BOGOTA, Colombia--(BUSINESS WIRE)--GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator, today announced that its Board of Directors has declared a quarterly cash dividend of $0.127 per share, payable on December 7, 2022, and the renewal, until December 31, 2023, of the share repurchase program for up to 10% of its outstanding shares. All figures are expressed in US Dollars.

Quarterly Cash Dividend

• The Board of Directors has declared a quarterly cash dividend of $0.127 per share ($7.5 million in the aggregate) payable on December 7, 2022, to the shareholders of record at the close of business on November 23, 2022

Renewal of Share Buyback Program

• GeoPark concluded its 2021-2022 share repurchase program on November 9, 2022, with 2,176,468 shares acquired, and a total amount invested of $29,340,864 including transaction costs
• The Board of Directors has approved the renewal, until December 31, 2023, of the repurchase program for up to 10% of its outstanding shares or approximately 5,854,285 shares
• The share repurchases may be made from time to time through open market transactions, block trades, privately negotiated transactions or otherwise, and are subject to market and business conditions, levels of available liquidity, cash requirements for other purposes, regulatory considerations, and other relevant factors

As detailed in our 2023 Work Program and Investment Guidelines, GeoPark plans to deliver another year of strong operational and financial performance, and free cash flow generation. The Company is also targeting the return of 40-50% of its free cash flow¹ to shareholders through a combination of base dividends and discretionary buybacks and/or variable dividends.

NOTICE

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

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

CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION

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

Forward-looking statements that appear in a number of places in this press release include, but are not limited to, statements regarding the intent, belief or current expectations, regarding various matters, including expected oil and gas production, operational and financial performance, including free cash flow generation and excess cash flow returns to shareholders, timing, method and amount of share repurchases, oil prices, commodity risk management contracts, and the Company’s capital expenditures plan. Forward-looking statements are based on management’s beliefs and assumptions, and on information currently available to the management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors.

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

___________________
¹ Free cash flow is used here as Adjusted EBITDA less capital expenditures and mandatory interest payments, after applicable income taxes being accrued in 2023 and to be paid between 2023 and early 2024.

INVESTORS:

Stacy Steimel
Shareholder Value Director
T: +562 2242 9600
This email address is being protected from spambots. You need JavaScript enabled to view it.

Miguel Bello
Market Access Director
T: +562 2242 9600
This email address is being protected from spambots. You need JavaScript enabled to view it.

Diego Gully
Investor Relations Director
T: +55 21 9636 9658
This email address is being protected from spambots. You need JavaScript enabled to view it.

MEDIA:

Communications Department
This email address is being protected from spambots. You need JavaScript enabled to view it.

DUBLIN--(BUSINESS WIRE)--The "Yacht Charter Market Report Worldwide 2022 - Extended Expert Analysis of Yacht Charter Market and Agencies based on World's Largest Scientific Primary Research " report has been added to ResearchAndMarkets.com's offering.

This yacht charter market report is quite unique, and goes far beyond the usual market reports in this industry. First of all, it has been prepared by actual industry experts for yacht charters, meaning that deep insider know-how has been in-built.

Secondly, the report contents go much further than the usual standardized listing of plain numbers. Each section of the report is thoroughly explained within the context of the actual industry and its common practices. Therefore, the readers can gain a quantitative and qualitative understanding of the yacht charter industry, including the market structure, processes, specificities and dynamics.

As such, this report is a must-have for anyone who is considering entering the yacht charter industry and/or pursuing further developments in it. Indeed, both newcomers and existing players can benefit immensely from the findings of this unique research.

Thirdly, this market report contains actual primary data from a large international questionnaire survey of yacht charter agencies - it is the largest such survey ever performed on this market! In particular, the author conducted scientifically based research through a specially designed questionnaire that gathered responses from 166 active yacht charter companies in 43 countries from across the globe.

To complement this method, an extensive content analysis was also performed on a wider population of over 980 yacht charter agencies from more than 50 countries and 5 continents.

WHAT ARE THE KEY INSIGHTS OF THIS REPORT?

This report, after presenting the methodology, begins with an industry global overview section, which is particularly useful for readers who are not familiar with the details of the yacht charter industry. Namely, the yacht charter industry is very specific, and in many ways non-standard, so it can be quite useful to deepen the understanding of its main concepts before proceeding further.

The second section deals with the size and geographical structure of the yacht charter market, in terms of both volume and value. This market has a very peculiar geographical structure, which is fairly different from mainstream tourism or other related industries.

To understand such differences, the most popular yacht charter destinations have been explained and the number of charter yachts in each of them has been provided. In the latter part of this section, the global market value has been calculated and its regional breakdown presented. All calculations are clearly and transparently explained, so that the readers can understand where the actual market value comes from.

The third section explains the core characteristics of major participants in the yacht charter market - i.e. the three distinct kinds of companies which dynamically interact in order for the yacht charter market to function. After explaining the role and characteristics of each company type, some very specific industry processes have been outlined.

The fourth section deals with market concentration and market profitability in the yacht charter industry. Survey findings on both of these topics have been presented, along with the relevant conclusions.

