Company Declares Fourth Quarter 2021 Cash Dividend of $0.12 per Share

HOUSTON--(BUSINESS WIRE)--$CRGY--Crescent Energy Company (NYSE: CRGY) today announced actual and pro forma financial and operational results for 2021 and declared a quarterly cash dividend of $0.12 per share, payable on March 31, 2022, to holders of record on March 18, 2022. Crescent plans to host a conference call and webcast to discuss these results, as well as its 2022 outlook at 10 a.m. CT, Thursday, March 10. Complete details are available within this release.

Pro forma 2021 financial and operational results are related to the business combination (the “Contango Merger”) between Independence Energy LLC (“Independence”) and Contango Oil & Gas Company (“Contango”) to form Crescent Energy Company ("Crescent" or "the Company"). Actual 2021 financial and operational results include legacy results of Independence, Crescent’s financial reporting predecessor, from January 1 through December 6, 2021 and 25 days of Crescent results beginning December 7, 2021.

2021 Pro Forma Highlights

• Successfully integrated Independence and Contango to form Crescent, a differentiated energy company
• Closed three transactions in the second half of 2021, including two asset acquisitions totaling approximately $140 million and the transformational Contango Merger
• Scaled business with strong 2021 cash flow and substantial year-end reserves:

Uinta Basin Acquisition and 2022 Outlook:

• Pending $815 million acquisition of high-margin oil assets in the Uinta Basin, expected to close in 1H’22
  • Deal consistent with strategy to acquire high-value and accretive cash flowing assets while maintaining financial strength
• Scales Crescent’s production base in the Rockies region and adds multi-year inventory of proven, high-return development locations
• Increased Adj. EBITDAX⁽²⁾ guidance to $1.1-$1.2 billion with $375-$475 million of Levered FCF⁽²⁾
• Expect to pay a $0.17 / share quarterly dividend⁽⁴⁾, post close of Uinta transaction, based on 10% of 2022E Adjusted EBITDAX⁽²⁾ guidance
• Transaction maintains strong balance sheet with expected post close net leverage ratio of 1.4x⁽⁵⁾

Crescent CEO David Rockecharlie said, “2021 was a transformational year for Crescent – we generated significant free cash flow, continued to scale our business, maintained our strong balance sheet and began trading in December as a public company. Although we have a new name and ticker symbol, our business strategy is well established and has been executed consistently over the last decade. The recently announced Uinta acquisition adds significant cash flow and resource upside from high return oil assets in a proven basin at a very attractive entry price. We enter 2022 with strong momentum and a differentiated strategy that is well positioned to create value for our shareholders.”

Please refer to the Company’s Current Report on Form 8-K which can be found at the SEC’s website at www.sec.gov, for additional details and information regarding the historical financial results of Crescent and Contango and the assumptions made in preparing the pro forma financial statements derived therefrom that are summarized herein.

Q4 Dividend

Crescent’s Board of Directors approved a quarterly cash dividend of $0.12 per share for the fourth quarter of 2021, or $0.48 per share on an annualized basis. The quarterly dividend is payable on March 31, 2022 to shareholders of record as of the close of business on March 18, 2022.

Commitment to ESG

Crescent continues to advance its sustainability initiatives and has achieved the following milestones since closing the Contango Merger in December 2021:

• Issued its inaugural ESG report in December 2021, with updated disclosures planned for mid-2022
  • Reported key ESG performance metrics according to the Value Reporting Foundation’s SASB Standard for Oil & Gas – Exploration & Production
  • Established Crescent’s ESG priorities as climate change, environmental, health and safety, water management, community engagement and diversity, equity and inclusion
• Formed an ESG Advisory Council to advise management and the Board on ESG-related topics
• Joined the Oil & Gas Methane Partnership (OGMP) 2.0 initiative to enhance reporting of methane emissions

Operational Update

Crescent produced 116 net MBoe/d for the month of December 2021 on an actual basis. During 2021, Crescent invested approximately $230 million of pro forma development capital to bring online 95 gross (20 net) wells in the Eagle Ford, DJ and Permian basins. Total pro forma operating expense for the year totaled $17.47 per Boe, with pro forma operating expense, excluding production taxes, of $14.53 per Boe.

In 2022, Crescent expects to bring online 32-38 gross operated wells in the Eagle Ford with greater than 90% average working interest. Crescent plans to operate two rigs in the Uinta Basin for the remainder of the year, subject to closing of the transaction.

Financial Position

As of December 31, 2021, the Company had principal amount of indebtedness of $1.0 billion and net debt of approximately $915 million. In February 2022, Crescent issued an additional $200 million aggregate principal amount of its existing senior unsecured notes (the “Tack-On Offering”) and used the net proceeds to repay amounts outstanding on its credit facility (“Crescent Credit Facility”).

As of December 31, 2021, on a pro forma basis for the Tack-On Offering, Crescent had $700 million of senior unsecured notes and $345 million of outstanding borrowings on the Crescent Credit Facility. Pro forma for the Tack-On Offering, Crescent exited the year with a net debt to 2021 Pro Forma Adjusted EBITDAX⁽²⁾ ratio of 1.3x and a net debt to 2021 Pro Forma Unhedged Adjusted EBITDAX⁽²⁾ ratio of 0.9x.

Upon the closing of the Contango Merger in December, the Company’s borrowing base increased to $1.3 billion with an elected commitment of $700 million. Total liquidity as of December 31, 2021 on a pro forma basis for the Tack-On Offering was $463 million, including outstanding letters of credit of $21 million and cash and cash equivalents of $129 million.

Crescent’s lenders authorized an increase of the Company’s elected commitment amount under the existing revolving credit facility to $1.3 billion from $700 million, contingent upon the closing of the Uinta transaction.

2022 Guidance: Standalone and Pro Forma for the Uinta Acquisition

Initial 2022E guidance is below, on both a standalone basis and combined basis for the pending Uinta Basin acquisition assuming nine months of contribution from the acquisition. Estimates are based on $75/Bbl NYMEX WTI and $3.75/MMBtu Henry Hub pricing:

Note: All amounts are approximations based on currently available information and estimates and are subject to change based on events and circumstances after the date hereof. Please see “Cautionary Statement Regarding Forward-Looking Information.”

