Signed Leases Representing Over 20 Million Square Feet

Portfolio Comprises More than 420 Million Square Feet of High-Quality Logistics Real Estate in Key Distribution Markets

NEW YORK--(BUSINESS WIRE)--Link Logistics Real Estate (“Link”), a Blackstone portfolio company and leading operator of the largest portfolio of high-quality logistics real estate assets located exclusively in the U.S., today provided an update on the Company’s first quarter 2021 leasing and investment activity. The Company grew its portfolio in high-growth distribution markets during the quarter, which now comprises more than 420 million square feet.

“We started 2021 on a strong note, continuing our positive momentum as we further expand our portfolio of high quality last-mile logistics,” said Link’s Chief Executive Officer, Luke Petherbridge. “As the e-commerce market continues to accelerate, our scale, geographic footprint and logistics expertise remain key differentiators. We are well-positioned to support our customers with the innovative and sustainable solutions they need to meet the quickly changing consumption and distribution patterns of tomorrow.”

Nicholas Pell, Link’s President and Chief Investment Officer, added, “We continue to see attractive capital deployment opportunities across the country, and we remain focused on infill locations in coastal cities and high-population growth areas where we can leverage our local expertise.”

Notable Acquisitions and Development Projects

• Acquired a 60% interest in two last-mile focused portfolios primarily in California and Seattle with a total gross value of $1.6 billion
  • Portfolios comprise 71 high quality assets totaling 9.5 million square feet and are approximately 96% occupied
• Acquired 10.3 million square feet across 33 high-quality warehouses located in key markets for $994 million
• 14.5 million square feet of total development projects representing $1.9 billion of investment are currently underway, predominantly concentrated in California, New Jersey, Seattle and South Florida
  • Pending land acquisitions developable into more than 4.0 million square feet
• Commenced construction on 885,000 square feet of new development and redevelopment projects at a cost of $141 million

Additional Portfolio Activity

• Signed 530 new and renewal leases representing more than 20 million square feet
• Gained more than 150 new customers, increasing the Company’s total to more than 6,400 customers
• Sold 3.3 million square feet of assets totaling approximately $360 million
• Announced a partnership with the U.S. Green Building Council and a new environmental commitment that all new developments will be certified under the LEED (Leadership in Energy and Environmental Design) v4 Core and Shell framework
  • LEED commitment represents a $1.2 billion investment and applies to a total of 21 ground up development projects to be delivered over the next five years

About Link Logistics

Link Logistics, established by Blackstone in 2019, is a leading national provider of last-mile logistics real estate solutions designed to meet the needs of the modern supply chain. The Company operates the largest portfolio of high-quality logistics real estate assets located exclusively in the U.S. Link Logistics has more than 6,400 customers and 420 million square feet of logistics facilities across key distribution markets in the U.S. Link Logistics has the scale, geographic footprint and logistics expertise, as well as a heightened focus on sustainability to power the supply chain of tomorrow. For more information regarding the Company, please visit www.linklogistics.com.

Joele Frank, Wilkinson Brimmer Katcher
Jonathan Keehner / Leigh Parrish / Greg Klassen
212-355-4449
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FORT WORTH, Texas--(BUSINESS WIRE)--#AmericasLandmen--Ellarie Sutton of Rocklin, California, has been named the 2021 winner of the prestigious AAPL Outstanding Graduate among graduates from AAPL’s accredited colleges or university programs who are pursuing a career as a landman and have demonstrated great leadership in their work, extracurricular activities and student landmen’s association. Sutton is a graduating senior from Texas Tech University’s Rawls College of Business Energy Commerce program.

In addition to the Outstanding Graduate Award, for the 2021-22 academic year, the Landman Scholarship Trust is granting over $297,500 in scholarship awards to 68 graduate and undergraduate students who are engaged in energy-related fields of study in university programs nationwide.

“This year’s scholarship award recipients from AAPL’s accredited programs represent very special attributes,” said Nancy McCaskell, CPL, chairman of the Landman Scholarship Trust. “They are the best and brightest, and they have persevered and excelled despite unprecedented obstacles before them. During the pandemic, they have continued to move forward with their dreams. They have learned and participated online, continued to strive as leaders in their own communities and local associations and have provided an example to all of us of dogged determination and academic excellence. We look forward to the impact each will make as future leaders in the land and energy profession. The Landman Scholarship Trust and AAPL applaud every recipient.”

The Landman Scholarship Trust was established in 1959 by the American Association of Professional Landmen, a professional industry association that promotes the highest standards of technical and ethical performance for all women and men engaged in the practice of landwork associated with the stewardship of energy and mineral resources. Since its inception, the trust has granted over $1.5 million in scholarships to students aspiring to careers as land professionals in the energy industry.

To be considered for an LST award, an applicant must be a full-time student in a Petroleum Land Management or Energy Management program at one of 15 AAPL-accredited programs. Applicants must also have a cumulative grade point average of 3.0 or greater, be a student member of the AAPL and serve as an active member of the student organization associated with their university’s PLM/EM major if available.

In addition to scholarship opportunities, the Landman Scholarship Trust covers AAPL student-membership costs for more than 500 college students in AAPL’s 15-accredited programs, giving them full access to the association’s robust resources in education, networking and professional development.

About LST

Established in 1959 by the American Association of Professional Landmen, the Landman Scholarship Trust is a nonprofit educational trust that provides academic scholarships to AAPL-accredited programs for the benefit and assistance of deserving and qualified students who desire to obtain a Natural Resource Management degree to pursue a career in the field of petroleum or energy management.

About AAPL

The American Association of Professional Landmen unites more than 12,500 landmen and land-related professionals throughout 41 affiliated local associations in the United States and Canada. AAPL serves as the voice of the land profession to encourage fair trading terms that work in the best interest of all parties, wise utilization of natural resources and responsible employment of the land’s surface.

For more information, visit our website at landman.org.

Tina Urbina
(817) 847-7700
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LIBERTY LAKE, Wash.--(BUSINESS WIRE)--Itron, Inc. (NASDAQ:ITRI) announced today financial results for its first quarter ended March 31, 2021. Key results for the quarter include (compared with the first quarter of 2020):

• Revenue of $520 million, compared with $598 million;
• Gross margin of 32.2%; compared with 28.7%;
• GAAP net income of $13 million, compared with $9 million;
• GAAP diluted earnings per share (EPS) of $0.30, compared with $0.21;
• Non-GAAP diluted EPS of $0.52, compared with $0.57;
• Adjusted EBITDA of $50 million, compared with $52 million;
• Free cash flow of $39 million, compared with $6 million; and
• Total backlog of $3.4 billion, compared with $3.0 billion.

"Overall, I am pleased with our ability to execute in what continues to be a challenging environment," said Tom Deitrich, Itron's president and chief executive officer. “While we are continuing to see improvement, business headwinds are likely to persist through the first half of the year."

Summary of First Quarter Consolidated Financial Results
(All comparisons made are against the prior year period unless otherwise noted)

Revenue
Total first quarter revenue decreased 13% to $520 million, or 16%, excluding the impact of changes in foreign currency exchange rates. The decrease was primarily due to the timing of customer projects, which continued to be impacted by COVID-19.

Device Solutions revenue decreased 15%, Networked Solutions revenue decreased 15% and Outcomes revenue increased 6%.

Gross Margin
Consolidated company gross margin of 32.2% increased 350 basis points from the prior year, primarily due to favorable product and solutions mix and operational efficiencies.

Operating Expenses and Operating Income
GAAP operating expenses of $136 million decreased $9 million from the prior year, and non-GAAP operating expenses of $128 million decreased $5 million from the prior year. The decreases were primarily due to continued discipline in discretionary spending.

GAAP operating income of $31 million was $5 million higher than the prior year due to lower operating expenses. Non-GAAP operating income of $39 million was in line with the prior year with lower revenue offset by a reduction in non-GAAP operating expenses.

Net Income and Earnings per Share
Net income attributable to Itron, Inc. for the quarter was $13 million, or $0.30 per diluted share, an increase from net income of $9 million, or $0.21 per diluted share in 2020. The increase was driven by higher GAAP operating income in the current period and a lower GAAP effective tax rate.

Non-GAAP net income, which excludes certain charges including amortization of intangible assets, amortization of debt placement fees, debt extinguishment, restructuring, loss on sale of business, corporate transition cost, acquisition and integration related expenses and the income tax effect of those adjustments, was $22 million, or $0.52 per diluted share, compared with $23 million, or $0.57 per diluted share, in 2020. The lower year-over-year results were due in part to a higher non-GAAP effective tax rate.

Cash Flow
Net cash provided by operating activities was $50 million in the first quarter compared with $19 million in the same quarter of 2020. Free cash flow was $39 million in the first quarter compared with $6 million in the prior year. The year over year improvement in cash flow was due in part to lower variable compensation payments in 2021.

Other Measures

Total backlog was $3.4 billion and 12-month backlog was $1.3 billion, compared with $3.0 billion and $1.3 billion, respectively, in the prior year. Bookings in the quarter totaled $688 million.

Impact of First Quarter Capital Markets Transactions

During the first quarter, Itron completed convertible note and equity offerings to accelerate de-levering and improve strategic and balance sheet flexibility. The completion of these transactions and use of proceeds resulted in changes to the average diluted shares outstanding and interest expense expected for the full year, which impact our non-GAAP EPS guidance range provided on February 24, 2021.

On February 24, 2021, Itron provided full year 2021 non-GAAP EPS guidance in a range of $2.15 to $2.55, with a midpoint of $2.35. That guidance assumed diluted weighted average shares outstanding of approximately 41 million and non-GAAP interest expense of approximately $36 million. Restating that guidance for the impact of the capital markets transactions results in an increase of Non-GAAP EPS expectations of approximately $0.15 per share. This assumes diluted weighted average shares outstanding of 44.7 million and non-GAAP interest expense of approximately $16 million. The resulting restated non-GAAP EPS range for 2021 is $2.30 to $2.70, with a midpoint of $2.50 per share.

A reconciliation of forward-looking non-GAAP diluted EPS to the GAAP diluted EPS has not been provided because we are unable to predict with reasonable certainty the potential amount or timing of restructuring and acquisition and integration related expenses and their related tax effects without unreasonable effort. These items are uncertain, depend on various factors and could have a material impact on GAAP results for the guidance period.

Earnings Conference Call

Itron will host a conference call to discuss the financial results and guidance contained in this release at 10 a.m. EDT on May 3, 2021. The call will be webcast in a listen-only mode. Webcast information and conference call materials will be made available 10 minutes before the start of the call and will be accessible on Itron’s website at http://investors.itron.com/events.cfm. A replay of the audio webcast will be made available at http://investors.itron.com/events.cfm. A telephone replay of the conference call will be available through May 8, 2021. To access the telephone replay, dial 888-203-1112 or 719-457-0820 and enter passcode 4211257.

