Initiative enables enhanced energy data integration and processing for more efficient management of the power grid

CAMBRIDGE, Mass.--(BUSINESS WIRE)--InterSystems, a creative data technology provider dedicated to helping customers solve the most critical scalability, interoperability, and speed problems, today announced its collaboration with the Agile Fractal Grid (AFG) to develop a scalable configuration data management solution that enables the digitization, decentralization, and decarbonization of power systems.

AFG selected InterSystems IRIS Data Platform™, a hybrid cloud data platform, to create a single source of truth for its power grid initiative. InterSystems IRIS provides a robust, scalable data management solution that ingests and analyzes streaming data from thousands of devices requiring milli-second decision and response. This “next generation” of real-time data processing and machine learning will enable AFG’s platform expansion for its Secure Supply Chain, Smart Manufacturing, Smart Grid, and Smart Transportation initiatives, as well as amplifying support for its comprehensive cybersecurity, edge computing, resilient electrical power, Fractal Twins, and energy services.

“The benefits of renewable energy are significant for both end users and the environment,” said John Reynolds, CEO of AFG. “We knew that to make an immediate and significant impact in how energy is delivered, we needed to work with a company that understood the importance of speed and scalability in managing energy data. InterSystems will be integral to our team’s transformation of the renewable energy and data infrastructure landscape, as it is the only partner capable of meeting the data processing and integration requirements for this initiative.”

InterSystems and AFG are addressing the industry's need for truly predictive solutions to enable the essential retooling of the electric grid. By incorporating real-time energy data processing and machine learning, InterSystems and AFG are paving the way for a next-generation data distribution network. Some of the new platform’s features include:

• Data ingestion that provides extreme throughput, performance, and scale
• Data integration that enables data processing in any format, with any protocol, from any source, harmonizing and normalizing disparate data for accurate analytics
• Embedded analytics including artificial intelligence (AI), machine learning (ML) and business intelligence (BI) to provide insights in a tiered approach that emulates nature
• Embedded interoperability that integrates data and business processes between systems to enable optimized and intelligent real-time orchestration

“As many business leaders, facility owners and municipality leaders continue to evaluate their renewable energy goals, the need to efficiently and securely manage energy sources and data will become paramount,” said Scott Gnau, Head of Data Platforms at InterSystems. “InterSystems IRIS plays a critical role in the development of AFG’s full suite of services, enabling energy security through the power of data to help organizations of all sizes and sectors meet their renewable energy goals.”

Founded eight years ago to architect the infrastructure needed to support its renewable energy platform, AFG and its consortium of over thirty organizations within the power, networking technology, and consulting sectors are moving away from centralized control of the power grid to provide a connected digital marketplace for operations, analytics, and financial applications for individual use.

For more information on the InterSystems IRIS data platform, please visit intersystems.com/IRIS.

About InterSystems

Established in 1978, InterSystems provides innovative data solutions for organizations with critical information needs in the healthcare, finance, and logistics sectors and beyond. Our cloud-first data platforms solve interoperability, speed, and scalability problems for organizations around the globe. InterSystems also develops and supports data management in hospitals through the world’s most proven electronic medical record, as well as unified care records for health systems and governments through a powerful suite of healthcare data integration solutions. The company is committed to excellence through its award-winning, 24x7 support for customers and partners in more than 80 countries. Privately held and headquartered in Cambridge, Massachusetts, InterSystems has 25 offices worldwide. For more information, please visit InterSystems.com.

About Agile Fractal Grid

The Agile Fractal Grid, Inc. (AFG) has created a platform to help cities, rural communities, campuses, and military bases achieve energy security and meet renewable energy goals while also providing gigabit broadband access. Together with its accompanying economic development ecosystem, AFG can help deploy clusters of microgrids into a system of systems to behave like a distributed utility, with the ability to participate in grid resiliency services and energy markets at scale.

InterSystems PR Contact:
Jackie D’Andrea
Inkhouse PR
781.820.5476
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(The Assessment covers New York, New England, and Eastern Canada)

NEW YORK--(BUSINESS WIRE)--Northeast Power Coordinating Council, Inc.’s (NPCC’s) annual reliability assessment forecasts the NPCC Region will have an adequate supply of electricity this summer. The overall NPCC coincident electricity summer peak demand is forecasted to be around 104,600 megawatts (MW), which is slightly higher than last summer. An installed supply capacity of about 160,000 MW is projected to be in place to meet electricity demand.

Forecasts also indicate sufficient transmission capability and adequate capacity margins to meet peak demand and required operating reserves. NPCC’s spare operable capacity (over and above reserve requirements) this summer is estimated to range from 8,000 MW to over 15,000 MW.

“Our assessment estimates that the NPCC Region’s spare operable capacity – that is the amount of electricity supply exceeding demand and required reserves – will be quite sizable. Simply put, that means that the region has extra insurance against unforeseen events and demands on the grid,” said Charles Dickerson, President and CEO of NPCC. “Against the stress tests of our assessment, the region has a reliable bulk supply and transmission capability of electricity throughout the summer months.”

For the six New England states, the state of New York and the province of Ontario, an adequate supply of electricity is forecast for this summer. Moreover, the winter peaking province of Québec and Canadian Maritime Provinces are expected to meet forecasted electricity demand by a wide margin, enabling those areas to transfer surplus electricity supplies to other areas of the region if needed.

The assessment considered a wide range of conditions including forecast demand uncertainty; unexpected generator plant outages; transmission constraints between Regions and within NPCC; implementation of operating procedures; estimated impact of demand response programs; and additional capacity unavailability coupled with reduced transfer capabilities.

“It appears that the gradual lifting of pandemic restrictions will lead to a small increase in the Region’s overall summer electricity peak demand for the first time in several years,” added Phil Fedora, NPCC’s Vice President and Chief Engineer. “However, ambient weather remains the single most important variable impacting demand forecasts during the summer.”

Throughout the summer, NPCC will continue to monitor the operating conditions on the bulk power system. As part of these efforts, NPCC conducts daily and week-ahead calls between NPCC system operators and neighboring regions to communicate current operating conditions and facilitate the procurement of assistance under emergency conditions. In addition, NPCC supports industry-wide reliability and security coordination efforts to promote communications, awareness, and information sharing.

About NPCC

Northeast Power Coordinating Council, Inc. is one of six Regional Entities located throughout the United States, Canada, and portions of Mexico that, in concert with the North American Electric Reliability Corporation, seeks to assure a highly reliable, resilient, and secure North American bulk power system through the effective and efficient identification, reduction, and mitigation of reliability risks. NPCC’s geographic area includes the six New England states, the State of New York, the provinces of Ontario, Québec, and the Canadian Maritime Provinces of New Brunswick and Nova Scotia. Overall, NPCC covers an area of nearly 1.2 million square miles, populated by approximately 56 million people.

NPCC carries out its mission through: (i) the development of regional reliability standards and compliance assessment and enforcement of continent-wide and Regional Reliability standards; (ii) coordination of system planning, design and operations, and assessment of reliability; and, (iii) the establishment of Regionally-specific criteria and monitoring and enforcement of compliance with such criteria.

###

An overview of the NPCC Summer 2022 Reliability Assessment is available at: https://www.npcc.org/news.

Stephen Allen
(617) 640-6522

DUBLIN--(BUSINESS WIRE)--The "Renewable Energy Monitor" newsletter has been added to ResearchAndMarkets.com's offering.

REM covers information across all main renewable energy sources, including onshore and offshore wind, solar, geothermal, biomass, biofuels, hydro, wave, tidal and marine. It also gives insight into new and developing technologies such as algal biofuels and advanced storage, keeping customers abreast of the latest updates and innovations relevant to any of the above sectors.

REM aims to alert readers and investors on the latest large-scale projects and IPOs, giving balanced coverage of potential global opportunities for investors and companies along the renewable energy supply chain.

In the renewables industry, policy can often dictate the fate of successful projects and investment - REM aims to provide detailed commentary and the latest news on regional issues and decision-making, from a supra-national level such as the European Commission, to national guidance such as the US EPA or Japan's METI.

For more information about this newsletter visit https://www.researchandmarkets.com/r/1epd4v

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MADISON, Wis.--(BUSINESS WIRE)--MGE Energy, Inc. (Nasdaq: MGEE), today reported financial results for the first quarter of 2022.

MGE Energy's GAAP (Generally Accepted Accounting Principles) earnings for the first quarter of 2022 were $34.4 million, or $0.95 cents per share, compared to $34.9 million, or $0.97 cents per share, for the same period in the prior year.

During the first quarter of 2022, colder weather led to an increase in gas retail sales of approximately 4% compared to the same period in the prior year. The average temperature in January 2022 was approximately 15 degrees compared to approximately 22 degrees in January 2021. The normal average temperature for January is 20 degrees.

Timing of 2021 depreciation and other operations and maintenance costs contributed to higher electric earnings in the first quarter of 2021. Depreciation and operations and maintenance costs increased during the remainder of 2021 after significant capital projects were completed. The new customer information system went live in September 2021 and Badger Hollow I was completed in November 2021. The first phase of the Badger Hollow Solar Farm is part of significant new and planned investment in renewable generation to advance the company's goal of deep decarbonization, targeting carbon reductions of at least 80% by 2030 and net-zero carbon electricity by 2050.

About MGE Energy

MGE Energy is a public utility holding company. Its principal subsidiary, Madison Gas and Electric, generates and distributes electricity to 159,000 customers in Dane County, Wis., and purchases and distributes natural gas to 169,000 customers in seven south-central and western Wisconsin counties. MGE's roots in the Madison area date back more than 150 years.

Forward-looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements are based on MGE Energy's current expectations, estimates and assumptions regarding future events, which are inherently uncertain. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to revise or update publicly any such forward-looking statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to our business in general, please refer to the "Risk Factors" sections in our Annual Report on Form 10-Q for the three months ended March 31, 2022, filed with the Securities and Exchange Commission.

