MADISON, Wis.--(BUSINESS WIRE)--MGE Energy, Inc. (Nasdaq: MGEE) senior management will be presenting at the 2022 B of A Power, Utilities and Clean Energy Leaders Conference on March 3, 2022.

The presentation is available on MGE Energy's website at: BofA Presentation.

About MGE Energy

MGE Energy is an investor-owned public utility holding company headquartered in the state capital of Madison, Wis. It is the parent company of Madison Gas and Electric, which generates and distributes electricity in Dane County, Wis., and purchases and distributes natural gas in seven south-central and western Wisconsin counties. MGE Energy's assets total approximately $2.4 billion, and its 2021 revenues were approximately $607 million.

Investor relations contact
Ken Frassetto
Director Shareholder Services and Treasury Management
T: 608-252-4723 | M: 608-843-6166 | This email address is being protected from spambots. You need JavaScript enabled to view it.

DUBLIN--(BUSINESS WIRE)--The "Nutrunner Market by Type, Distribution Channel and End-user Industry: Global Opportunity Analysis and Industry Forecast, 2021-2030" report has been added to ResearchAndMarkets.com's offering.

The global nutrunner market was valued at $789.4 million in 2020, and is projected to reach $1,168.5 million by 2030, registering a CAGR of 4.1% from 2021 to 2030.

A nutrunner is required where the fastening and loosen of screws or nut and bolts is critical. It enables the operator to measure the torque applied to the fastener to match it to the specification of an application. A reaction device is equipped outside the gearbox, and is designed to absorb torque and allow the tool user to operate it with minimal effort. The torque output is adjusted by controlling air pressure. Electrical, pneumatic, and hydraulic nutrunner tools are utilized when precise torque is required for fastening a nut and bolt or when nut needs to be removed or replaced.

Rise in construction application such as fixing doors and windows and installation of solar panels drives the market growth. In addition, increase in industrial application such as engineering and machine manufacturing propels the market growth. Furthermore, various governments are focusing on strengthening their defense unit by manufacturing advanced aircraft and navy ships, which will create demand for nutrunner tools. Owning to such factors, the nutrunner market will expand at a notable pace during the forecast period.

Nutrunner are used during assembly of aircraft and ships. They are required for fastening and tightening of automotive parts with nuts and bolts. Hence, expansion of the automotive sector is expected to provide lucrative growth opportunities for the market growth. For instance, in December 2020, The US government contributed $27 billion to the shipbuilding budget for 2022 and $28.5 billion for 2023. In addition, Naval Sea Systems Command claims that by the end of 2021, the U.S. Navy will have commissioned seven ships. As a result, nutrunner tools will be required for ship manufacturing and assembling its part. Such factors are projected to fuel market expansion during the forecast period.

The global nutrunner market is segmented on the basis of type, distribution channel, end-user industry, and region. On the basis of type, the market is segregated into electric nutrunner, pneumatic nutrunner, and hydraulic nutrunner. On the basis of distribution channel, it is categorized into in store and online. Depending on the end-user industry, it is fragmented into construction, industrial, automotive, and others. Region wise, the market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Germany, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).

Key Benefits

• The report provides an extensive analysis of the current and emerging nutrunner market trends and dynamics.
• In-depth market analysis is conducted by constructing market estimations for the key market segments between 2020 and 2030.
• Extensive analysis of the nutrunner market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
• A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
• The global nutrunner market forecast analysis from 2020 to 2030 is included in the report.
• The key market players within nutrunner market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the nutrunner industry.

Market Segments

By Type

• Electric Nutrunner
• Pneumatic Nutrunner
• Hydraulic Nutrunner

By Distribution Channel

• In Store
• Online

By End-user Industry

• Construction
• Industrial
• Automotive
• Others

By Region

• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• France
• UK
• Italy
• Rest of Europe
• Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
• LAMEA
• Latin America
• Middle East
• Africa

Key Players

• Aimco Global
• Atlas Copco AB
• Bosch Rexroth AG
• Dai-Ichi Dentsu Ltd
• Estic Corporation
• Ingersoll Rand Inc.
• ITH bolting Technology
• Maschinenfabrik Wagner GmbH & Co.AG
• Sanyo Machine Works Ltd.
• Stanley Engineered Fastening

For more information about this report visit https://www.researchandmarkets.com/r/tkt519

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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All California broadline distribution centers to use renewable diesel fuel; Company adding 30 electric trucks to the fleet by the end of 2023

ROSEMONT, Ill.--(BUSINESS WIRE)--US Foods Holding Corp. (NYSE: USFD) today announced additional sustainability initiatives that support the company’s ongoing commitment to reducing the carbon footprint of its delivery fleet. The company will convert fleet fuel at all California broadline distribution centers from traditional diesel fuel to renewable diesel (RD) fuel by mid-2022. In addition, the company will add 30 electric trucks to its La Mirada, Calif. distribution center by the end of 2023.

These efforts build on the company’s existing environmental sustainability programs. The company previously reported a 7.3% reduction in Scope 1 and Scope 2 emissions intensity since 2015^1,2,3 and a 6.9% reduction in gallons of fuel used per case delivered.^1,4

“At US Foods, delivering products by truck is core to our business and we continually work to improve the transportation efficiency of our fleet,” said Gautam Grover, senior vice president of operations excellence for US Foods. “Fleet sustainability projects like our RD fuel conversions and electric truck integrations directly contribute to our commitment to reduce our carbon footprint and we look forward to expanding these efforts.”

US Foods is one of the early-adopters of RD fuel use within the foodservice industry, successfully converting 100% of the fleet fuel used at its Vista, Calif. broadline distribution center to RD fuel in 2021. RD fuel is a more sustainable alternative to traditional diesel with a more than 65% lower carbon intensity rating.⁵ By the end of the month, the company will complete three additional broadline distribution center RD fuel conversions at its Corona, Livermore and La Mirada, Calif., locations. The company also intends to utilize RD fuel at its newest distribution center in Sacramento, Calif., which will open later this year.

The La Mirada onsite fueling station will provide RD fuel to one of the company’s largest localized fleets that service restaurants, hospitals and other foodservice operators across the West Coast. In addition to these conversions to RD fuel, US Foods will introduce 15 electric trucks to its La Mirada fleet this year with plans underway to install smart charging infrastructure at the facility to accommodate an additional 15 electric trucks by the end of 2023. This effort will be one of the largest single-site deployments of electric trucks across the food service distribution industry.

The fleet initiatives support the company’s Corporate Social Responsibility commitments as organized across three key focus areas: people, planet and products. Learn more about these efforts here.

¹2020 US Foods CSR Report. Includes the Food Group of Companies and reflects transportation inefficiencies with reduced volumes caused by the COVID-19 pandemic.
²Emissions intensity measured as pounds of CO2e per case delivered.
³ Includes Smart Foodservice Warehouse Stores.
⁴Broadline business only.
⁵Based on California Air Resources Board’s life cycle analysis of carbon intensities using the CA-GREET model.

About US Foods

With a promise to help its customers Make It, US Foods is one of America’s great food companies and a leading foodservice distributor, partnering with approximately 250,000 restaurants and foodservice operators to help their businesses succeed. With 69 broadline locations and more than 80 cash and carry stores, US Foods and its 28,000 associates provides its customers with a broad and innovative food offering and a comprehensive suite of e-commerce, technology and business solutions. US Foods is headquartered in Rosemont, Ill. Visit www.usfoods.com to learn more.

MEDIA CONTACT:
Sara Matheu
Director of Media Relations
773-580-3775
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DUBLIN--(BUSINESS WIRE)--The "Fundamentals of The Texas ERCOT Electric Power Market" training has been added to ResearchAndMarkets.com's offering.

This new in-depth two-day program provides a comprehensive and clear explanation of the structure, function, and current status of the Texas ERCOT ISO including its operations, the fundamentals of day-ahead and real-time energy auctions, LMP, CRRs, generation capacity markets (Resource Adequacy), and the new operational and economic issues raised by the integration of solar, wind, distributed generation ("DER"), demand response ("DR") and demand side management ("DSM") resources and energy storage.

Gain an understanding of the dynamic Texas wholesale and retail competitive markets, and learn how these markets interface with ERCOT ISO energy auctions and ISO operations. Understand, enhance and apply knowledge of the ERCOT nodal market operations for Energy, Ancillary Services, Market Settlements, Capacity, Retail, and Renewables.

This seminar will also address the rapidly expanding new market opportunities in Texas Renewables - Wind, Solar, etc., Distributed Generation ("DER"), Demand Response and Demand Side Management ("DSM") as well as the new opportunities that will be emerging from the current re-design of ERCOT Ancillary Services, future Ancillary and Capacity market initiatives and the further unbundling of ERCOT services.

What You Will Learn

• ERCOT's market functions, market participants and players and how they interface and do business.
• The importance of the QSEs' central role in representing market participants before ERCOT.
• What makes the ERCOT market unique compared to all other ISOs and RTOs.
• Texas 2021 rolling brownout events, learnings from the events and steps taken by ERCOT for future.
• What changed after the move to a nodal market design and major transactional differences.
• What the "Shadow Price" is, and why it is important and its relationship to LMP.
• Nodal System: LMPs, congestion management and CRRs and settlement processes.
• The functions and importance of congestion revenue rights and why these financial instruments are used.
• ERCOT's zonal and local congestion management operations and differences.
• Day-Ahead and real-time markets for energy, ancillary services and capacity - RUC and HRUC.
• The workings and relationship of the day-ahead and real-time markets.
• ERCOT's new ancillary services framework, changes in the products and their requirements, and their implications on the system reliability.
• ERCOT's roadmap for energy storage and undergoing work by the Battery Energy Storage task force.

You Will Also Learn

• How Bilateral and Auction Markets interface and how they work independently and together.
• Wholesale pricing, retail market Functions and structures for retail business.
• The key wholesale market settlement operations under the nodal market.
• How ERCOT's retail market works and what's going on in this market.
• ERCOT's upcoming market changes and what will be the implications of the new energy mix with renewables and energy storage.
• ERCOT summer and winter system reliability issues.
• The controversial relationships between reserve margins and real-time energy price market caps.
• What generation, transmission and infrastructure issues ERCOT faces now and over the next ten years.
• System wide offer caps.
• ERCOT has targeted demand response deployments, renewable energy and DSM programs, and those on the horizon.
• The interconnectivity issues in natural gas and power markets.
• How the different IT systems fit together and are used in the Wholesale and Retail Markets.
• What are the steps for planning and accomplishing resource interconnections with ERCOT.
• ERCOT's current interconnection queue, recent developments in the renewables and storage projects.
• ERCOT's LTSA and the IRP model with the capacity mix forecasts and energy price forecasts.
• Geographical heat maps of energy storage potential across Texas.

