planned activity, Gulfport has increased its forecasted leasehold and land investment to approximately $25 million during 2022.

Taking into account the previously mentioned updates in combination with a significant increase in commodity prices, Gulfport has updated its expected free cash flow (non-GAAP measure) and forecasted taxes other than income per Mcfe guidance for 2022.

Derivatives
Gulfport enters into commodity derivative contracts on a portion of its expected future production volumes to mitigate the Company's exposure to commodity price fluctuations. For details, please refer to the "Derivatives" section provided with the supplemental financial tables available on our website at ir.gulfportenergy.com.

First Quarter 2022 Conference Call
Gulfport will host a teleconference and webcast to discuss its first quarter of 2022 results beginning at 9:00 a.m. ET (8:00 a.m. CT) on Wednesday, May 4, 2022.

The conference call can be heard live through a link on the Gulfport website, www.gulfportenergy.com. In addition, you may participate in the conference call by dialing 866-373-3408 domestically or 412-902-1039 internationally. A replay of the conference call will be available on the Gulfport website and a telephone audio replay will be available from May 5, 2022 to May 19, 2022, by calling 877-660-6853 domestically or 201-612-7415 internationally and then entering the replay passcode 13729307.

Financial Statements and Guidance Documents
First quarter of 2022 earnings results and supplemental information regarding quarterly data such as production volumes, pricing, financial statements and non-GAAP reconciliations are available on our website at ir.gulfportenergy.com.

Non-GAAP Disclosures
This news release includes non-GAAP financial measures. Such non-GAAP measures should be not considered as an alternative to GAAP measures. Reconciliations of these non-GAAP measures and other disclosures are provided with the supplemental financial tables available on our website at ir.gulfportenergy.com.

About Gulfport
Gulfport is an independent natural gas-weighted exploration and production company focused on the exploration, acquisition and production of natural gas, crude oil and NGL in the United States with primary focus in the Appalachia and Anadarko basins. Our principal properties are located in eastern Ohio targeting the Utica formation and in central Oklahoma targeting the SCOOP Woodford and SCOOP Springer formations.

Forward Looking Statements
This press release includes “forward-looking statements” for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are statements other than statements of historical fact. They include statements regarding Gulfport’s current expectations, management's outlook guidance or forecasts of future events, projected cash flow and liquidity, inflation, share repurchases, its ability to enhance cash flow and financial flexibility, future production and commodity mix, plans and objectives for future operations, the ability of our employees, portfolio strength and operational leadership to create long-term value, the rejection of certain midstream contracts and the assumptions on which such statements are based. Gulfport believes the expectations and forecasts reflected in the forward-looking statements are reasonable, Gulfport can give no assurance they will prove to have been correct. They can be affected by inaccurate or changed assumptions or by known or unknown risks and uncertainties. Important risks, assumptions and other important factors that could cause future results to differ materially from those expressed in the forward-looking statements are described under "Risk Factors" in Item 1A of Gulfport’s annual report on Form 10-K for the year ended December 31, 2021 and any updates to those factors set forth in Gulfport's subsequent quarterly reports on Form 10-Q or current reports on Form 8-K (available at https://www.gulfportenergy.com/investors/sec-filings). Gulfport undertakes no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events.

Investors should note that Gulfport announces financial information in SEC filings, press releases and public conference calls. Gulfport may use the Investors section of its website (www.gulfportenergy.com) to communicate with investors. It is possible that the financial and other information posted there could be deemed to be material information. The information on Gulfport’s website is not part of this filing.

Investor Contact:
Jessica Antle – Director, Investor Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
405-252-4550

Media Contact
Reevemark
Hugh Burns / Paul Caminiti / Nicholas Leasure
212-433-4600

Utility Takes Advantage of Itron’s Water Operations Management Solution to Decrease Non-Revenue Water Losses in the City of Satna

LIBERTY LAKE, Wash.--(BUSINESS WIRE)--#Itron--Itron, Inc. (NASDAQ: ITRI), which is innovating the way utilities and cities manage energy and water, announced that Yokogawa India Ltd. (Yokogawa), an affiliate of Yokogawa Electric Corporation, has deployed Itron’s Water Operations Management solution in Satna, Madhya Pradesh, India. The Water Operations Management solution is part of the Satna Smart City project, where Satna Smart City Development Limited (SSCDL) helps monitor and reduce water loss in the city’s water transmission network. Satna is leveraging their existing infrastructure to detect and prevent non-revenue water losses easily with the solution and taking advantage of its SCADA data with Itron’s hydraulic modelling to optimize the network, identify leaks and help with water demand fluctuations.

Yokogawa, which is a leading global provider of industrial automation and test and measurement solution in 61 countries, signed a five-year agreement to utilize the Water Operations Management solution. To better manage, conserve and optimize water operations for Satna, a major city in the state of Madya Pradesh, Yokogawa, deployed Itron’s Water Operations Management solution across its water treatment plants, tanks, underground reservoirs, water pump houses and across 200 kilometers of bulk water supply networks. Included in this territory, Yokogawa is taking advantage of Itron’s hydraulic modelling to simulate the effects of increase and decreased demand in water, opening and closing of valves and pressure reduction optimization.

Deploying Itron’s Water Operations Management solution supports the SSCDL vision to restructure Satna into a smart, compact and vibrant hub that provides diverse economic opportunities for varied skill levels by leveraging its resource-based economy. Itron’s solution benefits the City of Satna as it can help reduce operating costs, manage assets effectively and ultimately decrease non-revenue water losses. Itron’s solutions enables visibility into the health of the water distribution network at any point in time, recommending appropriate actions to take depending on the root cause of the issues.

“Satna was selected to become a smart city by India’s Smart Cities Mission of Government. To bring this vision to life, we believe Itron’s industry expertise, knowledge of end-to-end solutions and its Water Operations Management solution align well with India’s vision to harness technology to lead to smart outcomes, including reducing water loss,” said Shashanka Sheshadri, deputy general manager of projects at Yokogawa. “The technology leveraged in Itron’s Water Operations Management solution will provide the City of Satna with operational visibility so it can identify where and when high amounts of water is lost in its distribution network.”