About Itron

Itron^® enables utilities and cities to safely, securely and reliably deliver critical infrastructure services to communities in more than 100 countries. Our portfolio of smart networks, software, services, meters and sensors helps our customers better manage electricity, gas and water resources for the people they serve. By working with our customers to ensure their success, we help improve the quality of life, ensure the safety and promote the well-being of millions of people around the globe. Itron is dedicated to creating a more resourceful world. Join us: www.itron.com.

Itron® is a registered trademark of Itron, Inc. All third-party trademarks are property of their respective owners and any usage herein does not suggest or imply any relationship between Itron and the third party unless expressly stated.

Cautionary Note Regarding Forward Looking Statements

This release contains, and our officers and representatives may from time to time make, "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical factors nor assurances of future performance. These statements are based on our expectations about, among others, revenues, operations, financial performance, earnings, liquidity, earnings per share, cash flows and restructuring activities including headcount reductions and other cost savings initiatives. This document reflects our current strategy, plans and expectations and is based on information currently available as of the date of this release. When we use words such as "expect", "intend", "anticipate", "believe", "plan", "goal", "seek", "project", "estimate", "future", "strategy", "objective", "may", "likely", "should", "will", "will continue", and similar expressions, including related to future periods, they are intended to identify forward-looking statements. Forward-looking statements rely on a number of assumptions and estimates. Although we believe the estimates and assumptions upon which these forward-looking statements are based are reasonable, any of these estimates or assumptions could prove to be inaccurate and the forward-looking statements based on these estimates and assumptions could be incorrect. Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. Actual results and trends in the future may differ materially from those suggested or implied by the forward-looking statements depending on a variety of factors. Therefore, you should not rely on any of these forward-looking statements. Some of the factors that we believe could affect our results include our ability to execute on our restructuring plan, our ability to achieve estimated cost savings, the rate and timing of customer demand for our products, rescheduling of current customer orders, changes in estimated liabilities for product warranties, adverse impacts of litigation, changes in laws and regulations, our dependence on new product development and intellectual property, future acquisitions, changes in estimates for stock-based and bonus compensation, increasing volatility in foreign exchange rates, international business risks, uncertainties caused by adverse economic conditions, including, without limitation those resulting from extraordinary events or circumstances such as the COVID-19 pandemic and other factors that are more fully described in Part I, Item 1A: Risk Factors included in our 2020 Annual Report and other reports on file with the SEC. We undertake no obligation to update or revise any forward-looking statement, whether written or oral.

The impact caused by the ongoing COVID-19 pandemic includes uncertainty as to the duration, spread, severity, and any resurgence of the COVID-19 pandemic including other factors contributing to infection rates, such as reinfection or mutation of the virus, the effectiveness or widespread availability and application of vaccines, the duration and scope of related government orders and restrictions, impact on overall demand, impact on our customers’ businesses and workforce levels, disruptions of our business and operations, including the impact on our employees, limitations on, or closures of, our facilities, or the business and operations of our customers or suppliers. Our estimates and statements regarding the impact of COVID-19 are made in good faith to provide insight to our current and future operating and financial environment and any of these may materially change due to factors outside our control. For more information on risks associated with the COVID-19 pandemic, please see our risk in Part I, Item 1A: Risk Factors in our 2020 Annual Report.

Non-GAAP Financial Information

To supplement our consolidated financial statements, which are prepared in accordance with accounting principles generally accepted in the United States (GAAP), we use certain adjusted or non-GAAP financial measures, including non-GAAP operating expense, non-GAAP operating income, non-GAAP net income, non-GAAP diluted earnings per share (EPS), adjusted EBITDA, adjusted EBITDA margin, constant currency, and free cash flow. We provide these non-GAAP financial measures because we believe they provide greater transparency and represent supplemental information used by management in its financial and operational decision making. We exclude certain costs in our non-GAAP financial measures as we believe the net result is a measure of our core business. We believe these measures facilitate operating performance comparisons from period to period by eliminating potential differences caused by the existence and timing of certain expense items that would not otherwise be apparent on a GAAP basis. Non-GAAP performance measures should be considered in addition to, and not as a substitute for, results prepared in accordance with GAAP. We strongly encourage investors and shareholders to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. Our non-GAAP financial measures may be different from those reported by other companies.

About Non-GAAP Financial Measures

The accompanying press release contains non-GAAP financial measures. To supplement our consolidated financial statements, which are prepared in accordance with GAAP, we use certain non-GAAP financial measures, including non-GAAP operating expense, non-GAAP operating income, non-GAAP net income, non-GAAP diluted EPS, adjusted EBITDA, free cash flow, and constant currency. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP, and other companies may define such measures differently. For more information on these non-GAAP financial measures, please see the table captioned Reconciliations of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measures.

We use these non-GAAP financial measures for financial and operational decision making and/or as a means for determining executive compensation. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and ability to service debt by excluding certain expenses that may not be indicative of our recurring core operating results. These non-GAAP financial measures facilitate management's internal comparisons to our historical performance, as well as comparisons to our competitors' operating results. Our executive compensation plans exclude non-cash charges related to amortization of intangibles and certain discrete cash and non-cash charges, such as acquisition and integration related expenses, loss on sale of business, or restructuring charges. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting and analyzing future periods. We believe these non-GAAP financial measures are useful to investors because they provide greater transparency with respect to key metrics used by management in its financial and operational decision making and because they are used by our institutional investors and the analyst community to analyze the health of our business.

Non-GAAP operating expenses and non-GAAP operating income – We define non-GAAP operating expenses as operating expenses excluding certain expenses related to the amortization of intangible assets, restructuring, loss on sale of business, corporate transition cost, and acquisition and integration. We define non-GAAP operating income as operating income excluding the expenses related to the amortization of intangible assets, restructuring, loss on sale of business, corporate transition cost, and acquisition and integration. Acquisition and integration related expenses include costs, which are incurred to affect and integrate business combinations, such as professional fees, certain employee retention and salaries related to integration, severances, contract terminations, travel costs related to knowledge transfer, system conversion costs, and asset impairment charges. We consider these non-GAAP financial measures to be useful metrics for management and investors because they exclude the effect of expenses that are related to acquisitions and restructuring projects. By excluding these expenses, we believe that it is easier for management and investors to compare our financial results over multiple periods and analyze trends in our operations. For example, in certain periods, expenses related to amortization of intangible assets may decrease, which would improve GAAP operating margins, yet the improvement in GAAP operating margins due to this lower expense is not necessarily reflective of an improvement in our core business. There are some limitations related to the use of non-GAAP operating expenses and non-GAAP operating income versus operating expenses and operating income calculated in accordance with GAAP. We compensate for these limitations by providing specific information about the GAAP amounts excluded from non-GAAP operating expense and non-GAAP operating income and evaluating non-GAAP operating expense and non-GAAP operating income together with GAAP operating expense and operating income.

Non-GAAP net income and non-GAAP diluted EPS – We define non-GAAP net income as net income attributable to Itron, Inc. excluding the expenses associated with amortization of intangible assets, amortization of debt placement fees, debt extinguishment, restructuring, loss on sale of business, corporate transition cost, acquisition and integration, and the tax effect of excluding these expenses.

Itron, Inc.
Kenneth P. Gianella
Vice President, Investor Relations
(669) 770-4643

Rebecca Hussey
Manager, Investor Relations
(509) 891-3574

TAMPA, Fla.--(BUSINESS WIRE)--Overseas Shipholding Group, Inc. (NYSE: OSG) (the “Company” or “OSG”) announced today that it plans to release first quarter results before market opens on Friday, May 7, 2021.

The Company will host a conference call to discuss its first quarter 2021 results at 9:30 a.m. Eastern Time (“ET”) on Friday, May 7, 2021.

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

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

An audio replay of the conference call will be available starting at 11:30 a.m. ET on Friday, May 7, 2021 by dialing (877) 344-7529 for domestic callers and (412) 317-0088 for international callers and entering Access Code 10155061.

About Overseas Shipholding Group, Inc

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

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

Susan Allan, Overseas Shipholding Group, Inc.
(813) 209-0620
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Existing RFP expanded seeking APS-owned solar generation to serve growing customer base

PHOENIX--(BUSINESS WIRE)--Arizona Public Service Co. (APS), which serves one of the fastest growing service territories in the country, will soon serve customers with more solar power after expanding an existing all-source request for proposals (RFP). This addendum expands the project scope of an RFP issued in December 2020 that was broadly designed to serve APS’s growing customer base with clean, reliable and affordable energy. The addendum offers an additional opportunity to develop a solar generating resource on APS-owned land and helps advance the company’s clean energy commitment to achieve a carbon-free power mix by 2050.

APS will procure approximately 600-800 megawatts (MW) of renewable resources and about 400-600 MW of capacity resources through the original all-source RFP. These resources are expected to be in service in 2023 and 2024. The addendum seeks an additional 100- to 150-MW photovoltaic solar resource to be owned by APS and in service by early 2023. Proposals submitted in response to the all-source RFP and those submitted in response to the addendum will be managed and evaluated on separate tracks, within the time frames established in each of the solicitations.

The entire RFP process, applicable to both the original RFP and the addendum, is monitored and reviewed by a third-party independent monitor. APS is no longer accepting proposals for the original RFP. Important information regarding respondent registration and proposal requirements for the addendum can be found at www.aps.com/rfp.

APS serves nearly 1.3 million homes and businesses in 11 of Arizona’s 15 counties, and is a leader in delivering affordable, clean and reliable energy in the Southwest. The company is committed to serving customers with 100% clean power by 2050. As owner and operator of Palo Verde Generating Station, the nation’s largest producer of carbon-free electricity, and with one of the country’s most substantial renewable energy portfolios, APS’s current energy mix is 50% clean. With headquarters in Phoenix, APS is the principal subsidiary of Pinnacle West Capital Corp. (NYSE: PNW).

This press release contains forward-looking statements based on current expectations. These forward-looking statements are identified by words such as “estimates,” “expects” and similar words. Because actual results may differ materially from expectations, we caution you not to place undue reliance on these statements. A number of factors could cause future results to differ materially from outcomes currently expected or sought by us. A discussion of some of these risks and uncertainties is contained in our Annual Report on Form 10-K and is available on our website at pinnaclewest.com, which you should review carefully before placing any reliance on our forward-looking statements or disclosures. We assume no obligation to update any forward-looking statements, except as may be required by applicable law.

Media Contact:
Yessica del Rincón, (480) 209-8513
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Website:
aps.com/newsroom

IMR to provide HWCG’s Operating Members with deepwater source control responders to staff the Incident Management Team (IMT) with well integrity and subsea expertise

HOUSTON--(BUSINESS WIRE)--HWCG, a deepwater oil and gas emergency response consortium for the U.S. Gulf of Mexico, today announces it has executed a definitive agreement with Integrity Management & Response (IMR) that will provide its members with access to additional qualified and experienced deepwater source control responders as well as an integrated Emergency Operations Center (EOC) located at IMR’s facility in Houston, Texas.