Steve B. Schultz
Corporate Communications Manager
608-252-7219 | This email address is being protected from spambots. You need JavaScript enabled to view it.

Ken Frassetto
Investor Relations
608-252-4723 | This email address is being protected from spambots. You need JavaScript enabled to view it.

DUBLIN--(BUSINESS WIRE)--The "Oil and Gas Outlook and Forecast Report" has been added to ResearchAndMarkets.com's offering.

This report includes crude oil and natural gas price forecasts and commentary about the market outlook.

This report is written by an independent financial market research firm based in Austin, Texas. The author has been top ranked by Bloomberg News for its forecast accuracy in 36 different categories, including being ranked the #1 forecaster in the world of crude oil prices and natural gas prices.

Key Topics Covered:

1. Overview Page

2. Letter from the President

3. Economic Outlook and Forecasts

4. Energy Outlook and Forecasts

5. Crude Oil Outlook

6. Natural Gas Outlook

For more information about this report visit https://www.researchandmarkets.com/r/w588ft

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Laura Wood, Senior Press Manager
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MILWAUKEE--(BUSINESS WIRE)--Zurn Water Solutions Corporation (NYSE: ZWS) announced today that its Board of Directors declared a quarterly common stock dividend of $0.03 per share payable in cash on June 7, 2022 to stockholders of record as of May 20, 2022. As announced in February, the Zurn Water Solutions Board of Directors plans to increase cash returns to shareholders by more than doubling the quarterly cash dividend to $0.07 per share after close of the Elkay Manufacturing transaction.

About Zurn Water Solutions

Headquartered in Milwaukee, Wisconsin, Zurn is a growth-oriented, pure-play water business that designs, procures, manufactures, and markets what we believe is the broadest sustainable product portfolio of solutions to improve health, human safety and the environment. The Zurn Water Solutions product portfolio includes professional grade water control and safety, water distribution and drainage, finish plumbing, hygienic and environmental, and site works products for public and private spaces. Additional information about the Company can be found at www.zurnwatersolutions.com.

Forward-Looking Statements

Information in this release may involve outlook, expectations, beliefs, plans, intentions, strategies or other statements regarding the future, which are forward-looking statements. These forward-looking statements involve risks and uncertainties. All forward-looking statements included in this release are based upon information available to Zurn Water Solutions Corporation as of the date of the release, and Zurn Water Solutions Corporation assumes no obligation to update any such forward-looking statements. The statements in this release are not guarantees of future performance, and actual results could differ materially from current expectations. Numerous factors could cause or contribute to such differences. Please refer to “Risk Factors” and “Cautionary Notice Regarding Forward-Looking Statements” in the Company’s Form 10-K for the period ended December 31, 2021 as well as the Company’s annual, quarterly and current reports filed on Forms 10-K, 10-Q and 8-K from time to time with the SEC for a further discussion of the factors and risks associated with the business.

Investor Contact:
Dave Pauli
Vice President – Investor Relations
414-223-7770

Media Contact:
Angela Hersil
Director, Corporate Communications
855-480-5050
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ecobee once again recognized for its commitment to energy efficient products and solutions

TORONTO--(BUSINESS WIRE)--ecobee is proud to announce that the U.S Environmental Protection Agency has named it an ENERGY STAR Partner of the Year for the second year in a row. This award recognizes ecobee’s demonstrated leadership and commitment to improving energy efficiency through its continued innovations, including its industry-leading ecobee smart thermostats, and intelligent software platform, eco+, designed to improve energy efficiency, benefiting both consumers and the planet.

Since launching the world’s first smart thermostat, ecobee has helped customers across North America save more than 25 TWh of energy, which is the equivalent of taking all the homes in Los Angeles off the grid for a year. Today, ecobee continues to innovate with smart home solutions that solve everyday problems with comfort, security, and conservation in mind.

“Receiving this recognition for the second consecutive year underscores our commitment to developing energy efficient products and solutions and finding innovative ways to reduce carbon emissions, all while helping customers live more comfortably,” said Chris Carradine, EVP of ecobee Energy. “At ecobee, it is our mission to ensure our advanced technologies are designed to not only improve everyday life, but create a more sustainable world.”

ecobee’s ENERGY STAR-certified smart thermostats include eco+, a suite of features that helps customers save even more energy. Community Energy Savings is an opt-in feature within eco+ that works with customers’ utilities to make slight temperature adjustments when community electrical demand peaks, which lessens the overall strain on the power grid and increases the consumption of cleaner energy. The thermostats learn and adapt to the owner’s routine for comfort while at home and reduce energy while away, saving customers up to 26%¹ on annual heating and cooling costs.

ecobee has also improved access to energy efficient products by subsidizing tens of thousands of thermostats through the company’s Income Qualified program and partnering with local housing organizations, cities, and NGOs to donate devices to community housing projects. Dedicated to energy efficiency, the company continues to work to find innovative ways to reduce carbon emissions, design products to stay in homes and out of landfills, and improve access to sustainable products for families across North America.

“We know it’s going to take all of us working together to tackle the climate crisis, and the 2022 ENERGY STAR award-winning partners are demonstrating what it takes to build a more sustainable future,” said EPA Administrator Michael S. Regan. “These companies are showing once again that taking action in support of a clean energy economy can be good not only for the environment, but also for business and customers.”

Each year, EPA’S ENERGY STAR program honors a group of businesses and organizations that have made outstanding contributions to protecting the environment through superior energy achievements. Winners lead their industries in the production and sale of energy efficient products and services, and in the development and adoption of strategies that provide substantial savings in the buildings where we work, and in our homes. For more information about the ENERGY STAR’s awards program, visit www.energystar.gov.

To learn more about ecobee’s suite of industry-leading energy efficient products and solutions, visit ecobee.com.

¹ Compared to a hold of 72°F/22°C.

About ecobee

ecobee Inc. was founded in 2007 with a mission to improve everyday life while creating a more sustainable world. Since launching the world’s first smart thermostat, ecobee has helped customers across North America save more than 25 TWh of energy, which is the equivalent of taking all the homes in Los Angeles off the grid for a year. Today, ecobee continues to innovate with smart home solutions that solve everyday problems with comfort, security, and conservation in mind. With ecobee’s products, including the SmartThermostat with voice control and SmartCamera with voice control, and its Smart Security home monitoring system, ecobee continues to encourage SmartOwners to imagine what home could be. In 2021, ecobee joined Generac Holdings Inc. (NYSE: GNRC), a leading global designer and manufacturer of energy technology solutions, and other power products. Generac and ecobee share a vision to deliver a cleaner and more sustainable energy future for customers and communities. The Generac and ecobee home of the future will be more comfortable, resilient, and efficient. For more information, visit ecobee.com.

Press:
Fatima Reyes, Senior Communications Manager, ecobee
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DUBLIN--(BUSINESS WIRE)--The "Global Automotive Pumps Market by Type, Technology (Electric, Mechanical), Displacement, Vehicle Type, Sales Channel (OEM, Aftermarket), EV (BEV, HEV, PHEV, FCEV), Off-Highway Vehicles, Application and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The global automotive pump market is estimated to grow from USD 14.8 billion in 2022 to USD 18.0 billion by 2027, at a CAGR of 4.1%.

HEV is the largest electric vehicle segment of the automotive pump market during the forecast period

HEVs comprise an internal combustion engine as well as a battery. Thus, the architecture of an HEV is most suitable for installing pumps for regulating the flow of the fluid. Applications such as cooling, lubrication, and fuel injection require pumps for their efficient operation. Thus, the rising demand for HEV segment vehicles is expected to inflate the demand for automotive pumps and contribute to the growth of the global market.

Moreover, the demand for hybrid vehicles market is rising due to stringent emission regulation standards and the growing demand for low or zero-emission vehicles. Furthermore, governments of various countries provide purchase grants and tax rebates for hybrid vehicles.

For instance, in June 2021, the Indian government announced the decision to extend the second phase of the Faster Adoption and Manufacturing of Hybrid and Electric vehicle (FAME) scheme by two years to March 31, 2024. The scheme, started in 2019 for promoting sales of hybrid and electric vehicles, was supposed to end by 2022. The government across the globe is planning to launch schemes for promoting electric vehicles, the market for electric vehicles would rise and proportionally with the sales of new electric vehicles, the market for automotive pumps would rise.

Passenger car segment is expected to dominate the automotive pump market

The increase in disposable income of consumers has pushed the demand for passenger cars, which, in turn, has driven the growth of the automotive pump market. The passenger car segment is anticipated to hold the largest share in the automotive pump market. The market for automotive pump in passenger cars is expected to grow at a significant rate, particularly in the emerging economies of Asia Pacific. Furthermore, the increasing demand for electric cars by consumers and several amendments in transport policies made by various governments to curb harmful emissions are expected to drive the growth of the passenger car segment.

Asia Pacific is expected to record the highest growth rate during the forecast period

The Asia Pacific market is a vast geographical region comprising countries such as Japan, China, India, South Korea, and Thailand. China is the largest producer of automobiles in the world. The country's automotive sector has witnessed significant growth in recent years. Moreover, component manufacturing startups and Tier I companies have strengthened their foothold in the region, thereby inflating the growth of the market. In addition, established automakers in Japan, China, and South Korea are expected to cater to the increased demand for pumps from OEMs in the region.

