American Robotics builds its customer base in the oil and gas sector with new purchase order

WALTHAM, Mass.--(BUSINESS WIRE)--$ONDS #Drones--Ondas Holdings Inc. (NASDAQ:ONDS), a leading provider of private wireless data, drone and automated data solutions through its wholly owned subsidiaries, Ondas Networks Inc. and American Robotics, Inc. ("American Robotics" or "AR"), announced today that American Robotics received a new purchase order from Chevron for its fully autonomous, FAA-approved, Scout Systems. This will be American Robotics’ second Fortune 100 customer in the oil and gas space.

“The oil and gas industry is primed to benefit from recent advancements in autonomous drone technology,” said Reese Mozer, CEO and co-founder of American Robotics. “Prior to our game-changing FAA approvals, asset managers that used drones to monitor their oil and gas fields needed to employ pilots and visual observers to fly the systems manually, and then manually convert the data into actionable insights. With Scout System, we are providing the oil and gas industry with a dramatically more efficient and effective way to manage, monitor, and inspect their assets. Analytics that were previously unattainable due to high costs of operation are now available through the Scout System, allowing users to make informed decisions in real-time that will drive their business forward.”

Working in and maintaining oil and gas infrastructure is time-consuming, labor-intensive, and can often put people in danger. Millions of acres of assets must be continually monitored to check for oil leaks, methane emissions, and damaged equipment. American Robotics’ fully-automated drone systems each conduct up to 20 autonomous missions per day without having a pilot or visual observer on the ground. The adoption of this technology in the space will allow for automated inspections, regular site monitoring, and enhanced safety for employees, all at a lower cost with increased accuracy.

The use of autonomous drones in the oil and gas industry is expected to continue and expand significantly in the coming years, as they are a crucial component when it comes to ensuring site safety and conducting regular facility inspections. Automating high-frequency inspections is critical for oil and gas companies to comply with global climate change mitigation commitments and regulations such as the U.S. Environmental Protection Agency’s (EPA) new Clean Air Act rule, intended to reduce methane emissions by 30 percent by 2030. Overall, the industry is projected to spend $15.6 billion on digital transformations by the end of the decade.

To learn more about American Robotics and its Scout System drone, click here.

About Ondas Holdings Inc.

Ondas Holdings Inc. ("Ondas") is a leading provider of private wireless data and drone solutions through its wholly owned subsidiaries Ondas Networks Inc. ("Ondas Networks") and American Robotics, Inc. ("American Robotics" or "AR"). Ondas Networks is a developer of proprietary, software-based wireless broadband technology for large established and emerging industrial markets. Ondas Networks' standards-based (802.16s), multi-patented, software-defined radio FullMAX platform enables Mission-Critical IoT (MC-IoT) applications by overcoming the bandwidth limitations of today's legacy private licensed wireless networks. Ondas Networks' customer end markets include railroads, utilities, oil and gas, transportation, aviation (including drone operators) and government entities whose demands span a wide range of mission critical applications. American Robotics designs, develops, and markets industrial drone solutions for rugged, real-world environments. AR's Scout System™ is a highly automated, AI-powered drone system capable of continuous, remote operation and is marketed as a "drone-in-a-box" turnkey data solution service under a Robot-as-a-Service (RAAS) business model. The Scout System™ is the first drone system approved by the FAA for automated operation beyond-visual-line-of-sight (BVLOS) without a human operator on-site. Ondas Networks and American Robotics together provide users in rail, agriculture, utilities and critical infrastructure markets with improved connectivity and data collection capabilities.

For additional information on Ondas Networks and Ondas Holdings, visit www.ondas.com or follow Ondas Networks on Twitter and LinkedIn. For additional information on American Robotics, visit www.american-robotics.com or follow American Robotics on Twitter and LinkedIn.

Information on our websites and social media platforms is not incorporated by reference in this release or in any of our filings with the U.S. Securities and Exchange Commission.

Forward-Looking Statements

Statements made in this release that are not statements of historical or current facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. We caution readers that forward-looking statements are predictions based on our current expectations about future events. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. Our actual results, performance, or achievements could differ materially from those expressed or implied by the forward-looking statements as a result of a number of factors, including the risks discussed under the heading "Risk Factors" discussed under the caption "Item 1A. Risk Factors" in Part I of our most recent Annual Report on Form 10-K or any updates discussed under the caption "Item 1A. Risk Factors" in Part II of our Quarterly Reports on Form 10-Q and in our other filings with the SEC. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise that occur after that date, except as required by law.

Media
Derek Reisfield, President and CFO
Ondas Holdings Inc.
888.350.9994 x1019
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Media for American Robotics
Chelsea Higgins
BIGfish Communications for American Robotics
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617.713.3800

HOUSTON--(BUSINESS WIRE)--USD Partners LP (NYSE: USDP) (the “Partnership”) announced today that the Board of Directors of its general partner declared a quarterly cash distribution of $0.121 per unit for the fourth quarter of 2021 ($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 quarterly increase is in-line with management’s previously stated guidance. The distribution is payable on February 18, 2022, to unitholders of record at the close of business on February 9, 2022.

Fourth Quarter 2021 Earnings Release Date and Conference Call Information

The Partnership plans to report fourth quarter 2021 and full-year 2021 financial and operating results after market close on Wednesday, March 2, 2022. 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 and refiners. 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.

Qualified Notice to Nominees

This release serves as qualified notice to nominees as provided for under Treasury Regulation Section 1.1446-4(b)(4) and (d). Please note that we believe that 100 percent of the Partnership’s distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of the Partnership’s distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate for individuals or corporations, as applicable. Nominees, and not the Partnership, are treated as withholding agents responsible for withholding distributions received by them on behalf of foreign investors.

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 amount and timing of the Partnership’s fourth quarter 2021 cash distribution and the business prospects of the Partnership and USD. Words and phrases such as “plans,” “expects,” “will,” “progressing on,” “pursuing,” 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, USD’s projects 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. The current economic downturn and pandemic introduces unusual risks and an inability to predict all risks that may impact the Partnership’s business and outlook. 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 those as set forth under the heading “Risk Factors” in the Partnership’s most recent Annual Report on Form 10-K and in its subsequent filings with the Securities and Exchange Commission. 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.

Category: Earnings

Investor Relations Contacts:

Adam Altsuler, (281) 291-3995
Executive Vice President and Chief Financial Officer

Jennifer Waller, (832) 991-8383
Director, Financial Reporting and Investor Relations

Key Developments:

• Announced significant new discoveries at Fangtooth and Lau Lau on the Stabroek Block, offshore Guyana; the positive result at Fangtooth, the first standalone deep prospect, confirms the deeper exploration potential of the Block
• The Fangtooth and Lau Lau discoveries increase the Stabroek Block's previously announced gross discovered recoverable resource estimate to more than 10 billion barrels of oil equivalent (boe)

Fourth Quarter Financial and Operational Highlights:

• Net income was $265 million, or $0.85 per share, compared with a net loss of $97 million, or $0.32 per share in the fourth quarter of 2020; adjusted net loss¹ in the prior-year quarter was $176 million, or $0.58 per share
• Oil and gas net production, excluding Libya, was 295,000 barrels of oil equivalent per day (boepd); Bakken net production was 159,000 boepd
• E&P capital and exploratory expenditures were $593 million compared with $371 million in the prior-year quarter
• Year-end proved reserves are estimated to be 1,309 million boe; organic reserve replacement was 295 percent (204 percent excluding price revisions) at a finding and development cost of approximately $5.25 per boe (approximately $7.60 per boe excluding price revisions)

2022 Guidance:

• Net production, excluding Libya, is forecast to be in the range of 330,000 boepd to 340,000 boepd, which is a 12 percent to 15 percent increase from 2021; Bakken net production is forecast to be in the range of 165,000 boepd to 170,000 boepd, which is a 6 percent to 9 percent increase from 2021
• E&P capital and exploratory expenditures are expected to be approximately $2.6 billion, of which approximately 80 percent will be allocated to Guyana and the Bakken

NEW YORK--(BUSINESS WIRE)--Hess Corporation (NYSE: HES) today reported net income of $265 million, or $0.85 per share, in the fourth quarter of 2021, compared with a net loss of $97 million, or $0.32 per share, in the fourth quarter of 2020. On an adjusted basis, the Corporation reported a net loss in the prior-year quarter of $176 million, or $0.58 per share. The improvement in adjusted after-tax results compared with the prior-year period was primarily due to higher realized selling prices in the fourth quarter of 2021.

1. “Adjusted net income (loss)” is a non-GAAP financial measure. The definition of this non-GAAP measure and a reconciliation to its nearest GAAP equivalent measure appears on pages 6 to 8.

 “This year marks an inflection point in the execution of our strategy,” CEO John Hess said.  “We have built a differentiated portfolio offering a unique value proposition – delivering durable cash flow growth that enables us to continue to invest in some of the highest return projects in the industry and to start growing our cash returns to our shareholders.”