Risk Management – Current Commodity Hedging

Crescent is approximately 60% hedged in 2022 at the midpoint of its production guidance range on a pro forma basis for the Uinta acquisition. The following table details the Company’s open commodity derivative contracts as of February 28, 2022.

Note: Includes hedges from January 1, 2022 through December 31, 2024. Included in the figures above are minor Henry Hub collar positions totaling 510 BBtu, 550 BBtu, and 9,150 BBtu in Q1 2022, 2023 and 2024, respectively. For the same periods, these collars have a weighted average floor price of $3.00 / MMBtu, $2.63 / MMBtu and $3.00 / MMBtu, respectively and a weighted average ceiling price of $3.41 / MMBtu, $3.01 / MMBtu and $3.87 / MMBtu, respectively. Weighted average price for collar positions in the table above calculated using February 28, 2022 strip pricing.

Full Year 2021 Conference Call Information

Crescent plans to host a conference call to discuss full-year 2021 financial and operating results as well as its 2022 outlook. Details are below. A webcast replay will be available on the website following the call. In connection with the call, Crescent has provided information in an earnings presentation on its website, www.crescentenergyco.com, regarding its full-year 2021 financial and operating results.

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

About Crescent Energy Company

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

Cautionary Statement Regarding Forward-Looking Information

This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on current expectations, including with respect to the Uinta Acquisition. The words and phrases “should”, “could”, “may”, “will”, “believe”, “plan”, “intend”, “expect”, “potential”, “possible”, “anticipate”, “estimate”, “forecast”, “view”, “efforts”, “goal” and similar expressions identify forward-looking statements and express the Company’s expectations about future events. All statements, other than statements of historical facts, included in this communication that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the Company’s control. Such risks and uncertainties include, but are not limited to, the ability of the parties to consummate the Uinta Acquisition in a timely manner or at all; satisfaction of the conditions precedent to consummation of the transaction, including the ability to secure required consents and regulatory approvals in a timely manner or at all; the possibility of litigation (including related to the transaction itself),weather, political, economic and market conditions, including a decline in the price and market demand for natural gas, natural gas liquids and crude oil, the impact of pandemics such as COVID-19, actions by the Organization of the Petroleum Exporting Countries (“OPEC”) and non-OPEC oil producing countries, the impact of armed conflict, including in Ukraine, the timing and success of business development efforts, and other uncertainties. Consequently, actual future results could differ materially from expectations. The Company assumes no duty to update or revise their respective forward-looking statements based on new information, future events or otherwise.

The transactions and outlook announced today is based on information currently available to the Company, depends on certain estimates and assumptions and is subject to change.

Historical Financial Information

As discussed above, Independence is the “predecessor” of Crescent for financial reporting purposes. As a result, unless otherwise indicated, the historical financial and operating data presented in this release for the period from January 1, 2021 through the closing of the Contango Merger on December 7, 2021 are those of Independence on a consolidated basis. The historical financial and operating data presented in this release as of December 31, 2021 and for the period from the closing of the Contango Merger through December 31, 2021 are those of Crescent. The historical information has been presented for informational purposes only and is not necessarily indicative of Crescent’s future financial position or results of operations.

Selected Unaudited Pro Forma Condensed Combined Financial Information

The following selected unaudited pro forma condensed combined financial information of Crescent (the “selected pro forma information”) is based on the historical financial statements of Independence, as its predecessor, for the period from January 1, 2021 through December 6, 2021 and Crescent from December 7, 2021 through December 31, 2021. Under the acquisition method of accounting, Contango’s assets acquired and liabilities assumed by Crescent will be recorded at their fair values measured as of the acquisition date. The excess, if any, of the purchase price over the estimated fair values of Contango’s assets acquired and liabilities assumed will be recorded as goodwill.

The selected pro forma information has been derived from, and should be read in conjunction with, the more detailed unaudited pro forma condensed combined financial statements of Crescent included in the Current Report on Form 8-K, which can be found at the SEC’s website at www.sec.gov and the accompanying notes to the unaudited pro forma condensed combined financial statements. The unaudited pro forma condensed combined financial statements have been prepared from, and should be read in conjunction with, the historical consolidated financial statements of Independence and Contango and the accompanying notes thereto, each of which were also included on such Current Report on Form 8-K or the Current Report on Form 8-K/A filed on December 17, 2021, adjusted to give effect to the transactions discussed therein (the “Pro Forma Transactions”).

The selected pro forma information has been presented for informational purposes only and is not necessarily indicative of what Crescent’s actual financial position or results of operations would have been had the Pro Forma Transactions been completed as of the dates indicated. In addition, the selected pro forma information does not purport to project the future financial position or operating results of the post-combination business.

Emily Newport
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~ Acquisition adds four cold storage facilities along the U.S. East and Gulf Coasts, including nearly 38M cubic feet and over 113,000 pallet positions ~

NOVI, Mich. & BALTIMORE--(BUSINESS WIRE)--#onelineage--Lineage Logistics, LLC (“Lineage” or the “Company”), the world’s largest and most innovative temperature-controlled industrial REIT and logistics solutions provider, today announced that it has acquired MTC Logistics (“MTC”), a leading cold-chain provider with four strategic locations on or near the ports of Baltimore, MD, Wilmington, DE and Mobile, AL. Financial terms of the transactions were not disclosed.

Through the acquisition of these four facilities, Lineage will add nearly 38 million cubic feet of capacity and over 113,000 pallet positions in the United States. These facilities will add to Lineage’s existing footprint of over 400 strategically located facilities totaling over 2 billion cubic feet of capacity across 19 countries.

