ROCKVILLE, Maryland & NEW YORK--(BUSINESS WIRE)--X-Energy Reactor Company, LLC (“X-energy” or the “Company”), a leading developer of advanced small modular nuclear reactors and fuel technology for clean energy generation, and Ares Acquisition Corporation (NYSE: AAC) (“AAC”), a publicly-traded special purpose acquisition company, announced today the filing of a registration statement on Form S-4 (the "Registration Statement") with the U.S. Securities and Exchange Commission (the “SEC”), which contains a preliminary proxy statement/prospectus in connection with the companies’ previously announced proposed business combination.

While the Registration Statement has not yet become effective and the information contained therein is subject to change, it provides important information about X-energy, AAC and the proposed business combination.

As previously announced on December 6, 2022, X-energy and AAC have entered into a definitive business combination agreement, which will establish X-energy as a publicly-traded, developer of a more advanced small modular reactor (“SMR”) and proprietary fuel that supports the transition to clean, affordable energy through enhanced safety, lower cost, scalability and broader industrial applications.

Completion of the transaction is subject to approval by AAC’s shareholders, the Registration Statement being declared effective by the SEC and other customary closing conditions.

About X-Energy Reactor Company, LLC

X-Energy Reactor Company, LLC, is a leading developer of advanced small modular nuclear reactors and fuel technology for clean energy generation that is redefining the nuclear energy industry through its development of safer and more efficient advanced small modular nuclear reactors and proprietary fuel to deliver reliable, zero-carbon and affordable energy to people around the world. X-energy’s simplified, modular and intrinsically safe SMR design expands applications and markets for deployment of nuclear technology and drives enhanced safety, lower cost and faster construction timelines when compared with other SMRs and conventional nuclear. For more information, visit X-energy.com or connect with us on Twitter or LinkedIn.

About Ares Acquisition Corporation

AAC is a special purpose acquisition company (SPAC) affiliated with Ares Management Corporation, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination. AAC is seeking to pursue an initial business combination target in any industry or sector in North America, Europe or Asia. For more information about AAC, please visit www.aresacquisitioncorporation.com.

Additional Information and Where to Find It

This press release relates to a proposed transaction between X-energy and AAC (the “Business Combination”). In connection with the Business Combination, AAC has filed the Registration Statement with the SEC, which includes a preliminary proxy statement/prospectus to be distributed to holders of AAC’s ordinary shares in connection with AAC’s solicitation of proxies for the vote by AAC’s shareholders with respect to the Business Combination and other matters as described in the Registration Statement, as well as a prospectus relating to the offer of securities to be issued to X-energy equity holders in connection with the Business Combination. After the Registration Statement has been filed and declared effective, AAC will mail a copy of the definitive proxy statement/prospectus, when available, to its shareholders. The Registration Statement includes information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to AAC’s shareholders in connection with the Business Combination. AAC will also file other documents regarding the Business Combination with the SEC. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SECURITY HOLDERS OF AAC AND X-ENERGY ARE URGED TO READ THE REGISTRATION STATEMENT, THE PROXY STATEMENT/PROSPECTUS CONTAINED THEREIN AND ALL OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC IN CONNECTION WITH THE BUSINESS COMBINATION AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE BUSINESS COMBINATION.

Investors and security holders will be able to obtain free copies of the Registration Statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by AAC through the website maintained by the SEC at www.sec.gov. In addition, the documents filed by AAC may be obtained free of charge from AAC’s website at www.aresacquisitioncorporation.com or by written request to AAC at Ares Acquisition Corporation, 245 Park Avenue, 44th Floor, New York, NY 10167.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the federal securities laws with respect to the Business Combination, including statements regarding the benefits of the Business Combination, the anticipated timing of the Business Combination, the markets in which X-energy operates and X-energy’s projected future results. X-energy’s actual results may differ from its expectations, estimates and projections (which, in part, are based on certain assumptions) and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. Although these forward-looking statements are based on assumptions that X-energy and AAC believe are reasonable, these assumptions may be incorrect. These forward-looking statements also involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Factors that may cause such differences include, but are not limited to: (1) the outcome of any legal proceedings that may be instituted in connection with any proposed business combination; (2) the inability to complete any proposed business combination or related transactions; (3) inability to raise sufficient capital to fund our business plan, including limitations on the amount of capital raised in any proposed business combination as a result of redemptions or otherwise; (4) delays in obtaining, adverse conditions contained in or the inability to obtain necessary regulatory approvals or complete regulatory reviews required to complete any business combination; (5) the risk that any proposed business combination disrupts current plans and operations; (6) the inability to recognize the anticipated benefits of any proposed business combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain key employees; (7) costs related to the proposed business combination; (8) changes in the applicable laws or regulations; (9) the possibility that X-energy may be adversely affected by other economic, business and/or competitive factors; (10) the ongoing impact of the global COVID-19 pandemic; (11) economic uncertainty caused by the impacts of the conflict in Russia and Ukraine and rising levels of inflation and interest rates; (12) the ability of X-energy to obtain regulatory approvals necessary for it to deploy its small modular reactors in the United States and abroad; (13) whether government funding and/or demand for high assay low enriched uranium for government or commercial uses will materialize or continue; (14) the impact and potential extended duration of the current supply/demand imbalance in the market for low enriched uranium; (15) X-energy’s business with various governmental entities is subject to the policies, priorities, regulations, mandates and funding levels of such governmental entities and may be negatively or positively impacted by any change thereto; (16) X-energy’s limited operating history makes it difficult to evaluate its future prospects and the risks and challenges it may encounter; and (17) other risks and uncertainties separately provided to you and indicated from time to time described in filings and potential filings by X-energy, AAC or X-energy, Inc. with the SEC.

The foregoing list of factors is not exhaustive. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by investors as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of AAC’s Annual Report on Form 10-K, its subsequent Quarterly Reports on Form 10-Q, the proxy statement/prospectus related to the transaction, when it becomes available, and other documents filed (or to be filed) by AAC from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. These risks and uncertainties may be amplified by the conflict between Russia and Ukraine, rising levels of inflation and interest rates and the ongoing COVID-19 pandemic, which have caused significant economic uncertainty. Forward-looking statements speak only as of the date they are made. Investors are cautioned not to put undue reliance on forward-looking statements, and X-energy and AAC assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities and other applicable laws.

No Offer or Solicitation

This press release is for informational purposes only and shall neither constitute an offer to sell nor the solicitation of an offer to buy any securities, nor a solicitation of a proxy, vote, consent or approval in any jurisdiction in connection with the Business Combination, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdictions. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act, or an exemption therefrom.

Participants in the Solicitation

AAC and certain of its directors and executive officers may be deemed to be participants in the solicitation of proxies from AAC’s shareholders, in favor of the approval of the proposed transaction. For information regarding AAC’s directors and executive officers, please see AAC’s Annual Report on Form 10-K, its subsequent Quarterly Reports on Form 10-Q, and the other documents filed (or to be filed) by AAC from time to time with the SEC. Additional information regarding the interests of those participants and other persons who may be deemed participants in the Business Combination may be obtained by reading the registration statement and the proxy statement/prospectus and other relevant documents filed with the SEC when they become available. Free copies of these documents may be obtained as described in the preceding paragraph.

X-energy
Investors:
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Ares Acquisition Corporation
Investors:
Carl Drake and Greg Mason
+1-888-818-5298
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Media:
Jacob Silber
+1-212-301-0376
or
Brittany Cash
+1-212-301-0347
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OMAHA, Neb.--(BUSINESS WIRE)--Green Plains Inc. (NASDAQ:GPRE) and Green Plains Partners LP (NASDAQ:GPP) will release fourth quarter and full year 2022 financial results prior to the market opening on February 8, 2023, and then host a joint conference call beginning at 9 a.m. Eastern time (8 a.m. Central time) to discuss fourth quarter and full year 2022 performance and outlook.

Domestic and international participants can access the conference call by dialing 888.210.4215 and 646.960.0269, respectively, and referencing conference ID 5027523. Participants are advised to call at least 10 minutes prior to the start time. Alternatively, the conference call and presentation can be accessed on either Green Plains’ website at https://investor.gpreinc.com or Green Plains Partners’ website at https://ir.greenplainspartners.com.

About Green Plains Inc.

Green Plains Inc. (NASDAQ:GPRE) is a leading biorefining company focused on the development and utilization of fermentation, agricultural and biological technologies in the processing of annually renewable crops into sustainable value-added ingredients. This includes the production of cleaner low carbon biofuels, renewable feedstocks for advanced biofuels and high purity alcohols for use in cleaners and disinfectants. Green Plains is an innovative producer of Ultra-High Protein and novel ingredients for animal and aquaculture diets to help satisfy a growing global appetite for sustainable protein. The Company also owns a 48.8% limited partner interest and a 2.0% general partner interest in Green Plains Partners LP. For more information, visit www.gpreinc.com.

About Green Plains Partners LP

Green Plains Partners LP (NASDAQ:GPP) is a fee-based Delaware limited partnership formed by Green Plains Inc. to provide fuel storage and transportation services by owning, operating, developing and acquiring ethanol and fuel storage tanks, terminals, transportation assets and other related assets and businesses. For more information about Green Plains Partners, visit www.greenplainspartners.com

Green Plains Inc. Contacts
Investors: Phil Boggs | Executive Vice President, Investor Relations | 402.884.8700 | This email address is being protected from spambots. You need JavaScript enabled to view it.
Media: Lisa Gibson | Communications Manager | 402.952.4971 | This email address is being protected from spambots. You need JavaScript enabled to view it.

AUSTIN, Texas--(BUSINESS WIRE)--Hyliion Holdings Corp. (NYSE: HYLN) (“Hyliion”), a leader in electrified powertrain solutions for Class 8 semi-trucks, today announced that DSV has placed an initial order for 10 Hypertruck ERX™ units to be deployed in its North American road freight business.

With a focus on reducing its carbon footprint and offering lower-emission solutions to meet customer demand, DSV will implement the electrified powertrain technology across its Pan-American routes.

“A global leader not only in logistics but also sustainability initiatives, DSV’s investment in Hyliion technology shows that excellent customer service and ambitious carbon emissions reduction goals don’t have to be mutually exclusive,” said Thomas Healy, Founder and CEO of Hyliion.

“I’m thrilled that DSV will be incorporating Hypertruck ERX units into its North American operations, and I look forward to seeing the impact they will have in advancing the organization’s low-carbon initiatives,” Healy added.

“We view this initiative as the beginning of our long-term ambitions to reduce our emissions across our road freight business. The 10 units we have ordered through the early adopter’s program is a fantastic start but not the goal in and of themselves. They are a step in the right direction in terms of testing and seeking the optimal solutions for the planet, our customers, and our company. And in combination with our plan to begin adding alternative fuel vehicles to our short-haul fleet, this initiative marks the first step in helping us realize our 2030 goals,” said Robert Greene, President of DSV Road US.

Hyliion will begin delivery of the Hypertruck ERX units to DSV during the first quarter of 2024. Expecting a successful trial period, DSV has placed an option for 10 additional trucks to be delivered in 2024.

About Hyliion
Hyliion’s mission is to reduce the carbon intensity and greenhouse gas (GHG) emissions of Class 8 commercial trucks by being a leading provider of electrified powertrain solutions. Leveraging advanced software algorithms and data analytics capabilities, Hyliion offers fleets an easy, efficient system to decrease fuel and operating expenses while seamlessly integrating with their existing fleet operations. Headquartered in Austin, Texas, Hyliion designs, develops, and sells electrified powertrain solutions that are designed to be installed on most major Class 8 commercial trucks, with the goal of transforming the commercial transportation industry’s environmental impact at scale. For more information, visit www.hyliion.com.