Seminar Agenda

• Understand the different types of players, stakeholders and their different roles and multiple functions.
• The key wholesale and retail stakeholders and market participants, and how their activities shape ERCOT's operations.
• The importance of the QSEs' role and who can participate based on qualifications and objectives.
• How the day-ahead auction markets work, the timing issues and the types of products.
• The critical functions and relationships of the day-ahead and real-time markets and how they interact in the wholesale and retail markets.
• Locational marginal pricing (LMP) and why and how it's used for choosing offers and product pricing.
• How LMP is calculated and used for transaction pricing at nodes, zones and hubs.
• The different functions of ERCOT energy, balancing or "spot market" and ancillary market services.
• What DRUC, HRUC and related capacity markets mean and why these distinctions are important.
• The difference between auction and bilateral bulk power markets and the pros & cons of each.
• How the "Two-Market Settlement" process works and the key wholesale market settlement activities.
• Load Zone versus hub settlements and LMP calculation differences.
• The concerns and relationships between reserve margins real-time energy price market caps and reserve markets.
• Texas 2021 rolling brownout events, learnings from the event and steps taken by ERCOT for future.
• ERCOT's new ancillary services framework, changes in the products and their requirements, and their implications on the system reliability.
• ERCOT's roadmap for energy storage and undergoing work by the Battery Energy Storage task force.
• ERCOT's upcoming market changes and what will be the implications of the new energy mix with renewables and energy storage.
• ERCOT summer and winter system reliability issues and system wide offer caps.
• ERCOT's and the power industry's perspectives on "forward capacity" markets and price caps.
• The concerns and relationships between reserve margins real-time energy price market caps.
• Generation, Transmission and other infrastructure issues ERCOT faces now and over the next ten years.
• The "smart grid" in ERCOT and a discussion of the key issues and how the smart grid is likely to develop and impact wholesale and retail price signals.
• A summary of the key issues of today and where the ERCOT is headed, including a discussion of the smart grid, renewable energy and the building of new transmission lines.
• The major issues facing wind energy, solar and other renewables and how these generation sources relate to the proposed buildout of the backbone power grid.
• The ERCOT targeted demand response deployments as cost-effective alternatives to transmission and distribution infrastructure upgrades for local reliability.
• The roles that different distributed energy resources play in a targeted demand management program.
• The drivers for the growing interest in these non-wires distributed generation ("DER"), demand response ("DR") and related demand side management ("DSM") initiatives.
• ERCOT's current interconnection queue, recent developments in the renewables and storage projects.
• ERCOT's LTSA and the IRP model with the capacity mix forecasts and energy price forecasts.
• Geographical heat maps of energy storage potential across Texas.
• The current and future issues facing ERCOT on DER, DR and DSM alternatives.
• How end-users buy and manage their electric choices and procurement options and what are they today and expected to be in the future.

For more information about this training visit https://www.researchandmarkets.com/r/6t077a

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.

For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

350+ Systems Added to Top Producer in State; Expected 40% Expense Offsets

FORT RILEY, Kan.--(BUSINESS WIRE)--Corvias, a long-term solutions and management partner to the U.S. military, achieved a significant milestone in its energy conservation efforts following the installation and activation of approximately 350 additional solar systems as part of its second phase of its solar project at Fort Riley. The program now includes panels on more than 1,600 homes and is a top solar energy producer in Kansas.

The two combined phases will offset an estimated 40 percent of annual electricity consumed by on-post family housing and is expected to generate 15,000 megawatt-hours in the first year of full operation. It is also enough to power more than 1,300 homes annually, or the equivalent of planting six million trees or saving 450,000 gallons of fuel.

“This achievement reflects our continued commitment to the Department of Defense (DoD) and to energy conservation,” said Corvias Managing Director Peter Sims. “We take great pride in consistently providing our service members and their families with sustainable and advanced technology, while simultaneously providing a robust, self-sufficient and resourceful environment for on-post communities to thrive.”

Later this year, the military family housing partnership between Corvias and the U.S. Army at Fort Riley will begin construction of the third phase of the solar energy program with Onyx Construction. Phase three is projected to comprise of two ground mount solar arrays within the housing community. Once complete, all three phases of the program will provide power to about half of Fort Riley homes.

The program’s continued expansion helps to advance the DoD’s goal to provide 100 percent of each military installation’s critical-mission energy load by the end of 2030. Meeting this objective will strengthen the DoD’s adaptability in obtaining energy and water resources and ensuring an Army mission’s success in the event these services are suddenly unavailable.

Across its nationwide portfolio of military housing, the Corvias solar program:

• Generates 34 megawatts (MW) of solar energy, enough to power nearly 3,800 homes for a year.
• Includes more than 3,500 rooftop and 17,000 ground-mounted solar panels across housing communities at Aberdeen Proving Ground and Fort Meade in Maryland, Fort Riley in Kansas.
• Offsets roughly 50% of annual electricity consumption to include future projects slated for construction at three additional military housing projects over the next two years, totaling an additional 40 MW of renewable energy.
• Complements the Corvias utility management program, which upgrades energy and water efficiency technology bringing approximately 16,000 military homes to the highest energy standards available.

The solar project’s second phase launch is one of many recent Corvias community improvement initiatives at Fort Riley. The company recently delivered 32 renovated and completely reconfigured homes in the Rim Rock neighborhood, a $16M energy upgrade project across 3,500 homes, and is constructing 80 new duplex homes in the Warner Peterson community for senior noncommissioned officers.

About Corvias
As a privately-owned company headquartered in East Greenwich, RI, Corvias partners with higher education and government institutions nationwide to solve their most essential systemic problems and create long-term, sustainable value through our unique approach to partnership. Corvias pursues the kinds of partnerships that materially and sustainably improve the quality of life for the people who call our communities home, purposefully choosing to partner with organizations who share our values and whose mission is to serve as the foundational blocks, or pillars, of our nation. To learn more, please visit: www.corvias.com.

For more than 20 years, Corvias Property Management has applied its resident-first approach to provide housing operations, maintenance and service support for military and university communities to create safe, high-quality places to live, learn, work and interact. Corvias Property Management manages 22,000 residential units, totaling approximately 50 million gross square feet of real estate across 10 U.S. states and the District of Columbia, including at seven military installations and 15 universities at www.corvias.com/propertymanagement/.

About Onyx
Onyx is a vertically integrated renewable energy developer headquartered in New York City. With over 184MW of operating assets as of February 2022, Onyx is recognized as a market leader in the development, construction, financing and operation of solar energy project across the United States. Onyx was established in 2014 and is co-owned by funds managed by Blackstone and Sustainable Development Capital LLC (“SDCL”).

Founded in 1985, Blackstone is a global alternative asset manager with over $881 billion of total assets under management as of year-end 2021. Onyx is Blackstone’s 9^th portfolio management team and 3^rd management team focused on power. Founded in 2007, SDCL is a UK-based alternative investment firm which manages SDCL Energy Efficiency Income Trust plc (“SEEIT”), an investment company listed on the London stock exchange (LON: SEIT). SEEIT owned a diversified portfolio of investments exceeding £1 billion as of February 2022.

Mary Humphreys, Corvias
(571) 309-5943
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HOUSTON--(BUSINESS WIRE)--USD Partners LP (NYSE: USDP) (the “Partnership”) announced today its operating and financial results for the three months and year ended December 31, 2021. Financial highlights with respect to the fourth quarter of 2021 include the following:

• Generated Net Cash Provided by Operating Activities of $9.4 million, Adjusted EBITDA⁽¹⁾ of $11.9 million and Distributable Cash Flow⁽¹⁾ of $10.7 million
• Reported Net Income of $3.6 million
• Declared a quarterly cash distribution of $0.121 per unit ($0.484 per unit on an annualized basis) with approximately 3.2x Distributable Cash Flow Coverage⁽²⁾

“2021 was a momentous year for the Partnership as well as for our Sponsor. During the year, we announced a five-year renewable diesel throughput agreement underpinned by an investment-grade rated, refining customer at the Partnership’s West Colton Terminal; formed USD Clean Fuels LLC, a subsidiary of our Sponsor to focus on providing production and logistics solutions to the growing market for clean energy transportation fuels; and declared the DRU to be fully operational and commenced shipment of DRUbit™ by Rail™,” said Dan Borgen, the Partnership’s Chief Executive Officer. “As mentioned previously, our DRUbit™ by Rail™ network has already enhanced the sustainability and quality of the Partnership’s cash flows by significantly increasing the tenor of approximately 32% of the Hardisty terminal’s capacity, through 2031. In addition, our DRUbit™ by Rail™ network provides the safest transportation and environmental benefits to our customers, as well as increased market access and additional jobs along the rail routes.”

“We hope to continue our momentum in 2022 and are very encouraged about the future as we engage with our customers regarding the next phase of USD’s growth, which could include a second DRU customer commitment, resulting in additional longer-term commitments at the Partnership’s Hardisty rail terminal,” added Mr. Borgen. “Based on this momentum, management intends to recommend to the Board of Directors of its general partner to remain on its current growth trajectory of increasing its quarterly cash distribution per unit by an additional $0.0025 per quarter for the first, second, third and fourth quarters in 2022.”

Partnership’s Fourth Quarter 2021 Liquidity, Operational and Financial Results

Substantially all of the Partnership’s cash flows are generated from multi-year, take-or-pay terminalling services agreements related to its crude oil terminals, which include minimum monthly commitment fees. The Partnership’s customers include major integrated oil companies, refiners and marketers, the majority of which are investment-grade rated.

The Partnership’s operating results for the fourth quarter of 2021 relative to the same quarter in 2020 were primarily influenced by lower revenue at its Stroud terminal during the quarter associated with the existing DRU customer electing to reduce its contracted volume commitments by one-third of its previous commitment effective August 2021, which was primarily driven by the successful commencement of the DRU.

The Partnership experienced higher operating costs during the fourth quarter of 2021 as compared to the fourth quarter of 2020 primarily attributable to an increase in subcontracted rail services costs due to increased throughput.

Net income decreased in the fourth quarter of 2021 as compared to the fourth quarter of 2020, primarily because of the operating factors discussed above coupled with a non-cash foreign currency transaction loss in the fourth quarter of 2021 as compared to a non-cash gain recognized in the 2020 comparative period. Partially offsetting the decrease in net income was lower interest expense incurred during the fourth quarter of 2021 resulting from lower interest rates and a lower weighted average balance of debt outstanding and a larger non-cash gain associated with the Partnership’s interest rate derivatives during the fourth quarter of 2021, as compared to the same period in 2020.

Net Cash Provided by Operating Activities for the quarter decreased 22% relative to the fourth quarter of 2020, primarily due to the operating factors discussed above and the general timing of receipts and payments of accounts receivable, accounts payable and deferred revenue balances.

Adjusted EBITDA and Distributable Cash Flow (“DCF”) decreased by 20% and 18%, respectively, for the quarter relative to the fourth quarter of 2020. The decrease in Adjusted EBITDA and DCF was primarily a result of the operating factors discussed above. Partially offsetting the decrease in DCF was a decrease in cash paid for interest and taxes during the quarter.

As of December 31, 2021, the Partnership had approximately $3.7 million of unrestricted cash and cash equivalents and undrawn borrowing capacity of $107.0 million on its $275.0 million senior secured credit facility, subject to the Partnership’s continued compliance with financial covenants. As of the end of the fourth quarter of 2021, the Partnership had borrowings of $168.0 million outstanding under its revolving credit facility. The Partnership was in compliance with its financial covenants, as of December 31, 2021.

Pursuant to the terms of the Partnership’s senior secured credit facility, as amended, the Partnership’s borrowing capacity continues to be limited to 4.5 times its trailing 12-month consolidated EBITDA, as defined in the senior secured credit facility. As such, the Partnership’s available borrowings under the senior secured credit facility, including unrestricted cash and cash equivalents, was approximately $83.7 million as of December 31, 2021.

On January 26, 2022, the Partnership declared a quarterly cash distribution of $0.121 per unit ($0.484 per unit on an annualized basis), representing an increase of $0.0025 per unit, or 2.1% over the distribution declared for the third quarter of 2021. The distribution was paid on February 18, 2022, to unitholders of record at the close of business on February 9, 2022.

Since the end of the first quarter of 2020, the Partnership has reduced the outstanding balance of its revolving credit facility by $56 million as of December 31, 2021.

Fourth Quarter 2021 Conference Call Information

The Partnership will host a conference call and webcast regarding fourth quarter 2021 results at 11:00 a.m. Eastern Time (10:00 a.m. Central Time) on Thursday, March 3, 2022.

To listen live over the Internet, participants are advised to log on to the Partnership’s website at www.usdpartners.com and select the “Events & Presentations” sub-tab under the “Investors” tab. To join via telephone, participants may dial (866) 518-6930 domestically or +1 (203) 518-9822 internationally, conference ID 8961403. Participants are advised to dial in at least five minutes prior to the call.