The EOC is available to HWCG’s Operating Members 24-hrs per day and 7-days per week upon notice for any deepwater source control incident or exercise. Approximately half of IMR’s qualified responders are available within 1-hr for the Operating Member’s response. The remaining IMR responders are accessible within 24-hrs of the initial notice.

Craig T. Castille, Managing Director for HWCG, said: “HWCG is committed to providing a rapid response solution for well containment which minimizes any associated environmental and economic impacts to the Gulf of Mexico and its stake holders. This agreement enhances our Members response capability by providing access to a consistent team of qualified and experienced deepwater source control responders who are knowledgeable in well integrity, subsurface and subsea aspects of a response. The IMR responders together with the Responsible Party’s response staff and other Core Contractor responders are considered primary responders, however, HWCG will continue to rely on its Mutual Aid staff (qualified responders from Members who can be seconded to the Responsible Party) for additional support if needed during an incident. This is a major step in providing standardization and consistency to the source control response and will help sustain knowledge and foster continuous improvement into the future.”

Amir Paknejad, PhD, PE, Director for IMR, added: “Integrity Management & Response (IMR) is formed from the strategic partnership between J. Connor Consulting, Inc (JCC) and Deep Sea Development Services, Inc. (DSDS). IMR is uniquely positioned as the only company providing a combination of source control expertise as well as a 24/7 dedicated state-of-the-art source control Emergency Operations Center. This agreement with HWCG means IMR’s team of qualified responders, operating out of the IMR EOC, will support HWCG member companies with their planned exercises, Government Initiated Unannounced Exercises (GIUE) having a deepwater source control component and during an actual deepwater source control incident in the US Gulf of Mexico. IMR will use their existing and well-established response knowledge, SMEs, tools, and protocols coupled with HWCG’s information systems and response model which provides access to critical Source Control and Containment Equipment (SCCE) sanctioned by the membership.”

About IMR:

Providing a Complete Source Control Solution: IMR (Integrity Management and Response) is a collaborative response by two recognized industry leaders in their fields (J. Connor Consulting, Inc. [JCC] and Deep Sea Development Services Inc. [DSDS]) to provide their clients with access to an independent and experienced solution to their emerging needs for a Source Control Solution covering leak prevention, leak detection, and, when necessary, an accelerated response for leak containment.

Whether your needs are onshore, offshore, deepwater, or the shelf, IMR can ensure you are planning for prevention while being prepared to respond.

About HWCG:

In response to the Macondo oil spill and recognizing the need to be better prepared for a deepwater well control incident, HWCG LLC formed with the commitment to provide its Members with rapid access to robust and reliable subsea containment response resources for their U.S. Gulf of Mexico operations. HWCG is a not-for-profit consortium of deepwater oil and gas companies that maintains a comprehensive deepwater well containment response model that can be activated immediately in the event of a U.S. Gulf of Mexico subsea blowout. HWCG’s membership is currently comprised of 14 oil and gas companies who have access to the consortium’s well containment resources including its Mutual Aid to quickly and comprehensively mitigate the impacts associated with a subsea blowout.

Craig T. Castille
(713) 341-5000

Amir Paknejad
+1 (832) 247-4445

~Leading American Made Yacht Manufacturer~

~Strategically Secures and Strengthens Its Product Portfolio~

~Cruisers’ Recent Expansion Provides Additional Growth Capacity~

~Acquisition Expected To Be Accretive in First Full Year~

CLEARWATER, Fla.--(BUSINESS WIRE)--MarineMax, Inc. (NYSE: HZO), the world’s largest recreational boat and yacht retailer, today announced the acquisition of KCS International, Inc., better known as Cruisers Yachts, headquartered in Oconto, Wisconsin. Cruisers Yachts (Cruisers) is recognized as one of the world’s premier manufacturers of premium yachts, producing models from 33’ to 60’ feet. Cruisers, due to demand, recently announced the expansion of their production capacity by purchasing a 216,000 square foot, purpose-built boat manufacturing plant in Pulaski, WI. Such expansion allows Cruisers to more than double its capacity over time. MarineMax’s acquisition of Cruisers Yachts ensures it will always have a premium, American built yacht in its product portfolio. The Company expects the acquisition to be accretive in its first full twelve-month period.

With over 100 years of heritage, Cruisers has successfully navigated through various industry cycles and grown through innovation and product leadership. After launching the distinguished design and innovation of the Cantius yacht series in 2011, Cruisers’ growth and market share accelerated. The Company successfully navigated through the 2020 pandemic, producing revenue of over $75 million. Cruisers has an accomplished dealer network, including SkipperBud’s and Silver Seas Yachts, which were acquired by MarineMax in October 2020, plus five recently added MarineMax locations. Combined, MarineMax accounts for nearly half of Cruisers’ revenue on an annual basis.

W. Brett McGill, Chief Executive Officer and President of MarineMax stated, "The strategic acquisition of Cruisers Yachts benefits our customers by filling a meaningful void in our product portfolio which was created in 2018 by the loss of Sea Ray sport yacht and yacht models. The acquisition also aligns with our long-term strategy of expanding our gross margins by adding a higher margin business. Cruisers has a seasoned, passionate and successful team. Their industry knowledge and their recent expansion, combined with MarineMax’s resources, will enable Cruisers to accelerate its positioning in the market. We can continue to expand and grow with Cruisers’ model line-up in markets that are available. We are excited to have Mark Pedersen join our management team as he will continue to lead the operations of Cruisers’ more than 350 team members.”

Mark Pedersen, President of Cruisers Yachts stated, “We are very excited about becoming part of the MarineMax family and the great opportunities that lie ahead. Over the years we have recognized that certain customers prefer to only buy an American built yacht, and our brand compliments MarineMax’s other offerings. The MarineMax team has a proven track record of great success in our industry. With our loyal Cruisers owners and a strong dealer network, we will all greatly benefit from being a part of MarineMax.”

Prior to the acquisition, MarineMax’s financial capacity, consisting of cash and cash equivalents, along with available borrowings under its credit facilities, exceeded $400 million. The Company paid $63 million for Cruisers, including the recently acquired Pulaski, WI facility. The Company will provide additional details on the acquisition when it reports its June 2021 results.

About MarineMax
MarineMax is the world’s largest recreational boat and yacht retailer, selling new and used recreational boats, yachts and related marine products and services, as well as providing yacht brokerage and charter services. MarineMax has over 100 locations worldwide, including 77 retail dealership locations, including 30 marinas or storage operations. Through Fraser Yachts and Northrop and Johnson, it is also the largest super-yacht services provider, operating locations across the globe. MarineMax provides finance and insurance services through wholly owned subsidiaries and operates MarineMax Vacations in Tortola, British Virgin Islands. The Company also operates Boatyard, a pioneering digital platform that enhances the boating experience. MarineMax is a New York Stock Exchange-listed company (NYSE:HZO). For more information, please visit www.marinemax.com.

Forward Looking Statement
Certain statements in this press release are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include the belief that Cruisers will accelerate its improvement in market position, the acquisition being accretive, the Company’s long-term strategy to grow its cycle resilient higher margin businesses, the Company’s continued growth. These statements are based on current expectations, forecasts, risks, uncertainties and assumptions that may cause actual results to differ materially from expectations as of the date of this release. These risks, assumptions and uncertainties include the Company’s abilities to reduce inventory, manage expenses and accomplish its goals and strategies, the quality of the new product offerings from the Company’s manufacturing partners, the impacts (direct and indirect) of COVID-19 on the Company’s business, the Company’s employees, the Company’s manufacturing partners, and the overall economy, general economic conditions, as well as those within our industry, the level of consumer spending, the Company’s ability to integrate acquisitions into existing operations, the continued recovery of the industry, and numerous other factors identified in the Company’s Form 10-K for the fiscal year ended September 30, 2020 and other filings with the Securities and Exchange Commission. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Michael H. McLamb
Chief Financial Officer
727-531-1700

Media:
Abbey Heimensen
MarineMax, Inc.

Investors:
Brad Cohen or Dawn Francfort
ICR, LLC
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NEW YORK--(BUSINESS WIRE)--Hess Corporation (NYSE: HES) announced today that it has completed the previously announced sale of its Little Knife and Murphy Creek acreage interests in the Bakken in North Dakota to Enerplus Corporation for a total consideration of $312 million, effective March 1, 2021.

“The Bakken is a core asset in our company’s portfolio,” CEO John Hess said. “Sale of the Little Knife and Murphy Creek acreage – the majority of which we were not planning to drill before 2026 – brings material value forward and further strengthens our cash and liquidity position.”

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

Cautionary Statements

This news 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. These forward-looking statements may include, without limitation, the expected timing and completion of the proposed sale and use of proceeds. 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 our contractual counterparties to satisfy their obligations to us, the ability to satisfy the conditions to the proposed sale; contract and other laws, regulations and governmental actions applicable to our business; and other factors described in the Risk Factor section 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.

Investor Contact:
Jay Wilson
(212) 536-8940
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Media Contact:
Lorrie Hecker
(212) 536-8250
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• Enters into Cooperation Agreement with the Robotti Group

HOUSTON--(BUSINESS WIRE)--Tidewater Inc. (NYSE: TDW) (“Tidewater” or the “Company”), a leading owner and operator of offshore support vessels providing offshore energy transportation services worldwide, today announced that it has entered into a Cooperation Agreement with Robert E. Robotti and his affiliated and controlled entities (the “Robotti Group”). Pursuant to the Cooperation Agreement, the Company has agreed to nominate Mr. Robotti to its Board of Directors (the “Board”) for election at the 2021 Annual Meeting, and the Robotti Group has agreed to vote in favor of the Company’s nominees and proposals at the 2021 Annual Meeting, as well as to abide by certain customary standstill provisions. With the addition of Mr. Robotti, the Tidewater Board of Directors will increase from seven to eight directors.

“We are pleased to welcome Bob to the Tidewater Board of Directors,” said Quintin Kneen, President, CEO and director of Tidewater. “Our Company has been positively transformed over the past couple of years with strong new leadership at both the board and management levels, streamlined cost structure, improved operational efficiency and a strengthened balance sheet – which all position Tidewater well to address both the ongoing challenges and emerging opportunities in the OSV industry. We look forward to the contributions Bob can make to our future success and value creation.”

Mr. Robotti stated, “I have been a large and long-term investor in Tidewater because I believe in the potential of the Company, its assets and its current leadership team. I would like to thank the Board for its constructive approach to our discussions, and I am excited about the future for Tidewater and bringing value to its shareholders.”

The Robotti Group will not be submitting a Proxy Card for tabulation at the 2021 Annual Meeting of Shareholders and will be voting for the Company’s full slate of nominees.

The complete agreement will be filed by the Company with the U.S. Securities and Exchange Commission (the “SEC”) as an exhibit to the Current Report on Form 8-K.