Forward Looking Statements
The information in this press release 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 present or historical fact included in this press release, regarding Hyliion and its future financial and operational performance, as well as its strategy, future operations, estimated financial position, estimated revenues, and losses, projected costs, prospects, plans and objectives of management are forward looking statements. When used in this press release, including any oral statements made in connection therewith, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Hyliion expressly disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements herein, to reflect events or circumstances after the date of this press release. Hyliion cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Hyliion. These risks include, but are not limited to, Hyliion’s ability to disrupt the powertrain market, Hyliion’s focus in 2022 and beyond, the effects of Hyliion’s dynamic and proprietary solutions on its commercial truck customers, accelerated commercialization of the Hypertruck ERX™, the ability to meet 2022 and future product milestones, the impact of COVID-19 on long-term objectives, the ability to reduce carbon intensity and greenhouse gas emissions, the expected performance and integration of the KARNO generator and system, and the other risks and uncertainties set forth in “Risk Factors” section of Hyliion’s annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 24, 2022 for the year ended December 31, 2021. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Should one or more of the risks or uncertainties described in this press release occur, or should underlying assumptions prove incorrect, actual results and plans could different materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact Hyliion’s operations and projections can be found in its filings with the SEC. Hyliion’s SEC Filings are available publicly on the SEC’s website at www.sec.gov, and readers are urged to carefully review and consider the various disclosures made in such filings.

Hyliion Holdings Corp.
Ryann Malone
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(833) 495-4466

HOUSTON--(BUSINESS WIRE)--Crescent Energy Company (NYSE: CRGY) (“we” or “our”) announced today that, subject to market conditions, its indirect subsidiary Crescent Energy Finance LLC (the “Issuer”) intends to offer for sale in a private placement pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), to eligible purchasers $400 million aggregate principal amount of Senior Notes due 2028 (the “Notes”). The Notes will be guaranteed on a senior unsecured basis by all of the Issuer’s subsidiaries that guarantee the Issuer’s existing notes and the indebtedness under its revolving credit facility. The Issuer intends to use the net proceeds from this offering to repay a portion of the amounts outstanding under its revolving credit facility.

The Notes and the related guarantees have not been registered under the Securities Act, or any state securities laws, and, unless so registered, the Notes and the guarantees may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The Issuer plans to offer and sell the Notes only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act and to persons outside the United States pursuant to Regulation S under the Securities Act.

This communication shall not constitute an offer to sell, or the solicitation of an offer to buy, the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Crescent Energy Company

Crescent Energy Company is a U.S. independent energy company with a portfolio of assets in basins across the lower 48 states.

Cautionary Statement Regarding Forward-Looking Information

This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on current expectations. The words and phrases “should”, “could”, “may”, “will”, “believe”, “think”, “plan”, “intend”, “expect”, “potential”, “possible”, “anticipate”, “estimate”, “forecast”, “view”, “efforts”, “target”, “goal” and similar expressions identify forward-looking statements and express our expectations about future events. This communication includes statements regarding this private placement and the use of proceeds therefrom that may contain forward-looking statements within the meaning of federal securities laws. We believe that our expectations are based on reasonable assumptions; however, no assurance can be given that such expectations will prove to be correct. A number of factors could cause actual results to differ materially from the expectations, anticipated results or other forward-looking information expressed in this communication, including liquidity and financial market conditions, including rising interest rates and associated policies of the U.S. Federal Reserve, commodity price volatility due to ongoing or new global conflicts such as the ongoing conflict in the Ukraine, adverse market conditions, governmental regulations, including the impact of the Inflation Reduction Act of 2022, and the impact of world health events such as the ongoing COVID-19 pandemic. All statements, other than statements of historical facts, included in this communication that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control. Consequently, actual future results could differ materially from our expectations due to a number of factors, including, but not limited to, those items identified as such in the most recent Annual Report on Form 10-K and any subsequently filed Quarterly Reports on Form 10-Q and the risk factors described thereunder, filed by Crescent Energy Company with the U.S. Securities and Exchange Commission.

Many of such risks, uncertainties and assumptions are beyond our ability to control or predict. Because of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. We do not give any assurance (1) that we will achieve our expectations or (2) concerning any result or the timing thereof.

All subsequent written and oral forward-looking statements concerning this offering, the use of proceeds therefrom, Crescent Energy Company and the Issuer or other matters and attributable thereto or to any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above. We assume no duty to update or revise their respective forward-looking statements based on new information, future events or otherwise.

Emily Newport
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Key Developments:

• Continued exploration success in 2023 on the Stabroek Block, offshore Guyana, with a significant new oil discovery at the Fangtooth SE-1 well located approximately 8 miles southeast of the original Fangtooth-1 discovery
• The Fangtooth SE-1 well encountered approximately 200 feet of oil bearing sandstone reservoirs
• Fangtooth adds to the block’s gross discovered recoverable resource estimate of more than 11 billion barrels of oil equivalent (boe) and has the potential to underpin a future oil development
• The development plan for Uaru, the fifth development on the Stabroek Block, was submitted to the Government of Guyana for approval in the fourth quarter; the project is expected to have a capacity of approximately 250,000 gross barrels of oil per day (bopd) with first oil anticipated at the end of 2026
• Entered into an agreement with the Government of Guyana for the purchase of high quality REDD+ carbon credits for a minimum of $750 million from 2022 through 2032; the long-term strategic partnership with the Government of Guyana aims to prevent deforestation and support sustainable development in Guyana
• Completed the sale of the Corporation's interest in Libya for net proceeds of $150 million
• Total cash returned to stockholders was $405 million in the quarter through dividends and share repurchases of $310 million

Fourth Quarter Financial and Operational Highlights:

• Net income was $624 million, or $2.03 per common share, compared with net income of $265 million, or $0.85 per common share, in the fourth quarter of 2021; adjusted net income¹ was $548 million, or $1.78 per common share, in the fourth quarter of 2022
• Oil and gas net production, excluding Libya, was 376,000 barrels of oil equivalent per day (boepd), up 27 percent from 295,000 boepd in the fourth quarter of 2021
• E&P capital and exploratory expenditures were $818 million compared with $593 million in the prior-year quarter
• Cash and cash equivalents, excluding Midstream, were $2.48 billion at December 31, 2022
• Year-end proved reserves are estimated to be 1.26 billion boe; organic reserve replacement was 144 percent at a finding and development cost of approximately $14.80 per boe

2023 Guidance:

• Net production is forecast to be in the range of 355,000 boepd to 365,000 boepd, which is an approximate 10 percent increase from 2022, proforma for assets sold
• E&P capital and exploratory expenditures are expected to be approximately $3.7 billion, of which more than 80 percent will be allocated to Guyana and the Bakken

  1. “Adjusted net income” 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 and 7.

NEW YORK--(BUSINESS WIRE)--   Hess Corporation (NYSE: HES) today reported net income of $624 million, or $2.03 per common share, in the fourth quarter of 2022 compared with net income of $265 million, or $0.85 per common share, in the fourth quarter of 2021. On an adjusted basis, the Corporation had net income of $548 million or $1.78 per common share in the fourth quarter of 2022. The improvement in adjusted after-tax earnings compared with the prior-year period was primarily due to increased sales volumes in Guyana in the fourth quarter of 2022.

   “Our strategy is to grow our resource base, deliver a low cost of supply and generate industry leading cash flow growth – and at the same time maintain our industry leadership in environmental, social and governance performance and disclosure,” CEO John Hess said. “Our successful execution of this strategy has uniquely positioned our company to deliver significant value to shareholders by both growing intrinsic value and growing cash returns.”

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

Exploration and Production:

   E&P net income was $667 million in the fourth quarter of 2022, compared with $309 million in the fourth quarter of 2021. On an adjusted basis, fourth quarter 2022 E&P net income was $591 million. The Corporation’s average realized crude oil selling price, including the effect of hedging, was $76.07 per barrel in the fourth quarter of 2022, compared with $71.04 per barrel in the prior-year quarter. The average realized natural gas liquids (NGL) selling price in the fourth quarter of 2022 was $26.93 per barrel, compared with $36.47 per barrel in the prior-year quarter, while the average realized natural gas selling price was $5.17 per mcf, compared with $4.77 per mcf in the fourth quarter of 2021.

   Net production, excluding Libya, was 376,000 boepd in the fourth quarter of 2022, compared with 295,000 boepd in the fourth quarter of 2021, primarily due to higher production in Guyana.

   Cash operating costs, which include operating costs and expenses, production and severance taxes, and E&P general and administrative expenses, were $12.49 per boe (excluding Libya: $12.72 per boe) in the fourth quarter of 2022, compared with $12.17 per boe (excluding Libya: $12.84 per boe) in the prior-year quarter.

Oil and Gas Reserves Estimates:

   Oil and gas proved reserves at December 31, 2022, which are subject to final review, were 1.26 billion boe, compared with 1.31 billion boe at December 31, 2021. Proved reserve additions and net revisions in 2022 totaled 184 million boe, primarily from Guyana, which included sanctioning of the Yellowtail development, and the Bakken. Asset sales during 2022 reduced proved reserves by 109 million boe.

   Excluding asset sales, the Corporation replaced 144 percent of its 2022 production at a finding and development cost of approximately $14.80 per boe.

Operational Highlights for the Fourth Quarter of 2022:

   Bakken (Onshore U.S.): Net production from the Bakken of 158,000 boepd in the fourth quarter was impacted by unplanned production shut-ins caused by severe winter weather in December. Net production in the fourth quarter of 2021 was 159,000 boepd. The Corporation added a fourth drilling rig in July 2022, and drilled 19 wells, completed 14 wells, and brought 15 new wells online during the fourth quarter. Net production is forecast to be in the range of 165,000 boepd to 170,000 boepd in 2023.

   Gulf of Mexico (Offshore U.S.): Net production from the Gulf of Mexico was 35,000 boepd in the fourth quarter of 2022, compared with 39,000 boepd in the prior-year quarter.

   Guyana (Offshore): At the Stabroek Block (Hess – 30%), net production from the Liza Destiny and the Liza Unity floating production, storage and offloading vessels (FPSOs) totaled 116,000² bopd in the fourth quarter of 2022 compared with 31,000 bopd² in the prior-year quarter. The Liza Unity FPSO, which commenced production in February 2022, reached its production capacity of 220,000 gross bopd in July 2022. In the fourth quarter, we sold ten cargos of crude oil from Guyana compared with three cargos in the prior year quarter. Net production is forecast to be approximately 100,000² bopd in 2023.

   The third development, Payara, will utilize the Prosperity FPSO with an expected capacity of 220,000 gross bopd, with first production expected by the end of 2023. The fourth development, Yellowtail, was sanctioned in April 2022 and will utilize the ONE GUYANA FPSO with an expected capacity of 250,000 gross bopd, with first production expected in 2025. A fifth development, Uaru, was submitted for approval to the Government of Guyana in the fourth quarter. Pending Government approvals and project sanctioning, the project is expected to have a capacity of approximately 250,000 gross bopd with first oil anticipated at the end of 2026.

   The Corporation today announced a significant oil discovery at the Fangtooth SE-1 well on the Stabroek Block, offshore Guyana. The Fangtooth SE-1 well encountered approximately 200 feet of oil bearing sandstone reservoirs.  The well was drilled in 5,397 feet of water by the Stena Carron and is located approximately 8 miles southeast of the original Fangtooth-1 well, which had encountered approximately 164 feet of oil bearing sandstone reservoirs.  Further appraisal activities are underway.  Fangtooth will add to the block's gross discovered recoverable resource estimate of more than 11 billion boe and has the potential to underpin a future oil development on the Stabroek Block.

   Southeast Asia (Offshore): Net production at North Malay Basin and JDA was 67,000 boepd in the fourth quarter of 2022 compared with 66,000 boepd in the prior-year quarter.

   Libya (Onshore): In November 2022, the Corporation completed the sale of its 8% interest in the Waha Concession for net proceeds of $150 million. Net production from Libya was 10,000 boepd in the fourth quarter of 2022 compared with 21,000 boepd in the prior-year quarter.