“From bursts, leaks and more, Itron’s Water Operations Management solution brings data onto one single platform and helps utilities identify, prioritize and take action to reduce non-revenue water in their distribution network. This will be a key step towards water digitalization for the City of Satna,” said Don Reeves, senior vice president of Outcomes at Itron. “As Yokogawa is an industry leader in SCADA systems, our collaboration allows for a seamless integration under one platform to better visualize the water supply system for Satna. We are excited to work together with Yokogawa as this is one of the first water analytical platforms deployed for water loss management in one of India’s smart cities. With Itron’s solutions, we can help Yokogawa achieve their desired outcomes by delivering measurable results focused on addressing non-revenue water reduction. We are looking forward to the next five years and the water operation transformation for the City of Satna.”

About Itron

Itron enables utilities and cities to safely, securely and reliably deliver critical infrastructure solutions to communities in more than 100 countries. Our portfolio of smart networks, software, services, meters and sensors helps our customers better manage electricity, gas and water resources for the people they serve. By working with our customers to ensure their success, we help improve the quality of life, ensure the safety and promote the well-being of millions of people around the globe. Itron is dedicated to creating a more resourceful world. Join us: www.itron.com.

Itron^® is a registered trademark of Itron, Inc. All third-party trademarks are property of their respective owners and any usage herein does not suggest or imply any relationship between Itron and the third party unless expressly stated.

Itron, Inc.
Alison Mallahan
Senior Manager, Corporate Communications
509-891-3802
This email address is being protected from spambots. You need JavaScript enabled to view it.

MIDLAND, Texas--(BUSINESS WIRE)--ProPetro Holding Corp. ("ProPetro" or "the Company") (NYSE: PUMP) today announced financial and operational results for the first quarter of 2022.

First Quarter 2022 and Recent Highlights

• Total revenue for the quarter increased 15% to $283 million compared to $246 million for the fourth quarter of 2021.

• Net income for the quarter was $12 million, or $0.11 per diluted share, compared to net loss of $20 million, or $0.20 per diluted share, for the fourth quarter of 2021.

• Adjusted EBITDA⁽¹⁾ for the quarter increased 81% to $67 million or 24% of revenues compared to $37 million for the fourth quarter of 2021.

• Effective utilization for the first quarter improved 9.6% to 13.7 fleets compared to 12.5 fleets for the fourth quarter of 2021 without expanding marketed fleet count.

• Net cash provided by operating activities for the quarter of $25 million as compared to $45 million for the fourth quarter of 2021.

• Negative Free Cash Flow⁽²⁾ for the quarter was approximately $39 million as compared to positive Free Cash Flow of approximately $26 million for the fourth quarter of 2021.

• Achieved a Company record of over 600 monthly pumping hours on a single Simul-Frac fleet in March.

⁽¹⁾ Adjusted EBITDA is a Non-GAAP financial measure and is described and reconciled to net income (loss) in the table under “Non-GAAP Financial Measures”.

⁽²⁾ Free Cash Flow is a Non-GAAP financial measure and is described and reconciled to cash from operating activities in the table under “Non-GAAP Financial Measures".

Sam Sledge, Chief Executive Officer, commented, “Despite operational headwinds mainly attributable to sand-related issues in the first quarter, our team achieved healthy margin expansion and a high utilization rate without expanding our marketed fleet count from the previous quarter. We attribute this success to the hard work and effort our team put into executing on our returns-focused strategy to take advantage of improved market conditions and increased demand for our services, all bolstered by first-in-class service at the wellsite. We expect this trend to continue as we take deliveries and deploy more of our Tier IV Dynamic Gas Blending ("DGB" or "dual-fuel") conversions in the coming weeks and months. That said, we anticipate the balance of the year to be challenging as managing input costs, supply chain pressures, human capital, and operational risks will only become more difficult as the pressure pumping market tightens further."

David Schorlemer, Chief Financial Officer, commented, "We are encouraged with the significant improvement in our margins during the first quarter. However, we remain committed to our strict fleet deployment strategy and focus on our pursuit of margin-over-market share. Remaining focused on capital-efficient growth through pricing improvements and efficient operations, while continuing to make strategic investments to transition our pressure pumping assets to lower-emissions and natural gas-powered equipment, is the foundation of the Company's returns-focused strategy."

First Quarter 2022 Financial Summary

Revenue for the first quarter of 2022 was $283 million, compared to revenue of $246 million for the fourth quarter of 2021. The 15% increase was attributable to our increased effectively utilized fleet count of 13.7 fleets, from 12.5 fleets in the fourth quarter of 2021 and improved pricing across our fleets in the first quarter of 2022.

Cost of services, excluding depreciation and amortization of approximately $32 million, for the first quarter of 2022 increased to $197 million from $187 million during the fourth quarter of 2021. The 5% increase was attributable to the increased operational activity levels in the first quarter of 2022.

General and administrative expense of $32 million for the first quarter of 2022 increased from $24 million in the fourth quarter of 2021. General and administrative expense, exclusive of a net expense of $13 million relating to a non-recurring net legal expense of approximately $2 million and non-cash items consisting of stock-based compensation of approximately $11 million, was $19 million, or 7% of revenue, for the first quarter of 2022 compared to 9% of revenue for the fourth quarter of 2021. The decrease in our general and administrative expense as a percentage of revenue was driven by higher revenue in the first quarter and benefits from our cost optimization initiatives.

Net income for the first quarter of 2022 totaled $12 million, or $0.11 per diluted share, compared to net loss of $20 million, or $0.20 per diluted share, for the fourth quarter of 2021. Net income benefitted from a non-recurring state tax refund of approximately $11 million.

Adjusted EBITDA increased to $67 million for the first quarter of 2022 from $37 million for the fourth quarter of 2021. The increase in Adjusted EBITDA was primarily attributable to increased activity, fleet repositioning and improved pricing across our fleet.

Liquidity and Capital Spending

As of March 31, 2022, total cash was $71 million and the Company remained debt free. Total liquidity at the end of the first quarter of 2022 was $127 million including cash and $56 million of available capacity under the Company’s revolving credit facility.

Capital expenditures incurred during the first quarter of 2022 were $72 million, the majority of which related to maintenance expenditures and our previously announced Tier IV DGB conversions. Net cash used in investing activities from our statement of cash flow during the first quarter of 2022 was $64 million.