The report then goes on to analyze the geographical distribution of yacht charter agencies, describing the specific developments in each major region. This is followed by relevant conclusions, as well as an explanation of the regional development scenarios, which are particularly useful for contemplating the possible development directions in the nascent markets. Two distinct possible modes of development have been explained

Next, the analysis goes deeper - towards understanding the very fabric of the yacht charter market. The actual differentiation criteria of the active yacht charter agencies have been identified, and for each of the 14 criteria, the relevant classification has been provided, including the explanation of the underlying business models.

This extensive section goes indeed deeply into the market structures and provides thorough information necessary for understanding its dynamics. It gives insights into characteristics of various business models, as well as various industry segments, among other details.

It also shows the prevalence of different services - both nautical and non-nautical - provided by yacht charter agencies. Last but not least, the section contains relevant examples of external financing obtained by several yacht charter agencies. In total, by analyzing this particular section one can dive deeply into the diverse and dynamic world of yacht charter agencies.

After summarizing all classification dimensions and their key variations, a yacht charter agency positioning framework has been provided, whereby one can visually analyze particular agencies and even compare them. This can be quite useful for decision-making about the particular investments and strategies in the market.

The section that follows deals with the pros and cons of various strategic choices in this market and enables easier comparison between relevant business models, as well as easier decision-making on the key topics.

The examples of the actual companies and their market approach are provided in the following chapter. Seven distinct business models have been presented (which are highly relevant in the context of the yacht charter industry), along with the names of actual leading companies that pursue those models. This is followed by a presentation of several emerging types of business models in the sector, which may be particularly indicative of expected future trends.

A special part of the report is dedicated to understanding the Covid-19 impacts, which have been dramatic in the charter season 2020 and will unquestionably be substantial in the season 2021 as well, but in a different way. This chapter includes, among other information, also the actual statements and opinions of the relevant market participants.

Finally, the report is finishing with an overview (and explanation) of possible future business trends and developments in the yacht charter industry.

ADVANTAGES OF THIS MARKET REPORT

• Compiled by actual yacht charter experts
• Based on the world's largest primary research in the yacht charter industry
• Provides deep insights into the yacht charter business
• Discovers actual market specifics and trends
• Includes topics that go far beyond the common market reports
• Findings from tables & graphs are contextually explained by industry experts
• Contains useful tools for decision-making in the yacht charter business

Key Topics Covered:

1. Executive Summary

2. Introduction

3. Research Scope and Methods

4. Yacht Charter Market Overview

• Yachts and Yacht Charter
• Main Types of Charters
• Main Types of Yachts
• Sailing Yachts Charter
• Motor Yachts Charter
• Catamarans Charter
• Gulets Charter

5. Yacht Charter Market Size

• Major Yacht Charter Destinations
• European Yacht Charter Destinations
• American Yacht Charter Destinations
• Asian and Other Yacht Charter Destinations
• Worldwide Yacht Charter Destinations Map
• Bareboat and Crewed Yacht Charter Market Size
• Flexibly Crewed Yachts
• Yacht Charter Market Value
• Effects of Covid-19 on Yacht Charter Market Value
• Yacht Charter Market Value Per Region
• Yacht Charter Market Growth

6. Yacht Charter Market Participants

• Charter Fleet Operators
• Yacht Charter Agencies
• Specialization of Yacht Charter Agencies
• Central Booking Systems
• Number of Booking Systems Used
• Popularity of Major Booking Systems
• Common Processes on Yacht Charter Market

7. Market Concentration and Profitability

• Yacht Charter Market Concentration
• Yacht Charter Market Profitability

8. Global Distribution of Yacht Charter Agencies

• Number of Yacht Charter Agencies Per Region
• Leading Region's Drivers
• Yacht Charter Agencies in Europe
• Top European Countries With Yacht Charter Agencies
• Yacht Charter Agencies in the Americas
• Regional Distribution of Yacht Charter Agencies in the Americas
• Yacht Charter Agencies in Asia
• Yacht Charter Agencies in the Pacific Region
• More About Locations of Charter Agencies
• Regional Development Scenarios

9. Types of Yacht Charter Agencies

• Yacht Charter Agencies Differentiation Criteria
• Major Types of Yacht Charter Agencies
• Types by Primary Business
• Share of Primary Yacht Charter Agencies Worldwide
• Primary Yacht Charter Agencies by Region
• Types by Clients Value
• Share of Luxury Yacht Charter Agencies Worldwide
• Luxury Yacht Charter Agencies by Region
• Types by Clients Location
• Types by Business Model Focus
• Digital Business Models Prevalence
• Business Model Focus in Relation to Client Segments
• Types by Business Model Logic
• Share of P2P Yacht Charter Agencies Worldwide
• P2P Yacht Charter Agencies by Region
• Types by Level of Specialization
• Types by Charter Destinations
• Types by Boats Offered
• Types by Charter Duration
• Types by Scope
• Types by Special Products
• Prevalence of Special Products
• Types by Extra Services
• Prevalence of Extra Nautical Services
• Prevalence of Extra Non-Nautical Services
• Types by Brand Approach
• Prevalence of Multiple Yacht Charter Brands
• Types by Mode of Financing
• Yacht Charter Agencies With External Financing
• Overview of Criteria and Types

