Friday, July 30, 2021, Webinar Panel Discussion

WASHINGTON--(BUSINESS WIRE)--#NDPI--Georgetown University:

When: Friday, July 30, 2021 (9-11 a.m. ET | 8-10 a.m. CT | 2-4 p.m. WAT)

Where: Register for this Zoom Webinar here.

What: Business for Impact at Georgetown University’s McDonough School of Business, together with research partner Frontier Design, announce a new study that analyzes 10 years of partnership-building and investment by Chevron and USAID (U.S. Agency for International Development) through the Foundation for Partnership Initiatives in the Niger Delta (PIND) in Nigeria's Niger Delta Region. The research focused on a broad suite of projects across different sectors that resulted in increased economic development, job creation, and stability in this region. The case study also provides lessons learned and recommendations for public-private partnerships going forward. The findings will be released at a virtual launch event open to the public on Friday, July 30, 2021. To preview the complete study, please visit Business for Impact.

Chevron and USAID invested more than $50 million during the 10-year period. Since 2010 PIND has catalyzed over $100 million in additional investments into the Niger Delta for:

• Training for farmers to pursue agriculture as a business
• Strengthening the systems to bring these products to market in Niger Delta and beyond
• Improving food security and economic growth in communities all over the region
• Contributing to sustainability through short term grants

"Our research findings underscore the power of bringing together like-minded and purposeful organizations dedicated, in this case, to achieving a more prosperous and stable Niger Delta," says Leslie Crutchfield, executive director of Business for Impact and one of the study's editors. "The authors have unearthed important insights and lessons learned that can help inform future public-private partnerships, whether in Nigeria or in other Global South countries."

Who: The virtual event will feature distinguished panelists who will answer questions at the end of the session.

• Gael O'Sullivan, Business for Impact, McDonough School of Business, Georgetown University
• David Rogers, USAID (U.S. Agency for International Development)
• Mamadou Beye, Chevron
• Dara Akala, PIND (Foundation for Partnership Initiatives in the Niger Delta)
• Alexa Courtney, Frontier Design
• Scott Cameron, USAID (U.S. Agency for International Development)

About Business for Impact

Business for Impact at Georgetown University's McDonough School of Business unleashes the power of the private sector to help people and the planet thrive. Business for Impact strives to help solve today's pressing problems through delivering world-class education, impactful student experience, and direct action with corporations, nonprofits, and government. Our aspiration is that Georgetown-educated leaders will be renowned for managing the triple bottom line – people, planet, and profit. Learn more about Business for Impact.

About Frontier Design

Frontier Design is a strategy and design firm committed to helping organizations and communities think differently, adapt to change, and accelerate their impact in the world. Frontier approaches challenges with creativity, courage, and commitment to reveal the organizational and human dynamics that impact change in complex environments. Learn more about Frontier Design.

About Chevron

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. To advance a lower-carbon future, we are focused on cost-efficiently lowering our carbon intensity, increasing renewables and offsets in support of our business, and investing in low-carbon technologies that enable commercial solutions. Learn more about Chevron.

About USAID

On behalf of the American people, we promote and demonstrate democratic values abroad, and advance a free, peaceful, and prosperous world. In support of America's foreign policy, the U.S. Agency for International Development leads the U.S. Government's international development and disaster assistance through partnerships and investments that save lives, reduce poverty, strengthen democratic governance, and help people emerge from humanitarian crises and progress beyond assistance. Learn more about USAID.

About PIND

The Foundation for Partnerships Initiatives in the Niger Delta (PIND) is a Nigerian non-profit organization established in 2010 with initial funding from Chevron Corporation to promote peace and equitable economic growth in Nigeria's Niger Delta region by forging multi-sectoral and multi-stakeholder partnerships at the regional, national and international levels. PIND works closely with numerous partners to implement collaborative market-based, community-owned programs to mitigate conflicts and boost economic opportunities for local businesses, ensuring that economic progress occurs in a systemic, inclusive, and sustainable manner. Learn more about PINDfoundation.org.

Berry Brady Georgetown University, Business for Impact
703.609.6643 | This email address is being protected from spambots. You need JavaScript enabled to view it.

Abbie Elliott, PIND (Foundation for Partnership Initiatives in the Niger Delta)
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SAN JOSE, Calif.--(BUSINESS WIRE)--QuantumScape Corporation (NYSE: QS), a leader in the development of next-generation solid-state lithium-metal batteries for use in electric vehicles, today announced its financial results for the second quarter of 2021, which ended June 30, 2021.

The company posted a Shareholder Letter to its Investor Relations website, https://ir.quantumscape.com/, detailing its results and providing a business update, including that it is currently testing its first 10-layer cells, and is making progress on construction of the QS-0 pre-pilot manufacturing line, including ordering long-lead equipment.

QuantumScape will host a conference call at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) today, July 27, 2021. Participating on the call will be Jagdeep Singh, chief executive officer and co-founder, and Kevin Hettrich, chief financial officer, of QuantumScape.

The call can be accessed via a live webcast accessible on the Events Calendar section of the Investor Relations website. An archive of the webcast will be available shortly after the call for 12 months.

About QuantumScape Corporation

QuantumScape is a leader in developing next-generation solid-state lithium-metal batteries for electric vehicles. The company is on a mission to revolutionize energy storage to enable a sustainable future. For more information, please visit www.quantumscape.com.

For Investors
John Saager, CFA
Head of Investor Relations
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For Media
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Industry group develops preparedness program; details best practices to avoid CO, electrical, and fire hazards

CLEVELAND--(BUSINESS WIRE)--Forest fires are natural and having many in the mid- to late-summer is normal. Some conifers have even evolved to actually need fire to germinate. But there’s no doubt that big, intense burns are now more common. And this year’s fire season came about a month early and with terrifying ferocity.

Power outages are imminent.

Public safety personnel, government officials, and media are encouraged to use their platforms to prepare the public, not only for how to survive a fire, but also how to survive power outages.

Either because of Flex Alerts, Public Safety Power Shut-Offs, planned black outs, or, at worse, downed transmission lines, the demand for portable generators will peak. They can be lifesaving devices during perilous times, but they also come with their own dangers—virtually all of which are preventable.

Due to improper consumer use of portable generators, people suffer carbon monoxide poisoning. People can even start other fires as they’re trying to protect their homes from a looming wildfire. To help keep owners of portable generators and their families safe, the Portable Generator Manufacturers’ Association (PGMA) developed Take it Outside™, a program that encourages at-risk residents to start thinking about how and where generators can be safely used.

Much like preparing for any calamity, the time to plan is before a trouble strikes.

The Take it Outside program emphasizes that the only safe way to operate a portable generator is by taking it outside. This planning as to, one, where you will position your alternative energy source and, two, ensuring you have extension cord length to accommodate the safe distance, is mandatory to keep people safe from the colorless, odorless threat of carbon monoxide. The program also offers tips to avoid electrical and fire hazards.

Complete primer notes are available online and include a video and printable fact sheet.

Inevitably power outages will happen. What can and does help is preparedness. Please consider reviewing PGMA’s safety materials, make a plan, and practice the plan.

About PGMA

The Portable Generator Manufacturers’ Association (PGMA) is a trade association that seeks to develop and influence safety and performance standards for our industry’s products. PGMA members include major manufacturers of portable generators sold in North America. www.pgmaonline.com.

Pete Zeller
216.579.6100 ext. 2
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AKRON, Ohio--(BUSINESS WIRE)--$BW--Babcock & Wilcox Enterprises, Inc. ("B&W") (NYSE: BW) has been invited to present at Jefferies Industrials Conference, which is being held virtually on August 3-4, 2021.

Kenneth Young, B&W’s Chairman and Chief Executive Officer, and Louis Salamone, B&W’s Chief Financial Officer, are scheduled to present on August 3, 2021 at 3:30 p.m. Eastern time. To view the presentation which will be webcast live, please register here.

Management is scheduled to host one-on-one meetings throughout the conference. To receive additional information, request an invitation or to schedule a meeting with B&W’s management, please email This email address is being protected from spambots. You need JavaScript enabled to view it..

