Selection underscores the key role Piedmont Lithium will have in boosting domestic lithium hydroxide supply

BELMONT, N.C.--(BUSINESS WIRE)--Piedmont Lithium (“Piedmont”, “Company”) (Nasdaq: PLL; ASX: PLL), a leading global developer of lithium resources critical to the U.S. electric vehicle (“EV”) supply chain, today announced that it has been selected for a $141.7 million grant from the U.S. Department of Energy (“DOE”) – one of the first set of projects funded by the President’s Bipartisan Infrastructure Law to expand domestic manufacturing of batteries for EVs and the electrical grid and for materials and components currently imported from other countries. The funding will support the construction of the Company’s approximately $600 million Tennessee Lithium project, which aims to expand the U.S. supply of lithium hydroxide by 30,000 metric tons per year (“tpy”). Lithium hydroxide is a key component of high energy density, long-range, electric vehicle batteries.

Piedmont President and CEO Keith Phillips said the Company is honored that the Tennessee Lithium project has been selected for this DOE funding. “The U.S. government is putting investment dollars behind its policies to support energy independence and national security, and we are grateful to be selected to help spur critical, domestic development of the EV battery supply chain,” said Phillips. “Over 80% of lithium hydroxide production today occurs in China. This grant will accelerate the development of the Tennessee Lithium project as a world-class lithium hydroxide operation, which is expected to more than double the domestic production of battery-grade lithium hydroxide in the United States.”

Located in Etowah in McMinn County, Tennessee, Piedmont’s Tennessee Lithium project is being designed to produce lithium hydroxide from spodumene concentrate using the innovative Metso:Outotec process flow sheet, enabling lower emissions and carbon intensity as well as improved capital and operating costs relative to incumbent operations. The Tennessee Lithium project is expected to drive significant economic activity in McMinn County and create approximately 120 new, direct jobs.

“We are pleased that the DOE has chosen to support our Tennessee Lithium project, and we are committed to being responsible stewards of these grant funds,” said Piedmont Chief Operating Officer Patrick Brindle. “This funding will enable us to accelerate detailed engineering and place orders for long-lead items.” Construction at the Tennessee Lithium project is slated to begin in 2023, subject to permitting and project financing timelines, with production expected to commence in 2025.

As part of the Company’s selection for this DOE funding, Piedmont has been invited to negotiate the specific terms of the grant, including timing and any co-funding. The final details of the project grant are subject to these negotiations. The grant will not be final until Piedmont and the DOE have agreed to the specific terms of the grant. Once the terms have been finalized, funding of the grant will remain subject to satisfaction from time to time of conditions precedent set forth in those terms.

When the Company’s current portfolio of lithium assets becomes fully operational, Piedmont expects to produce 60,000 tpy of lithium hydroxide in the United States, where current domestic production is only approximately 15,000 tpy. Piedmont’s estimated production should position the Company to serve the growing U.S. battery manufacturing industry, which has made announcements of capital investments exceeding $50 billion for new U.S. battery plants. These battery plants are expected to require more than 600,000 tpy of lithium hydroxide.

The Tennessee Lithium project is a core project in Piedmont’s development plans, with the Company anticipating production to come online on the following schedule:

• 2023: Quebec – spodumene concentrate production at North American Lithium
• 2024: Ghana – spodumene concentrate production at Ewoyaa
• 2025: Tennessee Lithium – lithium hydroxide production from spodumene concentrate sourced from our international investments
• 2026: Carolina Lithium – integrated spodumene concentrate and lithium hydroxide production

About Piedmont Lithium

Piedmont Lithium (Nasdaq: PLL; ASX: PLL) is developing a world-class, multi-asset, integrated lithium business focused on enabling the transition to a net zero world and the creation of a clean energy economy in North America. Our goal is to become one of the largest lithium hydroxide producers in North America by processing spodumene concentrate produced from assets where we hold an economic interest. Our projects include our wholly-owned Carolina Lithium and Tennessee Lithium projects in the United States and partnerships in Quebec with Sayona Mining (ASX:SYA) and in Ghana with Atlantic Lithium (AIM:ALL). These geographically diversified operations will enable us to play a pivotal role in supporting America’s move toward decarbonization and the electrification of transportation and energy storage. For more information, visit www.piedmontlithium.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of or as described in securities legislation in the United States and Australia, including statements regarding exploration, development, and construction activities of Sayona Mining Limited, Atlantic Lithium Limited, and Piedmont; current plans for Piedmont’s mineral and chemical processing projects; and strategy. Such forward-looking statements involve substantial and known and unknown risks, uncertainties, and other risk factors, many of which are beyond our control, and which may cause actual timing of events, results, performance or achievements and other factors to be materially different from the future timing of events, results, performance, or achievements expressed or implied by the forward-looking statements. Such risk factors include, among others: (i) that Piedmont, Sayona Mining, or Atlantic Lithium will be unable to commercially extract mineral deposits, (ii) that Piedmont’s, Sayona Mining’s, or Atlantic Lithium’s properties may not contain expected reserves, (iii) risks and hazards inherent in the mining business (including risks inherent in exploring, developing, constructing and operating mining projects, environmental hazards, industrial accidents, weather or geologically related conditions), (iv) uncertainty about Piedmont’s ability to obtain required capital to execute its business plan, (v) Piedmont’s ability to hire and retain required personnel, (vi) changes in the market prices of lithium and lithium products, (vii) changes in technology or the development of substitute products, (viii) the uncertainties inherent in exploratory, developmental and production activities, including risks relating to permitting, zoning and regulatory delays related to our projects as well as the projects of our partners in Quebec and Ghana, (ix) uncertainties inherent in the estimation of lithium resources, (x) risks related to competition, (xi) risks related to the information, data and projections related to Sayona Quebec, Sayona Mining, and Atlantic Lithium, (xii) occurrences and outcomes of claims, litigation and regulatory actions, investigations and proceedings, (xiii) risks regarding our ability to achieve profitability, enter into and deliver product under supply agreements on favorable terms, our ability to obtain sufficient financing to develop and construct our projects, our ability to comply with governmental regulations and our ability to obtain necessary permits, (xiv) uncertainties related to the negotiation, execution and funding of DOE grants, including our ability to successfully negotiate the grant terms and to satisfy any funding conditions under the award and (xv) other uncertainties and risk factors set out in filings made from time to time with the U.S. Securities and Exchange Commission (“SEC”) and the Australian Securities Exchange, including Piedmont’s most recent filings with the SEC. The forward-looking statements, projections and estimates are given only as of the date of this press release and actual events, results, performance, and achievements could vary significantly from the forward-looking statements, projections and estimates presented in this press release. Readers are cautioned not to put undue reliance on forward-looking statements. Piedmont disclaims any intent or obligation to update publicly such forward-looking statements, projections, and estimates, whether as a result of new information, future events or otherwise. Additionally, Piedmont, except as required by applicable law, undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of Piedmont, its financial or operating results or its securities.

Erin Sanders
VP, Corporate Communications
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Media Inquiries
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SAN FRANCISCO--(BUSINESS WIRE)--Mitsubishi HC Capital Inc. (Representative Director, President & CEO: Takahiro Yanai, “Mitsubishi HC Capital”), today announces that its Executive Committee has approved the merger of two group companies, CAI International, Inc. (President & CEO: Timothy Page, “CAI”) and Beacon Intermodal Leasing, LLC (President & CEO: Katherine McCabe, “Beacon”). The merger is planned to become effective January 1, 2023. The combined company, CAI, will be headquartered in San Francisco, California and led by CEO, Timothy Page, and President, Katherine McCabe.

Mr. Page commented, “We are excited to make this announcement today. We are one team, with a long-term vision of providing consistent, exceptional service to our customers.” Ms. McCabe added, “With the financial strength of Mitsubishi HC Capital, along with marketing and technical expertise of the CAI and Beacon organizations, we look forward to expanding the relationships we have with our customers and other business partners.”

Mitsubishi HC Capital, which is listed on the Tokyo Stock Exchange and Nagoya Stock Exchange, is the second largest leasing company on a total assets basis in Japan, with total assets of 10,734 billion yen (approximately US$78 billion as of the end of June 2022). Mitsubishi HC Capital operates globally in multiple sectors, including container leasing, rail car leasing, aircraft leasing, aircraft engine leasing and automotive leasing. Mitsubishi HC Capital first entered the container leasing business in 2014 with the acquisition of Beacon. In November 2021, Mitsubishi HC Capital expanded its container leasing business with the acquisition of CAI. Together, the combination of CAI and Beacon represents the world’s third largest container leasing company on a CEU basis with a fleet of 3.5 million TEU of containers, representing approximately US$6 billion in revenue earning assets.

David Morris
Chief Financial Officer
Tel: +1-415-624-8104

DUBLIN--(BUSINESS WIRE)--The "Global Small Modular Reactor Market by Reactor (HWR, LWR, HTR, FNR, MSR), Deployment (Single, Multi), Connectivity (Grid, Off-grid), Location (Land, Marine), Application (Power Generation, Desalination, Industrial), Coolant and Region - Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.

The global small modular reactor market is projected to reach USD 7 billion by 2030 from an estimated USD 5.7 billion in 2022, at a CAGR of 2.6%

The cost reduction due to modularization and factory production is expected to drive the small modular reactor market growth. Furthermore, the need for clean, stable and reliable nuclear energy for the supply of baseload power is driving the market. However, stringent nuclear regulatory requirements for deployment of SMRs is likely to hamper the growth of small modular reactor market.

The water segment, by coolant, is expected to be the largest and the fastest-growing market from 2022 to 2030

The SMR market, by coolant is bifurcated into heavy liquid metals, water, gases and molten salts. The water segment is expected to hold the largest market share in 2030. The largest market share can be attributed to the increasing adoption of light-water reactors and heavy-water reactors across various regions.

The multi-module power plant, by deployment, is expected to be the fastest-growing market from 2021 to 2026

The multi-module power plant segment is expected to be the fastest-growing deployment segment during the forecast period, owing to the ease of financing additional modules. Multi-module SMR plants are easier to finance compared with large nuclear reactors, as SMRs require lower upfront investments for a unit, and additional capacity may be built over time.