10. Yacht Charter Agency Positioning Framework

11. Pros & Cons of Selected Business Models

• Platform Models Pros & Cons
• Specialization Pros & Cons
• Multiple Brands Pros & Cons
• Extra Services Pros & Cons

12. Interesting Profiles, Features and Examples

• High Success With Flotilla Concept
• Regatta Agency Concept
• Personal Touch Agencies
• P2P Hybrid Platforms
• Pure P2P Models
• Universal Digital Yacht Charter Agencies
• Full Service Luxury Yachting Agencies

13. New Emerging Types of Agencies

14. Key Trends and Opportunities

• Understanding Covid-19 Impacts
• Impacts on Season 2020
• Impacts on Season 2021 and Beyond
• Specific Regional Impacts
• Specific Market Adjustments
• Expected Industry Trends

Companies Mentioned

• 12Knots
• 2Yachts
• Barquo
• BoatBureau
• Boatflex
• Boatsetter
• Borrow a Boat
• Burgess
• Camper & Nicholsons
• Click&Boat
• Fraser Yachts
• GetBoat
• GetMyBoat
• GlobeSailor
• Nautal
• Northrop & Johnson
• Sailo
• Sailogy
• SamBoat
• SkipperMyBoat
• The Yacht Week
• Yachtico
• Zizooboats

For more information about this report visit https://www.researchandmarkets.com/r/y3f4o6

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

HOUSTON--(BUSINESS WIRE)--Aris Water Solutions, Inc. (NYSE: ARIS) (“Aris”, “Aris Water” or the “Company”) today announced financial and operating results for the third quarter ended September 30, 2022.

THIRD QUARTER 2022 HIGHLIGHTS

• Total water volumes of more than 1.4 million barrels per day for the third quarter of 2022, up 47% versus the third quarter of 2021 and up 14% sequentially from the second quarter of 2022.
• Recycled produced water volumes of approximately 345 thousand barrels per day for the third quarter of 2022, up 165% versus the third quarter of 2021 and up 16% sequentially from the second quarter of 2022.
• Net income of $2.0 million for the third quarter of 2022. Adjusted Net Income ¹ of $13.2 million for the third quarter of 2022, up 98% versus the third quarter of 2021. Adjusted EBITDA ¹ of $39.3 million for the third quarter of 2022, up 28% versus the third quarter of 2021.

RECENT EVENTS

• Announced strategic agreement with Chevron U.S.A Inc. (“Chevron”) and ConocoPhillips Corporation (“ConocoPhillips”) to develop and pilot technologies and processes to treat produced water for potential beneficial reuse opportunities.
• Completed acquisition of intellectual property rights, treatment technologies and assets from Water Standard Management (US), Inc. (“Water Standard”) which are expected to support and advance the Company’s efforts related to the beneficial reuse of produced water.

“In the third quarter, we continued to perform, growing our volumes and providing reliable, sustainable water solutions for our customers,” stated Amanda Brock, Chief Executive Officer of Aris. “We continue to benefit from our long-term contracts with leading operators who are committed to the Permian Basin. Our significant existing infrastructure overlays some of the lowest breakeven rock in the Permian Basin supporting our customers as they prioritize investments in our contracted acreage. Alongside our growth, we are focused on optimizing our operations while identifying additional efficiencies to improve our operating margins and offset the impact of recent extraordinary inflationary pressures. We are also very encouraged by our recent strategic agreement with ConocoPhillips and Chevron as well as the acquisition of technology and assets from Water Standard. These key transactions further demonstrate our leadership and commitment to beneficial reuse.”

OPERATIONS UPDATE

For the third quarter of 2022, the Company averaged approximately 1.4 million barrels of water per day of total volumes handled, up approximately 47% from 961 thousand barrels of water per day for the third quarter of 2021. The Company’s volume growth was primarily driven by increased activity levels from our long-term contracted customers and continued adoption of our recycled produced water solutions.

FINANCIAL UPDATE

Net income of $2.0 million for the third quarter of 2022, up from a net loss of $20.7 million in the third quarter of 2021. Adjusted Net Income ¹ of $13.2 million for the third quarter of 2022, up 98% versus the third quarter of 2021.

The Company had Adjusted EBITDA ¹ of $39.3 million for the third quarter of 2022 compared to $30.8 million in the third quarter of 2021, an increase of 28%. Aris continues to grow its Adjusted EBITDA alongside its long-term contracted customers and increased demand for its sustainable water recycling solutions.

The Company had gross margin per barrel of $0.23 per barrel for the third quarter of 2022 compared to $0.23 per barrel in the third quarter of 2021. The Company had Adjusted Operating Margin per barrel ² of $0.36 per barrel for the third quarter of 2022, compared to $0.41 per barrel in the third quarter of 2021. Operating margins for the quarter were negatively impacted by ongoing inflationary pressure and non-recurring startup costs at new reuse facilities.