Market Dynamics

Drivers

• Growing Demand for Fuel-Efficient Vehicles
• Implementation of Stringent Emission Norms by Regulatory Authorities
• Increasing Trend of Engine Downsizing
• Demand for Lightweight Automotive Components

Restraints

• Growing Demand for Electric Vehicles
• Increase in Installation of Electric Power Steering in Passenger Cars
• Growing Demand for SUVs

Opportunities

• Growth in Usage of Ethanol Fuel in Automotive Industry
• Growing Adoption of New Technologies
• Robust Growth in Sales of Plug-In Hybrid Electric Vehicles
• Improving Sustainability of Passenger and Freight Transport

Challenges

• Increase in Cost of Electrification of Automotive Pumps
• Decline in Growth of Aftermarket

Companies Mentioned

• Aisin Corporation
• Borgwarner Inc
• Carter Fuel Systems
• Continental AG
• Cummins
• Denso
• Eaton Corporation
• GMB Corporation
• Hella KGaA Heuck & Co.
• Hitachi
• Infineon Technologies AG
• Johnson Electric
• Magna International Inc.
• Magneti Marelli S.p.A
• Mahle GmbH
• Mikuni Corporation
• Mitsubishi Electric Corporation
• Mtq Engine Systems
• Pricol Limited
• Rheinmetall Automotive
• Robert Bosch GmbH
• SHW AG
• Standard Motor Products, Inc
• TI Fluid Systems
• Trico
• Valeo
• ZF Group

For more information about this report visit https://www.researchandmarkets.com/r/jx6hl

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WASHINGTON--(BUSINESS WIRE)--The Theodore Roosevelt Conservation Partnership^® (TRCP^®) honored Yamaha U.S. Marine Business Unit President Ben Speciale with the 2022 Conservation Achievement Award during the 14^th Annual Capital Conservation Awards dinner on May 4, 2022. Recognized alongside Senator Steve Daines (R-MT) and Congresswoman Betty McCollum (D-MN), 2022 recipients of the James D. Range Conservation Award, Speciale received his award for his leadership in conservation and environmental stewardship.

“We all have access to the natural treasures of this country through our public lands and waterways, and I’m grateful to work for a company that makes products that foster a love for the outdoors. When we can find a common ground in our desire to conserve resources and work together through bi-partisan efforts, we can ensure those resources are here for future generations to enjoy,” said Speciale. “Conservation and sustainability are at the center of the Yamaha Marine organization. I’m humbled and share this honor with my co-workers and mentor, Yamaha Marine Past President Phil Dyskow.”

Involved since childhood in his family’s marina and marine dealership, Speciale grew up with a passion for boating and fishing as well as a respect for the resources that provide those opportunities. During the last five years, he encouraged the establishment and growth of Yamaha Rightwaters™, a national sustainability program that encompasses all of Yamaha Marine’s conservation and water quality efforts. Yamaha Rightwaters reinforces Yamaha’s long-standing history of natural resource conservation and support of sustainable recreational fishing and water resources.

“Each year, the TRCP^® proudly honors individuals whose commitment to conservation has had real and lasting on-the-ground results for hunters, anglers, and all Americans,” said Whit Fosburgh, TRCP^® President and CEO. “Ben Speciale has been a leader in the fights to improve management of recreational angling in saltwater, conserve the ocean’s forage base, and tackle the threats posed to our fisheries by aquatic invasive species.”

As President of the Yamaha U.S. Marine Business Unit, Speciale directs all U.S.-based Yamaha marine activities and subsidiaries including Skeeter^® bass boats, G3^® aluminum fishing boats, Precision Propeller Industries, Bennett Marine, Siren Marine and Kracor. He also acts as Chief Sales and Marketing Officer of Marine Engines and Boat Power Systems (BPS). In addition, Speciale serves on the board of the National Marine Manufacturers Association^® and is past chairman.

Founded in 2002, the TRCP^® is the largest coalition of conservation organizations in the country, uniting and amplifying the voices of sportsmen and women by convening hunting and fishing groups, conservation organizations, and outdoor businesses to a common purpose.

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.

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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VALLEY FORGE, Pa.--(BUSINESS WIRE)--#Earnings--UGI Corporation (NYSE: UGI) today reported financial results for the fiscal quarter ended March 31, 2022.

HEADLINES

• Q2 GAAP diluted earnings per share ("EPS") of $4.32 and adjusted diluted EPS of $1.91 compared to GAAP diluted EPS of $2.33 and adjusted diluted EPS of $1.99 in the prior-year period.
• Year-to-date GAAP diluted EPS of $3.87 and adjusted diluted EPS of $2.84 compared to GAAP diluted EPS of $3.77 and adjusted diluted EPS of $3.17 in the prior-year period.
• Q2 reportable segments earnings before interest expense and income taxes¹ ("EBIT") of $631 million compared to $630 million in the prior-year period.
• Strong balance sheet with available liquidity of approximately $1.9 billion as of March 31, 2022.
• On May 4, 2022, UGI's Board of Directors approved an increase to its quarterly dividend to $0.36 per share marking the 35th consecutive year of annual dividend increases.
• Updated Fiscal 2022 adjusted EPS guidance to a range of $2.90 - $3.00² per share.

“Despite ongoing macro-economic headwinds and the current geopolitical environment, our business demonstrated tremendous resiliency during the fiscal second quarter to deliver adjusted EBIT for our reportable segments of $631 million, which was fairly consistent with the prior fiscal year," said Roger Perreault, President and Chief Executive Officer of UGI Corporation. "Our natural gas businesses delivered strong results which reflected incremental earnings from Mountaineer and higher base rates at UGI Utilities. Higher LPG margins and disciplined expense control actions throughout the business partially offset the decline in energy marketing margin at UGI International and lower volumes at AmeriGas, largely stemming from customer service challenges experienced in the prior year and increased price sensitivity in the higher commodity cost environment.

“Given the fiscal year to date performance, we expect adjusted EPS for fiscal 2022 to be within a revised guidance range of $2.90 to $3.00. Our teams have implemented margin management and expense control actions which are expected to provide incremental benefits for the remainder of the fiscal year, significantly changing our fiscal 2022 earnings profile for the back half of the year when compared to our historical trend.

“We are focused on our strategy to deliver reliable earnings growth, invest in renewables and rebalance our portfolio. With that in mind, we have initiated a strategic review of the energy marketing business at UGI International. Separately, our Utilities segment remains on track to achieve yet another record capital investment year.

“Looking forward, we are optimistic about the opportunities ahead and believe UGI is well-positioned to build increasing value and long-term growth for its shareholders.”

KEY DRIVERS OF SECOND QUARTER RESULTS

• AmeriGas: Lower total margin due to 8% decline in retail volume; higher average LPG unit margins
• UGI International: Higher LPG total margin due to margin management efforts; lower energy marketing margin due to significant increases and volatility in commodity prices
• Midstream & Marketing: Total margin down $10 million, largely reflecting lower capacity management margin resulting from the timing of settlement of storage hedge contracts
• Utilities: EBIT up $52 million, largely driven by incremental earnings from Mountaineer, higher base rates and benefits from the Distribution System Improvement Charge (DSIC) at UGI Utilities

EARNINGS CALL AND WEBCAST

UGI Corporation will hold a live Internet Audio Webcast of its conference call to discuss the quarterly earnings and other current activities at 9:00 AM ET on Thursday, May 5, 2022. Interested parties may listen to the audio webcast both live and in replay on the Internet at https://www.ugicorp.com/investors/financial-reports/presentations or by visiting the company website https://www.ugicorp.com and clicking on Investors and then Presentations. A telephonic replay will be available from 12:00 PM ET on May 5 through 11:59 PM ET May 12. The replay may be accessed toll free at 855-859-2056 and internationally at +1 404-537-3406, conference ID 9390638.

ABOUT UGI

UGI Corporation is a distributor and marketer of energy products and services. Through subsidiaries, UGI operates natural gas and electric utilities in Pennsylvania, natural gas utilities in West Virginia, distributes LPG both domestically (through AmeriGas) and internationally (through UGI International), manages midstream energy assets in Pennsylvania, Ohio, and West Virginia and electric generation assets in Pennsylvania, and engages in energy marketing, including renewable natural gas, in the Mid-Atlantic region of the United States and California, and internationally in France, Belgium, the Netherlands and the UK.

Comprehensive information about UGI Corporation is available on the Internet at https://www.ugicorp.com.

USE OF NON-GAAP MEASURES

Management uses "adjusted diluted earnings per share," a non-GAAP financial measure, when evaluating UGI's overall performance. Management believes that this non-GAAP measure provides meaningful information to investors about UGI’s performance because it eliminates the impact of (1) gains and losses on commodity and certain foreign currency derivative instruments not associated with current-period transactions and (2) other significant discrete items that can affect the comparison of period-over-period results. Volatility in net income at UGI can occur as a result of gains and losses on commodity and certain foreign currency derivative instruments not associated with current-period transactions but included in earnings in accordance with U.S. generally accepted accounting principles ("GAAP").

Non-GAAP financial measures are not in accordance with, or an alternative to, GAAP and should be considered in addition to, and not as a substitute for, the comparable GAAP measures.

Tables on the last page reconcile net income attributable to UGI Corporation, the most directly comparable GAAP measure, to adjusted net income attributable to UGI Corporation, and diluted earnings per share, the most comparable GAAP measure, to adjusted diluted earnings per share, to reflect the adjustments referred to above.

¹ Reportable segments' earnings before interest expense and income taxes represents an aggregate of our operating segment level EBIT, as determined in accordance with GAAP.

² Because we are unable to predict certain potentially material items affecting diluted earnings per share on a GAAP basis, principally mark-to-market gains and losses on commodity and certain foreign currency derivative instruments, we cannot reconcile fiscal year 2022 adjusted diluted earnings per share, a non-GAAP measure, to diluted earnings per share, the most directly comparable GAAP measure, in reliance on the “unreasonable efforts” exception set forth in SEC rules.