The ability to add modules incrementally in multi-module SMRs provides economies of series production. This, in turn, could permit investors and operators to adjust to the changes in demand for electricity and budgetary constraints to reduce financial risks. These factors are expected to drive the demand for SMRs for deployment in multi-module power plants.

Competitive landscape

NuScale Power, LLC (US), Westinghouse Electric Corporation (US), GE Hitachi Nuclear Energy (US), Terrestrial Energy Inc. (Canada), and Moltex Energy (Canada) are a few of the major players in the small modular reactor market.

Premium Insights

• Low Cost of SMRs due to Modularization and Factory Construction is Expected to Drive Small Modular Reactor Market During 2021-2030
• Small Modular Reactor Market in Asia-Pacific to Grow at Highest CAGR During Forecast Period
• Water Segment to Account for Largest Market Share, by Coolant, in 2030
• Light-Water Reactors Accounted for Largest Market Share, by Type, in 2021
• Off-Grid Segment Held Larger Share of Small Modular Reactor Market, by Connectivity, in 2021
• Multi-Module Power Plant Held Larger Share of Small Modular Reactor Market, by Deployment, in 2021
• Land Segment Dominated Small Modular Reactor Market, by Location, in 2021
• Industrial Segment Dominated Small Modular Reactor Market, by Application, in 2021
• Light-Water Reactors and China Were Largest Shareholders in Small Modular Reactor Market in Asia-Pacific in 2021

Market Dynamics

Drivers

• Versatile Nature of Nuclear Power
• Benefits of Modularization and Factory Construction

Restraints

• Stringent Regulatory Policies and Standards to Deploy SMRs
• Negative Public Perception of Nuclear Power Technology

Opportunities

• Progression into Sustainable Future with Net Zero Emission and Decarbonization of Energy Sector
• Integration of SMRs with Renewable Energy Sources

Challenges

• Lack of Standard Licensing Process

Trends/Disruptions Impacting Customers' Businesses

• Revenue Shift and New Revenue Pockets for Small Modular Reactor Market Players

Supply Chain Analysis

• Component Manufacturers
• Small Modular Reactor Manufacturers
• Small Modular Reactor Support Service Providers/ Integrators
• End-users

Company Profiles

Key Players

• Westinghouse Electric Company LLC
• Nuscale Power, LLC
• Terrestrial Energy Inc.
• Moltex Energy
• GE Hitachi Nuclear Energy
• X Energy, LLC
• Holtec International
• General Atomics
• Arc Clean Energy, Inc.
• Leadcold Reactors
• Rolls-Royce PLC
• Ultra Safe Nuclear
• Toshiba Energy Systems & Solutions Corporation
• Tokamak Energy Ltd.
• SNC-Lavalin Group

Other Players

• Afrikantov OKB Mechanical Engineering
• China National Nuclear Corporation
• Framatome
• U-Battery
• Seaborg Technologies

For more information about this report visit https://www.researchandmarkets.com/r/w1maau

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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SUGAR LAND, Texas--(BUSINESS WIRE)--Trecora, a leading North American producer of Specialty Petrochemicals, will increase the price of all grades of pentanes and hexanes by $0.04/lb., effective November 1, 2022, subject to the terms of applicable supply contracts.

This price adjustment is driven by market fundamentals and increasing cost dynamics to produce high quality hydrocarbons.

About Trecora

Trecora’s manufacturing site in Silsbee, Texas is one of America’s leading producers of high purity specialty hydrocarbons used to produce innovative and safe everyday use materials which reduce energy requirements. Trecora is also a producer of specialty waxes at a manufacturing site in Pasadena, Texas.

Peter Loggenberg
Chief Commercial and Sustainability Officer
Office: 281-980-5522
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www.trecora.com

Anovion, a leader in supplying U.S. Critical Mineral Synthetic Graphite for Lithium-Ion Batteries, accelerates plans to scale capacity, create jobs, and secure the domestic supply chain for our clean energy future

NIAGARA FALLS, N.Y.--(BUSINESS WIRE)--Anovion Battery Materials (“Anovion” or the “Company”), an advanced battery materials business with North America’s first commercially operational capacity for synthetic graphite anode material, announced today that it has been selected to receive a $117 million grant under the Bipartisan Infrastructure Law. This is the first set of projects funded by the President’s Bipartisan Infrastructure Law to expand domestic manufacturing of batteries for electric vehicles (EVs) and the electrical grid and for materials and components currently imported from other countries. This grant nomination is part of a once-in-a-generation investment in infrastructure, which will grow a more sustainable, resilient, and equitable economy by enhancing U.S. competitiveness, creating new energy economy jobs, and better access to these economic benefits for communities.

“We are thrilled to have been recognized as a nominee for the Infrastructure Grant opportunity. This grant consideration will enable Anovion to expedite its ongoing investments in expansion to advance the company’s mission of growing a resilient, secure and sustainable North American lithium-ion battery supply chain,” said Eric Stopka, Chief Executive Officer of Anovion. “This nomination affirms Anovion’s commitment to creating a meaningful, positive impact on the environment, communities where we currently and plan to operate, people we employ, and the broader clean-energy economy. Anovion’s existing qualified commercial products, process technologies, focus on R&D, and experienced team uniquely position this project for success.”

Anovion plans to build a new, large-scale manufacturing facility producing 35,000 tons per annum of synthetic graphite anode materials for lithium-ion batteries used in electric vehicles (EV), energy storage systems, personal e-mobility, medical devices and military and aerospace, as well as other industrial applications. This U.S.-owned and operated, state-of-the-art manufacturing plant will be the first of its scale in North America, creating hundreds of high-quality clean energy jobs in communities previously impacted by offshoring over the years. This project will supplement the expansion of Anovion’s existing manufacturing capacity near Niagara Falls, NY, notably the only qualified U.S. source of battery-grade synthetic graphite anode material commercially shipping product today.

The country’s ability to produce synthetic graphite battery anode materials is essential to competitiveness across many industries as batteries are critical to the ongoing transition to the new energy economy, enabling decarbonization, lower energy costs, and resilient power grids. The automotive industry has rapidly increased its investments and commitment to electric powertrains, causing domestic demand for synthetic graphite battery anode materials to skyrocket. Establishing a domestic lithium-ion battery supply chain directly impacts several strategic imperatives, including national security interests, a robust economic growth, and environmental stewardship.

Mr. Stopka added, “Our sincere thanks to customers, partners, community, stakeholders, suppliers, and employees that came together to make this exciting moment in Anovion’s history a possibility and we look forward to sharing continued progress as we work to grow a resilient, secure and sustainable North American battery supply chain. This grant represents an enormous vote of confidence in the critical work our team is dedicated to advancing every day.”

The Monomyth Group, a diversified holding company that provides long-term, partner capital to help companies reach potential, is a majority investor in Anovion. Amsted Industries, an employee-owned diversified global manufacturer of industrial components for the rail, automotive, commercial vehicle, and construction markets, is the minority investor.

About Anovion Battery Materials

Headquartered in Chicago, Illinois, Anovion brings more than 140 years of experience in the production of synthetic graphite materials. Now a leader in synthetic graphite lithium-ion battery anode materials innovation and manufacturing, Anovion’s products were the first made in North America to gain qualification for EV applications. Commercial production commenced in early 2021 and Anovion continues to operate the largest manufacturing capacity available today. Product qualification testing continues with leading automotive electric vehicle OEMs, battery cell suppliers, and many others. Anovion plans capacity expansion targeting up to 150,000 tons per annum of finished product by 2030.

Responsible and sustainable domestic sourcing and processing of the critical materials used to make lithium-ion batteries will strengthen American supply chains, accelerate battery production to meet increased demand, and secure the nation’s economic competitiveness, energy independence, and national security. The funding announced today by the Department of Energy is the first phase of over $7 billion in total provided by the President’s Bipartisan Infrastructure Law for the battery supply chain. DOE’s Office of Manufacturing and Energy Supply Chains (MESC) is responsible for strengthening and securing manufacturing and energy supply chains needed to modernize the nation’s energy infrastructure and support a clean and equitable energy transition. MESC will manage the portfolio of projects with support from DOE’s Office of Energy Efficiency and Renewable Energy’s Vehicle Technologies Office.

For more information on Anovion, visit www.anovion-anode.com

Monomyth Group

Following a long career on Wall Street, Chip Dunn founded Monomyth Group in Chicago, Illinois in 2017 as a diversified holding company to pioneer the new concept of monomyth capital — a blueprint not bound by the traditional conventions of venture capital or private equity, not just growth capital and not simply buyout funds or acquisition finance — but the capital a business needs over its entire journey through evolution and transformation, development and restructuring, recapitalization and transactional. It is flexible capital for the long-term focused on control or structured minority stakes; it is partner capital for entrepreneurs, founders, business owners, and management teams, investing almost always alongside like-minded families or other long-term capital sources and predominantly targeting production-based and services-oriented companies in North America and Europe. Monomyth Group leverages this blueprint for monomyth capital, its solutions-based framework for corporate strategy provided by MAITS TM and its global relationship network on behalf of affiliate companies to focus on value creation of an indefinite holding period. For more information, please visit www.monomythgroup.com.

Amsted Industries

Amsted Industries is an employee-owned diversified global manufacturer of industrial components for the rail, automotive, commercial vehicle, and construction markets. Combining leading-edge manufacturing processes with a history of continuous innovation, Amsted is a leader in each of the market segments it serves. Through its culture of employee ownership, Amsted delivers premium value to customers and seeks to improve the communities in which it operates.

Media
Jennifer Nardicchio
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• Third Quarter 2022 Revenue: $3.84 billion; up 22%
• Third Quarter 2022 Operating Income: $362.2 million; up 32%
• Third Quarter 2022 EPS: $2.57 vs. $1.88; up 37%

LOWELL, Ark.--(BUSINESS WIRE)--J.B. Hunt Transport Services, Inc., (NASDAQ: JBHT) announced third quarter 2022 U.S. GAAP (United States Generally Accepted Accounting Principles) net earnings of $269.4 million, or diluted earnings per share of $2.57 versus third quarter 2021 net earnings of $199.8 million, or $1.88 per diluted share.