An audio replay of the conference call will be available for thirty days by dialing (800) 688-7945 domestically or +1 (402) 220-1370 internationally, conference ID 8961403. In addition, a replay of the audio webcast will be available by accessing the Partnership's website after the call is concluded.

About USD Partners LP

USD Partners LP is a fee-based, growth-oriented master limited partnership formed in 2014 by US Development Group, LLC (“USD”) to acquire, develop and operate midstream infrastructure and complementary logistics solutions for crude oil, biofuels and other energy-related products. The Partnership generates substantially all of its operating cash flows from multi-year, take-or-pay contracts with primarily investment grade customers, including major integrated oil companies, refiners and marketers. The Partnership’s principal assets include a network of crude oil terminals that facilitate the transportation of heavy crude oil from Western Canada to key demand centers across North America. The Partnership’s operations include railcar loading and unloading, storage and blending in on-site tanks, inbound and outbound pipeline connectivity, truck transloading, as well as other related logistics services. In addition, the Partnership provides customers with leased railcars and fleet services to facilitate the transportation of liquid hydrocarbons and biofuels by rail.

USD, which owns the general partner of USD Partners LP, is engaged in designing, developing, owning, and managing large-scale multi-modal logistics centers and energy-related infrastructure across North America. USD’s solutions create flexible market access for customers in significant growth areas and key demand centers, including Western Canada, the U.S. Gulf Coast and Mexico. Among other projects, USD is currently pursuing the development of a premier energy logistics terminal on the Houston Ship Channel with capacity for substantial tank storage, multiple docks (including barge and deepwater), inbound and outbound pipeline connectivity, as well as a rail terminal with unit train capabilities. For additional information, please visit texasdeepwater.com. Information on websites referenced in this release is not part of this release.

Non-GAAP Financial Measures

The Partnership defines Adjusted EBITDA as Net Cash Provided by Operating Activities adjusted for changes in working capital items, interest, income taxes, foreign currency transaction gains and losses, and other items which do not affect the underlying cash flows produced by the Partnership’s businesses. Adjusted EBITDA is a non-GAAP, supplemental financial measure used by management and external users of the Partnership’s financial statements, such as investors and commercial banks, to assess:

• the Partnership’s liquidity and the ability of the Partnership’s businesses to produce sufficient cash flows to make distributions to the Partnership’s unitholders; and
• the Partnership’s ability to incur and service debt and fund capital expenditures.

The Partnership defines Distributable Cash Flow, or DCF, as Adjusted EBITDA less net cash paid for interest, income taxes and maintenance capital expenditures. DCF does not reflect changes in working capital balances. DCF is a non-GAAP, supplemental financial measure used by management and by external users of the Partnership’s financial statements, such as investors and commercial banks, to assess:

• the amount of cash available for making distributions to the Partnership’s unitholders;
• the excess cash flow being retained for use in enhancing the Partnership’s existing business; and
• the sustainability of the Partnership’s current distribution rate per unit.

The Partnership believes that the presentation of Adjusted EBITDA and DCF in this press release provides information that enhances an investor's understanding of the Partnership’s ability to generate cash for payment of distributions and other purposes. The GAAP measure most directly comparable to Adjusted EBITDA and DCF is Net Cash Provided by Operating Activities. Adjusted EBITDA and DCF should not be considered alternatives to Net Cash Provided by Operating Activities or any other measure of liquidity presented in accordance with GAAP. Adjusted EBITDA and DCF exclude some, but not all, items that affect Net Cash Provided by Operating Activities and these measures may vary among other companies. As a result, Adjusted EBITDA and DCF may not be comparable to similarly titled measures of other companies. Reconciliations of Net Cash Provided by Operating Activities to Adjusted EBITDA and DCF are presented in this press release.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of U.S. federal securities laws, including statements with respect to the ability of the Partnership and USD to achieve contract extensions, new customer agreements and expansions; the ability of the Partnership and USD to develop existing and future additional projects and expansion opportunities (including successful completion of USD’s DRU) and whether those projects and opportunities developed by USD would be made available for acquisition, or acquired, by the Partnership; volumes at, and demand for, the Partnership’s terminals; and the amount and timing of future distribution payments and distribution growth. Words and phrases such as “expect,” “plan,” “intent,” “believes,” “projects,” “begin,” “anticipates,” “subject to” and similar expressions are used to identify such forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements relating to the Partnership are based on management’s expectations, estimates and projections about the Partnership, its interests and the energy industry in general on the date this press release was issued. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include the impact of the novel coronavirus (COVID-19) pandemic and related economic downturn and changes in general economic conditions and commodity prices, as well as those factors set forth under the heading “Risk Factors” and elsewhere in the Partnership’s most recent Annual Report on Form 10-K and in the Partnership’s subsequent filings with the Securities and Exchange Commission (many of which may be amplified by the COVID-19 pandemic and the recent significant reductions in demand for and prices of crude oil, natural gas and natural gas liquids). The Partnership is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

___________

___________

Category: Earnings

Adam Altsuler
Executive Vice President, Chief Financial Officer
(281) 291-3995
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Jennifer Waller
Director, Financial Reporting and Investor Relations
(832) 991-8383
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Consumer Energy Alliance Releases Report Highlighting the Economic Harm that a Line 5 Closure Will Have on Midwestern Families, Businesses and Industries

LANSING, Mich.--(BUSINESS WIRE)--#Diesel--Shutting down the Line 5 pipeline, the reckless proposal pursued by Michigan Governor Gretchen Whitmer, would force families, businesses and industries in Michigan, Ohio, Indiana and Pennsylvania to pay more than $5.8 billion more for transportation fuel every year, according to an independent third-party analysis commissioned by Consumer Energy Alliance (CEA).

Weinstein, Clower and Associates examined the impacts that a Line 5 closure would have on the region and found that shutting down this critical infrastructure would have a devastating impact on the supply of transportation fuels in regional markets, and hurt petrochemical refiners that rely on the pipeline to safely and efficiently deliver feedstock. Such a supply shock would create significantly higher gasoline and diesel prices for Midwestern families and businesses, who will spend at least $5.8 billion more every year on transportation fuels, or $29.2 billion more over five years due to the resulting loss of production at area refineries.

The report dovetails with previous findings that closing Line 5 would cause at least $20.8 billion in economic losses to Michigan, Ohio, Indiana and Pennsylvania.

“At a time when consumer prices are rising at their fastest pace in more than 40 years, and Americans are suffering from the highest gasoline prices in over seven years, choking the region’s fuel supply by closing Line 5 would be economically ruinous,” CEA Midwest Director Chris Ventura said. “Midwestern families are already struggling to pay their bills, with many on fixed incomes or living below the poverty line having to choose between putting gas in their tank, buying groceries, or filling their prescriptions.”

Ventura added, “From an environmental perspective, the proposal is just as careless. Line 5 hasn’t leaked in the Straits during its 68-year history, and it is inarguably the safest, most reliable method to transport the fuel our region needs. Recklessly raising energy bills on families and businesses by disrupting their fuel supplies – notably oil and propane – while harming the economy and the environment is irresponsible, especially when solutions like the Line 5 Tunnel Project have been proposed.”

To learn more about families, small businesses, manufacturers, laborers and more who are concerned about a Line 5 closure from Michigan, Ohio, Pennsylvania and Indiana, visit ConsumerEnergyAlliance.org.

To view the full report, click here.

About Consumer Energy Alliance

Consumer Energy Alliance (CEA) is the leading voice for sensible energy and environmental policies for consumers, bringing together families, farmers, small businesses, distributors, producers, and manufacturers to support America’s environmentally sustainable energy future. With more than 550,000 members nationwide, we are committed to leading the nation’s dialogue around energy, its critical role in the economy, and how it supports the vital supply chains for the families and businesses that depend on them. CEA works daily to encourage communities across the nation to seek sensible, realistic, and environmentally responsible solutions to meet our nation’s energy needs.

Bryson Hull
(202) 657-2855
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Delivered solid performance in the fourth quarter as scale, broad portfolio, global operating footprint, through-cycle capabilities and strong financial profile enabled continued growth

Committed to further cementing the Company’s position as an energy services leader while driving strong financial performance and significant value creation for shareholders

Provides 2022 revenue and Adjusted EBITDA margin outlook

HOUSTON--(BUSINESS WIRE)--Expro Group Holdings N.V. (NYSE: XPRO) (the “Company” or “Expro”) today reported financial and operational results for the three months and year ended December 31, 2021.

Fourth Quarter 2021 Financial Highlights

• Revenue was $296 million compared to revenue of $198 million in the third quarter of 2021, an increase of $98 million, or 50%. The merger between legacy Frank’s International and legacy Expro closed on October 1, 2021 (the “Merger”) and contributed $112 million of the sequential increase in revenue, which was partially offset by $21 million in legacy Expro production equipment sales that occurred during the third quarter and did not reoccur in the fourth quarter.
• Net loss was $91 million, or $0.84 per common share, compared to a net loss of $12 million, or $0.17 per common share, for the third quarter of 2021. Adjusted net loss for the fourth quarter of 2021, excluding certain items, was $4 million, or a $0.03 loss per common share, compared to adjusted net income for the third quarter of 2021 of $1 million, or $0.02 income per common share.
• Adjusted EBITDA was $51 million, a sequential increase of $20 million, or 61%, of which $17 million was due to the Merger. The remaining increase was driven by a more favorable activity mix. Adjusted EBITDA margin for fourth quarter 2021 and third quarter 2021 was 17% and 16%, respectively.

Full Year 2021 Financial Highlights

• Revenue increased by $151 million, or 22%, to $826 million, compared to $675 million for the year ended December 31, 2020. The Merger contributed $112 million of the increase, with the remaining increase driven by higher activity across the majority of Expro’s operating segments.
• Net loss was $132 million, or $1.64 per common share, compared to a net loss of $307 million, or $4.33 per common share, for the year ended December 31, 2020. Adjusted net loss, excluding certain items, was $19 million, or $0.24 per common share, for the year ended December 31, 2021, compared to adjusted net loss of $29 million, or $0.41 per common share, for the year ended December 31, 2020.
• Adjusted EBITDA increased by $26 million, or 26%, to $126 million from $100 million in the prior year. Approximately $17 million of the increase was due to the Merger and the remaining increase was attributable to increased activity during the year ended December 31, 2021. Adjusted EBITDA margin was approximately 15% for both 2021 and 2020.
• Expro achieved substantial growth in several product lines, capitalizing on improved industry fundamentals.

Michael Jardon, Chief Executive Officer, noted, “Expro delivered outstanding operational performance and encouraging financial results in the fourth quarter as we continue to unlock the benefits of the recently completed Merger while capitalizing on our increased scale, broad portfolio of solutions, global operating footprint, through-cycle capabilities and strong financial profile.

“Our solid performance despite the challenging operating environment is a testament to our team’s expertise and resilience, and our ability to continue to adapt to our customers’ evolving needs. We enhanced our business mix and our team is taking advantage of improving industry fundamentals and expanded operational capabilities. We achieved broad-based growth across our regions and product lines, with particularly notable growth in the areas of production, subsea well access and well intervention and integrity services. Of note, Segment EBITDA margin was up sequentially in each of our geography-based operating segments and Adjusted EBITDA margin increased 120 basis points sequentially, all reflecting an improved business mix. We also continue to realize the benefits of our investments to develop innovative, proprietary solutions to support our customers’ energy transition goals. We remain focused on expanding our portfolio of carbon reduction solutions to help lead our industry’s journey toward a lower carbon future.