USE OF FORWARD-LOOKING STATEMENTS

This press release contains statements, estimates and projections that are forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended). Management believes that these are reasonable as of today’s date only. Actual results may differ significantly because of risks and uncertainties that are difficult to predict and many of which are beyond management’s control. You should read UGI’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q for a more extensive list of factors that could affect results. Among them are adverse weather conditions (including increasingly uncertain weather patterns due to climate change) resulting in reduced demand, and the seasonal nature of our business; cost volatility and availability of all energy products, including propane and other LPG, natural gas, and electricity, as well as the availability of LPG cylinders; increased customer conservation measures; the impact of pending and future legal or regulatory proceedings, inquiries or investigations; liability for uninsured claims and for claims in excess of insurance coverage; political, regulatory and economic conditions in the United States, Europe and other foreign countries, including uncertainties related to the military conflict between Russia and Ukraine, and foreign currency exchange rate fluctuations (particularly the euro); the timing of development of Marcellus and Utica Shale gas production; the availability, timing and success of our acquisitions, commercial initiatives and investments to grow our business; our ability to successfully integrate acquired businesses and achieve anticipated synergies; the interruption, disruption, failure, malfunction, or breach of our information technology systems, and those of our third-party vendors or service providers, including due to cyber-attack; the inability to complete pending or future energy infrastructure projects; our ability to achieve the operational benefits and cost efficiencies expected from the completion of pending and future transformation initiatives, including the impact of customer disruptions resulting in potential customer loss due to the transformation activities; uncertainties related to global pandemics, including the duration and/or impact of the COVID-19 pandemic; the impact of proposed or future tax legislation, including the potential reversal of existing tax legislation that is beneficial to us; and our ability to overcome supply chain issues that may result in delays or shortages in, as well as increased costs of, equipment, materials or other resources that are critical to our business operations.

SEGMENT RESULTS ($ in millions, except where otherwise indicated)

AmeriGas Propane

• Temperatures were 4.8% colder than the prior-year period.
• Retail gallons sold decreased 8% largely due to the continued impact of customer service challenges that occurred in Fiscal 2021 and increased price sensitivity in the higher commodity cost environment.
• Total margin decreased $6 million compared to the prior-year period, primarily due to lower retail volumes ($33 million), partially offset by higher average retail unit margins.
• Operating and administrative expenses increased $7 million largely due to higher general insurance ($6 million), vehicle fuel ($4 million) and bad debt reserves ($4 million), with partial offset from lower employee compensation and benefits ($7 million). Total operating and administrative expenses were also impacted by the inflationary cost environment.

UGI International

UGI International base-currency results are translated into U.S. dollars based upon exchange rates experienced during the reporting periods. Differences in these translation rates affect the comparison of line item amounts presented in the table above. The functional currency of a significant portion of our UGI International results is the euro and, to a much lesser extent, the British pound sterling. During the 2022 and 2021 three-month periods, the average unweighted euro-to-dollar translation rates were approximately $1.12 and $1.21, respectively, and the average unweighted British pound sterling-to-dollar translation rates were approximately $1.34 and $1.38, respectively.

• Retail volume increased 2% despite weather that was 4.9% warmer than the prior-year period, largely due to the recovery of certain bulk and autogas volumes that were negatively affected by the COVID-19 pandemic.
• Average propane wholesale selling prices in northwest Europe were approximately 59% higher than the prior-year period.
• Total margin decreased $49 million compared to the prior-year period, largely due to lower energy marketing margin and the translation effects of the weaker foreign currencies (approximately $20 million), partially offset by higher total LPG margins. The lower energy marketing margin was impacted by significant volatility in commodity costs and its effects on the unit margins of certain customer contracts.
• Operating income decreased $36 million compared to the prior-year period, largely due to lower total margin.
• Earnings before interest expense and income taxes decreased $29 million compared to the prior-year period due to the lower operating income, partially offset by higher realized gains on foreign currency exchange contracts ($5 million).

Midstream & Marketing

• Total margin decreased $10 million, primarily reflecting lower margins from capacity management and natural gas marketing, partially offset by higher peaking margins and incremental margin from the Stonehenge acquisition.
• Operating income decreased $5 million, primarily reflecting the decrease in total margin with partial offset from the absence of a contingent consideration adjustment related to the GHI acquisition in the prior-year.

Utilities

• Gas Utility service territory experienced temperatures that were 3.7% colder than the prior-year period.
• Core market and total gas utility volumes increased due to colder weather and incremental volume from Mountaineer.
• Total margin increased $79 million compared to the prior-year period, primarily reflecting the incremental margin from Mountaineer ($52 million), increased volumes due to colder weather, higher base rates, and a DSIC that was implemented effective April 1, 2021.
• Operating income increased $49 million compared to the prior-year period, largely reflecting the higher total margin, partially offset by higher operating and administrative expenses and higher depreciation expense both principally due to the incremental expenses attributable to Mountaineer.

Non-GAAP Financial Measures - Adjusted Net Income Attributable to UGI and Adjusted Diluted Earnings Per Share

The following tables reconcile net income attributable to UGI Corporation, the most directly comparable GAAP measure, to adjusted net income attributable to UGI Corporation, and reconcile diluted earnings per share, the most comparable GAAP measure, to adjusted diluted earnings per share, to reflect the adjustments referred to previously:

INVESTOR RELATIONS
610-337-1000
Tameka Morris, ext. 6297
Arnab Mukherjee, ext. 7498
Shelly Oates, ext. 3202

DUBLIN--(BUSINESS WIRE)--The "Downstream ME & Africa Monitor" newsletter has been added to ResearchAndMarkets.com's offering.

In a region which has shown both extensive investment and increased instability over the past few years, MEA merits a significant degree of technically minded and industry-focused coverage.

While DMEA details mid- and downstream company activity throughout the Middle East and Africa, it also contains information of tender announcements and awards, allowing customers to be kept aware of what their competitors are up to as well as informing them of new opportunities.

Sample Table of Contents

• Commentary
• Iran Re-Routes Oman Gas Pipeline to Avoid Us Intervention
• UAE in Downstream Flux
• QP Plots Global Expansion
• Mozambique on Hold
• Refining
• Samir Bidding Opens, 20 Offers Received
• Nigeria Moderates Tone on Illegal Refiners
• Pipelines
• Al-Zour Pipeline Job Suffers Further Delay
• Terminals & Shipping Puma Starts Up Storage and Fuel Supply Hub
• Vopak to Increase SA Oil Storage Capacity
• Tenders
• Posco in Front for Sohar Polyester Contract
• News in Brief

Countries Covered

• Nigeria
• Ethiopia
• Democratic Republic of the Congo
• Egypt
• South Africa
• Tanzania
• Kenya
• Uganda
• Algeria
• Sudan
• Morocco
• Mozambique
• Ghana
• Angola
• Somalia
• Ivory Coast
• Madagascar
• Cameroon
• Burkina Faso
• Niger
• Malawi
• Zambia
• Mali
• Senegal
• Zimbabwe
• Chad
• Tunisia
• Guinea
• Rwanda
• Benin
• Burundi
• South Sudan
• Eritrea
• Sierra Leone
• Togo
• Libya
• Central African Republic
• Mauritania
• Republic of the Congo
• Liberia
• Namibia
• Botswana
• Lesotho
• Gambia
• Gabon
• Guinea-Bissau
• Mauritius
• Equatorial Guinea
• Eswatini
• Djibouti
• Reunion (France)
• Comoros
• Western Sahara
• Cape Verde
• Mayotte (France)
• Sao Tome and Principe
• Seychelles
• Saint Helena
• Ascension and Tristan da Cunha (UK)
• Egypt
• Turkey
• Iran
• Iraq
• Saudi Arabia
• Yemen
• Syria
• Jordan
• United Arab Emirates
• Israel
• Libya
• Lebanon
• Palestine (West Bank and Gaza Strip)
• Oman
• Kuwait
• Qatar
• Bahrain

For more information about this newsletter visit https://www.researchandmarkets.com/r/66qitg

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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As of the end of March:

• Loop reports revenue of $0.2 million¹, compared to $nil for the same period last year
• 24 purchase orders received, surpassing 2021 annual total of 19
• Vehicles equipped with Loop’s fuel cells had accumulated in field mileage of over 400,000 km
• Loop added a second customer to enter the Scale Up Phase of its Customer Adoption Cycle – Tevva Motors Ltd.

VANCOUVER, British Columbia--(BUSINESS WIRE)--$LPEN #cleantech--Loop Energy™ (TSX: LPEN) today reported consolidated financial results for the first quarter ending March 31, 2022.

Ben Nyland, President and CEO said: "We are continuing to see traction in the market for our products. We started the year with the goal of tripling our 2021 purchase orders to 60 in 2022 and are delighted to report that as of March 31, 2022, we have already achieved 24 purchase orders. We continue to lay the foundation in 2022 to enable us to deliver against our projected future demand.”

Q1 2022 Highlights

• Revenues of $0.2 million, compared to $nil for the same period last year
• 24 purchase orders received versus 4 purchase orders in Q4 2021
• Operating expenses of $6.1 million, compared to $3.9 million for the same period last year
• Capital expenditures of $3.3 million, compared to $0.2 million for the same period last year
• Net losses of $8.0 million, compared to $4.9 million for the same period last year
• Cash and cash equivalents of $55.7 million in Q1 2022, compared to $67.0 million for the full year of 2021
• Selected to receive $9.75 million interest-free federal loan funding from Pacific Economic Development Canada
• Tevva Motors enters Scale Up Phase of Customer Adoption Cycle and selects Loop Energy as fuel cell supplier for 7.5 ton truck

Loop’s 2022 Outlook

• Targeting a tripling of purchase orders to reach sales of 60 fuel cell units
• Targeting 750,000 km of accumulated mileage in customer vehicles
• Expanding its presence in key markets, targeting a 20-fold increase in viewership at trade shows in 2022
• Planning to introduce its next-generation 120 kW fuel cell in the second half of 2022, built from the larger e-flow plate which the company expects to result in cost reductions across its entire product range. Loop also expects the larger product offering will help expand the company’s total addressable market (TAM) while reducing average cost per kW produced
• Shanghai facility expected to be operational in Q2 - although this may be delayed by the current COVID related lockdowns in China. The lease agreement also includes an option that could enable the company to triple production space in Shanghai in the medium to long term
• Loop continues to grow its engineering capability and production capacity in Burnaby, British Columbia with a stated objective of being able to demonstrate the ability to produce 200 fuel cell units per annum on a single-shift basis by the end of 2022

The Company will host a conference call and webcast at 11:00 am ET (8:00 am PT) on Thursday, May 5 for a more detailed discussion of Loop Energy Inc. Q1 2022 results.