Third quarter 2022 property, plant, and equipment expenditures totaled $48.7 million compared to $20.4 million in the third quarter of 2021. Aris continues to invest in high-return capital projects that support its long-term contracted customers and leverage its existing infrastructure.

STRONG BALANCE SHEET AND LIQUIDITY

As of September 30, 2022, the Company had approximately $25.2 million in cash and an available revolving credit facility of approximately $199.9 million for a total available liquidity of approximately $225.1 million.

FOURTH QUARTER 2022 DIVIDEND

On November 4, 2022, Aris’s Board of Directors declared a dividend on its Class A common stock for the fourth quarter of 2022 of $0.09 per share. In conjunction with the dividend payment, a distribution of $0.09 per unit will be paid to unit holders of Solaris Midstream Holdings, LLC. The dividend will be paid on November 30, 2022, to holders of record of the Company’s Class A common stock as of the close of business on November 17, 2022. The distribution to unit holders of Solaris Midstream Holdings, LLC will be subject to the same payment and record dates.

FINANCIAL OUTLOOK

For the fourth quarter of 2022, Aris projects Adjusted EBITDA¹ between $39.0 and $41.0 million, consistent with the lower end of our previously provided guidance of $150.0-$160.0 million for the full year of 2022. We expect our capital expenditures for the full year of 2022 to be between $140.0 and $150.0 million, consistent with previously provided guidance.

CONFERENCE CALL

Aris will host a conference call and webcast for investors and analysts to discuss its results for the third quarter of 2022 on Thursday, November 10, 2022, at 8:00 a.m. Central Time (9:00 a.m. Eastern Time). Participants should call (877) 407-5792 and should refer to Aris Water Solutions, Inc. when dialing in. An audio replay of the conference call will be available shortly after the conclusion of the call and will remain available for approximately 14 days. To access the replay, call (877) 660-6853 (United States/Canada) or (201) 612-7415 (International) and enter access code 13732938. A live broadcast of the earnings conference call and the related earnings presentation will also be available via the internet at www.ariswater.com under the “Investors” section of the website. A replay will also be available on the website following the call.

About Aris Water Solutions, Inc.

Aris Water Solutions, Inc. is a leading, growth-oriented environmental infrastructure and solutions company that directly helps its customers reduce their water and carbon footprints. Aris Water delivers full-cycle water handling and recycling solutions that increase the sustainability of energy company operations. Its integrated pipelines and related infrastructure create long-term value by delivering high-capacity, comprehensive produced water management, recycling and supply solutions to operators in the core areas of the Permian Basin.

Forward-Looking Statements

This press 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. Examples of forward-looking statements include, but are not limited to, those regarding the Company’s business strategy, its industry, its future profitability, the various risks and uncertainties associated with the extraordinary inflationary environment and impacts resulting from the volatility in global oil markets, expected capital expenditures and the impact of such expenditures on performance, management changes, current and potential future long-term contracts and the Company’s future business and financial performance and our ability to identify strategic acquisitions and realize benefits therefrom, such as the intellectual property recently acquired from Water Standard. In some cases, you can identify forward-looking statements by terminology such as “anticipate,” “guidance,” “preliminary,” “project,” “estimate,” “outlook,” “expect,” “continue,” “will,” “intend,” “plan,” “targets,” “believe,” “forecast,” “future,” “potential,” “may,” “possible,” “should,” “could” and variations of such words or similar expressions. Forward-looking statements are based on the Company’s current expectations and assumptions regarding its business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, the Company’s actual results may differ materially from those contemplated by the forward-looking statements. Factors that could cause the Company’s actual results to differ materially from the results contemplated by such forward-looking statements include, but are not limited to the risk factors discussed or referenced in its filings made from time to time with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Factors or events that could cause the Company’s actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Use of Non-GAAP Financial Information

The Company uses financial measures that are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”), including Adjusted EBITDA, Adjusted Operating Margin, Adjusted Operating Margin per Barrel, and Adjusted Net Income. Although these Non-GAAP financial measures are important factors in assessing the Company’s operating results and cash flows, they should not be considered in isolation or as a substitute for net income or gross margin or any other measures prepared under GAAP.

The Company calculates Adjusted EBITDA as net income (loss) plus: interest expense; income taxes; depreciation, amortization and accretion expense; abandoned well costs; asset impairments and abandoned project charges; losses on the sale and/or exchange of assets; loss on debt modification; and non-recurring or unusual expenses or charges (including temporary power costs), less any gains on sale and/or exchange of assets.

The Company calculates Adjusted Operating Margin as Gross Margin plus depreciation, amortization and accretion and temporary power costs. The Company defines Adjusted Operating Margin per Barrel as Adjusted Operating Margin divided by total volumes.