“We are successfully implementing a thoughtful and comprehensive integration plan and have already made significant progress bringing the legacy Frank’s and Expro’s businesses together in order to capture the full potential of our combined platform. Through the careful and deliberate implementation of our integration plan, we are creating a stronger, more flexible business with a more competitive cost structure that will allow us to significantly expand our margins. Efficiencies are already being realized across our business and customers are experiencing the benefits of our expanded offering. During fourth quarter 2021 we identified and actioned cost savings that will allow us to capture more than 50% of our previously stated $55 million run-rate cost synergies target within the first 12 months following our closing of the Merger. We remain confident in our ability to achieve our synergy targets and our integration plan remains very much on track.

“In addition to the $55 million of run-rate cost synergies within the first 12 months, we remain confident that we will achieve at least $70 million of total savings within 24-36 months. We are also now pursuing growth opportunities afforded by our broader portfolio and geographic footprint, and our view remains that revenue synergies will allow us to realize up to $30 million of incremental Adjusted EBITDA growth as we continue to benefit from our strong customer relationships, global scale and the tailwinds from the multiyear industry and global economic recovery. As we further improve our cost structure and capitalize on the global recovery, we expect to generate strong free cash flow.

“We ended 2021 in a strong financial position with bright prospects for growth and profitability. Driven by performance and powered by our people, we remain confident in our ability to deliver on the significant opportunities ahead. In 2022, we intend to further cement our position as a full-cycle energy services leader while driving strong financial performance and significant value creation for our shareholders.

“Looking ahead, we expect that the first quarter of 2022 will show continued solid financial performance, tempered by the typical seasonally weaker activity levels in the Northern Hemisphere. As previously disclosed, we expect that revenue in the first quarter of 2022 will be relatively flat compared to the fourth quarter of 2021.

“Also consistent with comments on our third quarter earnings conference call, we continue to see strengthening signals of a multiyear recovery, with favorable macro fundamentals that are supported by a steady recovery in oil and gas demand, modest near-term supply additions and commodity prices that will support incremental international activity and increased investment in production capacity by our customers. In the near- to intermediate-term, we expect that revenue momentum will be driven by an increase in shorter-cycle, faster-return production optimization projects, which will most directly benefit our well flow management and well intervention and integrity product lines. We also expect to see a strong recovery in offshore development in the second half of the year for which our well construction and subsea well access businesses are very well positioned.

“We expect that Adjusted EBITDA margin in the first quarter of 2022 will be 12-14% of consolidated revenue, driven by a less favorable mix of activity. As we move into the Northern Hemisphere’s summer season in the second quarter of 2022 and onwards, we expect that our revenue run-rate will approach that of the pre-pandemic 2019 revenues of legacy Expro and legacy Frank’s on a combined basis. With the benefit of fall-through on incremental revenue and synergies, we expect that Adjusted EBITDA margins in the second half of 2022 will be in the area of 20% of revenue.”

Notable Awards and Achievements

As a demonstration of the combined company’s strengthening portfolio, during the just completed fourth quarter, Expro successfully completed a site integration test of a legacy Expro Electro H Subsea Umbilical with a legacy Frank’s TRS Sheaveless COBRA^® Control Line Manipulator Arm. There was strong customer interest in this combination of legacy Expro’s and legacy Frank’s technologies and one customer has now committed to using these combined offerings in a key operation in the Eastern Mediterranean in the first quarter of 2022. This combination of technologies provides deployment efficiency while improving overall operational safety.

Expro’s first automated tong system, iTONG, was also commissioned during the fourth quarter. This system uses artificial intelligence to optimize tubular make ups and will facilitate a step change in drilling rig efficiency and safety, reducing manpower requirements and improving well integrity. This “one touch” automated system is well aligned with the Company’s drive for automation and will build on Expro’s record of significantly enhancing rig performance.

Further demonstrating Expro’s commitment to new technologies, in the fourth quarter the Company also announced the launch of Galea™, the world’s first fully autonomous well intervention system designed to maximize production while reducing intervention costs, HSE risks and environmental impact.

Another milestone was achieved in the fourth quarter of 2021 in our MENA business when Expro passed a half million hours of data transmission. Expro’s ability to provide a complete data solution allowed the customer’s reservoir and production teams to optimize production from its wells. In particular, expedited data transmission, real-time monitoring and close collaboration allowed both Expro and the customer to effectively mitigate the consequences of unexpected changes in production.

Also in the fourth quarter of 2021, Expro delivered a customized well intervention solution for a deviated well in Indonesia using its unique CoilHose™ system. This world first operation used a roller bogie set up to reach the customer’s target depth. The CoilHose™ solution offers a rapid rig up time compared to traditional coil tubing, reducing the time required to plan and perform the operation. This simplified approach reduces safety risk and the environmental impact when intervening wells.

Segment Results

Unless otherwise noted, the following discussion compares the quarterly results for the fourth quarter of 2021 to the results for the third quarter of 2021.

North and Latin America (NLA)

NLA revenue totaled $100 million for the three months ended December 31, 2021, compared to $32 million for the prior quarter, an increase of $68 million. Approximately $67 million of the increase related to the Merger. The remaining increase was due to additional well intervention and integrity services in Trinidad and Tobago and subsea well access services in Brazil driven by higher customer activity, partially offset by lower well flow management services revenue in Mexico.

NLA Segment EBITDA for the three months ended December 31, 2021 totaled $21 million, or 21% of segment revenue, compared to $5 million, or 17% of segment revenue, for the prior quarter. The increase in Segment EBITDA primarily related to the Merger, which contributed Segment EBITDA of $16 million during the fourth quarter of 2021.

Europe and Sub Sahara Africa (ESSA)

ESSA revenue totaled $94 million during the three months ended December 31, 2021, compared to $87 million in the prior quarter, an increase of $7 million. The sequential improvement was primarily due to the Merger, which contributed incremental revenue of $28 million during the three months ended December 31, 2021, partially offset by production equipment sales that occurred during the previous quarter and did not reoccur.

ESSA Segment EBITDA during the three months ended December 31, 2021 totaled $20 million, or 21% of segment revenue, compared to $18 million, or 20% of segment revenue, in the prior quarter. The increase in Segment EBITDA was primarily attributable to the Merger, which contributed incremental Segment EBITDA of $9 million during the fourth quarter of December 31, 2021. This was partially offset by a reduction in Segment EBITDA due to the non-recurring production equipment sales and a modestly less favorable activity mix.

Middle East and North Africa (MENA)

MENA revenue totaled $49 million for the three months ended December 31, 2021, compared to $38 million in the prior quarter, an increase of $11 million. Approximately $8 million of the increase was attributable to the Merger. The remaining increase was driven by higher well flow management services revenue in Algeria and Egypt.

MENA Segment EBITDA for the three months ended December 31, 2021 totaled $16 million, or 33% of segment revenue, compared to $11 million, or 29% of segment revenue, in the prior quarter, an increase of $5 million. Approximately $1 million of the increase was due to the Merger. The remaining increase was attributable to a more favorable activity mix and improved activity levels, which also contributed to the improvements in Segment EBITDA margin during the fourth quarter.

Asia Pacific (APAC)

APAC revenue for three months ended December 31, 2021 totaled $51 million, compared to $40 million in the prior quarter, an increase of $11 million. Approximately $8 million of the increase was attributable to the Merger. The remaining increase was driven by higher subsea well access revenue in Malaysia and improved well intervention and integrity services revenue in Thailand and Indonesia. The revenue increase was a result of activity from new contracts and higher activity on existing contracts.

APAC Segment EBITDA for the three months ended December 31, 2021 totaled $12 million, or 24% of segment revenue, compared to $8 million, or 19% of segment revenue, in the prior quarter, an increase of $4 million. Approximately $1 million of the increase was due to the Merger. The remaining increase was attributable to higher segment revenue and a more favorable activity mix.

Other Financial Information

The Company’s capital expenditures totaled $28 million in the fourth quarter of 2021 and approximately $82 million for the full year 2021. Expro plans for capital expenditures in the range of approximately $90 million to $100 million for 2022.

As of December 31, 2021, Expro’s consolidated cash and cash equivalents, including restricted cash, totaled $240 million. The Company had no outstanding debt as of December 31, 2021 and has no outstanding debt today. The Company’s total liquidity as of December 31, 2021 was $370 million. Total liquidity includes $130 million available for drawdowns as loans under the Company’s new revolving credit facility entered in connection with the Merger (the “New Facility”).

Expro’s provision for income taxes for the fourth quarter of 2021 was $8 million compared to $5 million in the prior quarter. The change in income taxes was primarily due to the current quarter including the provision for income taxes for legacy Frank’s entities which were not included in the prior quarter. There were also changes in taxable profits in certain jurisdictions and the Company derecognized deferred tax assets in certain jurisdictions during the prior quarter.

The Merger was accounted for using the acquisition method of accounting with legacy Expro being identified as the accounting acquirer. The condensed consolidated financial statements of the Company reflect the financial position, results of operations and cash flows of only legacy Expro for all periods prior to October 1, 2021, the Merger date, and of the combined company (including activities of legacy Frank’s) for all periods subsequent to the Merger.

Considering recent geopolitical events, we note we have minimal activity in Russia and Ukraine. Such countries accounted for less than 1% of our revenue in 2021.

The financial measures provided that are not presented in accordance with U.S. generally accepted accounting principles (“GAAP”) are defined and reconciled to their most directly comparable GAAP measures. Please see “Use of Non-GAAP Financial Measures” and the reconciliations to the nearest comparable GAAP measures. The Company is not able to provide a reconciliation of the Company’s forward-looking Adjusted EBITDA margin to the most directly comparable GAAP measure without unreasonable effort because of the inherent difficulty in forecasting and quantifying certain amounts necessary for such a reconciliation, including net income (loss), income tax expense (benefit) and foreign exchange gains (losses).

Additionally, downloadable financials are available on the Investor section of www.expro.com.

Conference Call

The Company will host a conference call to discuss fourth quarter 2021 results on Thursday, March 3, 2022, at 10:00 a.m. Central Time (11:00 a.m. Eastern Time).

Participants may also join the conference call by dialing:

US: +1 (844) 200-6205
International: +1 (929) 526-1599
Access ID: 817435

To listen via live webcast, please visit the Investor section of www.expro.com.

The fourth quarter 2021 Investor Presentation is available on the Investor section of www.expro.com.

An audio replay of the webcast will be available on the Investor section of the Company’s website approximately 3 hours after the conclusion of the call and will remain available for a period of approximately 12 months.

To access the audio replay telephonically:

Dial-In: US +1 (866) 813- 9403 or +44 (204) 525-0658
Access ID: 869270
Start Date: March 3, 2022, 2:00 p.m. CT
End Date: March 11, 2022, 11:00 p.m. CT

A transcript of the conference call will be posted to the Investor relations section of the Company’s website after the conclusion of the call.

ABOUT EXPRO

Working for clients across the entire well life cycle, Expro is a leading provider of energy services, offering cost-effective, innovative solutions and best-in-class safety and service quality. The Company’s extensive portfolio of capabilities spans well construction, well flow management, subsea well access, and well intervention and integrity.

With roots dating to 1938, Expro has more than 7,200 employees and provides services and solutions to leading energy companies in both onshore and offshore environments in approximately 60 countries with over 100 locations.

For more information, please visit: www.expro.com and connect with Expro on Twitter @ExproGroup and LinkedIn @Expro.