Outlook

Mr. Sledge concluded, "Our team is encouraged by the step change in performance during the first quarter. However, the operational and logistical headwinds we experienced validate our belief that operating margins in pressure pumping do not reflect levels needed to justify the additional risk ProPetro assumes in marketing and deploying any additional horsepower. This is especially true in a market that is currently near sold-out levels and where operating margins should continue to expand. As a result, we continue to concentrate efforts on optimizing the full-cycle cash-on-cash return profiles of our currently operating fleets and do not expect to market additional capacity in the second quarter.

As previously mentioned, we will continue to strategically convert many of our conventional diesel assets into more marketable natural gas-powered equipment that will be placed with E&P’s that have core acreage positions and sizeable drilling inventories. Above all else, we are most focused on operating our business and collaborating with customers in a manner that allows us to significantly expand our earnings power and create value for all stakeholders in the ProPetro value chain. This will be accomplished through intense operational and financial discipline that we believe mimics the actions exhibited by many of our upstream partners and customers over the past few years.”

Conference Call Information

The Company will host a conference call at 8:00 AM Central Time on Wednesday, May 4, 2022, to discuss financial and operating results for the first quarter of 2022. The call will also be webcast on ProPetro’s website at www.propetroservices.com. To access the conference call, U.S. callers may dial toll free 1-844-340-9046 and international callers may dial 1-412-858-5205. Please call ten minutes ahead of the scheduled start time to ensure a proper connection. A replay of the conference call will be available for one week following the call and can be accessed toll free by dialing 1-877-344-7529 for U.S. callers, 1-855-669-9658 for Canadian callers, as well as 1-412-317-0088 for international callers. The access code for the replay is 5730343.

About ProPetro

ProPetro Holding Corp. is a Midland, Texas-based oilfield services company providing pressure pumping and other complementary services to leading upstream oil and gas companies engaged in the exploration and production of North American unconventional oil and natural gas resources. For more information visit www.propetroservices.com.

Forward-Looking Statements

Except for historical information contained herein, the statements and information in this news release are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Statements that are predictive in nature, that depend upon or refer to future events or conditions or that include the words “may,” “could,” “plan,” “project,” “budget,” “predict,” “pursue,” “target,” “seek,” “objective,” “believe,” “expect,” “anticipate,” “intend,” “estimate,” and other expressions that are predictions of, or indicate, future events and trends and that do not relate to historical matters identify forward‑looking statements. Our forward‑looking statements include, among other matters, statements about our business strategy, industry, future profitability, expected fleet utilization, sustainability efforts, the future performance of newly improved technology, expected capital expenditures and the impact of such expenditures on our performance and capital programs. A forward‑looking statement may include a statement of the assumptions or bases underlying the forward‑looking statement. We believe that we have chosen these assumptions or bases in good faith and that they are reasonable.

Although forward‑looking statements reflect our good faith beliefs at the time they are made, forward-looking statements are subject to a number of risks and uncertainties that may cause actual events and results to differ materially from the forward-looking statements. Such risks and uncertainties include the volatility of oil prices, the operational disruption and market volatility resulting from the COVID-19 pandemic, the global macroeconomic uncertainty related to the Russia-Ukraine war, and other factors described in the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, particularly the “Risk Factors” sections of such filings, and other filings with the Securities and Exchange Commission (the “SEC”). In addition, the Company may be subject to currently unforeseen risks that may have a materially adverse impact on it, including matters related to shareholder litigation. Accordingly, no assurances can be given that the actual events and results will not be materially different than the anticipated results described in the forward-looking statements. Readers are cautioned not to place undue reliance on such forward-looking statements and are urged to carefully review and consider the various disclosures made in the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other filings made with the SEC from time to time that disclose risks and uncertainties that may affect the Company’s business. The forward-looking statements in this news release are made as of the date of this news release. ProPetro does not undertake, and expressly disclaims, any duty to publicly update these statements, whether as a result of new information, new developments or otherwise, except to the extent that disclosure is required by law.

Reportable Segment Information

Non-GAAP Financial Measures

Adjusted EBITDA and Free Cash Flow are not financial measures presented in accordance with GAAP. We believe that the presentation of these non-GAAP financial measures provide useful information to investors in assessing our financial condition and results of operations. Net income (loss) is the GAAP measure most directly comparable to Adjusted EBITDA, and net cash from operating activities is the GAAP measure most directly comparable to Free Cash Flow. Non-GAAP financial measures should not be considered as alternatives to the most directly comparable GAAP financial measures. Non-GAAP financial measures have important limitations as analytical tools because they exclude some, but not all, items that affect the most directly comparable GAAP financial measures. You should not consider Adjusted EBITDA or Free Cash Flow in isolation or as a substitute for an analysis of our results as reported under GAAP. Because Adjusted EBITDA and Free Cash Flow may be defined differently by other companies in our industry, our definitions of these non-GAAP financial measures may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.

Reconciliation of Net Loss to Adjusted EBITDA

Reconciliation of Cash from Operating Activities to Free Cash Flow

Investor Contacts:

Josh Jones
Director of Finance
This email address is being protected from spambots. You need JavaScript enabled to view it.
432-276-3389

Matt Augustine
Investor Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
432-848-0871

From a 3D printed vaccine patch to an electric truck, a seawater-powered lamp, and countless other bold innovations, the sixth annual awards honor the products, concepts, companies, policies, and designs that are driving change, tackling issues from climate change to inequality, and so much more.

HOUSTON--(BUSINESS WIRE)--#EnergyTransition--The winners of Fast Company’s 2022 World Changing Ideas Awards were announced today, honoring clean technology, innovative corporate initiatives, brave new designs for cities and buildings, and other creative works that are supporting the growth of positive social innovation, tackling social inequality, climate change, and public health crises.

Cemvita Factory uses synthetic biology to fight climate change and is among the first to employ this technology to support heavy industry in decarbonizing energy-intensive processes to create the net-zero economy. This is done by a set of carbon-negative microbial solutions for sustainable extraction of natural resources, sustainable biomanufacturing of chemicals and fuels, and sustainable renewal of any waste that’s created in the extraction and production process back into valuable feedstocks, therefore closing the carbon-loop.