Please dial-in by phone 5-10 minutes prior to the start time and ask to join the Loop Energy call:

• Toll Free Dial-In Number: +1 (844) 931-4996
• International Dial-In Number: +1 (639) 380-0062
• Conference ID: 3025637

The Company's financial statements and management's discussion & analysis are available at investors.loopenergy.com, and www.sedar.com.

About Loop Energy Inc.
Loop Energy is a leading designer and manufacturer of fuel cell systems targeted for the electrification of commercial vehicles, including light commercial vehicles, transit buses and medium and heavy-duty trucks. Loop’s products feature the Company’s proprietary eFlow™ technology in the fuel cell stack’s bipolar plates. eFlow™ is designed to enable commercial customers to achieve performance maximization and cost minimization. Loop works with OEMs and major vehicle sub-system suppliers to enable the production of hydrogen fuel cell electric vehicles. For more information about how Loop is driving towards a zero-emissions future, visit www.loopenergy.com.

1. All amounts are in CAD dollars unless otherwise noted and have been prepared in accordance with International Financial Reporting Standards (IFRS).

Forward Looking Information
This press release contains forward-looking information within the meaning of applicable securities legislation, which reflect management's current expectations and projections regarding future events. Particularly, statements regarding the Company's expectations of future results, performance, achievements, prospects or opportunities or the markets in which we operate is forward-looking information, including without limitation, the future receipt of loan funding from Pacific Economic Development Canada; our 2022 targets of achieving 60 purchase orders, achieving 750,000 km of accumulated mileage in customer vehicles and a 20-fold increase in viewership at trade shows; the expansion of the company’s total addressable market (TAM) for hydrogen fuel cells; our future growth prospects and business outlook including without limitation the expected demand for our products, the planned growth of our customer base and the expected growth of our operations globally; our expected manufacturing capacity and production capability; the timing of the completion, commissioning and start-up of our new production facility in Shanghai, China; the expected rollout and timing of our planned field deployment of our next generation 120 kW fuel cell stacks and the belief that the larger e-flow plate will result in cost reductions across our entire product range and expand our TAM; and the extent of the disruption to and/or adverse impact on our business, operation results and financial condition as a result of the COVID-19 pandemic, including without limitation the current COVID related lockdowns in China.. Forward-looking information is based on a number of assumptions (including without limitation assumptions with respect the current and future performance of the Company's products, growth in demand for the Company's products, the Company’s ability to execute on its strategy, achieve its targets and progress existing and future customers through the Customer Adoption Cycle in a timely way, the impact of COVID-19 on our operations and the availability and receipt of the loan funds from Pacific Economic Development Canada in the future and the Government of Canada’s continued support of a transition to clean technologies) and is subject to a number of risks and uncertainties, many of which are beyond the Company's control and could cause actual results and events to vary materially from those that are disclosed, or implied, by such forward‐looking information. Such risks and uncertainties include, but are not limited to, the receipt of the loan funds from Pacific Economic Development Canada in the future, the realization of electrification of transportation, the elimination of diesel fuel and ongoing government support of such developments, the expected growth in demand for fuel cells for the commercial transportation market, our ability to obtain future patent grants for our proprietary technology and the effectiveness of current and future patents in protecting our technology and the factors discussed under "Risk Factors" in the Company's Annual Information Form dated March 23, 2022. Loop disclaims any obligation to update these forward-looking statements.

Investor Inquiries:
Bill Zhang | Tel: +1 604.222.3400 Ext. 299 | This email address is being protected from spambots. You need JavaScript enabled to view it.
Laine Yonker | Tel: +1 646.653.7035 | This email address is being protected from spambots. You need JavaScript enabled to view it.

Media Inquiries:
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DUBLIN--(BUSINESS WIRE)--The "Indonesia Diesel Genset Market Report: By Power Rating, Application - Latest Trends, Competition Analysis and Demand Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.

The estimated Indonesian diesel genset market 2021 value was $339.9 million, and it will reach $504.5 million by 2030, at a 4.5% CAGR between 2021 and 2030.

The key reason behind it would be the high frequency of power outages in the country owing to its poor grid infrastructure and high incidence of natural calamities, such as earthquakes, incessant rain and flood, and volcanic eruptions.

For instance, during February-April 2021, certain parts of Indonesia were ravaged by floods and rain, which led to a massive power outage. Moreover, the country faces a critical shortage of coal, with mining firms deliberately not meeting their targets to supply 25% of the output to domestic power plants. Further, the government estimated in May 2021 that across the country, 500,000 households were still without a grid connection.

During the COVID-19 pandemic, diesel genset sales dropped massively in the country because of the closure of major industrial and commercial spaces and challenges in the import of these systems and their components. However, as the lockdowns have now been lifted, economic activity is resurging. Moreover, on January 12, 2022, the country lifted the ban on the arrival of people from overseas, which is a positive sign for its tourism sector.

Key Findings of Indonesia Diesel Genset Market Report

• Till now, gensets with a power rating of 5 to 75 kVA have witnessed the highest sales (in terms of volume) due to their lower prices and popularity in small industries, residential facilities, telecom towers, commercial complexes, restaurants, and hotels.
• However, high-power variants are now beginning to trend in the Indonesian diesel genset market because the government is strongly focusing on the development of industrial and social infrastructure.
• For instance, the National Medium-Term Development Plan (2020-2024) entails a spending of $412 billion for the construction of highways, buildings, roads, ports, and refineries, thereby driving the demand for gensets for powering construction equipment.
• Among the residential, industrial, and commercial sectors, the industrial sector will most rapidly increase the procurement of such power production systems in the country in the coming years.
• In this regard, the Making Indonesia 4.0 initiative, which aims to make the country a global manufacturing hub, will be a key Indonesian diesel genset market growth driver.
• In the same way, the high population of the country has made the residential sector the greatest user of gensets. This is also attributed to the large number of people who don't have grid connections, thus depend on gensets.

Major Players

• Cummins Inc.
• Caterpillar Inc.
• Deutz AG
• Doosan Heavy Industries & Construction Co. Ltd.
• Kohler Co.
• Mitsubishi Heavy Industries Ltd.
• Rolls-Royce plc
• Yanmar Holdings Co. Ltd.
• Aksa Power Generation

Key Topics Covered:

Chapter 1. Research Background

1.1 Research Objectives

1.2 Market Definition

1.3 Analysis Period

1.4 Market Data Reporting Unit

1.5 Market Size Breakdown by Segment

1.6 Key Stakeholders

Chapter 2. Research Methodology

2.1 Secondary Research

2.2 Primary Research

2.3 Market Size Estimation

2.4 Data Triangulation

2.5 Notes and Caveats

Chapter 3. Executive Summary

Chapter 4. Introduction

4.1 Definition of Market Segments

4.1.1 by Power Rating

4.1.1.1 5 Kva-75 Kva

4.1.1.2 76 Kva-375 Kva

4.1.1.3 376 Kva-750 Kva

4.1.1.4 Above 750 Kva

4.1.2 by Application

4.1.2.1 Commercial

4.1.2.1.1 Retail Establishments

4.1.2.1.2 Offices

4.1.2.1.3 Telecom Towers

4.1.2.1.4 Hospitals

4.1.2.1.5 Hotels

4.1.2.1.6 Others

4.1.2.2 Industrial

4.1.2.2.1 Manufacturing

4.1.2.2.2 Energy & Power

4.1.2.2.3 Others

4.1.2.3 Residential

Chapter 5. Industry Outlook

5.1 Market Dynamics

5.1.1 Trends

5.1.1.1 Rise in Demand for High-Power-Rating Diesel Gensets

5.1.2 Drivers

5.1.2.1 Growth in Industrial and Construction Sectors

5.1.2.2 Power Outages

5.1.2.3 Growth in Telecom Sector

5.1.2.4 Impact Analysis of Drivers on Market Forecast

5.1.3 Restraints

5.1.3.1 Harmful Effects of Diesel Gensets

5.1.3.2 Growing Demand for Generators Based on Alternative Fuels

5.1.3.3 Impact Analysis of Restraints on Market Forecast

5.2 Impact of Covid-19

Chapter 6. Indonesia Market Size and Forecast

6.1 Overview

6.2 Market Volume, by Power Rating

6.3 Market Revenue, by Power Rating

6.4 Market Volume, by Application

6.4.1 Commercial Market Volume, by User

6.4.2 Commercial Market Volume, by Power Rating

6.4.3 Industrial Market Volume, by User

6.4.4 Industrial Market Volume, by Power Rating

6.5 Market Revenue, by Application

6.5.1 Commercial Market Revenue, by User

6.5.2 Commercial Market Revenue, by Power Rating

6.5.3 Industrial Market Revenue, by User

6.5.4 Industrial Market Revenue, by Power Rating

Chapter 7. Competitive Landscape

7.1 Market Share Analysis of Key Players

7.2 Diesel Genset Offerings of Key Players

7.3 Competitive Benchmarking of Key Players

7.4 Recent Strategic Developments of Key Players

7.4.1 Product Launches

7.4.2 Other Developments

Chapter 8. Company Profiles

8.1 Business Overview

8.2 Product and Service Offerings

8.3 Key Financial Summary

For more information about this report visit https://www.researchandmarkets.com/r/shjxc6

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

NEW YORK--(BUSINESS WIRE)--New Fortress Energy Inc. (NASDAQ: NFE) (“NFE” or the “Company”) today reported its financial results for the first quarter of 2022.