Midstream:

   The Midstream segment had net income of $64 million in the fourth quarter of 2022, compared with net income of $74 million in the prior-year quarter.

Corporate, Interest and Other:

   After-tax expense for Corporate, Interest and Other was $107 million in the fourth quarter of 2022, compared with $118 million in the fourth quarter of 2021.

Capital and Exploratory Expenditures:

   E&P capital and exploratory expenditures were $818 million in the fourth quarter of 2022 compared with $593 million in the prior-year quarter, primarily due to higher drilling and development activities in the Bakken and Guyana. Midstream capital expenditures were $63 million in the fourth quarter of 2022 and $54 million in the prior-year quarter.

Liquidity:

   Excluding the Midstream segment, Hess Corporation had cash and cash equivalents of $2.48 billion and debt and finance lease obligations totaling $5.60 billion at December 31, 2022. The Midstream segment had cash and cash equivalents of $4 million and total debt of $2.9 billion at December 31, 2022. The Corporation’s debt to capitalization ratio as defined in its debt covenants was 35.8% at December 31, 2022 and 42.3% at December 31, 2021.

   Net cash provided by operating activities was $1,252 million in the fourth quarter of 2022, up from $899 million in the fourth quarter of 2021. Net cash provided by operating activities before changes in operating assets and liabilities³ was $1,402 million in the fourth quarter of 2022, compared with $886 million in the prior-year quarter primarily due to higher sales volumes.

   During the fourth quarter, the Corporation received net proceeds of $150 million from the sale of its interest in the Waha Concession in Libya and purchased 5 million REDD+ carbon credits from the Government of Guyana for $75 million.

   Total cash returned to stockholders in the fourth quarter through common stock repurchases and dividends amounted to $405 million. The Corporation repurchased approximately 2.3 million shares of common stock for $310 million during the fourth quarter, bringing total share repurchases in 2022 to $650 million at an average price of approximately $120 per share.

2. Net production from Guyana in the fourth quarter of 2022 included 22,000 bopd of tax barrels. There were no tax barrels in the fourth quarter of 2021. Net production guidance for Guyana in 2023 of approximately 100,000 bopd includes approximately 10,000 bopd of tax barrels.

3. “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 6 and 7.

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 2022: E&P results include a pre-tax gain of $76 million ($76 million after income taxes) associated with the sale of the Corporation's interest in the Waha Concession in Libya.

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

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

   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; information about sustainability goals and targets and planned social, safety and environmental policies, programs and initiatives; 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; reduced demand for our products, including due to perceptions regarding the oil and gas industry, 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, fracking bans as well as restrictions on oil and gas leases; 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, public health measures 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 limitations on investment in oil and gas activities, rising interest rates or negative outcomes within commodity and financial markets; liability resulting from environmental obligations and 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” presented in this release is defined as reported net income 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 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 or net cash provided by (used in) operating activities. A reconciliation of reported net income attributable to Hess Corporation (U.S. GAAP) to adjusted net income, 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

WILLISTON, Vt.--(BUSINESS WIRE)--iSun Inc. (NASDAQ: ISUN) (the “Company,” or “iSun”), a leading solar energy and clean mobility infrastructure company with 50-years of experience accelerating the adoption of innovative electrical technologies, today announced that the Special Meeting of Stockholders which was scheduled for yesterday, January 24, 2023 was adjourned to provide additional time for the Company to solicit additional proxies. The 2023 Special Meeting of Stockholders will now be held on Tuesday, January 31, 2023, beginning at 2:00 P.M (Eastern Time).

About iSun Inc.

Since 1972, iSun has accelerated the adoption of proven, life-improving innovations in electrification technology. iSun has been the trusted service provider to Fortune 500 companies for decades and has installed clean rooms, fiber optic cables, flight simulators, and over 600 megawatts of solar systems. The Company currently provides a comprehensive suite of solar services across residential, commercial, industrial & municipal, and utility scale projects and provides solar electric vehicle charging solutions for both grid-tied and battery backed solar EV charging systems. iSun believes that the transition to clean, renewable solar energy is the most important investment to make today and is focused on profitable growth opportunities. Please visit www.isunenergy.com for additional information.

Forward Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, effective tax rate, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.

The forward-looking statements included in this press release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the risk factors described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.

All forward-looking statements included in this press release are based on information currently available to us, and we assume no obligation to update any forward-looking statement except as may be required by law.

iSun Investor Relations
IR: This email address is being protected from spambots. You need JavaScript enabled to view it.

Fourth Quarter 2022 Highlights:

• Net income was $149.8 million. Net cash provided by operating activities was $222.6 million.
• Net income attributable to Hess Midstream LP was $21.8 million, or $0.49 basic earnings per Class A share, after deduction for noncontrolling interests.
• Adjusted EBITDA¹ was $245.1 million, Distributable Cash Flow¹ was $202.6 million and Adjusted Free Cash Flow¹ was $144.1 million.

HOUSTON--(BUSINESS WIRE)--$HESM--Hess Midstream LP (NYSE: HESM) (“Hess Midstream”) today reported fourth quarter 2022 net income of $149.8 million compared with net income of $165.1 million for the fourth quarter of 2021. After deduction for noncontrolling interests, net income attributable to Hess Midstream was $21.8 million, or $0.49 basic earnings per Class A share compared with $16.9 million, or $0.51 basic earnings per Class A share in the year-ago quarter. Hess Midstream generated Adjusted EBITDA of $245.1 million. Distributable Cash Flow (“DCF”) for the fourth quarter of 2022 was $202.6 million and Adjusted Free Cash Flow was $144.1 million.

“Despite severe weather conditions in 2022, we delivered volume growth and made targeted compression additions that increased our gas capture capability and position us well for expected volume growth in 2023 and beyond,” said John Gatling, President and Chief Operating Officer of Hess Midstream. “With stable and focused capital investments, we expect to drive increasing volumes through our systems, sustainably generating free cash flow and supporting the return of capital to our shareholders."

Hess Midstream’s results contained in this release are consolidated to include the noncontrolling interests in Hess Midstream Operations LP owned by affiliates of Hess Corporation (“Hess”) and Global Infrastructure Partners (“GIP” and together with Hess, the “Sponsors”). We refer to certain results as “attributable to Hess Midstream LP,” which exclude the noncontrolling interests in Hess Midstream Operations LP owned by the Sponsors.

⁽¹⁾ Adjusted EBITDA, Distributable Cash Flow and Adjusted Free Cash Flow are non‑GAAP measures. Definitions and reconciliations of these non‑GAAP measures to GAAP reporting measures appear in the following pages of this release.

Financial Results

Revenues and other income in the fourth quarter of 2022 were $314.6 million compared with $316.3 million in the prior-year quarter. Fourth quarter 2022 revenues included $16.7 million of pass-through electricity, produced water trucking and disposal costs and certain other fees and $41.7 million of shortfall fee payments related to minimum volume commitments (“MVC”) compared with $21.3 million and $23.3 million, respectively, in the prior-year quarter. Fourth quarter 2022 revenues and other income were down $1.7 million compared to the prior-year quarter primarily due to lower gas and crude oil throughput volumes, partially offset by MVC shortfall fees and slightly higher tariff rates. Total operating costs and expenses in the fourth quarter of 2022 were $118.2 million, up from $116.4 million in the prior-year quarter. The increase was primarily attributable to depreciation expense for additional assets placed in service. Interest expense in the fourth quarter of 2022 was $40.7 million, up from $31.4 million in the prior-year quarter primarily attributable to the $400.0 million 5.50% fixed-rate senior notes issued in April 2022 and higher interest rates on the Term Loan A credit facility.

Net income for the fourth quarter of 2022 was $149.8 million, or $0.49 basic earnings per Class A share, after deduction for noncontrolling interests, compared with $0.51 basic earnings per Class A share in the year-ago quarter. While net income attributable to Hess Midstream increased as a result of a unit repurchase transaction completed earlier in 2022, the earnings per share declined slightly from the year-ago quarter based on a higher number of Class A shares following a secondary equity offering also completed earlier in 2022. Substantially all of income tax expense was attributed to earnings of Class A shares reflective of our organizational structure. Net cash provided by operating activities for the fourth quarter of 2022 was $222.6 million.

Adjusted EBITDA for the fourth quarter of 2022 was $245.1 million. Relative to distributions, DCF for the fourth quarter of 2022 of $202.6 million resulted in an approximately 1.5x distribution coverage ratio. Adjusted Free Cash Flow for the fourth quarter of 2022 was $144.1 million.

Full year 2022 net income was approximately $620.6 million, full year Adjusted EBITDA was approximately $982.9 million, and full year Adjusted Free Cash Flow of $610.6 million exceeded declared distributions of $536.6 million. At 2022 year-end, debt was approximately $2.9 billion, representing leverage of approximately 3.0x.

Hess Midstream plans to issue 2023 guidance in a separate release on January 25, 2023.

Operational Highlights

Throughput volumes in the fourth quarter of 2022 compared with the fourth quarter of 2021 decreased 12% for crude oil gathering and 11% for terminaling primarily due to the impact of severe winter weather in December. Throughput volumes decreased 5% for gas processing and 5% for gas gathering in the fourth quarter of 2022 compared with the fourth quarter of 2021 primarily due to deferred maintenance that was incurred in November and the impact of severe winter weather in December. Water gathering volumes increased 7% reflecting continued steady organic growth of our water handling business.

Capital Expenditures

Capital expenditures for the fourth quarter of 2022 totaled $62.4 million, including $58.5 million of expansion capital expenditures and $3.9 million of maintenance capital expenditures, and were primarily attributable to continued expansion of our gas compression capacity. Capital expenditures in the prior-year quarter were $54.4 million, including $52.2 million of expansion capital expenditures and $2.2 million of maintenance capital expenditures, and were also primarily attributable to expansion of our gas compression capacity.

Quarterly Cash Distributions

On January 23, 2023, our general partner’s board of directors declared a quarterly cash distribution of $0.5696 per Class A share for the fourth quarter of 2022, an approximate increase of 1.2% over the distribution for the prior quarter, consistent with Hess Midstream's targeted 5% growth in annual distributions per Class A share. The distribution is expected to be paid on February 13, 2023 to shareholders of record as of the close of business on February 2, 2023.

Investor Webcast

Hess Midstream will review fourth quarter financial and operating results and other matters on a webcast today at 12:00 p.m. Eastern Time. For details about the event, refer to the Investor Relations sections of our website at www.hessmidstream.com.

About Hess Midstream

Hess Midstream LP is a fee‑based, growth-oriented midstream company that owns, operates, develops and acquires a diverse set of midstream assets to provide services to Hess and third‑party customers. Hess Midstream owns oil, gas and produced water handling assets that are primarily located in the Bakken and Three Forks Shale plays in the Williston Basin area of North Dakota. More information is available at www.hessmidstream.com.

Reconciliation of U.S. GAAP to Non‑GAAP Measures

In addition to our financial information presented in accordance with U.S. generally accepted accounting principles (“GAAP”), management utilizes certain additional non‑GAAP measures to facilitate comparisons of past performance and future periods. “Adjusted EBITDA” presented in this release is defined as reported net income (loss) before net interest expense, income tax expense, depreciation and amortization and our proportional share of depreciation of our equity affiliates, as further adjusted to eliminate the impact of certain items that we do not consider indicative of our ongoing operating performance, such as transaction costs, other income and other non‑cash and non‑recurring items, if applicable. “Distributable Cash Flow” or “DCF” is defined as Adjusted EBITDA less net interest, excluding amortization of deferred financing costs, cash paid for federal and state income taxes and maintenance capital expenditures. DCF does not reflect changes in working capital balances. We define “Adjusted Free Cash Flow” as DCF less expansion capital expenditures and ongoing contributions to equity investments. We define "Gross Adjusted EBITDA Margin" as the ratio of Adjusted EBITDA to total revenues, less pass-through revenues. We believe that investors’ understanding of our performance is enhanced by disclosing these measures as they may assist in assessing our operating performance as compared to other publicly traded companies in the midstream energy industry, without regard to historical cost basis or, in the case of Adjusted EBITDA, financing methods, and assessing the ability of our assets to generate sufficient cash flow to make distributions to our shareholders. These measures are not, and should not be viewed as, a substitute for GAAP net income or cash flow from operating activities and should not be considered in isolation. Reconciliations of Adjusted EBITDA, DCF, Adjusted Free Cash Flow and Gross Adjusted EBITDA Margin to reported net income (GAAP) and net cash provided by operating activities (GAAP), are provided below. Hess Midstream is unable to project net cash provided by operating activities with a reasonable degree of accuracy because this metric includes the impact of changes in operating assets and liabilities related to the timing of cash receipts and disbursements that may not relate to the period in which the operating activities occur. Therefore, Hess Midstream is unable to provide projected net cash provided by operating activities, or the related reconciliation of projected Adjusted Free Cash Flow to projected net cash provided by operating activities without unreasonable effort.