About the Jefferies Industrials Conference

Jefferies Industrials Conference is a virtual event that will feature presentations, fireside chats & 1x1 meetings with around 200 public and private industrial companies. This virtual gathering of over 1,000 leading executives, institutional investors, private equity investors & VCs will address near- and long-term investment opportunities and discuss the current trends driving industrial sectors in the U.S. and internationally.

About B&W Enterprises

Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises is a leader in energy and environmental products and services for power and industrial markets worldwide. Follow us on LinkedIn and learn more at www.babcock.com.

Investor Contact:
Megan Wilson
Vice President, Corporate Development & Investor Relations
Babcock & Wilcox
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Media Contact:
Ryan Cornell
Public Relations
Babcock & Wilcox
330.860.1345 | This email address is being protected from spambots. You need JavaScript enabled to view it.

ATLANTA--(BUSINESS WIRE)--Having operated and maintained assets, deployed and trained workforces in remote locations around the world, and building on years of experience in Nigeria, PIC Group has entered into a 5-year service agreement with Azikel Petroleum Ltd. for the new Azikel Refinery to be located in Yenagoa, Bayelsa State, Nigeria. Under the terms of the agreement, PIC Group will provide Operations and Maintenance (O&M) support services including site-specific integrated operation & maintenance procedures, a systematic approach to training as well as operational support in the form of oversight and mentoring of refinery personnel by PIC Group’s specialists. PIC Group’s thorough and sustainable qualification programs combined with a comprehensive approach to organizational development will enable the new Azikel Refinery to efficiently transition from commissioning and startup through to full operation as well as facilitate staff localization for the new 12,000 bpd hydroskimming refinery.

“PIC Group’s O&M experience, approach to site-specific qualification programs and precise site-specific procedural documentation, creates a consistent base of knowledge for the Azikel Refinery to improve efficiency, and ensure reliable, consistent, safe operation,” said Ian Anderson, Executive Director and VP Refinery at Azikel Petroleum.

“PIC Group’s systematic methodology for knowledge transfer embraces Azikel’s vision of self-performance and will empower the local community to lead the long-term operation of the facility while maintaining operational readiness and regulatory compliance across the lifecycle of the refinery,” said Frank Avery, President and CEO at PIC Group.

Dr. Eruani, Group President said, “Training of our staff was of paramount importance to Azikel in our selection of the O&M services contractor, and we are very pleased with the comprehensive program proposed by the PIC Group.”

About Azikel Petroleum Ltd.

Azikel Petroleum Ltd. is part of the Azikel Group, a privately owned company involved in dredging, aviation, power generation and petroleum businesses supporting the infrastructure development of Nigeria. Established in 2008, the company’s focus is in the industrialization, employment, and the development of human capital with a geographic focus in the Niger Delta region of the country.

About PIC Group

Founded in 1988, PIC Group, Inc. is dedicated to delivering value by providing global energy services to facilities across four continents – North America, South America, Asia and Africa. PIC Group provides O&M Services (Care, Custody and Control), Commissioning and Startup, Documentation & Training and Staffing services and serves the power generation, oil and gas, petrochemical, pulp and paper and manufacturing industries.

PIC Group, Inc. is a wholly owned subsidiary of Marubeni Corporation, a Fortune Global 500 Company. Marubeni is a major Japanese sogo shosha (international trading company) and the third largest global independent power producer (IPP).

(www.picgroupinc.com)

About Marubeni

Marubeni Corporation and its consolidated subsidiaries use their broad business networks, both within Japan and overseas, to conduct importing and exporting (including third country trading), as well as domestic business, encompassing a diverse range of business including consumer products, food, agriculture, chemicals, energy and metals and power business machinery and infrastructure.

Douglas Shuda, Marketing Director
678-627-4142
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8 New EVgo Fast Chargers Energized in Downtown Santa Monica

LOS ANGELES--(BUSINESS WIRE)--EVgo Inc. (NASDAQ: EVGO), the nation’s largest public fast charging network for electric vehicles (EVs) and first powered by 100% renewable electricity, announced today the recent installation of eight new EVgo public fast chargers for Lot 29, located at 1654 5th Street in Santa Monica, California.

The new EVgo chargers will provide zero-emission charging through EVgo’s network, supporting the City of Santa Monica’s Electric Vehicle Action Plan. Santa Monica first installed public EV chargers in the mid-1990s and purchased some of the original versions of electric vehicles for its own municipal fleet. Today, there are 150 City-owned public EV charge ports in Santa Monica, all of which are Level 2 chargers, with more planned throughout the City as part of the Santa Monica EV Action Plan. The new EVgo chargers are Level 3, or DC fast charging (DCFC), and can provide a full charge in 15-45 minutes. Charging speeds vary based on a vehicle’s charging capability and range, but six of the new EVgo fast chargers are high powered 350 kW chargers, capable of delivering 180 miles in 15 minutes and two of the new chargers are 100 kW, capable of delivering 90 miles in 15 minutes. EVgo has more than 140 fast charging locations in the greater Los Angeles area, more than any other network.

“Santa Monica residents have long been early adopters of electric vehicles and the City is in strong support of expanded EV charging infrastructure to support them and bring cleaner air benefits. EVgo’s new charging stations at Lot 29 are a good example of public-private partnership accelerating the adoption of EVs, and we are excited to partner with a local company to bring more charging infrastructure to our community,” said Sue Himmelrich, Mayor of the City of Santa Monica.

As the state’s growth curve of EV sales continues to climb, the expansion of EV chargers in Santa Monica and other dense, urban areas is crucial in addressing rising EV driver demand, increasing charging accessibility, and helping California meet its electrification goals.

“It takes an entire ecosystem of partners, including city officials and local Authorities Having Jurisdiction (AHJs) to support and accelerate the development of public fast charging,” said Cathy Zoi, CEO of EVgo. “EVgo is bringing new stations online every week with the help of partners, like GM and the Energy Commission for this station, and city officials and utilities around the country. We are especially proud of the Santa Monica Lot 29 site’s proximity to our headquarters in West Los Angeles and the EVgo Lab in El Segundo.”

“California proudly leads the country in EV adoption, and we’ll continue to drive policies and programs that help accelerate infrastructure development, create local jobs, improve public health, and support the transition to a zero-emission transportation future. This station is a great example of public and private collaboration that helps advance the state’s electrification goals - the expansion of fast charging options is crucial for the growing number of EV drivers that do not have access to charging at home and rely on public charging,” said Hannon Rasool, Deputy Director of California Energy Commission’s (CEC) Fuel & Transportation Division.

“The deployment of even more fast chargers in Santa Monica marks the latest milestone in GM and EVgo’s collaborative effort to add an additional 2,700 DC fast chargers through 2025,” said Aaron Wolff, Manager, EV Charging & Infrastructure for General Motors. “GM believes a holistic approach to charging is vital to helping accelerate the adoption of electric mobility. Ensuring that charging is available when drivers need it and in places where they need to go is a big part of that effort.”

The new EVgo chargers were unveiled on July 27, 2021 as part of a ribbon cutting ceremony at Lot 29, hosted by Sue Himmelrich, City of Santa Monica Mayor, alongside Cathy Zoi, CEO of EVgo, Aaron Wolff, Manager, EV Charging & Infrastructure for General Motors, and Hannon Rasool, Deputy Director of CEC Fuel & Transportation Division.

The new EVgo chargers were partially funded by The California Electric Vehicle Infrastructure Project (CALeVIP), which offers incentives for the purchase and installation of electric vehicle charging infrastructure at publicly accessible sites throughout California.

EV drivers can find a map of existing EV chargers in the City of Santa Monica here. To learn more about the City’s EV charging programs and policies visit smgov.net/electricvehicles.