About Robert E. Robotti

Mr. Robotti has been the president of Robotti & Company Advisors, LLC (a registered investment advisor) and Robotti Securities, LLC, formerly known as Robotti & Company, LLC (a registered broker-dealer), and their predecessors, since 1983. Robotti & Company Advisors’ investment approach is guided by the classic tenets of value investing. Robotti & Company Advisors believes that the market price of a security does not necessarily indicate its true economic value. Robotti & Company Advisors’ analysts identify and research companies with solid balance sheets, the ability to generate significant amounts of free cash flow and yet are misunderstood, neglected or just out-of-favor with Wall Street. Robotti & Company Advisors has followed this investment philosophy since its inception over 35 years ago in order to meet its goal of providing risk adjusted returns greater than the general market. Robotti & Company Advisors LLC frequently is a constructive and actively engaged owner with many of its portfolio companies.

Mr. Robotti has been the Managing Director (and previously, managing member) of Ravenswood Management Company, LLC (and its predecessor) since 1980, which serves as the general partner of The Ravenswood Investment Company, L.P. and Ravenswood Investments III, L.P. Mr. Robotti served as a portfolio manager of Robotti Global Fund, LLC, a global equity fund, from 2007 to March 2015. He currently serves as a director and Chairman of the Board of Pulse Seismic Inc. (PSD-TSX), a seismic data licensing business, and has held these positions for more than the past five years. Mr. Robotti has served as a director on the board of directors of AMREP Corporation (AXR-NYSE) since September 2016 and on the Board of PrairieSky (PSK-TSX) since October 2019. Mr. Robotti was a director of PHX Minerals Inc. (PHX-NYSE), formerly known as Panhandle Oil & Gas Inc. and Panhandle Royalty Company, from 2004 to May 2020 and was a director of BMC Building Materials Holding Corporation from 2012 to December 2015. Mr. Robotti was a member of the SEC’s Advisory Committee of Smaller Public Companies from 2005 to 2006 and served on its corporate governance subcommittee. He has an MBA in Accounting and was a certified public accountant earlier in his career, which license is currently inactive.

About Tidewater

Tidewater owns and operates the largest fleets of offshore support vessels in the industry, with over 65 years of experience supporting offshore energy exploration and production activities worldwide. To learn more, visit www.tdw.com.

Forward-Looking Statements

In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Tidewater notes that certain statements set forth in this press release contain certain forward-looking statements which reflect our current view with respect to future events and future financial performance. Forward-looking statements are all statements other than statements of historical fact. All such forward-looking statements are subject to risks and uncertainties, many of which are beyond the control of the Company, and our future results of operations could differ materially from our historical results or current expectations reflected by such forward-looking statements. Investors should carefully consider the risk factors described in detail in the Company’s most recent Form 10-K, most recent Form 10-Q, and in similar sections of other filings made by the Company with the SEC from time to time. The Company’s filings can be obtained free of charge on the SEC’s website at www.sec.gov. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this press release to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any statement is based. Forward-looking statements and written and oral forward-looking statements attributable to the Company or its representatives after the date of this release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports filed by the Company with the SEC.

Important Additional Information

Tidewater Inc., its directors, nominees and certain of its executive officers are deemed to be participants in the solicitation of proxies from Tidewater’s stockholders in connection with the matters to be considered at Tidewater’s 2021 Annual Meeting of Stockholders. Information regarding the names of Tidewater’s current directors and executive officers and their respective interests in Tidewater by security holdings or otherwise can be found in Tidewater’s proxy statement for its 2020 Annual Meeting of Stockholders, filed with the SEC on June 18, 2020, and in other filings with the SEC. Information regarding Robert E. Robotti and his interests in Tidewater by security holdings or otherwise can be found in the amended Schedule 13D filed with the SEC on March 12, 2021. To the extent our current directors’ and executive officers’ holdings of Tidewater’s securities have changed since the amounts set forth in Tidewater’s proxy statement for the 2020 Annual Meeting of Stockholders, such changes have been reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC. These documents will be available free of charge at the SEC’s website at www.sec.gov.

Tidewater intends to file a proxy statement and accompanying BLUE proxy card with the SEC in connection with the solicitation of proxies from Tidewater stockholders in connection with the matters to be considered at Tidewater’s 2021 Annual Meeting of Stockholders. Additional information regarding the identity of participants, and their direct or indirect interests, by security holdings or otherwise, will be set forth in Tidewater’s proxy statement for its 2021 Annual Meeting, including the schedules and appendices thereto. INVESTORS AND STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ ANY SUCH PROXY STATEMENT AND THE ACCOMPANYING BLUE PROXY CARD AND ANY AMENDMENTS AND SUPPLEMENTS THERETO AS WELL AS ANY OTHER DOCUMENTS FILED BY TIDEWATER WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION.

Stockholders will be able to obtain copies of the proxy statement, any amendments or supplements to the proxy statement, the accompanying BLUE proxy card, and other documents filed by Tidewater with the SEC for no charge at the SEC’s website at www.sec.gov. Copies will also be available at no charge at the Investor Relations section of Tidewater’s corporate website at www.tdw.com or by contacting Tidewater’s Corporate Secretary at Tidewater, Inc., 6002 Rogerdale Road, Suite 600, Houston, Texas 77072, or by calling Tidewater’s Corporate Secretary at (713) 470-5310.

For Tidewater:
Investors:
Jason Stanley
Vice President ESG & Investor Relations
+1.713.470.5292
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Media:
Sloane & Company
Dan Zacchei / Joe Germani
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For Robotti & Company:
Profile
Greg Marose / Bela Kirpalani
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HOUSTON--(BUSINESS WIRE)--PACIFIC COAST OIL TRUST (OTC Pink: ROYTL) (the “Trust”), a royalty trust formed by Pacific Coast Energy Company LP (“PCEC”), announced today that there will be no cash distribution to the holders of its units of beneficial interest of record on April 30, 2021 based on the Trust’s calculation of net profits generated during February 2021 (the “Current Month”) as provided in the conveyance of net profits interests and overriding royalty interest (the “Conveyance”). If the Trust continues to receive insufficient monthly income from its net profits interests and overriding royalty interest, the Trust is expected to terminate by its terms by the end of 2021. As described further below, based on information from PCEC, the likelihood of distributions to the unitholders in the foreseeable future is extremely remote. The Trust may also be terminated upon the occurrence of other events as described in the Trust’s filings with the SEC. All financial and operational information in this press release has been provided to the Trustee by PCEC.

The Current Month’s distribution calculation for the Developed Properties resulted in an operating deficit of approximately $6,000. Revenues from the Developed Properties were approximately $2.04 million, lease operating expenses including property taxes were approximately $1.77 million, and development costs were approximately $279,000. The average realized price for the Developed Properties was $58.51 per Boe for the Current Month, as compared to $51.00 per Boe in January 2021. Oil prices have continued to rise in recent months, following the sharp decline in the first quarter of 2020, and were higher in the Current Month as compared to February 2020. The cumulative net profits deficit amount for the Developed Properties remained steady at approximately $25.2 million in the Current Month

The Current Month’s calculation included approximately $55,000 generated from the 7.5% overriding royalty interest on the Remaining Properties from Orcutt Diatomite and Orcutt Field. Average realized prices for the Remaining Properties were $56.39 per Boe in the Current Month, as compared to $49.03 per Boe in January 2021. The cumulative net profits deficit for the Remaining Properties decreased by approximately $89,000 and was approximately $2.6 million for the Current Month.

The monthly operating and services fee of approximately $95,000 payable to PCEC and Trust general and administrative expenses of approximately $70,000 together exceeded the payment of approximately $55,000 received from PCEC from the 7.5% overriding royalty interest on the Remaining Properties, creating a shortfall of approximately $109,000.

PCEC has provided the Trust with a $1 million letter of credit to be used by the Trust if its cash on hand (including available cash reserves) is not sufficient to pay ordinary course administrative expenses as they become due. As of March 31, 2021, the letter of credit has been fully drawn down. Further, the trust agreement provides that if the Trust requires more than the $1 million under the letter of credit to pay administrative expenses, PCEC will, upon written request of the Trustee, loan funds to the Trust in such amount as necessary to pay such expenses. Under the trust agreement, the Trust may only use funds provided under the letter of credit or loaned by PCEC or another source to pay the Trust’s current accounts or other obligations to trade creditors in connection with obtaining goods or services or for the payment of other accrued current liabilities arising in the ordinary course of the Trust’s business. In addition to the $1 million letter of credit that the Trust received from PCEC and that has been drawn down, the Trust will be borrowing funds from PCEC to pay the expected shortfall of approximately $109,000, bringing the total amount of outstanding borrowings (not including the amount drawn on the letter of credit) from PCEC to approximately $389,000, including interest thereon, related to shortfalls from prior months. Consequently, no further distributions may be made to Trust unitholders until the Trust’s indebtedness created by such amounts drawn or borrowed, including interest thereon, has been paid in full. The Trust also owes PCEC approximately $667,000 in unpaid monthly operating and services fees, which also must be paid to PCEC before any distributions can be made to Trust unitholders.

Sales Volumes and Prices

The following table displays PCEC’s underlying sales volumes and average prices for the Current Month:

Update on Estimated Asset Retirement Obligations

As previously disclosed, in November 2019, PCEC informed the Trustee that, as permitted by the Conveyance, PCEC intended to begin deducting its estimated asset retirement obligations (“ARO”) associated with the West Pico, Orcutt Hill, Orcutt Hill Diatomite, East Coyote and Sawtelle fields, thereby reducing the amounts payable to the Trust under its Net Profits Interests. ARO is the accounting recognition related to plugging and abandonment obligations that all oil and gas operators face. PCEC engaged an accounting firm, Moss Adams LLP (“Moss Adams”), acting as third-party consultants, to assist PCEC in determining its estimated ARO, and on February 27, 2020, PCEC informed the Trustee that based on the analysis performed by Moss Adams, PCEC’s estimated ARO, as of December 31, 2019, is $45,695,643, which is approximately $10.0 million less than the amount that was originally estimated before Moss Adams completed its analysis, as previously disclosed in the Trust’s Current Report on Form 8‑K filed on November 13, 2019. According to PCEC and its third-party consultants, its estimated ARO, which reflects PCEC’s assessment of current market conditions as of December 31, 2019 and changes in California law, was determined to be approximately $33.2 million for the Developed Properties and approximately $12.5 million for the Remaining Properties, or approximately $26.5 million and approximately $3.1 million net to the Trust, respectively, and PCEC has reflected these amounts beginning with the calculation of the net profits generated during January 2020. The accrual has resulted in a current cumulative net profits deficit of approximately $28.4 million, which must be recouped from proceeds otherwise payable to the Trust from the Trust’s Net Profits Interests. Therefore, until the net profits deficit is eliminated, the only cash proceeds the Trust will receive are pursuant to the 7.5% overriding royalty interest.