(1) Excludes amortization of deferred financing costs.

(1) Excludes amortization of deferred financing costs.

Cautionary Note Regarding Forward-looking Information

This press release contains “forward-looking statements” within the meaning of U.S. federal securities laws. 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; our industry; our expected revenues; our future profitability; our maintenance or expansion projects; our projected budget and capital expenditures and the impact of such expenditures on our performance; 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: the ability of Hess and other parties to satisfy their obligations to us, including Hess’ ability to meet its drilling and development plans on a timely basis or at all, its ability to deliver its nominated volumes to us, and the operation of joint ventures that we may not control; our ability to generate sufficient cash flow to pay current and expected levels of distributions; reductions in the volumes of crude oil, natural gas, natural gas liquids (“NGLs”) and produced water we gather, process, terminal or store; the actual volumes we gather, process, terminal or store for Hess in excess of our MVCs and relative to Hess' nominations; fluctuations in the prices and demand for crude oil, natural gas and NGLs; changes in global economic conditions and the effects of a global economic downturn or inflation on our business and the business of our suppliers, customers, business partners and lenders; the direct and indirect effects of an epidemic or outbreak of an infectious disease, such as COVID-19 and its variants, on our business and those of our business partners, suppliers and customers, including Hess; our ability to comply with government regulations or make capital expenditures required to maintain compliance, including our ability to obtain or maintain permits necessary for capital projects in a timely manner, if at all, or the revocation or modification of existing permits; our ability to successfully identify, evaluate and timely execute our capital projects, investment opportunities and growth strategies, whether through organic growth or acquisitions; costs or liabilities associated with federal, state and local laws, regulations and governmental actions applicable to our business, including legislation and regulatory initiatives relating to environmental protection and health and safety, such as spills, releases, pipeline integrity and measures to limit greenhouse gas emissions and climate change; our ability to comply with the terms of our credit facility, indebtedness and other financing arrangements, which, if accelerated, we may not be able to repay; reduced demand for our midstream services, including the impact of weather or the availability of the competing third-party midstream gathering, processing and transportation operations; potential disruption or interruption of our business due to catastrophic events, such as accidents, severe weather events, labor disputes, information technology failures, constraints or disruptions and cyber-attacks; any limitations on our ability to access debt or capital markets on terms that we deem acceptable, including as a result of weakness in the oil and gas industry or negative outcomes within commodity and financial markets; liability resulting from litigation; 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.

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.

For Hess Midstream LP

Investor Contact:
Jennifer Gordon
(212) 536-8244

Media Contact:
Robert Young
(713) 496-6076

• 10-Year Contract Awarded for the Operation and Maintenance of PREPA’s Thermal Generation Assets
• NFE’s Subsidiary, Genera, to Reduce Costs and Improve Reliability of Power Generation for Puerto Rico
• Genera to Receive Annual Management Fee and Performance-Based Incentive Fees
• Significant Opportunity to Create Additional Economic and Environmental Benefits with Power Generation Fleet Modernization and Conversions to Natural Gas from Oil-based Fuels

NEW YORK--(BUSINESS WIRE)--New Fortress Energy (NASDAQ: NFE) announced today that Genera PR LLC (“Genera”), an independently managed subsidiary of NFE, has been selected by the Puerto Rico Public-Private Partnerships Authority (“P3A”) for a 10-year Operation and Maintenance Agreement (the “Agreement”) with the Puerto Rico Electric Power Authority (“PREPA”).

Headquartered in San Juan, Puerto Rico, Genera is a power and energy service provider founded by NFE to support Puerto Rico’s transition to clean, affordable and reliable energy. Under the Agreement, Genera will operate, maintain, decommission and modernize the PREPA-owned thermal power generation system of approximately 3,600 MW after a mobilization period. In this role, Genera will manage the operating budget, fuel contracts and federal funds for the generation fleet on behalf of PREPA.

“All Puerto Ricans deserve access to clean, reliable and low-cost power,” said Wes Edens, Chairman and CEO of NFE. “As large investments are made to modernize Puerto Rico’s grid and transition to renewable energy, this partnership will provide meaningful cost savings for consumers and businesses, improve reliability and reduce the environmental impact of an aging thermal generation system. We believe Puerto Rico’s transformation to renewables supported by low-carbon fuel will be a model for markets around the world and a significant step forward in our company’s mission.”

Genera was selected by the P3A after a competitive process that began in May 2020 in compliance with the requirement established by Act 120-2018 (Puerto Rico Electric System Transformation Act). The selection was made based on extensive grading criteria, which included operational experience, technical expertise, approach and methodology and estimated cost savings. The contract has received all necessary regulatory approvals from the government of Puerto Rico, the Fiscal Oversight Management Board and Puerto Rico’s Electricity Bureau.

With this historic step, Puerto Rico guarantees the continuity of the transformation of the island's electrical system, and the transition towards the integration of renewable energy sources as established by the Integrated Resource Plan (IRP) and Puerto Rico‘s public energy policy.

“This public-private partnership marks a milestone in the island’s energy history,” said the Executive Director of the P3A, Fermín Fontanés Gómez. “Today we achieved full compliance with the Act 120 requirement, to offer Puerto Rico the opportunity to have an electrical power system that can be trusted by the citizens. After this process that lasted more than two years, we can ensure that we are getting closer to reaching the goals established in the IRP, to continue moving towards an energy generation model based on renewable resources. This goal will have an impact on us, but more importantly, it will also impact future generations.”

Over the next several months, Genera will work closely with the government of Puerto Rico and PREPA in the mobilization phase to transfer operations and onboard PREPA’s existing operational workforce.

Key features of Genera’s proposal selected by the P3A include:

- Significant cost-savings for the benefit of Puerto Rico’s ratepayers through fuel management and streamlined operations
- Improved reliability and efficiency across the generation system with a focus on distributed power and microgrids
- Retirement of antiquated power plants while ensuring there is reliable, low-cost and cleaner generation in load centers to support the transition to renewables
- Commitment to local hiring and plans to recruit, train and incentivize employees

About New Fortress Energy Inc.

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

Cautionary Language Regarding Forward-Looking Statements

This communication contains forward-looking statements. All statements contained in this communication other than historical information are forward-looking statements that involve known and unknown risks and relate to future events, our future financial performance or our projected business results. You can identify these forward-looking statements by the use of forward-looking words such as “expects,” “may,” “will,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative version of these terms or other comparable words. Forward looking statements include but are not limited to: the expected economic and environmental benefits and principles from the transaction, including reduction of costs, improvement of the reliability of the power generation system, and environmental impact; expected operation, maintenance, decommissioning and modernization of the facilities by NFE; that this project will be a model for markets around the world; expected transformation of the electrical system, and the transition towards the integration of renewable energy sources; and smooth transfer of operations and workforce.

These forward-looking statements are necessarily estimates based upon current information and involve a number of risks, uncertainties and other factors, many of which are outside of the Company’s control. Actual results or events may differ materially from the results anticipated in these forward-looking statements. Specific factors that could cause actual results to differ from those in the forward-looking statements include, but are not limited to: unknown and unforeseen risks related to the development, construction or commissioning schedule of the facilities, including failure to meet design and engineering specifications, incompatibility of systems, delays and schedule changes, high costs and expenses, and regulatory and legal challenges, among others; the receipt of permits, approvals and authorizations from governmental and regulatory agencies on a timely basis or at all; we will be unable to operationalize our plans for the projects and derive the benefits expected; common risks related to successful integration of the businesses; breach or failure by the parties to comply with the covenants and obligations under the agreements; nonpayment or nonperformance of obligations by the parties; inability to realize the anticipated benefits from the project or our partnerships; adverse regional, national, or international economic conditions, adverse capital market conditions and adverse political developments; business disruption following the transaction; and the impact of public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics and any related company or government policies and actions to protect the health and safety of individuals or government policies or actions to maintain the functioning of national or global economies and markets.. These factors are not necessarily all of the important factors that could cause actual results to differ materially from those expressed in any of NFE’s forward-looking statements. Other known or unpredictable factors could also have material adverse effects on future results.

Any forward-looking statement speaks only as of the date on which it is made, and we undertake no duty to update or revise these forward-looking statements, even though our situation may change in the future. New factors emerge from time to time, and it is not possible for the Company to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements included in New Fortress Energy Inc.’s annual and quarterly reports filed with the Securities and Exchange Commission, which could cause its actual results to differ materially from those contained in any forward-looking statement.

Investors:
Patrick Hughes
This email address is being protected from spambots. You need JavaScript enabled to view it.

Media:
Jake Suski
(516) 268-7403
This email address is being protected from spambots. You need JavaScript enabled to view it.

All $ references in US unless otherwise indicated

ST. JOHN’S, Newfoundland and Labrador--(BUSINESS WIRE)--$ARR.TO #Altius--Altius Renewable Royalties Corp. (TSX: ARR) (OTCQX: ATRWF) (“ARR”, the “Company”, or the “Corporation”), expects to report Q4 2022 attributable royalty revenue of $0.9 million, which compares to $0.2 million of attributable royalty revenue recorded in Q4 2021. On a full year basis, attributable royalty revenue increased to $3.6 million from $0.3 million recorded in 2021 and reflects the addition of operating royalties in 2022. The 50% owned Great Bay Renewables (“GBR”) joint venture revenue of $7.3 million exceeded the increased guidance range of $6.5 - $7.0 million as disclosed in the press release dated October 17, 2022. The Company intends to provide 2023 revenue guidance with the release of its financial results on March 1, 2023.

Frank Getman, CEO of GBR, commented, “GBR’s renewable royalty model is clearly gaining acceptance as a viable and competitive financing alternative for both developers and operators in North America. We continue to see increased demand and remain on track to build our royalty portfolio significantly as the world continues its inevitable march towards cleaner sources of energy. Recent royalty acquisitions, including the Titan solar project in California, the 1 GW wind project in Hansford County, Texas, as well as 975 MW of projects, stemming from prior developer funding agreements, that are at or near commercial operations, will further augment 2023 revenue.”

Fourth Quarter and Year-End Financial Results Conference Call and Webcast Details

Fourth quarter and year-end financial results will be announced by press release March 1, 2023 after the close of trading. A conference call and webcast will be held on March 2, 2023 at 9:00 am ET to provide a discussion of the business and outlook and to offer an open Q&A session for analysts and investors. Access details are as follows:

Date and time: March 2, 2023, 9 am ET
Toll Free Dial-In Number: +1 888 886 7786
International Dial-In Number: +1 416 764 8658
Conference Call Title and ID: ARR Q4 and Year-End 2022 Financial Results, ID 93453652
Webcast Link: ARR Q4 and Year-End 2022 Financial Results

Non‐GAAP financial measures
^† Attributable royalty revenue is a non‐GAAP financial measure. Management uses non-GAAP financial measures to monitor the financial performance of the Corporation and believes these measures enable investors and analysts to compare the Corporation’s financial performance with its competitors and/or evaluate the results of its underlying business. These measures are intended to provide additional information, not to replace International Financial Reporting Standards (IFRS) measures, and do not have a standard definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. As these measures do not have a standardized meaning, they may not be comparable to similar measures provided by other companies. Further information on the composition and usefulness of each non-GAAP financial measure, including reconciliation to their most directly comparable IFRS measures, is included in the non-GAAP financial measures section of our MD&A, which are available at https://www.arr.energy.