About EVgo:

EVgo (NASDAQ: EVGO) is the nation’s largest public fast charging network for electric vehicles, and the first to be powered by 100% renewable energy. With more than 800 fast charging locations, EVgo’s owned and operated charging network serves over 65 metropolitan areas across 34 states and more than 250,000 customers. Founded in 2010, EVgo leads the way on transportation electrification, partnering with automakers; fleet and rideshare operators; retail hosts such as hotels, shopping centers, gas stations and parking lot operators; and other stakeholders to deploy advanced charging technology to expand network availability and make it easier for drivers across the U.S. to enjoy the benefits of driving an EV. As a charging technology first mover, EVgo works closely with business and government leaders to accelerate the ubiquitous adoption of EVs by providing a reliable and convenient charging experience close to where drivers live, work and play, whether for a daily commute or a commercial fleet.

EVgo

For Investors:
Ted Brooks, VP of Investor Relations
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310-954-2943

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RICHMOND, Va.--(BUSINESS WIRE)--Harris Williams, a global investment bank specializing in M&A advisory services, announces it advised Worldwide Express, LLC (Worldwide Express), a portfolio company of Ridgemont Equity Partners (Ridgemont), on its sale to CVC Capital Partners (CVC). Worldwide Express is a leading provider of third-party logistics (3PL) services. CVC will merge Worldwide Express with GlobalTranz Enterprises, LLC (GlobalTranz), another leading non-asset based provider of 3PL solutions. The combination is sponsored by a consortium led by CVC and GlobalTranz’s current lead investors, Providence Equity Partners (Providence) and PSG. Ridgemont, Worldwide Express management and GlobalTranz management will also retain significant stakes in the combined entity. The transaction was led by Jason Bass, Frank Mountcastle, Jeff Burkett, Jeff Kidd, Nick Petrick and Justin Icardo of the Harris Williams Transportation & Logistics (T&L) Group.

“With a compelling suite of 3PL solutions, from parcel to less-than-truckload, as well as managed transportation, the combined Worldwide Express and GlobalTranz platform will serve a wide range of customers, from small- to medium-sized businesses to global enterprises,” said Jason Bass, a managing director at Harris Williams. “We look forward to supporting the combined company in the years to come.”

“We are very proud to have worked with both of these great companies multiple times. This transaction is yet another example of the strong interest that our sector continues to generate from the investment community,” added Frank Mountcastle, a managing director at Harris Williams.

“We have a longstanding, trusted relationship with Harris Williams. Their team’s familiarity with our business model and culture, along with their unmatched 3PL sector transaction experience, made them uniquely qualified to once again serve as our lead advisor. Their guidance through the major milestones in our company’s history has been invaluable,” added Tom Madine, chief executive officer of Worldwide Express.

Worldwide Express is a full-service, non-asset-based logistics provider offering more than 92,000 customers access to industry-leading small package, truckload and less-than-truckload (LTL) shipping solutions around the world. With an annual systemwide revenue approaching $2 billion through a network of company-owned and franchise locations, Worldwide Express, combined with Unishippers Global Logistics, LLC, is the second largest privately held freight brokerage company in the country. As the largest authorized UPS non-retail reseller in the U.S., the company is a local partner for the global supply chains of small- to medium-sized businesses nationwide. This, coupled with a selective portfolio of over 65 LTL and tens of thousands of truckload carriers, provides clients with an unmatched range of options and flexibility to meet their shipping needs.

Ridgemont is a Charlotte, North Carolina-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. Ridgemont’s most recent flagship fund, REP III, was formed in 2018 and has $1.65 billion of committed capital.

CVC is a leading private equity and investment advisory firm with a network of 23 offices throughout Europe, Asia and the U.S., with approximately $118 billion of assets under management. Since its founding in 1981, CVC has secured commitments in excess of $160 billion from some of the world's leading institutional investors across its private equity and credit strategies. Funds managed or advised by CVC are invested in over 90 companies worldwide, which have combined annual sales of approximately $100 billion and employ more than 450,000 people.

GlobalTranz is a full-service 3PL provider, bringing award-winning customer service, exceptional industry expertise and market-leading technology to shippers, carriers and logistics service providers. GlobalTranz’s people-powered approach, combined with comprehensive, relationship-driven support, provides shippers of all sizes with fast and reliable, multi-modal transportation services as well as strategic supply chain solutions – enabling them to optimize efficiency and deliver on business goals. Leveraging its extensive independent agent network, GlobalTranz has emerged as a fast-growing market leader with a customer base of over 1 million product users and 25,000 shippers.

Providence is a premier global private equity firm with approximately $45 billion in aggregate capital commitments. Providence pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm's inception in 1989, Providence has invested in over 170 companies and is a leading equity investment firm focused on the media, communications, education, software and services industries. Providence is headquartered in Providence, Rhode Island and also has offices in New York and London.

PSG is a growth equity firm that partners with middle market software and technology enabled services companies to help them navigate transformational growth, capitalize on strategic opportunities and build strong teams. Having backed more than 65 companies and facilitated over 300 add-on acquisitions, PSG brings extensive investment experience, deep expertise in software and technology, and a firm commitment to collaborating with management teams. Founded in 2014, PSG operates out of offices in Boston; Kansas City, Missouri; and London.

Harris Williams, an investment bank specializing in M&A advisory services, advocates for sellers and buyers of companies worldwide through critical milestones and provides thoughtful advice during the lives of their businesses. By collaborating as one firm across Industry Groups and geographies, the firm helps its clients achieve outcomes that support their objectives and strategically create value. Harris Williams is committed to execution excellence and to building enduring, valued relationships that are based on mutual trust. Harris Williams is a subsidiary of the PNC Financial Services Group, Inc. (NYSE: PNC).

The Harris Williams Transportation & Logistics Group serves companies in a broad range of attractive niches, including third-party logistics (3PL), automotive and heavy-duty vehicle, transportation equipment, and truck, rail, marine and air transportation. For more information on the firm’s T&L Group and other recent transactions, visit the T&L Group’s section of the Harris Williams website.

Harris Williams LLC is a registered broker-dealer and member of FINRA and SIPC. Harris Williams & Co. Ltd is a private limited company incorporated under English law with its registered office at 8th Floor, 20 Farringdon Street, London EC4A 4AB, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. Corporate Finance Advisors GmbH is registered in the commercial register of the local court of Frankfurt am Main, Germany, under HRB 107540. The registered address is Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany (email address: This email address is being protected from spambots. You need JavaScript enabled to view it.). Geschäftsführer/Directors: Jeffery H. Perkins, Paul Poggi. (VAT No. DE321666994). Harris Williams is a trade name under which Harris Williams LLC, Harris Williams & Co. Ltd and Harris Williams & Co. Corporate Finance Advisors GmbH conduct business.

For media inquiries, please contact Julia Moore at This email address is being protected from spambots. You need JavaScript enabled to view it.

Julia Moore
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MIDLAND, Texas--(BUSINESS WIRE)--ProPetro Holding Corp. (“ProPetro” or “the Company”) (NYSE: PUMP) today announced the further transition for certain key roles within its executive leadership team that will be effective August 31,2021. This includes:

• The transition of Phillip Gobe, the Company’s Chairman and Chief Executive Officer, to Executive Chairman;
• The promotion of Sam Sledge, the Company’s President, to Chief Executive Officer and his appointment to ProPetro’s Board of Directors.; and
• The expansion of Adam Muñoz’s leadership position from Chief Operating Officer to President and Chief Operating Officer.

“Today’s announcement marks the culmination of our Board of Directors’ comprehensive succession planning process for the orderly transition of ProPetro’s executive leadership team,” said Phillip Gobe. “Both Sam and Adam are well-deserving of their expanded leadership roles, with each spending the last ten or more years at the Company during which time they have developed a deep knowledge of the business and our unique culture of teamwork. I, along with the full Board, look forward to supporting them and the rest of our talented leadership team and organization as they focus on the stewardship of the business, while remaining squarely focused on the needs of our customers and shareholders.”