   After-tax income (loss) by major operating activity was as follows:

Exploration and Production:

   E&P net income was $309 million in the fourth quarter of 2021, compared with a net loss of $39 million in the fourth quarter of 2020. On an adjusted basis, E&P's net loss in the prior-year quarter was $118 million. The Corporation’s average realized crude oil selling price, including the effect of hedging, was $71.04 per barrel in the fourth quarter of 2021, compared with $45.32 per barrel in the prior-year quarter. The average realized natural gas liquids (NGL) selling price in the fourth quarter of 2021 was $36.47 per barrel, compared with $15.80 per barrel in the prior-year quarter, while the average realized natural gas selling price was $4.77 per mcf, compared with $3.35 per mcf in the fourth quarter of 2020.

   Net production, excluding Libya, was 295,000 boepd in the fourth quarter of 2021, compared with 309,000 boepd in the fourth quarter of 2020, or 295,000 boepd proforma for assets sold. Net production for Libya was 21,000 boepd in the fourth quarter of 2021 compared with 12,000 boepd in the prior-year quarter.

   Cash operating costs, which include operating costs and expenses, production and severance taxes, and E&P general and administrative expenses, were $12.17 per boe (excluding Libya: $12.84 per boe) in the fourth quarter of 2021, compared with $11.31 per boe (excluding Libya: $11.57 per boe) in the prior-year quarter. The change in per unit cost reflects the impact of lower production volumes and higher production and severance taxes in North Dakota in the fourth quarter of this year. Income tax expense increased in the fourth quarter of 2021 compared with the prior-year quarter primarily due to improved results from Libya and Guyana.

Oil and Gas Reserves Estimates:

   Oil and gas proved reserves at December 31, 2021, which are subject to final review, were 1,309 million boe, compared with 1,170 million boe at December 31, 2020. Net proved reserve additions in 2021 totaled 348 million boe, which is comprised of net positive revisions of 107 million boe due to higher commodity prices and other net additions of 241 million boe primarily from the Bakken. Asset sales in 2021 reduced proved reserves by 91 million boe.

   Excluding asset sales, the Corporation replaced 295 percent of its 2021 production (204 percent excluding price revisions) at a finding and development cost of approximately $5.25 per boe (approximately $7.60 per boe excluding price revisions).

Operational Highlights for the Fourth Quarter of 2021:

   Bakken (Onshore U.S.): Net production from the Bakken was 159,000 boepd compared with 189,000 boepd in the prior-year quarter primarily due to the impact of lower drilling activity caused by a reduction in rig count from six to one during the first half of last year, lower NGL and natural gas volumes received under percentage of proceeds contracts, and the second quarter 2021 sale of Little Knife and Murphy Creek nonstrategic acreage interests, which contributed net production of approximately 5,000 boepd in the fourth quarter of 2020. Net oil production was 79,000 barrels of oil per day (bopd) compared with 97,000 bopd in the fourth quarter of 2020. NGL and natural gas volumes received under percentage of proceeds contracts were 9,000 boepd in the fourth quarter of 2021 compared with 21,000 boepd in the fourth quarter of 2020 due to higher realized NGL prices lowering volumes received as consideration for gas processing fees. The Corporation added a second rig in February 2021 and a third rig in September 2021, and drilled 17 wells, completed 13 wells, and brought 19 new wells online in the fourth quarter.

   Gulf of Mexico (Offshore U.S.): Net production from the Gulf of Mexico was 39,000 boepd, compared with 32,000 boepd in the prior-year quarter primarily due to downtime for hurricane-related maintenance in the fourth quarter of 2020. Net production from the Shenzi Field, which was sold in November 2020, was 3,000 boepd in the fourth quarter of 2020.

   Guyana (Offshore): At the Stabroek Block (Hess – 30%), the operator, Esso Exploration and Production Guyana Limited, announced two significant discoveries at Fangtooth and Lau Lau. The Fangtooth-1 well encountered approximately 164 feet of high quality oil bearing sandstone reservoirs, and confirms the deeper exploration potential of the Stabroek Block. The well was drilled in 6,030 feet of water and is located approximately 11 miles northwest of the Liza Field. The Lau Lau-1 well encountered approximately 315 feet of high quality hydrocarbon bearing sandstone reservoirs. The well was drilled in 4,793 feet of water and is located approximately 42 miles southeast of the Liza Field.

   The Corporation’s net production from the Liza Destiny floating production, storage and offloading vessel (FPSO) was 31,000 bopd in the fourth quarter of 2021 compared with 26,000 bopd in the prior-year quarter. On October 25, 2021, the Liza Unity FPSO, with an expected capacity of 220,000 gross bopd, arrived at the Stabroek Block and startup of Phase 2 of the Liza Field development remains on track for the first quarter of 2022. The third development, Payara, will utilize the Prosperity FPSO with an expected capacity of 220,000 gross bopd; first oil is expected in 2024. A fourth development, Yellowtail, was submitted to the government of Guyana for approval in the fourth quarter. Pending government approval and project sanctioning, the project is expected to have a capacity of 250,000 gross bopd with first oil anticipated in 2025. We expect to have at least six FPSOs on the Stabroek Block in 2027, with the potential for up to 10 FPSOs to develop the current discovered recoverable resource base.

   Following the completion of the Fangtooth-1 well, the Stena DrillMAX will begin drilling at the Tarpon prospect. Following the completion of the Lau Lau-1 well, the Noble Don Taylor began drilling at the Barreleye prospect. The Stena Carron completed drill stem tests on the Longtail-2, Whiptail-2 and Turbot-2 wells, and is currently performing a drill stem test on the Tilapia-1 well. The Noble Sam Croft, the Noble Bob Douglas and the Noble Tom Madden are currently drilling and completing development wells at Liza Phase 2 and the Payara Field.

   South East Asia (Offshore): Net production at North Malay Basin and JDA was 66,000 boepd compared with 56,000 boepd in the prior-year quarter, reflecting higher natural gas nominations due to a recovery in economic activity which had been impacted by COVID-19.

Midstream:

   The Midstream segment had net income of $74 million in the fourth quarter of 2021, compared with net income of $62 million in the prior-year quarter, primarily due to increased revenue from higher minimum volume commitments and rates.

   In October 2021, Hess Midstream LP completed a public offering of approximately 8.6 million Class A shares held by Hess Corporation and Global Infrastructure Partners. The Corporation received net proceeds of $108 million. After giving effect to this transaction, the Corporation owns an approximate 44% interest in Hess Midstream LP, on a consolidated basis.

Corporate, Interest and Other:

   After-tax expense for Corporate, Interest and Other was $118 million in the fourth quarter of 2021, compared with $120 million in the fourth quarter of 2020.

Capital and Exploratory Expenditures:

   E&P capital and exploratory expenditures were $593 million in the fourth quarter of 2021, compared with $371 million in the prior-year quarter, primarily due to higher drilling and development activity in Guyana and the Bakken. Midstream capital expenditures were $54 million in the fourth quarter of 2021, compared with $51 million in the prior-year quarter.

Liquidity:

   Excluding the Midstream segment, Hess Corporation had cash and cash equivalents of $2.71 billion and debt and finance lease obligations totaling $6.1 billion at December 31, 2021. The Midstream segment had cash and cash equivalents of $2 million and total debt of $2.6 billion at December 31, 2021. The Corporation’s debt to capitalization ratio as defined in its debt covenants was 42.3% at December 31, 2021 and 47.5% at December 31, 2020.

   Net cash provided by operating activities was $899 million in the fourth quarter of 2021, up from $486 million in the fourth quarter of 2020. Net cash provided by operating activities before changes in operating assets and liabilities² was $886 million in the fourth quarter of 2021, compared with $532 million in the prior-year quarter, primarily due to higher realized selling prices. Changes in operating assets and liabilities increased cash flow from operating activities by $13 million during the fourth quarter of 2021 and decreased cash flow from operating activities by $46 million in the prior-year quarter.

   During the quarter, the Corporation received net proceeds of $108 million from the public offering of approximately 4.3 million Hess-owned Class A shares of Hess Midstream LP. In January 2022, the Corporation paid accrued Libyan income tax and royalties of approximately $470 million related to operations for the period December 2020 through November 2021.

   2. “Net cash provided by (used in) operating activities before changes in operating assets and liabilities” is a non-GAAP financial measure. The definition of this non-GAAP measure and a reconciliation to its nearest GAAP equivalent measure appears on pages 7 and 8.

Items Affecting Comparability of Earnings Between Periods:

   The following table reflects the total after-tax income (expense) of items affecting comparability of earnings between periods:

   Fourth Quarter 2020: E&P results included a pre-tax gain of $79 million ($79 million after income taxes) associated with the sale of the Corporation's 28% working interest in the Shenzi Field in the deepwater Gulf of Mexico.