Summary Highlights

• Reported Q1 2022 net cash flow from operations of $114 million, net income of approximately $241 million and EPS of $1.13 per share on a fully diluted basis
• Reported Q1 2022 Adjusted EBITDA of approximately $258 million (six-months trailing of $592 million)
• Reiterated on-track to achieve illustrative full-year 2022 and 2023 Adjusted EBITDA targets⁽¹⁾ of $1.0+ billion and $1.5+ billion, respectively
• NFE’s Board of Directors approved a dividend of $0.10 per share, with a record date of June 14, 2022 and a payment date of June 28, 2022
• Continued to execute across multiple strategic initiatives. Within the past 60 days:
  • Accelerated optimization initiatives associated with NFE’s floating storage and regasification (FSRU) ships portfolio – 9 FSRUs in total (6 operational, 3 conversion candidates), 3 open / coming open in 2022
  • Executed two 20-year sale and purchase agreements with Venture Global for total 2 million tonnes per annum (mtpa) of LNG supply on free-on-board basis (FOB) from announced / expected onshore Louisiana LNG facilities
  • Materially progressed Fast LNG liquefaction FID projects (Fast LNG 1-3) and new Fast LNG opportunities:
    • Advanced commercial discussions with Eni⁽²⁾ for 1.4 mtpa (tolling arrangement with 50% offtake rights to NFE per signed MOU announced 2/28)
    • Filed permit applications for 2.8 mtpa deployment offshore Louisiana (100% merchant to NFE, targeted initial in-service 1Q23)
    • Long-lead procurement items for Fast LNG units 2 and 3 have been placed; on schedule with construction activities to place 2 Fast LNG units into service in 2023
    • Advanced pre-application progress for 6 additional Fast LNG permits (1.4 mtpa each) for offshore U.S. Gulf Coast deployment
  • Advanced Zero Parks hydrogen business in-line with previously reported expectations; expect to reach FID⁽³⁾ and break ground on U.S. Gulf Coast green hydrogen project in Q2 2022

Financial Highlights

Please refer to our Q1 2022 Investor Presentation (the “Presentation”) for further information about the following terms:

1. "Illustrative Adjusted EBITDA" is based on the "Illustrative Total Segment Operating Margin Goal" less illustrative Core SGA assumed to be at $145M including the pro rata share of Core SG&A from unconsolidated entities.“Illustrative Total Segment Operating Margin Goal,” or “Illustrative Future Goal” means our goal for Total Segment Operating Margin under certain illustrative conditions. Please refer to this explanation for all uses of this term in this press release. This goal reflects the volumes of LNG that it is our goal to sell under binding contracts multiplied by the average price per unit at which we expect to price LNG deliveries, including both fuel sales and capacity charges or other fixed fees, less the cost per unit at which we expect to purchase or produce and deliver such LNG or natural gas, including the cost to (i) purchase natural gas, liquefy it, and transport it to one of our terminals or purchase LNG in strip cargos or on the spot market, (ii) transfer the LNG into an appropriate ship and transport it to our terminals or facilities, (iii) deliver the LNG, regasify it to natural gas and deliver it to our customers or our power plants and (iv) maintain and operate our terminals, facilities and power plants. For vessels chartered to third parties, this illustration reflects the revenue from ships chartered to third parties, capacity and tolling arrangements, and other fixed fees, less the cost to operate and maintain each ship, in each case based on contracted amounts for ship charters, capacity and tolling fees, and industry standard costs for operation and maintenance. There can be no assurance that the costs of purchasing or producing LNG, transporting the LNG and maintaining and operating our terminals and facilities will result in the Illustrative Total Segment Operating Margin Goal reflected. For the purpose of this press release, we have assumed an average Total Segment Operating Margin between $6.76 and $16.25 per MMBtu for all downstream terminal economics, because we assume that (i) we purchase delivered gas at a weighted average of $9.58 in Q2-22, $10.33 in 2022, and $11.50 in 2023, (ii) our volumes increase over time, and (iii) we will have costs related to shipping, logistics and regasification similar to our current operations because the liquefaction facility and related infrastructure and supply chain to deliver LNG from Pennsylvania or Fast LNG (“FLNG”) does not exist, and those costs will be distributed over the larger volumes. For Hygo + Suape assets we assume an average delivered cost of gas of $19.50 in 2022, and $16.21 in 2023 based on industry averages in the region and the existing LNG contract at Sergipe. Hygo + Sergipe incremental assets include every terminal and power plant other than Sergipe, and we assume all are Operational and earning revenue through fuel sales and capacity charges or other fixed fees. This illustration reflects our effective share of operating margin from Sergipe Power Plant. For Vessels chartered to third parties, this illustration reflects the revenue from ships chartered to third parties, capacity and tolling arrangements, and other fixed fees, less the cost to operate and maintain each ship, in each case based on contracted amounts for ship charters, capacity and tolling fees, and industry standard costs for operation and maintenance. We assume an average Total Segment Operating Margin of up to $218k per day per vessel and our effective share of revenue and operating expense related to the existing tolling agreement for the Hilli FLNG going forward. For Fast LNG, this illustration reflects the difference between the delivered cost of open LNG and the delivered cost of open market LNG less Fast LNG production cost. Management is currently in multiple discussions with counterparties to supply feedstock gas at pricing up to $3.89 per MMBtu, multiplied by the volumes for Fast LNG installation of 1.2 MTPA each per year. These costs do not include expenses and income that are required by GAAP to be recorded on our financial statements, including the return of or return on capital expenditures for the relevant project, and selling, general and administrative costs. Our current cost of natural gas per MMBtu are higher than the costs we would need to achieve Illustrative Total Segment Operating Margin Goal, and the primary drivers for reducing these costs are the reduced costs of purchasing gas and the increased sales volumes, which result in lower fixed costs being spread over a larger number of MMBtus sold. References to volumes, percentages of such volumes and the Illustrative Total Segment Operating Margin Goal related to such volumes (i) are not based on the Company’s historical operating results, which are limited, and (ii) do not purport to be an actual representation of our future economics. We cannot assure you if or when we will enter into contracts for sales of additional LNG, the price at which we will be able to sell such LNG, or our costs to produce and sell such LNG. Actual results could differ materially from the illustration and there can be no assurance we will achieve our goal.
2. NFE’s project with Eni is subject to entering into definitive agreements.
3. “FID” means management has made an internal commitment to commit resources (including capital) to a particular project. Our management has not made an FID decision on certain projects as of the date of this press release, and there can be no assurance that we will be willing or able to make any such decision, based on a particular project’s time, resource, capital and financing requirements.
4. “Total Segment Operating Margin” is the total of our Terminals and Infrastructure Segment Operating Margin and Ships Segment Operating Margin. Terminals and Infrastructure Segment Operating Margin includes our effective share of revenue, expenses and operating margin attributable to our 50% ownership of Centrais Elétricas de Sergipe Participações S.A. (“CELSEPAR”). Ships Segment Operating Margin includes our effective share of revenue, expenses and operating margin attributable to our ownership of 50% of the common units of Hilli LLC. Hilli LLC owns Golar Hilli Corporation (“Hilli Corp”), the disponent owner of the Hilli.
5. “Adjusted EBITDA” see definition and reconciliation of this non-GAAP measure in the exhibits to this press release.

Additional Information

For additional information that management believes to be useful for investors, please refer to the presentation posted on the Investors section of New Fortress Energy’s website, www.newfortressenergy.com, and the Company’s most recent Annual Report on Form 10-K, which is available on the Company’s website. Nothing on our website is included or incorporated by reference herein.

Earnings Conference Call

Management will host a conference call on Thursday, May 5, 2022 at 8:00 A.M. Eastern Time. The conference call may be accessed by dialing (866) 953-0778 (from within the U.S.) or (630) 652-5853 (from outside of the U.S.) fifteen minutes prior to the scheduled start of the call; please reference “NFE First-Quarter 2022 Earnings Call."

A simultaneous webcast of the conference call will be available to the public on a listen-only basis at www.newfortressenergy.com. Please allow extra time prior to the call to visit the website and download any necessary software required to listen to the internet broadcast.

A replay of the conference call will be available after 11:00 A.M. Eastern Time on May 5, 2022 through 11:00 A.M. Eastern Time on May 12, 2022 at (855) 859-2056 (from within the U.S.) or (404) 537-3406 (from outside of the U.S.), Passcode: 4257013.

About New Fortress Energy Inc.

New Fortress Energy Inc. (NASDAQ: NFE) is a global energy infrastructure company founded to help address energy poverty and accelerate the world’s transition to reliable, affordable, and clean energy. The company owns and operates natural gas and liquefied natural gas (LNG) infrastructure, ships, and logistics assets to rapidly deliver turnkey energy solutions to global markets. Collectively, the company’s assets and operations reinforce global energy security, enable economic growth, enhance environmental stewardship and transform local industries and communities around the world.

Cautionary Statement Concerning Forward-Looking Statements

Certain statements contained in this press release constitute “forward-looking statements” including: our expected delivery and sales volumes of LNG and growth goals, including with respect to ability to finalize definitive agreements, cargo optimization, and other drivers; expected needs for LNG supply and demand in the future; expectations regarding ability to construction, complete and commission our projects on time and within budget to derive expected goals and benefits; ability to maintain our expected development timelines; expected or illustrative financial metrics; our ability to finalize and execute definitive agreements with Eni and to fulfill all of the conditions precedent to effectiveness under our HOA; expectations regarding our benefits from our Fast LNG asset and ability to use our current assets for our Fast LNG project; expectations regarding our ability to place our Fast LNG asset into service within our expected timeline; our ability to match our LNG supply and demand profile; our expected needs for LNG supply in the future; our ability to reach FID on our NFE Zero Parks facility; capitalization of NFE Zero Parks; and the implementation and success of our financing alternatives, including any asset sales. You can identify these forward-looking statements by the use of forward-looking words such as “expects,” “may,” “will,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative version of those words or other comparable words. These forward-looking statements represent the Company’s expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of the Company’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: the risk that the volumes we are able to sell are less than we expect due to decreased customer demand or our inability to supply; our ability to successfully benefit from current elevated and volatile commodity market environment; the risk that our development, construction or commissioning of our facilities will take longer than we expect; the risk that we fail to meet internal financial metrics or financial metrics posed by the market on us; the risk that we may not develop our Fast LNG project on the timeline we expect or at all, or that we do not receive the benefits we expect from the Fast LNG project; cyclical or other changes in the demand for and price of LNG and natural gas; the risk that the foregoing or other factors negatively impact our liquidity and our ability to capitalize our projects; and the risk that we may be unable to implement our financing strategy or to effectively leverage our assets. Accordingly, readers should not place undue reliance on forward-looking statements as a prediction of actual results.