Now in its sixth year, the World Changing Ideas Awards showcase 39 winners, 350 finalists, and more than 600 honorable mentions—with climate, social justice, and AI and data among the most popular categories. A panel of eminent Fast Company editors and reporters selected winners and finalists from a pool of more than 2,997 entries across transportation, education, food, politics, technology, health, social justice, and more. In addition, several new categories have been added this year including climate, nature, water, and workplace. The 2022 awards feature entries from across the globe, from Switzerland to Hong Kong to Australia.

Fast Company’s Summer 2022 issue (on newsstands May 10, 2022) will showcase some of the world’s most inventive entrepreneurs and companies tackling global challenges. The issues highlight, among others, probiotics for coral reefs, easy-to-assemble kit homes for refugees or disaster survivors, a 3D printed vaccine patch, an electric truck, a system to heat homes from the waste heat of a name-brand factory, and prosecutor-initiated resentencing for overly long prison sentences.

“We are honored to be recognized by Fast Company as we strive to create a sustainable future for humanity, a future where we could live in harmony with nature. Synthetic Biology gives us the tools to learn from 4.5 billion years of R&D in nature and recreate sustainable systems that can scale. That’s the vision for Cemvita,” says Moji Karimi, CEO and cofounder of Cemvita Factory.

“We are consistently inspired by the novelty and creativity that people are applying to solve some of our society’s most pressing problems, from shelter to the climate crisis. Fast Company relishes its role in amplifying important, innovative work to address big challenges,” says David Lidsky, interim editor-in-chief of Fast Company. “Our journalists have identified some of the most ingenious initiatives to launch since the start of 2021, which we hope will both have a meaningful impact and lead others to join in being part of the solution.”

About the World Changing Ideas Awards: World Changing Ideas is one of Fast Company’s major annual awards programs and is focused on social good, seeking to elevate finished products and brave concepts that make the world better. A panel of judges from across sectors choose winners, finalists, and honorable mentions based on feasibility and the potential for impact. With the goals of awarding ingenuity and fostering innovation, Fast Company draws attention to ideas with great potential and helps them expand their reach to inspire more people to start working on solving the problems that affect us all.

About Cemvita Factory

Cemvita Factory is a synthetic biology company with a vision to decarbonize the heavy industry, focusing on improving the environmental footprint of various industries, from oil & gas to mining. Cemvita accomplishes this via deploying technology to enable sustainable extraction of natural resources, carbon-negative production of chemicals, and utilizing waste as feedstock for energy, chemical, and hydrogen products. Visit www.cemvitafactory.com for more information.

Tiffany To
832-526-7531
This email address is being protected from spambots. You need JavaScript enabled to view it.

DEERFIELD, Ill.--(BUSINESS WIRE)--Mitsui & Co., Ltd. (8031: JP), one of the leading ammonia marketers in the world, and CF Industries Holdings, Inc. (NYSE: CF), the world’s largest producer of ammonia, today announced their intention to jointly develop a greenfield ammonia production facility in the United States.

The new facility will produce blue ammonia by leveraging carbon capture and sequestration processes to reduce carbon emissions by more than 60% compared to conventional ammonia. Demand for blue ammonia is expected to grow significantly as a decarbonized energy source, both for its hydrogen content and as a fuel itself.

Mitsui and CF Industries have taken the following steps to advance the project:

• The parties have secured an exclusive right to acquire a site in the U.S. Gulf Coast region suitable to construct an export-oriented blue ammonia production facility.
• The parties are concluding selection of a technology provider for the blue ammonia production capacity.
• CF Industries will have 52% and Mitsui will have 48% ownership of the intended joint venture in which the parties will have proportional capital investment and economic returns.
• Mitsui will lead the marketing and distribution for the blue ammonia into Asia.
• CF Industries will be responsible for plant operations and maintenance.

Mr. Takashi Furutani, Executive Managing Officer, Chief Operating Officer of Basic Materials Business Unit of Mitsui & Co., Ltd, said: “We look forward to working with CF Industries to develop the low-carbon ammonia project in the United States. Energy solutions remain a strategic focus area for Mitsui; thus, we are excited to commence this new business opportunity with CF Industries in light of global climate action. As a responsible member of the global business community, we will continue to contribute to creating an eco-friendly and sustainable future.”

“Our work with Mitsui has reinforced our shared belief that blue ammonia will play a critical role in accelerating the world’s transition to clean energy and that demand for blue ammonia will grow meaningfully in the second half of this decade,” said Tony Will, president and chief executive officer, CF Industries Holdings, Inc. “We believe that the United States offers considerable advantages for blue ammonia production due to access to plentiful and low-cost natural gas, the regulatory and legal framework in place, and the geology suitable for permanent carbon sequestration.”

The companies anticipate that a front-end engineering design (FEED) study will commence shortly. A FEED study typically requires approximately 9 to 12 months to complete. As a result, the companies expect to make a final investment decision on constructing the blue ammonia production facility in 2023. Construction and commissioning of new world scale ammonia capacity typically takes roughly 4 years from that point. As a result, the new project would be expected to begin production in 2027 at the earliest.

In addition, CF Industries expects to produce up to 2 million tons per year of blue and green ammonia at its existing facilities beginning in 2024. Recognizing the growing demand for blue ammonia in Asia, the parties are discussing a commercial expansion of the joint venture to leverage Mitsui’s considerable marketing and distribution capabilities into that market.

About Mitsui & Co., Ltd.

Mitsui & Co., Ltd. (8031: JP) is a global trading and investment company with a diversified business portfolio that spans approximately 64 countries in Asia, Europe, North, Central & South America, The Middle East, Africa and Oceania.

Mitsui has over 5,600 employees and deploys talent around the globe to identify, develop, and grow businesses in collaboration with a global network of trusted partners. Mitsui has built a strong and diverse core business portfolio covering the Mineral and Metal Resources, Energy, Machinery and Infrastructure, and Chemicals industries.

Leveraging its strengths, Mitsui has further diversified beyond its core profit pillars to create multifaceted value in new areas, including innovative Energy Solutions, Healthcare & Nutrition and through a strategic focus on high-growth Asian markets. This strategy aims to derive growth opportunities by harnessing some of the world’s main mega-trends: sustainability, health & wellness, digitalization and the growing power of the consumer.

For more information on Mitsui & Co., Ltd.’s businesses visit, www.mitsui.com.