Reconciliation of U.S. GAAP to Non-GAAP Measures:

   The following table reconciles reported net income (loss) attributable to Hess Corporation and adjusted net income (loss):

   The following table reconciles reported net cash provided by (used in) operating activities from net cash provided by (used in) operating activities before changes in operating assets and liabilities:

Hess Corporation will review fourth quarter financial and operating results and other matters on a webcast at 10 a.m. today (EDT). For details about the event, refer to the Investor Relations section of our website at www.hess.com.

Hess Corporation is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas. More information on Hess Corporation is available at www.hess.com.

Forward-looking Statements

This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as “anticipate,” “estimate,” “expect,” “forecast,” “guidance,” “could,” “may,” “should,” “would,” “believe,” “intend,” “project,” “plan,” “predict,” “will,” “target” and similar expressions identify forward-looking statements, which are not historical in nature. Our forward-looking statements may include, without limitation: our future financial and operational results; our business strategy; estimates of our crude oil and natural gas reserves and levels of production; benchmark prices of crude oil, NGL and natural gas and our associated realized price differentials; our projected budget and capital and exploratory expenditures; expected timing and completion of our development projects, and future economic and market conditions in the oil and gas industry.

Forward-looking statements are based on our current understanding, assessments, estimates and projections of relevant factors and reasonable assumptions about the future. Forward-looking statements are subject to certain known and unknown risks and uncertainties that could cause actual results to differ materially from our historical experience and our current projections or expectations of future results expressed or implied by these forward-looking statements. The following important factors could cause actual results to differ materially from those in our forward-looking statements: fluctuations in market prices of crude oil, NGL and natural gas and competition in the oil and gas exploration and production industry, including as a result of COVID-19; reduced demand for our products, including due to COVID-19, competing or alternative energy products and political conditions and events; potential failures or delays in increasing oil and gas reserves, including as a result of unsuccessful exploration activity, drilling risks and unforeseen reservoir conditions, and in achieving expected production levels; changes in tax, property, contract and other laws, regulations and governmental actions applicable to our business, including legislative and regulatory initiatives regarding environmental concerns, such as measures to limit greenhouse gas emissions and flaring as well as fracking bans; operational changes and expenditures due to climate change and sustainability related initiatives; disruption or interruption of our operations due to catastrophic events, such as accidents, severe weather, geological events, shortages of skilled labor, cyber-attacks, health measures related to COVID-19 or climate change; the ability of our contractual counterparties to satisfy their obligations to us, including the operation of joint ventures under which we may not control and exposure to decommissioning liabilities for divested assets in the event the current or future owners are unable to perform; unexpected changes in technical requirements for constructing, modifying or operating exploration and production facilities and/or the inability to timely obtain or maintain necessary permits; availability and costs of employees and other personnel, drilling rigs, equipment, supplies and other required services; any limitations on our access to capital or increase in our cost of capital, including as a result of weakness in the oil and gas industry or negative outcomes within commodity and financial markets; liability resulting from litigation, including heightened risks associated with being a general partner of Hess Midstream LP; and other factors described in Item 1A—Risk Factors in our Annual Report on Form 10-K and any additional risks described in our other filings with the Securities and Exchange Commission (SEC).

As and when made, we believe that our forward-looking statements are reasonable. However, given these risks and uncertainties, caution should be taken not to place undue reliance on any such forward-looking statements since such statements speak only as of the date when made and there can be no assurance that such forward-looking statements will occur and actual results may differ materially from those contained in any forward-looking statement we make. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events or otherwise.

Non-GAAP financial measures

The Corporation has used non-GAAP financial measures in this earnings release. “Adjusted net income (loss)” presented in this release is defined as reported net income (loss) attributable to Hess Corporation excluding items identified as affecting comparability of earnings between periods. “Net cash provided by (used in) operating activities before changes in operating assets and liabilities” presented in this release is defined as Net cash provided by (used in) operating activities excluding changes in operating assets and liabilities. Management uses adjusted net income (loss) to evaluate the Corporation’s operating performance and believes that investors’ understanding of our performance is enhanced by disclosing this measure, which excludes certain items that management believes are not directly related to ongoing operations and are not indicative of future business trends and operations. Management believes that net cash provided by (used in) operating activities before changes in operating assets and liabilities demonstrates the Corporation’s ability to internally fund capital expenditures, pay dividends and service debt. These measures are not, and should not be viewed as, a substitute for U.S. GAAP net income (loss) or net cash provided by (used in) operating activities. A reconciliation of reported net income (loss) attributable to Hess Corporation (U.S. GAAP) to adjusted net income (loss), and a reconciliation of net cash provided by (used in) operating activities (U.S. GAAP) to net cash provided by (used in) operating activities before changes in operating assets and liabilities are provided in the release.

Cautionary Note to Investors

We use certain terms in this release relating to resources other than proved reserves, such as unproved reserves or resources. Investors are urged to consider closely the oil and gas disclosures in Hess Corporation’s Form 10-K, File No. 1-1204, available from Hess Corporation, 1185 Avenue of the Americas, New York, New York 10036 c/o Corporate Secretary and on our website at www.hess.com. You can also obtain this form from the SEC on the EDGAR system.

For Hess Corporation

Investors:
Jay Wilson
(212) 536-8940

Media:
Lorrie Hecker
(212) 536-8250

Jamie Tully
Sard Verbinnen & Co
(917) 679-7908

Company Plans to Deliver Higher Annual Dividend Payout for 35^th Consecutive Year

SAN RAMON, Calif.--(BUSINESS WIRE)--The Board of Directors of Chevron Corporation (NYSE: CVX) today declared a quarterly dividend of one dollar and forty-two cents ($1.42) per share, an increase of eight cents ($0.08) per share or approximately 6 percent. The dividend is payable March 10, 2022, to all holders of common stock as shown on the transfer records of the Corporation at the close of business February 16, 2022.

This increase puts Chevron on track to make 2022 the 35^th consecutive year with an increase in annual dividend payout per share.

Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to achieving a more prosperous and sustainable world. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We are focused on lowering the carbon intensity in our operations and seeking to grow lower carbon businesses along with our traditional business lines. More information about Chevron is available at www.chevron.com.

CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This news release contains forward-looking statements relating to Chevron’s operations that are based on management's current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential,” “ambitions,” “aspires” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for the company’s products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changes to government policies in the countries in which the company operates; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions; disruptions in the company’s global supply chain, including supply chain constraints; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic and political conditions; changing refining, marketing and chemicals margins; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; development of large carbon capture and offset markets; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates, particularly during the COVID-19 pandemic; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce greenhouse gas emissions; the potential liability resulting from pending or future litigation; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; material reductions in corporate liquidity and access to debt markets; the receipt of required Board authorizations to pay future dividends; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 18 through 23 of the company’s 2020 Annual Report on Form 10-K and in subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements.

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Company receives distinction for becoming a publicly traded company in the Energy, Power & Mobility Category, adding to its 2018 “Hall of Fame” and 2014 “Future Mobility Company of the Year” honors

CAMPBELL, Calif.--(BUSINESS WIRE)--ChargePoint Holdings, Inc. (NYSE: CHPT), a leading electric vehicle (EV) charging network, was named by Cleantech Group a 2022 Global Cleantech 100 Graduate of the Year for becoming a publicly traded company in the Energy, Power and Mobility category.

Graduate of the Year awards are made up of Global Cleantech 100 alumnus companies that had the most impressive public offerings in the previous year. Alumnus companies are those that have been featured on any of the Global Cleantech 100 lists published since 2009. ChargePoint appeared on those lists seven times between 2010 and 2017, including as “Future Mobility Company of the Year” in 2014 before being “retired” to the organization’s “Hall of Fame” in 2018.

The 2022 Global Cleantech 100 is the 13th edition of the respected annual guide to the leading companies and themes in sustainable innovation. It features the private, independent and for-profit companies best positioned to take the world from commitments to actions in global efforts to reach net zero.

“It’s an honor to receive such prestigious recognition from the Cleantech Group for our commitment to green mobility,” said Pasquale Romano, President and CEO of ChargePoint. “ChargePoint is proud to be recognized for being the first publicly traded electric vehicle charging company operating across continents, and for the momentum we are driving in global electrification.”

The list combines Cleantech Group’s research data with qualitative judgments from nominations and insight from a global 86-member expert panel of leading investors and executives from corporations active in technology and innovation scouting. From pioneers and veterans to new entrants, the expert panel broadly represents the global cleantech community and results in a list with a powerful base of respect and support from many important players within the cleantech innovation ecosystem.

“We look forward to seeing the progress and future impact of our 2022 Global Cleantech 100 award winners,” said Richard Youngman, CEO, Cleantech Group. “We hope to see them, and their peer companies help propel a three-decade transformation to net zero before 2050.”

For detailed information on ChargePoint’s outlook as an innovator, visit Cleantech Group’s market intelligence platform i3 and search for ChargePoint. Download the report and meet the companies taking action on the climate crisis.