“MTC Logistics’ strong presence at key ports along the U.S. East and Gulf Coasts and focus on best-in-class service and innovation will help better connect our customers to the global food supply chain,” said Greg Lehmkuhl, President and CEO of Lineage Logistics. “We look forward to welcoming the MTC team into the One Lineage family and leveraging their expertise to fulfill our vision of becoming the world's most dynamic temperature-controlled logistics company.”

MTC Logistics, was a wholly owned subsidiary of Hoffberger Holdings, Inc. (“HHI”) a diversified privately held investment company of the Hoffberger family of Baltimore, MD. A fifth-generation family business and recognized as one of the International Association of Refrigerated Warehouses (IARW) North American Top 25, MTC provides warehousing services including blast freezing, import/export services, case selection, transportation/port drayage and storage between -20 degrees Fahrenheit and +40 degrees Fahrenheit.

“As part of MTC’s nearly century-long commitment to the refrigerated and frozen warehousing and transportation industry, we have always sought opportunities to be a warm, responsive and dedicated partner to our customers,” said Harry Halpert, Chairman of MTC Logistics and CEO of Hoffberger Holdings. “Our customers and associates will benefit from Lineage’s scale and industry-leading technology, and we are fortunate to find a strong partner who shares our values and customer-centric approach.”

G2 Capital Advisors LLC and Whiteford, Taylor & Preston LLP served as financial and legal advisors to MTC, respectively.

About Lineage Logistics

Lineage Logistics is the world’s largest temperature-controlled industrial REIT and logistics solutions provider. It has a global network of over 400 strategically located facilities totaling over 2 billion cubic feet of capacity which spans 19 countries across North America, Europe and Asia-Pacific. Lineage’s industry-leading expertise in end-to-end logistical solutions, its unrivalled real estate network, and development and deployment of innovative technology help increase distribution efficiency, advance sustainability, minimize supply chain waste, and most importantly, as a Visionary Partner of Feeding America, help feed the world. In recognition of the company’s leading innovations and sustainability initiatives, Lineage was listed as No. 17 in the 2021 CNBC Disruptor 50 list, the No 1. Data Science company, and 23rd overall, on Fast Company’s 2019 list of The World’s Most Innovative Companies, in addition to being included on Fortune’s Change The World list in 2020. (www.lineagelogistics.com)

About MTC Logistics

MTC Logistics was a wholly owned subsidiary of Hoffberger Holdings, Inc. (“HHI”) a diversified privately held investment company of the Hoffberger family of Baltimore, MD. MTC Logistics operates four distribution centers with more than 38 million cubic feet of refrigerated and frozen space, serving the ports of Baltimore, MD, Philadelphia, PA, Wilmington, DE, and Mobile, AL.

Lineage Logistics
Megan Hendricksen
949.247.5172
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ST. JOHN’S, Newfoundland and Labrador--(BUSINESS WIRE)--$ALS #copper--Altius Minerals Corporation (TSX: ALS; OTCQX: ATUSF) (“Altius” or the “Corporation”) reports full year revenue of $81.7 million compared to $60.0 million for 2020, and $22.6 million for the fourth quarter compared to $21.5 million for the same period in 2020.

Full year 2021 attributable royalty revenue^(1,2), adjusted for joint venture revenue, of $83.9 million ($2.03 per share^(1,2)) was 24% higher than the $67.5 million ($1.62 per share) reported for 2020. Fourth quarter 2021 attributable royalty revenue^(1,2) of $23.5 million ($0.57 per share) compares to $22 million ($0.53 per share) during Q4, 2020. These figures represent annual and quarterly revenue records for the Corporation, mainly based upon higher realized commodity prices.

Adjusted EBITDA^(1,2) of $67 million or $1.62 per share^(1,2) during 2021 increased by 27% as compared to $52.8 million or $1.27 per share during the prior year. Adjusted EBITDA for the fourth quarter was $17.7 million or $0.43 per share, which compares to adjusted EBITDA of $17.6 million in Q4 2020. The adjusted EBITDA margin in 2021 was 80% versus 78% last year. The increase in adjusted EBITDA for the year ended December 31, 2021 follows the increase in attributable revenue but was partially offset by an increase in expenses within the Renewable Royalties segment primarily due to public company related costs. The Mineral Royalties segment had an EBITDA margin of 87% for the current year compared to 86% in the prior year.

On a full year basis, adjusted operating cash flow^(1,2) of $49.4 million or $1.19 per share^(1,2) compares to $47.5 million or $1.14 per share last year. Adjusted operating cash flow during 2020 benefitted from lower cash income taxes paid due to flexibility in payment terms granted by tax authorities due to Covid-19 related economic concerns. Adjusted operating cash flow for the quarter was $15.9 million or $0.38 per share, which compares to adjusted operating cash flow of $13.5 million in Q4 2020.

Adjusted operating cash flow does not include net cash proceeds (sales minus new investments) of $16.1 million during 2021 ($6.7 million during 2020) related to the Corporation’s Project Generation junior mining equities portfolio, with these recorded as other comprehensive earnings in the Corporation’s financial statements.

Net earnings of $38.3 million or $0.97 per share for 2021 compares to a net loss of ($26.2 million) or ($0.65 per share) in 2020. Adjusted net earnings per share^(1,2) of $0.77 in 2021 compares to adjusted net earnings per share of $0.36 per share in 2020. The prior year results were negatively affected by coal royalty impairments. Net earnings during the fourth quarter were $2.8 million or $0.07 per share, and $0.19 per share on an adjusted basis. This compares to net earnings of $12.4 million or $0.30 per share, and on an adjusted basis $0.18 per share in Q4 2020. The main adjusting items in the fourth quarter this year are a $6.0 million impairment charge ($0.15 per share) related to the 777 royalty, which is expected to cease operations in mid 2022. Other adjusting items include unrealized losses on derivatives related to the revaluation of share purchase warrants on junior mining equities compared to unrealized gains last year and lower gains related to the receipt of common shares in exchange for the transfer of several mineral properties year over year.