About CF Industries Holdings, Inc.

At CF Industries, our mission is to provide clean energy to feed and fuel the world sustainably. With our employees focused on safe and reliable operations, environmental stewardship, and disciplined capital and corporate management, we are on a path to decarbonize our ammonia production network – the world’s largest – to enable green and blue hydrogen and nitrogen products for energy, fertilizer, emissions abatement and other industrial activities. Our nine manufacturing complexes in the United States, Canada, and the United Kingdom, an unparalleled storage, transportation and distribution network in North America, and logistics capabilities enabling a global reach underpin our strategy to leverage our unique capabilities to accelerate the world’s transition to clean energy. CF Industries routinely posts investor announcements and additional information on the Company’s website at www.cfindustries.com and encourages those interested in the Company to check there frequently.

Safe Harbor Statement

All statements in this communication by CF Industries Holdings, Inc. (together with its subsidiaries, the “Company”), other than those relating to historical facts, are forward-looking statements. Forward-looking statements can generally be identified by their use of terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “will” or “would” and similar terms and phrases, including references to assumptions. Forward-looking statements are not guarantees of future performance and are subject to a number of assumptions, risks and uncertainties, many of which are beyond the Company’s control, which could cause actual results to differ materially from such statements. These statements may include, but are not limited to, statements about strategic plans and management’s expectations with respect to the production of green and blue (low-carbon) ammonia, the development of carbon capture and sequestration projects, the transition to and growth of a hydrogen economy, greenhouse gas reduction targets, projected capital expenditures, statements about future financial and operating results, and other items described in this communication.

Important factors that could cause actual results to differ materially from those in the forward-looking statements include, among others, the cyclical nature of the Company’s business and the impact of global supply and demand on the Company’s selling prices; the global commodity nature of the Company’s nitrogen products, the conditions in the international market for nitrogen products, and the intense global competition from other producers; conditions in the United States, Europe and other agricultural areas; the volatility of natural gas prices in North America and Europe; weather conditions; the seasonality of the fertilizer business; the impact of changing market conditions on the Company’s forward sales programs; difficulties in securing the supply and delivery of raw materials, increases in their costs or delays or interruptions in their delivery; reliance on third party providers of transportation services and equipment; risks associated with cyber security; the Company’s reliance on a limited number of key facilities; acts of terrorism and regulations to combat terrorism; risks associated with international operations; the significant risks and hazards involved in producing and handling the Company’s products against which the Company may not be fully insured; the Company’s ability to manage its indebtedness and any additional indebtedness that may be incurred; the Company’s ability to maintain compliance with covenants under its revolving credit agreement and the agreements governing its indebtedness; downgrades of the Company’s credit ratings; risks associated with changes in tax laws and disagreements with taxing authorities; risks involving derivatives and the effectiveness of the Company’s risk measurement and hedging activities; potential liabilities and expenditures related to environmental, health and safety laws and regulations and permitting requirements; regulatory restrictions and requirements related to greenhouse gas emissions; the development and growth of the market for green and blue (low-carbon) ammonia and the risks and uncertainties relating to the development and implementation of the Company’s green and blue (low-carbon) ammonia projects; risks associated with expansions of the Company’s business, including unanticipated adverse consequences and the significant resources that could be required; risks associated with the operation or management of the strategic venture with CHS (the “CHS Strategic Venture”), risks and uncertainties relating to the market prices of the fertilizer products that are the subject of the supply agreement with CHS over the life of the supply agreement, and the risk that any challenges related to the CHS Strategic Venture will harm the Company’s other business relationships; and the impact of the novel coronavirus disease 2019 (COVID-19) pandemic, including measures taken by governmental authorities to slow the spread of the virus, on our business and operations.

More detailed information about factors that may affect the Company’s performance and could cause actual results to differ materially from those in any forward-looking statements may be found in CF Industries Holdings, Inc.’s filings with the Securities and Exchange Commission, including CF Industries Holdings, Inc.’s most recent annual and quarterly reports on Form 10-K and Form 10-Q, which are available in the Investor Relations section of the Company’s web site. It is not possible to predict or identify all risks and uncertainties that might affect the accuracy of our forward-looking statements and, consequently, our descriptions of such risks and uncertainties should not be considered exhaustive. There is no guarantee that any of the events, plans or goals anticipated by these forward-looking statements will occur, and if any of the events do occur, there is no guarantee what effect they will have on our business, results of operations, cash flows, financial condition and future prospects. Forward-looking statements are given only as of the date of this communication and the Company disclaims any obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Media
Chris Close
Director, Corporate Communications
847-405-2542 – This email address is being protected from spambots. You need JavaScript enabled to view it.

Investors
Martin Jarosick
Vice President, Treasury and Investor Relations
847-405-2045 – This email address is being protected from spambots. You need JavaScript enabled to view it.

5- and 7-inch keyed combo units deliver Garmin’s best-in-class sonar with built-in wireless networking and cartography content

OLATHE, Kan.--(BUSINESS WIRE)--Garmin^® International, Inc., a unit of Garmin Ltd. (NYSE: GRMN), the world’s largest¹ and most innovative marine electronics manufacturer, today announced the ECHOMAP™ UHD2 chartplotter series with 500W of vivid, high-contrast scanning sonar power, all-new hardware with a sunlight readable display and more. Offered in a new 5-inch as well as the popular 7-inch display, the ECHOMAP UHD2 plotters offer physical buttons for easy control and operation of functions every angler depends on for a successful outing, including marking key waypoints or quickly toggling between different chart views. Plus, built-in Wi-Fi^® enables seamless sharing of sonar and user data between two ECHOMAP UHD2 units onboard.

“The ECHOMAP UHD2 series offers our best-in-class sonar, industry-leading mapping¹ and fish-finding features that allow anglers to fish like a local,” said Dan Bartel, Garmin vice president of global consumer sales. “Valued as a budget-friendly option, this new series leverages the simplicity and accessibility of a full-button design while delivering all the necessary functions you would want on the water – from lightning-fast chart redraw and crisp sonar views to support for our new Garmin Navionics+ cartography². Packed with core mapping and sonar features, ECHOMAP UHD2 helps users pursue their next epic catch or explore inland and coastal waters with greater confidence.”