About ARR
ARR is a renewable energy royalty company whose business is to provide long-term, royalty level investment capital to renewable power developers, operators, and originators. ARR has 33 renewable energy royalties representing approximately 1.4 GW of renewable power on operating projects and an additional approximate 6 GW on projects in development phase, across several regional power pools in the U.S. The Corporation also expects future royalties from GBR's investments in Bluestar Energy Capital and Hodson Energy. The Corporation combines industry expertise with innovative, partner-focused solutions to further the growth of the renewable energy sector as it fulfills its critical role in enabling the global energy transition.

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

Flora Wood
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1.877.576.2209
Direct: 1.416.346.9020

Ben Lewis
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1.877.576.2209

GREEN BAY, Wis.--(BUSINESS WIRE)--Schneider (NYSE: SNDR), a premier multimodal provider of transportation, intermodal and logistics services, today announced participation in the following investment conferences:

• Evercore ISI Travel and Transport Conference: Wednesday, February 8, 2023. Mark Rourke, president and chief executive officer, and Stephen Bruffett, executive vice president and chief financial officer, will participate in a fireside chat and a series of investor discussions. The fireside chat will begin at 12:45 p.m. (Eastern Time).
• Raymond James Institutional Investors Conference: Tuesday, March 7, 2023. Mark Rourke, president and chief executive officer, and Stephen Bruffett, executive vice president and chief financial officer, will participate in a fireside chat and a series of investor discussions. The fireside chat will begin at 1:40 p.m. (Eastern Time).

A webcast for these events may be located on Schneider’s Investor Relations website (www.investors.schneider.com) and available for a limited time following the conference.

About Schneider

Schneider is a premier multimodal provider of transportation, intermodal and logistics services. Offering one of the broadest portfolios in the industry, Schneider’s solutions include Regional and Long-Haul Truckload, Expedited, Dedicated, Bulk, Intermodal, Brokerage, Warehousing, Supply Chain Management, Port Logistics and Logistics Consulting.

With $5.6 billion in annual revenue, Schneider has been safely delivering superior customer experiences and investing in innovation for over 85 years. The company’s digital marketplace, Schneider FreightPower®, is revolutionizing the industry, giving shippers access to an expanded, highly flexible capacity network and provides carriers with unmatched access to quality drop-and-hook freight – Always Delivering, Always Ahead.

For more information about Schneider, visit Schneider.com or follow the company socially on Facebook, LinkedIn and Twitter: @WeAreSchneider.

Media Relations Contact
Kara Leiterman, Schneider
M 920-370-7188
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Investor Relations Contact
Steve Bindas, Schneider
920-357-SNDR (7637)
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schneider.com/news

• Completed annual tariff rate redetermination process and established minimum volume commitments (“MVCs”) for 2025 that imply approximately 10% annualized growth in throughput volumes across gas, oil and water systems from 2023 to 2025.
• Hess Midstream LP expects $600 - $640 million of Net Income and $990 - $1,030 million of Adjusted EBITDA¹ in 2023 followed by at least 10% per year expected growth in Net Income and Adjusted EBITDA in each of 2024 and 2025, supported by growth in gas processing and gathering throughput volumes that represent approximately 75% of total affiliate revenues, excluding passthrough revenues.
• Hess Midstream LP expects capital expenditures of approximately $225 million in 2023 and expects capital expenditures in 2024 and 2025 to be stable with 2023 levels.
• Adjusted Free Cash Flow¹ is expected to grow by greater than 10% on an annualized basis in both 2024 and 2025, more than sufficient to fully fund targeted growing distributions.  
• Hess Midstream LP is extending its annual distribution per share growth target of 5% through 2025 with expected annual distribution coverage of at least 1.4x.
• Hess Midstream LP continues to prioritize financial strength with a long-term leverage target of 3x Adjusted EBITDA.
• Hess Midstream LP expects to generate greater than $1 billion of financial flexibility through 2025 for capital allocation, including potential for incremental shareholder returns beyond targeted distribution growth, funded by excess Adjusted Free Cash Flow beyond targeted distribution growth and leverage capacity with leverage of below 2.5x Adjusted EBITDA expected by the end of 2025.

HOUSTON--(BUSINESS WIRE)--$HESM--Hess Midstream LP (NYSE: HESM) (“Hess Midstream”) today provided 2023 financial and operational guidance and expectations for 2024 and 2025.

“Hess Midstream is well-positioned, generating growing Adjusted EBITDA, Adjusted Free Cash Flow and distributions, underpinned by expected production growth in the Bakken,” said John Gatling, President and Chief Operating Officer of Hess Midstream. "With our robust balance sheet, unique contract structure, and strong cash flow generation, we have flexibility to deliver ongoing and significant return of capital to our shareholders.”

Full Year 2023 Guidance
Hess Midstream's financial guidance incorporates the outcomes of the year-end tariff rate recalculation and nomination process conducted with Hess Corporation (“Hess”) under Hess Midstream’s commercial agreements with Hess.

Hess Midstream expects full year 2023 net income of between $600 million and $640 million and Adjusted EBITDA of between $990 million and $1,030 million. Gross Adjusted EBITDA Margin² is targeted to be approximately 75% in 2023. Hess Midstream expects full year 2023 Distributable Cash Flow² to range between $815 million and $855 million, resulting in a distribution coverage ratio of approximately 1.5x.

In 2023, Hess Midstream expects to generate Adjusted Free Cash Flow of between $605 million and $645 million and approximately $60 million after funding distributions that are targeted to grow 5% per annum on a distribution per share basis.

In 2023, full year gas gathering volumes are anticipated to average 365 to 375 million cubic feet ("MMcf") of natural gas per day and gas processing volumes are expected to average 350 to 360 MMcf of natural gas per day, reflecting Hess’ announced four-rig program in the Bakken.

Crude oil gathering volumes are anticipated to average 95 to 105 thousand barrels ("MBbl") per day of crude oil in 2023, and crude oil terminaling volumes are expected to average 105 to 115 MBbl of crude oil per day.

Water gathering volumes are expected to average 85 to 95 MBbl of water per day for full year 2023.

Full Year 2023 Capital Guidance
Hess Midstream expects 2023 capital expenditures of approximately $225 million, focused on expansion of gas compression capacity and gathering system well connects. Approximately $210 million is allocated to expansion capital expenditures, with an estimated $15 million allocated to maintenance capital expenditures.

Approximately $100 million of the 2023 capital budget is allocated to gas compression, with activities focused on the completion of two new greenfield compressor stations and associated pipeline infrastructure, which are expected to provide, in aggregate, an additional 100 MMcf per day of gas compression capacity when brought online, further enhancing gas capture capability and supporting Hess’ development in the basin. Approximately $110 million is allocated to gathering system well connects to service Hess and third‑party customers and focused optimizations of our existing system.

_________________________________
⁽¹⁾ Adjusted EBITDA and Adjusted Free Cash Flow are non‑GAAP measures. Definitions and reconciliations of these non‑GAAP measures to GAAP reporting measures appear in the following pages of this release.
⁽²⁾ Gross Adjusted EBITDA Margin and Distributable Cash Flow are non‑GAAP measures. Definitions and reconciliations, as applicable, of these non‑GAAP measures to GAAP reporting measures appear in the following pages of this release.

Full year 2023 guidance is summarized below:

Minimum Volume Commitments
As part of the annual nomination process set forth in our long-term commercial contracts, Hess’ MVCs were reviewed and updated based on Hess' volume nominations, which are based on Hess’ expectations of its own volumes and third-party throughput volumes contracted through Hess. MVCs are set annually at 80% of Hess’ nomination for the three years following each nomination. Once set, MVCs for each year can only be increased and not reduced.

As part of the process, MVCs for 2025 were set at 80% of nominated volumes, reflecting expected organic throughput volume growth across all systems relative to 2023 volume guidance and providing visibility of expected revenue growth relative to 2023. Hess' 2025 nomination for gas processing set at year-end 2022 was 429 MMcf of natural gas per day, resulting in the MVC of 343 MMcf of natural gas per day at 80% of the nomination. Throughput volume growth is driven primarily by increasing gas capture resulting from planned investments in regional gas compression projects that are expected to commence service over the next several years.

Long-Term Financial Metrics
Supported by approximately 10% expected annualized growth in physical volumes across gas, oil and water systems from 2023 through 2025 implied by the updated MVCs, Hess Midstream expects at least 10% per year Adjusted EBITDA growth in each of 2024 and 2025. Gas processing and gathering is expected to represent approximately 75% of total affiliate revenues in 2024 and 2025, excluding passthrough revenues. Gross Adjusted EBITDA Margin is targeted to be approximately 75% during this period. Hess Midstream does not expect to pay material cash taxes through 2025.

Adjusted Free Cash Flow is expected to grow by greater than 10% on an annualized basis in both 2024 and 2025, more than sufficient to fully fund targeted distribution growth. Hess Midstream expects capital expenditures for 2024 and 2025 to remain stable with 2023 levels and to be primarily focused on planned investments in regional gas compression projects, gathering well connects and system optimizations to support Hess’ continued development in the basin.

Return of Capital Framework
Hess Midstream continues to prioritize shareholder returns and a strong balance sheet. Hess Midstream expects to generate excess Adjusted Free Cash Flow beyond targeted distributions through at least 2025. Long-term targeted leverage continues to be 3x Adjusted EBITDA and leverage is expected to decrease to below 2.5x Adjusted EBITDA by the end of 2025. This is expected to provide greater than $1 billion of financial flexibility through 2025 for capital allocation, including potential for incremental shareholder returns beyond targeted distribution growth.

Consistent with its stated Return of Capital to Shareholders framework:

1. Hess Midstream expects to continue to grow its base distribution by extending its annual distribution per share growth target of 5% through 2025 with expected annual distribution coverage of at least 1.4x.
2. Hess Midstream expects to generate significant flexibility for incremental shareholder returns, including the potential for ongoing unit repurchases through 2025, from excess Adjusted Free Cash Flow beyond targeted distribution growth and leverage capacity relative to long-term targeted leverage.

About Hess Midstream
Hess Midstream LP is a fee‑based, growth-oriented midstream company that owns, operates, develops and acquires a diverse set of midstream assets to provide services to Hess and third‑party customers. Hess Midstream owns oil, gas and produced water handling assets that are primarily located in the Bakken and Three Forks Shale plays in the Williston Basin area of North Dakota. More information is available at www.hessmidstream.com.

Reconciliation of U.S. GAAP to Non‑GAAP Measures
In addition to our financial information presented in accordance with U.S. generally accepted accounting principles (“GAAP”), management utilizes certain additional non‑GAAP measures to facilitate comparisons of past performance and future periods. “Adjusted EBITDA” presented in this release is defined as reported net income (loss) before net interest expense, income tax expense, depreciation and amortization and our proportional share of depreciation of our equity affiliates, as further adjusted to eliminate the impact of certain items that we do not consider indicative of our ongoing operating performance, such as transaction costs, other income and other non‑cash and non‑recurring items, if applicable. “Distributable Cash Flow” or “DCF” is defined as Adjusted EBITDA less net interest, excluding amortization of deferred financing costs, cash paid for federal and state income taxes and maintenance capital expenditures. DCF does not reflect changes in working capital balances. We define “Adjusted Free Cash Flow” as DCF less expansion capital expenditures and ongoing contributions to equity investments. We define “Gross Adjusted EBITDA Margin” as the ratio of Adjusted EBITDA to total revenues, less passthrough revenues. We believe that investors’ understanding of our performance is enhanced by disclosing these measures as they may assist in assessing our operating performance as compared to other publicly traded companies in the midstream energy industry, without regard to historical cost basis or, in the case of Adjusted EBITDA, financing methods, and assessing the ability of our assets to generate sufficient cash flow to make distributions to our shareholders. These measures are not, and should not be viewed as, a substitute for GAAP net income or cash flow from operating activities and should not be considered in isolation. Reconciliations of Adjusted EBITDA, DCF and Adjusted Free Cash Flow to reported net income (GAAP) are provided below. Hess Midstream is unable to project net cash provided by operating activities with a reasonable degree of accuracy because this metric includes the impact of changes in operating assets and liabilities related to the timing of cash receipts and disbursements that may not relate to the period in which the operating activities occur. Therefore, Hess Midstream is unable to provide projected net cash provided by operating activities, or the related reconciliation of projected Adjusted Free Cash Flow to projected net cash provided by operating activities without unreasonable effort. Hess Midstream is unable to project passthrough revenues with a reasonable degree of accuracy. Therefore, Hess Midstream is unable to provide a reconciliation of Gross Adjusted EBITDA Margin without unreasonable effort.

Cautionary Note Regarding Forward-looking Information

This press release contains “forward-looking statements” within the meaning of U.S. federal securities laws. Words such as “anticipate,” “estimate,” “expect,” “forecast,” “guidance,” “could,” “may,” “should,” “would,” “believe,” “intend,” “project,” “plan,” “predict,” “will,” “target,” “imply” 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; our industry; our expected revenues; our future profitability; our maintenance or expansion projects; our projected budget and capital expenditures and the impact of such expenditures on our performance; our ability to deliver ongoing return of capital to our shareholders 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: the ability of Hess and other parties to satisfy their obligations to us, including Hess’ ability to meet its drilling and development plans on a timely basis or at all, its ability to deliver its nominated volumes to us, and the operation of joint ventures that we may not control; our ability to generate sufficient cash flow to pay current and expected levels of distributions; reductions in the volumes of crude oil, natural gas, natural gas liquids (“NGLs”) and produced water we gather, process, terminal or store; the actual volumes we gather, process, terminal or store for Hess in excess of our MVCs and relative to Hess' nominations; fluctuations in the prices and demand for crude oil, natural gas and NGLs; changes in global economic conditions and the effects of a global economic downturn or inflation on our business and the business of our suppliers, customers, business partners and lenders; the direct and indirect effects of an epidemic or outbreak of an infectious disease, such as COVID-19 and its variants, on our business and those of our business partners, suppliers and customers, including Hess; our ability to comply with government regulations or make capital expenditures required to maintain compliance, including our ability to obtain or maintain permits necessary for capital projects in a timely manner, if at all, or the revocation or modification of existing permits; our ability to successfully identify, evaluate and timely execute our capital projects, investment opportunities and growth strategies, whether through organic growth or acquisitions; costs or liabilities associated with federal, state and local laws, regulations and governmental actions applicable to our business, including legislation and regulatory initiatives relating to environmental protection and health and safety, such as spills, releases, pipeline integrity and measures to limit greenhouse gas emissions and climate change; our ability to comply with the terms of our credit facility, indebtedness and other financing arrangements, which, if accelerated, we may not be able to repay; reduced demand for our midstream services, including the impact of weather or the availability of the competing third-party midstream gathering, processing and transportation operations; potential disruption or interruption of our business due to catastrophic events, such as accidents, severe weather events, labor disputes, information technology failures, constraints or disruptions and cyber-attacks; any limitations on our ability to access debt or capital markets on terms that we deem acceptable, including as a result of weakness in the oil and gas industry or negative outcomes within commodity and financial markets; liability resulting from litigation; 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.

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.

For Hess Midstream LP

Investors:

Jennifer Gordon
(212) 536-8244

Media:

Robert Young
(713) 496-6076

CALGARY, Alberta--(BUSINESS WIRE)--#energy--Global Power Technologies (GPT), Inc., a leader in off-grid power solutions announced today the launch of their new natural gas-powered Sentinel Thermoelectric Generator. The Sentinel is a very low-maintenance, trouble-free power source for critical devices with up to 8W DC of continuous power, that is certified for HAZLOC applications.

GPT’s Sentinel provides an alternative offering for industrial devices in urban settings that is more reliable than solar and battery, and has a lower cost than a grid connection. The reliability of the Sentinel is based on an easily serviceable Catalytic Heater Cartridge and optimized thermoelectric performance, that address reliability issues with alternative sources on the market.

The Sentinel has a compact size that allows single-person installation, fits into existing sites and is fence post or wall-mountable.

“We are pleased to offer a more reliable alternative for local gas distribution sites or similar power applications. The Sentinel offers lower operating costs, less risk for safety or environmental mishaps, more frequent data polling for remote monitoring and is simple to install and maintain,” said Laura Kennedy, President of Global Power Technologies. “We are excited to report that our extended run test installations have performed extremely well. They report fewer site visits compared to solar and battery, and we haven’t experienced any of the premature failures that were seen in alternative solutions.”

Other key features of the Sentinel include its ability to operate in ambient conditions from -40C to +49C, silent operation at less than 45 dBA, and certification for use in Class I, Div 2 hazardous locations.

The Sentinel Thermoelectric Generator is now available for shipment in North America.

About Global Power Technologies

Global Power Technologies (GPT) designs and manufactures ultra-reliable off-grid power for 5W to 6 kW industrial applications. GPT’s line of generators, including Combined Heat and Power (CHPs) and solar hybrid-compatible thermoelectric generators (HTEGs), provide reliable and low-cost energy for off-grid applications with critical power needs. With over 45 years of expertise and more than 35,000 power solutions deployed globally, GPT’s products are in operation in over 55 countries around the world. Visit www.globalte.com and @global-thermoelectric on LinkedIn.

Marcus Toffolo
This email address is being protected from spambots. You need JavaScript enabled to view it.
(403) 236-5556

ANAHEIM, Calif.--(BUSINESS WIRE)--Phoenix Motor Inc. (Nasdaq: PEV) (“Company” or “Phoenix”), a leader in manufacturing of all-electric, medium-duty vehicles, announced the signing of an Equipment Testing Agreement with Fermata Energy LLC, a leading provider of V2X (vehicle-to-everything) bidirectional charging platforms. The Fermata Energy platform allows EVs to be utilized as mobile energy storage assets to send energy stored in EV batteries to the local grid or to a building when it is needed most, all while supporting grid resilience. V2X includes vehicle-to-grid (V2G) and vehicle-to-building (V2B) projects.

Under the agreement, Fermata Energy will pair its V2X bidirectional chargers and AI-driven software platform with Phoenix’s zero emission drive system. With the bidirectional charging platform, Phoenix’s customers with zero emission drive systems can earn revenue while their vehicles are parked either from their local utility (V2G) or avoid costly peak demand charges by sending energy to their building (V2B).

Phoenix Motorcars CEO Dr. Lance Zhou commented, “V2X is the next logical step in the evolution of our medium duty platform. Fermata Energy has proven to be the leader in this technology and offers the skills and the expertise to implement V2X capability as a viable solution for our customers and fleets. We are proud to be partnering with Fermata Energy to provide this technology to our customers.”

“V2X bidirectional charging unlocks the value in EV batteries. Partnering with Phoenix Motorcar adds a new class of vehicles to our bidirectional charging portfolio and extends the opportunities for fleet owners and operators to earn revenue without impacting vehicle utilization. We are pleased to partner with Phoenix Motorcars to bring new opportunities to their customers to earn revenue while their vehicles are parked and support grid resilience,” said David Slutzky, founder and CEO of Fermata Energy.

About Phoenix Motor Inc.

Phoenix Motor Inc., a pioneer in the electric vehicle (“EV”) industry, designs, builds, and integrates electric drive systems and light and medium duty EVs and sells electric forklifts and electric vehicle chargers for the commercial and residential markets. Phoenix markets its commercial, medium duty EVs (shuttle buses, school buses, municipal transit vehicles and delivery trucks, among others) under its “Phoenix Motorcars” brand and its vehicles have driven more than 4 million zero-emission miles on the road. Phoenix intends to bring its “EdisonFuture” band of light-duty EV trucks for the consumer and commercial segments to market within the next few years, which is its. For more information, please visit: www.phoenixmotorcars.com.

About Fermata Energy

Fermata Energy’s proprietary vehicle-to-everything (V2X) software and bidirectional hardware technology turns EVs into energy storage assets and makes it possible for EVs to combat climate change, increase energy resilience, and reduce energy costs. For more information, visit www.fermataenergy.com.

Forward-Looking Statement

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are no guarantee of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company’s ability to convert concept trucks and vans into production and sales; the Company’s product development timeline and expected start of production; development of competitive trucks and vans manufactured and sold by the Company’s competitors and major industry vehicle companies; the Company’s ability to scale in a cost-effective manner; the Company’s future capital requirements and sources and uses of cash; the Company’s ability to obtain funding for its future operations; the Company’s financial and business performance; changes in the Company’s strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects and plans; the implementation, market acceptance and success of its business model; expectations regarding the Company’s ability to obtain and maintain intellectual property protection and not infringe on the rights of others; and other risks contained in the Offering prospectus and reports filed by the Company with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, including those set forth in the Risk Factors section of the Company's registration statement and Offering prospectus, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

Phoenix Investor Relations Contacts:
Mark Hastings, Senior Vice President & Head of Investor Relations
Sioban Hickie, ICR Inc.
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Fermata Energy Contact:
Loretta Prencipe
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202.658.9024

DUBLIN--(BUSINESS WIRE)--The "Undersea Warfare Systems Market" report has been added to ResearchAndMarkets.com's offering.

The global undersea warfare systems market size is expected to reach USD 23.62 billion by 2030, according to a new study. The report gives a detailed insight into the current market dynamics and provides analysis on future market growth.

Governments have focused on increasing the integration of under-sea weapons to defend the growing territorial in-stabilities, contributing significantly to market growth. Furthermore, manufacturers are introducing heavy-weight torpedoes capable of tracking & destroying underwater targets, thereby boosting growth. Counter and anti-access area denial are becoming an active part of essential navies' global naval strategies, and undersea warfare is expected to regain importance.

Operational stealth is increasingly vital as countries build maritime surveillance systems. For example, The Indian Navy commissioned its fourth stealth submarine, Scorpen, in November 2021 as part of its dedicated 'Project 75'. As a result, an increase in demand for modern stealth submarines is forecast to fuel global market.

Shortages of components and electronic systems have resulted from regulations governing the import and export of goods, resulting in delayed manufacturing. Material shortages caused by manufacturing shutdowns in China, South Korea, and Taiwan hampered the development of naval warfare even more. However, following the pandemic, there has been an increase in the sophistication of underwater warfare systems. With the relaxation of lockdown measures and vaccination campaigns and the resulting opening of markets worldwide, demand for undersea warfare systems is expected to rise significantly soon.

Undersea Warfare Systems Market Report Highlights

• Combat sub-segment by component is anticipated to grow at a high CAGR. The widespread use of advanced naval combat systems for detecting, tracking, and neutralizing modern threats.
• Remotely operations segment is expected to rise significantly. Underwater ROVs can be deployed quickly due to their compact design & simple technology. This is extremely useful in emergencies where time is of the essence and in areas that are too slender or difficult for divers to reach out
• North America is expected to experience significant growth over the forecast period. This is primarily due to rising security concerns and government & army organizations investing heavily in developing advanced undersea weapons.
• Key players include BAE Systems, General Dynamics, Boeing Company, Kongsberg Gruppen, Ultra Electronics, L3Harris Technologies, Lockheed Martin, DRS Technologies, ECA Group, S.A. de Electronica Submarina, Atlas Elektronik, Northrop Grumman Corporation, Saab AB, and Thales Group.

The publisher has segmented the undersea warfare systems market report based on application, mode of operation, end-use, and region:

Undersea Warfare Systems, Application Outlook (Revenue - USD Billion, 2018 - 2030)

• Combat
• C4ISR
• command
• control
• communications
• computers
• intelligence
• surveillance
• reconnaissance
• Others

Undersea Warfare Systems, Mode of Operation Outlook (Revenue - USD Billion, 2018 - 2030)

• Manned Operations
• Autonomous Operations
• Remotely Operations

Undersea Warfare Systems, End-Use Outlook (Revenue - USD Billion, 2018 - 2030)

• Naval
• Airborne
• Land-based

Undersea Warfare Systems, Regional Outlook (Revenue - USD Billion, 2018 - 2030)

• North America
• U.S
• Canada
• Europe
• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands
• Asia Pacific
• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia
• Latin America
• Argentina
• Brazil
• Mexico
• Middle East & Africa
• UAE
• Saudi Arabia
• Israel
• South Africa

Market Dynamics

Drivers and Opportunities

• Advanced Battery and Fuel Cell Technology
• Growing Number of Defense Expenditures

Restraints and Challenges

• High Cost

Key Topics Covered:

1. Introduction

2. Executive Summary

3. Research Methodology

4. Global Undersea Warfare Systems Market Insights

5. Global Undersea Warfare Systems Market, by Application

6. Global Undersea Warfare Systems Market, by Mode of Operation

7. Global Undersea Warfare Systems Market, by End-Use

8. Global Undersea Warfare Systems Market, by Geography

9. Competitive Landscape

10. Company Profiles

Companies Mentioned

• BAE Systems Plc
• General Dynamics Corporation
• Kongsberg Gruppen
• L3Harris Technologies Inc.
• Boeing Company
• Leonardo S.p.A.
• Lockheed Martin Corporation
• DRS Technologies Inc.
• ECA Group
• General Dynamics Corporation
• Kongsberg Gruppen
• Lockheed Martin Corporation
• Ultra Electronics Corporation
• S.A. de Electronica Submarina (SAES)
• Atlas Elektronik GmbH
• Harris Corporation
• Northrop Grumman Corporation
• Raytheon Technologies Corporation
• Saab AB
• Thales Group and others.

For more information about this report visit https://www.researchandmarkets.com/r/d5qtw6-warfare?w=4

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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DUBLIN--(BUSINESS WIRE)--The "Research Report on China Gas Water Heater Export 2023-2032" report has been added to ResearchAndMarkets.com's offering.

In 2022, China's gas water heater exports declined due to the COVID-19 epidemic. From January to October 2022, China exported 3,632,800 units of gas water heaters, down 24.49% year-on-year, with an export value of US$344 million, down 10.95% year-on-year.

In 2021, China exported gas water heaters to about one hundred and forty countries and regions around the world. The publisher's analysis, by export volume, Mexico, the Russian Federation, Chile, India, Spain, the United States, Brazil, Colombia, Italy and Germany are the main destinations for China's gas water heater exports.

Among them, Mexico is the largest destination of China's gas water heater exports. In 2021, China exported 935,000 units of gas water heaters to Mexico, accounting for 16.04% of the total export volume of gas water heaters in that year, with an export value of US$39,667,400, accounting for 8.42% of the total export value.

China is a major global producer and exporter of household appliances, and the publisher expects China's gas water heater exports to continue to grow from 2023-2032.

Topics covered:

• China's Gas Water Heater Export Status and Major Sources in 2018-2022
• What is the Impact of COVID-19 on China's Gas Water Heater Export?
• Which Companies are the Major Players in China's Gas Water Heater Export Market and What are their Competitive Benchmarks?
• Key Drivers and Market Opportunities in China's Gas Water Heater Export
• What are the Key Drivers, Challenges, and Opportunities for China's Gas Water Heater Export during 2023-2032?
• What is the Expected Revenue of China's Gas Water Heater Export during 2023-2032?
• What are the Strategies Adopted by the Key Players in the Market to Increase Their Market Share in the Industry?
• What are the Competitive Advantages of the Major Players in China's Gas Water Heater Export Market?
• Which Segment of China's Gas Water Heater Export is Expected to Dominate the Market in 2032?
• What are the Major Adverse Factors Facing China's Gas Water Heater Export?

Key Topics Covered:

1. 2018-2022 China's Gas Water Heater Export Analysis

1.1. China's Gas Water Heater Export Scale

1.1.1. China's Gas Water Heater Export Volume

1.1.2. China's Gas Water Heater Export Value

1.1.3. China's Gas Water Heater Export Price

1.2. China's Main Export Destinations of Gas Water Heaters

1.2.1. By Export Volume

1.2.2. By Export Value

2. 2018-2022 China Gas Geyser Export Analysis

2.1. Export Volume of Gas Geyser

2.2. Export Value of Gas Geyser

2.3. Export Price of Gas Geyser

2.4 Export Destination of Gas Geyser

2.4.1. By Export Volume

2.4.2. By Export Value

3. 2018-2022 China Natural Gas Water Heater Export Analysis

3.1. Export Volume of Natural Gas Water Heater

3.2. Export Value of Natural Gas Water Heater

3.3. Export Price of Natural Gas Water Heater

3.4 Export Destinations of Natural Gas Water Heaters

3.4.1. By Export Volume

3.4.2. By Export Value

4. 2018-2022 China LPG Water Heater Export Analysis

4.1. LPG Water Heater Export Volume

4.2. LPG Water Heater Export Value

4.3. Export Price of LPG Water Heater

4.4 Export Destinations of LPG Water Heaters

4.4.1. By Export Volume

4.4.2. By Export Value

5. 2018-2022 China Biogas Water Heater Export Analysis

5.1. Biogas Water Heater Export Volume

5.2. Biogas Water Heater Export Value

5.3. Export Price of Biogas Water Heater

5.4 Biogas Water Heater Export Destinations

5.4.1. By Export Volume

5.4.2. By Export Value

6. 2018-2022 China Gas Water Heater Major Export Destinations Analysis

6.1. Mexico

6.2. Russian Federation

6.3. Chile

6.4. India

6.5. Spain

6.6. Other Export Destinations

7. China's Export Outlook for Gas Water Heaters, 2023-2032

7.1 Factors Affecting China's Gas Water Heater Exports

7.1.1. Favorable Factors

7.1.2. Unfavorable Factors

7.2. China's Gas Water Heater Export Forecast, 2023-2032

7.2.1. Export Volume Forecast

7.2.2. Major Export Destinations Forecast

7.2.3. Major Export Types of Gas Water Heaters Forecast

For more information about this report visit https://www.researchandmarkets.com/r/d2jxwy-report?w=4

About ResearchAndMarkets.com

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Annual Powering Communities Grants Program provides grants of up to $10,000 each to improve infrastructure and quality of life in Illinois communities

CHICAGO--(BUSINESS WIRE)--ComEd today announced that municipal and community organizations in northern Illinois can now apply for the 2023 Powering Communities Grants Program, which advances environmental initiatives, enhances public safety and increases access to arts programs in communities ComEd serves. Organizations are encouraged to apply for one of the three annual grant programs: Green Region, Powering Safe Communities, and Powering the Arts. Qualifying proposals are eligible for grants of up to $10,000 each.

Organizations interested in applying for the Powering Communities Grants Program should visit ComEd.com/Grants for more information, including how to apply for funding. Applications will be accepted through 11:59 p.m. CST on March 24, 2023.

“At ComEd, we do more than make sure the lights stay on—we power communities,” said Gil Quiniones, CEO at ComEd. “We are thankful for our partnerships with Openlands, the Metropolitan Mayors Caucus and the League of Chicago Theatres which allow us to support important projects that help improve climate resiliency, safety and the quality of life in the communities we serve.”

The annual competitive grants program is part of ComEd's comprehensive investment in the communities it serves. Since its origin, these programs have delivered over $4 million in funding to support hundreds of local community-based projects.

The Green Region Grant Program, in partnership with Openlands, supports non-profit, educational, and public organizations in their efforts to plan for, protect, and improve open space. Now in its eleventh year, the grant program has supported the development of ADA-accessible trails, planted thousands of trees and vegetation, and facilitated land improvements, among other projects. A summary of 2022 Green Region grant recipients can be found here.

“As the impacts of climate change pose a greater threat to northern Illinois communities, we are proud to continue partnering with ComEd to support nature-based solutions that help mitigate the most severe effects of climate change,” said Jerry Adelmann, President and CEO of Openlands. “We must all do our part to ensure the region's climate resiliency and a healthy quality of life for years to come.”

The Powering Safe Communities Grant Program, in partnership with the Metropolitan Mayors Caucus, supports local municipal and public safety initiatives. These grants support projects designed to increase public safety, reduce carbon emissions and improve community resiliency. A summary of 2022 Powering Safe Communities grant recipients can be found here.

“The Metropolitan Mayors Caucus is proud to continue our partnership with ComEd for the ninth year through the Powering Safe Communities Grant Program,” said Neil James, Executive Director at Metropolitan Mayors Caucus. “Through this program, we are providing our communities with the infrastructure and support needed to create a cleaner and safer future. This funding will help reduce carbon emissions, accelerate electrification, and improve air quality for communities across northern Illinois.”

The Powering the Arts Grant Program, in partnership with the League of Chicago Theatres, recognizes the impact increased access to the arts has on the vibrancy of local communities. These grants support initiatives and workshops across northern Illinois communities to boost public awareness, community programming, engagement and enjoyment of the arts. A summary of 2022 Powering the Arts grant recipients can be found here.

“The League of Chicago Theatres is excited to continue this partnership with ComEd,” said Marissa Lynn Ford, executive director of the League of Chicago Theatres. “Funding of this nature is essential to helping artists share their stories with their communities. By providing neighborhoods with theatre, music, dance, film and other art forms, the organizations supported by this funding create new relationships within communities, open up new opportunities to experience and have dialogue about culture, and deepen pathways to healing through therapy and outreach.”

For more information on each grant program, including eligibility guidelines and how to apply, visit ComEd.com/Grants.

ComEd is a unit of Chicago-based Exelon Corporation (NASDAQ: EXC), a Fortune 200 energy company with approximately 10 million electricity and natural gas customers – the largest number of customers in the U.S. ComEd powers the lives of more than 4 million customers across northern Illinois, or 70 percent of the state’s population. For more information visit ComEd.com, and connect with the company on Facebook, Twitter, Instagram and YouTube.

ComEd
Media Relations
312-394-3500

WALTHAM, Mass.--(BUSINESS WIRE)--Global Partners LP (NYSE: GLP) announced today that the Board of Directors of its general partner, Global GP LLC, has declared a cash distribution of $1.5725 per unit on all of its outstanding common units from October 1, 2022 through December 31, 2022, consisting of a quarterly distribution of $0.6350 per unit, or $2.54 per unit on an annualized basis, and a one-time special distribution of $0.9375 per common unit. The distribution will be paid on February 14, 2023 to unitholders of record as of the close of business on February 8, 2023. Global GP LLC has agreed to waive its incentive distribution rights with respect to the one-time special distribution.

Non-U.S. Withholding Information

Concurrent with this announcement we are providing qualified notice to brokers and nominees that hold Global Partners LP units on behalf of non-U.S. investors under Treasury Regulation Section 1.1446-4(b) and (d) and Treasury Regulation Section 1.1446(f)-4(c)(2)(iii). Brokers and nominees should treat one hundred percent (100%) of Global Partners LP’s distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. In addition, brokers and nominees should treat one hundred percent (100%) of the distributions as being in excess of cumulative net income for purposes of determining the amount to withhold. Accordingly, Global Partners LP’s distributions to non-U.S. investors are subject to federal income tax withholding at a rate equal to the highest applicable effective tax rate plus ten percent (10%). Nominees, and not Global Partners LP, are treated as the withholding agents responsible for withholding on the distributions received by them on behalf of non-U.S. investors.

About Global Partners LP

With approximately 1,700 locations primarily in the Northeast, Global Partners is one of the region’s largest independent owners, suppliers and operators of gasoline stations and convenience stores. Global also owns, controls or has access to one of the largest terminal networks in New England and New York, through which it distributes gasoline, distillates, residual oil and renewable fuels to wholesalers, retailers and commercial customers. In addition, Global engages in the transportation of petroleum products and renewable fuels by rail from the mid-continental U.S. and Canada. Global, a master limited partnership, trades on the New York Stock Exchange under the ticker symbol “GLP.” For additional information, visit www.globalp.com.

Forward-looking Statements

Certain statements and information in this press release may constitute “forward-looking statements.” The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could” or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on Global’s current expectations and beliefs concerning future developments and their potential effect on the Partnership. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting the Partnership will be those that it anticipates. Forward-looking statements involve significant risks and uncertainties (some of which are beyond the Partnership’s control) including, without limitation, uncertainty around the timing of an economic recovery in the United States which will impact the demand for the products we sell and the services that we provide, and assumptions that could cause actual results to differ materially from the Partnership’s historical experience and present expectations or projections.

For additional information regarding known material factors that could cause actual results to differ from the Partnership’s projected results, please see Global’s filings with the SEC, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Global undertakes no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.

Gregory B. Hanson
Chief Financial Officer
Global Partners LP
(781) 894-8800

Sean T. Geary
Chief Legal Officer and Secretary
Global Partners LP
(781) 894-8800

WALL, N.J.--(BUSINESS WIRE)--New Jersey Resources (NYSE: NJR) today hosted its 70^th Annual Shareowners Meeting. At the virtual meeting, shareowners elected to NJR’s board of directors Michael A. O’Sullivan for a two-year term that will expire in 2025 and re-elected Jane M. Kenny, Sharon C. Taylor and Stephen D. Westhoven for three-year terms that will expire in 2026.

“Good governance is critical to ensuring effective business operations and consistent long-term performance,” said Steve Westhoven, President and CEO of New Jersey Resources. “I appreciate shareowners’ overwhelming support for our directors and confidence in our company. NJR has an exceptional board whose diverse and broad expertise serves our customers, company and stakeholders well. We will continue to reward our shareowners’ trust by executing on our growth and sustainability strategies and delivering long-term value.”

Also at the meeting, two longtime directors, Robert B. Evans and David A. Trice, retired from the board.

A veteran of the energy industry, Mr. Evans joined NJR’s board on July 20, 2009, following a career at Duke Energy, where he served as President and CEO of Duke Energy Americas. During his 13 years as a director at NJR, he contributed his deep industry knowledge and was a member of the Audit, Financial Policy, Executive, Leadership Development and Compensation Committees.

Mr. Trice joined NJR’s board of directors on March 10, 2004, and was a member of the Executive, Financial Policy and Nominating and Corporate Governance Committees and Chair of the Leadership Development and Compensation Committee. An accomplished business leader, Mr. Trice previously served as President and Chief Executive Officer of Newfield Exploration Company, an oil and natural gas exploration and production company.

“I would like to thank Bobby and David for their wise counsel and contributions to our board,” Mr. Westhoven said. “They served with distinction and helped make New Jersey Resources a better, stronger company.”

In other business, shareowners approved a non-binding advisory resolution on the compensation of NJR’s named executive officers, a non-binding proposal on the frequency of the non-binding shareowner vote on compensation of NJR’s named executive officers and ratified the appointment of Deloitte & Touche LLP as its independent registered public accounting firm for the fiscal year ending September 30, 2023.

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 7,700 miles of natural gas transportation and distribution infrastructure to serve over 569,300 customers in New Jersey’s Monmouth, Ocean and parts of Morris, Middlesex, Sussex and Burlington counties.

• Clean Energy Ventures invests in, owns and operates solar projects with a total capacity of more than 386 megawatts, providing residential and commercial customers with low-carbon solutions.

• 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 and Transportation serves customers from local distributors and producers to electric generators and wholesale marketers through its ownership of Leaf River and the Adelphia Gateway Pipeline, as well as our 50% equity ownership in the Steckman Ridge natural gas storage facility.

• 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 over 1,300 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:
Mike Kinney
732-938-1031
This email address is being protected from spambots. You need JavaScript enabled to view it.

Investor:
Adam Prior
732-938-1145
This email address is being protected from spambots. You need JavaScript enabled to view it.

DUBLIN--(BUSINESS WIRE)--The "Research Report on China's Solar Water Heater Export 2023-2032" report has been added to ResearchAndMarkets.com's offering.

China is a major global producer and exporter of solar water heaters. According to the publisher's analysis, in 2021, China exported 1,288,500 units of solar water heaters, up 1.65% year-on-year, with an export value of US$148 million, up 9.85% year-on-year. From January to October 2022, China exported 873,700 units of solar water heaters, down 18.79% year-on-year, with an export value of US$123 million, up 1.54% year-on-year.

In 2021, China exported solar water heaters to about one hundred and forty countries and regions around the world. The publisher's analysis, by export volume, Mexico, Germany, Austria, Romania, Vietnam, Yemen, the Netherlands, South Africa, Poland and Italy are the main destinations for China's solar water heater exports.

Among them, Mexico is the largest destination for China's solar water heater exports. 2021, China exported 467,200 solar water heaters to Mexico, accounting for 36.26% of the total solar water heater exports that year, and the export value of US$48,126,100, accounting for 32.44% of the total export value.

China is a major global producer and exporter of household appliances, and the publisher expects global solar water heater sales to continue to rise in the future as environmental concepts become more popular around the world, with China's solar water heater exports expected to continue to grow from 2023-2032.

Topics covered:

• China's Solar Water Heater Export Status and Major Sources in 2018-2022
• What is the Impact of COVID-19 on China's Solar Water Heater Export?
• Which Companies are the Major Players in China's Solar Water Heater Export Market and What are their Competitive Benchmarks?
• Key Drivers and Market Opportunities in China's Solar Water Heater Export
• What are the Key Drivers, Challenges, and Opportunities for China's Solar Water Heater Export during 2023-2032?
• What is the Expected Revenue of China's Solar Water Heater Export during 2023-2032?
• What are the Strategies Adopted by the Key Players in the Market to Increase Their Market Share in the Industry?
• What are the Competitive Advantages of the Major Players in China's Solar Water Heater Export Market?
• Which Segment of China's Solar Water Heater Export is Expected to Dominate the Market in 2032?
• What are the Major Adverse Factors Facing China's Solar Water Heater Export?

Key Topics Covered:

1. 2018-2022 China's Solar Water Heater Export Analysis

1.1. China's Solar Water Heater Export Scale

1.1.1. China's Solar Water Heater Export Volume

1.1.2. China's Solar Water Heater Export Value

1.1.3. China's Solar Water Heater Export Price

1.2. China's Main Export Destinations of Solar Water Heaters

1.2.1. By Export Volume

1.2.2. By Export Value

2. 2018-2022 China Glass Vacuum Tube Solar Water Heater Export Analysis

2.1. Export Volume of Glass Vacuum Tube Solar Water Heater

2.2. Export Value of Glass Vacuum Tube Solar Water Heater

2.3. Export Price of Glass Vacuum Tube Solar Water Heater

2.4. Export Destinations of Glass Vacuum Tube Solar Water Heaters

2.4.1. By Export Volume

2.4.2. By Export Value

3. 2018-2022 China Flat-plate Solar Water Heater Export Analysis

3.1. Flat-plate Solar Water Heater Export Volume

3.2. Flat-plate Solar Water Heater Export Value

3.3. Flat-plate Solar Water Heater Export Price

3.4 Flat-plate Solar Water Heater Export Destinations

3.4.1. By Export Volume

3.4.2. By Export Value

4. 2018-2022 China Ceramic Hollow Flat-plate Solar Water Heater Export Analysis

4.1. Ceramic Hollow Flat-plate Solar Water Heater Export Volume

4.2. Ceramic Hollow Flat-plate Solar Water Heater Export Value

4.3. Export Price of Ceramic Hollow Flat-plate Solar Water Heater

4.4 Ceramic Hollow Flat-plate Solar Water Heater Export Destination

4.4.1. By Export Volume

4.4.2. By Export Value

5. 2018-2022 China Solar Water Heater Major Export Destinations Analysis

5.1. Mexico

5.2. Germany

5.3. Austria

5.4. Romania

5.5. Vietnam

5.6. Other Export Destinations

6. China's Export Outlook for Solar Water Heaters, 2023-2032

6.1 Factors Affecting China's Solar Water Heater Exports

6.1.1. Favorable Factors

6.1.2. Unfavorable Factors

6.2. China's Solar Water Heater Export Forecast, 2023-2032

6.2.1. Export Volume Forecast

6.2.2. Major Export Destinations Forecast

6.2.3. Major Export Solar Water Heater Types Forecast

For more information about this report visit https://www.researchandmarkets.com/r/bh7k0r-report?w=4

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
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DUBLIN--(BUSINESS WIRE)--The "Oil Storage: Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.

Global Oil Storage Market to Reach 2.2 Billion Cubic Meter by 2027

In the changed post COVID-19 business landscape, the global market for Oil Storage estimated at 1.6 Billion Cubic Meter in the year 2020, is projected to reach a revised size of 2.2 Billion Cubic Meter by 2027, growing at a CAGR of 4.4% over the analysis period 2020-2027.

Strategic Petroleum Reserves, one of the segments analyzed in the report, is projected to record 4% CAGR and reach 1.7 Billion Cubic Meter by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Commercial Petroleum Reserves segment is readjusted to a revised 6.2% CAGR for the next 7-year period.

The U.S. Market is Estimated at 480 Million Cubic Meter, While China is Forecast to Grow at 4.2% CAGR

The Oil Storage market in the U.S. is estimated at 480 Million Cubic Meter in the year 2020. China, the world's second largest economy, is forecast to reach a projected market size of 393.2 Million Cubic Meter by the year 2027 trailing a CAGR of 4.3% over the analysis period 2020 to 2027.

Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.1% and 3.8% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 4.3% CAGR.

What's New for 2022?

• Global competitiveness and key competitor percentage market shares
• Market presence across multiple geographies - Strong/Active/Niche/Trivial
• Online interactive peer-to-peer collaborative bespoke updates
• Access to digital archives and Research Platform
• Complimentary updates for one year

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

• Influencer Market Insights
• World Market Trajectories
• Oil Storage - Global Key Competitors Percentage Market Share in 2022 (E)
• Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
• Impact of Covid-19 and a Looming Global Recession

2. FOCUS ON SELECT PLAYERS (Total 23 Featured)

• Buckeye Partners LP
• CIM-CCMP Group
• Compania Logistica de Hidrocarburos CLH, S.A.
• Ghazanfar Group (Afghanistan)
• Horizon Terminals Limited
• International-Matex Tank Terminals LLC
• Kinder Morgan, Inc.
• Koninklijke Vopak N.V.
• Magellan Midstream Partners LP
• NuStar Energy LP
• Odfjell Group
• Oiltanking GmbH
• Sunoco Logistics Partners L.P.
• VTTI

3. MARKET TRENDS & DRIVERS

4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

UNITED STATES

• Oil Storage Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2022 (E)

CANADA

JAPAN

• Oil Storage Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2022 (E)

CHINA

• Oil Storage Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2022 (E)

EUROPE

• Oil Storage Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2022 (E)

FRANCE

• Oil Storage Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2022 (E)

GERMANY

• Oil Storage Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2022 (E)

ITALY

UNITED KINGDOM

• Oil Storage Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2022 (E)

REST OF EUROPE

ASIA-PACIFIC

• Oil Storage Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2022 (E)

REST OF WORLD

IV. COMPETITION

For more information about this report visit https://www.researchandmarkets.com/r/uaqfea-storage?w=4

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

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

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