Portfolio Performance

The following tables summarize the financial results and attributable revenue for the four quarters of 2021 along with the years ended December 31, 2021 and 2020:

Base and battery metals was the largest contributor to Q4 2021 revenue, providing $11.3 million. Revenue of $36.6 million for the year is up 36% over the $26.9 million reported in 2020, largely reflecting higher realized prices.

Chapada copper production was higher year over year with record mill throughput but copper delivered under the stream agreement was lower in 2021 due to timing of sales. Operator guidance for 2022 is targeting copper production of 53,000 – 58,000 tonnes, which compares to 52,000 tonnes produced in 2021.

Lundin Mining recently commented that Chapada expansion studies are ongoing, including evaluation of a scenario which would potentially increase annual processing capacity to 32 MT per annum from the current 24 MT per annum, while it also reported on a new high-grade discovery to the north of the current mining area and on lands that are subject to the Corporation’s copper stream agreement. For more information, please see Altius press release dated February 24, 2022. Altius Discovery Update

Copper and zinc production at 777 was comparable to the prior year period. The mine is anticipated to close in June of this year. Operator Hudbay Mining has recently stated that it is evaluating the potential for reprocessing historic tailings from the region.

Voisey’s Bay production was higher on a comparable year over year basis with the commencement of production from the Reid Brook underground nickel-copper-cobalt deposit. Production from the Eastern Deeps deposit is targeted to commence in the second half of 2022. Finished production from Voisey’s Bay sourced ore during the fourth quarter was marginally lower compared to the fourth quarter of 2020 as a result of an annual maintenance shutdown that impacted the Long Harbour processing facility.

Adventus Mining Corporation published a positive feasibility study for its copper and gold rich El Domo deposit in Ecuador during the year and announced that it entered into a definitive precious metals purchase agreement with Wheaton Precious Metals International Ltd., a wholly-owned subsidiary of Wheaton Precious Metals Corp., and a binding offtake financing agreement with Trafigura Pte Ltd, for a combined total of US$235.5 million in proceeds to advance and, following a construction decision, build the Curipamba Project.

Potash royalty revenue of $6.9 million in Q4 2021 and $19.3 million for the year is up 129% and 32% from the comparable periods last year. Potash prices increased by more than 100% during the course of the year and the increases have continued throughout the fourth quarter, reaching multi-year highs, with these prices expected to be reflected in realized prices during the coming quarters. Realized prices continued to demonstrate an approximately 3 month time lag relative to quoted market prices in various agricultural regions. Pricing benefits were offset by slightly lower annual attributable production volumes as a result of the mid-year closure of the K1 and K2 mining areas of the Esterhazy mine due to increased water inflows, as well as a longer than usual period of scheduled maintenance at Rocanville.

Mosaic, the operator of the Esterhazy mine, has commented that it continues to successfully ramp up production capacity from the new Esterhazy K3 mining area and that it expects accordingly to be in a position to replace lost K1 and K2 production capacities by March of 2022. Nutrien has indicated that it expects to increase production from its portfolio of mines to between 13.7 and 14.3 million tonnes relative to 2021 levels of 13.6 million tonnes, with the potential to further increase production to address potential supply shortfalls related to sanctions and other geopolitical constraints. It has not provided guidance on an individual mine basis and it should be noted that the Corporation’s royalties do not cover the entirety of Nutrien’s portfolio of mines and also that percentage royalty interests vary by mine.

Iron ore royalty revenue of $3.3 million was received in Q4 2021, while full year revenue was $17.2 million ($8.8 million in 2020). The increase for the year was the result of significantly higher average benchmark prices and quality premiums, particularly during the first half of the year. Prices subsided from multi-year highs during much of the second half of the year before beginning to rebound in December and thus far into the new year. The higher average realized prices were partially offset by lower year over year production volumes at Iron Ore Company of Canada (“IOC”) due to reduced labour and mechanical availabilities. Full year guidance for 2022 for IOC's saleable production tonnage is 17.0 to 18.7 million tonnes, which compares to 16.5 million tonnes in 2021. The Corporation’s current iron ore revenue stems from the pass-through of royalties and equity dividends paid by the Rio Tinto controlled IOC to Labrador Iron Ore Royalty Corp (“LIORC”), of which the Corporation is a significant shareholder.

Champion Iron Ore (“Champion”) has stated a plan to provide results of a rescoping of the Kami Project in Labrador in the second half of 2022. It has indicated that a key objective of the studies is to determine the potential to produce an ultra-low impurity iron ore concentrate product. Altius holds a 3% gross sales royalty related to the Kami Project.

Thermal coal royalty revenue of $1.4 million was received in Q4 2021, while full year revenue of $9.0 million was down 34% from 2020 revenue of $13.7 million as the Sheerness power plant was converted from coal to gas firing and as one of the three generating units at Genesee suffered unplanned outages for most of the third and fourth quarter before being brought back to full service in December.

Altius Renewable Royalties (“ARR”) (ARR: TSX) released its Q4 2021 and year end results on March 3, 2021 ARR 2021 Financial Results. The Corporation continues to hold 59% of the common shares of ARR, which completed its initial public offering in the first quarter of 2021.

On December 31, 2021 Apex Clean Energy (“Apex”) exercised a change of control-based option to redeem the remaining residual royalty financing provided by Great Bay Renewables, LLC (“GBR”), a 50/50 joint venture between ARR and certain funds managed by affiliates of Apollo Global Management, Inc. The option exercise followed the sale of a majority interest in Apex to Ares Capital. GBR retained three royalties earned prior to the sale: the 195 MW Jayhawk wind project, the 300 MW El Sauz wind project, and a 500 MW undisclosed wind project. The redemption consideration, including a buyout premium, was approximately US$70 million, US$41.7M of which was a cash payment with the remainder representing an estimated provisional value ascribed to the retained royalties.

ARR, through GBR, has now established royalties on 16 projects that collectively represent approximately 3,510 MW of solar and wind capacity. Six projects are now operating and producing cash flow, enabling GBR to anticipate its first year of positive cash flow in 2022. ARR continues to advance due diligence investigations and negotiations with several other renewable energy operators and developers relating to additional potential royalty financing transactions.