PCEC has informed the Trustee that in accordance with generally accepted accounting principles, PCEC will evaluate the ARO on a quarterly basis. As a result of that re-evaluation, the actual ARO incurred in the future may be greater or less than the estimated amounts provided by PCEC.

Based on PCEC’s estimate of its ARO attributable to the Net Profits Interest, deductions relating to estimated ARO are likely to eliminate the likelihood of any distributions to Trust unitholders for the foreseeable future, as previously disclosed in the Trust’s Current Report on Form 8-K filed on November 13, 2019.

As previously disclosed, the Trust engaged Martindale Consultants, Inc. (“Martindale”), a provider of analysis and compliance review services to the oil and gas industry, to perform an independent review of the estimated ARO in the Moss Adams report that PCEC provided to the Trustee. The Trustee also has engaged an accounting expert to advise the Trustee regarding the accruals that PCEC has booked relating to its estimated ARO. As disclosed in the Trust’s Current Report on Form 8-K filed on December 29, 2020, Martindale has completed its review of the estimated ARO and on December 21, 2020 provided its analysis and recommendations to the Trustee. Based on Martindale’s recommendations provided in its report to the Trust, as disclosed in the Trust’s Current Report on Form 8-K filed on December 29, 2020, the Trustee requested that PCEC promptly make several adjustments to its calculations and methods of deducting ARO from the proceeds to which the Trust is otherwise entitled pursuant to its Net Profits Interests. PCEC has responded to the Trustee, claiming that the adjustments would violate applicable contracts and accounting standards, and has therefore declined to make any adjustments to the estimated ARO calculation based on those requests and the recommendations of the Martindale report. The Trustee has concluded that it has taken all action reasonably available to it under the Trust’s governing documents in connection with PCEC’s ARO calculation and therefore has determined not to take further action at this time.

As described in more detail in the Trust’s filings with the SEC, the Trust will terminate if the annual cash proceeds received by the Trust from the Net Profits Interests and 7.5% overriding royalty interest total less than $2.0 million for each of any two consecutive years. PCEC is deducting estimated ARO, thereby reducing the amounts payable to the Trust. Unless significant market changes were to occur, no payments will be made by PCEC to the Trust for the foreseeable future, which would result in the total proceeds received by the Trust to total less than $2.0 million in each of 2020 and 2021.

Production Update

PCEC has informed the Trustee that production continues to lag compared to historical periods, while PCEC strategically deploys capital to enhance production. Costs associated with returning wells to service must be recovered before cash flow to the Trust can be created. PCEC has informed the Trustee that unless a substantial number of wells return to production, or oil prices improve significantly or both, any monthly payments that PCEC may make to the Trust may not be sufficient to cover the Trust’s administrative expenses, and therefore the likelihood of distributions to the unitholders in the foreseeable future is extremely remote.

Overview of Trust Structure

Pacific Coast Oil Trust is a Delaware statutory trust formed by PCEC to own interests in certain oil and gas properties in the Santa Maria Basin and the Los Angeles Basin in California (the “Underlying Properties”). The Underlying Properties and the Trust’s net profits, and royalty interests are described in the Trust’s filings with the SEC. As described in the Trust’s filings with the SEC, the amount of any periodic distributions is expected to fluctuate, depending on the proceeds received by the Trust as a result of actual production volumes, oil and gas prices, development expenses, and the amount and timing of the Trust’s administrative expenses, among other factors. For additional information on the Trust, please visit https://royt.q4web.com/home/default.aspx.

Cautionary Statement Regarding Forward-Looking Information

This press release contains statements that are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical facts, are "forward-looking statements" for purposes of these provisions. These forward-looking statements include estimates of future asset retirement obligations, expectations regarding the impact of deductions for such obligations on future distributions to unitholders, estimates of future total distributions to unitholders in 2021, expectations regarding the impact of lower commodity prices on oil and gas reserve estimates, statements regarding the impact of returning shut-in wells to production, expectations regarding PCEC’s ability to loan funds to the Trust, and the amount and date of any anticipated distribution to unitholders. In any case, PCEC’s deductions of its estimated asset retirement obligations will have a material adverse effect on distributions to the unitholders and on the trading price of the Trust units and may result in the termination of the Trust. Any anticipated distribution is based, in part, on the amount of cash received or expected to be received by the Trust from PCEC with respect to the relevant period. Any differences in actual cash receipts by the Trust could affect this distributable amount. The amount of such cash received or expected to be received by the Trust (and its ability to pay distributions) has been and will be significantly and negatively affected by prevailing low commodity prices, which declined significantly during 2020, could decline again and could remain low for an extended period of time in light of the economic effects of the COVID-19 pandemic and actions taken by Russia and the members of the Organization of Petroleum Exporting Countries regarding production levels. Other important factors that could cause actual results to differ materially include expenses related to the operation of the Underlying Properties, including lease operating expenses, expenses of the Trust, and reserves for anticipated future expenses. Statements made in this press release are qualified by the cautionary statements made in this press release. Neither PCEC nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release. An investment in units issued by Pacific Coast Oil Trust is subject to the risks described in the Trust's Annual Report on Form 10-K for the year ended December 31, 2018 filed with the SEC on March 8, 2019, and if applicable, the Trust’s subsequent Quarterly Reports on Form 10-Q. The Trust's Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q are available over the Internet at the SEC's website at http://www.sec.gov.

Pacific Coast Oil Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Sarah Newell
1(512) 236-6555

VERNAL, Utah--(BUSINESS WIRE)--Superior Drilling Products, Inc. (NYSE American: SDPI) (“SDP” or “Company”), an innovator and manufacturer of drilling tool technologies, today announced that it will release its first quarter 2021 financial results before the opening of financial markets on Wednesday, May 12, 2021.

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

First Quarter 2021 Conference Call

Wednesday, May 12, 2021
10:00 a.m. Mountain Time (12:00 p.m. Eastern Time)
Phone: (201) 689-8470
Internet Webcast and accompanying slide presentation: www.sdpi.com

A telephonic replay will be available from 1:00 p.m. MT (3:00 p.m. ET) the day of the teleconference until Wednesday, May 19, 2021. To listen to the archived call, dial (412) 317-6671 and enter conference ID number 13718357, or access the webcast replay via the Company’s website at www.sdpi.com, where a transcript will be posted once available.

About Superior Drilling Products, Inc.

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

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

For more information, contact investor relations:
Deborah K. Pawlowski
Kei Advisors LLC
(716) 843-3908
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Latest clean energy proposal advances MGE’s goal of deep carbon reductions.

MADISON, Wis.--(BUSINESS WIRE)--Madison Gas and Electric (MGE), in partnership with We Energies and Wisconsin Public Service (WPS), subsidiaries of WEC Energy Group, is seeking approval from the Public Service Commission of Wisconsin (PSCW) to purchase the Koshkonong Solar Energy Center. If approved, MGE will own 30 megawatts (MW) of solar energy and 16.5 MW of battery storage from the facility located in the Towns of Christiana and Deerfield in Dane County.

"We are transforming our grid for the future in a number of different ways, one of which is growing our use of cost-effective, renewable generation to decarbonize our energy supply. The Koshkonong Solar Energy Center and other recently announced renewable projects will help us manage long-term costs to customers," explained Jeff Keebler, MGE Chairman, President and CEO. "There is no fuel cost with solar and wind energy, and battery storage will help us manage costs and maintain our top-ranked electric reliability as we transition to greater use of renewables."

MGE announced earlier this year plans to purchase the following:

• Paris Solar-Battery Park. MGE's ownership share would be 20 MW of solar energy and 11 MW of battery storage.
• Darien Solar Energy Center. MGE's ownership share would be 25 MW of solar energy and 7.5 MW of battery storage.
• Red Barn Wind Farm. MGE's ownership share would be 9.1 MW.

Together, these projects are expected to help power more than 26,000 MGE households by the end of 2023.

Ongoing clean energy transition

MGE is on track to achieve carbon reductions of at least 65% by 2030. The addition of these four recently announced clean energy projects will help MGE to meet future energy and capacity needs cost-effectively as the company continues its ongoing transition away from coal-fired electricity with the planned retirement of the Columbia Energy Center in Portage by the end of 2024. These projects, if approved, are part of more than 350 MW of new renewable generation capacity announced since MGE introduced its Energy 2030 framework for a more sustainable future in November 2015.

Koshkonong Solar Energy Center

If approved, the Koshkonong Solar Energy Center will be developed and constructed by Invenergy LLC. The approximately 4,600-acre project will include a 300-MW solar array and a 165-MW battery storage system near Cambridge in Dane County. It is expected to feature up to 730,000 solar panels. We Energies and WPS will own the remaining 270 MW of the output and 148.5 MW of battery storage from the project.

Construction is expected to begin in 2022 and the project is expected to begin serving customers by the end of 2024. MGE's share of the Koshkonong Solar Energy Center will power about 9,000 households.

MGE's net‐zero carbon electricity goal

In May 2019, MGE announced its goal of net-zero carbon electricity by 2050, making it one of the first utilities in the nation to commit to net-zero carbon by mid-century. MGE's net-zero goal is consistent with the latest climate science from the Intergovernmental Panel on Climate Change (IPCC) October 2018 Special Report on limiting global warming to 1.5 degrees Celsius.

To achieve deep decarbonization, MGE is growing its use of renewable energy, engaging customers around energy efficiency and working to electrify transportation, all of which are key strategies identified by the IPCC.

About MGE

MGE generates and distributes electricity to 157,000 customers in Dane County, Wis., and purchases and distributes natural gas to 166,000 customers in seven south-central and western Wisconsin counties. MGE's parent company is MGE Energy, Inc. The company's roots in the Madison area date back more than 150 years.

Steve Schultz
Corporate Communications Manager
608-252-7219 | This email address is being protected from spambots. You need JavaScript enabled to view it.

Shift reflects an evolving investment universe that has fundamentally changed over the past decade+ with increasing relevance of areas like alternative energy

NEW YORK--(BUSINESS WIRE)--VanEck today announced a new name for its VanEck Global Hard Assets Fund, which going forward will be known as the VanEck Global Resources Fund.

The fund’s ticker symbols, which include GHAAX for Class A shares and GHAIX for Class I shares, will remain the same. The version of this strategy made available in an insurance fund, the VanEck VIP Global Hard Assets Fund, will also see its name change accordingly.

"In the truest sense of the term, ‘hard assets’ accurately described the investment landscape at the time of the Strategy’s launch in 1994 and the environment that remained in place for roughly two decades thereafter. This often featured expensive, large scale projects with production-based business objectives,” said Shawn Reynolds, Portfolio Manager, VanEck. “However, we feel the term ‘resources’ reflects the key forward-looking themes that have developed more recently, including the acceleration of technological development that emphasizes process over production and the transformative application that many resource sectors will have as vital inputs to future growth in the global economy.”