The Company calculates Adjusted Net Income as Net Income (Loss) Attributable to Stockholders’/Members’ Equity plus the after-tax impacts of stock-based compensation and plus or minus the after-tax impacts of certain items affecting comparability, which are typically noncash and/or nonrecurring items. The Company calculated Diluted Adjusted Net Income Per Share as (i) Adjusted Net Income (Loss) Attributable to Stockholder’s Equity plus the after-tax impacts of stock-based compensation and plus or minus the after-tax impacts of certain items affecting comparability, which are typically noncash and/or nonrecurring items, divided by (ii) the diluted weighted-average shares of Class A common stock outstanding, assuming the full exchange of all outstanding LLC interests, adjusted for the dilutive effect of outstanding equity-based awards.

For the quarter ended September 30, 2022, the Company calculates its leverage ratio as net debt as of September 30, 2022, divided by annualized 3Q 2022 Adjusted EBITDA. Net debt is calculated as the principal amount of total debt outstanding as of September 30, 2022, less cash and cash equivalents as of September 30, 2022.

The Company believes these presentations are used by investors and professional research analysts for the valuation, comparison, rating, and investment recommendations of companies within its industry. Similarly, the Company’s management uses this information for comparative purposes as well. Adjusted EBITDA, Adjusted Operating Margin, Adjusted Operating Margin per Barrel, and Adjusted Net Income are not measures of financial performance under GAAP and should not be considered as measures of liquidity or as alternatives to net income (loss) or gross margin. Additionally, these presentations as defined by the Company may not be comparable to similarly titled measures used by other companies and should be considered in conjunction with net income (loss) and other measures prepared in accordance with GAAP, such as gross margin, operating income, net income or cash flows from operating activities.

Although we provide forecasts for the non-GAAP measure Adjusted EBITDA, we are not able to forecast the most directly comparable measure net income calculated and presented in accordance with GAAP without unreasonable effort. Certain elements of the composition of the GAAP net income are not predictable, making it impractical for us to forecast. Such elements include but are not limited to non-recurring gains or losses, unusual or non-recurring items, income tax benefit or expense, or one-time transaction costs, which could have a significant impact on the GAAP measure. As a result, no reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income is provided.

David Tuerff
Senior Vice President, Finance, and Investor Relations
(281) 501-3070
This email address is being protected from spambots. You need JavaScript enabled to view it.

DULUTH, Minn.--(BUSINESS WIRE)--ALLETE, Inc. (NYSE: ALE) today reported third quarter 2022 earnings of 59 cents per share on net income of $33.7 million. Last year’s results were 53 cents per share on net income of $27.6 million. Quarter over quarter results reflect higher net income for the Regulated Operations segment primarily due to interim rate revenue at Minnesota Power. Also impacting the quarter were ongoing inflation, supply chain challenges and transmission congestion resulting in lower earnings at ALLETE Clean Energy. Overall, results for the quarter were in line with expectations.

“ALLETE’s Sustainability in Action strategy continues to present significant opportunities for our company, and we are confident in our ability to execute while we navigate the current macro environment,” said ALLETE President and CEO Bethany Owen. “In fact, we are excited that, just this week, Minnesota Power reached an agreement on its Integrated Resource Plan with various stakeholders that, if approved by the Minnesota Public Utilities Commission later this month, would significantly increase the amount of renewable energy and storage the Company provides over the next 15 years. We are also pleased that Minnesota Power and Superior Water, Light and Power rate cases are progressing as expected; New Energy integration is nearing completion and we are confident in their strong pipeline of projects; and the recently passed Inflation Reduction Act is positive for all of our ALLETE companies.”

ALLETE’s Regulated Operations segment, which includes Minnesota Power, Superior Water, Light and Power and the Company’s investment in the American Transmission Co. recorded net income of $38.3 million, compared to $32.9 million in the third quarter of 2021. Third quarter 2022 earnings reflect higher income at Minnesota Power primarily due to the implementation of interim rates on January 1, 2022. This increase was partially offset by lower kWh sales to retail customers and higher costs under a 250 MW power purchase agreement. ALLETE’s earnings in ATC were lower than in 2021 primarily due to period-over-period changes in ATC’s estimate of a refund liability related to MISO return on equity complaints.

ALLETE Clean Energy recorded a third quarter 2022 net loss of $7.3 million compared to a net loss of $0.8 million in 2021. The net loss in 2022 reflected a reserve of $2.9 million after-tax for an anticipated loss on the sale of ALLETE Clean Energy’s Northern Wind project primarily due to ongoing inflation and supply chain challenges, losses under the Caddo wind energy facility’s power sales agreements resulting from market volatility and transmission congestion in the Southwest Power Pool, and lower wind resources at other wind facilities as compared to 2021.

Corporate and Other businesses, which include New Energy, BNI Energy, the Company’s investment in the Nobles 2 wind energy facility, and ALLETE Properties, recorded net income of $2.7 million in 2022 compared to a net loss of $4.5 million in 2021. Results in 2022 reflect higher earnings from our investment in Nobles 2 due to stronger wind resources in 2022, net income from New Energy of $1.3 million, which includes purchase price accounting of $1.7 million after-tax, and a benefit from the timing of income taxes.

Earnings per share dilution in 2022 was approximately 5 cents due to additional shares of common stock outstanding as of September 30, 2022.