Forward Looking Statements

This release 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. All statements, other than statements of historical facts, included in this release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this release include statements, estimates and projections regarding the Company’s future business strategy and prospects for growth, cash flows and liquidity, financial strategy, budget, projections and operating results. These statements are based on certain assumptions made by the Company based on management’s experience, expectations and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Forward-looking statements are not guarantees of performance. Although the Company believes the expectations reflected in its forward-looking statements are reasonable and are based on reasonable assumptions, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all) or will prove to have been correct. Moreover, such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Such assumptions, risks and uncertainties include the outcome and results of the integration process associated with the Merger, the amount, nature and timing of capital expenditures, the availability and terms of capital, the level of activity in the oil and gas industry, volatility of oil and gas prices, unique risks associated with offshore operations, political, economic and regulatory uncertainties in international operations, the ability to develop new technologies and products, the ability to protect intellectual property rights, the ability to employ and retain skilled and qualified workers, the level of competition in the Company’s industry, global or national health concerns, including health epidemics, such as COVID-19 and any variants thereof, the possibility of a swift and material decline in global crude oil demand and crude oil prices for an uncertain period of time, future actions of foreign oil producers such as Saudi Arabia and Russia, the timing, pace and extent of an economic recovery in the United States and elsewhere, the impact of current and future laws, rulings, governmental regulations, accounting standards and statements, and related interpretations, and other guidance.

Such assumptions, risks and uncertainties also include the factors discussed or referenced in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, that will be filed with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law, and we caution you not to rely on them unduly.

Use of Non-GAAP Financial Measures

This press release and the accompanying schedules include the non-GAAP financial measures of Adjusted EBITDA, Adjusted EBITDA margin, contribution, contribution margin, support costs, adjusted cash flow from operations, cash conversion, adjusted net income (loss) and adjusted net income (loss) per diluted share, which may be used periodically by management when discussing financial results with investors and analysts. The accompanying schedules of this press release provide a reconciliation of these non-GAAP financial measures to their most directly comparable financial measure calculated and presented in accordance with GAAP. These non-GAAP financial measures are presented because management believes these metrics provide additional information relative to the performance of the business. These metrics are commonly employed by financial analysts and investors to evaluate the operating and financial performance of Expro from period to period and to compare such performance with the performance of other publicly traded companies within the industry. You should not consider Adjusted EBITDA, Adjusted EBITDA margin, contribution, contribution margin, support costs, adjusted cash flow from operations cash conversion, adjusted net income (loss), and adjusted net income (loss) per diluted share in isolation or as a substitute for analysis of Expro’s results as reported under GAAP.

Investors contact:
Karen David-Green - Chief Communications, Stakeholder & Sustainability Officer
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+1 281 994 1056

Media contact:
Hannah Rumbles - Global Marketing and Communications Manager
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+44 1224 796729

Ameresco will take over management of HGACEnergy’s supply contracts and directly facilitate relationships with members

FRAMINGHAM, Mass. & HOUSTON--(BUSINESS WIRE)--#carbonreduction--Ameresco, Inc., (NYSE: AMRC), a leading cleantech integrator specializing in energy efficiency and renewable energy, today announced its partnership with HGACEnergy, an energy purchasing cooperative in Texas, as its sole provider of electricity procurement and advisory services.

By utilizing the advantages of a cooperative aggregation, HGACEnergy provides reliable, low-cost electricity purchasing options to government entities across Texas. Ameresco will take over the management of HGACEnergy’s supply contracts and directly facilitate relationships with cooperative members to secure future contracts.

“We pride ourselves in our ability to develop meaningful relationships with our customers to deliver the best in energy services,” said Gwendolyn Norman, Program Manager for HGACEnergy. “We are confident that Ameresco will be an invaluable partner for us. As a leading renewable energy provider, Ameresco matches our value for service and provides sustainable solutions for clientele across the nation and now to our members in Texas.”

HGACEnergy is a program of the Houston-Galveston Area Council, a voluntary association of local governments and elected officials to foster growth and serve the needs of the of 13-county Houston-Galveston region and its 7 million residents. For Texas municipalities, HGACEnergy provides turnkey contract solutions by procuring the best-cost power solutions available without the traditionally time-intensive Request for Proposals process.

“Our partnership with HGACEnergy only furthers our commitment to providing energy solutions throughout the state of Texas,” said Doran Hole, SVP and Chief Financial Officer of Ameresco. “HGACEnergy has a proven track record of dependability and authenticity with its customer base, and we’re looking forward to building on that history by providing inexpensive, energy-efficient services.”

To learn more about the energy efficiency solutions offered by Ameresco, visit www.ameresco.com/energy-efficiency/.

For more information about HGACEnergy, visit HGACEnergy.com.

About Ameresco, Inc.
Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading cleantech integrator and renewable energy asset developer, owner and operator. Our comprehensive portfolio includes energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions delivered to clients throughout North America and the United Kingdom. Ameresco’s sustainability services in support of clients’ pursuit of Net Zero include upgrades to a facility’s energy infrastructure and the development, construction, and operation of distributed energy resources. Ameresco has successfully completed energy saving, environmentally responsible projects with Federal, state and local governments, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco has more than 1,000 employees providing local expertise in the United States, Canada, and the United Kingdom. For more information, visit www.ameresco.com.

About HGACEnergy
As a program of Houston-Galveston Area Council, HGACEnergy Aggregation was created to provide reliable best-cost power solutions to local governments in the State of Texas ERCOT (De-Regulated) region. We understand the complexity of energy acquisitions by local governments and share turn-key solutions with existing sealed-bid awarded contracts that meet governmental requirements. We have served our 200 member governments with a variety of services in the last 21 years, including contract management and facilitation. For more information about our program visit www.hgacenergy.com/service.aspx.

Media:
Ameresco: Leila Dillon, 508-661-2264, This email address is being protected from spambots. You need JavaScript enabled to view it.

SYDNEY & NEW YORK & SAN FRANCISCO--(BUSINESS WIRE)--Xpansiv, the global marketplace for ESG commodities, today announced a definitive agreement to acquire a 100% ownership stake in APX, Inc., the leading provider of registry infrastructure for energy and environmental markets. Upon receipt of regulatory approvals, Xpansiv will initially acquire a 20% minority ownership interest in APX and is expected to acquire the remaining stake later this year.

The parties have previously partnered to launch various spot contracts for voluntary carbon and renewable energy credits, and in 2019 Xpansiv acquired EMA from APX. EMA is the leading multi-registry environmental portfolio management system, through which more than 1 billion environmental credits were processed in 2021. Since the acquisition, Xpansiv has added the New York Generation Attribute System (NYGATS) and American Carbon Registry (ACR) to the network of integrated registries.

“The proposed acquisition of APX will strengthen our existing market structure while improving user experience for global clients,” said Xpansiv Chief Strategy Officer Nathan Rockliff. “Together our two companies will continue to improve the global ESG infrastructure to help accelerate the energy transition.”

“Over the years of working closely with Xpansiv, our firms have come to share a common vision of what’s needed to build high-integrity, scalable market infrastructure to provide the greatest possible utility and efficiency to participants,” said APX CEO Joe Varnas. “This further enables both companies to build and deliver the innovative, enhanced technology infrastructure required to drive the energy transition.”

“Our longstanding strategic partnership with APX enables us to continue to improve the technology backbone of environmental markets,” said Xpansiv President and COO John Melby. “We’re supporting thousands of companies, organizations, and governments implementing robust carbon programs, as well as project developers and key stakeholders.”

Perella Weinberg Partners LP is acting as exclusive financial adviser to Xpansiv, and Venable LLP is acting as its legal adviser. Goldman Sachs & Co. LLC is acting as exclusive financial adviser to APX, while DLA Piper LLP is acting as its legal adviser.

About Xpansiv

Xpansiv is the global marketplace for ESG-inclusive commodities. These intelligent commodities bring transparency and liquidity to markets, empowering participants to value energy, carbon, and water to meet the challenges of an information-rich, resource-constrained world. The company’s main business units include CBL, the largest spot exchange for ESG commodities, including carbon, renewable energy certificates, and Digital Natural Gas; H2OX, the leading spot exchange for water; XSignals, which provides end-of-day and historical market data; and EMA, the leading multi-registry portfolio management system for all ESG-inclusive commodities. Xpansiv is the digital nexus where ESG and price signals merge. Xpansiv.com

About APX

APX is the leading provider of innovative technology and dynamic end-to-end service solutions for environmental commodity and power markets. The company’s 25-year history and expertise spans carbon and renewable energy credit markets, sustainable commodity markets, power generation asset management, physical power markets, and demand response program administration. In this capacity, APX serves a diverse set of clients globally, including standards bodies, regulators, government entities, and NGOs. Headquartered in San Jose, California, APX is dedicated to providing leading-edge market solutions on a foundation of trust, integrity, and experience. APX.com

PR Contacts
Rob Dalton and Peter Burton, Xpansiv, This email address is being protected from spambots. You need JavaScript enabled to view it.
Charlie Morrow and Sam Barber, Cognito Media, This email address is being protected from spambots. You need JavaScript enabled to view it.

DALLAS--(BUSINESS WIRE)--IOG Resources, LLC (“IOGR”) today announced that it has acquired producing oil and gas assets (the “Assets”) in the Delaware Basin from Tier 1 Merced Holdings, LLC (“Tier 1”). The Assets consist of non-operated wellbores primarily located in Eddy and Lea counties, New Mexico. With this acquisition, IOGR adds net production of approximately 3,800 boe/d under top-tier operators including Devon, Conoco, and Marathon. In conjunction with the transaction, IOGR successfully closed a new, upsized revolving credit facility. Following the transaction, the IOGR portfolio includes 12 discrete investments across 6 core basins in the US.

Advisors

Kirkland & Ellis LLP acted as legal counsel for IOGR. Tier 1 was advised on the sale process by TenOaks Energy Advisors and Holland & Hart LLP acted as legal counsel.

About IOG Resources, LLC

IOG Resources, LLC is a Dallas, Texas-based energy investment platform sponsored by First Reserve. The company was established in 2017 and invests in diversified upstream oil and gas assets as a non-operated working interest partner. For more information, please visit www.iogresources.com.

About First Reserve

First Reserve is a private equity firm exclusively focused on investing across diversified energy, infrastructure, and general industrial end-markets. Founded in 1983, First Reserve has 39 years of industry insight, and has cultivated a network of global relationships. First Reserve has raised more than $32 billion of aggregate capital since inception. Its investment and operational experience have been built from over 700 transactions, including platform investments and add-on acquisitions, on six continents. The firm’s portfolio companies have operated globally in over 60 countries and span the entire energy and industrial spectrum.

IOG Resources, LLC
214-272-2990

George Edwards
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Jay Heath
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Tommy Woolley
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HOUSTON--(BUSINESS WIRE)--Halliburton Company (NYSE: HAL) will host a conference call on Tuesday, April 19, 2022, to discuss its first quarter 2022 financial results. The call will begin at 8:00 AM Central Time (9:00 AM Eastern Time).

The Company will issue a press release regarding the first quarter 2022 earnings prior to the conference call. The press release will be posted on the Halliburton website at www.halliburton.com.

Please click here to pre-register for the conference call and obtain your dial in number and passcode. You can also visit the Halliburton website to listen to the call via live webcast. Attendees should log in to the webcast or dial in approximately 15 minutes prior to the start of the call.

A replay of the conference call will be available on Halliburton’s website until April 26, 2022. Also, a replay may be accessed by telephone at (855) 859-2056 within North America or +1 (404) 537-3406 outside of North America, using the passcode 1562487.

About Halliburton

Founded in 1919, Halliburton is one of the world's largest providers of products and services to the energy industry. With approximately 40,000 employees, representing 130 nationalities in more than 70 countries, the company helps its customers maximize value throughout the lifecycle of the reservoir – from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production throughout the life of the asset. Visit the company’s website at www.halliburton.com. Connect with Halliburton on Facebook, Twitter, LinkedIn, Instagram and YouTube.

For Investors:
David Coleman
Investor Relations
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281-871-2688

For News Media:
Emily Mir
External Affairs
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281-871-2601

VERNAL, Utah--(BUSINESS WIRE)--Superior Drilling Products, Inc. (NYSE American: SDPI) (“SDP” or “Company”), a designer and manufacturer of drilling tool technologies, today announced that it will release its fourth quarter 2021 financial results before the opening of financial markets on Friday, March 11, 2022.