Silicon Project Gold Royalty: On February 22, 2022 AngloGold Ashanti reported a maiden inferred resource at its Silicon project of 120.44 million tonnes @ 0.87g/t for a total of 3.4 million ounces of gold. For more information, please see Altius release dated February 24, 2022. Altius Discovery Update

Lithium Royalty Corporation, of which Altius is a co-founding 12.6% shareholder, continued to build out its portfolio with the total number of project royalties acquired since inception in 2018 amounting to 17. These include a tonnage based royalty on Allkem’s producing Mt. Cattlin Mine in Australia and gross royalties on each of Zijin Mining’s Tres Quebradas project in Argentina, Sigma Lithium’s Groto do Cirilo project in Brazil and Core Lithium’s Finniss project in Australia. During the year ended December 2021, Zijin Mining acquired Tres Quebradas by way of its acquisition of Neo Lithium and each of Sigma and Core announced project construction decisions.

Additional information on the Corporation’s results of operations and developments in its Project Generation division are included in the Corporation’s MD&A and Financial Statements which were filed on SEDAR today and are also available on the Corporation’s website at www.altiusminerals.com.

Capital Allocation Summary

The Corporation’s capital allocation priorities are linked to its strategy of creating per share value growth through a portfolio of assets that relate to long life, high margin operations while providing growing shareholder capital returns.

During the year, the Corporation made scheduled debt repayments of $17 million, preferred share distributions of $5 million and paid cash dividends of $9.3 million following a 40% increase in its quarterly dividend to $0.07 cents that was announced at the end of the second quarter.

The Corporation also expended $12.9 million in the repurchase and cancellation of 821,100 shares (approximately 2% of outstanding) under its Normal Course Issuer Bid during the year.

Liquidity

Cash and cash equivalents at December 31, 2021 were $100.0 million, compared to $21.8 million at the end of 2020. Cash, excluding $62.6 million held by ARR, was $37.4 million. The value of publicly traded Project Generation business equity holdings was $55.5 million at December 31, 2021. The market value of LIORC shares was $107.9 million and the market value of ARR shares including the in the money value of share purchase warrants was $193.5 million.

On August 9, 2021, the Corporation amended its credit facility to increase the available credit from $160 million to $225 million and to extend the term from June 2023 to August 2025. Mandatory principal repayments of the term debt under the new facility have also been reduced to $2 million per quarter from $5 million per quarter previously. The amount of debt outstanding at year end was $117 million and the Corporation made a principal repayment of $2 million in January 2022.

Dividend Declaration

The Corporation’s board of directors has declared a quarterly dividend of $0.07 per share. The current quarterly dividend is payable to all shareholders of record at the close of business on March 18, 2022. The dividend is expected to be paid on or about March 31, 2022.

This dividend is eligible for payment in common shares under the Dividend Reinvestment Plan (DRIP) announced by press release May 20, 2020, and available to shareholders who are Canadian residents or residents of countries outside the United States.

In order to be eligible to participate in respect of the March 31, 2022 dividend, non-registered shareholders must provide instruction to their brokerage and registered shareholders must provide completed enrollment forms to the transfer agent by March 11, 2022, five business days prior to record date. Stock market purchases made under the DRIP for the March 31, 2022 payment will be satisfied by issuance from treasury at the 5 day volume weighted average price ending at the close of trading the day before payment date. Shareholders who have already provided instruction to be enrolled earlier this year will continue to be enrolled unless they direct otherwise. For more information, please see http://www.altiusminerals.com/dividend-reinvestment-plan. Participation in the DRIP is optional and will not impact any cash dividends payable to shareholders who do not elect to participate in the DRIP. The declaration, timing and payment of future dividends will largely depend on the Corporation’s financial results as well as other factors. Dividends paid by Altius on its common shares are eligible dividends for Canadian income tax purposes unless otherwise stated.

Non GAAP Financial Measures

1. Management uses the following non-GAAP financial measures: attributable revenue, attributable royalty revenue, adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA), adjusted operating cash flow and adjusted net earnings (loss).
2. Management uses these measures to monitor the financial performance of the Corporation and its operating segments and believes these measures enable investors and analysts to compare the Corporation’s financial performance with its competitors and/or evaluate the results of its underlying business. These measures are intended to provide additional information, not to replace International Financial Reporting Standards (IFRS) measures, and do not have a standard definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. As these measures do not have a standardized meaning, they may not be comparable to similar measures provided by other companies. Further information on the composition and usefulness of each non-GAAP financial measure, including reconciliation to their most directly comparable IFRS measures, is included in the non-GAAP financial measures section of our MD&A.

Fourth Quarter 2021 Financial Results Conference Call and Webcast Details

Date: March 10, 2022
Time: 9:00 AM ET
Toll Free Dial-In Number: +1(866) 521-4909
International Dial-In Number: +1(647) 427-2311
Conference Call Title and ID: Altius Q4 2021 Results, ID 6387826
Webcast Link: Q4 2021 Financial Results

About Altius

Altius’s strategy is to create per share growth through a diversified portfolio of royalty assets that relate to long life, high margin operations. This strategy further provides shareholders with exposures that are well aligned with sustainability-related global growth trends including the electricity generation transition from fossil fuel to renewables, transportation electrification, reduced emissions from steelmaking and increasing agricultural yield requirements. These macro-trends each hold the potential to cause increased demand for many of Altius’s commodity exposures including copper, renewable based electricity, several key battery metals (lithium, nickel and cobalt), clean iron ore, and potash. In addition, Altius runs a successful Project Generation business that originates mineral projects for sale to developers in exchange for equity positions and royalties. Altius has 41,178,833 common shares issued and outstanding that are listed on Canada’s Toronto Stock Exchange. It is included in each of the S&P/TSX Small Cap, the S&P/TSX Global Mining, and the S&P/TSX Canadian Dividend Aristocrats indices

Forward-looking information

This news release contains forward‐looking information. The statements are based on reasonable assumptions and expectations of management and Altius provides no assurance that actual events will meet management's expectations. In certain cases, forward‐looking information may be identified by such terms as "anticipates", "believes", "could", "estimates", "expects", "may", "shall", "will", or "would". Although Altius believes the expectations expressed in such forward‐looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those projected. Readers should not place undue reliance on forward-looking information. Altius does not undertake to update any forward-looking information contained herein except in accordance with securities regulation.