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

Exhibits – Financial Statements

Adjusted EBITDA
For the three months ended March 31, 2022
(Unaudited, in thousands of U.S. dollars)

Adjusted EBITDA is not a measurement of financial performance under GAAP and should not be considered in isolation or as an alternative to income/(loss) from operations, net income/(loss), cash flow from operating activities or any other measure of performance or liquidity derived in accordance with GAAP. We believe this non-GAAP measure, as we have defined it, offers a useful supplemental view of the overall operation of our business in evaluating the effectiveness of our ongoing operating performance in a manner that is consistent with metrics used for management’s evaluation of the Company’s overall performance and to compensate employees. We believe that Adjusted EBITDA is widely used by investors to measure a company’s operating performance without regard to items such as interest expense, taxes, depreciation, and amortization which vary substantially from company to company depending on capital structure, the method by which assets were acquired and depreciation policies. Further, we exclude certain items from our SG&A not otherwise indicative of ongoing operating performance.

We calculate Adjusted EBITDA as net income, plus transaction and integration costs, contract termination charges and loss on mitigations sales, depreciation and amortization, interest expense (net of interest income), other (income), net, loss on extinguishment of debt, changes in fair value of non-hedge derivative instruments and contingent consideration, tax expense, and adjusting for certain items from our SG&A not otherwise indicative of ongoing operating performance, including non-cash share-based compensation and severance expense, non-capitalizable development expenses, cost to pursue new business opportunities and expenses associated with changes to our corporate structure, plus our pro rata share of Adjusted EBITDA from unconsolidated entities, less the impact of equity in earnings (losses) of unconsolidated entities.

Adjusted EBITDA is mathematically equivalent to our Total Segment Operating Margin, as reported in the segment disclosures within our financial statements, minus Core SG&A, including our pro rata share of such expenses of unconsolidated entities. Core SG&A is defined as total SG&A adjusted for non-cash share-based compensation and severance expense, non-capitalizable development expenses, cost of exploring new business opportunities and expenses associated with changes to our corporate structure. Core SG&A excludes certain items from our SG&A not otherwise indicative of ongoing operating performance.

The principal limitation of this non-GAAP measure is that it excludes significant expenses and income that are required by GAAP to be recorded in our financial statements. Investors are encouraged to review the related GAAP financial measures and the reconciliation of the non-GAAP financial measure to our GAAP net income/(loss), and not to rely on any single financial measure to evaluate our business. Adjusted EBITDA does not have a standardized meaning, and different companies may use different Adjusted EBITDA definitions. Therefore, Adjusted EBITDA may not be necessarily comparable to similarly titled measures reported by other companies. Moreover, our definition of Adjusted EBITDA may not necessarily be the same as those we use for purposes of establishing covenant compliance under our financing agreements or for other purposes. Adjusted EBITDA should not be construed as alternatives to net income (loss) and diluted earnings (loss) per share attributable to New Fortress Energy, which are determined in accordance with GAAP.

The following table sets forth a reconciliation of net income to Adjusted EBITDA for the 3 months ended March, 31, 2021, December 31, 2021 and March 31, 2022:

Segment Operating Margin
(Unaudited, in thousands of U.S. dollars)

Performance of our two segments, Terminals and Infrastructure and Ships, is evaluated based on Segment Operating Margin. Segment Operating Margin reconciles to Consolidated Segment Operating Margin as reflected below, which is a non-GAAP measure. We define Consolidated Segment Operating Margin as GAAP net income (loss), adjusted for selling, general and administrative expense, transaction and integration costs, contract termination charges and loss on mitigation sales, depreciation and amortization, interest expense, other (income) expense, loss on extinguishment of debt, net, income from equity method investments and tax expense. Consolidated Segment Operating Margin is mathematically equivalent to Revenue minus Cost of sales minus Operations and maintenance minus Vessel operating expenses, each as reported in our financial statements.

IR:
Brett Magill
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Media:
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(516) 268-7403

DUBLIN--(BUSINESS WIRE)--The "Oil Filter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.

The global oil filter market reached a value of US$ 3.2 billion in 2021. Looking forward, the market is projected to reach US$ 4.4 billion by 2027, exhibiting a CAGR of 5.8% during 2022-2027.

Companies Mentioned

• Ahlstrom-Munksjo Oyj
• CLARCOR Inc.
• DENSO Corporation
• MAHLE GmbH
• MANN+HUMMEL International GmbH & Co. KG

Keeping in mind the uncertainties of COVID-19, the analyst is continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.

Oil filter is a device designed for eliminating impurities and foreign particles from automobile oils. It removes dirt and sludge, which further helps in keeping the oil safe and unadulterated, protecting the engine from premature wearing, enabling it to function efficiently, reducing emissions and decreasing the overall consumption of fuel. Its utilization assists in preventing contaminants from damaging the engine as oil left unfiltered can become saturated. Besides this, it is easy to replace and leaves no residue and helps in cooling the oil and monitoring the pressure.

The increasing sales of oil filters are predominantly dependent on the growing environmental concerns among individuals as well as governing agencies of several countries due to considerable emissions of greenhouse gases (GHGs). In line with this, the rising need for vehicle safety and enhancing the overall performance of the engine is strengthening the growth of the market.

Apart from this, the burgeoning automotive industry, in confluence with the increasing production of commercial vehicles on account of the surging construction activities, is catalyzing the demand for oil filters around the world. Moreover, leading manufacturers are significantly funding research and development activities (R&D) to introduce clean fuel levels in oil filters.

Besides this, vehicle owners worldwide are focusing on preventive maintenance to increase the productivity and longevity of vehicles. This, in turn, is impelling the growth of the market. Furthermore, the growing average age of vehicles in operation due to continual improvement in the quality of vehicles and associated functionalities is envisaged to offer lucrative growth opportunities to market players.

Key Questions Answered in This Report

1. What was the size of the global oil filter market in 2021?

2. What is the expected growth rate of the global oil filter market during 2022-2027?

3. What are the key factors driving the global oil filter market?

4. What has been the impact of COVID-19 on the global oil filter market?

5. What is the breakup of the global oil filter market based on the End-use?

6. What is the breakup of the global oil filter market based on the fuel type?

7. What are the key regions in the global oil filter market?

8. Who are the key players/companies in the global oil filter market?

Key Topics Covered:

1 Preface

2 Scope and Methodology

3 Executive Summary

4 Introduction

4.1 Overview

4.2 Key Industry Trends

5 Global Oil Filter Market

5.1 Market Overview

5.2 Market Performance

5.3 Impact of COVID-19

5.4 Market Breakup by End-Use

5.5 Market Breakup by Fuel Type

5.6 Market Breakup by Region

5.7 Market Forecast

5.8 SWOT Analysis

5.9 Value Chain Analysis

5.10 Porters Five Forces Analysis

6 Market Breakup by End-Use

7 Market Breakup by Fuel Type

8 Market Breakup by Region

9 Imports and Exports

9.1 Imports by Major Countries

9.2 Exports by Major Countries

10 Oil Filter Manufacturing Process

10.1 Product Overview

10.2 Raw Material Requirements

10.3 Manufacturing Process

10.4 Key Success and Risk Factors

11 Competitive Landscape

11.1 Market Structure

11.2 Key Players

11.3 Profiles of Key Players

For more information about this report visit https://www.researchandmarkets.com/r/w8f4f1

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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HOUSTON--(BUSINESS WIRE)--Cheniere Energy, Inc. (“Cheniere”) (NYSE American: LNG) today announced its financial results for the first quarter 2022.

RECENT HIGHLIGHTS

• Consolidated Adjusted EBITDA¹ of approximately $3.2 billion and Distributable Cash Flow¹ of approximately $2.5 billion for the quarter. Net loss² of approximately $865 million for the quarter.

• Raising full year 2022 Consolidated Adjusted EBITDA¹ guidance to $8.2 - $8.7 billion and full year 2022 Distributable Cash Flow¹ guidance to $5.5 - $6.0 billion due to increased volumes from maintenance optimization, the accelerated ramp-up of Train 6 of the SPL Project (defined below), and general outperformance, as well as sustained higher margins on LNG throughout 2022, and increased lifting margin.

• In line with our comprehensive capital allocation plan, during the three months ended March 31, 2022, we redeemed or repaid over $0.8 billion of consolidated long-term indebtedness, repurchased an aggregate of 0.24 million shares of our common stock for approximately $25 million, and paid a quarterly dividend of $0.33 per share of common stock on February 28, 2022.

• In February 2022, Cheniere Corpus Christi Liquefaction Stage III, LLC (“CCL Stage III”) amended its long-term Integrated Production Marketing (“IPM”) natural gas supply agreement signed in 2019 with EOG Resources, Inc. (“EOG”), extending the term to 2040 and tripling the volume of LNG associated with the natural gas supply to 2.55 million tonnes per annum (“mtpa”).

• In March 2022, CCL Stage III entered into a lump sum, turnkey, engineering, procurement and construction (“EPC”) contract with Bechtel for the Corpus Christi Stage 3 Project (defined below) and released Bechtel to commence early engineering, procurement and other site work under a limited notice to proceed (“LNTP”).

• In March 2022, Corpus Christi Liquefaction, LLC (“CCL”) amended its existing long-term LNG sale and purchase agreement (“SPA”) with Engie SA (“Engie”), increasing the volume Engie has agreed to purchase from CCL to approximately 0.9 mtpa of LNG on a free-on-board basis, and extending the term to approximately 20 years, which began in September 2021.