Total operating revenue for the current quarter was $3.84 billion, an increase of 22% compared with $3.14 billion for the third quarter 2021. Current quarter total operating revenue, excluding fuel surcharge revenue, increased 12% versus the comparable quarter 2021. This increase was primarily driven by a 17% increase in Intermodal (JBI) revenue per load (excluding fuel surcharge revenue), an 18% increase in average revenue producing trucks in Dedicated Contract Services^® (DCS^®), a 13% increase in Truckload (JBT) volume, and an increase in Final Mile Services^® (FMS) revenue driven primarily by our recent acquisition, partially offset by an 8% decrease in volume in Integrated Capacity Solutions (ICS).

Total freight transactions in the Marketplace for J.B. Hunt 360^® increased 7% to $552 million in the third quarter 2022 compared to $519 million in the prior year quarter. JBT and JBI executed approximately $123 million and $38 million of their third-party dray, independent contractor and power-only capacity costs through the platform during the quarter, an increase of 41% and 10% year over year respectively. ICS revenue on the platform decreased 2% to $391 million versus the year ago period.

Operating income for the current quarter totaled $362.2 million versus $273.8 million for the third quarter 2021. Operating income increased from third quarter 2021 primarily from customer rate and cost-recovery efforts and higher volume specific to our DCS, JBI, and JBT business units compared to the prior year period. These items were partially offset by higher rail and truck purchased transportation costs; increases in investments to attract and retain professional drivers, office personnel, and maintenance technicians; higher equipment-related and maintenance expense; and costs associated with inefficiencies in container utilization in JBI and the onboarding of newly awarded business in both DCS and FMS.

Net interest expense for the current quarter increased from third quarter 2021 due primarily to higher interest rates and debt issuance costs compared to the same period last year.

The effective income tax rate in the current quarter was 22.7% versus 23.7% in the third quarter 2021. We expect our 2022 annual tax rate to be between 23.5% and 24.0%.

Segment Information:

Intermodal (JBI)

• Third Quarter 2022 Segment Revenue: $1.84 billion; up 30%
• Third Quarter 2022 Operating Income: $217.0 million; up 31%

Intermodal volume increased 4% over the same period in 2021. Eastern network loads increased 7%, while transcontinental loads increased 1%. During the quarter, we continued to experience growth in demand for intermodal services but volume was negatively impacted by rail velocity challenges, customer detention of equipment, and overall supply chain uncertainties facing our customers. As the quarter progressed, rail velocity and service levels improved notably to the best levels experienced since early 2021. Revenue increased 30% for the quarter versus the prior year period, driven by a 26% increase in revenue per load and the 4% increase in load volume. Excluding fuel surcharge revenue, revenue per load increased 17% versus the prior year period.

Operating income increased by 31% year over year primarily from higher customer rate and cost recovery efforts and volume. These items were partially offset by higher rail purchased transportation expense; investments to attract and retain professional drivers, office personnel, and maintenance technicians; and higher equipment-related and maintenance expense. Additionally, network inefficiencies driven by rail velocity and customer detention of equipment continue to impact unit cost per load. During the period we successfully onboarded 2,400 new units of container capacity. The current period ended with approximately 113,000 units of trailing capacity and 6,870 power units in the dray fleet.

Dedicated Contract Services (DCS)

• Third Quarter 2022 Segment Revenue: $894 million; up 34%
• Third Quarter 2022 Operating Income: $103.1 million; up 32%

Demand for our highly engineered private-fleet outsourcing solution remained strong during the quarter. DCS revenue increased 34% year over year, primarily from an 18% increase in average revenue producing trucks and a 14% increase in productivity (revenue per truck per week) versus the same period 2021. Productivity excluding fuel surcharge revenue increased 6% from a year ago driven by increases in contracted indexed-based price escalators and stronger utilization of equipment. A net additional 1,836 revenue producing trucks were in the fleet by the end of the quarter compared to the prior year period, and a net additional 458 versus the end of the second quarter 2022. Customer retention rates remain above 98%.

Operating income increased 32% from the prior year quarter, primarily from new business onboarded over the past trailing twelve months, combined with greater productivity and utilization of equipment. These items were partially offset by costs to attract and retain professional drivers, office personnel, and maintenance technicians, higher equipment-related and maintenance expense, and other costs related to the implementation of new, long-term contractual business.

Integrated Capacity Solutions (ICS)

• Third Quarter 2022 Segment Revenue: $591 million; down 11%
• Third Quarter 2022 Operating Income: $13.5 million; down 8%

ICS revenue declined 11% in the current quarter versus the third quarter 2021. Overall segment volume decreased 8% in the quarter, while truckload volume was down 1% compared to the prior year. Revenue per load decreased 4% compared to the third quarter 2021. Higher contractual rates in our truckload business and changes in customer freight mix were more than offset by lower revenue per load in our transactional business. Contractual volume represented approximately 57% of the total load volume and 53% of the total revenue in the current quarter compared to 54% and 41%, respectively, in third quarter 2021. Of the total reported ICS revenue, approximately $391 million was executed through the Marketplace for J.B. Hunt 360 compared to $397 million in third quarter 2021.

Gross profit margins increased to 14.3% in the current period versus 12.0% in the prior period, driving a 5.9% increase in gross profit versus the prior year period. Higher gross profit was more than offset by higher personnel and technology-related investments, increased bad debt expense, and higher insurance and claims expense. ICS carrier base increased 25% versus the third quarter 2021.

Truckload (JBT)

• Third Quarter 2022 Segment Revenue: $274 million; up 34%
• Third Quarter 2022 Operating Income: $19.0 million; up 30%

JBT revenue increased 34% as compared to the same period in the previous year. Revenue excluding fuel surcharge revenue increased 24% primarily due to increased load volume and higher revenue per load excluding fuel surcharge revenue. Volume was up 13% year over year as average total trailer count increased by approximately 3,800 units, or 40% versus the prior year period. Trailer turns in the quarter were down 18% from the prior year period due to the onboarding of new trailers and freight mix. Revenue per load excluding fuel surcharge revenue was up 10% on an average length of haul that also increased 10%.

JBT operating income increased 30% to $19.0 million versus the third quarter 2021. JBT continues to leverage the J.B. Hunt 360 platform to grow power capacity and capability for the J.B. Hunt 360box^® service offering. Benefits from higher volume and revenue were partially offset by higher truck purchased transportation expense, equipment-related and maintenance expense, investments in personnel, insurance and claims expense and continued technology-related investments to build out 360box.

Final Mile Services (FMS)

• Third Quarter 2022 Segment Revenue: $249 million; up 21%
• Third Quarter 2022 Operating Income: $9.6 million; compared to $1.3 million in 3Q’21

FMS revenue increased 21% compared to the same period 2021, primarily driven by the previously announced acquisition of Zenith Freight Lines, LLC (Zenith) and multiple new customer contracts implemented over the past trailing twelve months. Revenue growth was partially offset by internal efforts to improve revenue quality of the business. Excluding the Zenith acquisition, which contributed approximately $28 million to segment revenue in the current quarter, FMS revenue increased 7% year over year.

Operating income increased to $9.6 million compared to $1.3 million in the prior year period. The increase in operating income was primarily driven by an improvement in revenue quality partially offset by increases in investments to attract and retain professional driver and non-driver personnel, higher equipment-related and maintenance costs, and increased insurance and claims expense. Additionally, investments in new system technology development and implementation costs for newly awarded business partially offset the improvement in revenue quality.

Cash Flow and Capitalization:

At September 30, 2022, we had a total of $1.2 billion outstanding on various debt instruments compared to total debt of $1.3 billion at September 30, 2021, and December 31, 2021.

Our net capital expenditures for the nine months ended September 30, 2022, approximated $1.0 billion compared to $511 million for the same period 2021. At September 30, 2022, we had cash and cash equivalents of approximately $84 million.

In the third quarter 2022, we purchased approximately 349,000 shares of our common stock for approximately $61 million. At September 30, 2022, we had approximately $551 million remaining under our share repurchase authorization. Actual shares outstanding on September 30, 2022, approximated 103.5 million.

Conference Call Information:

The Company will hold a conference call today from 4:00–5:00 pm CDT to discuss the quarterly earnings. Investors will have the opportunity to listen to the conference call live over the internet by going to investor.jbhunt.com. Please log on 15 minutes early to register, download and install any necessary audio software. For those who cannot listen to the live broadcast, an online replay of the earnings call webcast will be available a few hours after the completion of the call.

Forward-Looking Statements:

This press release may contain forward-looking statements, which are based on information currently available. Actual results may differ materially from those currently anticipated due to a number of factors, including, but not limited to, those discussed in Item 1A of our Annual Report filed on Form 10-K for the year ended December 31, 2021. We assume no obligation to update any forward-looking statement to the extent we become aware that it will not be achieved for any reason. This press release and additional information will be available to interested parties on our website, www.jbhunt.com.

About J.B. Hunt

J.B. Hunt Transport Services, Inc., a Fortune 500 and S&P 500 company, provides innovative supply chain solutions for a variety of customers throughout North America. Utilizing an integrated, multimodal approach, the company applies technology driven methods to create the best solution for each customer, adding efficiency, flexibility, and value to their operations. J.B. Hunt services include intermodal, dedicated, refrigerated, truckload, less-than-truckload, flatbed, single source, last mile, and more. J.B. Hunt Transport Services, Inc. stock trades on NASDAQ under the ticker symbol JBHT and is a component of the Dow Jones Transportation Average. J.B. Hunt Transport, Inc. is a wholly owned subsidiary of JBHT. For more information, visit www.jbhunt.com.

Brad Delco
Senior Vice President – Finance
(479) 820-2723

GLEN ALLEN, Va. & COLUMBIA, Md.--(BUSINESS WIRE)--EDF Renewables North America and Old Dominion Electric Cooperative (ODEC) today announced the start of construction on 22.5 megawatts (MW) of local solar projects representing the first phase of projects across the ODEC member service territories in Virginia and Delaware. The total portfolio will add approximately 50 MW to several ODEC member communities while at the same time providing regional and energy diversification to the cooperative’s generation portfolio.

ODEC entered into an agreement with EDF Renewables in 2019 to develop a portfolio of local solar projects across the territories of ODEC’s 11 retail distribution cooperative members. The energy generated will be purchased by the cooperative at a fixed rate through Power Purchase Agreements (PPA).