The Funds’ management team, investment objective and stock selection process remain unchanged. However, the investable universe, and the opportunities within, continue to evolve in conjunction with the developing uses of natural resources more broadly. As an example, traditional energy companies (i.e., oil and gas producers) , which made up approximately 70% of the portfolio a decade ago, represented less than a quarter of the portfolio’s exposure at the end of 2020. Renewable and alternative energy and other associated industries, which had been minimal exposures 10 years ago, accounted for around a quarter of the portfolio’s exposure at yearend.

“Traditionally, commodities still underpin global GDP growth, but we find some of the more compelling opportunities to arise from the emerging technologies and the new, innovative applications of ‘resources,’ including those at the forefront of today’s sustainability imperatives,” said Mr. Reynolds.

More information on VanEck’s Global Resources strategy can be found here.

About VanEck

VanEck has a history of looking beyond the financial markets to identify trends that are likely to create impactful investment opportunities. We were one of the first U.S. asset managers to offer investors access to international markets. This set the tone for the firm’s drive to identify asset classes and trends – including gold investing in 1968, emerging markets in 1993, and exchange traded funds in 2006 – that subsequently shaped the investment management industry.

Today, VanEck offers active and passive strategies with compelling exposures supported by well-designed investment processes. As of March 31, 2021, VanEck managed approximately $71.2 billion in assets, including mutual funds, ETFs and institutional accounts. The firm’s capabilities range from core investment opportunities to more specialized exposures to enhance portfolio diversification. Our actively managed strategies are fueled by in-depth, bottom-up research and security selection from portfolio managers with direct experience in the sectors and regions in which they invest. Investability, liquidity, diversity, and transparency are key to the experienced decision-making around market and index selection underlying VanEck’s passive strategies.

Since our founding in 1955, putting our clients’ interests first, in all market environments, has been at the heart of the firm’s mission.

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Please note that VanEck may offer investments products that invest in the asset class(es) or industries mentioned herein.

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You can lose money by investing in the Fund. Any investment in the Fund should be part of an overall investment program, not a complete program. The Fund is subject to risks associated with concentrating its investments in Canadian issuers, commodities and commodity-linked derivatives, commodities and commodity-linked derivatives tax, derivatives, direct investments, emerging market securities, foreign currency transactions, foreign securities, global resources sector, other investment companies, management, market, operational, small- and medium-capitalization companies and special purpose acquisition companies.. The Fund’s investments in foreign securities involve risks related to adverse political and economic developments unique to a country or a region, currency fluctuations or controls, and the possibility of arbitrary action by foreign governments, including the takeover of property without adequate compensation or imposition of prohibitive taxation.

Investing involves risk, including possible loss of principal. Please call 800.826.2333 or visit vaneck.com for a free prospectus and summary prospectus. An investor should consider the investment objective, risks, and charges and expenses of the investment company carefully before investing. The prospectus and summary prospectus contain this and other information about the investment company. Please read the prospectus and summary prospectus carefully before investing.

Van Eck Securities Corporation, Distributor, 666 Third Avenue, New York, NY 10017

Chris Sullivan/Julia Stoll
MacMillan Communications
212.473.4442
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NEW YORK--(BUSINESS WIRE)--Piedmont Lithium Limited (ASX: PLL; NASDAQ: PLL) (“Piedmont” or “Company”) is pleased to present its March 2021 quarterly report.

Highlights during and subsequent to the quarter were:

• Appointed Mr. David Klanecky as Executive Vice President and Chief Operating Officer of the Company. Mr. Klanecky most recently served as Albemarle Corporation’s Vice President – Lithium Operations – APAC/EU, with responsibility for hard rock lithium mining and chemical processing activities;
• Expanded the Company’s senior management team through the addition of Ms. Malissa Gordon – Community and Government Relations, Mr. Jim Nottingham – Senior Project Manager Concentrate Operations, Mr. Pratt Ray – Production Manager – Chemical Operations, Mr. Brian Risinger – Vice President Corporate Communications, and Mr. Bruce Czachor – Vice President and General Counsel;
• Appointed experienced mining company executive, Mr. Todd Hannigan, as Non-Executive Director of the Company;
• Completed a U.S. public offering of 1.75 million of its American Depositary Shares (“ADSs”), with each ADS representing 100 of its ordinary shares, at an issue price of US$70.00 per ADS, to raise gross proceeds of US$122.5 million (A$159.1 million). J.P. Morgan, Evercore ISI and Canaccord Genuity acted as joint book-runners for the public offering.
• Increased the Company’s total Mineral Resources for its flagship Piedmont Lithium Carolinas operations in the United States by 40% to 39.2 million tonnes at a grade of 1.09% Li₂O, with 55% of the Mineral Resource classified in the Indicated category;
• Commenced a Definitive Feasibility Study (“DFS”) for the Company’s integrated North Carolina lithium hydroxide operations, incorporating our mine and concentrate operations that will produce spodumene concentrate and our proposed lithium hydroxide chemical plant in Kings Mountain, North Carolina, that will convert spodumene concentrate into battery-grade lithium hydroxide;
• Entered into agreements to acquire a 19.9% interest in Sayona Mining Limited (“Sayona”) through shares and convertible notes. Piedmont will also purchase a 25.0% stake in Sayona’s 100% owned Quebec subsidiary, Sayona Quebec Inc (“Sayona Quebec”). Sayona Quebec owns the Authier lithium project, the highly prospective Tansim lithium project, and is pursuing a bid to acquire Quebec-based North American Lithium’s assets out of bankruptcy;
• Piedmont and Sayona Quebec have also entered into a binding spodumene concentratesupply agreement pursuant to which Sayona Quebec will supply to Piedmont the greater of 60,000 t/y or 50% of Sayona Quebec’s spodumene concentrate production at market prices on a life-of-mine basis; and
• Shareholders approved the Company’s proposed re-domicile from Australia to the United States via a Scheme of Arrangement on April 29, 2021. The Company’s primary listing will now move from the Australian Securities Exchange (“ASX”) to the Nasdaq Capital Market (“Nasdaq”). Piedmont will retain an ASX listing via Chess Depositary Interests (“CDIs”).

   

Keith D. Phillips, President and CEO of Piedmont, commented:

“This was an eventful quarter, as we positioned Piedmont to be the United States’ first greenfield lithium project in over 50 years. We announced a meaningful increase to our mineral resources, launched an integrated definitive feasibility study, and raised $122 million through a highly successful US equity placement. We made a strategic investment in Sayona Mining, establishing Piedmont as a multi-asset company with a footprint in the important lithium hub of Quebec, Canada, and we progressed the redomiciling of Piedmont to the United States, aligning the corporate entity with our US assets and management team. Most importantly, we enhanced our management team substantially with the addition of David Klanecky as Chief Operating Officer along with several other notable appointments. Piedmont is at the nexus two important megatrends – the electrification / decarbonization of the economy, and the regionalization of supply chains. We are advancing our business with the right assets, in the right location, with the right people, all at the right time.”

To view the full ASX Announcement, please click here.

Keith Phillips
President & CEO
T: +1 973 809 0505
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Brian Risinger
Vice President – Corporate Communications
T: +1 704 910 9688
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MERGE combines decades of sought-after electrification expertise with the energy finance capabilities of PEP to deliver electrification solutions for vehicle fleets

HOUSTON--(BUSINESS WIRE)--Pickering Energy Partners (PEP), a Houston-based energy financial services firm, formally announces the launch of MERGE Electric Fleet Solutions (MERGE), a new operating company that will provide fleet operators with comprehensive solutions to make fleet electrification simple, affordable, and scalable. MERGE combines the electric vehicle domain expertise from a seasoned management team with the energy and financial expertise of PEP.

MERGE is led by CEO Glen Stancil, who brings 20 years of power industry experience including 10 years of leadership in vehicle electrification. During those 10 years, Glen co-founded EVgo and founded eMotive Solutions—under his leadership these two companies delivered critical elements of development, deployment, and operations for over 1,500 charging sites across 40 states, representing $300MM in successfully deployed EV infrastructure. Prior to beginning vehicle electrification work in 2010, Mr. Stancil held strategic, advisory, and operational roles in the energy industry at NRG Energy, Reliant Energy, and McKinsey & Co.

“MERGE is aimed at the large and growing opportunity in fleet electrification – an opportunity recently created by the convergence of fleet-capable vehicle availability, corporate ESG pressures, and regulatory tailwinds,” said Glen Stancil, CEO of MERGE. “Electrification of business fleets presents a strong and sustainable business case with an attractive bottom line. MERGE is well-positioned to deliver the critical services that help fleet operators capture that opportunity.”

The leadership team also includes Malcolm McVay (VP Operations), David Eckels (VP Products), and Jason Buckland (VP Business Development), who bring over 30 years of combined experience in EV charging infrastructure and 20 years in energy and sustainability. “I am privileged to have Malcolm, David, and Jason joining MERGE as co-founders,” said Stancil. “Their decades of experience and proven track record in the electric vehicle space will help establish MERGE as a key partner to fleets seeking thoughtful guidance and compelling electrification solutions.”

MERGE’s principals have successfully executed large-scale EV charging infrastructure deployments on behalf of the government, automakers, public charging networks, and fleets. By combining the team’s expertise in vehicle electrification with comprehensive financing solutions, MERGE will deliver the economic, environmental, and experiential benefits of electric vehicles to fleet operators of all sizes.

“MERGE will provide sought-after partner support and financing that previously hasn’t been available for fleet operators across industries,” said Dan Pickering, Chief Investment Officer of Pickering Energy Partners. “At Pickering Energy Partners, we help our clients position for the future, and we’re looking forward to bringing the MERGE team’s expertise to our clients in the energy sector and beyond. Focusing on fleet vehicles and leveraging a best-in-class team of infrastructure experts will place our clients at the forefront of innovation and the energy transition.”

The new EV capability announcement comes on the heels of the formal launch of PEP’s energy consulting practice and merger with Global Natural Resources asset manager, SailingStone Capital Partners. PEP’s experienced team provides investment solutions and guidance on traditional energy, the energy transition, and Environmental, Social, Governance (ESG) trends to a wide variety of institutional and corporate clients. PEP will leverage this expertise in partnership with the MERGE team.

To learn more about MERGE and its fleet electrification capabilities, please visit www.mergefleet.com or email This email address is being protected from spambots. You need JavaScript enabled to view it..

To learn more about PEP’s business offerings, click here or contact Walker Moody at (713) 804-7576.

About MERGE Electric Fleet Solutions

MERGE Electric Fleet Solutions is a fleet electrification service and finance company. MERGE’s mission is to deliver the economic, environmental, and experiential benefits of fleet electrification in comprehensive solutions that are simple, affordable, and scalable.

About Pickering Energy Partners

The original Pickering Energy Partners (PEP) was founded in early 2004 by Dan Pickering as an institutional energy research firm before subsequently partnering with Bobby Tudor and Maynard Holt in 2007 to become Tudor, Pickering, Holt & Company. Today's Pickering Energy Partners takes an entrepreneurial approach to a global natural resources-focused financial services platform with customized asset management strategies and a high-impact consulting capability. Headquartered in Houston, Texas, PEP delivers an experienced, opportunistic team that aims to provide guidance and long-term value for clients while having a positive impact on the companies and communities that PEP invests in. For more information, please visit www.PickeringEnergyPartners.com.