Wirelessly share sonar and data across devices

Whether fishing with a friend or wanting the flexibility to add another chartplotter on board, built-in wireless networking allows anglers to stream sonar and share user data, such as waypoints and routes, between two ECHOMAP UHD2 units.

Sonar support

When bundled with an ECHOMAP UHD2, the GT20-TM transducer delivers a crisp view of structure, bait and fish – right from the plotter screen. For even greater clarity, users can add to their onboard system by purchasing a GT24UHD-TM transducer with Ultra-High Definition scanning sonar – CHIRP traditional and ClearVü – to target and identify a wider array of fish in vivid color schemes.

Must-have mapping for boating and fishing

Thanks to the preloaded BlueChart^® g3 coastal charts or LakeVü g3 inland maps with Navionics data, users can more efficiently pinpoint the perfect honey hole or navigate to their next destination with enhanced situational awareness. For advanced mapping features, daily chart updates and more, ECHOMAP UHD2 plotters can upgrade to the new Garmin Navionics+^™ cartography. In addition to a host of detail-rich No. 1 marine mapping¹ content at their fingertips, and the ability to track up to 5,000 waypoints, the ECHOMAP UHD2 series provides impressively fast and smooth chart redraw speeds to ensure anglers are poised and ready for their next cast. Users can also access the ActiveCaptain^® community for local knowledge and information and seamlessly update and upgrade their charts through the ActiveCaptain app.

Refreshed hardware and design

By incorporating style elements from legacy Garmin ECHOMAP UHD chartplotters, this UHD2 series debuts an attractive hardware redesign to serve the needs of the modern angler while maintaining a clean and classic keyed interface. To weather a range of conditions on the water, ECHOMAP UHD2 chartplotters feature a bright, sunlight-readable display, as well as Garmin’s latest user interface and graphics for more intuitive handling and control.

The ECHOMAP UHD2 series is available now with suggested retail prices ranging from $399.99 to $649.99. Visit Garmin.com to learn more about the full ECHOMAP UHD2 keyed chartplotter series and compatible accessories.

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

¹ Based on 2021 reported sales.
² Garmin Navionics+ cartography sold separately

About Garmin International, Inc. Garmin International Inc. is a subsidiary of Garmin Ltd. (NYSE: GRMN). Garmin Ltd. is incorporated in Switzerland, and its principal subsidiaries are located in the United States, Taiwan and the United Kingdom. Garmin, Navionics, Fusion, BlueChart and ActiveCaptain are registered trademarks and LiveScope, ECHOMAP, LakeVü and Garmin Navionics+ are trademarks of Garmin Ltd. or its subsidiaries. All other brands, product names, company names, trademarks and service marks are the properties of their respective owners. All rights reserved.

Notice on Forward-Looking Statements:

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

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

HOUSTON--(BUSINESS WIRE)--Sunnova Energy International Inc. ("Sunnova") (NYSE: NOVA), one of the leading U.S. residential energy service providers, announced today it will be launching an energy plan that will offer new customers a fixed percentage discount to prevailing utility prices and a 25-year market-based rate, all to offer price confidence to consumers regardless of volatile energy costs.

“For the first time, homeowners will be able to lock in a fixed discount to their local utilities’ electricity rates and charges for a full 25 years,” said Michael Grasso, EVP, Chief Marketing and Growth Officer. “When customers select this new energy plan, Sunnova will set the rate for solar energy at a fixed discount to the local utility’s price, then each year we will confirm or adjust the customer’s pricing to account for any changes. This is another great option from Sunnova that offers consumers the best and most flexible set of services for their individual energy needs.”

The market-based rate will be a new solar rate option within Sunnova’s Easy Plan™ Power Purchase Agreement (PPA). Unlike traditional solar plans, where a customer’s rate is set at contract and often escalates annually, the market-based solar rate will move with the market. Sunnova will monitor utility prices (which include taxes and other charges), and on an annual basis proactively adjust its customers’ pricing to the targeted discount percentage rate for that year. While the discount percentage will vary by market and utility, Sunnova customers selecting this plan will receive the same discount percentage vs. their local utilities’ prices over the life of the contract. This will enable customers to produce clean, reliable energy right from their rooftop while also paying a lower price than the utility’s, with confidence that their annual price is being adjusted to help them avoid volatility in the market.

This new product launch will further Sunnova’s portfolio of offerings that allow customers to take control of their home energy costs by going solar. Sunnova leads the industry in energy services and Sunnova’s Easy Plan PPA allows customers to buy down their PPA rate to reduce their bill up to one hundred percent, choose between monthly generational or levelized billing and will now allow Sunnova customers to get a specified discount from their local utility prices for the full 25 years of their energy service agreement.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Sunnova’s future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “going to,” “could,” “intend,” “target,” “project,” “contemplates,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern Sunnova’s expectations, strategy, priorities, plans or intentions. Forward-looking statements in this press release include, but are not limited to, statements regarding the implementation and benefits of the new solar rate option of the Easy Plan PPA. Sunnova’s expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks regarding our ability to forecast our business due to our limited operating history, the effects of the coronavirus pandemic on our business and operations, results of operations and financial position, our competition, changes in regulations applicable to our business, fluctuations in the solar and home-building markets, availability of capital, supply chain uncertainty, our ability to attract and retain dealers and customers and our dealer and strategic partner relationships. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in Sunnova’s filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2021 and our subsequent Quarterly Reports on Form 10-Q. The forward-looking statements in this press release are based on information available to Sunnova as of the date hereof, and Sunnova disclaims any obligation to update any forward-looking statements, except as required by law.

About Sunnova

Sunnova Energy International Inc. (NYSE: NOVA) is a leading residential energy service provider with customers across the U.S. and its territories. Sunnova's goal is to be the source of clean, affordable and reliable energy with a simple mission: to power energy independence so that homeowners have the freedom to live life uninterrupted®. For more information, please visit sunnova.com.

Media Contact
Alina Eprimian
This email address is being protected from spambots. You need JavaScript enabled to view it.