About ChargePoint

ChargePoint is creating a new fueling network to move people and goods on electricity. Since 2007, ChargePoint has been committed to making it easy for businesses and drivers to go electric with one of the largest EV charging networks and a comprehensive portfolio of charging solutions available today. ChargePoint’s cloud subscription platform and software-defined charging hardware are designed to include options for every charging scenario from home and multifamily to workplace, parking, hospitality, retail and transport fleets of all types. Today, one ChargePoint account provides access to hundreds-of-thousands of places to charge in North America and Europe. To date, more than 90 million charging sessions have been delivered, with drivers plugging into the ChargePoint network approximately every two seconds. For more information, visit the ChargePoint pressroom, the ChargePoint Investor Relations site, or contact ChargePoint’s This email address is being protected from spambots. You need JavaScript enabled to view it. or This email address is being protected from spambots. You need JavaScript enabled to view it. press offices or This email address is being protected from spambots. You need JavaScript enabled to view it..

About Cleantech Group^®

Cleantech Group provides research, consulting and events to catalyze opportunities for sustainable growth powered by innovation. At every stage from initial strategy to final deals, we bring corporate change makers, investors, governments and stakeholders from across the ecosystem the access and customized support they need to thrive in a more digitized, de-carbonized and resource-efficient future. The company was established in 2002 and is headquartered in San Francisco with people based in London, Paris and Boston.

CHPT-IR

ChargePoint Holdings, Inc.
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DENVER--(BUSINESS WIRE)--Liberty Oilfield Services Inc. (NYSE: LBRT) announced today that it will release its financial results for the fourth quarter and full year ending December 31, 2021 after the market closes on Tuesday, February 8, 2022. Following the release, the Company will host a conference call to discuss the results at 8:00 a.m. Mountain Time (10:00 a.m. Eastern Time) on Wednesday, February 9, 2022. Presenting the Company’s results will be Chris Wright, Chief Executive Officer, Ron Gusek, President, and Michael Stock, Chief Financial Officer.

Individuals wishing to participate in the conference call should dial (833) 255-2827, or for international callers, (412) 902-6704. Participants should ask to join the Liberty Oilfield Services call. A live webcast will be available at http://investors.libertyfrac.com. The webcast can be accessed for 90 days following the call. A telephone replay will be available shortly after the call and can be accessed by dialing (877) 344-7529, or for international callers (412) 317-0088. The passcode for the replay is 6679552. The replay will be available until February 16, 2022.

About Liberty

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

Michael Stock
Chief Financial Officer
303-515-2851
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• The company scored above the overall average, with highest scores in the equal pay and gender pay parity categories
• This performance is a testament to Schneider Electric’s commitment to gender equality

MISSISSAUGA, Ontario--(BUSINESS WIRE)--Schneider Electric, the global leader in the digital transformation of energy management and automation, today announced its inclusion in the 2022 Bloomberg Gender-Equality Index (GEI), for the fifth year in a row. Schneider Electric is one of 418 companies across 45 countries and regions to join the 2022 Bloomberg GEI, which measures gender equality across five pillars: female leadership and talent pipeline, equal pay and gender pay parity, inclusive culture, anti-sexual harassment policies, and pro-women brand.

Schneider Electric scored above the overall GEI average, with its highest score in the equal pay and gender pay parity category, where the company scored significantly higher than the global GEI average score. Schneider’s ‘Global Pay Equity Framework’ identifies gender pay gaps within comparable groups of employees and ensures consistency, fairness, and greater transparency. Schneider is committed to reaching <1 per cent pay gap for women and men by 2025.

Schneider is also above the overall GEI average scores in the categories of inclusive culture, up by 15 per cent, and as a pro-women brand, up by 17 per cent. These scores are testament to the company’s commitment to promote gender equality in its 128,000-strong global workforce.

The results are a part of the company’s wider sustainability strategy and 2025 sustainability goals which include targets to boost female representation from new hires to senior leaders, and reflects Schneider’s continuous commitment to drive positive change and provide equal opportunities for everyone.

Bloomberg’s GEI index is a modified market capitalization-weighted index that tracks the performance of public companies committed to transparency in gender-data.

For details of other recent awards and recognitions received by Schneider Electric, including those from European Women on Boards Gender Diversity Index, WeQual and the Financial Times, click here.

About Schneider Electric

Schneider’s purpose is to empower all to make the most of our energy and resources, bridging progress and sustainability for all. We call this Life Is On.

Our mission is to be your digital partner for Sustainability and Efficiency.

We drive digital transformation by integrating world-leading process and energy technologies, end-point to cloud connecting products, controls, software and services, across the entire lifecycle, enabling integrated company management, for homes, buildings, data centers, infrastructure and industries.

We are the most local of global companies. We are advocates of open standards and partnership ecosystems that are passionate about our shared Meaningful Purpose, Inclusive and Empowered values.

www.se.com

Discover Life Is On Follow us on: Twitter Facebook LinkedIn YouTube Instagram Blog

Discover the newest perspectives shaping sustainability, electricity 4.0, and next generation automation on Schneider Electric Insights

Hashtags: #LifeIsOn #SEGreatPeople #Meaningful #Inclusive #Empowered #OurImpact

Media Contact:
Edelman on behalf of Schneider Electric
Shae Pollock
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SPRING, Texas--(BUSINESS WIRE)--Southwestern Energy Company (NYSE: SWN) today announced it will host a conference call and live audio webcast on February 25, 2022 to discuss fourth quarter and full year 2021 financial and operating results. The Company plans to release results on February 24, 2022 after market close, which will be available on SWN’s website at www.swn.com.

A replay of the call will also be available until March 4, 2022 at 877-344-7529, International 412-317-0088, or Canada Toll Free 855-669-9658, access code 3985981.

About Southwestern Energy
Southwestern Energy Company (NYSE: SWN) is a leading U.S. producer and marketer of natural gas and natural gas liquids focused on responsibly developing large-scale energy assets in the nation’s most prolific shale gas basins. SWN’s returns-driven strategy strives to create sustainable value for its stakeholders by leveraging its scale, financial strength and operational execution. For additional information, please visit www.swn.com and www.swn.com/responsibility.

Investor Contact
Brittany Raiford
Director, Investor Relations
(832) 796-7906
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Strengthens Commitment with Net-Zero by 2050 Operational Emissions Goal

WALL, N.J.--(BUSINESS WIRE)--At its 69^th Annual Shareowners Meeting, New Jersey Resources (NYSE: NJR) highlighted the significant progress the company has made in advancing its sustainability agenda, including the establishment of a Net-Zero by 2050 greenhouse gas emissions reduction goal for its New Jersey operations.

Driven by its commitment to operate world-class, environmentally sound energy infrastructure, NJR plans to achieve this carbon reduction goal through strategies focused on reducing fleet emissions, continued distribution system improvements and investments in innovation and next-generation clean energy sources like green hydrogen and renewable natural gas.

“New Jersey Resources continues to be at the forefront of advancing sustainability and investing to build the clean energy future,” said Steve Westhoven, president and CEO of New Jersey Resources. “Our company has a strong record of reducing emissions, embracing innovation, including low- and zero-carbon technologies, and operating the most environmentally sound natural gas distribution network in New Jersey. Our leadership and strategic investments – like our milestone green hydrogen facility – are taking us even further and demonstrate how our high-quality energy infrastructure will play a critical role in reaching climate goals more quickly, more affordably and with the reliability families and businesses count on.”

Underscoring the company’s accomplishments, today NJR released its 2021 Corporate Sustainability Report, which documents the significant progress made across its environmental, social, governance, or ESG, and sustainability goals in fiscal 2021, including:

• Achieving a 55% reduction in carbon emissions from its New Jersey operations from its 2006 baseline.
• Defining its strategy for achieving net-zero emissions from its New Jersey operations by 2050.
• Advancing its innovation and decarbonization efforts with the completion of the first green hydrogen facility on the East Coast to blend zero-carbon energy into its fuel stream to serve customers.
• Launching a $259 million customer-focused, energy-efficiency program, the largest in company history.
• Increasing transparency and disclosure with reporting in line with the recommendations of the Task Force for Climate-related Financial Disclosures framework.
• Working with The Nature Conservancy in New Jersey to address climate impacts with saltwater tidal wetlands restoration efforts in New Jersey’s Barnegat Bay through NJR’s Coastal Climate Initiative™.
• Being named a Most Responsible Company by Newsweek for 2022, the third consecutive year of this recognition.

Stepping up its commitment to fight climate change in the communities it serves, NJR also announced $25,000 was raised for the Coastal Climate Initiative by customers with a company match. The additional funding supports NJR’s work with The Nature Conservancy in New Jersey, a leading environmental group, to restore and preserve saltwater marshes at the Jersey Shore.