“ODEC is thrilled to announce the commencement of construction for the first phase of our local solar projects,” said Marcus Harris, ODEC’s President and CEO. “We look forward to adding these clean energy projects to our portfolio as we work to achieve our carbon reduction goals while providing reliable and affordable power to the rural communities we serve.”

“Our unique partnership with ODEC allows for the optimal siting of distribution-scale projects that can deliver maximum savings for ODEC’s members through locally sourced clean energy,” said Myles Burnsed, EDF Renewables, Vice President of Strategic Developments for Distribution-Scale Power. “We look forward to completing this first phase and are excited to continue our joint efforts to bring distributed solar to ODEC's members.”

EDF Renewables North America is a market leading independent power producer and service provider with 35 years of expertise in renewable energy. The Company delivers grid-scale power: wind (onshore and offshore), solar photovoltaic, and storage projects; distribution-scale power: solar and storage; and asset optimization: technical, operational, and commercial expertise to maximize performance of generating projects. The Company’s PowerFlex subsidiary offers a full suite of onsite energy solutions for commercial and industrial customers: solar, storage, EV charging, energy management systems, and microgrids. EDF Renewables’ North American portfolio consists of 24 GW of developed projects and 13 GW under service contracts. EDF Renewables North America is a subsidiary of EDF Renouvelables, the dedicated renewable energy affiliate of the EDF Group. For more information visit: www.edf-re.com. Connect with us on LinkedIn, Facebook and Twitter.

About ODEC:

Headquartered in Glen Allen, Virginia, ODEC is a not-for-profit, member-owned, power supply cooperative. It supplies the wholesale power requirements of its 11-member electric distribution cooperatives, which provide sustainable, reliable, safe, and affordable electricity to 1.5 million people in 70 counties in Virginia, Maryland and Delaware. Learn more at www.odec.com

Sandi Briner, This email address is being protected from spambots. You need JavaScript enabled to view it.
Kirby Jordan, This email address is being protected from spambots. You need JavaScript enabled to view it.

BLOOMFIELD, Conn.--(BUSINESS WIRE)--Kaman Air Vehicles, a division of Kaman Corporation (NYSE: KAMN), announced the receipt of a signed purchase agreement from North American Helicopter for a K-MAX^® medium-to-heavy lift helicopter with delivery expected in the fourth quarter of 2022.

“North American Helicopter has been a highly respected operator for more than 55 years and we appreciate the confidence they have placed in Kaman and the capabilities of the K-MAX^®. Adding the proven external lift and precision capabilities of K-MAX^® to North American Helicopter’s operations will enhance their operational services in support of the Electrical and Gas Utility sectors and the Department of Defense,” said Roger Wassmuth, Senior Director of Business Development.

“Adding K-MAX^® to our fleet is an important step for expanding our overall external lift capabilities,” stated Jessica Bailey, President of North American Helicopter. “Our future power line projects and firefighting support will benefit greatly from the increased lift capability of K-MAX^®. Our strategic location in the Midwest near St. Louis, MO allows us to respond quickly to our customers’ needs throughout the United States, Canada and Caribbean.”

The K-MAX^® is a rugged, low-maintenance aircraft that features a counter-rotating rotor system and is optimized for repetitive external load operations. The aircraft can lift up to 6,000 pounds (2,722 kg) with unmatched performance in hot and high conditions. Kaman has produced both manned and unmanned versions of the K-MAX, and the development of its Titan unmanned aerial system continues to progress.

“We believe the global market will benefit from the demonstrated performance of the K-MAX^® helicopter and expect to see additional requirements for this reliable platform for critical missions such as firefighting and infrastructure building,” said Phil Murphy, Vice President, Business Development Kaman Air Vehicles / Precision Products Division.

About Kaman

Kaman Corporation, founded in 1945 by aviation pioneer Charles H. Kaman, and headquartered in Bloomfield, Connecticut, conducts business in the aerospace & defense, industrial and medical markets. Kaman produces and markets proprietary aircraft bearings and components; super precision, miniature ball bearings; proprietary spring energized seals, springs and contacts; wheels, brakes and related hydraulic components for helicopters, fixed-wing and UAV aircraft; complex metallic and composite aerostructures for commercial, military and general aviation fixed and rotary wing aircraft; safe and arming solutions for missile and bomb systems for the U.S. and allied militaries; subcontract helicopter work; restoration, modification and support of our SH-2G Super Seasprite maritime helicopters; and manufacture and support of our heavy lift K-MAX^® manned helicopter, the K-MAX TITAN unmanned helicopter and the KARGO UAV unmanned aerial system, a purpose built autonomous medium lift logistics vehicle. More information is available at www.kaman.com.

Roger Wassmuth
Senior Director, Business Development
Kaman Air Vehicles
(860) 243-7216 (office)
(860) 595-9112 (mobile)
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Unique Give-A-Ray program increasing access to renewable energy

CHICAGO--(BUSINESS WIRE)--#ComEd--ComEd today announced that subscribers to three community solar projects designed for income-eligible customers are now receiving credits that will provide approximately $1,000 a year in savings on their electricity bills for up to three years.

The projects – one in Rockford, Ill., and two in Kankakee, Ill. – were developed in conjunction with ComEd’s Give-A-Ray program, a new offering enabled by Illinois Solar for All, a state initiative to make solar energy more affordable for income-eligible households. Community solar allows customers to participate in the benefits of clean solar energy without installing panels on their own homes. Participants subscribe to a solar energy project and earn credits on their monthly utility bills for their portion of the energy produced by the solar project.

Give-A-Ray is the first program of its kind in Illinois. The three projects serve a total of more than 560 customers, and ComEd pays their monthly subscription fees. Subscribers to the Rockford project started receiving monthly bill credits averaging $83 in August, and Kankakee participants began receiving credits in October. Give-A-Ray projects are open to income-eligible residents with an active ComEd account who live in the communities ComEd serves. While the three projects are currently fully subscribed, customers can learn more about the program requirements and register their interest for future openings at: www.ComEd.com/GiveARay.

“We are encouraged to see ComEd customers taking advantage of Give-A-Ray as we continue to increase access to solar energy across northern Illinois, with a focus on our neighbors in under-resourced communities,” said Scott Vogt, vice president of strategy and energy policy at ComEd. “We are closely monitoring these projects and engaging subscribers through this three-year demonstration phase with an eye toward expanding the program. The future is bright for solar in Illinois, and we want everyone to be able to participate regardless of their income.”

“The chance to participate in ComEd’s Give-A-Ray program could not come at a better time given the rising cost of energy and daily living,” said Brenda Booth, who subscribes to the Rockford project. “The savings on our energy bill are real and we’re happy to support the growth of clean energy in our community.”

The Rockford Give-A-Ray project, developed by Trajectory Energy Partners of Illinois and owned and operated by Massachusetts-based Nexamp, Inc., is located on a previously empty field north of downtown. It has more than 6,600 solar panels with 2.6 megawatts (MW) of solar generation capacity. Trajectory Energy also developed the Gar Creek project in Kankakee while BW Fosler, Freeport, Ill., managed construction. The Gar Creek project is located in a low-income neighborhood and its two solar arrays contain a total of 12,000 solar panels with a combined solar generation capacity of 4.8 MW.

“Community solar is unique as it offers customers access to the benefits of clean, solar energy by providing them with meaningful savings on their energy bill,” said Nathaniel Dick, director of energy, Preservation of Affordable Housing, Inc., which supported enrollment in the Gar Creek Solar project. “ComEd’s Give-A-Ray program is the best program we have seen to help reduce the energy burden at sites for low-to-moderate income families, some of whom will have zero-dollar energy bills in the coming months.”

By the end of this year, ComEd expects to have more than 80 community solar projects interconnected to its grid and serving approximately 30,000 residential customers. The company estimates that it will increase solar generation on the ComEd system from a current level of almost 500 MW to 2,700 MW by 2030, including rooftop and community solar systems. The number of residential and business customers who have installed solar systems has grown from 700 at the end of 2016 to almost 30,000 at the end of June 2022.

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 with the company on Facebook, Twitter, Instagram and YouTube.

ComEd Media Relations
312-394-3500

OKLAHOMA CITY--(BUSINESS WIRE)--Gulfport Energy Corporation (NYSE: GPOR) announced today that it will host a teleconference and webcast to discuss its third quarter 2022 results beginning at 9:30 a.m. ET (8:30 a.m. CT) on Wednesday, November 2, 2022. Gulfport plans to issue a news release containing its third quarter 2022 financial and operational results on Tuesday, November 1, 2022, after market close.

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 November 3, 2022 to November 17, 2022, by calling 877-660-6853 domestically or 201-612-7415 internationally and then entering the replay passcode 13731701.

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.

Investor Contact
Jessica Antle – Director, Investor Relations
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405-252-4550

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

Company will receive $197 million federal grant through the Bipartisan Infrastructure Law for investment in cathode active material manufacturing facility in St. Louis

TEL AVIV, Israel & ST. LOUIS--(BUSINESS WIRE)--ICL (NYSE: ICL) (TASE: ICL), a leading global specialty minerals company, plans to build a $400 million lithium iron phosphate (LFP) cathode active material (CAM) manufacturing plant in St. Louis. This is expected to be the first large-scale LFP material manufacturing plant in the United States. The company was awarded $197 million through the Bipartisan Infrastructure Law funding, which is subject to the completion of negotiations with the Department of Energy. The plant is expected to be operational by 2024 and will produce high-quality LFP material for the global lithium battery industry, using primarily a domestic supply chain. The LFP plant represents a significant expansion of ICL’s energy storage portfolio and demonstrates the company’s commitment to developing high-quality specialty products for agricultural, food and industrial applications.

While the demand for lithium batteries continues to grow, currently there are no large-scale manufacturers of LFP material in the United States. By 2025, the share of LFP batteries is expected to reach more than 30% of all battery shipments. Electric vehicle (EV) adoption is a key driver for the LFP battery market, as this industry and others – such as stationary grid storage and EV charging infrastructure – continue to look for more sustainable, safer and cost-effective solutions. By 2030, Cairn ERA forecasts global demand for the Li-ion battery market will reach more than 2,725 GWh, for a market value of more than $240 billion.