Sam Sledge commented, “I appreciate the continued confidence of the Board and want to thank Phillip for his strategic leadership over the past two years. His steady guidance was crucial during our leadership transition and one of the most difficult periods in the history of the oil and gas industry due to impacts associated with the global COVID-19 pandemic. Our full leadership team will continue to work closely with Phillip and the Board to identify opportunities that promote the long-term success of our Company. As in the past, our future focus will remain on providing our customers with excellent service quality that is backed by a differentiated team and culture. We will continue to prioritize capital discipline as we target investments in new equipment with better technology that we believe will drive incremental and more consistent free cash flow generation and reduce the impact of our operations on the environment.”

Adam Muñoz stated, “I look forward to continuing to work with Sam, the rest of the leadership team, and the Board in my expanded role as we position ProPetro as the premier services provider for E&Ps with operations based in the Permian Basin. Our laser-focus on providing our customers with high-quality, efficient and safe execution at the wellsite has allowed us to succeed through many industry cycles. As in the past, we will continue to provide our customers with a service proposition that closely aligns with their needs and grows long-term value for our shareholders.”

About Sam Sledge

Sam Sledge joined ProPetro in 2011 and has served in various capacities throughout his tenure, including Frac Technical Specialist and Technical Operations Manager where his duties included quality control, planning and logistics, and the development of the engineering program. He also served as Vice President of Finance, Corporate Development and Investor Relations before being named Chief Strategy and Administrative Officer and most recently President. Sam earned a Bachelor of Business Administration and a Master of Business Administration from Baylor University.

About Adam Muñoz

Adam Muñoz joined the Company in 2010 to initiate ProPetro’s Permian pressure pumping operation. Prior to joining ProPetro, he held sales and operations roles at Frac Tech Services and Weatherford International. At ProPetro, Adam has served as the Director of Business Development and Technical Services where he was responsible for overseeing the growth of the hydraulic fracturing operations as well as managing the department’s day-to-day technical services. Prior to his current role of Chief Operating Officer, Adam most recently served as Senior Vice President of Operations. Previous to that role he served as Vice President of Frac Services where his duties included leading the hydraulic fracturing division through specific efforts to increase operational efficiencies and maximize financial productivity. Adam received a Bachelor of Business Marketing from the University of Texas at the Permian Basin.

About ProPetro

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

Forward-Looking Statements

Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding growing the business and performance at the wellsite. Forward-looking statements are subject to a number of risks and uncertainties that may cause actual events and results to differ materially from the forward-looking statements. Such risks and uncertainties include the operational disruption and market volatility resulting from the COVID-19 pandemic and other factors are described in ProPetro’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, particularly the “Risk Factors” sections of such filings, and other filings with the Securities and Exchange Commission. In addition, ProPetro may be subject to currently unforeseen risks that may have a materially adverse impact on it. Accordingly, no assurances can be given that the actual events and results will not be materially different than the anticipated results described in the forward-looking statements. The forward-looking statements in this news release are made as of the date of this news release. ProPetro does not undertake, and expressly disclaims, any duty to publicly update these statements, whether as a result of new information, new developments or otherwise, except to the extent that disclosure is required by law.

ProPetro Holding Corp
David Schorlemer
Chief Financial Officer
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432-688-0012

Josh Jones
Director of Finance
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432-688-0012

Washington Governor Jay Inslee and Everett Mayor Cassie Franklin attend in support of the company’s expansion of operations and creation of new clean energy jobs

EVERETT, Wash.--(BUSINESS WIRE)--Helion Energy (Helion), a clean energy company committed to creating a new era of zero-carbon electricity through fusion, today broke ground on the next iteration of its fusion facility in Everett, Washington. The new facility will accelerate Helion’s efforts to build the world’s first commercially-viable fusion power plant.

“Washington is proud to be the home of world-leading pioneers developing affordable, clean energy solutions,” said Governor Jay Inslee. “It’s a great milestone that Helion is now ready to commercialize their innovative technology. With this new facility, Helion and Washington are taking game-changing action to address the climate crisis.”

Helion is developing a cost-effective, zero-carbon electrical power plant using its patented pulsed, non-ignition fusion technology. Helion’s fusion power plant will provide flexible, scalable, baseload power that is affordable, providing the world a new path to full decarbonization of electricity generation.

Helion’s new facility will bring over 150 high-quality and long-term jobs to Everett and the surrounding communities, positioning Washington and Snohomish County at the forefront of the world’s efforts to transition to a clean energy future. The new jobs created by Helion’s fusion facility also align with Everett’s efforts to create more opportunities in science, technology, engineering and mathematics (STEM) and draw from the extensive STEM talent pool already in the community.

“Helion is going to change the world! I’m so grateful this amazing, innovative company has chosen Everett for this new fusion facility,” said Everett Mayor, Cassie Franklin. “Clean energy is the future – and that future starts here.”

“At this facility, Helion will close in on its goal of breaking the fusion barrier and pushing the world towards the end of the fossil fuel era,” said Dr. David Kirtley, Founder and CEO of Helion Energy. “Helion has deep roots in Washington, having spent the last eight-plus years here researching and developing a technology with unparalleled implications for reshaping how the world obtains its energy. We are enormously proud to have Governor Inslee and Mayor Franklin, leaders and advocates of climate action and STEM innovation in attendance today, at the groundbreaking of our facility’s construction.”

About Helion

By applying proven and patented technologies, Helion is working towards building the world’s first commercially-viable fusion power plant which runs on a fuel that can be derived from water. Their zero-carbon solution is capable of low-cost 24/7 power generation that replaces the energy sources the world currently relies on, enabling a future with limitless, reliable and affordable clean electricity.

Scott Krisiloff
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HOUSTON--(BUSINESS WIRE)--NOV Inc. (NYSE: NOV) today reported second quarter 2021 revenues of $1.42 billion, an increase of 13 percent compared to the first quarter of 2021 and a decrease of five percent compared to the second quarter of 2020. Net loss for the second quarter of 2021 was $26 million, or 1.8 percent of sales, which included pre-tax net charges (“Other Items”, see Other Corporate Items for additional detail) of $15 million. Adjusted EBITDA (operating profit excluding depreciation, amortization, and Other Items) increased sequentially to $104 million, or 7.3 percent of sales.

“Rising demand in oilfield and offshore wind markets led to stronger orders for NOV during the second quarter,” stated Clay Williams, Chairman, President and CEO. “Both Rig Technologies and Completion & Production Solutions segments posted book-to-bill ratios north of 100%. Wellbore Technologies continued to execute well on modestly higher oilfield activity, generating its second quarter in a row of double-digit revenue growth with leverage greater than 50 percent.”

“While our second quarter financial results continued to reflect 2020’s historic decline in oilfield activity and orders, we are encouraged by rising inquiries and activity, and we believe post-pandemic global economic recovery will spur further top-line growth. In the meantime, government-mandated shutdowns continue to disrupt global supply chains, limit raw material availability, and pose challenges for our workforce. NOV did a better job navigating these headwinds in the second quarter, while continuing to advance the Company’s leading-edge technology offerings for the oilfield and renewables markets. NOV’s portfolio of newly-developed technologies positions the Company well to take advantage of what we believe is the beginning of a multi-year growth market for both conventional and clean energy technologies.”

Wellbore Technologies

Wellbore Technologies generated revenues of $463 million in the second quarter of 2021, an increase of 12 percent from the first quarter of 2021 and an increase of five percent from the second quarter of 2020. The increase in revenues was driven by continued growth in North American activity levels and a slight improvement in international markets. Operating profit was $6 million, or 1.3 percent of sales, and included $18 million of Other Items. Adjusted EBITDA increased $29 million sequentially to $63 million, or 13.6 percent of sales.

Completion & Production Solutions

Completion & Production Solutions generated revenues of $497 million in the second quarter of 2021, an increase of 13 percent from the first quarter of 2021 and a decrease of 19 percent from the second quarter of 2020. Improved sales volume in six of the segment’s eight business units drove the improvement in revenue despite continued COVID operational disruptions. Operating loss was $6 million, or 1.2 percent of sales, and included -$6 million in Other Items. Adjusted EBITDA increased $8 million sequentially to $4 million, or 0.8 percent of sales.