The Company will host a conference call and webcast that day to review the financial and operating results for the quarter and discuss its corporate strategy and outlook. A question-and-answer session will follow.

Fourth Quarter 2021 Conference Call

Friday, March 11, 2022
10:00 a.m. Mountain Time (12:00 p.m. Eastern Time)
Phone: (201) 689-8470
Internet Webcast and accompanying slide presentation: www.sdpi.com

A telephonic replay will be available from 1:00 p.m. MT (3:00 p.m. ET) the day of the teleconference until Friday, March 18, 2022. To listen to the archived call, dial (412) 317-6671 and enter conference

ID number 13727112, or access the webcast replay via the Company’s website at www.sdpi.com, where a transcript will be posted once available.

About Superior Drilling Products, Inc.

Superior Drilling Products, Inc. is an innovative, cutting-edge drilling tool technology company providing cost saving solutions that drive production efficiencies for the oil and natural gas drilling industry. The Company designs, manufactures, repairs and sells drilling tools. SDP drilling solutions include the patented Drill-N-Ream® well bore conditioning tool and the patented Strider™ oscillation system technology. In addition, SDP is a manufacturer and refurbisher of PDC (polycrystalline diamond compact) drill bits for a leading oil field service company. SDP operates a state-of-the-art drill tool fabrication facility, where it manufactures its solutions for the drilling industry, as well as customers’ custom products. The Company’s strategy for growth is to leverage its expertise in drill tool technology and innovative, precision machining in order to broaden its product offerings and solutions for the oil and gas industry.

Additional information about the Company can be found at: www.sdpi.com.

For more information, contact investor relations:
Deborah K. Pawlowski
Kei Advisors LLC
(716) 843-3908
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HOUSTON--(BUSINESS WIRE)--ConocoPhillips (NYSE: COP) announced today that it has completed the sale of the subsidiary that indirectly owns its 54% interest in the Indonesia Corridor Block Production Sharing Contract (PSC) and a 35% shareholding interest in the Transasia Pipeline Company to MedcoEnergi for $1.355 billion, with an effective date of Jan. 1, 2021. After customary closing adjustments, net cash from the sale is approximately $0.8 billion, which accounts for $0.1 billion restricted cash transferred to MedcoEnergi at closing.

“We are proud of our half-century history in Indonesia and pleased that MedcoEnergi recognizes the value of this business,” said Ryan Lance, ConocoPhillips chairman and chief executive officer. “This disposition is part of our ongoing effort to focus our investments across low cost of supply opportunities.”

The assets sold produced 51 thousand barrels of oil equivalent per day (MBOED) during 2021 and had year-end 2021 proved reserves of approximately 70 million barrels of oil equivalent.

--- # # # ---

About ConocoPhillips

ConocoPhillips is one of the world’s leading exploration and production companies based on both production and reserves, with a globally diversified asset portfolio. Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 14 countries, $91 billion of total assets and approximately 9,900 employees at Dec. 31, 2021. Production including Libya averaged 1,567 MBOED for the 12 months ended Dec. 31, 2021, and proved reserves were 6.1 BBOE as of Dec. 31, 2021. For more information, go to www.conocophillips.com.

CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This news release contains forward-looking statements as defined under the federal securities laws. Forward-looking statements relate to future events, plans and anticipated results of operations, business strategies, and other aspects of our operations or operating results. Words and phrases such as “anticipate," “estimate,” “believe,” “budget,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict," “seek,” “should,” “will,” “would,” “expect,” “objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,” “effort,” “target” and other similar words can be used to identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. Where, in any forward-looking statement, the company expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to be reasonable at the time such forward-looking statement is made. However, these statements are not guarantees of future performance and involve certain risks, uncertainties and other factors beyond our control. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in the forward-looking statements. Factors that could cause actual results or events to differ materially from what is presented include the impact of public health crises, including pandemics (such as COVID-19) and epidemics and any related company or government policies or actions; global and regional changes in the demand, supply, prices, differentials or other market conditions affecting oil and gas, including changes resulting from a public health crisis or from the imposition or lifting of crude oil production quotas or other actions that might be imposed by OPEC and other producing countries and the resulting company or third-party actions in response to such changes; changes in commodity prices, including a prolonged decline in these prices relative to historical or future expected levels; insufficient liquidity or other factors, such as those listed herein, that could impact our ability to repurchase shares and declare and pay dividends such that we suspend our share repurchase program and reduce, suspend, or totally eliminate dividend payments in the future, whether variable or fixed; changes in expected levels of oil and gas reserves or production; potential failures or delays in achieving expected reserve or production levels from existing and future oil and gas developments, including due to operating hazards, drilling risks or unsuccessful exploratory activities; unexpected cost increases or technical difficulties in constructing, maintaining or modifying company facilities; legislative and regulatory initiatives addressing global climate change or other environmental concerns; investment in and development of competing or alternative energy sources; disruptions or interruptions impacting the transportation for our oil and gas production; international monetary conditions and exchange rate fluctuations; changes in international trade relationships, including the imposition of trade restrictions or tariffs on any materials or products (such as aluminum and steel) used in the operation of our business; our ability to collect payments when due under our settlement agreement with PDVSA; our ability to collect payments from the government of Venezuela as ordered by the ICSID; our ability to liquidate the common stock issued to us by Cenovus Energy Inc. at prices we deem acceptable, or at all; our ability to complete any announced or any future dispositions or acquisitions on time, if at all; the possibility that regulatory approvals for any announced or any future dispositions or acquisitions will not be received on a timely basis, if at all, or that such approvals may require modification to the terms of the transactions or our remaining business; business disruptions following the acquisition of assets from Shell (the “Shell Acquisition”) or any other announced or any future dispositions or acquisitions, including the diversion of management time and attention; the ability to deploy net proceeds from our announced or any future dispositions in the manner and timeframe we anticipate, if at all; potential liability for remedial actions under existing or future environmental regulations; potential liability resulting from pending or future litigation, including litigation related directly or indirectly to our transaction with Concho Resources Inc.; the impact of competition and consolidation in the oil and gas industry; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; general domestic and international economic and political conditions; the ability to successfully integrate the assets from the Shell Acquisition or achieve the anticipated benefits from the transaction; unanticipated difficulties or expenditures relating to the Shell Acquisition; changes in fiscal regime or tax, environmental and other laws applicable to our business; and disruptions resulting from accidents, extraordinary weather events, civil unrest, political events, war, terrorism, cyber attacks or information technology failures, constraints or disruptions; and other economic, business, competitive and/or regulatory factors affecting our business generally as set forth in our filings with the Securities and Exchange Commission. Unless legally required, ConocoPhillips expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Dennis Nuss (media)
281-293-1149
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Investor Relations
281-293-5000
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NEW YORK--(BUSINESS WIRE)--Equinor, and its partner bp, today announced an agreement to turn the storied South Brooklyn Marine Terminal (SBMT) complex in Brooklyn, New York into a major regional hub for offshore wind. Under the agreement, the terminal will transform into a world-class offshore wind port capable of staging and assembling the largest, most sophisticated offshore wind technology components for the Empire Wind and Beacon Wind projects and for the growing U.S. offshore industry on the East Coast.

The agreement was co-signed by terminal operator Sustainable South Brooklyn Marine Terminal (SSBMT) and New York City Economic Development Corporation (NYCEDC).

The offshore wind projects on the US east coast are key building blocks to accelerate profitable growth in renewables and Equinor’s ambition to install 12-16 GW of renewables capacity by 2030.

Equinor and bp will create an operations and maintenance (O&M) hub and staging area at SBMT, with a total investment of USD 200 – USD 250 million in infrastructure upgrades, while also pursuing the development of SBMT as a low-emissions facility. The port will become a cutting-edge staging facility for Equinor and bp’s Empire Wind and Beacon Wind projects that will supply 3.3 gigawatts (GWs) of energy—enough to power nearly two million New York homes —as well as become a go-to destination for future offshore wind projects in the region.

The redevelopment will inject the Sunset Park waterfront with substantial investment from the new renewable energy economy, creating new jobs and providing an economic boost to the community. Equinor and bp’s activities at SBMT are anticipated to support over one thousand jobs annually in the region.

“This agreement marks a major step forward in our commitment to New York State to both provide renewable power and to spark fresh economic activity, while creating enduring jobs,” said Siri Espedal Kindem, President of Equinor Wind U.S. “With the support of NYCEDC, SSBMT and our partners in the community, Equinor and bp are ready and eager to invest in the revitalization of SBMT, an historic port that will soon become a major part of New York’s energy future. New York has shown unflagging determination to become a focal point of the region’s offshore wind industry, and this agreement offers tangible evidence that this vision is quickly coming to life.”

“We are enormously proud to lay the groundwork today for our vision of making New York City a nation-leading hub for the offshore wind industry. This agreement builds on the City’s $57M commitment to reactivate SBMT as a key manufacturing and operations base and will help make New York a leader in climate resiliency as well as air quality through clean energy investments,” said NYCEDC Chief Strategy Officer and Executive Vice President Lindsay Greene. “Working together with our partners at Equinor, bp, and SSBMT, we are also advancing economic recovery and increasing diversity in waterfront construction, by helping local minority- and women-owned business enterprises benefit from the growing offshore wind industry and take advantage of the green jobs of the future.”

Felipe Arbelaez, bp’s senior vice president for zero carbon energy, added: “Today marks the first of many positive ripple effects from this project – and we want them to reverberate far and wide. As we reinvent energy, we also want to help reinvent the communities that help deliver it by investing in the skills and capabilities needed. By creating this regional hub we are able to do just that and it brings us all one step closer to delivering this incredible offshore wind development.”

At approximately 73.1 acres, SBMT will be one of the largest dedicated offshore wind port facilities in the United States. It is the only industrial waterfront site in the New York City area with the capacity to accommodate wind turbine generator staging and assembly activities at the scale required by component manufacturers.

Equinor recently announced the opening of the New York offshore wind project office, adjacent to SBMT in Industry City, to serve as the hub for Equinor and bp’s regional offshore wind activities. The office will also be home to an offshore wind learning center that will provide New Yorkers an opportunity to learn about this growing new industry.

About Empire Wind and Beacon Wind

• Empire Wind is located 15-30 miles southeast of Long Island and spans 80,000 acres, with water depths of between approximately 75 and 135 feet. The lease was acquired in 2017. The project’s two phases, Empire Wind 1 and 2, have a total installed capacity of more than 2 GW (816 + 1,260 MW).
• Beacon Wind is located more than 60 miles east of Montauk Point and 20 miles south of Nantucket and covers 128,000 acres. The lease was acquired in 2019 and has the potential to be developed with a total capacity of more than 2 GW. This first phase, Beacon Wind 1, is currently under development; it will have an installed capacity of 1,230 MW.

ABOUT EQUINOR RENEWABLES US

• Equinor is one of the largest offshore wind developers in the United States, where it operates two lease areas, Empire Wind and Beacon Wind.
• Equinor is actively developing three projects: Empire Wind 1, Empire Wind 2, and Beacon Wind 1. Once completed, these projects will produce enough electricity to power about 2 million New York homes, and will help generate more than $1 billion in economic output to New York State.
• The United States is an attractive growth market for Equinor, a leader in offshore wind, with an ambition to install 12-16 GW of renewables capacity globally by 2030.

ABOUT bp IN THE US

• bp’s ambition is to become a net zero company by 2050 or sooner, and to help the world get to net zero. bp is America’s largest energy investor since 2005, investing more than $130 billion in the economy and supporting about 230,000 additional jobs through its business activities. For more information on bp in the US, visit www.bp.com/us.
• bp’s commitment to the US dates back 150 years; its renewables portfolio includes wind, solar and, bioenergy.
• bp has built an onshore US wind energy business over a decade and operates a 1.7 GW gross portfolio across nine wind assets in the US, generating enough electricity to power 450,000 homes annually.