• In March 2022, the Federal Energy Regulatory Commission (“FERC”) and the U.S. Department of Transportation’s Pipeline and Hazardous Materials Safety Administration (“PHMSA”) jointly provided Sabine Pass Liquefaction, LLC (“SPL”) with conditional approval to recommission, cooldown and place LNG Tank 1 in-service.

• In March 2022, the U.S. Department of Energy (“DOE”) issued two long-term orders to SPL and collectively to Cheniere Marketing, LLC and CCL, authorizing additional LNG exports to any country with which the United States has not entered into a free trade agreement. The total approved export volume increased to 1,661.94 billion cubic feet per year at the SPL Project (defined below) and 875.16 billion cubic feet per year at the CCL Project (defined below). These authorizations follow orders issued by the FERC in October 2021, which authorized increased production capacity at both our Sabine Pass and Corpus Christi sites.

• In April 2022, we announced a collaboration with natural gas midstream companies, methane detection technology providers and leading academic institutions to implement quantification, monitoring, reporting and verification (“QMRV”) of greenhouse gas (“GHG”) emissions at natural gas gathering, processing, transmission, and storage systems specific to Cheniere’s LNG supply chain. This collaboration builds upon our ongoing QMRV collaboration with natural gas producers and LNG shipping providers, both of which commenced in 2021.

CEO COMMENT

“The criticality of energy security and the long-term role of LNG and natural gas as a reliable, flexible and cleaner-burning fuel has never been more evident and we are proud to be able to support our customers and end-users across the globe,” said Jack Fusco, Cheniere’s President and Chief Executive Officer. “Cheniere’s continued focus on execution, seamless operations and maintenance optimization has enabled record LNG production to help balance the global energy market.”

“Today we are raising our 2022 financial guidance due to the sustained strength in the global LNG market and an increase in expected LNG production. The current volatility in the global energy markets signals the need for additional investment in new LNG capacity, underscoring the power of the Cheniere platform. We expect to complete the remaining steps necessary to reach FID on Corpus Christi Stage 3 in the coming months.”

2022 REVISED FULL YEAR FINANCIAL GUIDANCE

SUMMARY AND REVIEW OF FINANCIAL RESULTS

Consolidated Adjusted EBITDA increased $1.7 billion during first quarter 2022 as compared to first quarter 2021, primarily due to increased margins per MMBtu of LNG and increased volumes of LNG delivered. This impact was partially offset by a decrease in gains from sales of physical gas as compared to first quarter 2021.

Net loss was $865 million for first quarter 2022, compared to net income of $393 million in first quarter 2021. The decrease was primarily due to an increase in derivative losses from changes in fair value and settlements of approximately $3.5 billion (pre-tax and excluding the impact of non-controlling interests) and a lower contribution from certain portfolio optimization activities. These impacts were partially offset by increased margins per MMBtu of LNG and increased volumes of LNG delivered during first quarter 2022, as well as the income tax benefit generated by the pre-tax derivative losses.

Substantially all derivative losses relate to the use of commodity derivative instruments indexed to international LNG prices, primarily related to our long-term IPM agreements. While operationally we seek to eliminate commodity risk by utilizing derivatives to mitigate price volatility for commodities procured or sold over a period of time, as a result of the significant appreciation in forward international LNG commodity curves during the quarter, we incurred approximately $3.1 billion of non-cash unfavorable changes in fair value attributed to positions indexed to such prices (pre-tax and excluding the impact of non-controlling interest). Our IPM agreements are structured to provide stable margins on purchases of natural gas and sales of LNG over the life of the agreement and have a fixed fee component, similar to that of LNG sold under our long-term, fixed fee LNG SPAs. However, the long-term duration and international price basis of our IPM agreements make them particularly susceptible to fluctuations in fair market value from period to period.

Share-based compensation expenses included in net income (loss) totaled $43 million for the quarter compared to $32 million for the comparable 2021 period.

Our financial results are reported on a consolidated basis. Our ownership interest in Cheniere Energy Partners, L.P. (“Cheniere Partners”) (NYSE American: CQP) as of March 31, 2022 consisted of 100% ownership of the general partner and a 48.6% limited partner interest.

BALANCE SHEET MANAGEMENT

Capital Resources

As of March 31, 2022, our total consolidated liquidity position was approximately $6.7 billion. We had cash and cash equivalents of $2.5 billion on a consolidated basis, of which $1.2 billion was held by Cheniere Partners. In addition, we had restricted cash and cash equivalents of $419 million, $1.25 billion of available commitments under the Cheniere Revolving Credit Facility, $924 million of available commitments under the Cheniere Corpus Christi Holdings, LLC (“CCH”) Working Capital Facility, $750 million of available commitments under Cheniere Partners’ credit facilities, and $832 million of available commitments under the SPL Working Capital Facility.

Key Financial Transactions and Updates

In January 2022, we redeemed all $625 million aggregate principal amount outstanding of our 4.25% Convertible Senior Notes due 2045 for approximately $526 million.

During the quarter, we repaid approximately $290 million of the outstanding borrowings under CCH’s Term Loan Credit Facility and $250 million of the outstanding borrowings under the CCH Working Capital Facility.

Liquefaction Projects Overview

SPL Project

Through Cheniere Partners, we operate six natural gas liquefaction Trains for a total production capacity of approximately 30 mtpa of LNG at the Sabine Pass LNG terminal in Cameron Parish, Louisiana (the “SPL Project”). On February 4, 2022, substantial completion was achieved on Train 6 of the SPL Project.

CCL Project

We operate three natural gas liquefaction Trains for a total production capacity of approximately 15 mtpa of LNG at the Corpus Christi LNG terminal near Corpus Christi, Texas (the “CCL Project”).

Corpus Christi Stage 3

We are developing an expansion adjacent to the CCL Project for up to seven midscale Trains with an expected total production capacity of over 10 mtpa of LNG (“Corpus Christi Stage 3”). On March 7, 2022, CCL Stage III entered into a lump sum, turnkey EPC contract with Bechtel and authorized Bechtel to commence early engineering, procurement and other site work under LNTP. We expect to reach FID on the Corpus Christi Stage 3 project in the coming months upon finalizing financing.

INVESTOR CONFERENCE CALL AND WEBCAST

We will host a conference call to discuss our financial and operating results for the first quarter 2022 on Wednesday, May 4, 2022, at 11 a.m. Eastern time / 10 a.m. Central time. A listen-only webcast of the call and an accompanying slide presentation may be accessed through our website at www.cheniere.com. Following the call, an archived recording will be made available on our website.

______________________________
¹ Non-GAAP financial measure. See “Reconciliation of Non-GAAP Measures” for further details.
² Net income (loss) as used herein refers to Net income (loss) attributable to common stockholders on our Consolidated Statements of Operations.

About Cheniere

Cheniere Energy, Inc. is the leading producer and exporter of liquefied natural gas (LNG) in the United States, reliably providing a clean, secure, and affordable solution to the growing global need for natural gas. Cheniere is a full-service LNG provider, with capabilities that include gas procurement and transportation, liquefaction, vessel chartering, and LNG delivery. Cheniere has one of the largest liquefaction platforms in the world, consisting of the Sabine Pass and Corpus Christi liquefaction facilities on the U.S. Gulf Coast, with total production capacity of approximately 45 million tonnes per annum of LNG in operation. Cheniere is also pursuing liquefaction expansion opportunities and other projects along the LNG value chain. Cheniere is headquartered in Houston, Texas, and has additional offices in London, Singapore, Beijing, Tokyo, and Washington, D.C.

For additional information, please refer to the Cheniere website at www.cheniere.com and Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, filed with the Securities and Exchange Commission.

Use of Non-GAAP Financial Measures

In addition to disclosing financial results in accordance with U.S. GAAP, the accompanying news release contains non-GAAP financial measures. Consolidated Adjusted EBITDA and Distributable Cash Flow are non-GAAP financial measures that we use to facilitate comparisons of operating performance across periods. These non-GAAP measures should be viewed as a supplement to and not a substitute for our U.S. GAAP measures of performance and the financial results calculated in accordance with U.S. GAAP and reconciliations from these results should be carefully evaluated.

Non-GAAP measures have limitations as an analytical tool and should not be considered in isolation or in lieu of an analysis of our results as reported under GAAP and should be evaluated only on a supplementary basis.

Forward-Looking Statements

This press release contains certain statements that may include “forward-looking statements” within the meanings of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical or present facts or conditions, included herein are “forward-looking statements.” Included among “forward-looking statements” are, among other things, (i) statements regarding Cheniere’s financial and operational guidance, business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding regulatory authorization and approval expectations, (iii) statements expressing beliefs and expectations regarding the development of Cheniere’s LNG terminal and pipeline businesses, including liquefaction facilities, (iv) statements regarding the business operations and prospects of third-parties, (v) statements regarding potential financing arrangements, (vi) statements regarding future discussions and entry into contracts, (vii) statements relating to Cheniere’s capital deployment, including intent, ability, extent, and timing of capital expenditures, debt repayment, dividends, and share repurchases, and (viii) statements regarding the COVID-19 pandemic and its impact on our business and operating results. Although Cheniere believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere’s periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere does not assume a duty to update these forward-looking statements.

(Financial Tables and Supplementary Information Follow)

LNG VOLUME SUMMARY

As of April 30, 2022, over 2,100 cumulative LNG cargoes totaling over 145 million tonnes of LNG have been produced, loaded and exported from our liquefaction projects.

During the quarter, we exported 584 TBtu of LNG from our liquefaction projects. 40 TBtu of LNG exported from our liquefaction projects and sold on a delivered basis was in transit as of March 31, 2022, none of which was related to commissioning activities.

The following table summarizes the volumes of operational and commissioning LNG that were loaded from our liquefaction projects and for which the financial impact was recognized on our Consolidated Financial Statements during the quarter:

In addition, during the quarter, we recognized 11 TBtu of LNG on our Consolidated Financial Statements related to LNG cargoes sourced from third-parties.