New orders booked during the quarter totaled $462 million, representing a book-to-bill of 167 percent when compared to the $276 million of orders shipped from backlog. At June 30, 2021, backlog for capital equipment orders for Completion & Production Solutions was $1.0 billion.

Rig Technologies

Rig Technologies generated revenues of $487 million in the second quarter of 2021, an increase of 13 percent from the first quarter of 2021 and an increase of two percent from the second quarter of 2020. Second quarter revenues included $74 million related to the final settlement from the cancellation of offshore rig projects. Operating profit was $49 million, or 10.1 percent of sales, and included $8 million of Other Items. Adjusted EBITDA, which includes $57 million from the settlement, increased $62 million sequentially to $75 million, or 15.4 percent of sales.

New orders booked during the quarter totaled $232 million, representing a book-to-bill of 138 percent when compared to the $168 million of orders shipped from backlog. At June 30, 2021, backlog for capital equipment orders for Rig Technologies was $2.66 billion.

Other Corporate Items

During the second quarter, the Company recognized $15 million of Other Items, primarily due to severance, facility closures and inventory write downs, net of related credits. See reconciliation of Adjusted EBITDA to Net Income.

Cash flow provided by operations for the second quarter was $177 million and capital expenditures totaled $49 million. During the second quarter, the Company repaid the $183 million (face value) of its 2.60% unsecured Senior Notes due December 2022 using available cash balances. Following the repayment, the Company’s earliest bond maturity is in 2029. As of June 30, 2021, the Company had total debt of $1.69 billion, with $2.00 billion available on its revolving credit facility, and $1.57 billion in cash and cash equivalents.

Significant Achievements

NOV continued its expansion into the offshore wind energy market, utilizing the Company’s expertise in heavy lift and marine design to accelerate the evolution of the next generation of offshore wind equipment. During the quarter, NOV signed a contract for the design and jacking systems for a European client’s new wind installation vessel in addition to a contract for a heavy lift crane upgrade to an existing wind installation vessel that will give it the capability to install next-generation wind turbines. NOV also successfully tested its new in-line chain tensioner that facilitates the offloading of floating wind turbines as well as the mooring operations of FPSO systems, which led to a subsequent project award.

NOV continues to drive innovation in the managed pressure drilling (MPD) market and delivered its first project that integrates the NOVOS™ drilling system and the MPowerD™ MPD system, which enables the automation of multiple drilling sequences with precise pressure control, creating significant drilling time efficiencies while also fostering a safer drilling process. The success of this initial project, which utilized our single-choke 1500SE system, led to an award of three additional packages, for which NOV will provide field operations support, MPD planning advisory, and its 1500SE system.

NOV continued to expand its market with the Company’s growing portfolio of products that enable customers to reduce their carbon footprint while improving economics. NOV worked with a customer to design and deliver a proprietary system that automatically tilts and orients a sailing mast, improving the efficiencies of sails on large vessels. The initial application of this system is for a large cruise ship but can also be used on large cargo vessels. The wind propulsion technology will supplement conventional propulsion systems and is expected to reduce the ship’s carbon footprint by 40 to 50%.

NOV received a contract award to supply a large submerged turret production (STP) system for a floating production storage and offloading (FPSO) vessel in the Barossa gas field offshore of Australia. NOV’s STP system with swivel is designed for high pressures, temperatures, and volumes to transfer all fluids, data, and power between the subsea system and the FPSO, which is designed for a 25-year life of uninterrupted operation without drydocking.

NOV secured a repeat order for our PowerBlade™ hybrid energy storage and regeneration system, which provides up to a 70% reduction in power consumption of the draw-works and significantly reduces drilling rig emissions. NOV also collaborated with a customer to design an interface for unique energy and carbon optimization solutions, enabling the customer to deliver a rig that utilizes smart controls to optimize power deployment and battery storage.

NOV delivered the industry’s first 3 million-pound, 20,000 psi-rated landing string. NOV worked closely with its customers for more than six years to develop a product that meets the offshore market’s most challenging needs. Designed to provide higher tensile capacity, increased elevator capacity, and greater slip-crushing resistance, Grant Prideco™ landing strings are optimized to provide the highest-possible tensile strength to enable running and landing casing and other heavy equipment on offshore wells, particularly in deep water.

NOV technology continued to enable geothermal operators to overcome some of the most challenging drilling conditions. An initial run using ReedHycalog’s™ PDC ION+™ 3D shaped cutters significantly exceeded a key customer’s expectations in an ultrahard rock formation, resulting in the customer’s decision to utilize NOV’s bits on all wells in their critical geothermal research project that will be drilled in the second half of 2021.

NOV won a large contract to supply 59,875 ft of TK-Liner for geothermal wells in the Netherlands. In the past three years, Tuboscope has provided more than 70,000 ft of large-diameter TK-Liner products for the Netherlands’ geothermal market. Available in a variety of connection options, this engineered system is proven to prevent corrosion, reduce heat loss, and minimize friction.

NOV has secured orders for seawater treatment, gas dehydration, and produced water treatment modules for two separate FPSOs to be operated offshore Brazil. The orders demonstrate NOV’s ability to combine global process systems execution capabilities with local content, placing NOV in a strong position for a growing FPSO market in Brazil.

NOV offered the most efficient bit selection for an important drilling campaign in Oman. Our 17½-in. Falcon™ bit, featuring ION™-Alpha cutters, successfully drilled the entire 3,202-m section from shoe to total depth at a ROP of 104 ft/hr, beating the field’s previous best ROP performance by more than 18%. The 12¼-in. Falcon bit, including ION and ION-3D cone and DiamondBacks™ cutters, was used to successfully drill an entire planned interval of 4,019 ft in one run, achieving a 118-ft/hr ROP, outclassing the best competitor field run by 46%.

NOV’s Subsea Production Systems business unit was awarded two large contracts in Brazil. The first contract includes 212 miles of flexible pipe for oil production, gas injection, water injection, and gas export. The pipe will be utilized in the Post-Salt Campos Basin as well as the Pre-Salt Santos Basin, where water depths range from 4,900 to 8,200 ft. The order, which also includes loading, storage, installation, and technical services, is the second largest contract in the history of the Subsea Production Systems business unit. Additionally, the second contract awarded in Brazil was for 57 miles of flexible gas lift risers.

Second Quarter Earnings Conference Call

NOV will hold a conference call to discuss its second quarter 2021 results on July 28, 2021 at 10:00 AM Central Time (11:00 AM Eastern Time). The call will be broadcast simultaneously at www.nov.com/investors. A replay will be available on the website for 30 days.

About NOV

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

Visit www.nov.com for more information.

Cautionary Statement for the Purpose of the “Safe Harbor” Provisions of the Private Securities Litigation Reform Act of 1995

Statements made in this press release that are forward-looking in nature are intended to be “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934 and may involve risks and uncertainties. These statements may differ materially from the actual future events or results. Readers are referred to documents filed by NOV with the Securities and Exchange Commission, including the Annual Report on Form 10-K, which identify significant risk factors which could cause actual results to differ from those contained in the forward-looking statements.

Certain prior period amounts have been reclassified in this press release to be consistent with current period presentation.

Blake McCarthy
Vice President, Corporate Development and Investor Relations
(713) 815-3535
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Rajan will further drive company’s market leadership as most connected logistics platform, building on experience as CTO of Whole Foods and COO of Zappos

MINNEAPOLIS--(BUSINESS WIRE)--#CHRobinson--C.H. Robinson (Nasdaq: CHRW) announced today that Arun Rajan will be joining the company as Chief Product Officer, effective September 1, 2021. Rajan will report to Chief Executive Officer Bob Biesterfeld and will lead all global product development and innovation across C.H. Robinson’s platforms.

“Arun is a seasoned leader, with a long history of developing and deploying products that enrich the customer experience and create value at industry leading companies. I am incredibly excited to have him join the Robinson leadership team. As we continue to focus on creating differentiated value for the nearly 200,000 carriers and customers of Robinson, Arun’s deep experience and his strong leadership capabilities will be invaluable as we drive the next generation of innovation for our industry while creating sustainable long-term value for our shareholders.”