“We expect our 2022 earnings to be near the mid-point of our guidance range of $3.60 - $3.90 per share,” said ALLETE Senior Vice President and Chief Financial Officer Steven Morris. “The results for the quarter did meet our expectations notwithstanding the previously mentioned impacts of ongoing inflation, supply chain challenges and transmission congestion in Southwest Power Pool, as well as the refund reserve impacting our equity earnings in ATC. This updated guidance reflects year to date results and the timing of a Minnesota Power solar project originally expected to close this year, and now expected to be completed in the first quarter of 2023. We expect a strong fourth quarter of earnings from New Energy, with growing momentum in the project pipeline and significant projects closing in October and into the end of the year.”

Live Webcast on November 9, 2022; 2022 third quarter slides posted on company website

ALLETE’s earnings conference call will be at 10:00 a.m. (EST), November 9, 2022, at which time management will discuss the third quarter of 2022 financial results. Interested parties may participate live by registering for the call at allete.com/earningscall or may listen to the live audio-only webcast accompanied by supporting slides, which will be available on ALLETE’s Investor Relations website investor.allete.com/events-presentations. The webcast will be accessible for one year at allete.com.

ALLETE is an energy company headquartered in Duluth, Minn. In addition to its electric utilities, Minnesota Power and Superior Water, Light and Power of Wisconsin, ALLETE owns ALLETE Clean Energy, based in Duluth, BNI Energy in Bismarck, N.D., New Energy Equity headquartered in Annapolis, MD, and has an eight percent equity interest in the American Transmission Co. More information about ALLETE is available at www.allete.com. ALE-CORP

The statements contained in this release and statements that ALLETE may make orally in connection with this release that are not historical facts, are forward-looking statements. Actual results may differ materially from those projected in the forward-looking statements. These forward-looking statements involve risks and uncertainties and investors are directed to the risks discussed in documents filed by ALLETE with the Securities and Exchange Commission.

ALLETE's press releases and other communications may include certain non-Generally Accepted Accounting Principles (GAAP) financial measures. A "non-GAAP financial measure" is defined as a numerical measure of a company's financial performance, financial position or cash flows that excludes (or includes) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP in the company's financial statements.

Non-GAAP financial measures utilized by the Company include presentations of earnings (loss) per share. ALLETE's management believes that these non-GAAP financial measures provide useful information to investors by removing the effect of variances in GAAP reported results of operations that are not indicative of changes in the fundamental earnings power of the Company's operations. Management believes that the presentation of the non-GAAP financial measures is appropriate and enables investors and analysts to more accurately compare the company's ongoing financial performance over the periods presented.

Vince Meyer
218-723-3952
This email address is being protected from spambots. You need JavaScript enabled to view it.

THE WOODLANDS, Texas--(BUSINESS WIRE)--Excelerate Energy, Inc. (NYSE: EE) (the “Company” or “Excelerate”) today reported its financial results for the third quarter ended September 30, 2022.

RECENT HIGHLIGHTS

• Reported Net Income of $37.3 million for the third quarter
• Reported Adjusted Net income of $38.6 million for the third quarter
• Reported Adjusted EBITDAR of $86.4 million for the third quarter
• Finland charter hire commenced October 1^st; winterization upgrades for the FSRU Exemplar are ongoing
• Signed definitive agreement to deploy FSRU Excelsior to Germany for 5 years
• Executed shipbuilding contract with Hyundai Heavy Industries
• The Excelerate Board declared a quarterly dividend of $0.025 per share on November 8^th
• Full year 2022 EBITDA and EBITDAR guidance range increased

CEO COMMENT

“Excelerate Energy delivered another great quarter, demonstrating the strength of our flexible business model against the backdrop of the most significant energy market disruption in decades,” said President and Chief Executive Officer Steven Kobos. “We are successfully executing our strategy to deploy our flexible LNG infrastructure and pursue downstream opportunities to expand our reach in both new and existing markets. As a result, we remain positioned well for growth and to deliver sustained value creation for shareholders over the long-term.

“Flexible access to LNG continues to play a critical role in providing cleaner and more reliable energy to countries across the globe,” continued Kobos. “Our portfolio approach to managing our FSRU fleet provides us with a unique ability to deliver the best solutions that scale with our customers’ needs in both developed and emerging markets. We look forward to continuing to help countries bolster their energy security and achieve their decarbonization goals.”

THIRD QUARTER 2022 FINANCIAL RESULTS

Net income increased over the second quarter of 2022, primarily due to the one-time charge in second quarter related to the early extinguishment of the Excellence lease as part of the IPO-related FSRU acquisition, in addition to the Adjusted EBITDA variance drivers below.

Adjusted EBITDA and Adjusted EBITDAR for the third quarter of 2022 increased over the prior quarter due to lower idle fuel costs, lower repair and maintenance expenses, and higher margins from the Bahia Blanca seasonal charter in Argentina. This was partially offset by an increase in selling, general, and administrative expenses, primarily driven by higher consulting costs to support the Company’s transition to a public company structure, along with higher expenses related to business development and marketing activities.