“As a company headquartered at the Jersey Shore, we recognize local solutions are essential to help mitigate the effects of climate change,” Mr. Westhoven said. “New Jersey Resources is committed to protecting vital ecosystems and making a difference in our communities along the Jersey Shore through our Coastal Climate Initiative.”

Salt marshes and sea grass are a vital part of New Jersey’s coastal regions and serve a critical function in addressing climate change. Tidal wetlands are effective at removing carbon from the atmosphere and storing it in soil for thousands of years. They also are an important tool in fighting the effects of extreme weather – serving as a natural barrier against wave energy and storm surge, reducing their intensity to protect people and property.

For more information on NJR’s sustainability agenda, goals and progress, or to access the company’s 2021 Corporate Sustainability Report, visit NJRSustainability.com.

Forward-looking Statements:

Certain statements within this release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. NJR cautions readers that the assumptions forming the basis for forward-looking statements include many factors that are beyond NJR’s ability to control or estimate precisely, such as estimates of future market conditions and the behavior of other market participants. Words such as “anticipates,” “estimates,” “expects,” “projects,” “may,” “will,” “intends,” “plans,” “believes,” “should” and similar expressions may identify forward-looking statements and such forward-looking statements are made based upon management’s current expectations, assumptions and beliefs as of this date concerning future developments and their potential effect upon NJR. There can be no assurance that future developments will be in accordance with management’s expectations, assumptions and beliefs or that the effect of future developments on NJR will be those anticipated by management. Forward-looking statements in this release include, but are not limited to, certain statements regarding NJR’s environmental, sustainability, emission reduction and clean energy goals, future capital expenditures, infrastructure programs, system improvements and investments, NJR’s goal of reducing fleet emissions, and improvements and investments in decarbonized fuels, such as renewable natural gas and green hydrogen.

Additional information and factors that could cause actual results to differ materially from NJR’s expectations are contained in NJR’s filings with the U.S. Securities and Exchange Commission (“SEC”), including NJR’s Annual Reports on Form 10-K and subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings, which are available at the SEC’s web site, http://www.sec.gov. Information included in this release is representative as of today only and while NJR periodically reassesses material trends and uncertainties affecting NJR’s results of operations and financial condition in connection with its preparation of management’s discussion and analysis of results of operations and financial condition contained in its Quarterly and Annual Reports filed with the SEC, NJR does not, by including this statement, assume any obligation to review or revise any particular forward-looking statement referenced herein in light of future events.

About New Jersey Resources

New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR is composed of five primary businesses:

• New Jersey Natural Gas, NJR’s principal subsidiary, operates and maintains over 7,600 miles of natural gas transportation and distribution infrastructure to serve over half a million customers in New Jersey’s Monmouth, Ocean, Morris, Middlesex and Burlington counties.
• NJR Clean Energy Ventures invests in, owns and operates solar projects with a capacity of more than 365 megawatts, providing residential and commercial customers with low-carbon solutions.
• NJR Energy Services manages a diversified portfolio of natural gas transportation and storage assets and provides physical natural gas services and customized energy solutions to its customers across North America.
• Storage & Transportation serves customers from local distributors and producers to electric generators and wholesale marketers through its ownership of Leaf River Energy Center and the Adelphia Gateway Pipeline Project, as well as our 50 percent equity ownership in the Steckman Ridge natural gas storage facility.
• NJR Home Services provides service contracts as well as heating, central air conditioning, water heaters, standby generators, solar and other indoor and outdoor comfort products to residential homes throughout New Jersey.

NJR and its more than 1,200 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve^® and initiatives such as The SAVEGREEN Project^® and The Sunlight Advantage^®. For more information about NJR:
www.njresources.com
Follow us on Twitter @NJNaturalGas.
“Like” us on facebook.com/NewJerseyNaturalGas.

Media:
Michael Kinney
732-938-1031
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Investors:
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732-938-1229
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COLUMBUS, Ind.--(BUSINESS WIRE)--Today, Cummins Inc. (NYSE: CMI) Chairman and CEO Tom Linebarger was in Washington, D.C. speaking at a White House event focused on the Build Back Better Act. He joined President Joe Biden and several other business CEOs. Linebarger was one of three CEOs to have a speaking role during the formal press portion that took place at 1 p.m.

During his public and private discussions with President Biden and the other business leaders, Linebarger voiced his support for advancing the Build Back Better Act because of its provisions that address climate change, provide tax credits for hydrogen production, and other provisions that drive job creation and enhance American competitiveness.

“I support the climate change provisions in the Build Back Better Act and encourage Congress to pass the legislation,” said Linebarger. “The path to a decarbonized and sustainable future requires the engagement of everyone – government, businesses of all sizes, as well as communities and individuals. The decarbonization investments in the Build Back Better Act are critical to accelerating the adoption of innovations that can reduce emissions across the United States and set us on a path to a more sustainable future.”

“Our success implementing technologies to reduce emissions in response to the Clean Air Act, is exactly what we need to do now,” Linebarger added. “While it was extremely challenging, Cummins moved first and began investing in the necessary technologies and solutions to meet the regulations and by acting quickly, we established a leadership position and created significant jobs and growth for our company. We now sell these products and technologies that we developed in the United States all over the world. Decarbonization is similar and it’s going to happen globally. The United States has the opportunity to lead if we invest in the technologies and infrastructure now. If we act now, it is certain to create great American jobs and fuel U.S. economic growth, but it’s imperative we do more now, together and faster.”

Linebarger shared that he is encouraged by the tax credits for clean commercial vehicles, and the accompanying charging and fueling infrastructure needed to serve them, the new hydrogen production tax credit, which will support the development of a U.S. hydrogen economy that is globally competitive, and the investments in decarbonizing the grid and stationary power, because he views this as a well-to-wheels challenge.

During the meetings, Linebarger also emphasized that corporations must be able to continue to be successful for American working families with globally competitive tax policies.

“Our corporations need to be in the best position to continue to drive job creation, economic growth and recruit top talent,” Linebarger added. “For U.S. communities to thrive – both large and small – our companies need to be on equal footing with our global partners and we have to have tax policies in place that allow for this.”

Overall, Linebarger added that Cummins supports the Build Back Better Act and believes it’s critical to addressing the existential threat that climate change presents and believes the Build Back Better Act can help drive innovation, reduce reliance on carbon and contribute to American competitiveness and job creation.

About Cummins Inc.
Cummins Inc., a global power leader, is a corporation of complementary business segments that design, manufacture, distribute and service a broad portfolio of power solutions. The company’s products range from diesel, natural gas, electric and hybrid powertrains and powertrain-related components including filtration, aftertreatment, turbochargers, fuel systems, controls systems, air handling systems, automated transmissions, electric power generation systems, batteries, electrified power systems, hydrogen generation and fuel cell products. Headquartered in Columbus, Indiana (U.S.), since its founding in 1919, Cummins employs approximately 57,800 people committed to powering a more prosperous world through three global corporate responsibility priorities critical to healthy communities: education, environment and equality of opportunity. Cummins serves its customers online, through a network of company-owned and independent distributor locations, and through thousands of dealer locations worldwide and earned about $1.8 billion on sales of $19.8 billion in 2020. Learn more at cummins.com.

Jon Mills
Director, External Communications
317-658-4540
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DUBLIN--(BUSINESS WIRE)--The "EV Charging Cable Market Forecast to 2028 - COVID-19 Impact and Global Analysis" report has been added to ResearchAndMarkets.com's offering.

The EV charging cable market was valued at US$ 377.4 million in 2021 and is projected to reach US$ 3,466.1 million by 2028; it is expected to grow at a CAGR of 37.3% from 2021 to 2028.

With the increasing demand for electric vehicles, the scope of installing charging facilities at residential, commercial, and government buildings is also growing. Charging stations at public destinations and workplaces are assisting in bolstering the acceptance.

A few initiatives taken for the same such as, in November 2021, Indian Oil Corporation (IOC) - the largest state-controlled refiner by capacity in India - announced establishing EV charging facilities at 10,000 fuel outlets in the coming three to five years. IOC and two other public sector oil firms would install 22,000 EV charging stations in the coming years to assist in reaching the nation's target to lower carbon intensity and reach net zero emissions by 2070.

Moreover, In the era of continuous technological developments, the scope of EV charging stations is also getting transformed. Many charging station OEMs are taking steps to overcome the challenges of electric vehicles charging at long routes. For instance, Tesla is developing a Mega charger network at trucking rest stops throughout the US and Europe for Tesla Semi. The company is making efforts to build a separate charging network for the class-8 electric semi-truck of Tesla.

Similarly, in India, the concept of installation of EV charging stations is becoming a reality with a network of around 700 EV charging stations to be distributed alongside each national highway. The National Highways Authority of India (NHAI) has declared plans to add an EV charging station for every 40 to 60 kilometres of national highways.

The government body aims to cover 40,000 kilometres of highways by 2023 with mentioned charging stations. Such projects for deploying EV charging stations at the long route/national highways will positively impact the growth of EV charging cable market.