Flora Wood
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Tel: 1.877.576.2209
Direct: +1(416)346.9020

Ben Lewis
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Tel: 1.877.576.2209

LONG BEACH, Calif.--(BUSINESS WIRE)--The West Coast MTO Agreement (WCMTOA) today provided an update on measures underway to mitigate the effects in Southern California of the continued surge in cargo impacting global supply chains. WCMTOA comprises the 12 international container terminals serving the Port of Los Angeles and Port of Long Beach.

These measures include:

• Empty Return Program – WCMTOA is working with the Harbor Trucking Association and trucking companies to assist with getting empty containers, and the chassis the containers are mounted on, back to the marine terminals. The program allows trucking companies with excess empty containers stored at their facilities to work with WCMTOA members collectively to return those containers to terminals accepting them on behalf of the containers' owners.

• Peel-Off – WCMTOA will review current practices at its members’ terminals to identify opportunities to increase peel-off pile operations, which allow high-speed pickups of large groups of containers that have been presorted into a specific block. Peel-off piles work similar to a taxi queue, with each arriving truck picking up the next container in the peel-off pile, rather than each truck requiring a specific container to be located and retrieved. Other such opportunities may work in conjunction with both the Empty Return Program and the Warehouse Outreach Program.

• Warehouse Outreach Program – This new program will provide a means for the marine terminals and the warehouses that use the ports to identify issues impacting cargo fluidity between them and to address potential solutions. These solutions could include a warehouse-focused version of the Empty Return Program aimed at returning empty containers and chassis to the terminals, as well as coordinating peel-off piles.

• Appointment System Technologies – WCMTOA members continue to improve the technical systems used to manage their appointment systems. WCMTOA has begun an internal review of terminals’ uses of Application Programming Interfaces (APIs) that enable direct connections between terminal operating systems and trucking company operating systems. For those terminals not using APIs, further study will be conducted regarding a potential common portal for appointment systems.

• Short-Haul Train Study – In light of the challenges associated with getting imports picked up at the terminals to make space for arriving ships, WCMTOA plans to initiate a study to determine the costs, feasibility, and benefits of short-haul trains to provide service to a regional location for pick-up and delivery.

• Chassis Demand Study – WCMTOA will analyze chassis inventory levels throughout the year to determine periods when additional chassis should be stockpiled to avoid service shortfalls.

About WCMTOA

Cargo growth in the early 2000s through the Ports of Los Angeles and Long Beach created congestion on the roadways and freeways surrounding the ports. To address the congestion issues, the container terminal operators in the ports formed the West Coast MTO Agreement (WCMTOA) in 2004. Since their formation, the WCMTOA members have launched a number of programs to reduce congestion and pollution and increase security.

For more information, please see www.wcmtoa.org

Paul Sherer, This email address is being protected from spambots. You need JavaScript enabled to view it.

The INNOVATION FACTORI provides digital innovation for customers, driving AI at enterprise scale

HOUSTON--(BUSINESS WIRE)--Schlumberger today expanded its successful INNOVATION FACTORI network with the opening of a new center in Houston, Texas. INNOVATION FACTORI enables customers to accelerate the development and deployment of enterprise-scale AI and digital solutions, in the context of their unique business challenges, spanning exploration to production and new energy systems.

“At INNOVATION FACTORI, customer teams join with our domain and data science experts to address their strategic demands, such as fast tracking of drilling automation, deployment of digital twins to optimize production, and modeling to achieve efficient carbon capture and storage,” said Rajeev Sonthalia, president, Digital & Integration, Schlumberger. “Through INNOVATION FACTORI, customers can turn promising concepts into fully deployed digital solutions that extract maximum value from data to drive a major leap in business performance and, in turn, sustainability.”

Customers benefit from an agile approach by leveraging native applications in the DELFI* cognitive E&P environment, which are seamlessly integrated with Agora* edge AI and IoT solutions. Customers also have access to a powerful machine learning platform with unrivalled AI capabilities through Schlumberger’s partnership with Dataiku. Together with Dataiku, Schlumberger is enabling customers to leverage a single, centralized platform to design, deploy, govern, and manage AI and analytics applications—allowing everyday users to develop ‘low-code no-code’ AI solutions.

Since the launch of INNOVATION FACTORI in March 2021, Schlumberger has delivered over 200 digital innovation projects to customers around the world, supported by over 4000 domain experts and more than 800 data scientists. INNOVATION FACTORI Houston augments an expanding global network, which includes centers in Rio de Janeiro, Abu Dhabi, Beijing, Kuala Lumpur, and Oslo.

INNOVATION FACTORI Houston is located in The Ion—the epicenter for Houston’s innovation ecosystem, realized through a partnership between the Houston municipality, Rice University, and leaders in energy and technology.

To learn more about INNOVATION FACTORI, visit www.slb.com/InnovationFactori.

About Schlumberger

Schlumberger (SLB: NYSE) is a technology company that partners with customers to access energy. Our people, representing over 160 nationalities, are providing leading digital solutions and deploying innovative technologies to enable performance and sustainability for the global energy industry. With expertise in more than 120 countries, we collaborate to create technology that unlocks access to energy for the benefit of all.