KEY PROJECT UPDATES

Finland

The Finland charter hire commenced on October 1, 2022, and the FSRU Exemplar is currently undergoing customer requested winterization upgrades during a technical stop at the Navantia shipyard in Ferrol, Spain. Excelerate and Gasgrid Finland previously announced an executed 10-year, time charter party agreement for Excelerate to provide LNG regasification services, which are expected to commence in the fourth quarter of 2022.

Germany

In October 2022, Excelerate signed a five-year charter contract with the German government for the FSRU Excelsior. The Excelsior is expected to provide regasification services at Germany’s planned LNG import terminal which is being developed at the port of Wilhelmshaven by Tree Energy Solutions, E.ON, and ENGIE. Excelerate previously announced that the Company and ENGIE signed a term sheet for the deployment of an FSRU to provide flexible and secure LNG regasification capacity for Germany as it continues to seek alternatives to Russian pipeline gas supply.

HHI Newbuild FSRU

In October 2022, Excelerate signed a binding Shipbuilding Contract with Hyundai Heavy Industries Co., Ltd. (“HHI”) for a new FSRU to be delivered in June 2026. The state-of-the-art FSRU will be equipped with HHI’s proprietary LNG regasification system, dual fuel engines, selective catalytic reduction system, best-in-class containment system and boil-off gas management, and other innovative technologies which will drive improved performance and efficiency while lowering emissions. With this newbuild order, Excelerate now has eleven FSRUs in operation or under construction.

Bahia Blanca

The FSRU Exemplar completed its seasonal regasification charter at the Bahia Blanca GasPort in Argentina on August 31, 2022. During this period, the Exemplar provided critical security of supply for Argentina by receiving and re-gasifying twelve LNG cargos.

LIQUIDITY AND CAPITAL RESOURCES

As of September 30, 2022, Excelerate had $345.7 million in cash and cash equivalents. As of September 30, 2022, the Company had letters of credit issued of $40 million and no outstanding borrowings under its $350 million senior secured revolving credit facility.

On November 8, 2022, Excelerate’s Board of Directors (the “Board”) approved a quarterly dividend equal to $0.025 per share of Class A common stock, which will be paid on December 14, 2022, to shareholders of record at the close of business on November 22, 2022.

2022 FINANCIAL OUTLOOK

Excelerate is increasing its full year 2022 guidance range. Adjusted EBITDA is now expected to range between $264 million and $274 million. The previous range was between $249 million and $269 million. In addition, the Company now expects full year 2022 Adjusted EBITDAR to range between $300 million and $310 million. The previous range was between $285 million and $305 million.

Actual results may differ materially from the Company’s outlook as a result of, among other things, the factors described under “Forward-Looking Statements” below.

INVESTOR CONFERENCE CALL AND WEBCAST

The Excelerate management team will host a conference call for investors and analysts at 8:30 am Eastern Time (7:30 a.m. Central Time) on Thursday, November 10, 2022. Investors are invited to access a live webcast of the conference call via the Investor Relations page on the Company’s website at www.excelerateenergy.com. An archived replay of the call and a copy of the presentation will be on the website following the call.

ABOUT EXCELERATE ENERGY

Excelerate Energy, Inc. is a U.S.-based LNG company located in The Woodlands, Texas. Excelerate is changing the way the world accesses cleaner forms of energy by providing integrated services along the LNG value chain with an objective of delivering rapid-to-market and reliable LNG solutions to customers. The Company offers a full range of flexible regasification services from FSRUs to infrastructure development to LNG supply. Excelerate has offices in Abu Dhabi, Antwerp, Boston, Buenos Aires, Chattogram, Dhaka, Doha, Dubai, Helsinki, Ho Chi Minh City, Manila, Rio de Janeiro, Singapore, and Washington, DC. For more information, please visit www.excelerateenergy.com.

USE OF NON-GAAP FINANCIAL MEASURES

The Company reports financial results in accordance with accounting principles generally accepted in the United States (“GAAP”). Included in this press release are certain financial measures that are not calculated in accordance with GAAP. They are designed to supplement, and not substitute, Excelerate’s financial information presented in accordance with U.S. GAAP. The non-GAAP measures as defined by Excelerate may not be comparable to similar non-GAAP measures presented by other companies. The presentation of such measures, which may include adjustments to exclude non-recurring items, should not be construed as an inference that Excelerate’s future results, cash flows or leverage will be unaffected by other nonrecurring items. Management believes that the following non-GAAP financial measures provide investors with additional useful information in evaluating the Company's performance and valuation. See the reconciliation of non-GAAP financial measures to the most comparable GAAP financial measure, including those measures presented as part of the Company’s 2022 Financial Outlook, in the section titled “Non-GAAP Reconciliation” below.

Adjusted Gross Margin

The Company uses Adjusted Gross Margin, a non-GAAP financial measure, which it defines as revenues less direct cost of sales and operating expenses, excluding depreciation and amortization, to measure its operational financial performance. Management believes Adjusted Gross Margin is useful because it provides insight on profitability and true operating performance excluding the implications of the historical cost basis of its assets. The Company's computation of Adjusted Gross Margin may not be comparable to other similarly titled measures of other companies, and you are cautioned not to place undue reliance on this information.