PEP is an SEC Registered Investment Advisor located in Houston, Texas. PEP does not provide corporate advisory or investment banking services on energy-related transactions.

Walker Moody, (713) 804-7576

• Earnings of $1.4 billion; adjusted earnings of $1.7 billion
• Capital spending down 43 percent from prior year
• Cash flow from operations of $4.2 billion
• Free cash flow excluding working capital of $3.4 billion

SAN RAMON, Calif.--(BUSINESS WIRE)--Chevron Corporation (NYSE: CVX) today reported earnings of $1.4 billion ($0.72 per share - diluted) for first quarter 2021, compared with $3.6 billion ($1.93 per share - diluted) in first quarter 2020. Included in the current quarter were pension settlement costs and legal reserves totaling $351 million. Foreign currency effects decreased earnings by $2 million. Adjusted earnings of $1.7 billion ($0.90 per share - diluted) in first quarter 2021 compares to adjusted earnings of $2.5 billion ($1.31 per share - diluted) in first quarter 2020. For a reconciliation of adjusted earnings/(loss), see Attachment 5.

Sales and other operating revenues in first quarter 2021 were $31 billion, compared to $30 billion in the year-ago period.

“Earnings strengthened primarily due to higher oil prices as the economy recovers,” said Mike Wirth, Chevron’s chairman and chief executive officer. “Results were down from a year ago due in part to ongoing downstream margin and volume effects resulting from the pandemic and the impacts of winter storm Uri.”

“We maintained capital discipline with capital spending down 43 percent from last year,” Wirth added. “We realized cost efficiencies from last year’s restructuring and the integration of Noble Energy.” As a result, free cash flow excluding working capital was $3.4 billion in the first quarter 2021, and the Board approved a 4 percent dividend increase that was announced earlier this week.

“We took action to advance a lower-carbon future by announcing plans with partners to develop carbon negative bioenergy and commercially viable, large-scale businesses in hydrogen,” Wirth continued. The company also invested in developing new technologies for geothermal power, floating offshore wind turbines and green ammonia.

Additionally, the company announced an agreement to acquire all the publicly held common units representing limited partner interests in Noble Midstream Partners LP not already owned by Chevron and its affiliates in exchange for shares of common stock in Chevron. This transaction is expected to close in the second quarter 2021.

UPSTREAM

Worldwide net oil-equivalent production was 3.12 million barrels per day in first quarter 2021, a decrease of 4 percent from a year ago.

U.S. upstream operations earned $941 million in first quarter 2021, compared with earnings of $241 million a year earlier. The improvement primarily reflected higher crude oil and natural gas realizations.

The company’s average sales price per barrel of crude oil and natural gas liquids was $48 in first quarter 2021, up from $37 a year earlier. The average sales price of natural gas was $2.15 per thousand cubic feet in first quarter 2021, up from $0.60 in last year’s first quarter.

Net oil-equivalent production of 1.08 million barrels per day in first quarter 2021 was up 11,000 barrels per day from a year earlier. The increase was due to 210,000 barrels per day of production from the Noble Energy acquisition, partially offset by a 68,000 barrels per day decrease related to the Appalachian asset sale, weather effects from winter storm Uri and normal field declines. The net liquids component of oil-equivalent production in first quarter 2021 was essentially flat at 802,000 barrels per day, while net natural gas production increased 5 percent to 1.64 billion cubic feet per day, compared to last year’s first quarter.

International upstream operations earned $1.41 billion in first quarter 2021, compared with $2.68 billion a year ago. The decrease in earnings was primarily due to lower sales volumes, the absence of a 2020 gain on the sale of Philippine assets, lower trading results, lower natural gas realizations and lower tax items. These decreases were partly offset by higher crude oil realizations. Foreign currency effects had an unfavorable impact on earnings of $520 million between periods.

The average sales price for crude oil and natural gas liquids in first quarter 2021 was $56 per barrel, up from $43 a year earlier. The average sales price of natural gas was $4.72 per thousand cubic feet in the first quarter, down from $5.66 in last year’s first quarter.

Net oil-equivalent production of 2.05 million barrels per day in first quarter 2021 was down 6 percent from first quarter 2020. Higher production of 138,000 barrels per day from the Noble Energy acquisition and the resumption of production in the Partitioned Zone between Saudi Arabia and Kuwait was more than offset by asset sale-related decreases of 51,000 barrels per day, unfavorable entitlement effects, absence of volumes in Venezuela where the company no longer reports production, Gorgon maintenance impacts, production curtailments and normal field declines. The net liquids component of oil-equivalent production decreased 12 percent to 1.02 million barrels per day in first quarter 2021, while net natural gas production of 6.13 billion cubic feet per day increased 1 percent, compared to last year's first quarter.

DOWNSTREAM

U.S. downstream operations reported a loss of $130 million in first quarter 2021, compared with earnings of $450 million a year earlier. The decrease was mainly due to lower margins on refined product sales and lower sales volumes.

Refinery crude oil input in first quarter 2021 decreased 9 percent to 881,000 barrels per day from the year-ago period, as the company reduced refinery runs in response to lower demand.

Refined product sales of 1.05 million barrels per day were down 9 percent from the year-ago period, mainly due to lower jet fuel, gasoline and diesel demand associated with the pandemic.

International downstream operations reported earnings of $135 million in first quarter 2021, compared with earnings of $653 million a year earlier. The decrease in earnings was largely due to lower margins on refined product sales, partially offset by lower operating expenses.

Refinery crude oil input of 536,000 barrels per day in first quarter 2021 decreased 16 percent from the year-ago period, primarily due to the demand impacts from the pandemic.

Refined product sales of 1.27 million barrels per day in first quarter 2021 were essentially unchanged from the year-ago period.

ALL OTHER

All Other consists of worldwide cash management and debt financing activities, corporate administrative functions, insurance operations, real estate activities and technology companies.

Net charges in first quarter 2021 were $978 million, compared to $424 million a year earlier. The increase in net charges between periods was mainly due to higher employee benefit and pension settlement costs. Foreign currency effects decreased net charges by $5 million between periods.

CASH FLOW FROM OPERATIONS

Cash flow from operations in the first three months of 2021 was $4.2 billion, compared with $4.7 billion in 2020. Excluding working capital effects, cash flow from operations in the first three months of 2021 was $5.1 billion, compared with $5.8 billion in 2020.

CAPITAL AND EXPLORATORY EXPENDITURES

Capital and exploratory expenditures in the first three months of 2021 were $2.5 billion, compared with $4.4 billion in 2020. The amounts included $678 million in 2021 and $1.2 billion in 2020 for the company’s share of expenditures by affiliates, which did not require cash outlays by the company. Expenditures for upstream represented 84 percent of the company-wide total in 2021.

Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to achieving a more prosperous and sustainable world. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. To advance a lower-carbon future, we are focused on cost efficiently lowering our carbon intensity, increasing renewables and offsets in support of our business, and investing in low-carbon technologies that enable commercial solutions.

NOTICE

Chevron’s discussion of first quarter 2021 earnings with security analysts will take place on Friday, April 30, 2021, at 8:00 a.m. PT. A webcast of the meeting will be available in a listen-only mode to individual investors, media, and other interested parties on Chevron’s website at www.chevron.com under the “Investors” section. Prepared remarks for today’s call, additional financial and operating information and other complementary materials will be available prior to the call at approximately 3:30 a.m. PT and located under “Events and Presentations” in the “Investors” section on the Chevron website.

As used in this news release, the term “Chevron” and such terms as “the company,” “the corporation,” “our,” “we,” “us” and “its” may refer to Chevron Corporation, one or more of its consolidated subsidiaries, or to all of them taken as a whole. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs.

Please visit Chevron’s website and Investor Relations page at www.chevron.com and www.chevron.com/investors, LinkedIn: www.linkedin.com/company/chevron, Twitter: @Chevron, Facebook: www.facebook.com/chevron, and Instagram: www.instagram.com/chevron, where Chevron often discloses important information about the company, its business, and its results of operations.

Non-GAAP Financial Measures - This news release includes adjusted earnings/(loss), which reflect earnings or losses excluding significant non-operational items including impairment charges, write-offs, severance costs, Noble Energy acquisition costs, gains on asset sales, unusual tax items, effects of pension settlements and curtailments, foreign currency effects and other special items. During the first quarter of 2021, the Company updated its calculation of adjusted earnings to exclude pension settlement costs. The Company recognizes settlement gains or losses when the cost of all settlements for a plan during a year is greater than the sum of its service and interest costs during the year. By adjusting earnings to exclude pension settlement costs, the Company believes it removes non-operational costs that would otherwise obscure its underlying operating results. Adjusted earnings/(loss) for 2020 were recast to conform with the current presentation. We believe it is useful for investors to consider this measure in comparing the underlying performance of our business across periods. The presentation of this additional information is not meant to be considered in isolation or as a substitute for net income (loss) as prepared in accordance with U.S. GAAP. A reconciliation to net income (loss) attributable to Chevron Corporation is shown in Attachment 5.

This news release also includes free cash flow and free cash flow excluding working capital. Free cash flow is defined as net cash provided by operating activities less cash capital expenditures, and represents the cash available to creditors and investors after investing in the business. Free cash flow excluding working capital is defined as net cash provided by operating activities excluding working capital less cash capital expenditures and represents the cash available to creditors and investors after investing in the business excluding the timing impacts of working capital. The company believes these measures are useful to monitor the financial health of the company and its performance over time. A reconciliation of free cash flow and free cash flow excluding working capital are shown in Attachment 3.

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

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

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

Sean Comey -- +1 925-842-5509

Industry leaders merge to bring combined best in class financial and transaction services to enhance value proposition for outsourcing back-office accounting services for oil and gas companies

SAN ANTONIO--(BUSINESS WIRE)--The Partners at Avisto are proud to announce the formation of PetroLedger, a national leader in financial and transaction services for the oil and gas industry. Effective May 1, 2021 clients benefit from the combined resources and experience of over 70 employees in four cities and three states. More strategically, PetroLedger is positioned to service future clients' outsourcing requirements across multiple software platforms for any back-office support needs.

“Having operated the businesses independently for over two years, we believe the combination of these legacy companies will better serve our current and future clients by providing unlimited access to our experienced personnel, a broader scope of software and technology, and best in class business processes,” said Chad Smith, Partner at Avisto.

“The uncertain environment in 2020 was a catalyst for change, and we decided to aggressively move forward and prepare PetroLedger to meet the existing and emerging needs our clients are experiencing. More than ever, oil and gas companies are seeking to reduce overhead costs, maintain quality and free up management time to focus on profitability value added growth opportunities. Our clients agree that launching PetroLedger will permit us to accommodate their increased demand, expand our offering and optimize the delivery of our premier level of outsourced back-office services,” he concluded.