During the COVID-19 pandemic, the automotive industry faced a critical crisis. The automakers present across Europe and the US, such as Detroit's Big Three (General Motors, Fiat Chrysler Automobiles, and Ford Motor Company), announced temporary closures. Many other auto manufacturers also extended their shutdown beyond their original dates. Due to the pandemic, global car sales experienced an unparallel decline.

As per the Society of Electric Vehicle Manufacturers (SMEV) registration of all electric vehicles during FY21 declined 20 percent to 236,802 units as against 295,683 units sold in FY20. The notable exception was Europe where electric car sales were 55% higher on the back of existing policy support schemes.

The electric car sales in Europe more than doubled over 2019 levels: many of its large markets such as France, Italy, Germany and the United Kingdom actually had significantly higher electric car sales than in 2019 throughout almost each month of 2020. However, after the situation comes to normalcy, the EV charging cable market is expected to grow remarkably all over the world.

Market Dynamics

Market Drivers

• Surge in EV Vehicle Production
• Increase in EV Charging Facilities

Market Restraints

• Higher Cost of Charging Stations

Market Opportunities

• Development of Mega chargers to Facilitate Long-Distance Trucking

Future Trends

• Emergence of E-Mobility and Advanced Charging Technologies

Key Player Profiles

• Besen International Group
• Coroplast
• Dyden Corporation
• EV Charging Cables
• EV Teison
• General Cable Technologies Corporation
• Phoenix Contact E-Mobility
• Sinbon Electronics
• Systems Wire and Cable

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

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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Project 11 Fully Funded through 11½ Mile Stretch of Houston Ship Channel

HOUSTON--(BUSINESS WIRE)--The Port Commission of the Port of Houston Authority held its first regular monthly meeting of 2022 on Tuesday. Chairman Ric Campo began the meeting by reflecting on the past year. “Looking back helps us prepare for the future, and the future is incredibly bright for the Port,” he said. The chairman applauded the Port Houston team, partners, and industry for an “incredibly amazing year.”

Despite challenges due to supply chain interruptions, COVID 19, labor and equipment shortages, historic freezes, and hot summers, Port Houston posted the best numbers in its history, Chairman Campo said, and kept its people safe. “It’s not about numbers – it’s about amazing team members and partners supporting each other,” he added. “What the amazing numbers do is create our ability to generate jobs, and invest in our future, and create more value for our region.”

In addition to funding of the first 11½ miles of Project 11, the deepening and widening of the Houston Ship Channel, federal funding for Segment 3 has recently been announced. He noted this project funding was an incredible accomplishment, “considering a year ago at this time, it had no funding.”

He explained that funding would include covering the first contract already approved for the 11½-miles from Galveston Bay to Red Fish Island, and that this work is expected to be completed in 2024. Project 11 will accommodate larger vessels to more safely and efficiently navigate the channel.

Other Port Houston achievements over the past year as highlighted by Chairman Campo included the establishment of its Business Equity Program, to enhance the supplier diversity achievements of Port Houston’s successful Small Business Development Program. He also spoke of the development of its Diversity, Equity, and Inclusion plan, sharing that these efforts, along with Port Houston’s Sustainability Action Plan and Environmental, Social, Safety, and Governance Report, reflect its drive for committed, continued improvements “creating greater value for the community.”

Chairman Campo concluded that 2021 was an excellent year for Port Houston (https://porthouston.com/wp-content/uploads/Port-Houston-2021-By-the-Numbers-press-release.pdf), but the best is yet to come.

Actions taken Tuesday by the Port Commission included authorization of revisions to Tariffs 14 and 15 and the adoption of a resolution honoring the 100th anniversary of the Houston Pilots. The Greater Houston Port Bureau also announced at the meeting that Chairman Campo would be its Maritime Leader of the Year in 2022.

The next regular Port Commission meeting is on Thursday, February 24.

About Port Houston

For more than 100 years, Port Houston has owned and operated the public wharves and terminals along the Houston Ship Channel, including the area’s largest breakbulk facility and two of the most efficient and fastest-growing container terminals in the country. Port Houston is the advocate and a strategic leader for the Channel. The Houston Ship Channel complex and its more than 200 public and private terminals, collectively known as the Port of Houston, is the nation’s largest port for waterborne tonnage and an essential economic engine for the Houston region, the state of Texas, and the U.S. The Port of Houston supports the creation of nearly 1.35 million jobs in Texas and 3.2 million jobs nationwide, and economic activity totaling $339 billion in Texas – 20.6 percent of Texas’ total gross domestic product (GDP) – and $801.9 billion in economic impact across the nation. For more information, visit the website at www.PortHouston.com.

Lisa Ashley-Daniels, Director, Public Relations
Office: 713-670-2644; Mobile: 832-247-8179
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HOUSTON & LONDON--(BUSINESS WIRE)--Baker Hughes (NASDAQ: BKR) announced today that the Baker Hughes Board of Directors declared a cash dividend of $.18 per share of Class A common stock payable on February 18, 2022 to holders of record on February 7, 2022.

About Baker Hughes:

Baker Hughes (NASDAQ: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and with operations in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.

Investor Relations
Jud Bailey
+1 281-809-9088
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Media Relations
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AUSTIN, Texas--(BUSINESS WIRE)--Whistler Pipeline LLC (“Whistler”) today announced the expansion of the Whistler pipeline’s Midland basin footprint with a new 36-inch lateral extending northwest into Martin County. The Martin County lateral will lengthen the existing 36-inch Midland lateral approximately 35 miles and connect to multiple processing sites in the county. The lateral is scheduled to be in service in the fourth quarter of 2022.

Whistler is owned by a consortium including MPLX LP (NYSE: MPLX), WhiteWater, and a joint venture between Stonepeak and West Texas Gas, Inc. (WTG).

About the Whistler Pipeline

The Whistler pipeline is an approximately 450-mile, 42-inch intrastate pipeline that transports natural gas from the Waha Header in the Permian Basin to Agua Dulce, Texas, providing direct access to South Texas and export markets. An approximately 85-mile 36-inch lateral provides connectivity to the Midland Basin.

About MPLX LP

MPLX is a diversified, large-cap master limited partnership that owns and operates midstream energy infrastructure and logistics assets and provides fuels distribution services. MPLX's assets include a network of crude oil and refined product pipelines; an inland marine business; light-product terminals; storage caverns; refinery tanks, docks, loading racks, and associated piping; and crude and light-product marine terminals. MPLX also owns crude oil and natural gas gathering systems and pipelines as well as natural gas and NGL processing and fractionation facilities in key U.S. supply basins. More information is available at www.MPLX.com

About WhiteWater

WhiteWater is a management owned, Austin based midstream company. WhiteWater is partnered with multiple private equity funds including but not limited to Ridgemont Equity Partners and First Infrastructure Capital. Since inception, WhiteWater has reached final investment decision on ~$3 billion in greenfield development projects. For more information about WhiteWater, visit www.whitewatermidstream.com.

About Ridgemont Equity Partners

Ridgemont Equity Partners is a Charlotte-based middle market buyout and growth equity investor. Since 1993, the principals of Ridgemont have invested over $5.5 billion. The firm focuses on equity investments up to $250 million and utilizes a proven, industry-focused investment approach and repeatable value creation strategies. For more information about Ridgemont, visit www.ridgemontep.com.

About First Infrastructure Capital

First Infrastructure Capital Advisors, LLC is a Houston-based investment firm specializing in greenfield projects and companies operating in the midstream, downstream, electric power, telecommunications, and renewable energy industries. First Infrastructure Capital Advisors, LLC is an SEC-registered investment adviser, which manages funds affiliated with First Infrastructure Capital, L.P. For more information about First Infrastructure Capital, visit www.firstinfracap.com.

About Stonepeak

Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $43.5 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, and to have a positive impact on the communities in which it operates. Stonepeak sponsors investment vehicles focused on private equity and credit. The firm provides capital, operational support, and committed partnerships to sustainably grow investments in its target sectors, which include transport and logistics, communications, water, energy transition, and power and renewable energy. Stonepeak is headquartered in New York with offices in Austin, Hong Kong, Houston, and Sydney. For more information, please visit https://stonepeakpartners.com/.

About WTG

WTG (together with its affiliates) comprises a family of related natural gas midstream and downstream entities headquartered in Midland, Texas since 1976 with operations in more than 90 Texas and Oklahoma counties. These WTG entities operate more than 900 MMcfd of gas processing capacity with more than 9,000 miles of gathering systems, 1,800 miles of transmission pipelines and distribution systems serving approximately 25,000 LDC customers.

Some of the above statements constitute forward-looking statements. Forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond the control of the companies named herein and are difficult to predict. Factors that could impact the opportunities described above include but are not limited to general domestic and international economic and political conditions and the factors described in MPLX’s filings with the Securities and Exchange Commission (SEC). Any forward-looking statement speaks only as of the date of the applicable communication and the companies named herein undertake no obligation to update any forward-looking statement except to the extent required by applicable law. Copies of MPLX's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other SEC filings are available on the SEC's website, MPLX's website at http://ir.mplx.com or by contacting MPLX's Investor Relations office.