Find out more at www.slb.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the federal securities laws—that is, any statements that are not historical facts. Such statements often contain words such as “expect,” “may,” “can,” “believe,” “plan,” “estimate,” “intend,” “anticipate,” “should,” “could,” “will,” “likely,” “goal,” “objective,” “aspire,” “aim,” “potential,” “projected” and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain, such as forecasts or expectations regarding the deployment of, or anticipated benefits of, digital technologies and partnerships. These statements are subject to risks and uncertainties, including, but not limited to, the inability to recognize intended benefits from digital strategies, initiatives or partnerships; and other risks and uncertainties detailed in Schlumberger’s most recent Forms 10-K, 10-Q, and 8-K filed with or furnished to the U.S. Securities and Exchange Commission. If one or more of these or other risks or uncertainties materialize (or the consequences of any such development changes), or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those reflected in our forward-looking statements. The forward-looking statements speak only as of the date of this press release, Schlumberger disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.

*Mark of Schlumberger.

Media
Giles Powell – Director of Corporate Communication, Schlumberger Limited
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Investors
Ndubuisi Maduemezia – Vice President of Investor Relations, Schlumberger Limited
Joy V. Domingo – Director of Investor Relations, Schlumberger Limited
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TAMPA, Fla.--(BUSINESS WIRE)--Overseas Shipholding Group, Inc. (NYSE: OSG) (the “Company” or “OSG”), a leading provider of energy transportation services for crude oil and petroleum products in the U.S. Flag markets, today reported results for the fourth quarter and full year 2021.

• Shipping revenues for the fourth quarter 2021 were $95.5 million, an increase of $1.5 million from the third quarter 2021. Compared to the fourth quarter 2020, shipping revenues decreased 2.1% from $97.5 million. Shipping revenues for the full year 2021 were $359.1 million, down 14.2% compared with the full year 2020.
• Net loss for the fourth quarter 2021 was $3.7 million, or $(0.03) per diluted share, compared with net loss of $16.0 million, or ($0.18) per diluted share, in the third quarter 2021. Net loss was $844 thousand, or $(0.01) per diluted share, for the fourth quarter 2020. Net loss for the full year 2021 was $46.3 million, or $(0.51) per diluted share, compared with net income of $30.0 million, or $0.33 per diluted share, for the full year 2020.
• Time charter equivalent (TCE) revenues^(A), a non-GAAP measure, for the fourth quarter 2021 were $80.0 million, an increase of $4.7 million from third quarter 2021. TCE revenues were down 7.0% compared to fourth quarter 2020. TCE revenues for the full year 2021 were $292.6 million, down 22.1% compared with the full year 2020.
• Fourth quarter 2021 Adjusted EBITDA^(B), a non-GAAP measure, was $16.6 million, an increase of $4.4 million from the third quarter. Adjusted EBITDA decreased 19.0% from $20.5 million in the fourth quarter 2020. Full year Adjusted EBITDA was $45.1 million, down 63.8% from $124.9 million in the same period in 2020.
• Total cash^(C) was $83.3 million as of December 31, 2021.
• During the quarter, we removed one vessel from layup. Subsequent to quarter-end, we removed an additional two vessels. As of March 1, 2022, we have two vessels remaining in layup.

Sam Norton, President and CEO, offered the following comments on the quarterly results announced today: “We are pleased with the operating results achieved during the final quarter of last year, marking the third consecutive quarter of improved sequential TCE and EBITDA performance. Importantly, we expect this trend to continue in 2022. As noted in our prior quarter’s release, Jones Act Vessel availability across the fourth quarter and into 2022 has tightened considerably, meaning that business fundamentals for our conventional Jones Act tankers continue to strengthen. Following on from having activated three tankers out of layup at the end of the third quarter and in the fourth quarter, the Overseas Anacortes and Overseas Long Beach have now joined the active trading fleet in recent weeks, leaving only one tanker and one lightering ATB in layup as of today. With additional available operating days at improved market rates, and the reliably solid contribution from our niche and Alaskan Tanker Company assets, we are witnessing steadily improving cashflows from our businesses and an improving balance sheet.”

Mr. Norton added, “Energy markets are experiencing dislocations at this time”, Mr. Norton continued, “creating trading opportunities that are not usually seen in the markets within which OSG operates. OSG’s fleet is well positioned to facilitate many of these new trading opportunities and, in doing so, providing reliably available transportation to meeting the evolving needs of the domestic US market.”

^{A, B, C} Reconciliations of these non-GAAP financial measures are included in the financial tables attached to this press release starting on Page 8.

Fourth Quarter 2021 Results

Shipping revenues were $95.5 million for the fourth quarter, an increase of $1.5 million, or 1.6%, from the third quarter of 2021. TCE revenues increased $4.7 million, or 6.1%, from the third quarter to $80.0 million in the fourth quarter. The increases were primarily a result of a 168-day decrease in layup days as two vessels came out of layup in September 2021 and a third vessel came out of layup in December 2021. Delaware Bay lightering volumes also contributed to an increase in revenues.

The fourth quarter operating loss was $1.9 million compared to the third quarter operating loss of $5.6 million.

Quarterly adjusted EBITDA increased to $16.6 million during the fourth quarter, a $4.4 million increase from the third quarter of 2021. The increase was driven by the increased revenues for the quarter.

In comparison to the fourth quarter of 2020, shipping revenues were down 2.1%. TCE revenues for the fourth quarter of 2021 were $80.0 million, a decrease of $6.1 million, or 7.0%, compared with the fourth quarter of 2020. The decrease resulted primarily from a 173-day increase in layup days due to vessels in layup during the fourth quarter of 2021 and one less MR tanker in the Company's fleet, reflecting the sale of the Overseas Gulf Coast during the second quarter of 2021. The decrease was offset by the addition to the Company's fleet of one ATB, OSG 205, delivered in December 2020.

Operating loss for the fourth quarter of 2021 was $1.9 million compared to operating income of $2.2 million for the fourth quarter of 2020. Net loss for the fourth quarter of 2021 was $3.7 million, or $(0.03) per diluted share, compared with net loss of $844 thousand, or $(0.01) per diluted share, for the fourth quarter 2020.

Adjusted EBITDA was $16.6 million for the 2021 fourth quarter, a decrease of $3.9 million compared with the fourth quarter of 2020, driven primarily by the decrease in TCE revenues.