“LFP is a critical solution for the U.S. energy-storage, mobility and infrastructure market,” said Phil Brown, president of Phosphate Specialties and managing director of North America for ICL. “The $197 million investment from the Department of Energy is crucial to building a domestic manufacturer, which can compete globally while providing a much-needed safety net for American manufacturers in the EV, battery and energy-storage industries.”

ICL’s 120,000-square-foot LFP plant is expected to have two production lines built in two phases under a single roof. Each production line will be capable of producing 15,000 metric tons of LFP material per year. Phase one is expected to be complete by 2024, and full production of 30,000 metric tons is expected by 2025. The new plant will be located on ICL’s existing Carondelet campus in St. Louis.

ICL partners for the project will include Aleees, which will provide the state-of-the-art LFP process technology, and McCarthy, which will oversee the management of general contracting and is also based in St. Louis. The local community will benefit not only through more than 150 high-paying union and professional jobs, but also as ICL expands its active role in developing the next generation of ICL employees.

About the Funding from the Department of Energy

ICL is a recipient of the first set of projects funded by President Biden’s Bipartisan Infrastructure Law to expand domestic manufacturing of batteries for electric vehicles (EVs) and the electrical grid and for materials and components currently imported from other countries. Responsible and sustainable domestic sourcing and processing of the critical materials used to make lithium-ion batteries will strengthen American supply chains, accelerate battery production to meet increased demand, and secure the nation’s economic competitiveness, energy independence, and national security. The funding by the Department of Energy is the first phase of over $7 billion in total provided by the President’s Bipartisan Infrastructure Law for the battery supply chain. DOE’s Office of Manufacturing and Energy Supply Chains (MESC) is responsible for strengthening and securing manufacturing and energy supply chains needed to modernize the nation’s energy infrastructure and support a clean and equitable energy transition. MESC will manage the portfolio of projects with support from DOE’s Office of Energy Efficiency and Renewable Energy’s Vehicle Technologies Office.

About ICL

ICL Group is a leading global specialty minerals company, which creates impactful solutions for humanity's sustainability challenges in the global food, agriculture and industrial markets. ICL leverages its unique bromine, potash and phosphate resources, its passionate team of talented employees, and its strong focus on R&D and technological innovation, to drive growth across its end markets. ICL shares are dually listed on the New York Stock Exchange and the Tel Aviv Stock Exchange (NYSE and TASE: ICL). The company employs more than 12,000 people worldwide, and its 2021 revenues totaled approximately $7 billion.

For more information, visit ICL's website at www.icl-group.com.
To access ICL's interactive ESG report, please click here.
You can also learn more about ICL on Facebook, LinkedIn and Instagram.
For more information about Aleees, please visit https://www.aleees.com/en/.
For more information about McCarthy, please visit https://www.mccarthy.com/.

Forward Looking Statements

This announcement contains statements that constitute forward‑looking statements, many of which can be identified by the use of forward‑looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “estimate” and “potential,” among others.

Funding from the Department of Energy is contingent on completion of negotiations with the Department of Energy, and the execution of a definitive agreement between ICL-IP America Inc. and the Department.

Forward-looking statements appear in this press release and include, but are not limited to, statements regarding the company’s intent, belief or current expectations. Forward-looking statements are based on management’s beliefs and assumptions and on information currently available to management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including, but not limited to: estimates, forecasts and statements as to management's expectations with respect to, among other things, business and financial prospects, financial multiples and accretion estimates, future trends, plans, strategies, positioning, objectives and expectations, general economic, market and business conditions, supply chain and logistics disruptions, energy storage and electric vehicle growth, the potential for new COVID-19 variants, global unrest and conflict, governmental and regulatory requirements and actions by governmental authorities, including changes in government policy, changes in environmental, tax and other laws or regulations and the interpretation thereof. As a result of the foregoing, readers should not place undue reliance on the forward‐looking statements contained in this press release concerning the timing of the transaction, or other more specific risks and uncertainties facing ICL, such as those set forth in the “Risk Factors” section of its Annual Report on Form 20-F filed on February 23, 2022, as such risk factors may be updated from time to time in its Current Reports on Form 6-K and other filings ICL makes with the U.S. Securities and Exchange Commission from time to time.

Forward-looking statements refer only to the date they are made, and the company does not undertake any obligation to update them in light of new information or future developments or to publicly release any revisions to these statements in order to reflect later events or circumstances or to reflect the occurrence of unanticipated events.

Investor Contact – Global
Peggy Reilly Tharp
VP, Global Investor Relations
+1-314-983-7665
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Investor/Press Contact - Israel
Adi Bajayo
ICL Spokesperson
+972-3-6844459
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Press Contact
Patrick Barry
BYRNE PR
+1-314-540-3865
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MILPITAS, Calif.--(BUSINESS WIRE)--SolarEdge Technologies, Inc. (Nasdaq: SEDG), a global leader in smart energy technology, will report financial results for the third quarter ended September 30, 2022 after market close on Monday, November 7, 2022. Management will host a conference call at 4:30 P.M. ET on Monday, November 7, 2022 to discuss these results.

The call will be available, live, to interested parties by dialing:

A live webcast will be available in the Investor Relations section of SolarEdge’s website at: Event Calendar | SolarEdge Technologies, Inc.

A replay of the webcast will be available in the Investor Relations section of the company’s web site approximately two hours after the conclusion of the call and remain available for approximately 30 calendar days.

About SolarEdge

SolarEdge is a global leader in smart energy technology. By leveraging world-class engineering capabilities and with a relentless focus on innovation, SolarEdge creates smart energy solutions that power our lives and drive future progress. SolarEdge developed an intelligent inverter solution that changed the way power is harvested and managed in photovoltaic (PV) systems. The SolarEdge DC optimized inverter seeks to maximize power generation while lowering the cost of energy produced by the PV system. Continuing to advance smart energy, SolarEdge addresses a broad range of energy market segments through its PV, storage, EV charging, batteries, electric vehicle powertrains, and grid services solutions. SolarEdge is online at www.solaredge.com.

Investor Contacts
SolarEdge Technologies, Inc.
Ronen Faier, Chief Financial Officer
+1 510-498-3263
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Sapphire Investor Relations, LLC
Erica Mannion and Michael Funari
+1 617-542-6180
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This news release constitutes a “designated news release” for the purposes of Emera’s prospectus supplement dated August 12, 2021 to its short form base shelf prospectus dated August 5, 2021

HALIFAX, Nova Scotia--(BUSINESS WIRE)--Emera Inc. (TSX: EMA) and its wholly owned subsidiary, Nova Scotia Power Incorporated (NS Power), are responding to legislation announced today by Premier Tim Houston on behalf of the Government of Nova Scotia which will impose constraints on the planned capital investments and operational costs of Nova Scotia Power. If passed, the legislation would pre-empt the pending decision of Nova Scotia’s independent regulator, the Utility and Review Board (UARB), and would limit a non-fuel rate increase to a total of 1.8% between now and the end of 2024. The rate application was NS Power’s first request to increase non-fuel rates in 10 years.

“We are deeply concerned about today’s proposed legislation,” said Scott Balfour, President & CEO of Emera Inc. “Our customers in Nova Scotia count on us for their energy needs and they remain our priority. We understand the affordability concerns of our customers and we also know they are concerned about reliability and providing cleaner energy for Nova Scotians. This proposed legislation imposes a limit on the investments NS Power planned to make for the benefit of customers over the next two years.”

The proposed legislation overrides Nova Scotia’s robust regulatory process, disregarding the collective input of stakeholders, customers and industry experts. It will limit funding for important investments in the performance and reliability of Nova Scotia’s electrical grid to address the impacts of climate change, support electrification initiatives and integrate more intermittent renewables onto the system.

“As Hurricane Fiona demonstrated, investment in the reliability of Nova Scotia’s grid and in meeting our 2030 renewable energy goals are essential, and those are the core elements of our rate application,” said Peter Gregg, President and CEO, NS Power. “This proposed rate cap severely impacts and, in some cases, likely cancels these investments, thereby increasing the risk to Nova Scotia’s electrical grid, as well as to NS Power’s ability to respond to major storms in the future. We fully recognize our responsibility to keep bills as low as possible for customers, but this action overlooks the importance of sustaining the grid over the long-term.”

“Capping non-fuel rates also limits necessary investments to meet carbon reduction targets, including the Government of Nova Scotia’s own ambitious goals to reach 80% renewable energy by 2030 and the government’s accelerated goal to be off coal by 2030,” said Gregg. “The capital investment and operating cost impacts directly resulting from this proposed legislation will impact our plans to help the province meet these targets.”

NS Power applied for an increase in non-fuel rates in January 2022. The application and public hearing with Nova Scotia’s independent regulator included 30,000 pages of evidence, the testimony of numerous industry experts, and the direct involvement of stakeholder groups representing NS Power’s residential, commercial and industrial customers, government and environmental organizations. A decision on the rate application is expected later this year.

NS Power has been recognized by third-party benchmarking studies as one of the most cost efficient among its peers in North America, which has supported NS Power’s ability to avoid non-fuel rate increases since 2012. This legislation will require NS Power to reduce its operating costs and capital spending plans for both 2023 and 2024. Achieving further operating cost reductions, and the constraint this proposed legislation imposes on capital spending, will affect customer reliability and service levels. NS Power will, as always, work to provide the best levels of system performance, safety and customer service it can within the constrained cost profile imposed by this proposed legislation.

Required actions to address the impact of this proposed legislation are likely to include:

• A material reduction in NS Power’s approximate $1 billion of planned capital investments over the 2023-2024 period, with a priority focus on investments required for the safe operation of the system. The reductions imposed by this legislation will impede Emera and NS Power’s ability to advance clean energy investments in the province which were specifically required to meet shared 2030 decarbonization goals. This includes planned investments such as wind generation, grid scale batteries, and enhancements to the interprovincial transmission system. An updated rate base investment forecast and related funding plan will be shared with investors and analysts during Emera Inc.’s Q3 earnings call on November 11, 2022.

• A reduction in operating costs, including the cancellation of 60 new reliability-related jobs outlined in NS Power’s 2022 general rate application. These front-line positions were focused specifically on reliability and system performance improvements.

NS Power represented approximately 15% of Emera’s operating earnings (before corporate costs) in 2021. The imposed rate cap will have a direct and negative impact on the expected financial performance of NS Power such that it is not expected to earn within its currently allowed return on equity band in 2023 and 2024 at the currently approved equity ratio of 37.5%.