MPLX LP Investor Relations: Kristina Kazarian (419) 421-2071
WhiteWater Investor Relations: www.whitewatermidstream.com
Stonepeak: Kate Beers (646) 540-5225
WTG Investor Relations: www.westtexasgas.com

HOUSTON--(BUSINESS WIRE)--Sunnova Energy International Inc. (“Sunnova”) (NYSE: NOVA), a leading U.S. residential solar and energy storage service provider, announced today it will release its fourth quarter and full year 2021 results after the markets close on February 23, 2022, to be followed by a conference call to discuss the results at 8:30 a.m. Eastern Time on February 24, 2022.

The conference call can be accessed live over the phone by dialing 844-200-6205, or for international callers, 929-526-1599. The access code for the live call is 415855.

Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the Investor Relations section of Sunnova’s website at https://investors.sunnova.com.

About Sunnova
Sunnova Energy International Inc. (NYSE: NOVA) is a leading residential solar and energy storage service provider with customers across the U.S. and its territories. Sunnova’s goal is to be the source of clean, affordable and reliable energy with a simple mission: to power energy independence so that homeowners have the freedom to live life uninterrupted^®.

For more information, visit www.sunnova.com, follow us on Twitter @Sunnova_Solar and connect with us on Facebook.

Investor & Analyst Contact
Rodney McMahan
Vice President, Investor Relations
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(281) 971-3323

Press & Media Contact
Alina Eprimian
Media Relations Manager
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TOKYO--(BUSINESS WIRE)--#IA2IA--Yokogawa Electric Corporation (TOKYO: 6841) reveals today the results of its latest survey* to gain further insights into the current and future state of industrial autonomy in process manufacturing. The survey highlights that the number of manufacturers moving forward with industrial autonomy is clearly increasing, and that there is a high awareness of the expected benefits on environmental sustainability.

The global survey was conducted in seven markets (China, Germany, India, Japan, Saudi Arabia, SE Asia and the US) amongst 534 respondents from 390 companies in the chemical & petrochemical, life sciences, oil & gas, power generation, and renewable energy industry sectors.

Key insights
Regarding environmental sustainability, 45% of the respondents anticipate that industrial autonomy will have a significant impact and another 36% expect a moderate impact in the areas of dynamic energy optimization, water management, and emissions reduction. In contrast, only 6% expect industrial autonomy to have no impact at all on environmental sustainability.

The implementation of industrial autonomy projects is starting to gather pace, with 51% of the respondents surveyed now scaling deployment across multiple facilities and business functions and another 19% reporting they have deployed in at least one facility or business function.

While productivity improvements in production and manufacturing processes are expected to deliver the highest return on investment (ROI) in digital transformation over the next three years – with 31% ranking this area first and a further 20% ranking it second – health, safety and environment is emerging as a key area of ROI, with 26% ranking it first (13%) or second (13%).

With the ongoing COVID-19 pandemic, increasing remote operations capabilities represents a key factor in industrial autonomy. The survey reveals that one-third (33%) of manufacturers have deployed remote operations in single sites and 31% have implemented across multi-sites in connection to industrial autonomy.

C-level executives play a key role in plant-level autonomous planning, with the survey respondents saying that the Chief Executive Officer (38%), Chief Technical Officer (34%), and Chief Information Officer (31%) are the primary final decision-makers. These decision-makers are supported by senior level technical professionals, with 43% saying the Chief Digital Officer has significant influence on plant level autonomy decisions.

“It is gratifying to see from our latest survey that environmental sustainability is emerging as an area in which the shift from industrial automation to industrial autonomy, which we call IA2IA, is expected to make a significant positive impact,” explained Tsuyoshi Abe, senior vice president and head of the Marketing Headquarters at Yokogawa Electric. “Overall, however, our survey also indicates that one of the biggest challenges in implementing industrial autonomy is the lack of a clear roadmap, with almost half seeing it as their most significant challenge. This underlines the importance of a defined roadmap to industrial autonomy and finding the right partner to develop it.”

The survey report can be downloaded from the following website:
https://www.yokogawa.com/ia2ia/

* The "Global End-user Survey on the Implementation of Industrial Autonomy" was conducted on behalf of Yokogawa by research company Omdia in September 2021 among 534 respondents from 390 companies across seven global markets: China, Germany, India, Japan, Saudi Arabia, SE Asia, and the US. Respondents comprised manufacturers/end-users, OEMs, and systems integrators in the chemical & petrochemical, life sciences, upstream and mid-stream oil & gas, refining, power generation, and renewable energy power generation industry sectors. The survey respondents were in IT management, operations/project/plant management, and corporate management.

About Yokogawa
Yokogawa provides advanced solutions in the areas of measurement, control, and information to customers across a broad range of industries, including energy, chemicals, materials, pharmaceuticals, and food. Yokogawa addresses customer issues regarding the optimization of production, assets, and the supply chain with the effective application of digital technologies, enabling the transition to autonomous operations.
Founded in Tokyo in 1915, Yokogawa continues to work toward a sustainable society through its 17,500 employees in a global network of 119 companies spanning 61 countries.
For more information, visit www.yokogawa.com
The names of corporations, organizations, products, services and logos herein are either registered trademarks or trademarks of Yokogawa Electric Corporation or their respective holders.

Media inquiries:
PR Section,
Integrated Communications Center
Yokogawa Electric Corporation
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HOUSTON--(BUSINESS WIRE)--Consolidated Asset Management Services (CAMS), a fully-integrated service provider for owners of energy infrastructure assets, is proud to announce that Brian Ivany was recognized by Hart Energy as one of its “Impactful Veterans in Energy.” The program highlights leadership and contributions made in the energy industry by military veterans.

Determined to make a difference for his country, Ivany decided to join the army in the aftermath of the 9/11 attacks.

“In the wake of the terrorist attacks of Sept. 11, 2001, I felt compelled to serve our nation,” he said. “At the time, I was a junior in high school. I decided to attend the United States Military Academy at West Point. It enabled me to serve my country upon graduation and provided me the opportunity to learn from many of our nation’s most talented soldiers.”

Ivany graduated from the United States Military Academy at West Point with a degree in systems engineering. He served five years in the Army, deployed twice to Iraq in support of Operation Iraqi Freedom and Operation New Dawn, and earned a Bronze Star, Ranger and Airborne Tabs. Upon returning to the U.S., Ivany earned his MBA from Georgetown University.

In 2014, Ivany began his career at CAMS as a financial associate. He was also manager of the CAMS business development team and served a short stint as vice president of CAMS Exploration & Production (E&P) before being promoted to president.

Ivany currently leads CAMS’ Renewable Services. He spearheaded the company’s expansion into the battery energy storage systems sector, securing operations and maintenance agreements for 300 MW of storage capacity in ERCOT. He has supported the acquisitions and divestitures of numerous energy assets and service companies on behalf of several private-equity-backed portfolio companies and their capital sponsors.

Outside of CAMS, Ivany served on the board of directors for several local non-profits including Combined Arms, Young Catholic Professionals and the West Point Alumni Association. According to Ivany, Combined Arms is a veteran-focused non-profit organization headquartered in Houston that works to accelerate the transition from military to civilian life for members of all branches of the military.

Ivany was nominated by CAMS as distinguishing himself through leadership, exceptional passion for problem-solving, and as a trailblazer for his potential impact on the future of the industry.

In lieu of an in-person event, Hart Energy celebrates the selected veterans with an “Impactful Veterans in Energy” microsite, which can be viewed here. Additionally, all honorees are recognized online and in the January 2022 issue of Oil and Gas Investor.

A veteran-led company, CAMS is committed to supporting and providing opportunities for former members of the armed forces. In fact, veterans comprise over 40% of our workforce. We recognize their unrivalled experience, skills, and leadership abilities and appreciate their immense contributions to delivering creative solutions to our clients.

Read Hart Energy’s in-depth profile on Ivany here.

About CAMS

CAMS is a privately held company providing a full range of services in the energy sector. These services include lifecycle management of Environmental, Social, and Governance (ESG) issues for all facility and industry types. Our founding principle is to add value through superior management and operation of our clients’ energy infrastructure assets. To this end, we empower our employees to pursue creative and sustainable business practices in the field and at our corporate office that contribute to operational excellence, financial performance, a safe workplace, and a better community and environment. We do not take this responsibility lightly: We treat the assets with which we are entrusted as our own. For additional information, visit www.camstex.com.

Corporate Communications
Deanna Werner
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BOGOTA, Colombia--(BUSINESS WIRE)--GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator today announced its inclusion in the 2022 Bloomberg Gender Equality Index (“Bloomberg GEI”).

