HOUSTON--(BUSINESS WIRE)--Magnolia Oil & Gas Corporation (NYSE: MGY) announced today that its Board of Directors has declared a regular quarterly cash dividend of $0.10 per share of Class A common stock, and a cash distribution of $0.10 per Class B unit, payable on December 1, 2022 to shareholders of record as of November 7, 2022.

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

Magnolia Oil & Gas Corporation

Investors
Brian Corales
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Media
Art Pike
(713) 842-9057
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NuStar President and CEO Brad Barron Elected as New Chairman

SAN ANTONIO--(BUSINESS WIRE)--NuStar Energy L.P. (NYSE: NS) announced today that Bill Greehey will step down from his position as NuStar’s chairman of the board and become chairman emeritus, effective immediately. The board of directors has elected Brad Barron, president and CEO, as the new chairman.

“Bill Greehey is truly a pioneer and a legend not only in the energy industry, but in the San Antonio community and in communities all across the globe where Valero and NuStar have operated under his leadership,” said Barron. “It’s really impossible to quantify the impact he has had by founding and leading not one, but two Fortune 500 companies, creating thousands of great-paying jobs at Valero and NuStar, not to mention the hundreds-of-millions of dollars of support for local nonprofits from both of these entities as well as The Greehey Family Foundation.

“We all owe him a huge debt of gratitude for establishing our strong corporate culture, making NuStar one of the best places to work in corporate America, and making our communities better places to live and work,” Barron added.

Greehey, 86, has served as chairman of NuStar and its predecessor Valero L.P. since 2001, and remained chairman after NuStar spun off from Valero Energy Corporation as an independent company in 2007. He has helped build NuStar into one of the largest petroleum pipeline and terminal operators in America. He previously served as the founding CEO and chairman of Valero Energy Corporation from the company’s inception in 1980 until he retired as CEO in 2005 and as chairman in 2007. Under Greehey’s leadership, Valero grew from a small, regional pipeline company into the largest refining company in North America, which ranked No. 15 on the FORTUNE 500 and No. 3 on the FORTUNE 100 Best Companies to Work For list when he retired as CEO. In 2012, The Harvard Business Review named him one of the best-performing CEOs in the world based on his tenure as CEO of Valero, ranking No. 12 in the U.S and No. 31 in the world.

“It is with mixed emotions that I have made the decision to retire from NuStar’s board of directors because I truly love our board members, executive team and employees, and the pride that they take in NuStar and in our communities, and the great work they do to make NuStar an industry leader that plays such a vital role in meeting our nation’s energy needs,” said Greehey. “But I look forward to continuing to be active in philanthropic activities with NuStar in the community and in supporting Haven for Hope and the many vital nonprofits in the San Antonio area.”

Greehey continued, “The NuStar board and I have tremendous confidence in Brad’s proven leadership, which was especially evident in recent years as he led the company through one of the worst periods in our industry’s history and kept the company strong. I know he will lead our employees in executing our strategic plan with excellence while continuing to make NuStar a shining example of what a great company should mean to its employees, communities and unitholders. And of course I will continue to be affiliated with NuStar and remain one of its biggest investors.”

A nationally renowned philanthropist, Greehey established The Greehey Family Foundation in 2003, and he has funded it with over $200 million, plus he has given hundreds-of-millions of dollars to hundreds of worthy charitable causes. This includes more than $40 million to UT Health to fund research and treatment for children’s cancer and to discover a cure for Alzheimer’s, as well as other health-related programs. He also has given more than $31 million to create The Greehey School of Business at St. Mary’s University in San Antonio, his alma mater. And, he has invested $8 million to establish scholarships for first-generation college students at six universities in the San Antonio area.

Greehey also founded and serves as chairman of Haven for Hope, known as the national model in the fight against homelessness, which provides every resource needed to help the homeless transform their lives. Greehey raised over $101 million to make Haven for Hope, which opened in 2010, a reality for the community. He has given more than $33 million of his own money to support Haven and its partner agencies, and with the help of NuStar employees and business partners, he has raised over $51 million to fund Haven’s operations over the past 15 years.

In addition, Greehey has provided leadership and funding to help countless nonprofits flourish throughout the community for decades, including the United Way of San Antonio and Bexar County; the Girl Scouts of Southwest Texas; the Boy Scouts of America, Alamo Area Council; San Antonio Sports; and the Alamo Bowl, just to name a few.

In 2002, Greehey played a pivotal role in saving the Texas Open by stepping up to serve as the title sponsor on the heels of Valero’s acquisition of Ultramar Diamond Shamrock, which preserved the oldest PGA tournament held in the same location for San Antonio, as well as the hundreds of millions of dollars it has generated for local nonprofits. Since Valero became the title sponsor, the tournament has become the annual leader in charitable fundraising among all PGA Tour events.

Greehey has earned accolades far and wide for his business acumen and philanthropy, including the prestigious Horatio Alger Award for Americans who have overcome significant obstacles to achieve tremendous success; the Golden Plate Award from the Academy of Achievement; the San Antonio Business Journal’s Lifetime Achievement Award; induction into the Texas Business Hall of Fame; and honorary doctorate degrees from Our Lady of the Lake University and St. Mary’s University.

Barron added, “Bill is truly an industry icon so I am pleased that he will continue to be closely affiliated with NuStar. No one has worked harder or cared more for NuStar and its employees or the community than Bill. On behalf of the board and all of our employees, I'd like to thank him for his outstanding leadership, which has literally made our world a better place.”

Barron has served as NuStar’s president and CEO since 2014. Prior to his current position, he served as NuStar’s Executive vice president and general counsel. Before joining NuStar, Barron was managing counsel of Valero Energy Corporation, and he started his career with Vinson & Elkins LLP.

About NuStar Energy L.P.

NuStar Energy L.P., a publicly traded master limited partnership based in San Antonio, Texas, is one of the largest independent liquids terminal and pipeline operators in the nation. NuStar currently has approximately 10,000 miles of pipeline and 63 terminal and storage facilities that store and distribute crude oil, refined products, renewable fuels, ammonia and specialty liquids. The partnership’s combined system has approximately 49 million barrels of storage capacity, and NuStar has operations in the United States and Mexico. For more information, visit NuStar Energy L.P.’s website at www.nustarenergy.com and its Sustainability page at https://sustainability.nustarenergy.com/.

Investors, Pam Schmidt, Vice President, Investor Relations
Investor Relations: 210-918-INVR (4687)
or
Media, Mary Rose Brown, Executive Vice President and Chief Administrative Officer,
Corporate Communications: 210-918-2314 / 210-410-8926

The energy planning software company is working with Gurobi to answer the industry’s most pressing questions.

BEAVERTON, Ore.--(BUSINESS WIRE)--#DecisionIntelligence--Gurobi Optimization, LLC, the leader in decision intelligence technology and creator of the world’s fastest mathematical optimization solver, announced its new partnership with encoord, a software company that provides tools, data, and advisory services to help energy stakeholders plan for change and make better strategic decisions.