The PetroLedger mission is to serve our oil and gas clients' transactional outsourcing needs with talented people, best-in-class technology and industry experience. With office locations in prominent energy cities and fields, our ability to hire and train talent brings us the best and brightest minds in oil and gas accounting.

To learn more about our mission, vision and values and see where PetroLedger can take your company, visit us at www.petro-ledger.com.

PetroLedger is a nationwide leader in providing transaction services for the oil and gas industry. We focus on people and process, making sure the right person is doing the right work at the right time. Supported by over 70 employees across the nation, we support a full suite of transactions services, gas plant settlements, division orders, mineral interest management and regulatory requirements.

Avisto Capital Partners, LLC. is a San Antonio-based privately held investment, management and development company that builds and acquires regional best-in-class technical consulting and accounting solutions and services for the oil and gas industry. We focus on exits for small or medium sized oil and gas accounting principles that protect the interest of your company, employees and clients.

For PetroLedger inquiry, contact:
Jordan Driskell at 210-903-0500
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For Avisto inquiry, contact:
Chad Smith at 210-340-5900 ext. 311
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HOUSTON & CALGARY, Alberta--(BUSINESS WIRE)--Civeo Corporation (NYSE:CVEO) today reported financial and operating results for the first quarter ended March 31, 2021.

Highlights include:

• Reported first quarter revenues of $125.4 million, net loss of $10.0 million and operating cash flow of $12.8 million;
• Delivered first quarter Adjusted EBITDA of $16.2 million and free cash flow of $16.1 million; and
• Reduced total debt to $238.1 million as of March 31, 2021 from $251.1 million as of December 31, 2021.

“Despite recent macroeconomic headwinds and winter seasonality, we continued to generate solid free cash flow and reduced our total debt. I continue to be encouraged by our team's ability to operate safely and effectively in this tough environment, while also progressing our strategic and financial initiatives. For the first quarter, our Canadian business saw a sequential improvement in occupancy despite the British Columbia health order impacting our occupancy at our Sitka location. The Australian business had a softer quarter than expected due to a slow start to the year in the Bowen Basin and continued difficulty in sourcing labor in both our village operations and our integrated services business. The U.S. business had sequentially improved results as U.S. drilling and completion activity continued to recover and increased occupancy at our Louisiana location related to the hurricane recovery efforts in Lake Charles," stated Bradley J. Dodson, Civeo's President and Chief Executive Officer.

Mr. Dodson concluded, "Looking forward, we are optimistic that the turnaround activity in Canada will pick up in the second and third quarters of 2021 and that our work supporting pipeline activity will expand as operators look to catch up on lost time due to COVID-19. In Australia, we are diligently working to resolve the shortage of full-time labor as we look for occupancy and activity to improve in our village locations and our integrated services business. The outlook for the U.S. has improved with modest market share gains in the well site business, as well as a recent award of a one-year contract at our Pecos lodge in West Texas to a third-party operator. Overall, we remain focused on operating safely in this COVID-19 environment, generating free cash flow and reducing our leverage.”

First Quarter 2021 Results

In the first quarter of 2021, Civeo generated revenues of $125.4 million and reported net loss of $10.0 million, or $0.70 per diluted share. During the first quarter of 2021, Civeo produced operating cash flow of $12.8 million, Adjusted EBITDA of $16.2 million and free cash flow of $16.1 million.

By comparison, in the first quarter of 2020, Civeo generated revenues of $138.8 million and reported a net loss of $146.5 million, or $(10.43) per diluted share. The loss resulted in part from $144.1 million in costs associated with goodwill and asset impairments. During the first quarter of 2020, Civeo produced operating cash flow of $20.8 million, Adjusted EBITDA of $20.3 million and free cash flow of $18.3 million.

Overall, the decrease in revenues and Adjusted EBITDA in the first quarter of 2021 compared to 2020 was primarily due to decreased billed rooms in our Canadian segment and Australian segment, partially offset by improved Canadian mobile camp activity, proceeds from the Canadian Emergency Wage Subsidy program ("CEWS") and a favorable foreign currency translation impact.

(EBITDA is a non-GAAP financial measure that is defined as net income plus interest, taxes, depreciation and amortization, and Adjusted EBITDA is defined as EBITDA adjusted to exclude impairment charges. Free cash flow is a non-GAAP financial measure that is defined as net cash flows provided by operating activities less capital expenditures plus proceeds from asset sales. Please see the reconciliations to GAAP measures at the end of this news release.)

Business Segment Results

(Unless otherwise noted, the following discussion compares the quarterly results for the first quarter of 2021 to the results for the first quarter of 2020.)

Canada

During the first quarter of 2021, the Canadian segment generated revenues of $61.9 million, operating loss of $7.7 million and Adjusted EBITDA of $10.8 million, compared to revenues of $79.3 million, operating loss of $136.6 million and Adjusted EBITDA of $11.4 million in the first quarter of 2020. Operating loss and Adjusted EBITDA from the first quarter of 2021 included $2.8 million of other income related to proceeds from CEWS and a $0.9 million gain on sale of a Canadian manufacturing facility. The first quarter of 2020 results included a goodwill impairment charge of $93.6 million and asset impairment charges of $38.1 million.

On a constant currency basis, the Canadian segment experienced a 26% period-over-period decrease in revenues driven by a 32% year-over-year reduction in billed rooms related to decreased occupancy due to the decline in oil prices and the COVID-19 pandemic impacting the Alberta locations and the British Columbia health order limiting occupancy at the Company's Sitka location. Adjusted EBITDA for the Canadian segment decreased 6% year-over-year primarily due to lower billed rooms in the lodges, partially offset by increased EBITDA from mobile camp activity, the CEWS proceeds and a gain on sale.

Australia

During the first quarter of 2021, the Australian segment generated revenues of $59.6 million, operating income of $3.3 million and Adjusted EBITDA of $12.8 million, compared to revenues of $49.1 million, operating income of $6.2 million and Adjusted EBITDA of $16.2 million in the first quarter of 2020. The first quarter of 2021 results reflect the impact of a strengthened Australian dollar relative to the U.S. dollar, which increased revenues and Adjusted EBITDA by $8.9 million and $1.9 million, respectively.

On a constant currency basis, the Australian segment experienced relatively similar year-over-year revenues. Occupancy in our Australian villages decreased due to a soft start in 2021 in the Bowen Basin but were largely offset by increases in occupancy in the Integrated Services business. Adjusted EBITDA from the Australian segment decreased 21% year-over-year due to lower village occupancy in the Bowen Basin, as well as higher labor costs in the Integrated Services business.

U.S.

The U.S. segment generated revenues of $3.9 million, operating loss of $2.6 million and negative Adjusted EBITDA of $1.2 million in the first quarter of 2021, compared to revenues of $10.3 million, operating loss of $14.1 million and Adjusted EBITDA of $0.4 million in the first quarter of 2020. Revenues and Adjusted EBITDA declined year-over-year primarily due to lower drilling and completion activity coupled with lower occupancy in the U.S. lodges.

Financial Condition

As of March 31, 2021, Civeo had total liquidity of approximately $112.4 million, consisting of $107.0 million available under its revolving credit facilities and $5.5 million of cash on hand.

Civeo’s total debt outstanding on March 31, 2021 was $238.1 million, a $13.0 million decrease since December 31, 2020. The decrease consisted of $15.6 million in debt payments from cash flow generated by the business, partially offset by an unfavorable foreign currency translation impact of $2.5 million.

Civeo reduced its leverage ratio to 2.10x as of March 31, 2021 from 2.11x as of December 31, 2020.

During the first quarter of 2021, Civeo invested $3.4 million in capital expenditures, up from $2.7 million during the first quarter of 2020.

Full Year 2021 Guidance

For the full year of 2021, Civeo is increasing its revenue and Adjusted EBITDA guidance to a range of $555 million to $580 million and $90 million to $100 million, respectively. This guidance is based on our expectations as of the date hereof and assumes no material changes to the current macro environment, or conditions related to the COVID-19 pandemic and the responses thereto. The Company maintains full year 2021 capital expenditure guidance of $20 million to $25 million.

Conference Call

Civeo will host a conference call to discuss its first quarter 2021 financial results today at 11:00 a.m. Eastern time. This call is being webcast and can be accessed at Civeo's website at www.civeo.com. Participants may also join the conference call by dialing (800) 263-0877 in the United States or (646) 828-8143 internationally and using the conference ID 6711622#. A replay will be available after the call by dialing (844) 512-2921 in the United States or (412) 317-6671 internationally and using the conference ID 6711622#.

About Civeo

Civeo Corporation is a leading provider of hospitality services with prominent market positions in the Canadian oil sands and the Australian natural resource regions. Civeo offers comprehensive solutions for lodging hundreds or thousands of workers with its long-term and temporary accommodations and provides food services, housekeeping, facility management, laundry, water and wastewater treatment, power generation, communications systems, security and logistics services. Civeo currently operates a total of 28 lodges and villages in Canada, Australia and the U.S., with an aggregate of approximately 30,000 rooms. Civeo is publicly traded under the symbol CVEO on the New York Stock Exchange. For more information, please visit Civeo's website at www.civeo.com.

Forward Looking Statements

This news release contains forward-looking statements within the meaning of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are those that do not state historical facts and are, therefore, inherently subject to risks and uncertainties. The forward-looking statements herein include the statements regarding Civeo’s future plans and outlook, including guidance, current trends and liquidity needs, are based on then current expectations and entail various risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. Such risks and uncertainties include, among other things, risks associated with global health concerns and pandemics, including the COVID-19 pandemic and the risk that room occupancy may decline if our customers are limited or restricted in the availability of personnel who may become ill or be subjected to quarantine, risks associated with the general nature of the accommodations industry, risks associated with the level of supply and demand for oil, coal, iron ore and other minerals, including the level of activity, spending and developments in the Canadian oil sands, the level of demand for coal and other natural resources from, and investments and opportunities in, Australia, and fluctuations or sharp declines in the current and future prices of oil, natural gas, coal, iron ore and other minerals, risks associated with failure by our customers to reach positive final investment decisions on, or otherwise not complete, projects with respect to which we have been awarded contracts, which may cause those customers to terminate or postpone contracts, risks associated with currency exchange rates, risks associated with the company’s ability to integrate acquisitions, risks associated with labor shortages, risks associated with the development of new projects, including whether such projects will continue in the future, risks associated with the trading price of the company’s common shares, availability and cost of capital, risks associated with general global economic conditions, global weather conditions, natural disasters and security threats and changes to government and environmental regulations, including climate change, and other factors discussed in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of Civeo’s annual report on Form 10-K for the year ended December 31, 2020 and other reports the company may file from time to time with the U.S. Securities and Exchange Commission. Each forward-looking statement contained herein speaks only as of the date of this release. Except as required by law, Civeo expressly disclaims any intention or obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise.