GREENWOOD VILLAGE, Colo.--(BUSINESS WIRE)--#crudeoil--East Daley Analytics, Inc. announced today that it has joined forces with E&P Cash Flow Modeling, LLC to deliver greater transparency for energy markets. East Daley’s gathering and processing data will be integrated with E&P Cash Flow Modeling’s forecasting software to provide unmatched visibility and risk management for energy and investment firms.

E&P Cash Flow Modeling’s proprietary Equip^© software application leverages well-level data, predictive analytics, and artificial intelligence to optimize forecasts and identify ways to enhance shareholder value. East Daley’s patented Gathering & Processing database will power Equip with additional data on supply and demand, system volume, and rig activity.

“We are very excited about this collaboration as it extends East Daley’s unique midstream value chain analysis to create greater transparency to facilitate financial and operational decision making upstream,” said Justin Carlson, Co-Founder and COO/CSO of East Daley Analytics.

“We’re thrilled to leverage our distinctive datasets, which when combined, will provide enhanced clarity into the development program and identify future takeaway constraints, while simultaneously forecasting cash flows and capital needs,” said Brad Johann, Founder & CEO of E&P Cash Flow Modeling.

About E&P Cash Flow Modeling, LLC

E&P Cash Flow Modeling created the Equip software application to reshape the financial forecasting capabilities of the E&P industry. Built specifically for Producers, Lenders, and Investors, Equip automates and streamlines the forecasting process by plugging into engineering databases and a variety of internal and external systems to reduce costs and increase productivity. For more information visit, https://www.epcfm.com.

About East Daley Analytics, Inc.

East Daley Analytics specializes in dissecting the energy value chain to drive transparency. The company has built the largest U.S. energy asset database to cash flow to help identify which assets are most important and isolate their operational value. It can help with the heavy lifting by providing access to capital and commodity market experts through both subscription and advisory services. For more information visit, http://www.eastdaley.com.

East Daley Analytics
Meredith Bagnulo
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303-513-7494

Helping to meet Permian operators’ emission reduction goals, the company’s natural gas compression station will come online this month in the North Midland Basin in partnership with the leading global manufacturer of high-pressure tanks and trailers, Hanwha Cimarron

HOUSTON--(BUSINESS WIRE)--Sunbridge Energy Services, a provider of clean energy fuels in the Permian region, today announced that its natural gas compression station, located in the Midland Basin with a capacity of 50 million cubic feet per day (MMcf/d), will come online August 31, 2022.

Sunbridge Energy Services was formed by an executive team with decades of oil and gas drilling and operational experience whose mission is to provide environmentally clean, cost effective and reliable fuel alternatives to diesel for operators in the Permian Basin, helping meet their emissions reduction goals. The strategic location of the company’s new compression station, located in the north Midland Basin, will help minimize the number of necessary trailers and trucks while ensuring on time deliveries to all customers.

“Oil and gas producers in the Permian and nationally are quickly switching to dual fuel engines for completion, drilling and midstream operations that can run on clean fuel alternatives, like compressed natural gas, to improve emissions reductions,” said Michael Hinds, CEO of Sunbridge Energy Services. “Though there’s an abundance of supply and demand for compressed natural gas, there lacks a virtual pipeline that can transport clean fuels to operators at the highest standards for safety and service. The launch of our new facility in the Midland Basin is our first step to fulfilling our commitment to bridging this gap.”

In partnership with Hanwha Cimarron, the leading global manufacturer of high-pressure tanks and trailers, Sunbridge Energy Services is bringing the most advanced, patented composite tube technology – currently used by SpaceX, Shell, Nikola and others – where safety and reliability are paramount. It is the only tube of its kind that can pass the vacuum test and safely transport 100% compressed natural gas (CNG) and other clean fuels – i.e. renewable natural gas (RNG) and hydrogen (H2).

Hanwha Cimarron’s Galaxy Type IV Trailers were chosen by Sunbridge Energy Services to transport these clean fuel alternatives because of their patented pressure vessel technology, superior certifications and accreditations. The initial delivery of 120 Galaxy Type IV Trailers, over the next 12-15 months, is part of a long-term 10-year agreement with Hanwha Cimarron.

Hinds continued, “In partnership with Hanwha Cimarron, Sunbridge Energy Services will be the safest and most reliable option for producers in the Permian to meet their alternative fuel needs including CNG, CNG-H2 blend and pure H2. We’re excited to build from the ground up a long-lasting infrastructure and network for the delivery of environmentally clean alternative fuels for the entire Permian.”

“We’re proud to be the high-pressure storage and transportation technology solution for Sunbridge Energy Services and to support their efforts to provide oil and gas operators in the Permian Basin with clean fuel solutions to meet their ESG needs,” said David Jeon, CEO of Hanwha Cimarron. “We look forward to continuing our relationship with Sunbridge long into the future.”

Sunbridge Energy Services will be launching more compression stations throughout the Permian in the coming months. For more information, please visit: www.sunbridgeenergyservices.com

Sunbridge Energy Services

Sunbridge Energy Services is bringing environmentally clean, competitive and reliable fuel – compressed natural gas (CNG), renewable natural gas (RNG) and soon hydrogen (H2) – to the Permian Basin, supporting producers in their efforts to reduce emissions by replacing diesel with clean and cost-effective alternatives. Sunbridge’s expert executives utilize their decades of leading industry experience, outpacing competitors in our understanding of the upstream exploration and production industry to provide safe, cost-efficient, reliable and environmentally friendly fuel alternatives to producers. In partnership with Hanwha Cimarron, the leading global manufacturer of patented high-pressure tanks, Sunbridge has incorporated state-of-the-art, space-age technology in all aspects of our operation from advanced composite tube and trailer, to compression/fueling and PRS equipment. Sunbridge’s partnerships allow it to provide an unrivaled focus on safety, service and execution. For more information about Sunbridge Energy Services, visit: www.sunbridgeenergyservices.com.

Hanwha Cimarron

Hanwha Solutions acquired Cimarron Composites in 2021, a leading company for design and manufacturing of patented high-quality, state-of-the-art COPV for a broad range of gas storage applications. Cimarron Composites originally began by Tom DeLay, in 2008, a 23-year veteran in materials science at NASA. Hanwha Cimarron currently manufactures large tanks for compressed hydrogen gas as well as tanks for cryogenic fuels used in space launch vehicles. This acquisition is part of Hanwha Solutions’ efforts to accelerate its expansion into the green-hydrogen industry in the United States. Hanwha Cimarron’s new 300,000 SF manufacturing facility is located in Opelika, Alabama. The company provides the technology to manufacture tanks for hydrogen tube trailers, ultra-high-pressure tanks for hydrogen filling stations and tanks for aerospace applications, as well as for hydrogen-powered vehicles. For more information about Hanwha Cimarron, visit: www.hanwhacimarron.com.

Sylvester Palacios, Jr.
Pierpont Communications
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+1 210-912-2706

KENNESAW, Ga.--(BUSINESS WIRE)--Yamaha becomes the new official outboard of OCEARCH^® as the renowned research organization forms a new relationship with Yamaha Rightwaters™. Through the three-year agreement, OCEARCH will power its chase boats with Yamaha outboards. The first boat will have twin 300-horsepower Yamaha V6 Offshore outboards, while two additional boats will have Yamaha F150 and F60 power.

Though known for biological studies of keystone marine species such as great white and tiger sharks, OCEARCH conducts a wide variety of research with the goal of promoting healthy oceans. The Yamaha-powered vessels will further this research and Yamaha Rightwaters will directly support OCEARCH research of microplastics in the ocean.

"The Yamaha Rightwaters team understands healthy marine habitats start with good research and understanding – that’s what OCEARCH is all about. We’re excited to take our relationship to the next level," said Chris Fischer, OCEARCH Founder and Expedition Leader. "The work we do from our chase boats requires extreme concentration – we don’t have time to worry about the reliability of our equipment. Yamaha power on the backs of these boats gives us the peace of mind needed to focus on the animals and research.”

OCEARCH is a global non-profit organization conducting unprecedented research in order to help scientists collect previously unattainable data in the ocean. The organization’s mission is to accelerate the ocean's return to balance and abundance through fearless innovations in critical scientific research, education, outreach and policy using unique collaborations of individuals and organizations in the U.S and abroad. Recognized as a world leader in generating scientific data related to tracking (telemetry) and biological studies of keystone marine species such as great white sharks, tiger sharks and more, OCEARCH provides a free open-sourced Global Shark Tracker^® and app that allows scientists, educators and fans alike to learn about the movements of our oceans’ animals.

“OCEARCH and Yamaha have a long-standing relationship based upon a mutual desire to preserve and restore balance to ocean marine habitats. We have the ability to strengthen that relationship through Yamaha Rightwaters,” said John O’Keefe, Senior Specialist, Government Relations, Yamaha U.S. Marine Business Unit. “The information OCEARCH can gather about microplastics in the ocean may lead to better solutions for removing them to create healthier fisheries.”

To learn more about OCEARCH, visit ocearch.org.

Yamaha Rightwaters is a national sustainability program that encompasses all of Yamaha Marine’s conservation and water quality efforts. Program initiatives include habitat restoration, support for scientific research, mitigation of invasive species, the reduction of marine debris and environmental stewardship education. Yamaha Rightwaters reinforces Yamaha’s long-standing history of natural resource conservation, support of sustainable recreational fishing and water resources and Angler Code of Ethics, which requires pro anglers to adhere to principles of stewardship for all marine resources.

Yamaha’s U.S. Marine Business Unit, based in Kennesaw, Ga., is responsible for the sales, marketing, and distribution of Yamaha Marine products in the U.S. including Yamaha Outboards, Yamaha WaveRunners^®, Yamaha Boats, G3^® Boats and Skeeter^® Boats. Supporting 2,400 dealers and boat builders nationwide, Yamaha is the industry leader in reliability, performance, technology and customer service.

REMEMBER to always observe all applicable boating laws. Never drink and drive. Dress properly with a USCG-approved personal floatation device and protective gear.

© 2022 Yamaha Motor Corporation, U.S.A. All rights reserved.

This document contains many of Yamaha's valuable trademarks. It may also contain trademarks belonging to other companies. Any references to other companies or their products are for identification purposes only and are not intended to be an endorsement. Ocearch is a trademark of Ocearch Not-for-Profit Organization Utah.

Nicholas Genesi
Public Relations Manager
Yamaha U.S. Marine Business Unit
Mobile: (470) 898-7278
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Neal Wheaton
Wilder+Wheaton for
Yamaha U.S. Marine Business Unit
Mobile: (404) 317-0698
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Patent-Pending Tool Dramatically Increases Efficiency, Traceability and Accuracy

HOUSTON--(BUSINESS WIRE)--Cudd Well Control today announced the launch of its new Wellhead Audit inspection platform. Developed by Cudd’s in-house engineering and technical experts, this advanced tool leverages the power of the Cloud in a patent-pending process that brings unprecedented efficiency, traceability, and accuracy to wellhead audits. This revolutionary platform is the first of its kind in the industry.

“Part of the CuddAssured™ brand, the Wellhead Audit platform emphasizes our commitment to expanding our portfolio of technologically advanced solutions, and this launch is a perfect way to mark our 45-year anniversary,” said Andy Ferguson, President, Cudd Well Control. “Whether you're buying or selling wells or executing regular maintenance programs, it is imperative to know the conditions of your wells and the risks associated with them. This cloud-based system is new for the well control business and a game-changer that provides unparalleled asset protection as well as safer and more reliable operations.”

A Single Platform for Multiple Wells

By using this efficient tool with its automated, immediate reporting, operators can quickly see the condition of their wells, including any problems with corrosion, valve functionality and pressure, on one platform and have a preliminary report on site the moment the audit is done. As a result, what used to take a few days to complete can now be accomplished in less than an hour. Ideal for production wells or storage wells, the Wellhead Audit tool is fully customizable to each customer’s operational requirements.

“For customers with wells in remote locations, the tool allows them to complete more audits in a day and have that information at their fingertips immediately,” said Bhavesh Ranka, P.E. Operations Manager/Sr. Well Control Engineer. “Our experienced engineers will conduct a thorough onsite inspection of the surface of the wellhead to identify potential risks with corrosion, valve functionality, pressure and more, then send immediate audit results so customers can identify trends that may negatively impact their operations and take proactive measures to avoid any issues.”

“We saw the opportunity to give our customers advanced awareness of a well’s potential issues,” said Dustin Locklear, VP of Cudd Well Control and partner in the development of this platform. “Our dashboard categorizes the risks so that operators can prioritize and address problems early, before they escalate to a more critical condition.”

Conducted by Proven Well Control Professionals

All inspections with the Wellhead Audit platform are conducted by the same knowledgeable and experienced Cudd employees who deliver well intervention services across a range of applications for even the most demanding environments.

More About Cudd Well Control

For 45 years, Cudd Well Control has been an industry leader in rapid well control response and engineering services worldwide. Our rich history, tradition and experience continue to drive our people to provide superior services across all well phases. With our best-practices approach, you will receive 24-7 access to world-class well control engineering along with expert training to ensure operational excellence and reliable performance. Visit us at www.cuddwellcontrol.com.

Discover the revolutionary advantages of the Wellhead Audit platform by watching our video here.

Sandra Flores
Director, RPC Marketing
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(281) 719-2935

DURHAM, N.C.--(BUSINESS WIRE)--Wolfspeed, Inc. (NYSE: WOLF), the global leader in Silicon Carbide technology and production, today announced that members of its senior management team will present at the following investor conferences in August and September:

• Dr. John Palmour, chief technology officer, and Tyler Gronbach, vice president, investor relations, will present at the Oppenheimer 25^th Annual Technology, Internet & Communications Conference at 2:00 pm ET on August 10, 2022.
• Jay Cameron, senior vice president & general manager power, and Tyler Gronbach, vice president, investor relations, will present at the Canaccord Genuity 42^nd Annual Growth Conference at 11:00 am ET on August 11, 2022.
• Gregg Lowe, chief executive officer, will present at the Evercore ISI 2^nd Annual Technology, Media & Telcom Conference at 2:15 pm ET on September 8, 2022.

A live webcast of the presentations will be available on the Investor section of Wolfspeed’s website. To access the webcasts, please visit https://investor.wolfspeed.com/events-and-presentations/.

About Wolfspeed, Inc.

Wolfspeed (NYSE: WOLF) leads the market in the worldwide adoption of Silicon Carbide and GaN technologies. We provide industry-leading solutions for efficient energy consumption and a sustainable future. Wolfspeed’s product families include Silicon Carbide materials, power devices and RF devices targeted for various applications such as electric vehicles, fast charging, 5G, renewable energy and storage, and aerospace and defense. We unleash the power of possibilities through hard work, collaboration and a passion for innovation. Learn more at www.wolfspeed.com.

Wolfspeed® is a registered trademark of Wolfspeed, Inc.

Media Relations:
Melinda Walker
Director, Corporate Communications
818-261-4585
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Investor Relations:
Tyler Gronbach
VP, Investor Relations
919-407-4820
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HOUSTON--(BUSINESS WIRE)--The Board of Directors of Murphy Oil Corporation (NYSE: MUR) today declared a quarterly cash dividend on the Common Stock of Murphy Oil Corporation of $0.25 per share, or $1.00 per share on an annualized basis. This amount represents a 43 percent increase from the previous quarter and a 100 percent increase from fourth quarter 2021. The dividend is payable on September 1, 2022, to stockholders of record as of August 15, 2022.

ABOUT MURPHY OIL CORPORATION

As an independent oil and natural gas exploration and production company, Murphy Oil Corporation believes in providing energy that empowers people by doing right always, staying with it and thinking beyond possible. Murphy challenges the norm, taps into its strong legacy and uses its foresight and financial discipline to deliver inspired energy solutions. Murphy sees a future where it is an industry leader who is positively impacting lives for the next 100 years and beyond. Additional information can be found on the company’s website at www.murphyoilcorp.com.

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified through the inclusion of words such as “aim”, “anticipate”, “believe”, “drive”, “estimate”, “expect”, “expressed confidence”, “forecast”, “future”, “goal”, “guidance”, “intend”, “may”, “objective”, “outlook”, “plan”, “position”, “potential”, “project”, “seek”, “should”, “strategy”, “target”, “will” or variations of such words and other similar expressions. These statements, which express management’s current views concerning future events, results and plans, are subject to inherent risks, uncertainties and assumptions (many of which are beyond our control) and are not guarantees of performance. In particular, statements, express or implied, concerning the company’s future operating results or activities and returns or the company's ability and decisions to replace or increase reserves, increase production, generate returns and rates of return, replace or increase drilling locations, reduce or otherwise control operating costs and expenditures, generate cash flows, pay down or refinance indebtedness, achieve, reach or otherwise meet initiatives, plans, goals, ambitions or targets with respect to emissions, safety matters or other ESG (environmental/social/governance) matters, or pay and/or increase dividends or make share repurchases and other capital allocation decisions are forward-looking statements. Factors that could cause one or more of these future events, results or plans not to occur as implied by any forward-looking statement, which consequently could cause actual results or activities to differ materially from the expectations expressed or implied by such forward-looking statements, include, but are not limited to: macro conditions in the oil and gas industry, including supply/demand levels, actions taken by major oil exporters and the resulting impacts on commodity prices; increased volatility or deterioration in the success rate of our exploration programs or in our ability to maintain production rates and replace reserves; reduced customer demand for our products due to environmental, regulatory, technological or other reasons; adverse foreign exchange movements; political and regulatory instability in the markets where we do business; the impact on our operations or market of health pandemics such as COVID-19 and related government responses; other natural hazards impacting our operations or markets; any other deterioration in our business, markets or prospects; any failure to obtain necessary regulatory approvals; any inability to service or refinance our outstanding debt or to access debt markets at acceptable prices; or adverse developments in the U.S. or global capital markets, credit markets or economies in general. For further discussion of factors that could cause one or more of these future events or results not to occur as implied by any forward-looking statement, see “Risk Factors” in our most recent Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K that we file, available from the SEC’s website and from Murphy Oil Corporation’s website at http://ir.murphyoilcorp.com. Murphy Oil Corporation undertakes no duty to publicly update or revise any forward-looking statements.

Investor Contacts:
Kelly Whitley, This email address is being protected from spambots. You need JavaScript enabled to view it., 281-675-9107
Megan Larson, This email address is being protected from spambots. You need JavaScript enabled to view it., 281-675-9470

Additional Order for Two C200S Microturbines Comes Just Two Months After Initial Order

LOS ANGELES--(BUSINESS WIRE)--$CGRN #CanadianPower--Capstone Green Energy Corporation (NASDAQ: CGRN), a global leader in carbon reduction and on-site resilient green energy solutions, and Horizon Power Systems, Capstone's exclusive distributor for the Rocky Mountain States, Western Canada, Oklahoma, and exclusive distributor for oil and gas in Arizona, secured a follow-on order for two C200S high-pressure natural gas microturbine systems. The customer is a Canadian firm that provides mobile power to upstream oil and gas sites and that is committed to moving the industry away from on-site diesel engines, which produce high levels of harmful greenhouse gases, and require frequent maintenance and costly exhaust after-treatment. The microturbines are expected to be operational this month.

"Capstone's ability to get our turbines in service quickly and reliably is important to our customers. We appreciate the mark of confidence and credibility that repeat orders provide as our customers look to manage their energy costs and environmental impact, particularly at remote sites," said Darren Jamison, President and Chief Executive Officer of Capstone Green Energy.

After only two months of successful operation with their initial microturbine order, the customer ordered two additional C200S microturbines, adding 400 kW of generation capacity to their existing fleet. The microturbines will provide clean and reliable electricity to power auxiliary equipment and several buildings at a remote natural gas well site.

"The customer contacted us for a second order after seeing the flawless performance of the C200S purchased in May," said Sam Henry, President, Horizon Power Systems. "The reliability of Capstone microturbines, their extremely low emissions, and ability to run on natural gas directly from the well site are what the company and its customers want."

Capstone microturbines are able to use the associated natural gas, a by-product of oil production at the remote site, as an input fuel source with minimal gas pre-treatment. This allows the customer to keep operational costs low by avoiding extra fuel-cleaning equipment and significantly reducing the negative impact on the local environment.

The project demonstrates the confidence that oil and gas customers continue to have in Capstone products' reliability and high availability. Capstone microturbines align with the needs of oil and gas producers since they can be used in all phases of production operations, including upstream, midstream, and downstream, in both onshore and offshore applications.

About Horizon Power Systems

For over 20 years, Horizon Power Systems has worked exclusively with Capstone Green Energy to provide microturbine systems across the Rocky Mountain States and in Western Canada. It has installed over 1,000 microturbines that have logged millions of documented runtime operating hours. Whether for CHP, trigeneration (CCHP), microgrids, or prime power, the Horizon Power Systems team customizes each microturbine system to meet the customer's unique power and sustainability needs.

About Capstone Green Energy

Capstone Green Energy (NASDAQ: CGRN) is a leading provider of customized microgrid solutions and on-site energy technology systems focused on helping customers around the globe meet their environmental, energy savings, and resiliency goals. Capstone Green Energy focuses on four key business lines. Through its Energy as a Service (EaaS) business, it offers rental solutions utilizing its microturbine energy systems and battery storage systems, comprehensive Factory Protection Plan (FPP) service contracts that guarantee life-cycle costs, as well as aftermarket parts. Energy Generation Technologies (EGT) are driven by the Company's industry-leading, highly efficient, low-emission, resilient microturbine energy systems offering scalable solutions in addition to a broad range of customer-tailored solutions, including hybrid energy systems and larger frame industrial turbines. The Energy Storage Solutions (ESS) business line designs and installs microgrid storage systems creating customized solutions using a combination of battery technologies and monitoring software. Through Hydrogen & Sustainable Products (H2S), Capstone Green Energy offers customers a variety of hydrogen products, including the Company's microturbine energy systems.

For customers with limited capital or short-term needs, Capstone offers rental systems; for more information, contact: This email address is being protected from spambots. You need JavaScript enabled to view it.. To date, Capstone has shipped over 10,000 units to 83 countries and estimates that, in FY21, it saved customers over $217 million in annual energy costs and approximately 397,000 tons of carbon. Over the last three years, total savings are estimated to be approximately $698 million in energy savings and approximately 1,115,100 tons of carbon savings.

For more information about the Company, please visit www.CapstoneGreenEnergy.com. Follow Capstone Green Energy on Twitter, LinkedIn, Instagram, Facebook, and YouTube.

Cautionary Note Regarding Forward-Looking Statements

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding expectations for green initiatives and execution on the Company's growth strategy and other statements regarding the Company's expectations, beliefs, plans, intentions, and strategies. The Company has tried to identify these forward-looking statements by using words such as "expect," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, but not limited to, the following: the ongoing effects of the COVID-19 pandemic; the availability of credit and compliance with the agreements governing the Company's indebtedness; the Company's ability to develop new products and enhance existing products; product quality issues, including the adequacy of reserves therefor and warranty cost exposure; intense competition; financial performance of the oil and natural gas industry and other general business, industry and economic conditions; the Company's ability to adequately protect its intellectual property rights; and the impact of pending or threatened litigation. For a detailed discussion of factors that could affect the Company's future operating results, please see the Company's filings with the Securities and Exchange Commission, including the disclosures under "Risk Factors" in those filings. Except as expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason.

Capstone Green Energy
Investor and investment media inquiries:
818-407-3628
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ELGIN, Ill.--(BUSINESS WIRE)--Heritage-Crystal Clean, Inc. (Nasdaq: HCCI), a leading provider of parts cleaning, used oil re-refining, and hazardous and non-hazardous waste services primarily focused on small and mid-sized customers, today announced it has completed its acquisition of Patriot Environmental Services, Inc. (“Patriot”). Patriot is a leading provider of environmental services across the Western United States specializing in a wide variety of waste services, including emergency response, industrial services, and OSRO spill response.

Patriot operates eighteen locations in the western and southern United States, including two wastewater treatment facilities. More than 380 Patriot employees will be joining Heritage-Crystal Clean as part of the acquisition.

President and CEO of Heritage-Crystal Clean, Inc. Brian Recatto commented, “We are thrilled to welcome Patriot’s team of talented employees to Heritage-Crystal Clean and look forward to collaborating with one another as we work together to help the business world run cleaner. Their expertise, along with Patriot’s network of locations and capabilities, will continue to support our growth in 2022 and the future.”

Kent Bartley, the Chief Executive Officer of Patriot, also commented, “Heritage-Crystal Clean’s acquisition of Patriot is an exceptional opportunity to combine the talents of both organizations to create a nationwide growth engine for environmental and waste disposal services.”

Safe Harbor Statement

All references to the “Company,” “we,” “our,” and “us” refer to Heritage-Crystal Clean, Inc., and its subsidiaries. This release contains forward-looking statements that are based upon current management expectations. Generally, the words "aim," "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "project," "should," "will be," "will continue," "will likely result," "would" and similar expressions identify forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause our actual results, performance or achievements or industry results to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. These risks, uncertainties and other important factors include, among others: the challenges and costs of closing, integrating and achieving anticipated benefits of the proposed acquisition; the ability to retain key employees; inflationary pricing pressures impacting our businesses and customers; developments in the COVID-19 pandemic and the resulting impact on our business and operations, general economic conditions and downturns in the business cycles of automotive repair shops, industrial manufacturing businesses and small businesses in general; increased solvent, fuel and energy costs and volatility, including a drop in the price of crude oil, the selling price of lubricating base oil, solvent, fuel, energy, and commodity costs; our ability to enforce our rights under the FCC Environmental purchase agreement; our ability to pay our debt when due and comply with our debt covenants; our ability to successfully operate our used oil re-refinery and to cost-effectively collect or purchase used oil or generate operating results; increased market supply or decreased demand for base oil; further consolidation and/or declines in the United States automotive repair and manufacturing industries; the impact of extensive environmental, health and safety and employment laws and regulations on our business; legislative or regulatory requirements or changes adversely affecting our business; competition in the industrial and hazardous waste services industries and from other used oil re-refineries; claims and involuntary shutdowns relating to our handling of hazardous substances; the value of our used solvents and oil inventory, which may fluctuate significantly; our ability to expand our non-hazardous programs for parts cleaning; our dependency on key employees; our level of indebtedness, which could affect our ability to fulfill our obligations, impede the implementation of our strategy, and expose us to interest rate risk; the impact of legal proceedings and class action litigation on us and our ability to estimate the cash payments we will make under litigation settlements; our ability to effectively manage our network of branch locations; the control of The Heritage Group over the Company; and the risks identified in the Company's Annual Report on Form 10-K filed with the SEC on March 2, 2022. Given these uncertainties, you are cautioned not to place undue reliance on these forward-looking statements. We assume no obligation to update or revise them or provide reasons why actual results may differ. The information in this release should be read in light of such risks and in conjunction with the consolidated financial statements and the notes thereto included elsewhere in this release.

About Heritage-Crystal Clean, Inc.

Heritage-Crystal Clean, Inc. provides parts cleaning, used oil re-refining, and hazardous and non-hazardous waste services primarily to small and mid-sized manufacturers and other industrial businesses as well as customers in the vehicle maintenance sector. Our service programs include parts cleaning, containerized waste management, used oil collection and re-refining, wastewater vacuum, waste antifreeze collection, recycling and product sales, and field services. These services help our customers manage their used chemicals and liquid and solid wastes, while also helping to minimize their regulatory burdens. Our customers include small-to-medium sized manufacturers, such as metal product fabricators and printers, and other industrial businesses as well as businesses involved in vehicle maintenance operations, such as car dealerships, automotive repair shops, and trucking firms. Through our used oil re-refining program during fiscal 2021, we recycled approximately 66 million gallons of used oil into high quality lubricating base oil, and we are a supplier to firms that produce and market finished lubricants. Through our antifreeze program during fiscal 2021 we recycled approximately 3.9 million gallons of spent antifreeze which was used to produce a full line of virgin-quality antifreeze products. Through our parts cleaning program during fiscal 2021 we recycled 2 million gallons of used solvent into virgin-quality solvent to be used again by our customers. In addition, we sold 0.5 million gallons of used solvent into the reuse market. Through our containerized waste program during fiscal 2021 we collected 21 thousand tons of regulated waste which was sent for energy recovery. Through our wastewater vacuum services program during fiscal 2021 we treated approximately 49 million gallons of wastewater. Heritage-Crystal Clean, Inc. is headquartered in Elgin, Illinois, and operates through 91 branches serving approximately 103,000 customer locations.

The Company uses its website to make information available to investors and the public at www.crystal-clean.com.

Mark DeVita, Chief Financial Officer, at (847) 836-5670

Sixty Professionals and Graduate-level Scholars to Study AP1000^® Plant Technology in the United States

CRANBERRY TOWNSHIP, Pa.--(BUSINESS WIRE)--Westinghouse Electric Company and SE NNEGC Energoatom announced today a partnership to offer immersive internships and development opportunities for 60 Ukrainian nuclear energy professionals and graduate-level students. The multi-year program will begin in fall 2022 with hands-on training in AP1000^® plant technology at Westinghouse’s global headquarters in the United States.

Following completion of the program, the newly minted AP1000 plant technical professionals will have numerous opportunities to apply their engineering, technical and technological support skills toward the new build AP1000 plant projects in Ukraine, including in the newly established Westinghouse Engineering Center in Kyiv. The professionals also will be trained to provide critical support for future decommissioning programs of Ukrainian nuclear power plant units.

"We will identify exceptional talent across our young professionals and up-and-coming graduates of leading Ukrainian universities. The opportunity for months of immersion in the AP1000 plant technology will be invaluable to these bright minds and allows us to accelerate our clean energy goals and energy security efforts," said Energoatom’s Executive Director for Human Resources Oleh Boyaryntsev.

“The Westinghouse training program will provide a unique experience to Ukrainian professionals and university students for advancement within the nuclear energy industry as we begin implementing AP1000 plant projects across Ukraine,” said David Durham, President Energy Systems at Westinghouse. “Opening our world class facilities to Ukraine’s current and future nuclear professionals reinforces the strong partnership Westinghouse has with Energoatom and Ukraine.”

In June 2022, Westinghouse and Energoatom expanded agreements for Westinghouse to supply all nuclear fuel for the Energoatom operating fleet in Ukraine and to build nine AP1000 plants across the country. The AP1000 plant is a proven Gen III+ reactor featuring unique fully passive safety systems, modularized standard design, and industry-leading operability performance and load following capability. The design and build of the AP1000 plants will leverage significant US-Ukraine industrial cooperation, featuring content from supply chains in both countries.

Westinghouse Electric Company is shaping the future of carbon-free energy by providing safe, innovative nuclear technologies to utilities globally. Westinghouse supplied the world’s first commercial pressurized water reactor in 1957 and the company’s technology is the basis for nearly one-half of the world's operating nuclear plants. Over 135 years of innovation makes Westinghouse the preferred partner for advanced technologies covering the complete nuclear energy life cycle. For more information, visit www.westinghousenuclear.com and follow us on Facebook, LinkedIn and Twitter.

The State Enterprise "National Nuclear Energy Generating Company "Energoatom" is the largest producer of electricity in Ukraine. The company is the operator of four nuclear power plants – Zaporizhzhya NNP, Rivne NNP, South-Ukraine NNP and Khmelnytskyy NNP. Our mission is the safe production of electricity for energy security, energy independence, sustainable development of economy and Ukraine’s carbon-free energy future. Follow our news on the website www.energoatom.com.ua and on social media: Facebook, Telegram, Youtube, Instagram and Twitter.

MEDIA
Cathy Mann, This email address is being protected from spambots. You need JavaScript enabled to view it.

DALLAS--(BUSINESS WIRE)--Pioneer Natural Resources Company (NYSE:PXD) ("Pioneer" or "the Company") today reported financial and operating results for the quarter ended June 30, 2022. Pioneer reported second quarter net income attributable to common stockholders of $2.4 billion, or $9.30 per diluted share. These results include the effects of noncash mark-to-market adjustments and certain other unusual items. Excluding these items, non-GAAP adjusted income for the second quarter was $2.4 billion, or $9.36 per diluted share. Cash flow from operating activities for the second quarter was $3.2 billion.

Highlights

• Generated strong second quarter free cash flow¹ of $2.7 billion

• Declared quarterly base-plus-variable dividend of $8.57 per share to be paid during the third quarter; includes increasing the quarterly base dividend by greater than 40%

• Repurchased $750 million of shares since the end of the first quarter (3.3 million shares), includes $250 million of shares repurchased during July

• Returning greater than 95% of second quarter free cash flow to shareholders

Chief Executive Officer Scott D. Sheffield stated, "Pioneer is focused on developing our top-tier assets, driving best-in-class margins and delivering the highest free cash flow per barrel oil equivalent produced. Our differentiated investment framework strategy generated $2.7 billion of free cash flow during the second quarter, with greater than 95% of the free cash flow being returned to shareholders through our base-plus-variable dividend and opportunistic share repurchases.

"Pioneer's willingness to aggressively repurchase shares during market dislocations resulted in $750 million of shares being repurchased since the end of the first quarter. Of this, $250 million was purchased in July at an average price of $213 per share.

"Pioneer's strong balance sheet provides the financial flexibility to return significant free cash flow to investors, while still growing annual oil volumes. This durable program, underpinned by our high-quality Permian drilling inventory, coupled with our peer-leading ESG strategy outlined in our recently published 2022 Sustainability Report, demonstrates why Pioneer is well positioned to create value for our shareholders for decades to come."

Financial Highlights

Pioneer maintains a strong balance sheet, with cash on hand at the end of the second quarter of $2.6 billion and net debt of $3.1 billion. The Company had $5.1 billion of liquidity as of June 30, 2022, comprised of $2.6 billion of cash, $506 million of short-term commercial paper investments and a $2.0 billion unsecured credit facility (undrawn as of June 30, 2022).

Cash flow from operating activities during the second quarter was $3.2 billion, leading to free cash flow¹ of $2.7 billion.

During the second quarter, the Company’s drilling, completion and facilities capital expenditures totaled $881 million, with total capital expenditures², including water infrastructure, totaling $895 million.

For the third quarter of 2022, the Company’s Board of Directors (Board) has declared a quarterly base-plus-variable dividend of $8.57 per share, comprised of a $1.10 base dividend and $7.47 variable dividend. The dividend includes a greater than 40% increase to the base dividend and represents a total annualized dividend yield of approximately 15%³.

In addition to a strong dividend program, the Company continues to execute opportunistic share repurchases. During the second quarter of 2022, the Company repurchased $500 million of common stock at an average share price of $235. During July, the Company repurchased an additional $250 million of common stock at an average share price of $213. Pioneer believes this peer-leading return of capital strategy, which combines a strong base dividend, a substantial variable dividend and opportunistic share repurchases, creates significant value for shareholders⁴. The combination of third quarter dividends and second quarter share repurchases, on an annualized basis, represents a total stockholder return yield of approximately 19%⁵.

Financial Results

For the second quarter of 2022, the average realized price for oil was $110.56 per barrel. The average realized price for natural gas liquids (NGLs) was $44.21 per barrel, and the average realized price for gas was $6.72 per thousand cubic feet. These prices exclude the effects of derivatives.

Production costs, including taxes, averaged $12.81 per barrel of oil equivalent (BOE). Depreciation, depletion and amortization (DD&A) expense averaged $10.60 per BOE. Exploration and abandonment costs were $11 million. General and administrative (G&A) expense was $88 million, or $78 million when excluding $10 million in humanitarian aid to Ukraine. Interest expense was $33 million. The net cash flow impact related to purchases and sales of oil and gas, including firm transportation, was a loss of $16 million. Other expense was $5 million. Cash taxes totaled $144 million, and the Company’s effective tax rate was 22% for the quarter.

Operations Update

Pioneer continues to deliver strong operational performance in the Midland Basin. The Company has increased forecasted drilled lateral length per well in 2022, with an expected average length of approximately 10,500 feet, representing a 4% increase when compared to 2021. This increase includes adding approximately fifty 15,000-foot laterals to the 2022 program. Additionally, Pioneer has consistently increased completed feet per day for both simulfrac and zipper fleets. In 2021, the Company's completed feet per day increased over 20%, when compared to 2020, with further increases expected in 2022.

Drilling longer laterals, reducing drilling days per well and completing more feet per day, among other operational efficiency improvements, continue to benefit capital efficiency and dampen inflationary pressures.

These strong operational efficiencies enabled Pioneer to place 133 horizontal wells on production during the second quarter.

2022 Outlook

Based on the inflationary pressures seen in steel, diesel and chemical costs, among other items, the Company now expects its 2022 total capital budget² to range between $3.6 billion to $3.8 billion. Pioneer expects its capital program to be fully funded from 2022 cash flow⁶ of greater than $13 billion.

During 2022, the Company plans to operate an average of 22 to 24 horizontal drilling rigs in the Midland Basin, including a three-rig average program in the southern Midland Basin joint venture area. The 2022 capital program is expected to place 475 to 505 wells on production. Pioneer expects 2022 oil production of 350 to 365 thousand barrels of oil per day (MBOPD) and total production of 623 to 648 thousand barrels of oil equivalent per day (MBOEPD).

Third Quarter 2022 Guidance

Third quarter 2022 oil production is forecasted to average between 345 to 360 MBOPD and total production is expected to average between 635 to 660 MBOEPD. Production costs are expected to average $12.00 per BOE to $13.50 per BOE. DD&A expense is expected to average $10.50 per BOE to $12.00 per BOE. Total exploration and abandonment expense is forecasted to be $10 million to $20 million. G&A expense is expected to be $75 million to $85 million. Interest expense is expected to be $30 million to $35 million. Other expense is forecasted to be $20 million to $40 million. Accretion of discount on asset retirement obligations is expected to be $3 million to $6 million. The cash flow impact related to purchases and sales of oil and gas, including firm transportation, is expected to be a loss of $60 million to a loss of $100 million, based on forward oil price estimates for the quarter. The Company’s effective income tax rate is expected to be between 22% to 27%, with cash taxes expected to be $300 million to $350 million, representing estimated federal and state tax payments that will be paid based on forecasted 2022 taxable income.

Environmental, Social & Governance (ESG)

Pioneer views sustainability as a multidisciplinary effort that balances economic growth, environmental stewardship and social responsibility. The Company emphasizes developing natural resources in a manner that protects surrounding communities and preserves the environment.

Pioneer recently published its 2022 Sustainability Report highlighting the Company's focus and significant progress on ESG initiatives. The comprehensive report details the Company's leadership position on ESG metrics and targets during 2021, including enhanced disclosures on air emissions; water management practices; diversity, equity and inclusion (DEI); board of director governance and community engagement.

The Company has multiple initiatives underway that are expected to result in tangible progress towards Pioneer's net zero emissions ambition. Pioneer has made significant progress towards the Company's 2030 emissions intensity targets by achieving a 22% reduction in greenhouse gas emission intensity and a 50% reduction in methane emission intensity, when compared to a 2019 baseline. Additionally, Pioneer achieved a flaring intensity of 0.41% in 2021, well below the Company's goal to limit flaring to 1% of natural gas produced. Pioneer continues to prioritize environmental stewardship and accelerated the Company's target to end routine flaring by 2025, five years earlier than the Company's previous 2030 target.

Additionally, Pioneer has joined the Oil and Gas Methane Partnership (OGMP) 2.0 Initiative, which is considered the gold standard on methane emission measurement and reporting for the upstream energy industry. This decision demonstrates the Company's focus on increasing transparency in methane reporting and measurement.

Pioneer has also strengthened the Company's target to reduce the freshwater used in completions to 20% or less by 2026. The enhanced target reflects Pioneer's dedication to expanding the use of alternative water sources, including recycled water and reclaimed water from the cities of Midland and Odessa.

Within the past year, Pioneer has appointed three new directors to the Company’s Board, with combined expertise in DEI, ESG and alternative energy, in addition to outstanding business experience. The appointments of Lori George Billingsley, Maria Jelescu Dreyfus and Jacinto Hernandez have expanded the diverse backgrounds of the Company’s Board.

For more details, see Pioneer’s 2022 Sustainability Report and 2021 Climate Risk Report at pxd.com/sustainability.

Earnings Conference Call

On Wednesday, August 3, 2022, at 9:00 a.m. Central Time, Pioneer will discuss its financial and operating results for the quarter ended June 30, 2022, with an accompanying presentation. Instructions for listening to the call and viewing the accompanying presentation are shown below.

Internet: www.pxd.com
Select "Investors," then "Earnings & Webcasts" to listen to the discussion, view the presentation and see other related material.
Telephone: Dial (800) 263-0877 and enter confirmation code 8010753 five minutes before the call.

A replay of the webcast will be archived on Pioneer’s website. This replay will be available through August 28, 2022. Click here to register for the call-in audio replay and you will receive the dial-in information.

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

Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements and the business prospects of the Company are subject to a number of risks and uncertainties that may cause the Company's actual results in future periods to differ materially from the forward-looking statements. These risks and uncertainties include, among other things, volatility of commodity prices; product supply and demand; the impact of a widespread outbreak of an illness, such as the COVID-19 pandemic, on global and U.S. economic activity and oil and gas demand; the impact of armed conflict and political instability on economic activity and oil and gas supply and demand; competition; the ability to obtain drilling, environmental and other permits and the timing thereof; the effect of future regulatory or legislative actions on Pioneer or the industry in which it operates, including potential changes to tax laws; the ability to obtain approvals from third parties and negotiate agreements with third parties on mutually acceptable terms; potential liability resulting from pending or future litigation; the costs, including the potential impact of increases due to supply chain disruptions and inflation, and results of drilling and operating activities; the risk of new restrictions with respect to development activities, including potential changes to regulations resulting in limitations on the Company's ability to dispose of produced water; availability of equipment, services, resources and personnel required to perform the Company's drilling and operating activities; access to and availability of transportation, processing, fractionation, refining, storage and export facilities; Pioneer's ability to replace reserves, implement its business plans or complete its development activities as scheduled; the Company's ability to achieve its emissions reductions, flaring and other ESG goals; access to and cost of capital; the financial strength of (i) counterparties to Pioneer's credit facility and derivative contracts, (ii) issuers of Pioneer's investment securities and (iii) purchasers of Pioneer's oil, NGL and gas production and downstream sales of purchased oil and gas; uncertainties about estimates of reserves, identification of drilling locations and the ability to add proved reserves in the future; the assumptions underlying forecasts, including forecasts of production, operating cash flow, well costs, capital expenditures, rates of return, expenses, and cash flow from downstream purchases and sales of oil and gas, net of firm transportation commitments; tax rates; quality of technical data; environmental and weather risks, including the possible impacts of climate change on the Company's operations and demand for its products; cybersecurity risks; the risks associated with the ownership and operation of the Company's water services business and acts of war or terrorism. These and other risks are described in the Company's Annual Report on Form 10-K for the year ended December 31, 2021, and other filings with the United States Securities and Exchange Commission. In addition, the Company may be subject to currently unforeseen risks that may have a materially adverse effect on it. Accordingly, no assurances can be given that the actual events and results will not be materially different than the anticipated results described in the forward-looking statements. The Company undertakes no duty to publicly update these statements except as required by law.

Footnote 1: Free cash flow is a non-GAAP financial measure. As used by the Company, free cash flow is defined as net cash provided by operating activities, adjusted for changes in operating assets and liabilities, less capital expenditures. See the supplemental schedules for a reconciliation of second quarter free cash flow to the comparable GAAP number. Forecasted free cash flow numbers are non-GAAP financial measures. Due to their forward-looking nature, management cannot reliably predict certain of the necessary components of the most directly comparable forward-looking GAAP measures, such as working capital changes. Accordingly, Pioneer is unable to present a quantitative reconciliation of such forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures. Amounts excluded from this non-GAAP measure in future periods could be significant.

Footnote 2: Excludes acquisitions, asset retirement obligations, capitalized interest, geological and geophysical G&A, information technology and corporate facilities.

Footnote 3: Calculated by dividing the Company’s annualized third quarter total dividend per share by the Company's closing stock price on July 27, 2022.

Footnote 4: Future dividends, whether base or variable, are authorized and determined by the Company's Board in its sole discretion. Decisions regarding the payment of dividends are subject to a number of considerations at the time, including without limitation the Company's liquidity and capital resources, the Company's results of operations and anticipated future results of operations, the level of cash reserves the Company maintains to fund future capital expenditures or other needs, and other factors that the Board deems relevant. The Company can provide no assurance that dividends will be authorized or declared in the future or the amount of any future dividends. Any future variable dividends, if declared and paid, will by their nature fluctuate based on the Company’s free cash flow, which will depend on a number of factors beyond the Company’s control, including commodities prices.

Footnote 5: Calculated by dividing the Company’s annualized third quarter total dividend per share plus annualized second quarter share repurchases per share by the Company's closing stock price on July 27, 2022.

Footnote 6: Forecasted operating cash flow is a non-GAAP financial measure. The 2022 estimated operating cash flow number represents January through June 2022 cash flow (before working capital changes) plus July through December forecasted cash flow (before working capital changes) based on strip pricing and internal forecasts of 2022 production. Due to their forward-looking nature, management cannot reliably predict certain of the necessary components of the most directly comparable forward-looking GAAP measures, such as working capital changes. Accordingly, Pioneer is unable to present a quantitative reconciliation of such forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures. Amounts excluded from this non-GAAP measure in future periods could be significant.

Note: Estimates of future results, including cash flow and free cash flow, are based on the Company’s internal financial model prepared by management and used to assist in the management of its business. Pioneer’s financial models are not prepared with a view to public disclosure or compliance with GAAP, any guidelines of the SEC or any other body. The financial models reflect numerous assumptions, in addition to those noted in this news release, with respect to general business, economic, market and financial conditions and other matters. These assumptions regarding future events are difficult, if not impossible to predict, and many are beyond Pioneer’s control. Accordingly, there can be no assurance that the assumptions made by management in preparing the financial models will prove accurate. It is expected that there will be differences between actual and estimated or modeled results, and actual results may be materially greater or less than those contained in the Company’s financial models.

Pioneer Natural Resources Company Contacts:
Investors
Neal Shah - 972-969-3900
Tom Fitter - 972-969-1821
Greg Wright - 972-969-1770
Chris Leypoldt - 972-969-5834

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

Clean Air Partners Offers Simple Steps to Reduce Air Pollution and Protect Public Health

WASHINGTON--(BUSINESS WIRE)--Cleaner air is a casualty as more and more employees return to their workplaces in the Baltimore-Washington region and congestion from commuter traffic increases. After a dramatic drop in the number of air quality alert days during the height of the Covid pandemic, last year brought a shift back to pre-pandemic levels. The number of days in 2021 when concentrations of ozone exceeded health standards climbed to eight days in the Washington region and 17 days in the Baltimore region – almost five times the number in 2020, when millions of people and their vehicles stayed home.

As it launches its annual ozone season public education campaign, Clean Air Partners is urging area residents to stick with the good habits they adopted during the pandemic. The campaign takes place with Ozone Action Month in August, traditionally the hottest month of the year and when ground-level ozone is highest. Ground-level ozone impacts lung function for those most sensitive to poor air quality such as children, older adults, and people with respiratory conditions.

“We’ve seen what a big difference less traffic and fewer emissions can make to air quality,” said Randy Mosier, Clean Air Partners Board Chair. “Clean air is good for everyone. That’s why we’re encouraging everyone to continue taking a few simple steps that reduce air pollution and also save people money.”

Clean air advocates are hoping area residents will hold to their post-pandemic plans to work and travel differently and remind employers and managers that hybrid and remote working options for employees both promote good retention and help clean the air. In The TPB Voices of the Region Survey completed last year, 79% of respondents said they had concerns about traffic congestion and its impact on their lives. Given the choice, 91% preferred to work from home at least on some days, and more than half said they planned to walk more. Less driving means less air pollution, and as gas prices are high, it also means more money in drivers’ pockets as they spend less at the gas pump.

Clean Air Partners is reminding area residents to take simple, proven steps that will improve air quality and can save money:

• Drive less by walking, biking or taking transit when possible. Consolidate trips when you can and work from home as many days as possible.
• Set your thermostat a few degrees higher and use a fan to keep cool and reduce energy consumption.
• Postpone mowing and trimming on poor air quality days or use electric garden equipment.
• Reduce vehicle emissions by checking your tires’ air pressure regularly and using your vehicle manufacturer’s recommended grade of motor oil—check for the “energy-conserving” label. Oil that contains friction-reducing additives and properly inflated tires both reduce emissions. Your tires will last longer and improve gas mileage, saving you money.
• If you’re traveling this summer, pack light. An extra 100 pounds can reduce your fuel economy by up to 2%.
• Fill up your gas tank in the cooler temperatures of the early morning or during the evening to prevent fuel evaporation and reduce fumes that are harmful to breathe. Avoid topping off your tank and always tighten your gas cap to prevent pollutants from evaporating into the air.
• By not idling your vehicle, you’ll conserve fuel and help reduce emission pollutants.
• Don't drive aggressively—accelerating quickly and braking hard increase emissions and can lower your gas mileage by up to 33%.

During August, Clean Air Partners will host a series of educational outreach events across the region as part of its Ozone Action Month efforts. Clean Air Partners also provides educators free online curriculum resources with activities that teach students about air pollution issues and solutions. Find them at https://www.ontheair.cleanairpartners.net.

For media inquiries, contact This email address is being protected from spambots. You need JavaScript enabled to view it. or call (512) 743-2659.

Clean Air Partners is a public-private partnership educating the greater metropolitan Baltimore-Washington region about health risks associated with poor air quality and the impacts everyday actions have on the environment. Since 1997, Clean Air Partners has been dedicated to empowering individuals and organizations to take simple actions to reduce air pollution, protect public health, and improve air quality.

cleanairpartners.net

Jeff Salzgeber
This email address is being protected from spambots. You need JavaScript enabled to view it.
(512) 743-2659

• Second Quarter Net Income of $66.5 Million and Earnings Per Share of $6.54

• Petroleum Additives Record First Half Sales of $1.4 Billion, Up 20% versus First Half of 2021

• Petroleum Additives First Half Operating Profit of $178.1 Million, Up 5.8% versus First Half of 2021

• Focus Remains on Margin Recovery and Cost Control as Inflationary Environment Continues

RICHMOND, Va.--(BUSINESS WIRE)--NewMarket Corporation (NYSE:NEU) Chairman and Chief Executive Officer, Thomas E. Gottwald, released the following earnings report of the Company’s operations for the second quarter and first half of 2022.

Net income for the second quarter of 2022 was $66.5 million, compared to net income of $52.0 million for the second quarter of 2021. Earnings per share increased to $6.54 per share from $4.75 per share in the prior year period. For the first half of 2022, net income was $125.8 million, or $12.28 per share, compared to net income of $121.7 million, or $11.13 per share, for the first half of last year.

Sales for the petroleum additives segment for the second quarter of 2022 were $721.0 million, up from $586.6 million in the second quarter of 2021. Petroleum additives operating profit for the second quarter of 2022 was $91.2 million, compared to $74.2 million for the same period last year. The increase was mainly due to increased selling prices and shipments partially offset by higher raw material and operating costs. Shipments between quarterly periods were up 2.6%, with increases in lubricant additives shipments partially offset by decreases in fuel additives shipments. All regions except Latin America contributed to the increase in lubricant additives shipments. All regions except North America contributed to the decrease in fuel additives shipments.

Petroleum additives sales for the first half of the year were a record $1.4 billion, compared to sales in the first half of last year of $1.2 billion. Petroleum additives operating profit for the first half of the year was $178.1 million compared to $168.3 million for the first half of 2021. The drivers for this increase were similar to those affecting the quarterly comparison of operating profit. Shipments increased 2.5% between periods, with increases in lubricant additives shipments partially offset by decreases in fuel additives shipments. All regions except Asia Pacific contributed to the increase in lubricant additives shipments. Europe and Asia Pacific were the primary drivers for the decrease in fuel additives shipments, partially offset by increases in North America and Latin America.

We are encouraged by the sequential improvement in our petroleum additives operating profit since the fourth quarter of 2021. Our efforts to recover margins and control costs are beginning to take hold, but we are still being challenged by the ongoing inflationary environment. Margin recovery and cost control will remain priorities throughout 2022 so that we can return to our historical profit margin range. In addition, worldwide supply chain disruptions continue to negatively impact our business. We are working to resolve continuing supply chain issues to meet our customers’ growing needs, and we expect to see improvement in the supply chain and in our performance as the year unfolds.

During the first half of 2022, we paid dividends of $42.9 million, repurchased 289,737 shares of our common stock for a total of $92.8 million, and funded capital expenditures of $27.8 million.

Our views toward the fundamentals of our industry remain unchanged with the petroleum additives market growing at 1% to 2% for the foreseeable future, and we expect to exceed that growth rate.

We continue to make decisions to promote long-term value for our shareholders and customers, and we remain focused on our long-term objectives. This is evidenced by our ongoing investments in supply capability and our technology- driven initiatives. We believe the fundamentals of how we run our business - a long-term view, safety-first culture, customer-focused solutions, technology-driven product offerings, and world-class supply chain capability - will continue to be beneficial for all our stakeholders.

Sincerely,

Thomas E. Gottwald

The petroleum additives segment consists of the North America (the United States and Canada), Latin America (Mexico, Central America, and South America), Asia Pacific, and Europe/Middle East/Africa/India (Europe or EMEAI) regions.

The Company has disclosed the non-GAAP financial measure EBITDA and the related calculation in the schedules included with this earnings release. EBITDA is defined as income from continuing operations before the deduction of interest and financing expenses, income taxes, depreciation (on property, plant and equipment) and amortization (on intangibles and lease right-of-use assets). The Company believes that even though this item is not required by or presented in accordance with United States generally accepted accounting principles (GAAP), this additional measure enhances understanding of the Company’s performance and period to period comparability. The Company believes that this item should not be considered an alternative to net income determined under GAAP.

As a reminder, a conference call and Internet webcast is scheduled for 3:00 p.m. EDT on Wednesday, August 3, 2022 to review second quarter 2022 financial results. You can access the conference call live by dialing 1-877-545-0523 (domestic) or 1-973-528-0016 (international) and requesting the NewMarket conference call. To avoid delays, callers should dial in five minutes early. A teleconference replay of the call will be available until August 10, 2022 at 3:00 p.m. EDT by dialing 1-877-481-4010 (domestic) or 1-919-882-2331 (international). The replay passcode number is 46033. The call will also be broadcast via the Internet and can be accessed through the Company’s website at www.NewMarket.com or www.webcaster4.com/Webcast/Page/2001/46033. A webcast replay will be available for 30 days.

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

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

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

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

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

• Builds off APT’s previously announced $50 million pledge to workforce development in New Jersey
• Morrison to establish a base in New Jersey; local fabrication of 5,000-ton substation foundation jackets, a first for the East Coast; train and credential Garden State union workers in new skilled tasks
• Project backed by Blackstone, a proven long-term investor and operator in infrastructure, transmission and clean energy

PRINCETON, N.J.--(BUSINESS WIRE)--Atlantic Power Transmission LLC (“APT”), a Blackstone (NYSE: BX) portfolio company, today announced its partnership with Morrison Energy (“Morrison”) to position New Jersey as a global leader in rapidly developing offshore wind energy generation and transmission supply chain. The combined collective expertise of APT, Morrison and Blackstone collaborating on this landmark initiative underscores APT’s long-standing commitment to investing in New Jersey’s workforce and kicks off an exciting chapter in the East Coast’s clean energy transition.

As part of the agreement, Morrison will have a dedicated presence in New Jersey, adding leading industry expertise while supporting APT’s commitment of $50 million over 10 years to support workforce development investment in New Jersey via the fabrication of 5,000-ton substation foundation jackets. Union workers will receive training in a unique skill set, embodying Blackstone’s approach to working with local workforces and communities. The fabrication facilities will bring hundreds of jobs to New Jersey and will lay the foundation for future projects in the state.

APT will initiate this investment into the New Jersey workforce upon award of its bids to provide transmission supporting the delivery of 3,600MW of offshore wind power to the existing electrical grid under the New Jersey Offshore Wind SAA Transmission Solicitation initiated by the New Jersey Board of Public Utilities and PJM Interconnection.

The commitment contributes to the creation of a workforce hub for the burgeoning offshore wind industry in the Northeast region and the state, addressing one of the recommendations outlined by the New Jersey Offshore Wind Strategic Plan.

“Morrison is a leader in the energy sector, with an exceptional management team. I’m thrilled to work alongside Chet Morrison and Kirk Meche, who bring four decades of experience as thought leaders in the energy industry,” said Andy Geissbuehler, CEO of APT. “Partnering with Morrison will bring the industry expertise needed for this project and invest in training our local workforce to secure New Jersey’s position as a wind leader for decades to come.”

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

“The EAS Carpenters are encouraged by how APT and Morrison have seized this opportunity and are focused on plans to train and prepare New Jersey’s highly skilled tradesmen and women for future industries in our state,” said William C. Sproule, Executive Secretary-Treasurer of the Eastern Atlantic States Regional Council of Carpenters. “Our union has been committed for over a century to training the most skilled construction workers in the country, highlighting that fact by the recent expansion of our existing Hammonton, New Jersey, training center and opening the first union dive school in the country to meet the needs of the new offshore wind industry. The additional relationship of the EAS Carpenters with preferred partners APT and Blackstone will bring opportunity to New Jersey skilled tradesmen and women for years to come.”

Commenting on the partnership, Morrison’s Chief Executive Officer Chet Morrison said, “Morrison is committed to the development of offshore wind energy in the United States by supporting APT’s partnership in developing New Jersey’s union workforce with skilled workers who can propel the New Jersey wind energy sector forward for decades to come.”

Greg Lalevee, Business Manager of the International Union of Operating Engineers Local 825, remarked, “APT and Blackstone have been the ideal partners not only to IUOE 825 but New Jersey labor generally. They have proactively sought opportunities to train and credential our collective brotherhood in the skills needed for the transition to offshore wind. We are excited to collaborate with APT and Morrison on this new, groundbreaking initiative.”

Kurt Summers, Head of Public-Private Partnerships at Blackstone Infrastructure, commented, “We are thrilled to partner with Morrison and New Jersey’s labor force to anchor a transformative initiative that would provide jobs and accelerate the development of the local clean energy supply chain to make New Jersey the center of the offshore wind industry on the East Coast.”

In December 2021, APT announced its bid to develop a clean power transmission solution in response to the 2021 New Jersey Offshore Wind SAA Transmission Solicitation initiated by the New Jersey Board of Public Utilities. The partnership between APT and Morrison will be executed upon award of APT’s bid to provide transmission to deliver 3,600MW of offshore wind power to the existing electrical grid under the New Jersey Offshore Wind SAA Transmission Solicitation initiated by the New Jersey Board of Public Utilities and PJM Interconnection. Since 2019, Blackstone has committed over $16 billion in investments that it believes are consistent with the broader energy transition.

APT's comprehensive transmission solution is expected to generate $1.5 billion in economic benefits to New Jersey, including enabling 1,000 direct jobs annually during five construction years. Beyond these quantifiable benefits, APT and the New Jersey Union Coalition are working to establish New Jersey's industry leadership by focusing on maximizing local manufacturing opportunities, including working with local companies and building components in-state.

About Blackstone

Blackstone is the world’s largest alternative asset manager. We seek to create positive economic impact and long-term value for our investors, the companies we invest in and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $941 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, infrastructure, life sciences, growth equity, opportunistic, noninvestment-grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, Twitter and Instagram.

Blackstone Infrastructure Partners

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

Atlantic Power Transmission LLC (“APT”)

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

Morrison Energy (Morrison)

Morrison, headquartered in Houma, Louisiana, has over 39 years of experience serving as a preferred contractor and fabricator for many leading energy companies. With U.S. and international fabrication experience, Morrison is well positioned to construct substation foundation jackets and ancillary components for large-scale projects.

Paula Chirhart
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347-463-5453

Kelly M. Reeves
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985-858-3112

LONG BEACH, Calif.--(BUSINESS WIRE)--California Resources Corporation (NYSE: CRC) is pleased to announce it has pledged $2.5 million to fund several Kern County initiatives with Kern Community College District (Kern CCD) and California State University, Bakersfield (CSUB) to help advance the energy transition and further benefit local communities across the region.

CRC will collaborate with Kern CCD, one of the largest community college districts in the United States, to establish the CRC Carbon Management Institute, a first-of-its-kind initiative that will empower local private and public partnerships to lead the way in defining how collaboration between education and industry can positively impact communities. Funding will be used for research and development, community outreach and education, workforce training and education, and carbon management academies that will focus on advancing carbon capture and storage (CCS) and emerging technologies that will help ensure the long-term success of Kern County students and communities.

CSUB, which serves more than 11,000 students on its campuses, will launch the CRC Energy Transition Lecture Series on relevant topics and emerging issues related to CCS and technologies that will lead the way to achieving a net zero future. In addition, the CRC Carbon TerraVault Scholarship will be established to help provide students with academic opportunities.

“CRC is deeply committed to the energy transition, and we are proud to partner with Kern CCD and CSUB to invest in our local students and a sustainable future,” said Mac McFarland, CRC President and Chief Executive Officer. “These respected institutions operate at the intersection of energy, agriculture and technology and are key to driving future economic development, technological innovation, and educational attainment. CRC has pledged to be net zero by 2045 and we believe initiatives such as these will help advance the necessary technologies, adoption and long-term success for our local communities.”

About California Resources Corporation (CRC)

California Resources Corporation (CRC) is an independent oil and natural gas company committed to energy transition in the sector. CRC has some of the lowest carbon intensity production in the US and we are focused on maximizing the value of our land, mineral and technical resources for decarbonization by developing carbon capture and storage (CCS) and other emissions reducing projects.

Richard Venn (Media)
818-661-6014
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Joanna Park (Investor Relations)
818-661-3731
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Addition of Meritor strengthens Cummins’ industry-leading range of powertrain components and will enable accelerated development of electrified power solutions

COLUMBUS, Ind.--(BUSINESS WIRE)--Global power and technology leader, Cummins Inc. (NYSE: CMI) today announced that it has completed its acquisition of Meritor, Inc., a leading global supplier of drivetrain, mobility, braking, aftermarket and electric powertrain solutions for commercial vehicle and industrial markets.

The integration of Meritor’s people, products and capabilities in axle and brake technology will position Cummins as a leading provider of integrated powertrain solutions across internal combustion and electric power applications. As demand for decarbonized solutions accelerates, ePowertrains will be a critical integration point within hybrid and electric drivetrains creating packaging and performance differentiation and the opportunity to provide advanced clean mobility products for customers. Cummins intends to deliver market-leading decarbonized solutions to global customers by accelerating Meritor’s investment in electrification and integrating development within its New Power business.

The acquisition of Meritor also adds products to Cummins’ components business that present attractive growth opportunities across the Company’s range of power solutions and applications. Cummins expects to utilize its global footprint to accelerate the growth of these core axle and brake businesses by serving commercial truck, trailer, off-highway, defense, specialty and aftermarket customers around the world.

“We are excited to welcome Meritor’s employees into Cummins,” said Jennifer Rumsey, Cummins’ President and Chief Executive Officer. “Together, Cummins and Meritor will move further and faster in developing economically viable decarbonized powertrain solutions that are better for people and our planet.”

Tom Linebarger, Cummins’ Executive Chairman continued, “Cummins can help grow Meritor’s core business given our sales and service network and customer relationships around the world, and this acquisition has clear synergies for both companies that will position us for future investments during our industry’s technology transition. We are relentless in our focus on Destination Zero, our company strategy to achieve net-zero emissions, and will lead in the transition to decarbonized power. This acquisition is an important step in executing on our strategy.”

As previously announced, the acquisition of Meritor is expected to be immediately accretive to Cummins’ adjusted EPS and generate annual pre-tax run-rate synergies of approximately $130 million by year three after closing, anticipated to be comprised of, among other things, SG&A savings, supply chain operations and facilities optimization. Cummins financed the acquisition, which had a total transaction value of approximately $3.7 billion, including assumed debt and net of acquired cash, using a combination of cash on the Cummins balance sheet, commercial paper and debt. The company remains committed to maintaining its strong credit ratings.

About Cummins Inc.

Cummins Inc., a global power leader, is a corporation of complementary business segments that design, manufacture, distribute and service a broad portfolio of power solutions. The company’s products range from diesel, natural gas, electric and hybrid powertrains and powertrain-related components including filtration, aftertreatment, turbochargers, fuel systems, controls systems, air handling systems, automated transmissions, electric power generation systems, batteries, electrified power systems, hydrogen generation and fuel cell products. Headquartered in Columbus, Indiana (U.S.), since its founding in 1919, Cummins employs approximately 59,900 people committed to powering a more prosperous world through three global corporate responsibility priorities critical to healthy communities: education, environment and equality of opportunity. Cummins serves its customers online, through a network of company-owned and independent distributor locations, and through thousands of dealer locations worldwide and earned about $2.1 billion on sales of $24.0 billion in 2021. See how Cummins is powering a world that’s always on by accessing news releases and more information at https://www.cummins.com/always-on.

Forward-looking disclosure statement

Information provided in this release that is not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our forecasts, guidance, preliminary results, expectations, hopes, beliefs and intentions on strategies regarding the future. These forward-looking statements include, without limitation, statements relating to our plans and expectations for our revenues and EBITDA. Our actual future results could differ materially from those projected in such forward-looking statements because of a number of factors, including, but not limited to: any adverse results of our internal review into our emissions certification process and compliance with emission standards; increased scrutiny from regulatory agencies, as well as unpredictability in the adoption, implementation and enforcement of emission standards around the world; changes in international, national and regional trade laws, regulations and policies; any adverse effects of the U.S. government's COVID-19 vaccine mandates; changes in taxation; global legal and ethical compliance costs and risks; increasingly stringent environmental laws and regulations; future bans or limitations on the use of diesel-powered products; any adverse effects of the conflict between Russia and Ukraine and the global response (including government bans or restrictions on doing business in Russia); failure to successfully integrate the acquisition of Meritor, Inc.; failure to realize all of the anticipated benefits from our acquisition of Meritor, Inc.; raw material, transportation and labor price fluctuations and supply shortages; aligning our capacity and production with our demand; the actions of, and income from, joint ventures and other investees that we do not directly control; large truck manufacturers' and original equipment manufacturers' customers discontinuing outsourcing their engine supply needs or experiencing financial distress, bankruptcy or change in control; product recalls; variability in material and commodity costs; the development of new technologies that reduce demand for our current products and services; lower than expected acceptance of new or existing products or services; product liability claims; our sales mix of products; failure to complete, adverse results from or failure to realize the expected benefits of the separation of our filtration business; our plan to reposition our portfolio of product offerings through exploration of strategic acquisitions and divestitures and related uncertainties of entering such transactions; challenging markets for talent and ability to attract, develop and retain key personnel; climate change and global warming; exposure to potential security breaches or other disruptions to our information technology environment and data security; political, economic and other risks from operations in numerous countries including political, economic and social uncertainty and the evolving globalization of our business; competitor activity; increasing competition, including increased global competition among our customers in emerging markets; labor relations or work stoppages; foreign currency exchange rate changes; the performance of our pension plan assets and volatility of discount rates; the price and availability of energy; continued availability of financing, financial instruments and financial resources in the amounts, at the times and on the terms required to support our future business; and other risks detailed from time to time in our SEC filings, including particularly in the Risk Factors section of our 2021 Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance may be found in our filings with the SEC, which are available at http://www.sec.gov or at http://www.cummins.com in the Investor Relations section of our website.

Jon Mills
Director, External Communications
317-658-4540
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DENVER--(BUSINESS WIRE)--Liberty Energy Inc. (NYSE: LBRT; “Liberty” or the “Company”) announced today the publication of the company’s second annual Bettering Human Lives report, highlighting the importance of energy in the modern world and Liberty’s environmental, social, and governance (ESG) 2021 data.

Liberty updated and expanded our Bettering Human Lives report with an in-depth look at the importance of oil and gas production in a global context, including its vital role in elevating people out of poverty and supplying the essential ingredients for modern living. The 2022 report further covers the critical link hydrocarbons play in geopolitics, food, and their role in enabling the modern world.

Bettering Human Lives expands on Liberty’s legacy of sustainability and details the work our team does every day to be a force for disruptive change in the service industry. Liberty is driven by its mission to deliver the secure, affordable, dependable energy vital to human success. We continue to make advances in pushing the boundaries of technology to improve the sustainable solutions we deliver to our customers and within our operations.

“Energy realism is a precondition for humanism,” said Chris Wright, Liberty CEO. “It is simply not possible to discuss the environmental and social impacts of our industry without considering the environmental and human impacts of the absence of our industry.”

The Bettering Human Lives report is available for download at www.libertyenergy.com. Requests for the printed report can be made at Liberty’s Bettering Human Lives report website or please contact This email address is being protected from spambots. You need JavaScript enabled to view it..

About Liberty

Liberty is a leading North American energy services firm that offers one of the most innovative suites of completion services and technologies to onshore oil and natural gas exploration and production companies. Liberty was founded in 2011 with a relentless focus on developing and delivering next generation technology for the sustainable development of unconventional energy resources in partnership with our customers. Liberty is headquartered in Denver, Colorado. For more information about Liberty, please contact Investor Relations at This email address is being protected from spambots. You need JavaScript enabled to view it..

Michael Stock
Chief Financial Officer
303-515-2851
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DAVIDSON, N.C.--(BUSINESS WIRE)--Curtiss-Wright Corporation (NYSE: CW) today announced that it has been awarded contracts valued in excess of $220 million to provide propulsion valves, pumps and advanced instrumentation and control systems for the U.S. Navy’s Virginia-class nuclear powered attack submarine, Columbia-class submarine and Ford-class aircraft carrier programs. The awards were received from Bechtel Plant Machinery, Inc. (BPMI) and General Dynamics Electric Boat to support ship construction, spare parts and submarine back-fit procurements.

“Curtiss-Wright is proud to have been awarded these important naval defense contracts, building upon our long-standing relationship with the U.S. Nuclear Navy and reflecting our ongoing support of these critical naval defense platforms, which continue to receive strong Congressional support,” said Lynn M. Bamford, Chair and CEO of Curtiss-Wright Corporation. “We look forward to delivering the most advanced, reliable and vital technologies and remain well-positioned to benefit from the continued expansion of our U.S. naval fleet.”

Curtiss-Wright is performing this work at its facilities in New York and Pennsylvania within the Company’s Defense Electronics and Naval & Power Segments. Engineering and manufacturing have commenced and will continue through 2026.

For over 60 years, Curtiss-Wright has ensured safe, reliable operations by supplying innovative, high-performance products for every nuclear submarine and aircraft carrier commissioned by the U.S. Navy. In addition, Curtiss-Wright technologies, such as power-dense motors and enhanced valve designs, enable more efficient operations, reduce manpower and cost, and increase safety. For more information on Curtiss-Wright’s Defense Electronics Segment and Naval & Power Segment products for the U.S. Navy, please visit www.cwdefense.com or www.curtisswright.com/organization/naval-power/, respectively.

About Curtiss-Wright Corporation

Curtiss-Wright Corporation (NYSE:CW) is a global integrated business that provides highly engineered products, solutions and services mainly to Aerospace & Defense markets, as well as critical technologies in demanding Commercial Power, Process and Industrial markets. We leverage a workforce of 8,000 highly skilled employees who develop, design and build what we believe are the best engineered solutions to the markets we serve. Building on the heritage of Glenn Curtiss and the Wright brothers, Curtiss-Wright has a long tradition of providing innovative solutions through trusted customer relationships. For more information, visit www.curtisswright.com.

This press release contains forward-looking statements made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements, including statements relating to Curtiss-Wright Corporation's expectations of future performance of our pump and valve products, the continued relationship with an existing customer, the continued funding of these programs by the U.S. Navy, the successful implementation of our products into these naval defense programs, the overall success of these naval defense programs and future opportunities associated with these programs, are not considered historical facts and are considered forward-looking statements under the federal securities laws. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Such risks and uncertainties include, but are not limited to: a reduction in anticipated orders; an economic downturn; changes in competitive marketplace and/or customer requirements; a change in US and Foreign government spending; an inability to perform customer contracts at anticipated cost levels; and other factors that generally affect the business of aerospace, defense contracting, marine, electronics and industrial companies. Please refer to the Company's current SEC filings under the Securities Exchange Act of 1934, as amended, for further information.

Jim Ryan
(704) 869-4621
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OSAKA, Japan--(BUSINESS WIRE)--Daigas Gas and Power Solution Co., Ltd. (“DGPS”), a 100% subsidiary of Osaka Gas Co., Ltd. (TOKYO: 9532), has established an expanded business collaboration for onsite hydrogen generator technology with Hyundai Rotem Company (“HRC”), an affiliate of Hyundai Motor Group, allowing HRC to sell the generators outside South Korea.

Daigas Group (formerly Osaka Gas Group) launched the first model of “HYSERVE” ^(*1), onsite hydrogen generator, in 2003 by adopting its accumulated knowledge on catalyst. DGPS introduced a new model “HYSERVE-300” with hourly hydrogen production capacity of 300 Nm³ in 2013. DGPS, as manufacturer of HYSERVE-300, has sold the units mainly to hydrogen fueling stations.

Then in 2019, DGPS granted HRC to manufacture and sell “Hy-Green”, hydrogen generator utilizing the technology of HYSERVE-300, enabling HRC to meet the increasing demand for hydrogen fueling stations in South Korea.

After confirming HRC’s successful launch of Hy-Green, DGPS has decided to globally deploy its HYSERVE technology through enabling HRC to sell Hy-Green outside of South Korea. DGPS believes this will contribute the prompt buildup of distributed hydrogen supply infrastructure which is necessary for the decarbonization in transportation sector.

Hy-Green will be sold by HRC for the on-site hydrogen fueling station for various hydrogen mobilities (small vehicles, buses, trucks, construction equipment, train, ships, drones and etc), fuel cell power plant, and biogas production facilities (to produce hydrogen) in order to expand the hydrogen supply chain.

HRC has already developed mass production capacity of Hy-Green and is ready for receiving inquiries from the world including those through Daigas Group.

Daigas Group including DGPS is going to expand its overseas energy business from upstream to downstream by fully utilizing its experiences in and out of Japan and its existing overseas business platforms.

Media Inquiries:
Media Team, Public Relations Department, Osaka Gas Co., Ltd.
[Phone] +81-6-6205-4515

Emerson to help customers cut costs with ENERGY STAR-awarded, EPA-recognized Sensi^TM smart thermostats

ST. LOUIS--(BUSINESS WIRE)--In celebration of Emerson’s Sensi™ smart thermostat being named the first smart thermostat to receive the ENERGY STAR Partner of the Year – Sustained Excellence Award, St. Louis companies Emerson and Ameren Missouri are teaming up to offer consumers special, energy-saving technology.

Through this latest collaboration, Ameren Missouri customers can receive an energy savings bundle that includes both a Sensi smart thermostat and an Emporia smart plug for only $1 plus required sales tax.

“Sensi is the first thermostat to win this recognition from ENERGY STAR, and we’re proud to partner with Ameren Missouri to ensure customers across the state can benefit from this smart, sustainable technology at very little cost,” said Jamie Froedge, executive president of Emerson’s Commercial & Residential Solutions business. “We’re proud to help consumers use energy more efficiently while saving money and having even greater control over their personal comfort, no matter the temperature outside.”

Emerson’s Sensi smart thermostat helps customers save money and reduce their carbon footprint by heating and cooling homes more efficiently through features like flexible scheduling, remote access via the mobile app and geofencing to help automatically adjust their temperature when they’re away. The Sensi smart thermostat does not require a common wire, is easy to install and integrates with all major smart home platforms including Amazon Alexa, Google Assistant, Apple HomeKit and SmartThings.

“More and more customers are looking to smart thermostats as a way to conserve energy and save money on their bill,” said Tony Lozano, director of energy solutions Ameren Missouri. “We’re proud to partner with companies like Emerson that are committed to sustainability and reducing carbon emissions, and we’re excited to help our customers get an easy-to-install Sensi smart thermostat at such a reduced cost.”

The Sensi thermostat giveaway is just one component of Ameren Missouri’s residential energy efficiency program. Customers also have the power to save on heat pump water heaters, HVAC systems and other products that use less energy. Find more ways to save at AmerenMissouriSavings.com.

To request a Sensi smart thermostat, visit AmerenMissouri.com/Sensi. To learn more about Emerson’s Sensi smart thermostats, visit Sensi.Emerson.com or connect with Sensi thermostat on Facebook or Twitter.

About Emerson

Emerson (NYSE: EMR), headquartered in St. Louis, Missouri (USA), is a global technology and software company providing innovative solutions for customers in industrial, commercial and residential markets. Our Automation Solutions business helps process, hybrid and discrete manufacturers maximize production, protect personnel and the environment while optimizing their energy and operating costs. Our Commercial & Residential Solutions business helps ensure human comfort and health, protect food quality and safety, advance energy efficiency and create sustainable infrastructure. For more information visit Emerson.com.

About Ameren Missouri

Ameren Missouri has been providing electric and gas service for more than 100 years, and the company's electric rates are among the lowest in the nation. Ameren Missouri's mission is to power the quality of life for its 1.2 million electric and 132,000 natural gas customers in central and eastern Missouri. The company's service area covers 64 counties and more than 500 communities, including the greater St. Louis area. For more information, visit Ameren.com/Missouri or follow us on Twitter at @AmerenMissouri or Facebook.com/AmerenMissouri.

For Emerson

Sarah Wheeler
Phone: 218-340-9040
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MIDLAND, Texas--(BUSINESS WIRE)--ProPetro Holding Corp. ("ProPetro" or "the Company") (NYSE: PUMP) today announced financial and operational results for the second quarter of 2022.

Second Quarter 2022 and Recent Highlights

• Total revenue for the quarter increased 11% to $315 million compared to $283 million for the first quarter of 2022.

• Net loss for the quarter was $33 million, or $0.32 per diluted share, compared to net income of $12 million, or $0.11 per diluted share, for the first quarter of 2022.

• Recorded impairment expense of $57 million in connection with our DuraStim^® equipment.

• Adjusted EBITDA⁽¹⁾ for the quarter increased 13% to $76 million or 24% of revenues compared to $67 million for the first quarter of 2022.

• Effective utilization for the second quarter improved 8% to 14.8 fleets compared to 13.7 fleets for the first quarter of 2022.

• Net cash provided by operating activities for the quarter of $78 million as compared to $25 million for the first quarter of 2022.

• Positive Free Cash Flow⁽²⁾ for the quarter was approximately $0.6 million as compared to negative Free Cash Flow of approximately $39 million for the first quarter of 2022.

• Recently ordered additional Tier IV Dynamic Gas Blending ("DGB" or "dual-fuel") frac units.

Sam Sledge, Chief Executive Officer, commented, “The Company produced another strong quarter of operational and financial performance in spite of many crosswinds and challenges, including continuing supply chain disruptions and cost inflation. We attribute this success to the hard work and effort of our team executing on our returns-focused strategy to take advantage of improving market conditions and increased demand for our services, all bolstered by first-in-class service at the wellsite.

As part of our fleet transition strategy announced last year, we now have three Tier IV DGB fleets operating and expect a fourth Tier IV DGB fleet to be operating in the fourth quarter of this year, subject to final equipment deliveries over the coming months. With the additional orders announced today, we anticipate having approximately six marketed Tier IV DGB fleets during the first quarter of 2023. Given customer interest in long-term contracts for gas-burning equipment with our efficient crews, we are experiencing accelerating demand for Tier IV DGB assets into 2023.

Additionally, I want to comment that the demand for electric solutions from efficient frac providers is gaining momentum and ProPetro plans to play a significant role in the electric future of the Permian Basin. We have assessed multiple electric frac offerings with plans to deploy an electric solution in 2023, therefore putting our team in a position to participate directly in the electrification and industrialization of the Permian Basin. We are excited about continuing our transition to more efficient solutions that support gas-burning opportunities for our customers to help lower costs, reduce greenhouse gas emissions, and enhance our future competitiveness and free cash flow profile."

David Schorlemer, Chief Financial Officer, commented, "Our positive financial performance in the second quarter is a result of our commitment to our strict fleet deployment strategy and our pursuit of margin-over-market share. Achieving mid-cycle economics this early in the year gives our team confidence to move forward with our customers to prioritize Tier IV DGB equipment and the deployment of electric frac fleets in 2023."

Second Quarter 2022 Financial Summary

Revenue for the second quarter of 2022 was $315 million, compared to revenue of $283 million for the first quarter of 2022. The 11% increase was attributable to our increased effectively utilized fleet count of 14.8 fleets, from 13.7 fleets in the first quarter of 2022, driven by fleet repositioning and increased pricing.

Cost of services, excluding depreciation and amortization of approximately $31 million, for the second quarter of 2022 increased to $219 million from $197 million during the first quarter of 2022. The 11% increase was attributable to the increased operational activity levels and cost inflation in the second quarter of 2022.

General and administrative expense of $25 million for the second quarter of 2022 decreased from $32 million in the first quarter of 2022. General and administrative expense, exclusive of a net expense of $5 million relating to a non-recurring net legal expense of approximately $2 million and non-cash items consisting of stock-based compensation of approximately $3 million, was $20 million, or 6% of revenue, for the second quarter of 2022 compared to 7% of revenue for the first quarter of 2022. The decrease in our general and administrative expense as a percentage of revenue was driven by higher revenue in the second quarter of 2022.

Net loss for the second quarter of 2022 totaled $33 million, or $0.32 per diluted share, compared to net income of $12 million, or $0.11 per diluted share, for the first quarter of 2022. The net loss recorded in the second quarter of 2022 was primarily driven by the non-recurring and non-cash impairment expense of $57 million in connection with our DuraStim^® equipment.

Adjusted EBITDA increased to $76 million for the second quarter of 2022 from $67 million for the first quarter of 2022. The increase in Adjusted EBITDA was primarily attributable to increased activity, fleet repositioning and net pricing improvements.

Liquidity and Capital Spending

As of June 30, 2022, total cash was $70 million and the Company remained debt free. Total liquidity at the end of the second quarter of 2022 was $185 million including our total cash balance and available borrowing capacity under the Company’s revolving credit facility.

Capital expenditures incurred during the second quarter of 2022 were $89 million, the majority of which related to maintenance expenditures and our previously announced Tier IV DGB conversions. Net cash used in investing activities from our statement of cash flow during the second quarter of 2022 was $78 million.

Outlook

Effective utilization for the second half of 2022 is expected to be in the range of 14 to 15 fleets. Based on that range and assuming current market and industry conditions, the Company currently anticipates full year 2022 adjusted EBITDA to be at or above $300 million with capital expenditures increasing to a range of $300 million to $350 million due to the additional orders of Tier IV DGB frac units.

Mr. Schorlemer added, "As we plan to meet customer demand for gas-burning offerings in the face of pronounced supply chain constraints, we have accelerated some of our 2023 capital expenditures into 2022 that would otherwise have been allocated to maintaining and upgrading our conventional fleets, in favor of Tier IV DGB equipment. We believe this investment will protect our ability to expand margins further in 2023 and enhance our free cash flow longer term. Assuming a continuing favorable operating environment, which we believe will continue to strengthen as we move into 2023, capital expenditures next year are currently expected to be meaningfully lower. This sets the Company up for material free cash flow in 2023 and a further bolstering of our already strong liquidity position which enables our longer term capital allocation strategy."

Mr. Sledge concluded, "As we begin to approach 2023 into what we believe is a structurally undersupplied global crude oil market, we are optimizing ProPetro to fully benefit from global demand for short-cycle barrels in the Permian Basin. It is clear to our team that the transition to dual-fuel and electric equipment is an important step in maintaining our position as a leading Permian frac provider. The dual-fuel investment decisions announced today and the role we expect to have in the electric frac market in 2023 and beyond will support a structural shift in the capabilities of our future fleet portfolio. While these assets will certainly be a highlight in 2023, optimizing our existing footprint and evaluating new technologies and other strategic opportunities will continue to play an important role in enhancing cash-on-cash returns and the long-term competitiveness of ProPetro as we move through a sustained up cycle. We expect that favorable industry conditions, our strong balance sheet, and our relentless pursuit of operational excellence will enable success in the execution of these initiatives."

Conference Call Information

The Company will host a conference call at 8:00 AM Central Time on Wednesday, August 3, 2022, to discuss financial and operating results for the second quarter of 2022. The call will also be webcast on ProPetro’s website at www.propetroservices.com. To access the conference call, U.S. callers may dial toll free 1-844-340-9046 and international callers may dial 1-412-858-5205. Please call ten minutes ahead of the scheduled start time to ensure a proper connection. A replay of the conference call will be available for one week following the call and can be accessed toll free by dialing 1-877-344-7529 for U.S. callers, 1-855-669-9658 for Canadian callers, as well as 1-412-317-0088 for international callers. The access code for the replay is 1560734.

About ProPetro

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

Forward-Looking Statements

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

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