“There is an obvious need for change in the energy world,” explained Dr. Carlo Brancucci, CEO of encoord. “Decision makers need to make key decisions that have not only economic impacts, but also social and environmental impacts. We help our customers make those decisions more efficiently and with a higher degree of reliability. Gurobi is helping us accomplish this, for an even bigger impact on our customers.”

encoord’s core technology is the Scenario Analysis Interface for Energy Systems (SAInt), a software platform for modeling and planning energy networks and markets.

Dr. Kwabena Pambour, encoord’s CTO and inventor of SAInt, studied the interdependency of electricity and gas networks in Europe and recognized the industry need for an integrated planning tool that could answer today’s most pressing energy questions.

“The European Commission was very interested in security of supply,” explained Pambour. “They wanted to know: What happens if there is a shortage of gas supply due to a political crisis, similar to what is happening now? How do we actually operate the network? How do these disruptions propagate from one network to the other? So, I started developing a tool that could solve both gas and electricity in the same platform.”

Until 2020, SAInt had primarily served as a platform for running simulations of electricity and gas networks. Since then, the team developed and incorporated new, cutting-edge optimization modeling capabilities using linear and mixed integer linear optimization solvers, while using Gurobi as one of the solvers.

“That's when we first contacted Gurobi to ask about the potential of linking SAInt optimization models to Gurobi’s solver,” said Pambour. “We found that the proposed partnership aligned with our vision as a company in terms of growth and the type of experience we want to offer to our customers.”

The partnership offers encoord’s customers the ability to run far more simulations and computations than they could previously, to a higher degree of confidence in their results.

“The computational scale we can now offer to our customers through the Gurobi partnership is significantly larger than what we could offer them before,” Pambour emphasized.

Although the partnership is relatively new, both parties are very pleased with the experience thus far.

“Gurobi is a fantastic company to work with and so far the experience has been excellent,” said Brancucci. “We feel very lucky to be in this partnership because we believe it’s going to support our growth as we help our customers plan for the energy transition. It helps us meet their needs to a larger extent than we could with other data or with other solvers.”

Gurobi’s COO, Duke Perrucci, echoed that sentiment: “We’re very excited about our partnership with encoord because they are helping the energy industry plan for the future and catalyze the changes that are absolutely needed today.”

To learn more about encoord and how they help energy stakeholders plan for the energy transition, visit www.encoord.com.

To learn more about Gurobi and their partnerships with innovative companies like encoord, visit www.gurobi.com.

About encoord

encoord Inc. provides software tools, data, and advisory services to help energy stakeholders plan for the energy transition. encoord’s core technology is the Scenario Analysis Interface for Energy Systems (SAInt), a software platform to model and plan energy networks and markets. encoord works with utilities, network operators, technology and project developers, regulatory agencies, and research organizations to solve operational and strategic challenges. With offices in the US and Germany, encoord serves customers internationally to change the future of energy.

About Gurobi Optimization

With Gurobi’s decision intelligence technology, you can make optimal business decisions in seconds. From workforce scheduling, portfolio management, and marketing optimization, to supply chain design, and everything in between, Gurobi identifies your optimal solution, out of trillions of possibilities.

As the leader in decision intelligence, Gurobi delivers easy-to-integrate, full-featured software and best-in-class support, with an industry-leading 98% customer satisfaction rating.

Founded in 2008, Gurobi has operations across the Americas, Europe, and Asia. Over 2,500 global customers across 40+ industries run on Gurobi, including SAP, Air France, and the National Football League, as well as half of the Fortune 10 and 70% of top global tech companies. For more information, please visit https://www.gurobi.com/ or call +1 713 871 9341.

Nell-Marie Colman
(540) 952 9719
Gurobi Optimization
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State-of-the-art facility will have the capacity to produce over 250,000 EV chargers in 2022 and over 1 million in 2030 exclusively for the North American market.

EV charging leader offered a live demo of Hypernova, its 400kW DC fast charger which is capable of adding up to 100 miles of range in just five minutes of charging.

Wallbox’s $70 million investment in the Arlington factory will support approximately 700 local jobs by 2030.

MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Wallbox (NYSE:WBX), a leading provider of electric vehicle (EV) charging and energy management solutions worldwide, officially opened its first North American manufacturing facility in Arlington, Texas. Designed to produce over 250,000 units in 2022 and over one million in 2030, the 130,000 square foot factory will manufacture all of the company’s chargers in the U.S. which will serve multiple segments of EV charging including residential charging, bidirectional charging and hyperfast highway corridor charging.

“Today only 3% of the chargers required globally for the next decade have been installed, showing the magnitude of the need for innovative and reliable charging solutions,” said Enric Asunción, CEO of Wallbox. “Bringing Wallbox’s manufacturing capabilities to the U.S. significantly bolsters our ability to meet U.S. needs, deliver to public funding programs and drive the energy transition.”

As part of the factory opening, Wallbox offered a live demonstration of Hypernova, its hyperfast DC charging solution that delivers up to 400 kW of charging power, making it ideal for highway corridors. The charger is capable of adding up to 100 miles of range in just five minutes of charging.

Hypernova was designed specifically to be deployed throughout long-distance EV corridors, the same as those defined by the National Electric Vehicle Infrastructure (NEVI) Formula Program. All Hypernova chargers produced in the Arlington facility are expected to meet Buy America requirements when production begins in 2023.

Hypernova has a centralized power system that can feed one or multiple dispenser units. The innovative design allows for a wide variety of configurations that can be upgraded over time, including the addition of more power modules or dispenser units to the installation, thereby allowing charging services operators and fleets to match current and future demand. It offers a seamless user experience with its compact size, integrated cable management system, interactive lighting system and sunlight readable touchscreen.

“Hypernova was specifically designed to bolster public charging infrastructure in the U.S.,” said Douglas Alfaro, General Manager North America at Wallbox. “It aims to solve the current deficit in public charging along key U.S. highway corridors and simplify long-distance traveling for EV drivers. We’re already seeing vehicles with higher power charging capabilities hit the road that would be looking to benefit from faster charging from an ultra fast charger like Hypernova than what’s being installed today.”

The Arlington facility is now producing Pulsar Plus, Wallbox’s global best-selling smart home EV charger that is compatible with all EVs. In 2023, the factory is expected to begin the production of Hypernova.

This new facility complements Wallbox’s existing operations and services in North America, including its North American headquarters in Mountain View, California, and warehouses in Burlington, North Carolina and Bloomington, California. It is also Wallbox’s fourth manufacturing facility worldwide.

The $70 million project is expected to double the local workforce over the next twelve months and bring approximately 250 jobs to the Arlington area by 2025 and approximately 700 by 2030. To further demonstrate its commitment to the local community, Wallbox is contributing $30,000 to start the Wallbox Endowed Scholarship at Tarrant County College in Fort Worth, TX. The scholarship will provide financial aid to a different TCC student each year, in perpetuity (beginning in 2025).