Investor & Analyst Contact
Rodney McMahan
Vice President, Investor Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
281.971.3323

From a 3D printed vaccine patch to an electric truck and a seawater-powered lamp, Bloom’s pioneering approach to hydrogen production joins other bold innovations in the sixth annual awards that honor the products, concepts, companies, policies, and designs that are driving change, tackling issues from climate change to inequality, and so much more

SAN JOSE, Calif.--(BUSINESS WIRE)--$BE #energytransition--The winners of Fast Company’s 2022 World Changing Ideas Awards were announced today, honoring clean technology, innovative corporate initiatives, brave new designs for cities and buildings, and other creative works that are supporting the growth of positive social innovation, tackling social inequality, climate change, and public health crises.

In this year’s sixth annual awards, the Bloom Electrolyzer is honored as a finalist in the “Energy” category for its unparalleled efficiency in producing clean, low-cost hydrogen. Hydrogen is expected to become a major asset in the path to decarbonization and the fight against climate change. Yet one of primary barriers to scalable and abundant hydrogen production is cost – up to 80 percent of the cost of hydrogen production through electrolysis is electricity. Because the Bloom Electrolyzer operates at high temperatures, it requires less energy than PEM and alkaline electrolyzers on the market today to split water molecules, supporting a trajectory for hydrogen to become economically accessible.

This year’s World Changing Ideas Awards showcase 39 winners, 350 finalists, and more than 600 honorable mentions—with climate, social justice, and AI and data among the most popular categories. A panel of eminent Fast Company editors and reporters selected winners and finalists from a pool of more than 2,997 entries across energy, transportation, education, food, politics, technology, health, social justice, and more. In addition, several new categories have been added this year including climate, nature, water, and workplace. The 2022 awards feature entries from across the globe, from Switzerland to Hong Kong to Australia.

Fast Company’s Summer 2022 issue (on newsstands May 10, 2022) will showcase some of the world’s most inventive entrepreneurs and companies tackling global challenges. The issues highlight, among others, probiotics for coral reefs, easy-to-assemble kit homes for refugees or disaster survivors, a 3D printed vaccine patch, an electric truck, a system to heat homes from the waste heat of a name-brand factory, and prosecutor-initiated resentencing for overly long prison sentences.

“Climate change is one of our planet’s greatest and most significant threats,” said Rick Beuttel, vice president, hydrogen business, Bloom Energy. “Without immediate and impactful action, we face irreversible damage for future generations. But if there is an untapped hero with the potential to make a major global impact in the fight against climate change, it’s clean hydrogen. With our highly efficient Electrolyzer, Bloom Energy has brought a single ambition that crosses industries, markets, and geographies: to enable a flourishing hydrogen market in service of achieving global decarbonization goals.”

“We are consistently inspired by the novelty and creativity that people are applying to solve some of our society’s most pressing problems, from shelter to the climate crisis. Fast Company relishes its role in amplifying important, innovative work to address big challenges,” says David Lidsky, interim editor-in-chief of Fast Company. “Our journalists have identified some of the most ingenious initiatives to launch since the start of 2021, which we hope will both have a meaningful impact and lead others to join in being part of the solution.”

For more information about the Bloom and the company’s commitment to a zero-carbon future, visit: www.bloomenergy.com/.

About Bloom Energy

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

About the World Changing Ideas Awards: World Changing Ideas is one of Fast Company’s major annual awards programs and is focused on social good, seeking to elevate finished products and brave concepts that make the world better. A panel of judges from across sectors choose winners, finalists, and honorable mentions based on feasibility and the potential for impact. With the goals of awarding ingenuity and fostering innovation, Fast Company draws attention to ideas with great potential and helps them expand their reach to inspire more people to start working on solving the problems that affect us all.

Bloom Energy Contacts:
Media
Jennifer Duffourg
480.341.5464
This email address is being protected from spambots. You need JavaScript enabled to view it.

Investor Relations
Ed Vallejo
267.370.9717
This email address is being protected from spambots. You need JavaScript enabled to view it.

MINNEAPOLIS--(BUSINESS WIRE)--Northern Oil and Gas, Inc. (NYSE: NOG) (“NOG” or the “Company”) today announced that its Board of Directors has declared a cash dividend on the Company’s common stock in the amount of $0.19 per share, representing a 36% increase from the prior quarterly dividend. The dividend is payable on July 29, 2022, to stockholders of record as of the close of business on June 29, 2022.

DIVIDEND GROWTH PLAN ACCELERATION

NOG management has updated its third quarter dividend recommendation to the Board of Directors. Management plans to recommend a dividend of $0.25 per share ($1.00 per share annualized) to the Board of Directors for the third quarter of 2022, a 32% increase over the second quarter dividend, and 14% higher than the previous target of $0.22.

SERIES A CONVERTIBLE PREFERRED STOCK REPURCHASES

In the first quarter of 2022, NOG repurchased $36.3 million of liquidation preference value of its 6.500% Series A Perpetual Cumulative Convertible Preferred Stock from holders. In April 2022, NOG repurchased an additional $3.7 million, for a total year-to-date of $40.0 million liquidation preference value. The current total remaining outstanding face value of Convertible Preferred Stock is $181.9 million, reduced from $221.9 million at December 31, 2021. These repurchases are expected to reduce NOG’s annual preferred dividend payments by $2.6 million and additionally reduce NOG’s diluted common stock share count by approximately 1.8 million shares, based on the current conversion ratio.

SECURITIES REPURCHASE AUTHORIZATIONS

NOG’s Board of Directors has additionally authorized and increased certain securities repurchase authorizations.

• Common Stock: Repurchase Plan authorization increased to $150.0 million from $68.1 million ($150.0 million currently available)
• 6.5% Series A Convertible Preferred Stock: Repurchase Plan authorization increased to $90.0 million from $40.0 million ($50.0 million currently available)
• 8.125% Senior Unsecured Notes due 2028: Repurchase Plan with an initial $50.0 million authorization ($50.0 million currently available)

Under these authorizations, securities may be repurchased periodically, including in the open market or privately negotiated transactions. The actual timing, manner, number, and value of securities repurchased under these authorizations, if any, will depend on a number of factors, including the availability of free cash flow, the market price of the Company’s securities, general market and economic conditions, applicable legal and contractual requirements, and other business considerations.