The Bloomberg GEI is a market capitalization-weighted index that aims to track the performance of public companies committed to transparency in gender equality reporting disclosures including female leadership & talent pipeline, equal pay & gender pay parity, inclusive culture, anti-sexual harassment policies, and pro-women brand. Companies included in the 2022 Bloomberg GEI scored at or above a global threshold established by Bloomberg to reflect best-in-class gender-related statistics and policies.

Sylvia Escovar, Chair of GeoPark, said: “As a Company built from scratch with the need to attract and hire the most capable professionals in order to achieve our long-term value proposition, it is natural that our team mirrors the true diversity of the world around us. We need the very best people to reach our big objectives and that is the simple formula behind our track record of success. Integrating and promoting diversity continuously adds value by expanding our opportunities, enriching our culture, and allowing us to see and accomplish more.”

Peter T. Grauer, Chairman of Bloomberg and Founding Chairman of the U.S. 30% Club, said: “We are proud to recognize GeoPark and the other 417 companies included in the 2022 GEI for their commitment to transparency and setting a new standard in gender-related data reporting. Even though the threshold for inclusion in the GEI has risen, the member list continues to grow. This is a testament that more companies are working to improve upon their gender-related metrics, fostering more opportunity for diverse talent to succeed in their organizations.”

NOTICE

Additional information about GeoPark can be found in the “Investor Support” section on the website at www.geo-park.com.

Certain amounts included in this press release have been rounded for ease of presentation.

CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION

This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as ‘‘anticipate,’’ ‘‘believe,’’ ‘‘could,’’ ‘‘expect,’’ ‘‘should,’’ ‘‘plan,’’ ‘‘intend,’’ ‘‘will,’’ ‘‘estimate’’ and ‘‘potential,’’ among others.

Forward-looking statements that appear in a number of places in this press release include, but are not limited to, statements regarding the intent, belief or current expectations, regarding various matters, including expected dividend payments, share buybacks, future financial performance and free cash flow generation. Forward-looking statements are based on management’s beliefs and assumptions, and on information currently available to the management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors.

Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances, or to reflect the occurrence of unanticipated events. For a discussion of the risks facing the Company which could affect whether these forward-looking statements are realized, see filings with the U.S. Securities and Exchange Commission (SEC).

INVESTORS:
Stacy Steimel
Shareholder Value Director
T: +562 2242 9600
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Miguel Bello
Market Access Director
T: +562 2242 9600
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Diego Gully
Investor Relations Director
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MEDIA:
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IRVING, Texas--(BUSINESS WIRE)--The Board of Directors of Exxon Mobil Corporation today declared a cash dividend of $0.88 per share on the Common Stock, payable on March 10, 2022 to shareholders of record of Common Stock at the close of business on February 10, 2022.

This first quarter dividend is at the same level as the dividend paid in the fourth quarter of 2021.

Through its dividends, the corporation has shared its success with its shareholders for more than 100 years and has increased its annual dividend payment to shareholders for 39 consecutive years.

Media Relations
972-940-6007

Findings reveal damage to business performance when companies lack insight into their processes

NEW YORK & MUNICH--(BUSINESS WIRE)--Celonis, the pioneer and global leader in process mining and execution management, today released independent research showing that businesses are hindered by the complexity of multiple systems and processes, and lack understanding of their process data. These findings stem from the Forrester Consulting survey commissioned by Celonis: “Trends in Process Improvement and Data Execution: How Organizations are Improving Processes and Turning Process Data into Real-Time Action.”

The study found that business leaders are turning to process mining to deliver data and uncover insights about how their business operates. These insights are helping them to understand and improve the execution of a complex web of processes that power their company. These include supply chain and customer service processes that function across a vast range of systems, such as Enterprise Resource Planning, Supply Chain Management, Information Technology Service Management, spreadsheets and more.

The findings also show a range of business issues that are created when companies lack insights into how their processes are executing including increased cost, decreased efficiency, missed new business opportunities, lower productivity, high employee turnover rates, missed KPIs, loss of revenue, lower customer and employee satisfaction as well as loss of strategic vision.

“Process inefficiencies are the silent killers in businesses and they can't be seen without process mining,” said Wil van der Aalst, Chief Scientist at Celonis. “When process inefficiencies are seen and fixed business performance increases as well as the flexibility to read and react to business disruptions, inflation, pandemics and sustainability requirements."

The survey revealed that… “More than ever, organizations are tasked with navigating increasingly complex processes. The art of simplification — a useful business principle in theory — has, for many companies, evolved into problem-solving by adding, not subtracting, technologies. For others, it has meant wishfully throwing automation at complex processes, only to see a lack of fit lead to disappointing results. To optimize business performance, brands must quickly and objectively identify process inefficiencies and gather real time understandings of their inner workings at scale to meet company goals and successfully compete.”

The study captures insights from more than 800 decision-makers at companies worldwide.

Key Findings include:

• 61% of decision-makers will use, or are evaluating, process mining in the next 12 months, ranking it the top technology they plan to use to measure or improve their business processes.
• 71% of businesses use ten or more applications to execute a single process and 72% still use manual methods that limit process visibility.
• 90% of businesses that use process mining technology are confident they’ll hit their process improvement targets this year.
• Only 16% of businesses say they have complete visibility into their processes and just 7% report complete, real-time process visibility.

Organizations are Failing to Optimize Processes, Losing Out on Key Opportunities

Organizations have historically struggled to develop, document and track processes, but on top of this, companies now wrestle with macroeconomic challenges such as inflation, supply chain disruptions and hybrid system environments, making process visibility even more critical now.

• Only 56% of decision-makers feel they’re able to incorporate all systems involved into their department’s processes to create an end-to-end view of those processes.
• Almost half of the survey participants, 44%, said they are spending more due to lack of process insights. 28% of North America respondents are feeling the impact of lower customer satisfaction from process issues compared to their EMEA counterparts, 25%.

Elusive Real-Time Data Hampers Execution

The next phase of transforming business processes is moving from complete process visibility to complete real-time process visibility. In the modern consumer experience, reacting in real-time is table-stakes – imagine if Uber took more than a day to process requests. Why should business processes be different?

The lack of real-time data adoption by businesses to improve process visibility shows:

• 53% of businesses report using process visibility data that is more than one day old
• 28% of businesses report using process visibility data that is greater than 10 minutes old and less than one day old
• 12% of businesses report using process visibility data that is greater than one minute but less than 10 minutes old

Based on the findings of Forrester’s research, Celonis makes the following recommendations to improve productivity (and therefore save resources and provide a better customer experience):

• Identify processes to track and baseline before assessing which to improve, or automate: It’s crucial that businesses first know their processes, intimately, before triaging and changing plans for improvements. A helpful mantra to remember is “understand, reengineer, and automate processes” - in this order.
• Invest in process skills: Most companies are structured by functions, not processes. To improve processes, leaders must emphasize an end-to-end process mindset - not functions. Business process owner roles, hardly ever found in an organization, must exist and be influential.
• Task mining, in tandem with process mining, enables companies to gain additional insight into how their processes actually work. This provides the full picture of process weak points and employee pain points from the applications they’re using along a process. Process mining and task-mining combined can provide a full picture.
• The true value of process mining comes with cross-system discovery: Processes covered by a single system (such as ERP, SCM or CRM) tend to benefit less from process mining than those that span a multitude of systems. Process mining initiatives should focus on the multi-system use cases for high return from their process mining investments.

Celonis is the process mining market leader and pioneer of the execution management category. Its Execution Management System (EMS) is built across three pillars - data, intelligence, and action - to provide a 360-degree view of all business processes within an organization. Celonis’ EMS analyzes and identifies processes bottlenecks, automates fixes to them and makes actionable suggestions to put data to work for its customers.

Read more about the underlying issues and potential solutions in former ZDNet editor-in-chief Larry Dignan’s post here and our animated infographic here.

Methodology

Celonis commissioned Forrester Consulting to evaluate the current state of process improvement and data execution within organizations. Forrester completed an online survey of 818 process owning and business execution decision-makers at organizations around the world to evaluate the state of process improvement and data execution within organizations. Survey participants included decision-makers in director positions and above within technology, data strategy, or oversight roles. Questions provided to the participants asked about process visibility, execution, and improvement. The study was carried out in September/October of 2021.

About Celonis

Celonis helps organizations to execute on their data. Powered by its market-leading process mining core, the Celonis Execution Management System provides a set of applications, a developer studio and platform capabilities for business executives and users to eliminate billions in corporate inefficiencies, provide better customer experience and reduce carbon emissions. Celonis has thousands of global customers and is headquartered in Munich, Germany and New York City, USA with 16 offices worldwide.

© 2021 Celonis SE. All rights reserved. Celonis and the Celonis “droplet” logo are trademarks or registered trademarks of Celonis SE in Germany and other jurisdictions. All other product and company names are trademarks or registered trademarks of their respective owners.

Joanne Blum
Director of North America Communications
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