Rajan brings nearly three decades of product and technology experience to the role, and he most recently served as Chief Technology Officer of Whole Foods Market, a subsidiary of Amazon. Prior to joining Whole Foods, Rajan was the Chief Operating Officer and Chief Technology Officer for the pioneering online retailer Zappos during a period when they redefined the customer experience in ecommerce. He was also Co-Founder and CTO at Intent Media, a data science company for the world’s preeminent online travel and commerce brands. Rajan earlier served as CTO of One Kings Lane and Travelocity Europe.

“I am thrilled to join C.H. Robinson at this time of significant opportunity,” Rajan said. “Robinson is an industry leader with a great culture and a powerful platform for growth. I look forward to working with Bob and the team to lead the company’s product innovation and to further develop the product strategy and technology roadmap to deliver industry leading outcomes for our customers and partners and to help lead the company into its next phase of growth.”

Rajan earned a BS degree in Computer Science and an MS degree in Information Systems Management.

About C.H. Robinson

C.H. Robinson solves logistics problems for companies across the globe and across industries, from the simple to the most complex. With $21 billion in freight under management and 19 million shipments annually, we are one of the world’s largest logistics platforms. Our global suite of services accelerates trade to seamlessly deliver the products and goods that drive the world’s economy. With the combination of our multi-modal transportation management system and expertise, we use our information advantage to deliver smarter solutions for our more than 105,000 customers and 73,000 contract carriers. Our technology is built by and for supply chain experts to bring faster, more meaningful improvements to our customers’ businesses. As a responsible global citizen, we are also proud to contribute millions of dollars to support causes that matter to our company, our Foundation and our employees. For more information, visit us at www.chrobinson.com (Nasdaq: CHRW).

Source: C.H. Robinson
CHRW-IR

FOR INVESTOR INQUIRIES, CONTACT:
Chuck Ives, Director of Investor Relations
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FOR MEDIA INQUIRIES, CONTACT:
Kelsey Soby, Director of Public Relations
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DENVER--(BUSINESS WIRE)--Liberty Oilfield Services Inc. (NYSE: LBRT; “Liberty” or the “Company”) announced today second quarter 2021 financial and operational results.

Summary Results and Highlights

• Revenue of $581 million, representing a 5% sequential increase, and net loss¹ of $52 million, or $0.29 fully diluted loss per share for the quarter ended June 30, 2021
• Adjusted EBITDA² of $37 million, representing a 15% sequential increase
• Results included the restoration of field personnel variable compensation one quarter ahead of plan, resulting in an $8 million increase to personnel costs. Excluding this cost, Adjusted EBITDA² would have been $45 million, representing a 41% sequential increase
• Completed successful field test of Liberty’s digiFrac™ pump, the industry’s first purpose-built fully integrated electric frac pump
• Released inaugural ESG report Bettering Human Lives highlighting energy and its place in modern society and Liberty’s ongoing industry leadership in developing technology solutions for producing cleaner energy
• Held Liberty’s first investor day highlighting our culture, technology, financial performance and strategic outlook
• Transitioned OneStim® acquisition from initial integration focus to the next phase of raising operational and capital efficiency through technology, integration and automation

“Liberty delivered another solid quarter of progress as we start to exit the COVID downturn. We achieved a 5% sequential increase in revenue, or a 9% increase when excluding the seasonal impact of the Canadian spring breakup. We reported $37 million in adjusted EBITDA², representing a 15% sequential increase, despite our decision to restore variable compensation plans for field personnel one quarter ahead of schedule that accounted for an $8 million increase to personnel costs. We are pleased with our initial progress integrating the sizable legacy OneStim business, which we expect to continue through the end of the year. Liberty continues to maintain a disciplined approach toward the growing industry activity levels,” commented Chris Wright, Chief Executive Officer.

Mr. Wright continued, “The second quarter marks the anniversary of the extraordinary events of a year ago where the collapse in oil demand drove a near halt in frac activity. We are now seeing the strength of our business one year out from the depths of the cycle with the transformative actions we’ve taken over the past year, including the OneStim acquisition. More broadly, we are also navigating the macroeconomic supply and demand shocks triggered by the pandemic and related re-openings that are creating supply chain constraints and labor shortages. Effective completion scheduling was challenging with producers and service companies dealing with supply chain interruptions, staffing and transportation shortages. Liberty was not immune from staffing issues and the industry’s supply chain challenges. However, we believe these pandemic-driven effects are transitory in nature, and our team is working diligently with our customers and suppliers to streamline service delivery in support of our increased activity levels. We believe the third quarter will benefit from these actions with improved effective utilization.”

Outlook

Global economic growth outlook continues to improve, albeit at a moderating pace. Sentiment is based upon improving positive economic data as countries reopen, partially offset by the impact of global supply chain constraints and virus variant concerns. Commodity markets remain constructive as sustained economic expansion continues to drive rising energy demand while underinvestment in the energy sector constrains supply. This is evidenced by global oil inventory draws, that demonstrate the growth in oil demand is higher than the increase in the oil supply. Looking forward, the recent announcement by OPEC+ for a gradual reinstatement of prior oil supply cuts through 2021 is expected to be more than offset by projected increases in global oil demand. This should support a continued increase in demand for North American completion services.

Exploration and production (“E&P”) capital spending likely increases in 2022 as operators work towards attaining modest oil production growth. They will need to address both a decline in the inventory of drilled but uncompleted wells and the impact of decline curves on their production base. As a result, we anticipate a modest increase in frac activity to support production growth in 2022.

The combined impact of improved E&P economics with greater potential for free cash flow generation, increased completion service activity demand and tightness in next generation frac equipment is expected to underpin a more disciplined frac market and an increase in service prices. The economic rebound across North America has also led to a rise in inflation and wage growth. It is important that service prices continue to rebound from extreme pandemic lows, and the basis for discussions on service pricing with E&P operators have strengthened throughout the year. It is noteworthy that service prices tend to lag broader inflationary increases across the value chain, but these increases are necessary to facilitate the next phase of growth and investment, especially as the service industry contends with inflationary increases.

“As we look ahead, the opportunity excites us. As activity has improved meaningfully over the last year, we are working diligently to provide superior services to our customers, while balancing the management of temporary pandemic-related challenges and the recovery of returns to an acceptable level. We believe we are significantly advantaged with our deep customer relationships, comprehensive best-in-class service offering and a strong balance sheet to navigate the near-term market into the mid-cycle,” commented Mr. Wright.

Second Quarter Results

For the second quarter of 2021, revenue increased 5% to $581 million from $552 million in the first quarter of 2021.

Net loss before income taxes totaled $36 million for the second quarter of 2021 compared to net loss before income taxes of $46 million for the first quarter of 2021.

Net loss¹ (after taxes) totaled $52 million for the second quarter of 2021 compared to net loss¹ of $39 million in the first quarter of 2021. Net loss¹ (after tax) included the impacts of a valuation allowance recorded against a portion of the Company’s deferred tax assets and related remeasurement of the Company’s liability under the tax receivable agreement.

Adjusted EBITDA², increased 15% to $37 million from $32 million in the first quarter. Adjusted EBITDA² includes $8 million of additional personnel costs related to the restoration of variable compensation plans for field personnel that were temporarily halted during the pandemic. Please refer to the reconciliation of Adjusted EBITDA (a non-GAAP measure) to net loss (a GAAP measure) in this earnings release.

Fully diluted loss per share was $0.29 for the second quarter of 2021 compared to $0.21 for the first quarter of 2021.

Balance Sheet and Liquidity

As of June 30, 2021, Liberty had cash on hand of $31 million, a decrease from first quarter levels as working capital increased, and total debt of $106 million, net of deferred financing costs and original issue discount. The term loan requires only a 1% annual amortization of principal, paid quarterly, with no substantial payment due until maturity in September 2022, subject to mandatory prepayments from excess cash flow. There were no borrowings drawn on the ABL credit facility, and total liquidity, including availability under the credit facility, was $277 million.

Conference Call

Liberty will host a conference call to discuss the results at 8:00 a.m. Mountain Time (10:00 a.m. Eastern Time) on Wednesday, July 28, 2021. Presenting Liberty’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 10148929. The replay will be available until August 4, 2021.

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..

Non-GAAP Financial Measures

This earnings release includes unaudited non-GAAP financial and operational measures, including EBITDA, Adjusted EBITDA and Pre-Tax Return on Capital Employed. We believe that the presentation of these non-GAAP financial and operational measures provides useful information about our financial performance and results of operations. Non-GAAP financial and operational measures do not have any standardized meaning and are therefore unlikely to be comparable to similar measures presented by other companies. The presentation of non-GAAP financial and operational measures is not intended to be a substitute for, and should not be considered in isolation from, the financial measures reported in accordance with U.S. GAAP. See the tables entitled Reconciliation and Calculation of Non-GAAP Financial and Operational Measures for a reconciliation or calculation of the non-GAAP financial or operational measures to the most directly comparable GAAP measure.

Forward-Looking and Cautionary Statements

The information above includes “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. All statements, other than statements of historical facts, included herein concerning, among other things, the deployment of fleets in the future, planned capital expenditures, future cash flows and borrowings, pursuit of potential acquisition opportunities, our financial position, return of capital to stockholders, business strategy and objectives for future operations, are forward-looking statements. These forward-looking statements are identified by their use of terms and phrases such as “may,” “expect,” “estimate,” “outlook,” “project,” “plan,” “believe,” “intend,” “achievable,” “anticipate,” “will,” “continue,” “potential,” “likely,” “should,” “could,” and similar terms and phrases. Although we believe that the expectations reflected in these forward-looking statements are reasonable, they do involve certain assumptions, risks and uncertainties. These forward-looking statements represent our expectations or beliefs concerning future events, and it is possible that the results described in this earnings release will not be achieved. These forward-looking statements are subject to certain risks, uncertainties and assumptions identified above or as disclosed from time to time in Liberty's filings with the Securities and Exchange Commission. As a result of these factors, actual results may differ materially from those indicated or implied by such forward-looking statements.

Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, we do not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for us to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in “Item 1A. Risk Factors” included in our Annual Report on Form 10-K for the year ended December 31, 2020 as filed with the SEC on February 24, 2021 and in our other public filings with the SEC. These and other factors could cause our actual results to differ materially from those contained in any forward-looking statements.

Michael Stock
Chief Financial Officer
303-515-2851
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MINNEAPOLIS--(BUSINESS WIRE)--#CHRobinson--C.H. Robinson Worldwide, Inc. (“C.H. Robinson”) (Nasdaq: CHRW) today reported financial results for the quarter ended June 30, 2021.

Second Quarter Key Metrics:

• Total revenues increased 52.5% to $5.5 billion
• Gross profits increased 21.9% to $744.4 million
• Adjusted gross profits⁽¹⁾ increased 21.9% to $749.2 million
• Income from operations increased 38.0% to $260.6 million
• Adjusted operating margin⁽¹⁾ increased 410 basis points to 34.8%
• Diluted earnings per share (EPS) increased 35.8% to $1.44
• Cash flow from operations decreased $297.8 million to $149.3 million

⁽¹⁾ Adjusted gross profits and adjusted operating margin are Non-GAAP financial measures. The same factors described in this release that impacted these Non-GAAP measures also impacted the comparable GAAP measures. Refer to page 10 for further discussion and a GAAP to Non-GAAP reconciliation.

"During the second quarter, we delivered record financial results by staying focused on serving the needs of our customers and keeping their global supply chains moving in a capacity-constrained environment," said Bob Biesterfeld, Chief Executive Officer of C.H. Robinson. "Our largest services delivered both year-over-year and sequential growth in total volumes, revenues and adjusted gross profit, which resulted in quarterly highs for Robinson in total volumes, revenues, adjusted gross profit and operating income. I believe the team at Robinson is the most capable team of supply chain experts in the world, and I’m incredibly proud of how our team has helped thousands of customers navigate globally disrupted supply chains and delivered strong results for our shareholders."

Second Quarter Results Summary

• Total revenues increased 52.5% to $5.5 billion, driven primarily by higher pricing and higher volume across most of our services.
• Gross profits increased 21.9% to $744.4 million. Adjusted gross profits increased 21.9% to $749.2 million, primarily driven by higher volume in our ocean, truckload, less than truckload ("LTL") and air services and higher adjusted gross profit per shipment in our ocean and truckload services.
• Operating expenses increased 14.8% to $488.6 million, due to higher personnel expenses. Personnel expenses increased 20.8% to $362.9 million, primarily due to higher incentive compensation costs and also due to the benefit realized in the second quarter of 2020 from our short-term cost reduction initiatives. Average headcount increased 0.7%. Selling, general and administrative ("SG&A") expenses of $125.7 million increased 0.4%.
• Income from operations totaled $260.6 million, up 38.0% due to the increase in adjusted gross profits. Adjusted operating margin of 34.8% increased 410 basis points.
• Interest and other expenses totaled $13.5 million, consisting primarily of $12.7 million of interest expense, which increased $0.4 million versus last year due to a higher average debt balance. The second quarter also included a $1.9 million unfavorable impact from foreign currency revaluation and realized foreign currency gains and losses.
• The effective tax rate in the quarter was 21.6% compared to 19.4% in the second quarter last year. The rate increase was due primarily to a tax benefit in the second quarter of 2020 from delivery of a one-time deferred stock award that was granted to the company's prior Chief Executive Officer in 2000.
• Net income totaled $193.8 million, up 34.6% from a year ago. Diluted EPS of $1.44 increased 35.8%.

Year-to-Date Results Summary

• Total revenues increased 39.1% to $10.3 billion, driven primarily by higher pricing and higher volume across most of our services.
• Gross profits increased 22.8% to $1.4 billion. Adjusted gross profits increased 22.8% to $1.5 billion, primarily driven by higher adjusted gross profit per shipment in our ocean and truckload services and higher volume in our ocean, less than truckload ("LTL") and air services.
• Operating expenses increased 9.4% to $1.0 billion. Personnel expenses increased 14.8% to $723.7 million, primarily due to higher incentive compensation costs and also due to the benefit realized in 2020 from our short-term cost reduction initiatives. SG&A expenses decreased 3.8% to $243.9 million, primarily due to lower credit losses and travel expenses.
• Income from operations totaled $483.9 million, up 62.3% from last year, primarily due to the increase in adjusted gross profits. Adjusted operating margin of 33.3% increased 810 basis points.
• Interest and other expenses totaled $24.8 million, which primarily consists of $24.9 million of interest expense. The six-month period also included a $4.8 million unfavorable impact from foreign currency revaluation and realized foreign currency gains and losses. These expenses were partially offset by a $2.9 million local government subsidy in Asia for achieving specified performance criteria that was almost entirely offset by a reduction in foreign tax credits within the provision for income taxes.
• The effective tax rate for the six months was 20.1% compared to 18.6% in the year-ago period. The rate increase was due primarily to a tax benefit in 2020 from delivery of a one-time deferred stock award that was granted to the company's prior Chief Executive Officer in 2000.
• Net income totaled $367.1 million, up 65.3% from a year ago. Diluted EPS of $2.71 increased 65.2%.

North American Surface Transportation Results

Summarized financial results of our NAST segment are as follows (dollars in thousands):

____________________________________________
⁽¹⁾ Adjusted gross profits is a non-GAAP financial measure explained later in this release. The difference between adjusted gross profits and gross profits is not material.