Full Year 2021 Results

Shipping revenues were $359.0 million for the full year 2021, down 14.2% compared with the full year 2020. TCE revenues for the full year 2021 were $292.6 million, a decrease of $83.3 million, or 22.1% compared with the full year 2020. The decreases were primarily a result of (a) a 1,894-day increase in layup days due to seven vessels in layup for most of 2021, a decision taken in light of the lack of demand due to the economic impact of COVID-19, (b) one less MR tanker in our fleet, Overseas Gulf Coast, which was sold during the second quarter of 2021 and (c) two fewer ATBs, which were sold in May 2020 and August 2020, respectively. The decreases were offset by (a) a 204-day decrease in scheduled drydocking, (b) the addition to our fleet of three crude oil tankers, Alaskan Explorer, Alaskan Legend and Alaskan Navigator, which were purchased in March 2020, and two ATBs, OSG 204 and OSG 205, which were delivered at the end of May 2020 and the beginning of December 2020, respectively, (c) an increase in Delaware Bay lightering volumes and (d) five voyages for Military Sealift Command, which were longer international voyages, during 2021 compared to two such voyages during 2020. Two of seven vessels came out of layup in September 2021 and operated in the spot market. One of these two vessels commenced a 26-month time charter in mid-November 2021. A third vessel came out of layup in December 2021 and operated in the spot market.

Operating loss for the full year 2021 was $29.1 million, compared to operating income of $58.6 million for the full year 2020. The prior year included a gain on termination of a pre-existing arrangement related to the acquisition of the Alaska Tanker Company.

Net loss for the full year 2021 was $46.3 million, or $(0.51) per diluted share, compared with net income of $30.0 million, or $0.33 per diluted share, for the full year 2020.

Adjusted EBITDA was $45.1 million for the full year 2021, a decrease of $79.8 million compared with the full year 2020.

Conference Call

The Company will host a conference call to discuss its fourth quarter and full year 2021 results at 9:30 a.m. Eastern Time (“ET”) on Wednesday, March 9, 2022.

To access the call, participants should dial (844) 850-0546 for domestic callers and (412) 317-5203 for international callers. Please dial in ten minutes prior to the start of the call.

A live webcast of the conference call will be available from the Investor Relations section of the Company’s website at http://www.osg.com/.

An audio replay of the conference call will be available for one week starting at 11:30 a.m. ET on Wednesday, March 9, 2022 by dialing (877) 344-7529 for domestic callers and (412) 317-0088 for international callers, and entering Access Code 8908564.

About Overseas Shipholding Group, Inc.

Overseas Shipholding Group, Inc. (NYSE:OSG) is a publicly traded company providing energy transportation services for crude oil and petroleum products in the U.S. Flag markets. OSG is a major operator of tankers and ATBs in the Jones Act industry. OSG’s 22 vessel U.S. Flag fleet consists of three crude oil tankers doing business in Alaska, two conventional ATBs, two lightering ATBs, three shuttle tankers, ten MR tankers, and two non-Jones Act MR tankers that participate in the U.S. Maritime Security Program. OSG also currently owns and operates one Marshall Islands flagged MR tanker which trades internationally.

OSG is committed to setting high standards of excellence for its quality, safety and environmental programs. OSG is recognized as one of the world’s most customer-focused marine transportation companies and is headquartered in Tampa, FL. More information is available at www.osg.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, the Company may make or approve certain forward-looking statements in future filings with the Securities and Exchange Commission (SEC), in press releases or in oral or written presentations by representatives of the Company. All statements other than statements of historical facts should be considered forward-looking statements. These matters or statements may relate to our prospects, supply and demand for vessels in the markets in which we operate and the impact on market rates and vessel earnings, the continued stability of our niche businesses, the impact of our time charter contracts on our future financial performance, and such external events such as geopolitical conflicts. Forward-looking statements are based on our current plans, estimates and projections, and are subject to change based on a number of factors. COVID-19 has had, and will continue to have, a profound impact on our workforce and many other aspects of our business and industry. Investors should carefully consider the risk factors outlined in more detail in our filings with the SEC. We do not assume any obligation to update or revise any forward-looking statements except as may be required by applicable law. Forward-looking statements and written and oral forward-looking statements attributable to us or our representatives after the date of this press release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports previously or hereafter filed by us with the SEC.

Spot and Fixed TCE Rates Achieved and Revenue Days

The following tables provide a breakdown of TCE rates achieved for spot and fixed charters and the related revenue days for the three months and fiscal year ended December 31, 2021 and the comparable periods of 2020. Revenue days in the quarter ended December 31, 2021 totaled 1,597 compared with 1,756 in the prior year quarter. Revenue days in the fiscal year ended December 31, 2021 totaled 6,064 compared with 7,639 in the prior year. A summary fleet list by vessel class can be found later in this press release.

Fleet Information

As of December 31, 2021, OSG’s operating fleet consisted of 24 vessels, 12 of which were owned, with the remaining vessels chartered-in. Vessels chartered-in are on Bareboat Charters.

Reconciliation to Non-GAAP Financial Information

The Company believes that, in addition to conventional measures prepared in accordance with GAAP, the following non-GAAP measures provide investors with additional information that will better enable them to evaluate the Company’s performance. Accordingly, these non-GAAP measures are intended to provide supplemental information, and should not be considered in isolation or as a substitute for measures of performance prepared with GAAP.

(A) Time Charter Equivalent (TCE) Revenues

Consistent with general practice in the shipping industry, the Company uses TCE revenues, which represents shipping revenues less voyage expenses, as a measure to compare revenue generated from a voyage charter to revenue generated from a time charter. TCE revenues, a non-GAAP measure, provides additional meaningful information in conjunction with shipping revenues, the most directly comparable GAAP measure, because it assists Company management in making decisions regarding the deployment and use of its vessels and in evaluating their financial performance. Reconciliation of TCE revenues of the segments to shipping revenues as reported in the consolidated statements of operations follows:

Vessel Operating Contribution

Vessel operating contribution, a non-GAAP measure, is TCE revenues minus vessel expenses and charter hire expenses.