“Clean energy is the future, and together, we’re going to lead the world in innovation and we’re going to make sure all of America sees the benefits,“ said Mitch Landrieu, Senior Advisor to President Biden and Infrastructure Coordinator. “Wallbox’s rapid growth proves that we can do this work while creating good-paying jobs and growing the economy right here in America.”

“Wallbox is a significant addition to Arlington’s Great Southwest Industrial District and we’re thrilled the company chose our city for its first U.S. manufacturing plant. Wallbox hasn’t just brought great-paying manufacturing jobs to our city, they have created jobs that are geared towards the future of where this country is going. The company is already at work creating electric vehicle charging units right here in Arlington that will be shipped all across North America,” Mayor Jim Ross said.

The new factory is being constructed through a cradle-to-cradle methodology whereby unnecessary waste is eliminated through design and eco-efficient materials. This approach is part of Wallbox’s commitment to promote sustainability in all aspects of the business. The company is committed to achieve Net Zero greenhouse gas (GHG) emissions across its global footprint by 2030.

About Wallbox Chargers

Wallbox is a global company, dedicated to changing the way the world uses energy in the electric vehicle industry. Wallbox creates smart charging systems that combine innovative technology with outstanding design and manage the communication between vehicle, grid, building and charger. Wallbox offers a complete portfolio of charging and energy management solutions for residential, semi-public and public use in more than 100 countries. Founded in 2015, with headquarters in Barcelona, Wallbox’s mission is to facilitate the adoption of electric vehicles today to make more sustainable use of energy tomorrow. The company employs approximately 1,100 people in Europe, Asia, and the Americas.

For additional information, please visit www.wallbox.com.

Wallbox Public Relations Contact:
Elyce Behrsin
Public Relations
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+34 622 513 358

Wallbox Investor Contact:
Matt Tractenberg
VP, Investor Relations
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+1 404-574-1504

ICC Approves Plan to Create Customer Savings, Protect the Environment

CHICAGO--(BUSINESS WIRE)--#AdvancedMetering--The Illinois Commerce Commission today approved an innovative collaboration that enables Peoples Gas and North Shore Gas to securely transmit natural gas meter data via ComEd’s smart grid communications network, creating new efficiencies and cost savings for gas customers and reducing carbon emissions. Together, the two natural gas providers serve more than 1 million customers, and the majority receive their electricity service from ComEd.

ComEd’s Advanced Metering Infrastructure (AMI) is a combination of smart meters, communications networks, and data management systems. It has played a key role in ComEd’s ability to deliver record-level reliability, fewer outages and improved customer satisfaction while keeping bills flat.

Up to now, Peoples Gas and North Shore Gas have read their customers’ meters by driving a vehicle down every street and transmitting data from each meter via radio signal. AMI will remove that fleet of vehicles from the street, eliminating more than 580,000 driving miles per year and 626 tons of carbon emissions per year. In addition to helping the environment, the cost savings from the reduced driving and other efficiencies will more than offset the cost of AMI. Operational savings for Peoples Gas and North Shore Gas — and in turn, their customers — will total an estimated $5.5 million per year.

Connecting to ComEd’s AMI network also will enable Peoples Gas and North Shore Gas customers to view analytics that detail their energy usage and help them control costs. Fewer in-person appointments will be needed as more tasks are able to be completed remotely.

“Using AMI will reduce costs for customers and enhance our level of service,” said Torrence Hinton, president of Peoples Gas and North Shore Gas. “Combined with the environmental benefits, this is a great step forward for everyone we serve, and across the Chicago region.”

"Our smart grid investments offer value not only for ComEd customers but for other Illinois utilities," said Terence Donnelly, ComEd president and COO. "We are eager to demonstrate the benefits of this innovative solution to the customers we share with Peoples Gas and North Shore Gas."

North Shore Gas expects to complete the implementation of AMI by the end of 2023. Peoples Gas expects to finish implementation by the end of 2024. Installation of any new equipment required will occur in unison with other maintenance work, such as routine safety inspections.

The innovative collaboration between ComEd, Peoples Gas and North Shore Gas to eliminate the cost of having two separate networks transmitting meter data will be a model for efficiency and environmental sustainability for utility companies across the United States.

ComEd is a unit of Chicago-based Exelon Corporation (NASDAQ: EXC), a Fortune 200 energy company with approximately 10 million electricity and natural gas customers – the largest number of customers in the U.S. ComEd powers the lives of more than 4 million customers across northern Illinois, or 70 percent of the state’s population. For more information visit ComEd.com and connect with the company on Facebook, Twitter, Instagram and YouTube.

North Shore Gas, a subsidiary of WEC Energy Group (NYSE: WEC), is a regulated natural gas delivery company that serves more than 163,000 residential, commercial and industrial customers in 54 communities within the northern suburbs of Chicago. You can find more information about natural gas safety, energy efficiency and other energy-related topics at northshoregasdelivery.com. Follow us on Twitter and Facebook @northshoregas.

Peoples Gas, a subsidiary of WEC Energy Group (NYSE: WEC), is a regulated natural gas delivery company that serves more than 878,000 residential, commercial and industrial customers in the city of Chicago. You can find more information about natural gas safety, energy efficiency and other energy-related topics at peoplesgasdelivery.com. Follow us on Twitter and Facebook @peoplegaschi.

Peoples Gas and North Shore Gas
David Schwartz
312-240-7854
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ComEd
Media Relations: 312-394-3500

HOUSTON--(BUSINESS WIRE)--$CRGY--Crescent Energy Company (NYSE: CRGY) today announced plans to host a conference call and webcast to discuss its third quarter 2022 financial and operating results at 10 a.m. CT, on Thursday, November 10, 2022. The Company plans to release results after market close on Wednesday, November 9, 2022. The earnings release and presentation for the third quarter 2022 results will be available on the company’s website at https://ir.crescentenergyco.com.

Conference Call Information

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

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

About Crescent Energy

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

Emily Newport
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PLANO, Texas--(BUSINESS WIRE)--#blueoil--Denbury Inc. (NYSE: DEN) (“Denbury” or the “Company”) today announced that its subsidiary, Denbury Carbon Solutions, LLC., has executed a 20-year definitive agreement to provide CO₂ transportation and storage services to Lake Charles Methanol (“LCM”) in association with LCM’s planned “blue” methanol project.

LCM’s world class facility will be located along the Calcasieu River near Lake Charles, Louisiana, approximately 10 miles from Denbury’s Green Pipeline. The facility is designed to utilize Topsoe’s SynCOR^TM technology to convert natural gas into hydrogen which will be synthesized into methanol, while incorporating permanent carbon capture and sequestration. The process is anticipated to deliver over 500 million kilograms of hydrogen per year as a feedstock to produce 3.6 million metric tons per year (“mmtpa”) of “blue” methanol, while capturing approximately 1 mmtpa of CO₂. This is a CO₂ equivalent to removing the emissions of 200,000 cars from the road each year.

LCM is finalizing its major permits to begin construction, and securing services for LCM’s carbon transportation and sequestration is a major milestone. The project is expected to reach a Final Investment Decision in 2023 with first production anticipated in 2027.