Emera will take certain actions to mitigate the impact of this legislation to investors and to address the heightened risk profile of investments in Nova Scotia, including:

• Optimization of Emera’s investment in NS Power’s capital structure to the minimum required level of equity investment.

• Redeployment of the equity previously earmarked for investment in NS Power to other Emera Inc. operations outside Nova Scotia. This will reduce Emera’s equity funding needs over this period.

“Beyond these necessary steps, this government action requires Emera to shift our perspective on future investment in Nova Scotia,” said Balfour.

Emera and Nova Scotia Power will work over the coming days and weeks to understand the full impact of the proposed legislation including the fundamental investment reductions and risks to system reliability and service levels that it imposes.

Forward Looking Information
This news release contains forward-looking information within the meaning of applicable securities laws. By its nature, forward-looking information requires Emera and NS Power to make assumptions and is subject to inherent risks and uncertainties. These statements reflect Emera management’s and NS Power management’s current beliefs and are based on information currently available to Emera management and to NS Power management. There is a risk that predictions, forecasts, conclusions and projections that constitute forward-looking information will not prove to be accurate, that Emera’s and NS Power’s assumptions may not be correct and that actual results may differ materially from such forward-looking information. Additional detailed information about these assumptions, risks and uncertainties is included in Emera’s and NS Power’s securities regulatory filings, including under the heading “Enterprise Risk and Risk Management” in Emera’s and in NS Power’s annual Management’s Discussion and Analysis, and under the heading “Principal Financial Risks and Uncertainties” in the notes to Emera’s and to NS Power’s annual and interim financial statements, which can be found on SEDAR at www.sedar.com.

About Emera Inc.
Emera is a geographically diverse energy and services company headquartered in Halifax, Nova Scotia, with approximately $36 billion in assets and 2021 revenues of more than $5.7 billion. The company primarily invests in regulated electricity generation and electricity and gas transmission and distribution with a strategic focus on transformation from high carbon to low carbon energy sources. Emera has investments in Canada, the United States and in three Caribbean countries. Additional information can be accessed at www.emera.com or at www.sedar.com.

About Nova Scotia Power
Nova Scotia Power Inc. is a wholly owned subsidiary of Emera Inc. (TSX-EMA), a diversified energy and services company. Nova Scotia Power provides 95% of the generation, transmission and distribution of electrical power to more than 540,000 residential, commercial and industrial customers across Nova Scotia. The company is focused on new technologies to enhance customer service and reliability, reduce emissions and add renewable energy. Nova Scotia Power has over 2,000 employees and $4.5 billion in operating assets. Learn more at www.nspower.ca.

Media:
Dina Seely
902-428-6951
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DALLAS--(BUSINESS WIRE)--Primoris Services Corporation (NASDAQ Global Select: PRIM) (“Primoris” or the “Company”) will report third quarter 2022 financial results on Monday, November 7, 2022, after market close. The Company’s press release will be available on the Primoris website at www.prim.com.

In conjunction with the press release, management will host a conference call and webcast on Tuesday, November 8, 2022, at 9:00 a.m. U.S. Central Time (10:00 a.m. U.S. Eastern Time), to discuss the Company’s third quarter 2022 results and business outlook.

Interested parties are invited to dial-in at 1-888-330-3428, or from outside the U.S. at 1-646-960-0679, using access code: 7581464, or by asking for the Primoris conference call. A link to the webcast will be accessible from the “Investors” section of the Company’s website at www.prim.com.

A replay of the conference call will be available Tuesday, November 8, 2022, beginning at 5:00 p.m. U.S. Central Time for seven days. The phone number for the conference call replay is 1-800-770-2030 or, for calls from outside the U.S., 1-647-362-9199, using access code: 7581464. The replay of the webcast will also be available on the Company’s website following the end of the live call.

About Primoris

Primoris Services Corporation is a leading specialty contractor providing critical infrastructure services to the utility, energy/renewables and pipeline services markets throughout the United States and Canada. The Company supports a diversified base of blue-chip customers with engineering, procurement, construction and maintenance services. A focus on multi-year master service agreements and an expanded presence in higher-margin, higher-growth markets such as utility-scale solar facility installations, renewable fuels, power delivery systems and communications infrastructure have also increased the Company’s potential for long-term growth. Additional information on Primoris is available at www.prim.com.

Blake Holcomb
Vice President, Investor Relations
214-545-6773
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Arbonne International’s UK subsidiary honored by the Direct Selling Association

IRVINE, Calif.--(BUSINESS WIRE)--#BCorp--Arbonne UK, Arbonne International’s subsidiary in the United Kingdom, was honored by the UK Direct Selling Association (UK DSA) with its Sustainability Award for redefining what it means to be a conscious corporation. The award was presented during the UK DSA Conference 2022 in Oxford, England.

As a Certified B Corporation^TM, one of only 5,800 in the world, Arbonne continues to push boundaries in the beauty and wellness industry with rigorous goals, benchmarking and auditing against the highest standards of social and environmental performance, transparency, and accountability.

“This award is so validating for our journey as a B Corp because it recognizes the dedication of Arbonne UK to our organization’s global sustainability goals,” said Tyler Whitehead, CEO of Arbonne. “The UK office was our first to convert to 100 percent renewable electricity, we are incredibly proud of the UK leadership team as they continue to ensure that sustainability is a core part of Arbonne’s business decisions.”

Following the UK’s lead, Arbonne’s Australia office converted to using 100 percent renewable electricity in 2021 and the brand’s International Headquarters and Distribution Center in Irvine, California is slated for completion to be powered by 100 percent renewable electricity by end of year. Arbonne is also committed to bringing green electricity to its headquarters and local communities through an innovative community solar project and partnership out of El Mirage, California that will launch in the next few months.

Arbonne’s Distribution Center in Greenwood, Indiana and Arbonne’s Production Location in Chatsworth, California also upgraded their facilities to install water efficient fixtures, high efficiency lighting and other innovative renovations to decrease consumption on site. These input reduction initiatives empowered Arbonne to achieve its 20% energy and water reduction goals four years ahead of schedule and are a part of Arbonne’s larger goal to reduce its Scope 1 and Scope 2 carbon emissions 50 percent by 2025.

A Certified B Corp^TM, Arbonne is part of a global culture shift to redefine success in business and build a more inclusive and sustainable economy. Learn more about Arbonne’s sustainability goals here.

ABOUT ARBONNE

Arbonne believes in a holistic approach to beauty, health and wellbeing, focusing on the whole person to help them flourish inside and out. The philosophy embraces the connection between a healthier mind, stronger body and more beautiful skin. MIND. BODY. SKIN.™ The products are comprised of plant-based ingredients with high clean standards that are co-developed with experts and go through rigorous testing for the best in safety and efficacy.

Arbonne’s healthy-living lifestyle and entrepreneurial business opportunity foster a positive mindset that helps people and communities flourish. Grounded in empowerment, transparency, and sustainability, Arbonne is a proud B-Corp certified company ensuring they make thoughtful decisions today, so that Arbonne’s business, communities and the environment can be sustained for future generations.

Follow Arbonne on Social Media

Facebook: @arbonne Twitter: @arbonne Instagram: @arbonne Pinterest: @arbonne

Stefani Green, Arbonne
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DALLAS--(BUSINESS WIRE)--Texas Pacific Land Corporation (NYSE: TPL) (the “Company” or “TPL”) announced today that the Company will release third quarter 2022 financial results after the market closes on Wednesday, November 2, 2022. A conference call will be held on Thursday, November 3, 2022 at 8:30 a.m. Eastern Time.

Webcast:
A webcast of the conference call will be available on the Investors section of the Company’s website at www.texaspacific.com. To listen to the live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register and install any necessary audio software.

To Participate in the Telephone Conference Call:
Dial in at least 15 minutes prior to start time:
Domestic: 1-877-407-4018
International: 1-201-689-8471

Conference Call Playback:
Domestic: 1-844-512-2921
International: 1-412-317-6671
Pass code: 13731406
The playback can be accessed through November 17, 2022.

About Texas Pacific Land Corporation

Texas Pacific Land Corporation (NYSE: TPL) is one of the largest landowners in the State of Texas with approximately 880,000 acres of land in West Texas, with the majority of its ownership concentrated in the Permian Basin. The Company is not an oil and gas producer, but its surface and royalty ownership allow revenue generation through the entire value chain of oil and gas development, including through fixed fee payments for use of our land, revenue for sales of materials (caliche) used in the construction of infrastructure, providing sourced water and treated produced water, revenue from our oil and gas royalty interests, and revenues related to saltwater disposal on our land. The Company also generates revenue from pipeline, power line and utility easements, commercial leases, and temporary permits related to a variety of land uses including midstream infrastructure projects and hydrocarbon processing facilities.

Visit TPL at texaspacific.com.

Investor Relations
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Market could lose out on 4.8 GT of credits issued by 2030

LONDON--(BUSINESS WIRE)--Today, climate tech start-up Thallo released a report that aggregates carbon project developer input and highlights challenges to scaling the voluntary carbon market. The report identifies key bottlenecks including verification delays, limited access to early-stage financing, and inefficiencies in the value chain caused by intermediaries. The report also highlights solutions to scaling the VCM, specifically improved financing through forward models.

Key findings from Fast Forward, Challenges to Scaling the Voluntary Carbon Market include:

• Registries and validation & verification bodies (VVBs) are key bottlenecks: verification-related delays could cost project developers up to $2.6 billion and mean 4.8 gigatonnes in undeployed credits by 2030.
  • Eliminating unnecessary verification wait times could double the speed of credit issuance.
  • Delays hurt local communities, which often only see co-benefits materialize when carbon credit revenues come in.
• Financing is a barrier: 90% of contributors agree that forward products will be key to scaling the voluntary carbon market (VCM).
  • Small to midsize project developers face the greatest financing challenges. The most prevalent financing methods include forward purchase agreements and own funding.
• Intermediaries capture significant value: investors and brokers made up one-third of the average credit price in 2021.
  • This means $650 million of carbon market value went to investors and brokers - not project developers - in 2021.
  • In a worst case scenario, expensive investors and high-margin brokers could take as much as 78% of the revenues of the sale of offsets to end-buyers. On average, almost one-third of the revenues generated in 2021 filled the pockets of these intermediaries.