Second quarter total revenues for C.H. Robinson's NAST segment totaled $3.6 billion, an increase of 44.9% over the prior year, primarily driven by higher truckload pricing and an increase in LTL and truckload shipments. NAST adjusted gross profits increased 15.0% in the quarter to $436.6 million. Adjusted gross profits in truckload increased 13.6% due to a 7.0% increase in adjusted gross profit per load and a 6.0% increase in shipments. Our average truckload linehaul rate per mile charged to our customers, which excludes fuel surcharges, increased approximately 42.0% in the quarter, while truckload linehaul cost per mile, excluding fuel surcharges, increased approximately 47.5%. LTL adjusted gross profits increased 21.6% versus the year-ago period, as LTL volumes grew 23.5%. NAST overall volume growth was approximately 16.0%. Operating expenses increased 17.6% primarily due to higher incentive compensation and also due to the benefit realized in 2020 from our short-term cost reduction initiatives. Income from operations increased 10.4% to $151.1 million, and adjusted operating margin declined 150 basis points to 34.6%. NAST average headcount was down 5.5% in the quarter.

Global Forwarding Results

Summarized financial results of our Global Forwarding segment are as follows (dollars in thousands):

____________________________________________
⁽¹⁾ Adjusted gross profits is a non-GAAP financial measure explained later in this release. The difference between adjusted gross profits and gross profits is not material.

Second quarter total revenues for the Global Forwarding segment increased 105.0% to $1.5 billion, primarily driven by higher pricing in ocean services and higher volume in both our ocean and air services, reflecting the strong demand environment, market share gains and strained capacity. Adjusted gross profits increased 46.5% in the quarter to $238.8 million. Ocean adjusted gross profits increased 91.7%, driven by higher adjusted gross profit per shipment and a 29.0% increase in volumes. Adjusted gross profits in air increased 1.2% driven by a 42.5% increase in metric tons shipped. Customs adjusted gross profits increased 31.1%, primarily driven by a 34.0% increase in transaction volume. Operating expenses increased 25.3%, primarily driven by increased salaries, technology and incentive compensation expenses and partially offset by lower amortization expense. Second quarter average headcount increased 3.9%. Income from operations increased 84.1% to $108.2 million, and adjusted operating margin expanded 920 basis points to 45.3% in the quarter.

All Other and Corporate Results

Total revenues and adjusted gross profits for Robinson Fresh, Managed Services and Other Surface Transportation are summarized as follows (dollars in thousands):

____________________________________________
⁽¹⁾ Adjusted gross profits is a non-GAAP financial measure explained later in this release. The difference between adjusted gross profits and gross profits is not material.

Second quarter Robinson Fresh adjusted gross profits decreased 0.9% to $29.9 million, primarily due to a decline in profit per case, partially offset by an 8.0% increase in volume. Managed Services adjusted gross profits increased 11.6% in the quarter, primarily due to an 18.5% increase in volume. Other Surface Transportation adjusted gross profits decreased 3.2% to $17.7 million, primarily due to a 5.2% decline in Europe truckload adjusted gross profits.

Other Income Statement Items

The second quarter effective tax rate was 21.6%, up from 19.4% last year. We expect our 2021 full-year effective tax rate to be 20% to 22%.

Interest and other expenses totaled $13.5 million, consisting primarily of $12.7 million of interest expense, which increased $0.4 million versus last year due to a higher average debt balance. The second quarter also included a $1.9 million unfavorable impact from foreign currency revaluation and realized foreign currency gains and losses.

Diluted weighted average shares outstanding in the quarter were down 0.6% due primarily to share repurchases over the prior nine months.

Cash Flow Generation and Capital Distribution

Cash from operations totaled $149.3 million in the second quarter, compared to $447.1 million of cash generated in the second quarter of 2020. The $297.8 million decrease in cash flow was driven primarily by an outsized improvement in operating working capital in second quarter of 2020. Sequentially, operating working capital increased by $81.8 million or 5.6% in the second quarter of 2021, compared to a sequential increase of 6.7% in total adjusted gross profits.

In the second quarter of 2021, $204.8 million of cash was returned to shareholders, with $135.1 million in total repurchases of common stock and $69.7 million in cash dividends.

Capital expenditures totaled $16.3 million in the quarter. We continue to expect 2021 capital expenditures to be $55 million to $65 million, with the majority dedicated to technology.

Outlook

"Our record results demonstrated the strength of our non-asset-based business model that includes a diverse portfolio of services. Given the current structural constraints around expansion of supply, coupled with a continued reopening of the economy and other factors, we expect the current market conditions to persist through 2021," Biesterfeld stated. "Within NAST, we expect to grow our truckload and LTL volume during the remaining quarters of this year. Within our Global Forwarding business, there continues to be a robust pipeline of business and, as we move toward the peak holiday season, we expect ocean and air demand to remain strong into early 2022. Overall, we'll stay the course with our strategy of pursuing market share gains that align with our profitability expectations. And we'll continue to invest back into the business, in order to drive innovation, improve service to our customers and carriers, and drive growth across our global suite of modes and services."

About C.H. Robinson

C.H. Robinson solves logistics problems for companies across the globe and across industries, from the simple to the most complex. With $21 billion in freight under management and 19 million shipments annually, we are one of the world’s largest logistics platforms. Our global suite of services accelerates trade to seamlessly deliver the products and goods that drive the world’s economy. With the combination of our multimodal transportation management system and expertise, we use our information advantage to deliver smarter solutions for our 105,000 customers and 73,000 contract carriers. Our technology is built by and for supply chain experts to bring faster, more meaningful improvements to our customers’ businesses. As a responsible global citizen, we are also proud to contribute millions of dollars to support causes that matter to our company, our Foundation and our employees. For more information, visit us at www.chrobinson.com (Nasdaq: CHRW).

Except for the historical information contained herein, the matters set forth in this release are forward-looking statements that represent our expectations, beliefs, intentions or strategies concerning future events. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience or our present expectations, including, but not limited to, such factors such as changes in economic conditions, including uncertain consumer demand; changes in market demand and pressures on the pricing for our services; competition and growth rates within the third party logistics industry; freight levels and increasing costs and availability of truck capacity or alternative means of transporting freight; changes in relationships with existing contracted truck, rail, ocean, and air carriers; changes in our customer base due to possible consolidation among our customers; our ability to successfully integrate the operations of acquired companies with our historic operations; risks associated with litigation, including contingent auto liability and insurance coverage; risks associated with operations outside of the United States; risks associated with the potential impact of changes in government regulations; risks associated with the produce industry, including food safety and contamination issues; fuel price increases or decreases, or fuel shortages; cyber-security related risks; the impact of war on the economy; changes to our capital structure; risks related to the elimination of LIBOR; changes due to catastrophic events including pandemics such as COVID-19; and other risks and uncertainties detailed in our Annual and Quarterly Reports.

Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update such statement to reflect events or circumstances arising after such date. All remarks made during our financial results conference call will be current at the time of the call, and we undertake no obligation to update the replay.

Conference Call Information:
C.H. Robinson Worldwide Second Quarter 2021 Earnings Conference Call
Tuesday, July 27, 2021; 5:00 p.m. Eastern Time
Presentation slides and a simultaneous live audio webcast of the conference call may be accessed through the Investor Relations link on C.H. Robinson’s website at www.chrobinson.com.
To participate in the conference call by telephone, please call ten minutes early by dialing: 877-269-7756
International callers dial +1-201-689-7817

Adjusted Gross Profit by Service Line
(in thousands)

This table of summary results presents our service line adjusted gross profits on an enterprise basis. The service line adjusted gross profits in the table differ from the service line adjusted gross profits discussed within the segments as our segments have revenues from multiple service lines.

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⁽¹⁾ Adjusted gross profits is a non-GAAP financial measure explained later in this release. The difference between adjusted gross profits and gross profits is not material.

GAAP to Non-GAAP Reconciliation
(unaudited, in thousands)

Our adjusted gross profit is a non-GAAP financial measure. Adjusted gross profit is calculated as gross profit excluding amortization of internally developed software utilized to directly serve our customers and contracted carriers. We believe adjusted gross profit is a useful measure of our ability to source, add value, and sell services and products that are provided by third parties, and we consider adjusted gross profit to be a primary performance measurement. Accordingly, the discussion of our results of operations often focuses on the changes in our adjusted gross profit. The reconciliation of gross profit to adjusted gross profit is presented below (in thousands):