The CO₂ to be captured by LCM will be transported by Denbury to the Green Pipeline and then to one of multiple planned sequestration sites along Denbury’s expansive Gulf Coast CO₂ pipeline network. In association with the project, Denbury intends to construct a pipeline connection from the Lake Charles industrial area to its Green Pipeline. The Company anticipates that the new pipeline will facilitate the transportation and storage of significant additional CO₂ emissions from the Lake Charles industrial area, which are currently estimated at 20 mmtpa.

Nik Wood, Senior VP and head of Denbury Carbon Solutions, commented, “We’re excited to reach this significant agreement with LCM on its innovative Blue Methanol project. In addition to serving LCM’s CO₂ transportation and storage plans, our pipeline network expansion into the Lake Charles area will position Denbury to help other industrial customers in the area decarbonize their businesses. We look forward to working with LCM on this exciting low-carbon project, reducing CO₂ emissions and creating value for Denbury shareholders.”

Don Maley, Chief Executive Officer of Lake Charles Methanol, said, “Our partnership in carbon sequestration with Denbury will help LCM achieve industry leading low-carbon intensity clean hydrogen and blue methanol, completing a transformation of the LCM project into one of the leading U.S. industrial projects decarbonizing production of methanol at scale. Denbury’s world class carbon sequestration infrastructure pairs well with LCM’s best in class use of innovative technology to achieve clean hydrogen production as defined by the Inflation Reduction Act and the Bipartisan Infrastructure Framework. We are excited to be part of this new clean hydrogen fuels future along with our long-term methanol offtake customers and all of the other stakeholders in Lake Charles and Louisiana.”

ABOUT DENBURY

Denbury is an independent energy company with operations and assets focused on Carbon Capture, Use and Storage (CCUS) and Enhanced Oil Recovery (EOR) in the Gulf Coast and Rocky Mountain regions. For over two decades, the Company has maintained a unique strategic focus on utilizing CO₂ in its EOR operations and since 2012 has also been active in CCUS through the injection of captured industrial-sourced CO₂. The Company currently injects over four million tons of captured industrial-sourced CO₂ annually, with an objective to fully offset its Scope 1, 2, and 3 CO₂ emissions by 2030, primarily through increasing the amount of captured industrial-sourced CO₂ used in its operations. For more information about Denbury, visit www.denbury.com.

The Denbury Carbon Solutions team was formed in January 2020 to advance Denbury’s leadership in the anticipated high-growth CCUS industry, leveraging Denbury’s unique capabilities and assets that were developed over the last 20-plus years through its focus on CO₂ EOR.

Follow Denbury on Twitter and LinkedIn.

ABOUT LAKE CHARLES METHANOL

Lake Charles Methanol, LLC (LCM) is a Clean Hydrogen project located in Lake Charles, LA that will use advanced natural gas reforming technology and permanent carbon capture and sequestration to produce low-carbon intensity hydrogen for conversion to Blue Methanol. Construction of the project is expected to start in the second half of 2023. The project is estimated at a $4 billion capital investment with construction contracts to be sourced out of the Greater Lake Charles area, along with 200 permanent jobs when operational. Approximately 30% of all materials will be purchased in the local economy with substantial employment during the construction period with up to 750 workers onsite per day during peak construction periods. For more information about Lake Charles Methanol, please visit www.lakecharlesmethanol.com.

This press release contains forward-looking statements that involve risks and uncertainties, including the contingencies related to the plant being financed and built, and the timing thereof, the accuracy of estimated quantities of CO₂ offtake, and obtaining Class VI permits required for permanent CO₂ sequestration. These statements are based on engineering, geological, financial and operating assumptions that Denbury believes are reasonable based on currently available information; however, their achievement are subject to a wide range of business risks, and there is no assurance that these goals and projections can or will be met. Actual results may vary materially. In addition, any forward-looking statements represent Denbury’s estimates only as of today and should not be relied upon as representing its estimates as of any future date. Denbury assumes no obligation to update these forward-looking statements.

Brad Whitmarsh, 972.673.2020, This email address is being protected from spambots. You need JavaScript enabled to view it.
Beth Bierhaus, 972.673.2554, This email address is being protected from spambots. You need JavaScript enabled to view it.

ABERDEEN, Scotland--(BUSINESS WIRE)--KNOT Offshore Partners LP (NYSE:KNOP) (“the Partnership”) plans to release its financial results for the Third Quarter of 2022 before opening of the market on Wednesday, November 30, 2022.

The Partnership also plans to host a conference call on Wednesday, November 30, 2022 at 10:00 AM (Eastern Time) to discuss the results for the Third Quarter of 2022. All unitholders and interested parties are invited to listen to the live conference call by choosing from the following options:

• By dialing 1-844-200-6205 from the US, dialing 1-833-950-0062 from Canada or 1-929-526-1599 if outside North America – please join the KNOT Offshore Partners LP call using access code 359836.
• By accessing the webcast, which will be available through the Partnership’s website: www.knotoffshorepartners.com.

Our Third Quarter 2022 Earnings Presentation will also be available at www.knotoffshorepartners.com prior to the conference call start time.

The conference call will be recorded and remain available until December 7, 2022. This recording can be accessed following the live call by dialing 1-866-813-9403 from the US, dialing 1-226-828-7578 from Canada, or 44-204-525-0658 if outside North America, and entering the replay access code 671368.

About KNOT Offshore Partners LP

KNOT Offshore Partners LP owns, operates and acquires shuttle tankers primarily under long-term charters in the offshore oil production regions of the North Sea and Brazil. KNOT Offshore Partners LP is structured as a publicly traded master limited partnership but is classified as a corporation for U.S. federal income tax purposes, and thus issues a Form 1099 to its unitholders, rather than a Form K-1. KNOT Offshore Partners LP’s common units trade on the New York Stock Exchange under the symbol “KNOP”.

Source: KNOT Offshore Partners

KNOT Offshore Partners LP
Gary Chapman
Chief Executive Officer and Chief Financial Officer
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Tel: +44 1224 618 420

MINNEAPOLIS--(BUSINESS WIRE)--Northern Oil and Gas, Inc. (NYSE: NOG) (“NOG” or the “Company”) announced today that it plans to issue its earnings release with respect to third quarter 2022 financial and operating results on Tuesday, November 8, 2022, after the market closes. Additionally, the Company will host a conference call on Wednesday, November 9, 2022, at 10:00 a.m. Central Time.

Those wishing to listen to the conference call may do so via phone or the Company’s webcast.

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.

Investor Relations
(952) 476-9800
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SAN ANTONIO--(BUSINESS WIRE)--NuStar Energy L.P. (NYSE: NS) today announced that its Board of Directors has declared a third quarter 2022 common unit distribution of $0.40 per unit. The third quarter common unit distribution will be paid on November 14, 2022 to holders of record as of November 7, 2022.

NuStar Energy L.P.’s Board of Directors also declared a third quarter 2022 Series A preferred unit distribution of $0.64059 per unit, a Series B preferred unit distribution of $0.57040 per unit and a Series C preferred unit distribution of $0.56250 per unit. The preferred unit distributions will be paid on December 15, 2022 to holders of record as of December 1, 2022.

A conference call with management is scheduled for 9:00 a.m. CT on Thursday, November 3, 2022, to discuss the financial and operational results for the third quarter of 2022. Persons interested in Q&A participation may pre-register for the conference call and obtain a dial-in number and passcode at https://register.vevent.com/register/BI1554769b53db4165b0ca04dc6997524b. Persons interested in listen-only participation may access the conference call directly at https://edge.media-server.com/mmc/p/cignyz9w. A recorded version will be available under the same link two hours after the conclusion of the conference call.

The conference call may also be accessed through the “Investors” section of NuStar Energy L.P.’s website at https://investor.nustarenergy.com.

NuStar Energy L.P., a publicly traded master limited partnership based in San Antonio, Texas, is one of the largest independent liquids terminal and pipeline operators in the nation. NuStar currently has approximately 10,000 miles of pipeline and 63 terminal and storage facilities that store and distribute crude oil, refined products, renewable fuels, ammonia and specialty liquids. The partnership’s combined system has approximately 49 million barrels of storage capacity, and NuStar has operations in the United States and Mexico. For more information, visit NuStar Energy L.P.’s website at www.nustarenergy.com and its Sustainability page at https://sustainability.nustarenergy.com/.

This release serves as qualified notice to nominees under Treasury Regulation Sections 1.1446-4(b)(4) and (d). Please note that 100% of NuStar Energy L.P.’s distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of NuStar Energy L.P.’s distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate for individuals and corporations, as applicable. Nominees, and not NuStar Energy L.P., are treated as the withholding agents responsible for withholding on the distributions received by them on behalf of foreign investors.

Investors, Pam Schmidt, Vice President, Investor Relations
Investor Relations: 210-918-INVR (4687)
or
Media, Mary Rose Brown, Executive Vice President and Chief Administrative Officer,
Corporate Communications: 210-918-2314 / 210-410-8926

DALLAS--(BUSINESS WIRE)--Pioneer Natural Resources Company (NYSE:PXD) (“Pioneer” or “the Company”) today announced the participation in two renewable energy projects that will supply low-cost, renewable power to the Company’s Permian Basin operations and the Texas electric grid.

Pioneer is working with a subsidiary of NextEra Energy Resources, LLC to develop a 140-megawatt (MW) wind generation facility on Pioneer-owned surface acreage in Midland County. This project is supported by a power purchase agreement with Pioneer, in which Targa Resources Corporation (Targa) will participate and is expected to be operational in 2024. NextEra Energy Resources is the world’s largest generator of renewable energy from the wind and sun and a world leader in battery storage.

Additionally, Pioneer is also a participant in the 160 MW Concho Valley Solar project through Targa’s power purchase agreement, which commenced delivering renewable electricity during October 2022.

The renewable electricity sourced from these projects will provide a portion of the power required to operate Pioneer and Targa’s jointly owned Midland Basin natural gas processing infrastructure, as well as Pioneer’s field operations, enhancing each company’s emissions reduction initiatives through renewable electricity purchases and credits. Participating in these projects exemplify the commitment of Pioneer and Targa to be industry leaders in reducing emissions throughout the Midland Basin.

Pioneer will continue to evaluate wind and solar developments on its extensive owned surface acreage in the Permian Basin. These projects, along with any future projects, are expected to provide an offset to Pioneer’s Scope 2 emissions through the use of renewable electricity, helping Pioneer to further reduce the emission intensity of the Company’s operations while continuing to supply low-cost, responsibly sourced energy to the world.

About Pioneer

Pioneer is a large independent oil and gas exploration and production company, headquartered in Dallas, Texas, with operations in the United States. For more information, visit Pioneer’s website at www.pxd.com.

Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements and the business prospects of Pioneer are subject to a number of risks and uncertainties that may cause Pioneer’s actual results in future periods to differ materially from the forward-looking statements. These risks and uncertainties include, among other things, volatility of commodity prices, product supply and demand, the impact of a widespread outbreak of an illness, such as the COVID-19 pandemic, global and U.S. economic activity, government regulation or action, Pioneer’s ability to implement its business plans or complete its development activities as scheduled, and access to and cost of capital. These and other risks are described in Pioneer’s Annual Report on Form 10-K for the year ended December 31, 2021 and other filings with the Securities and Exchange Commission. In addition, Pioneer may be subject to currently unforeseen risks that may have a materially adverse impact on it. 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. Pioneer undertakes no duty to publicly update these statements except as required by law.

Investors
Tom Fitter – 972-969-1821
Greg Wright – 972-969-1770
Chris Leypoldt – 972-969-5834

Media and Public Affairs
Christina Voss – 972-969-5706

HOUSTON--(BUSINESS WIRE)--Tidewater Inc. (NYSE: TDW) (“Tidewater” or the “Company”) announced today an earnings conference call has been scheduled for Friday, November 4, 2022, at 8:00 a.m. Central Time, during which President and Chief Executive Officer Quintin Kneen will discuss results for the three months ending September 30, 2022.

Investors and interested parties may listen to the earnings conference call via telephone by calling +1.888.770.7135 if calling from the U.S. or Canada (+1.929.203.0820 if calling from outside the U.S.) and provide Conference ID: 2444624 prior to the scheduled start time. A live webcast of the call will also be available in the Investor Relations section of Tidewater’s website at investor.tdw.com.

A replay of the conference call will be available beginning at 11:00 a.m. Central Time on November 4, 2022, and will continue until 11:59 p.m. Central Time on December 4, 2022. To access the replay, access the Investor Relations section of Tidewater’s website at investor.tdw.com.

The conference call will contain forward-looking statements in addition to statements of historical fact. The actual achievement of any forecasted results or the unfolding of future economic or business developments in a way anticipated or projected by the Company involves numerous risks and uncertainties that may cause the Company’s actual performance to be materially different from that stated or implied in the forward-looking statements. Such risks and uncertainties include, among other things, risks associated with the general nature of the oilfield service industry and other factors discussed within the “Risk Factors” section of Tidewater’s most recent Forms 10-Q and 10-K.

Tidewater owns and operates the largest fleet of offshore support vessels in the industry, with 65 years of experience supporting offshore energy exploration, production and offshore wind activities worldwide. To learn more, visit www.tdw.com.

West P. Gotcher
Vice President Finance & Investor Relations
+1.713.470.5285
This email address is being protected from spambots. You need JavaScript enabled to view it.

MIAMI--(BUSINESS WIRE)--World Fuel Services Corporation (NYSE: INT)

Third-Quarter 2022 Highlights

• Total gross profit of $322.3 million, up 63% year-over-year
• GAAP net income of $42.5 million, or $0.68 per diluted share
• Adjusted net income of $41.8 million, or $0.67 per diluted share
• Adjusted EBITDA of $122.5 million

“We delivered solid results across all of our businesses, despite continued global macroeconomic uncertainty,” stated Michael J. Kasbar, chairman and chief executive officer. “We continue to focus on leveraging our technical expertise and global logistics and distribution capabilities to satisfy our customers' core energy requirements, as well as support their growing needs in achieving their carbon reduction goals.”

For the third quarter, our aviation segment generated gross profit of $129.6 million, an increase of 15% year-over-year, primarily attributable to the continued rebound in international commercial passenger activity. Our marine segment generated gross profit of $74.8 million, an increase of 242% year-over-year, principally related to the impact of market volatility and the related rise in global fuel prices. Our land segment generated gross profit of $117.9 million, an increase of 88% year-over-year, principally related to Flyers Energy and stronger overall segment performance, principally in North America.

“In the third quarter, all of our business segments performed exceptionally well, resulting in record quarterly gross profit and adjusted EBITDA and the highest level of quarterly earnings per share in more than two years,” said Ira M. Birns, executive vice president and chief financial officer. “We have further strengthened our balance sheet and liquidity profile, benefiting from strong operating cash flow generation during the quarter, while enhancing returns to shareholders with our previously announced 17% quarterly dividend increase.”

Non-GAAP Financial Measures

This press release contains non-GAAP financial measures (collectively, the “Non-GAAP Measures”), including adjusted net income attributable to World Fuel Services, adjusted diluted earnings per common share, and adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”). The Non-GAAP Measures exclude acquisition and divestiture related expenses, restructuring costs, impairments, gains or losses on the extinguishment of debt and gains or losses on business dispositions primarily because we do not believe they are reflective of our core operating results. In addition, beginning with the period ending March 31, 2022, the Non-GAAP Measures also exclude integration costs associated with our acquisitions. No changes to the comparable period were made as we did not incur integration costs in 2021.

We believe that the Non-GAAP Measures, when considered in conjunction with our financial information prepared in accordance with GAAP, are useful to investors to further aid in evaluating the ongoing financial performance of the Company and to provide greater transparency as supplemental information to our GAAP results.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. In addition, our presentation of the Non-GAAP Measures may not be comparable to the presentation of such metrics by other companies. Adjusted diluted earnings per common share is computed by dividing adjusted net income attributable to World Fuel Services and available to common shareholders by the sum of the weighted average number of shares of common stock, stock units, restricted stock entitled to dividends not subject to forfeiture and vested restricted stock units outstanding during the period and the number of additional shares of common stock that would have been outstanding if our outstanding potentially dilutive securities had been issued. Investors are encouraged to review the reconciliation of these Non-GAAP Measures to their most directly comparable GAAP financial measures in this press release and on our website.

Information Relating to Forward-Looking Statements

This release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our beliefs and expectations about our ability to leverage our expertise and distribution capabilities to satisfy customers' energy requirements and support their achievement of carbon reduction goals, as well as our view of the strength of our balance sheet and liquidity profile while enhancing returns to shareholders. These forward-looking statements are qualified in their entirety by cautionary statements and risk factor disclosures contained in the Company’s Securities and Exchange Commission (“SEC”) filings, including the Company’s most recent Annual Report on Form 10-K filed with the SEC. Actual results may differ materially from any forward-looking statements due to risks and uncertainties, including, but not limited to: inflationary pressures and their impact on our customers or the global economy, including sudden or significant increases in interest rates or a global recession, sudden changes in the market price of fuel or extremely high or low fuel prices that continue for an extended period of time, the availability of cash and sufficient liquidity to fund our working capital and strategic investment needs, any global economic impacts or other significant volatility that may arise from geopolitical events, wars and other civil unrest, our ability to successfully implement our growth strategy and integrate acquired businesses and recognize the anticipated benefits, our ability to capitalize on new market opportunities, adverse conditions in the markets or industries in which we or our customers and suppliers operate, such as the current global economic environment, our ability to manage the changes in supply and other market dynamics in the regions where we operate, potential liabilities, limited indemnities and the extent of any insurance coverage, a structural shift in the global economy and its demand for fuel and related products and services as a result of changes in the way people work, travel and interact, or in connection with a global recession, our failure to comply with restrictions and covenants in our senior revolving credit facility and our senior term loan, including our financial covenants, our ability to successfully execute and achieve efficiencies, our ability to achieve the expected level of benefit from any restructuring activities and cost reduction initiatives, unanticipated tax liabilities or adverse results of tax audits, assessments, or disputes, our ability to capitalize on new market opportunities, risks related to the complexity of the U.S. and foreign tax legislation and any subsequently issued regulations and our ability to accurately predict the impact on our effective tax rate and future earnings, our ability to effectively leverage technology and operating systems and realize the anticipated benefits, potential liabilities and the extent of any insurance coverage, actions that may be taken under the current administration in the U.S. that increase costs or otherwise negatively impact ours or our customers' and suppliers' businesses, the outcome of pending litigation and other proceedings, the impact of quarterly fluctuations in results, particularly as a result of seasonality, supply disruptions, border closures and other logistical difficulties that can arise when sourcing and delivering fuel in areas that are actively engaged in war or other military conflicts, the extent of the impact of the COVID-19 pandemic on ours and our customers' sales, profitability, operations and supply chains, customer and counterparty creditworthiness and our ability to collect accounts receivable and settle derivative contracts, our failure to effectively hedge certain financial risks associated with the use of derivatives, uninsured losses, the impact of climate change and natural disasters, adverse results in legal disputes, and other risks detailed from time to time in our SEC filings. New risks emerge from time to time and it is not possible for management to predict all such risk factors or to assess the impact of such risks on our business. Accordingly, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, changes in expectations, future events, or otherwise, except as required by law.

About World Fuel Services Corporation

Headquartered in Miami, Florida, World Fuel Services is a global energy management company involved in providing energy procurement and related services, as well as transaction and payment management solutions to commercial and industrial customers, principally in the aviation, marine and land transportation industries. World Fuel Services also offers natural gas and electricity, as well as energy advisory services, including programs for sustainability solutions and renewable energy alternatives. World Fuel Services sells fuel and delivers services to its clients at more than 8,000 locations in more than 200 countries and territories worldwide.

For more information, visit www.wfscorp.com.

-- Some amounts in this press release may not add due to rounding. All percentages have been calculated using unrounded amounts --

World Fuel Services Corporation
Ira M Birns, Executive Vice President & Chief Financial Officer, 305-428-8000

Glenn Klevitz, Vice President, Treasurer & Investor Relations, 305-428-8000

RICHMOND, Va.--(BUSINESS WIRE)--The Board of Directors of NewMarket Corporation (NYSE: NEU) declared a quarterly dividend in the amount of $2.10 per share on the common stock of the Corporation. The dividend is payable January 3, 2023 to NewMarket shareholders of record at the close of business on December 15, 2022.

NewMarket Corporation, through its subsidiaries Afton Chemical Corporation and Ethyl Corporation, develops, manufactures, blends, and delivers chemical additives that enhance the performance of petroleum products. From custom-formulated additive packages to market-general additives, the NewMarket family of companies provides the world with the technology to make engines run smoother, machines last longer, and fuels burn cleaner.

Some of the information contained in this press release constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although NewMarket’s management believes its expectations are based on reasonable assumptions within the bounds of its knowledge of its business and operations, there can be no assurance that actual results will not differ materially from expectations.

Factors that could cause actual results to differ materially from expectations include, but are not limited to, the availability of raw materials and distribution systems; disruptions at production facilities, including single-sourced facilities; hazards common to chemical businesses; the ability to respond effectively to technological changes in our industry; failure to protect our intellectual property rights; sudden, sharp, or prolonged raw material price increases; competition from other manufacturers; current and future governmental regulations; the gain or loss of significant customers; failure to attract and retain a highly-qualified workforce; an information technology system failure or security breach; the occurrence or threat of extraordinary events, including natural disasters, terrorist attacks, wars and health-related epidemics such as the COVID-19 pandemic; risks related to operating outside of the United States; political, economic, and regulatory factors concerning our products; the impact of substantial indebtedness on our operational and financial flexibility; the impact of fluctuations in foreign exchange rates; resolution of environmental liabilities or legal proceedings; limitation of our insurance coverage; our inability to realize expected benefits from investment in our infrastructure or from future acquisitions, or our inability to successfully integrate future acquisitions into our business; the underperformance of our pension assets resulting in additional cash contributions to our pension plans; and other factors detailed from time to time in the reports that NewMarket files with the Securities and Exchange Commission, including the risk factors in Item 1A. “Risk Factors” of our 2021 Annual Report on Form 10-K, which is available to shareholders upon request.

You should keep in mind that any forward-looking statement made by NewMarket in the foregoing discussion speaks only as of the date on which such forward-looking statement is made. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect the Company. We have no duty to, and do not intend to, update or revise the forward-looking statements in this discussion after the date hereof, except as may be required by law. In light of these risks and uncertainties, you should keep in mind that the events described in any forward-looking statement made in this discussion, or elsewhere, might not occur.

FOR INVESTOR INFORMATION CONTACT:
Brian D. Paliotti
Investor Relations
Phone: 804.788.5555
Fax: 804.788.5688
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

DALLAS--(BUSINESS WIRE)--Pioneer Natural Resources Company (NYSE:PXD) ("Pioneer" or "the Company") announced today that its Board of Directors declared a quarterly base-plus-variable cash dividend of $5.71 per common share. The dividend is payable December 15, 2022, to stockholders of record at the close of business on November 30, 2022.

About Pioneer

Pioneer is a large independent oil and gas exploration and production company, headquartered in Dallas, Texas, with operations in the United States. For more information, visit Pioneer’s website at www.pxd.com.

Note: Future dividends, whether base or variable, are authorized and determined by the Company's Board of Directors in its sole discretion. Decisions regarding the payment of dividends are subject to a number of considerations at the time, including without limitation, the Company's liquidity and capital resources, the Company's results of operations and anticipated future results of operations, the level of cash reserves the Company maintains to fund future capital expenditures or other needs, and other factors that the Board of Directors deems relevant. The Company can provide no assurance that dividends will be authorized or declared in the future or the amount of any future dividends. Any future variable dividends, if declared and paid, will by their nature fluctuate based on the Company’s free cash flow¹, which will depend on a number of factors beyond the Company’s control, including commodities prices.

Footnote 1: As used by the Company, free cash flow is defined as net cash provided by operating activities, adjusted for changes in operating assets and liabilities, less capital expenditures.

Investors
Tom Fitter – 972-969-1821
Greg Wright – 972-969-1770
Chris Leypoldt – 972-969-5834

Media and Public Affairs
Christina Voss – 972-969-5706

• Revenue of $1.89 billion, up 9% sequentially and 41% year-over-year
• Operating Profit of $55 million, down $13 million sequentially and up $98 million year-over-year
• Net Income of $32 million, or $0.08 per fully diluted share
• Adjusted EBITDA* of $195 million, up $45 million sequentially and $139 million year-over-year

*Adjusted EBITDA is a non-GAAP measure, see “Non-GAAP Financial Measures” and “Reconciliation of Adjusted EBITDA to Net Income (Loss)” below.

HOUSTON--(BUSINESS WIRE)--NOV Inc. (NYSE: NOV) today reported third quarter 2022 revenues of $1.89 billion, an increase of 9 percent compared to the second quarter of 2022 and an increase of 41 percent compared to the third quarter of 2021. Net income for the third quarter of 2022 was $32 million, or 1.7 percent of sales, which included $63 million of Other Items (see Corporate Information for additional details). Operating profit was $55 million, or 2.9 percent of sales, and included $63 million of Other Items. Adjusted EBITDA increased sequentially to $195 million, or 10.3 percent of sales.”

“NOV’s third quarter results reflect solid execution and ongoing improvements in demand from both oil & gas and renewables markets,” stated Clay Williams, Chairman, President, and CEO. “Demand from international and offshore markets is building momentum, complementing what has already been a solid recovery in the North American land market. With international and North American revenues growing nine and ten percent, respectively, combined with strong growth from our energy transition initiatives, consolidated revenues improved nine percent sequentially. While supply chain disruptions and logistics friction remain a challenge, our team continued to improve execution to meet our customer’s needs, while working to grow profitability for our shareholders.

“After years of underinvestment, global spare production capacity is at critically low levels. However, the petroleum industry’s ability to ramp activity quickly to respond to the emerging energy shortage remains limited by, among other factors, availability of the technology and the equipment we provide. With industry capital spending still below levels sufficient to meet the world’s energy needs, despite recessionary concerns, our outlook for continued rising demand for NOV’s energy technologies is very bright.”

Wellbore Technologies

Wellbore Technologies generated revenues of $741 million in the third quarter of 2022, an increase of 11 percent from the second quarter of 2022 and an increase of 46 percent from the third quarter of 2021. Operating profit was $74 million, or 10.0 percent of sales, and included $31 million of Other Items. Adjusted EBITDA increased $23 million sequentially and $68 million from the prior year to $145 million, or 19.6 percent of sales. Accelerating growth in international markets along with continued improvements in demand from North America led to the seventh straight quarter of improved results for the segment.

Completion & Production Solutions

Completion & Production Solutions generated revenues of $681 million in the third quarter of 2022, an increase of 7 percent from the second quarter of 2022 and an increase of 42 percent from the third quarter of 2021. Operating profit was $21 million, or 3.1 percent of sales, and included $19 million in Other Items. Adjusted EBITDA increased $24 million sequentially and $61 million from the prior year to $56 million, or 8.2 percent of sales. Continued improvements in execution and healthy demand drove improved results for the segment.

New orders booked during the quarter totaled $493 million, representing a book-to-bill of 116 percent when compared to the $425 million of orders shipped from backlog. As of September 30, 2022, backlog for capital equipment orders for Completion & Production Solutions was $1.48 billion, an increase of 2 percent from the second quarter of 2022 and an increase of 34 percent from the third quarter of 2021.

Rig Technologies

Rig Technologies generated revenues of $511 million in the third quarter of 2022, an increase of 11 percent from the second quarter of 2022 and an increase of 31 percent from the third quarter of 2021. Operating profit was $22 million, or 4.3 percent of sales, and included $13 million of Other Items. Adjusted EBITDA increased $11 million sequentially and $27 million from the prior year to $52 million, or 10.2 percent of sales. Accelerating revenue conversion from renewable energy projects and demand for the segment’s aftermarket parts and services drove the improvement in results.

New capital equipment orders booked during the quarter totaled $119 million, and backlog for capital equipment orders for Rig Technologies totaled $2.78 billion as of September 30, 2022.

Corporate Information

During the third quarter, the Company recognized $63 million of Other Items associated with classifying the Company’s Russian operations as assets held for sale and the loss on sale of its Belarusian business (including the businesses’ cumulative foreign currency translation adjustments), partially offset by credits related to gains on sales of previously reserved inventory (see Reconciliation of Adjusted EBITDA to Net Income (Loss)).

Cash flow used in operations was $106 million for the quarter driven by the funding of working capital to support growth of the business.

As of September 30, 2022, the Company had total debt of $1.73 billion, with $2.00 billion available on its primary revolving credit facility, and $1.00 billion in cash and cash equivalents.

Significant Achievements

NOV successfully introduced its eVolve^TM wired drill pipe optimization services to the Carbon Capture & Storage (CCS) market and booked two additional optimization projects in the Middle East. NOV's M/D Totco™ business unit began providing eVolve services supporting drilling operations on two CCS wells in the North Sea. The project aims to capture CO₂ from various onshore industries, transporting it by ships, and injecting it 1,000 – 2,000 meters below the seabed for permanent storage. Well integrity and placement are critical in CCS applications to ensure minimal leakage back into the atmosphere. The enhanced knowledge of formation properties and downhole location provided by real-time broadband data transmission from NOV’s wired drill pipe system enables our customers to construct the safest and most efficient carbon storage wells. NOV was also awarded two eVolve wired drill pipe optimization projects in the Middle East, one from a major integrated oil company and another from a large national oil company. The scope of both projects includes the use of NOV's full suite of optimization and visualization services, wired drill pipe, downhole drilling tools, and real-time sensors along the drill string.

NOV introduced the Sjøhest (Norwegian for "seahorse") vessel, a novel solution to improve offshore wind turbine blade installation processes. The Sjøhest is designed to work with a large installation jack-up vessel to install the latest generation of offshore wind turbines at heights of 175 to 200 meters. The larger installation vessel is used to install the towers and nacelles, while a dedicated, smaller, Sjøhest jack-up vessel connects directly to the tower with a telescopic leader boom, similar to how a seahorse uses its unique and strong grasping tail to resist ocean currents, creating an aligned and stable platform from which a trolley horizontally transports blades along the leader, rotates the blade into a vertical position, and connects it to the rotor. Splitting tower/nacelle and blade installation optimizes installation efficiencies, reduces fuel usage, and shortens installation times by up to 30%, thereby improving the economics while achieving a lower carbon footprint. Additionally, the enhanced stability provided by the Sjøhest system increases the weather window in which blade installation can occur, resulting in significant uptime benefits and further improving the efficiencies associated with offshore wind development.

NOV commercialized its ATOM^TM RTX robotics system in the offshore drilling market. During the quarter, NOV booked the sale of its first ATOM RTX system for use by a major on an ultra-deepwater rig contracted for work in Brazil. Additionally, NOV booked the sale of its second land rig system to a leading North American drilling contractor. By enabling hands-free pipe-stabbing and doping, the system presents a step change in drilling efficiencies and safety, removing people from red zone operations and optimizing rig floor performance through automation.

NOV delivered its 100^th NOVOS^TM process automation platform. As the industry's only reflexive drilling system, the NOVOS platform allows drillers to automate repetitive drilling activities, such as making a connection offshore and coming off and on bottom, all while maintaining specific parameters for circulation, weight-on-bit, and more. The result is greater operational consistency for any driller, regardless of individual experience level, driving improved performance time and time again.

NOV has been awarded a contract to design, supply, and commission a Cascade Pump System for a Polyhalite mine on the northeast coast of England. Polyhalite is an organic super fertilizer that will be exported to customers around the world. The Cascade Pump System is a dual-purpose design that will de-water vertical mine shafts at depths up to 1,600 meters and pump cooling water to the mine shaft boring machine. In addition to the capital equipment order, NOV was awarded a five-year service contract to supply replacement pump units, critical spares, and onsite labor support during the mine shaft sinking process.

NOV continues to lead the evolution of the drill bit market with the launch of the ION+™ 5DX™ Shaped Cutter, the latest in our fit-for-purpose drill bit technology. Built upon the ION+ cutter platform, the ION+ 5DX polycrystalline diamond compact (PDC) cutter incorporates an optimized multi-faceted geometry that improves mechanical toughness by approximately 60% vs. conventional cutters, resulting in remarkably effective performance when drilling challenging interbedded lithologies. Based on encouraging results in West Texas, the cutter technology has shown the ability to withstand high shock loads while providing high thermal stability in challenging applications. By providing better protection of the diamond table’s integrity, the ION+ 5DX cutter enables operators to achieve improvements in drilling distances, efficiencies, and, ultimately, well productivity.

NOV successfully deployed its automated VectorZIEL^TM rotary steerable system (RSS) into the U.S. onshore market for the first time. A large independent exploration and production (E&P) company used the VectorZIEL 800 tool to drill two 9,000-ft intermediate tangent sections with 100% tool reliability. Using the tool's automated trajectory control capability, including near-bit inclination and azimuth and closed loop steering, VectorZIEL system delivered desired well plans with significantly less manual intervention than conventional RSS systems.

NOV secured an order to provide Tuboscope's TK™-Liner and its Liner Hanger System for two geothermal wells in Hamburg, Germany. Though already established as a reliable solution for large-diameter tubulars used in geothermal applications, this will be the first TK-Liner project in Germany. TK-Ring II crossovers were custom designed to interface with the completion tools, providing cost-effective corrosion protection and thermal insulation.

NOV received its first offshore contract for the iNOVaTHERM™ portable treatment unit. Following a successful trial run in the UK, a major operator awarded NOV a three-well contract that is expected to run the entirety of 2023 for operations in the Ivar Aasen Field in the North Sea. The iNOVaTHERM treatment process for drilling waste at the wellsite advances the industry’s objectives of reducing its carbon footprint, lowering operational costs, and keeping people out of harm's way.

Third Quarter Earnings Conference Call

NOV will hold a conference call to discuss its third quarter 2022 results on October 28, 2022 at 10:00 AM Central Time (11:00 AM Eastern Time). The call will be broadcast simultaneously at www.nov.com/investors. A replay will be available on the website for 30 days.

About NOV

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

Visit www.nov.com for more information.

Non-GAAP Financial Measures

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

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

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

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