The report explores forward models as a way to help scale the carbon market. Fast Forward explores forward financing by registries, through Projected Carbon Units (Verra) and Planned Emission Reductions (Gold Standard). Traditional exchanges like CBL and ICE are offering futures, but most have vintages in the past. Web3 projects such as Ivy Protocol, Carb0n.fi, Solid World DAO, Flowcarbon and Greentrade are also developing standardized platforms for forward models.

The Fast Forward report includes input from the following organizations: Aider, Bio Carbon Partners, Biofix, Blue Carbon Initiative, Carbon Check, Carb0n.fi, Carbon-Plus Capital, Carbon Tanzania, Climate Focus, ClimeTrek, Ecoregistry, Ecosecurities, Fairatmos, Fix6, For Trees Club, Greenoxx, Greentrade, Inherit Carbon Solutions, Inplanet, International Carbon Registry, Ivy Protocol, Kimmeridge, Kita, Respira International, Ripple, Solid World DAO, Space for Giants, Trend CO2, Udaipur Urja Initiatives, Undo and Verra.

About Thallo

Thallo uses first-of-its-kind blockchain technology to revolutionize and democratize the carbon markets, making it easier for buyers and sellers of high-quality carbon credits to find each other. Its team of veteran blockchain entrepreneurs and climate tech professionals combine technological expertise with deep sustainability knowledge to build the carbon marketplace of the future. Follow Thallo on Twitter and LinkedIn or join our Telegram group for updates. For more information, visit www.thallo.io.

Matt Pressberg
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(561) 666-7732

TULSA, Okla.--(BUSINESS WIRE)--Williams (NYSE: WMB) today announced progress on its clean hydrogen commercialization strategy with a recently signed memorandum of understanding (MOU) with Daroga Power, a New York-based investor and developer of distributed generation energy assets including hydrogen fuel cells and solar power generation. Williams and Daroga are working to identify long-term, end-use customers for clean hydrogen as well as offtake options for environmental attributes generated by hydrogen production in Wyoming. Deliveries of hydrogen could begin as soon as 2025.

Williams plans to leverage its nationwide assets for the blending, storage and transportation of clean hydrogen to local and regional markets, including the Pacific Northwest via the company’s 4,000-mile bi-directional Northwest Pipeline transmission system that passes through Wyoming. Williams is currently working with the University of Wyoming’s School of Energy Resources to evaluate hydrogen production as well as the impacts of hydrogen blending on existing energy infrastructure in Wyoming. The research, funded by a grant from the Wyoming Energy Authority, is expected to be complete in 2023.

“This partnership with Daroga Power could lead to the commercial certainty required to enable the first major phase of hydrogen-based energy transportation and storage in Wyoming, building toward our long-term goal to scale up over time and create a clean energy hub in the southwest part of the state where we own significant acreage,” said Chad Zamarin, Senior Vice President for Corporate Strategic Development at Williams. “The potential to blend hydrogen into our existing natural gas stream is a significant advantage to accelerate the use of hydrogen in reducing carbon emissions across many sectors and applications, particularly those most difficult to decarbonize. Demand for clean energy is on the rise, and we expect the commercialization and cost-competitiveness of hydrogen to take hold as Inflation Reduction Act incentives seed market growth.”

"Our partnership with Williams is a critical step towards advancing the hydrogen economy, both in Wyoming and beyond," said David Matt, Co-founder of Daroga Power. "Hydrogen offers a flexible, clean and immediate solution to help achieve decarbonization goals that will benefit Daroga's and Williams customers. Daroga's unique development capabilities alongside Williams’ best-in-class infrastructure and operational experience is the ideal combination for providing consumers access to clean hydrogen.”

Wyoming belongs to a four-state pact to become one of several regional clean energy hydrogen hubs designated through federal Regional Clean Hydrogen Hubs program included in the Bipartisan Infrastructure Investment and Jobs Act. The Western Interstate Hydrogen Hub, known as WISHH, is an example of interstate and bipartisan cooperation to advance innovative solutions for the country’s energy future.

Beyond Wyoming, Williams has joined several recently launched industry-led regional alliances including Appalachian Energy Future (AEF) and Appalachian Regional Clean Hydrogen Hub, or Arch2. Williams is also engaged with the New York State Energy Research and Development Authority (NYSERDA), a multi-state alliance including utilities, hydrogen technology manufacturers, universities, non-profit organizations, transportation companies and state agencies. Williams has identified two potential projects to deliver hydrogen in New York and New Jersey using the company’s existing infrastructure.

About Daroga Power
Launched in 2015, Daroga Power is a New York-based clean energy infrastructure firm focused on the development and disciplined management of strategically innovative and socially responsible energy projects throughout North America. Applying the discipline of both a strong financial and fast-track development background, Daroga Power is one of the few companies able to privately structure finance deals to acquire and manage distributed generation portfolios. With their successful track record and deep background, Daroga Power is rapidly becoming a leader in the shift to distributed generation that is reshaping the relationship between local utilities and their customers. Learn more at www.darogapower.com.

About Williams
As the world demands reliable, low-cost, low-carbon energy, Williams (NYSE: WMB) will be there with the best transport, storage and delivery solutions to reliably fuel the clean energy economy. Headquartered in Tulsa, Oklahoma, Williams is an industry-leading, investment grade C-Corp with operations across the natural gas value chain including gathering, processing, interstate transportation, storage, wholesale marketing and trading of natural gas and natural gas liquids. With major positions in top U.S. supply basins, Williams connects the best supplies with the growing demand for clean energy. Williams owns and operates more than 30,000 miles of pipelines system wide – including Transco, the nation’s largest volume and fastest growing pipeline – and handles approximately 30 percent of the natural gas in the United States that is used every day for clean-power generation, heating and industrial use. Learn how the company is leveraging its nationwide footprint to incorporate clean hydrogen, next generation gas and other innovations at www.williams.com.

Portions of this document may constitute “forward-looking statements” as defined by federal law. Although the company believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. Any such statements are made in reliance on the “safe harbor” protections provided under the Private Securities Reform Act of 1995. Additional information about issues that could lead to material changes in performance is contained in the company’s annual and quarterly reports filed with the Securities and Exchange Commission.

MEDIA:
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(800) 945-8723

INVESTOR CONTACT:
Danilo Juvane
(918) 573-5075

Grace Scott
(918) 573-1092

Sustainability leader and popular organic food company continues commitment to reduce impact on the planet through partnership and innovation

PETALUMA, Calif.--(BUSINESS WIRE)--Amy’s Kitchen (Amy’s) announced it will purchase renewable energy from Ørsted’s Sunflower Wind Farm in Marion County, Kansas in a first-of-its-kind Power Purchase Agreement that will provide wind power for almost 30 percent of the company’s operations. This action furthers the company’s goal of powering 100 percent of its operations with renewable electricity by 2030 (2030 RE100).

Amy’s is one of several Walmart suppliers invited to participate in the company’s renewable energy accelerator, Gigaton Power Purchase Agreement, powered by Schneider Electric’s NEO Network. Amy’s is joined by Great Lakes Cheese, Levi Strauss & Co., The J.M. Smucker Co., and Valvoline in establishing the initial cohort. This innovative partnership will directly support Walmart’s Project Gigaton goal aiming to reduce or avoid one gigaton of emissions from the Walmart global value chain by 2030.

The initial cohort's purchase is expected to generate about 250,000 MWh annually of new renewable power, equivalent to avoiding the emissions from more than 458,000 vehicles for one year or an average of 6.5 billion miles driven. This signature program will extend over a 12-year term, leading the way as more companies strive to reduce environmental impact and demonstrate sustainability leadership.

“Sustainability is at the core of how we do business. By participating in a cohort that collectively provided the scale needed to get the project done, we’re proud to help demonstrate that it is possible for small to medium enterprises to acquire renewable electricity,” said Renaud des Rosiers, Senior Manager of Environmental Impact, Amy’s Kitchen. “We know our company is a part of a bigger ecosystem, and that when our communities thrive, we all thrive.”

Des Rosiers added, “Beyond our own renewable electricity acquisition, what’s really exciting about this project is that it sets a powerful precedent for other companies to follow. Beyond the Fortune 500–who have thousands of locations, hundreds of thousands of employees, and hundreds of thousands of megawatt hours of annual load–most companies have traditionally been unable to access large scale renewable electricity projects.”

After participating in the Gigaton PPA program, Amy’s Kitchen will be more than one-third of the way to reaching its 2030 RE100 goal. Joining the first-of-its-kind Gigaton PPA program is just the start as Amy’s Kitchen expects to continue participating in large-scale PPA projects as the company accelerates toward its renewable electricity goals.

About Amy’s Kitchen

Amy’s Kitchen is a family owned, fiercely independent organic food company and Certified B Corporation® whose purpose is to make it easy and enjoyable for everyone to eat well. The company is committed to cooking authentic great tasting food with high quality, meticulously sourced organic ingredients and making them convenient for consumers. Today, Amy’s is the #1 natural/organic brand across key categories in U.S. retailers. The company offers a variety of organic frozen and packaged foods, and the company is proud to offer options across gluten free, vegan/plant-based, dairy free, lactose free, soy free, tree nut free, corn free, Kosher D, Kosher DE, and light in sodium categories. Amy's products are widely available in the U.S. as well as more than 28 other countries around the globe. To learn more, please visit amys.com.

Pranett Chhunpen
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619-471-5603

TULSA, Okla.--(BUSINESS WIRE)--Helmerich & Payne, Inc. (“H&P” or the “Company”) (NYSE: HP) today announced its supplemental shareholder return plan and capital budget for fiscal year 2023. The Company also announced the timing of the upcoming conference call and webcast for its fiscal fourth quarter of 2022.

President and CEO John Lindsay commented, “I am pleased to announce the Company’s 2023 supplemental shareholder return plan, which augments our long-standing commitment to returning cash to shareholders. Our current base dividend of $1/share per annum is meant to serve as a foundation of that cash return commitment throughout the cycles inherent in our industry. The supplemental dividend for fiscal 2023, which we anticipate will be approximately $100 million in aggregate, is meant to further boost shareholder returns. This plan, and any potential subsequent ones for future fiscal years, are not only designed to further enhance base cash returns, but also allow the Company the flexibility to further invest in the business, supplement additional dividend returns, and/or repurchase shares as those opportunities arise.