ABOUT SOUTH BROOKLYN MARINE TERMINAL

• Equinor and bp are investing in port upgrades to help transform the South Brooklyn Marine Terminal (SBMT) into a world-class offshore wind staging and assembling facility and to become the operations and maintenance (O&M) base both for Equinor and other project developers going forward.
• SBMT will become one of the largest dedicated offshore wind port facilities in the United States at approximately 73 acres, with the capacity to accommodate wind turbine generator staging and assembly activities at the scale required by component manufacturers.
• SBMT is being redeveloped together with New York City Economic Development Corporation (NYCEDC) and terminal owner Sustainable South Brooklyn Marine Terminal (SSBMT). SSBMT is a joint venture of Red Hook Terminals and Industry City.

Media Contact:
Lauren Shane
Tel. 917 392 4252
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• Sales reached EUR 7.5 billion, up 29% against 2020.
• Growth was driven by very strong demand for our energy-efficient products and solutions, leading to organic growth of 18%, as well as added sales from the Eaton Hydraulics acquisition.
• Operating profits (EBITA) reached a record EUR 969 million, up 34% against 2020.
• We reached our 2030 targets of doubling our energy productivity nine years ahead of time. New ambitious ESG targets and ambitions to be launched in H1 2022.
• Our top priority remains the health and safety of our employees who continue to navigate the challenges created by the pandemic and supply chain disruptions, while serving our customers.
• Outlook 2022 sales in the range of EUR 8.8-9.8bn and EBITA margin in the range of 11.4-12.9%. This includes the full year ownership of Eaton’s hydraulics business.

NORDBORG, Denmark--(BUSINESS WIRE)--In 2021, Danfoss sales increased 29% to EUR 7.5 billion – a record sales level. Organic growth reached 18% year-over-year. The five months ownership of Eaton’s hydraulics business added EUR 786 million to the topline. Danfoss delivered extensive growth in all regions. Investments in innovation (R&D) increased 23% to EUR 328 million. At the same time, Danfoss’ operating profits reached the highest level ever with EBITA of EUR 969 million and EBITA margin of 12.8%. Net profit reached EUR 631 million, up 45%.

“We have never seen better opportunities for Danfoss. It is our ambition to be the leading technology partner for our customers in the green transition – decarbonizing through energy efficiency, low emissions, and electrification. After all, the greenest energy is the energy that we don’t use. Our momentum is clearly reflected in our 2021 annual results. Danfoss has delivered the best results in our history, and we are in a strong financial position,” says Kim Fausing, President & CEO of Danfoss.

"What makes me most proud is how our teams continue to deal with the pandemic and the significant challenges with the supply chain while delivering a transformational, record year. Unfortunately, these considerable challenges affected our customer service. In addition, all three segments were affected by inflationary pressure. We will continue to do everything we can to serve our customers and we will continue our high investments in capacity expansion, innovation and digitalization of Danfoss,” says Kim Fausing.

Sustainability

“Sustainability has been part of Danfoss’ purpose since the company was founded. Our DNA and culture have been instrumental in building our leading position across multiple industries. Looking towards 2030, Danfoss will integrate new ESG targets and ambitions based on the Science Based Targets initiative,” says Kim Fausing.

Danfoss aspires to take leading positions within Decarbonization, Circularity, and Diversity & Inclusion. Danfoss remains committed to decarbonizing our global operations by 2030 and improving gender diversity with women occupying 30% of leadership positions by 2025, while also reframing our approach to building a diverse and inclusive team. We believe this will become a competitive advantage.

Danfoss will continue to invest in sustainability and improve our climate footprint by setting targets based on the Science Based Targets initiative and extending our robust approach to include our entire value chain. Our sustainability progress will be tracked like we track our financials – with solid data and a systematic approach.

Outlook 2022

Danfoss assumes a positive outlook in the market with a continued ambition to expand or maintain market share. The outlook includes a full year ownership of Eaton's hydraulics business. Sales are expected to be in the range of EUR 8.8-9.8bn for the full year. The EBITA margin is expected to be in the range of 11.4-12.9%, following continued investments in the development of new products and solutions. The expected growth and profitability performance is dependent on the development of the pandemic, the global supply chain disruptions as well as the continuation of the current strong growth rates in the world economy.

Regarding the conflict between Ukraine and Russia our first priority is to keep our people safe. We are monitoring the situation carefully and will act accordingly.

Key figures for 2021

• Sales increased 29% to EUR 7,539 million (2020: 5,828m), corresponding to significant organic growth of 18%.
• Operating profit (EBITA) increased 34% to EUR 969 million (2020: 723m), leading to a strong EBITA margin of 12.8% (2020: 12.4%).
• Net profit reached EUR 631 million (2020: 435m), 45% better than 2020.
• The free operating cash flow before M&A amounted to EUR 401 million (2020: 493m), confirming the cash generating capability of Danfoss.
• Investments in innovation (R&D) increased 23% to EUR 328 million (2020: 267m), corresponding to 4.4% of sales (2020: 4.6%).
• Lost Time Injury Frequency (LTIF) ended at the record-low level of 1.7 (2020: 2.0).
• In 2021, we reached our 2030 targets of doubling our energy productivity compared to the 2007 base-year in global operations. This means we have doubled the output from our factories without increasing our energy demand thanks to the energy efficiency improvements we initiated.
• In 2022, our 250,000 m² production and office space in Nordborg, Denmark, will become CO₂ neutral.

Relevant links:
http://report2021.danfoss.com
https://www.danfoss.com/en/about-danfoss/company/financials/

Danfoss is engineering technologies that enable the world of tomorrow to be better, smarter, and more effective. In growing cities, we ensure the supply of fresh food and optimal comfort in homes and offices, while meeting the need for energy-efficient infrastructure, connected systems and integration of renewable energy. Our solutions are used, for example, for cooling, air conditioning, heating, controlling electric motors, and mobile equipment. Our innovative engineering can be tracked back to 1933, and today Danfoss is a global leader with 40,000 employees and sales in more than 100 countries. We are privately owned by the founder’s family.
Read more about us at www.danfoss.com.

More information:
Kasper Elbjorn
Danfoss Media Relations
Tel: +45 70 20 44 88

Radiation Tolerant Driver is Ideal for Space, Defense and Avionic Markets Where Size, Weight and Power are Critical

MILPITAS, Calif.--(BUSINESS WIRE)--Teledyne e2v HiRel announces the new TD99102 UltraCMOS^® High-speed FET and GaN transistor driver offering very high switching speed of 20 MHz. The new flip-chip part is ideal for driving Teledyne HiRel’s 100 V high reliability GaN HEMT devices in DC-DC, AC-DC converters, orbital Point-of-Load (POL) modules and space motor drives.

The TD99102 is an integrated high-speed driver designed to control the gates of external power devices such as enhancement mode gallium nitride (GaN) High Electron Mobility Transistor (HEMT) and power MOSFETs. The outputs of the TD99102 are capable of providing switching transition speeds in the sub-nanosecond range for switching applications up to 20 MHz. The TD99102 is optimized for matched dead time and offers best-in-class propagation delay to improve system bandwidth. High switching speeds result in smaller peripheral components and enable innovative designs for high reliability orbital motor driver and POL applications. The TD99102 is available as a bumped, flip chip die to enable minimum design footprint required for high-speed switching power applications.

The TD99102 is manufactured on Peregrine’s UltraCMOS® process, a patented advanced form of silicon-on- insulator (SOI) technology, offering the performance of GaAs with the economy and integration of conventional CMOS. It features 100 krad(Si) Total Ionizing Dose (TID), Single Event Latch-up (SEL) immunity and dead-time control, the new product offers 2A peak source and 4A peak sink current.

“We’ve been asked for drivers that get the most out of our 100 V GaN HEMT transistors,” said Mont Taylor, VP of Business Development for Teledyne e2v HiRel. “The TD99102’s fast edge speeds and radiation tolerance make them ideal for the latest LEO and MEO constellations where efficiency is key.”

The TD99102 is available for ordering and immediate purchase from Teledyne e2v HiRel or an authorized distributor.

ABOUT TELEDYNE e2v HIREL ELECTRONICS

Teledyne HiRel’s innovations lead developments in space, transportation, defense, and industrial markets. HiRel’s unique approach involves listening to the market and application challenges of customers and partnering with them to provide innovative standard, semi-custom or fully custom solutions, bringing increased value to their systems. For more information, visit http://www.tdehirel.com

ABOUT TELEDYNE DEFENSE ELECTRONICS

Serving Defense, Space and Commercial sectors worldwide, Teledyne Defense Electronics offers a comprehensive portfolio of highly engineered solutions that meet your most demanding requirements in the harshest environments. Manufacturing both custom and off-the-shelf product offerings, our diverse product lines meet emerging needs for key applications for avionics, energetics, electronic warfare, missiles, radar, satcom, space, and test and measurement. www.teledynedefenseelectronics.com/.

Sharon Fletcher
Teledyne Defense Electronics
+1 323-241-1623 This email address is being protected from spambots. You need JavaScript enabled to view it.

HOUSTON--(BUSINESS WIRE)--NOV Inc. (NYSE: NOV) today announced that its Board of Directors declared the regular quarterly cash dividend of $0.05 per share of common stock, payable on March 25, 2022 to each stockholder of record on March 11, 2022.

About NOV

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

Visit www.nov.com for more information.

Blake McCarthy
Vice President, Corporate Development and Investor Relations
(713) 815-3535
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DUBLIN--(BUSINESS WIRE)--The "Fire Stopping Materials Market: Opportunity Analysis and Industry Forecast" report has been added to ResearchAndMarkets.com's offering.

The global fire stopping material market size was valued at $1,352.8 million in 2020, and is projected to reach $2,002.4 million by 2030, registering a CAGR of 4.1% from 2021 to 2030.

Fire stopping materials are used to protect people in a building or establishment from fire hazards by controlling, detecting, and controlling the spread of fire. These materials assist in the extinguishment of smoke or fire and the alerting of building inhabitants, reducing property and life damage. Materials such as sealants, mortar and putty and putty pads prevent spread of fire and smoke and buy time for safe evacuation and reduce property damage. These fire stopping materials are widely used in commercial, residential and industrial sectors.

The rise in construction sector such as residential and commercial and also increase in industrial sector such as oil and gas, petrochemicals and food industry act as a major driver for fire stopping materials. Construction of new residential and commercials are expected to provide new prospects for fire safety materials. For employee safety, fire protection systems are commonly used in commercial and industrial areas. Furthermore, the market is driven by an increase in the number of property losses as a result of fires. Hence, many organizations and residential projects have been forced to utilize fire stopping materials to reduce fire hazards and property losses as a result of the rising norm. Such factors will support market growth during the forecast period.

Government investments in construction sectors will fuel the fire stopping materials market growth. For instance, in July 2021, Canada's federal government and the Canada Housing & Mortgage Corporation have committed $35 million to the development of over 100 new residential units in Toronto. The project will be part of a 15-storey apartment at 2346 Weston Road, North York district. Such investments will create growth opportunity for fire stopping materials during the forecast period.

Various key players are launching fire stopping materials such as sealants and boards to prevent spreading of fire and reduce fire hazards. For instance, in November 2021, Rectorseal has launched Orange Draft Block sealant for North America costumers. This fire stopping sealant has ability to expand up to three times to fill openings and insulate pipe and cables. Such factors are expected to provide lucrative growth in the market during the forecast period.

The global fire stopping materials market is segmented on the basis of type, application, end-user, and region. On the basis of types, the market is segmented into sealants, mortar, boards, and others. Application segmentation includes electrical, mechanical, and plumbing. By end-user, the market is segmented into residential, commercial, and industrial. Region wise, the fire stopping materials market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Germany, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea and Rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).