MANAGEMENT COMMENTS

“With such significant free cash flow, NOG is maximizing its flexibility to take advantage of market dislocations,” commented Chad Allen, NOG’s Chief Financial Officer. “We are bringing forward cash returns to our investors with higher dividends, and with the Board’s repurchase authorizations, we are simultaneously preparing to find value creation opportunities within our own capital structure. To this point, NOG has already retired $40.0 million of our Preferred Stock year-to-date and will continue to monitor market values and take action where appropriate.”

ABOUT NORTHERN OIL AND GAS

NOG is a company with a primary strategy of investing in non-operated minority working and mineral interests in oil & gas properties, with a core area of focus in the premier basins within the United States. More information about NOG can be found at www.northernoil.com.

SAFE HARBOR

This press release and the presentation referred to herein contain forward-looking statements regarding future events and future results that are subject to the safe harbors created under the Securities Act of 1933, as amended (the “Securities Act”), and the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts included in this press release regarding NOG’s dividend plans and practices (including timing, amounts and relative performance), financial position, business strategy, plans and objectives for future operations, industry conditions, cash flow, and borrowings are forward-looking statements. When used in this presentation, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “continue,” “anticipate,” “target,” “could,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond NOG’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following: changes in NOG’s capitalization, changes in crude oil and natural gas prices; the pace of drilling and completions activity on NOG’s properties and properties pending acquisition; the effects of the COVID-19 pandemic and related economic slowdown; NOG’s ability to acquire additional development opportunities; the projected capital efficiency savings and other operating efficiencies and synergies resulting from NOG’s acquisition transactions; integration and benefits of property acquisitions, or the effects of such acquisitions on NOG’s cash position and levels of indebtedness; changes in NOG’s reserves estimates or the value thereof; general economic or industry conditions, nationally and/or in the communities in which NOG conducts business; changes in the interest rate environment or market dividend practices, legislation or regulatory requirements; conditions of the securities markets; NOG's ability to consummate any pending acquisition transactions; other risks and uncertainties related to the closing of pending acquisition transactions; NOG’s ability to raise or access capital; changes in accounting principles, policies or guidelines; and financial or political instability, acts of war or terrorism, and other economic, competitive, governmental, regulatory and technical factors affecting NOG’s operations, products, services and prices. Additional information concerning potential factors that could affect future plans and results is included in the section entitled “Item 1A. Risk Factors” and other sections of NOG’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, as updated from time to time in amendments and subsequent reports filed with the SEC, which describe factors that could cause NOG’s actual results to differ from those set forth in the forward-looking statements.

NOG has based these forward-looking statements on its current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond NOG’s control. You are urged not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Except as may be required by applicable law or regulation, NOG does not undertake, and specifically disclaims, any obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of such statements.

Mike Kelly, CFA
Chief Strategy Officer
952-476-9800
This email address is being protected from spambots. You need JavaScript enabled to view it.

This new solution combines commercially proven technologies to create scalable, cost-effective energy and fueling as a service

PORTLAND, Ore., & HOUSTON--(BUSINESS WIRE)--Kaizen Clean Energy (KCE), a leader in hydrogen and Energy as a Service solutions, and ZincFive®, the world leader in nickel-zinc battery-based solutions for immediate power applications, announced today that they are developing an integrated distributed energy solution for electric vehicle (EV) charging, hydrogen fueling, and backup power for the grid and critical assets, including data centers.

KCE’s integrated solution comprises its commercially proven hydrogen generator, ZincFive’s immediate power nickel-zinc batteries, and fuel cells from PowerCell, a global supplier of fuel cell stacks and systems for stationary and mobile applications, to offer customers modular, scalable, sustainable, and economic fueling as a service.

KCE, ZincFive, and PowerCell will exhibit this industry-first solution at the Advanced Clean Transportation (ACT) Expo in Long Beach, California, on May 9-12, 2022.

This new solution provides:

• The lowest delivered cost for hydrogen fueling and low fixed electricity cost, eliminating demand charge risk;
• Up to 2,300 kg/day of hydrogen production (equivalent to 38 MWh of usable energy) in a 40-foot, movable containerized solution that can be islanded or grid-connected;
• Increased safety with no risk of battery thermal runaway and small volume of hydrogen stored on site;
• No capital cost with KCE’s “as a service” contract agreement.

“We are thrilled to work with ZincFive and PowerCell, whose values of safety, reliability, and environmental stewardship align with KCE’s corporate values,” said Robert Meaney, Co-CEO of KCE. “Integrating ZincFive’s immediate power battery electrochemistry and PowerCell’s fuel cells with our hydrogen generators enables the optimal power and energy performance in the smallest, safest, most cost-effective footprint to meet a growing industry demand for distributed, safe, reliable, and affordable hydrogen and energy.”

“Pairing ZincFive’s sustainable and high-power nickel-zinc battery solutions with KCE’s unique hydrogen generators will significantly reduce the cost of using hydrogen as an energy product,” said Tim Hysell, Co-founder and CEO of ZincFive. “With growing demand for distributed power, ZincFive is excited for the opportunities and market interest for an integrated power solution with KCE.”

KCE has started accepting pre-orders and plans to deploy a 20-foot, 150 kW solution with pilot customers in Q4 of 2022.

About Kaizen Clean Energy

KCE, a leader in hydrogen and Energy as a Service solutions headquartered in Houston, TX, is developing an integrated distributed energy solution for electric vehicle (EV) charging, hydrogen fueling, and distribution and backup power for the grid and critical assets, including data centers. KCE will offer its mobile microgrid to customers through an Energy as a Service contract, which eliminates capital expense and provides customers with the flexibility to scale with energy needs over time. For more information, visit www.kaizencleanenergy.com.

About ZincFive, Inc.

ZincFive is the world leader in innovation and delivery of nickel-zinc batteries and power solutions. With more than 90 patents awarded, ZincFive technology harnesses the power of good chemistry to propel the world forward. ZincFive technology leverages the safety and sustainability of nickel-zinc chemistry to provide high power density and performance to mission critical applications. ZincFive is a privately held company based in Tualatin, Oregon. For more information, visit www.zincfive.com.

ZincFive is a registered trademark and the ZincFive logo is a trademark of ZincFive, Inc.

Media: 
Carlos Villacis, Antenna for ZincFive, This email address is being protected from spambots. You need JavaScript enabled to view it.
Eric Smith, Kaizen Clean Energy, This email address is being protected from spambots. You need JavaScript enabled to view it.