“Implementation of this plan is also reflective of the Company’s ability to execute across multiple capital allocation strategies simultaneously. In North America Solutions, we plan to reactivate up to 16 rigs by March 31, 2023, for appropriate prices and terms. This would take our rig count from 176 as of September 30, 2022, to an upper target of 192 active rigs for fiscal 2023. H&P’s continued efforts to expand its international presence and operations in fiscal 2023 is another such strategy. We realize some of the international capital investments H&P makes this fiscal year, captured in our capex budget, will take time to fully develop and generate returns for the Company. However, we have previously stated that our international strategy, particularly with regards to the Middle East, is a long-term play, knowing that there will be upfront investments to secure our success.”

2023 Supplemental Shareholder Return Plan:

The Company has established its 2023 supplemental shareholder return plan, which is currently projected to provide approximately $100 million in additional cash returns to shareholders in the form of additional dividends. These supplemental dividends are expected to be paid in four, approximately equal, installments during fiscal 2023. These additional cash returns represent approximately 50% of the Company’s projected cash flow generation in fiscal 2023 after planned capital expenditures and after the Company’s already established “base” annual dividend of $1.00/share, which is roughly $110 million on an annualized basis. All such established base and supplemental dividends are subject to the determination and approval of the Company’s Board of Directors on a quarterly basis.

Under the plan, the Company may utilize remaining cash flow projected to be generated in fiscal year 2023, after planned capital expenditures, established base and supplemental dividends, as well as cash on hand, to fund additional supplemental dividends or opportunistically repurchase shares of its common stock under its evergreen four million shares per annum repurchase authorization. Such repurchases will be dependent upon several factors, including market and industry conditions and other investment opportunities available to the Company.

The 2023 supplemental shareholder return plan is specific to fiscal year 2023 and is derived from current forecasts and projections for fiscal year 2023, which are subject to change based on industry factors and market conditions. The intention is to refresh the plan in subsequent fiscal years with adjustments made based on relevant factors and market conditions at that time, including the Company’s projected cash flow generation, and accretive investment opportunities.

On October 17, 2022, the Board of Directors of the Company declared a quarterly cash supplemental dividend of $0.235 per share, payable on December 1, 2022, to stockholders of record at the close of business on November 15, 2022. The payable date and record date of this supplemental dividend coincide with the dates applicable to the Company’s base dividend of $0.25 per share, which was declared on September 7, 2022.

Capex for Fiscal Year 2023:

The Company has set its initial fiscal year 2023 capex budget to range between $425 and $475 million, representing a sizeable sequential increase and highlighting the capital-intensive nature of H&P’s business as well as planned international expansion. H&P’s North America Solutions segment accounts for approximately two-thirds of the expected spend as the Company plans to reactivate up to 16 idle rigs from its super-spec FlexRig® fleet, of which six rigs will be converted to a walking configuration and as maintenance capex per rig is expected to modestly exceed the high-end of the historic normalized range. The Company’s International Solutions segment accounts for roughly a quarter of the planned expenditures in anticipation of reactivating more rigs during the fiscal year, upgrading five rigs in Argentina to super-spec and converting six additional super-spec rigs domiciled in the U.S. to walking configurations that are currently planned to be exported to international operations later in the fiscal year. The remainder of the fiscal 2023 capex budget is slated for corporate and information technology purposes as the Company continues to invest in and modernize its own operational and business-driven technologies.

Senior Vice President and CFO Mark Smith also commented, “The Company has consistently maintained its strong financial position and is able to capitalize on that position to the benefit of its shareholders. H&P is well-positioned to execute on its capital allocation plans for fiscal 2023, which cumulatively represent over $650 million - $425 million to $475 million in capex plus approximately $210 million of expected cash returns to shareholders. Furthermore, based on current expectations, we look to have additional cash generation beyond our planned capital commitments which can be used for opportunistic share repurchases, additional supplemental dividends or other investment opportunities.

“Our North America Solutions segment’s fiscal 2023 capital expenditures budget is adversely impacted by higher maintenance capex, which looks to modestly exceed the historic range of $750 thousand to $1 million per rig per year. The fiscal 2023 range is expected to be between $1.1 million and $1.3 million per active rig. The reasons for this are twofold – one is due to the reduced spending during the pandemic years in which time the Company judiciously preserved capital spending by utilizing component equipment from idle rigs - we now must make up for those capital spending deferments, and two is due to the current inflationary environment and supply chain challenges that the industry is experiencing. Capital expenditures for our International Solutions segment are much more meaningful in fiscal 2023 as we anticipate converting some super-spec rigs in the U.S. to walking configurations that are earmarked for export and upgrading some international rigs to super-spec. Both of these planned spends are indicative of international markets escalating their focus on unconventional drilling.

“To re-iterate, the supplemental shareholder return plan represents our current intention of returning capital to shareholders during fiscal 2023 based upon our outlook of market and industry conditions at present, including our current expectations surrounding rig pricing, activity levels, margins, cash generation, capital expenditures and other investments opportunities. In determining whether to proceed with the 2023 supplemental shareholder return plan as originally intended and any future supplemental shareholder return plans in later fiscal years, management and our board of directors will continue to review the Company’s financial position and performance together with relative market conditions at that time.

“Our focus on a complete fiscal year multi-pronged capital allocation plan is in part a result of our customers’ and the upstream energy industry’s adhering to their annual budgets, which underpins confidence in our annual planning horizon. We believe the announced supplemental shareholder return plan will boost our already competitive yield. Additionally, the plan provides flexibility to allow for share repurchases or other investment opportunities, which remain prominent options to the deployment of capital.”

John Lindsay concluded, “These planned actions of enhancing shareholder cash returns and investing in future growth of the Company would not be possible without our strong capital stewardship and financial discipline. These principles will continue to drive our actions going forward enabling the Company to be a leader within the oilfield service industry in not only providing financial returns, but also returns in the form of cash to shareholders as we continue our 60-year history of dividend payments.”

Investor slides for October 2022 are available for download on the Company’s website, within Investors, under Presentations.

Fiscal Fourth Quarter 2022 Conference Call and Webcast:

The Company’s financial guidance for the fiscal fourth quarter of 2022 and full fiscal year 2022 are consistent with those provided in the Company’s press release dated July 27, 2022. Those items are enumerated below:

Fiscal Fourth Quarter 2022:

• North America Solutions direct margins⁽¹⁾ are now expected to be towards the high end of the previous expected range of $185-$205 million
• North America Solutions active rig count was 176 rigs as of September 30, 2022
• International Solutions direct margins⁽¹⁾ are still expected to be between $4-$7 million, exclusive of any foreign exchange gains or losses
• Offshore Gulf of Mexico direct margins⁽¹⁾ are still expected to be between $9-$11 million

Fiscal Year 2022:

• Gross capital expenditures are still expected to be approximately $250 to $270 million
• Depreciation and amortization expenses are still expected to be approximately $405 million
• Research and development expenses are still expected to be roughly $27 million
• Selling, general and administrative expenses are still expected to be just over $180 million
• Cash, cash equivalents and short-term investments are now expected to be towards the low end of the previous expected range of $350-$400 million

The financial guidance set forth above do not represent a comprehensive statement of operational results or financial position for or as of the fiscal quarter and fiscal year ended September 30, 2022. The final comprehensive statements of operational results and financial position for and as of the fiscal quarter and fiscal year ended September 30, 2022, will be contained in our Annual Report on Form 10-K. Our final operational results and audited financial statements may vary from the financial guidance described above as our quarterly and yearly financial statement close processes are not yet complete and additional developments and adjustments may arise between now and the time the financial information and operational results for these periods are finalized. In addition, the financial guidance is not necessarily indicative of the results to be achieved for any future period.

The Company’s fiscal fourth quarter 2022 conference call will take place on Thursday, November 17, 2022, at 11:00 a.m. (ET) with John Lindsay, President and CEO, Mark Smith, Senior Vice President and CFO, and Dave Wilson, Vice President of Investor Relations. Investors may listen to the conference call either by phone or audio webcast.

If you are unable to listen during the live webcast, the call will be archived for 365 days on Helmerich & Payne, Inc.’s website, http://www.helmerichpayne.com, under “News & Events – Event & Presentations”, which can be accessed through the “Investors” section of the website.

About Helmerich & Payne, Inc.

Founded in 1920, Helmerich & Payne, Inc. is committed to delivering industry leading drilling productivity and reliability. H&P operates with the highest level of integrity, safety and innovation to deliver superior results for our customers and returns for shareholders. Through its subsidiaries, the Company designs, fabricates and operates high-performance drilling rigs in conventional and unconventional plays around the world. H&P also develops and implements advanced automation, directional drilling and survey management technologies. For more information, visit www.helmerichpayne.com.

Forward Looking Statements

This release includes “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, and such statements are based on current expectations and assumptions that are subject to risks and uncertainties. All statements other than statements of historical facts included in this release, including, without limitation, statements regarding our future cash flow, use of generated cash flow, dividend amounts and timing, supplemental shareholder return plans, future financial position, operations outlook, business strategy, share repurchases, investments, budgets, projected costs and plans, objectives of management for future operations, contract terms, financing and funding, capex spending, outlook for international markets, actions by customers, and results of completed periods are forward-looking statements. For information regarding risks and uncertainties associated with the Company’s business, please refer to the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s SEC filings, including but not limited to its annual report on Form 10‑K and quarterly reports on Form 10‑Q. As a result of these factors, Helmerich & Payne, Inc.’s actual results may differ materially from those indicated or implied by such forward-looking statements. Investors are cautioned not to put undue reliance on such statements, including preliminary estimates of the results of completed periods. We undertake no duty to publicly update or revise any forward-looking statements, whether as a result of new information changes in internal estimates, expectations or otherwise, except as required under applicable securities laws.

Helmerich & Payne uses its website as a channel of distribution for material company information. Such information is routinely posted and accessible on its investor relations website at www.helmerichpayne.com. Information on our website is not part of this release.

Dave Wilson, This email address is being protected from spambots. You need JavaScript enabled to view it., 918-588-5190