Key Benefits

• The report provides an extensive analysis of the current and emerging fire stopping materials market trends and dynamics.
• In-depth market analysis is conducted by constructing market estimations for the key market segments between 2020 and 2030.
• Extensive analysis of the fire stopping materials market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
• A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
• The global fire stopping materials market forecast analysis from 2020 to 2030 is included in the report.
• The key market players within fire stopping materials market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the fire stopping materials industry.

Market Dynamics

Drivers

• Increase in demand for passive fire protection systems
• Increased emphasis on fire safety codes and regulations
• Rise in residential and commercial sectors

Restraint

• Fluctuation in raw material prices

Opportunity

• Advancement in fire stopping materials

Market Segmentation

By Type

• Sealants
• Mortar
• Boards
• Others

By Application

• Electrical
• Mechanical
• Plumbing

By End-user

• Residential
• Commercial
• Industrial

By Region

• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• France
• UK
• Italy
• Rest of Europe
• Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
• LAMEA
• Latin America
• Middle East
• Africa

Key Players

• 3M Company
• BASF SE
• Etex Group
• Hilti Group
• Knauf Insulation
• Morgan Advanced Materials
• RectorSeal Corporation
• RPM International, Inc.
• Sika AG
• Specified Technologies, Inc.

For more information about this report visit https://www.researchandmarkets.com/r/k0qto3

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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• Annual Investor Day presentation outlines strategic priorities to increase shareholder returns, outperform competition and grow value in lower-emissions future
• Plans are flexible to increase lower-emission investments based on pace of the energy transition
• Driving structural reductions of $9 billion a year by 2023 compared to 2019

IRVING, Texas--(BUSINESS WIRE)--ExxonMobil today detailed plans at its annual Investor Day to deliver industry-leading earnings, cash flow growth and shareholder returns, and lead in the energy transition across a range of lower-emissions scenarios.

“We are focused on leading the industry in safety, reliability, environmental performance, earnings and cash flow growth – and ultimately shareholder returns,” said Darren Woods, chairman and chief executive officer. “We’ll continue to innovate and provide solutions that meet the growing needs of society, including its net-zero emissions ambitions, by fully leveraging our competitive advantages of scale, integration, technology, functional excellence, and our highly skilled people.”

Company plans include annual structural reductions of $9 billion a year by 2023 compared to 2019, building on $5 billion annual structural reductions achieved to date. These savings and other improvements, including a streamlined organizational structure, will enable ExxonMobil to double earnings and cash flow potential by 2027 versus 2019, reduce breakeven costs by roughly $10 per barrel, boost returns on capital employed, and sustainably grow total shareholder returns and distributions.

Full-year 2021 results of $23 billion in earnings and $48 billion in cash flow from operating activities were the highest among competition and demonstrate how structural improvements, combined with focused investments during the down cycle, positioned the company to realize the full benefit of the economic recovery.

The 2021 results enabled repayment of about $20 billion in debt -- nearly all of the debt borrowed during the pandemic downturn, the 39^th consecutive year of dividend increases, and a $10 billion share-repurchase program that started earlier this year.

To improve future earnings, ExxonMobil is upgrading its portfolio with low-cost-of-supply opportunities by investing in advantaged assets, including Guyana and the U.S. Permian Basin. It is also investing in competitively advantaged chemicals and downstream projects, including Gulf Coast Growth Ventures, to grow high-value product sales of performance products and lubricants.

The company expects capital investments of $21-$24 billion in 2022 and $20-$25 billion per year through 2027. These investments are directed toward low-cost-of-supply Upstream projects in unconventional, deepwater and LNG, and high-value products including chemical performance products, biofuels and lubricants in the new Product Solutions business, which will combine downstream and chemical operations into a single company on April 1.

Spending plans also include more than $15 billion over the next six years to reduce greenhouse gas emissions in company operations and for investments in lower-emission business opportunities to help customers reduce emissions and generate attractive returns for shareholders.

“Investment in emission-reduction opportunities will accelerate with advances in technology, market incentives and supportive policy,” said Woods. “We’ve built a portfolio with flexibility to adjust investments between our traditional oil, gas and products business and new lower-emissions opportunities, consistent with the pace and scale of the energy transition, creating long-term value across a broad range of scenarios.”

ExxonMobil established its Low Carbon Solutions business in early 2021 to commercialize its extensive experience in carbon capture and storage, hydrogen and biofuels. Since that time, the company has announced progress on multiple carbon capture and storage opportunities around the world. It also is planning strategic investments in hydrogen, including at its integrated refining and chemical complex in Baytown, Texas, and in lower-emission biofuels at the Strathcona refinery near Edmonton, Canada.

ExxonMobil has stated its ambition to achieve Scope 1 and Scope 2 net zero greenhouse gas emissions for operated assets by 2050, backed by a comprehensive approach to develop detailed emission-reduction roadmaps for major facilities and assets.

The company’s 2030 emission-reduction plans include net-zero emissions for Permian Basin operations by 2030 and a 20-30% reduction in company-wide Scope 1 and Scope 2 greenhouse gas emissions intensity, compared to 2016.

The plans are anticipated to achieve a 40-50% reduction in upstream greenhouse gas intensity, supported by a corporate-wide 70-80% reduction in methane intensity and a 60-70% reduction in flaring intensity. In total, the plans are expected to reduce company-wide absolute greenhouse gas emissions by an estimated 20% and the company’s upstream emissions by 30%. Absolute flaring and methane emissions are expected to decrease by 60% and 70%, respectively. These plans are expected to achieve the goals of the World Bank Zero Routine Flaring by 2030 initiative.

The company’s investor day presentations are available on its Investor Relations site at exxonmobil.com.

About ExxonMobil

ExxonMobil, one of the largest publicly traded international energy companies, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is one of the largest refiners and marketers of petroleum products, and its chemical company is one of the largest in the world. To learn more, visit exxonmobil.com and the Energy Factor.

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Cautionary Statement

Outlooks; projections; goals; ambitions; estimates; discussions of earnings, cash flow, margins, rate of return, and recoverable resources; and descriptions of strategic plans and objectives are forward-looking statements. Similarly, emission-reduction roadmaps are dependent on future market factors, such as continued technological progress and policy support, and also represent forward-looking statements. Actual future results from our capital plans, lower-emissions spending and structural cost reductions efforts; ambitions to reach Scope 1 and Scope 2 net zero from operated assets by 2050, to reach Scope 1 and 2 net zero in Upstream Permian Basin operated assets by 2030, to eliminate routine flaring in-line with World Bank Zero Routine Flaring, to reduce methane emissions, to meet ExxonMobil’s emission reduction plans, divestment and start-up plans, and associated project plans as well as technology efforts; success in or development of future business markets like carbon capture, hydrogen or biofuels; drilling programs and improvements; reserve and resource additions; accounting asset carrying values and any increases or impairments; and planned integration benefits could differ materially due to a number of factors. These include global and regional changes in the demand, supply, prices, differentials or other market conditions affecting oil, gas, petroleum, petrochemicals and feedstocks; the evolution of the energy market compared to our investments in current and future potential markets; company actions to protect the health and safety of employees, vendors, customers, and communities; the ability to bring new technologies to commercial scale on a cost-competitive basis, including carbon capture projects, biofuel projects and hydrogen projects; policy and consumer support for lower-emissions products and technologies in different jurisdictions; regulatory actions targeting public companies in the oil and gas industry; changes in law, taxes, regulation, or policies, including environmental regulations, political sanctions, and international treaties; the timely granting or freeze, suspension or revocation of government permits; reservoir performance and depletion rates; the outcome of exploration projects and the timely completion of development and construction projects; future distribution decisions; regional differences in product concentration and demand; the ability to access short- and long-term debt markets on a timely and affordable basis; the severity, length and ultimate impact of future pandemics and government responses on people and economies; global population and economic growth; war, trade agreements, shipping blockades or harassment and other political or security concerns; the resolution of contingencies and uncertain tax positions; the impact of fiscal and commercial terms and the outcome of commercial negotiations; feasibility and timing for regulatory approval of potential investments or divestments; the actions of competitors; the capture of efficiencies between business lines; unexpected technological developments; general economic conditions, including the occurrence and duration of economic recessions; unforeseen technical or operating difficulties; and other factors discussed here, in Item 1A. Risk Factors in our Form 10-K for the year ended December 31, 2021 and under the heading "Factors Affecting Future Results" on the Investors page of our website at www.exxonmobil.com under the heading News & Resources. The forward-looking statements and dates used in this press release are based on management’s good faith plans and objectives as of the March 2, 2022 date of this press release, unless otherwise stated. We assume no duty to update these statements as of any future date and neither future distribution of this press release nor the continued availability in archive form should be deemed to constitute an update or re-affirmation of these figures as of any future date. Any future update of these statements will be provided only through a public disclosure indicating that fact.

Forward-looking statements contained in this press release regarding the potential for future earnings, cash flow, structural cost reductions, total shareholder return and breakevens, are not forecasts of actual future results. These figures are provided to help quantify the potential future results and goals of currently-contemplated management plans and objectives including new project investments, plans to replace natural decline in Upstream production with low-cost volumes, plans to increase sales in our Downstream and Chemical segments as they transition to a Product Solutions business, the development of a Lower Carbon Solutions business, continued highgrading of ExxonMobil’s portfolio through our ongoing asset management program, both announced and continuous initiatives to improve efficiencies and reduce costs, capital expenditures and cash management, and other efforts within management’s control to impact future results. These figures are intended to quantify for illustrative purposes management’s view of the potential for these efforts over time, calculated on a basis consistent with our internal modelling assumptions for factors such as working capital, as well as factors management does not control, such as interest, differentials, and exchange rates. Prices used in illustrating business potential are not intended to reflect management’s forecasts for future prices or the prices we use for internal planning purposes.

ExxonMobil reported emissions, including reductions and avoidance performance data, are based on a combination of measured and estimated data. Calculations are based on industry standards and best practices, including guidance from the American Petroleum Institute (API) and IPIECA. The uncertainty associated with the emissions, reductions and avoidance performance data depends on variation in the processes and operations, the availability of sufficient data, the quality of those data and methodology used for measurement and estimation. Changes to the performance data may be reported as updated data and/or emission methodologies become available. ExxonMobil works with industry, including API and IPIECA, to improve emission factors and methodologies, including measurements and estimates.

Definitions and additional information concerning certain terms used in this release including are provided in the Frequently Used Terms available on the Investor page of our website at www.exxonmobil.com under the heading News & Resources and in the March 2, 2022 Analysts’ Day material referenced below.

The term “project” as used in this release can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports. The term “performance products” refers to chemical products that provide differentiated performance for multiple applications through enhanced properties versus commodity alternatives and bring significant additional value to customers and end-users.

Actions needed to advance the Company’s 2030 greenhouse gas emission-reductions plans are incorporated into its medium-term business plans, which are updated annually. The reference case for planning beyond 2030 is based on the Company’s Energy Outlook research and publication, which contains the Company’s demand and supply projection based on its assessment of current trends in technology, government policies, consumer preferences, geopolitics, and economic development. Reflective of the existing global policy environment, the Energy Outlook does not project the degree of required future policy and technology advancement and deployment for the world, or ExxonMobil, to meet net zero by 2050. As future policies and technology advancements emerge, they will be incorporated into the Outlook, and the Company’s business plans will be updated accordingly.

This release summarizes highlights from ExxonMobil’s 2022 Analysts’ Meeting held on March 2, 2022. For more information concerning the forward-looking statements, defined terms, and other information contained in this release, please refer to the complete Analysts’ Meeting presentation (including important information contained in the Cautionary Statement and Supplemental Information sections of the presentation) which is available live and in archive form through ExxonMobil’s website at www.exxonmobil.com.

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