Adjusted EBITDA and Adjusted EBITDAR

Adjusted EBITDA is a non-GAAP financial measure included as a supplemental disclosure because the Company believes it is a useful indicator of its operating performance. The Company defines Adjusted EBITDA, a non-GAAP measure, as net income before interest, income taxes, depreciation and amortization, long-term incentive compensation expense and items such as charges and non-recurring expenses that management does not consider as part of assessing ongoing operating performance. In the second quarter of 2022, the Company revised the definition of Adjusted EBITDA to adjust for the impact of long-term incentive compensation expense, which the Company did not have prior to becoming a public company, and the early extinguishment of lease liability related to the acquisition of the Excellence vessel, as management believes such items do not directly reflect the Company’s ongoing operating performance.

Adjusted EBITDAR is a non-GAAP financial measure included as a supplemental disclosure because the Company believes it is a valuation measure commonly used by financial statement users to more effectively compare the results of its operations from period to period and against other companies without regard to its financing methods or capital structure. The Company defines Adjusted EBITDAR, a non-GAAP measure, as Adjusted EBITDA adjusted to eliminate the effects of rental expenses for vessels and other infrastructure, which are normal, recurring cash operating expenses necessary to operate its business.

Adjusted Net Income

The Company uses Adjusted Net Income, a non-GAAP financial measure, which it defines as net income (loss) plus the early extinguishment of lease liability related to the acquisition of the Excellence vessel and restructuring, transition and transaction expenses. Management believes Adjusted Net Income is useful because it provides insight on profitability excluding the impact of non-recurring charges related to our IPO. The Company's computation of Adjusted Net Income may not be comparable to other similarly titled measures of other companies, and you are cautioned not to place undue reliance on this information.

The Company adjusts net income for the items listed above to arrive at Adjusted EBITDA, Adjusted EBITDAR, and Adjusted Net Income because these amounts can vary substantially from company to company within its industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA, Adjusted EBITDAR, and Adjusted Net Income should not be considered as an alternative to, or more meaningful than, net income as determined in accordance with GAAP or as an indicator of the Company's operating performance or liquidity. These measures have limitations as certain excluded items are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are components of Adjusted EBITDA and Adjusted EBITDAR. Adjusted EBITDAR should not be viewed as a measure of overall performance or considered in isolation or as an alternative to net income because it excludes rental expenses for vessels and other infrastructure, which is a normal, recurring cash operating expense that is necessary to operate the Company's business. The Company's presentation of Adjusted EBITDA, Adjusted EBITDAR, and Adjusted Net Income should not be construed as an inference that its results will be unaffected by unusual or non-recurring items. The Company's computations of Adjusted EBITDA, Adjusted EBITDAR, and Adjusted Net Income may not be comparable to other similarly titled measures of other companies. For the foregoing reasons, each of Adjusted EBITDA, Adjusted EBITDAR, and Adjusted Net Income has significant limitations which affect its use as an indicator of its profitability and valuation, and you are cautioned not to place undue reliance on this information.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements about Excelerate and its industry that involve substantial risks and uncertainties. All statements other than statements of historical fact contained in this press release, including, without limitation, statements regarding Excelerate’s future results of operations or financial condition, business strategy and plans, expansion plans and strategy, economic conditions, both generally and in particular in the regions in which Excelerate operates, and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “believe,” “consider,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “may,” “intend,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would,” “shall,” “should,” “anticipate,” “opportunity” or the negative thereof or other variations thereon or comparable terminology. These statements appear throughout this press release and include, but are not limited to, statements regarding Excelerate’s plans, objectives, expectations and intentions.

You should not rely on forward-looking statements as predictions of future events. Excelerate has based the forward-looking statements contained in this press release primarily on its current expectations and projections about future events and trends that it believes may affect its business, financial condition and operating results. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors. All forward-looking statements are based on assumptions or judgments about future events that may or may not be correct or necessarily take place and that are by their nature subject to significant uncertainties and contingencies, many of which are outside the control of Excelerate. The occurrence of any such factors, events or circumstances would significantly alter the results set forth in these statements.

Moreover, Excelerate operates in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, for example the invasion of Ukraine by Russia, and it is not possible for Excelerate to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this press release. The unprecedented nature of the Covid-19 pandemic may give rise to risks that are currently unknown or amplify the risks associated with many of the foregoing events or factors. The results, events and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements.

In addition, statements that “Excelerate believes” and similar statements reflect Excelerate’s beliefs and opinions on the relevant subject. These statements are based on information available to Excelerate as of the date of this press release. And while Excelerate believes that information provides a reasonable basis for these statements, that information may be limited or incomplete. Excelerate’s statements should not be read to indicate that it has conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements.

The forward-looking statements made in this press release relate only to events as of the date on which the statements are made. Excelerate undertakes no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. Excelerate may not actually achieve the plans, intentions or expectations disclosed in its forward-looking statements, and you should not place undue reliance on its forward-looking statements. Excelerate’s forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments.