Composite Decking Leader Recognized as Highest Ranking Building Materials Manufacturer

WINCHESTER, Va.--(BUSINESS WIRE)--Trex^® Company (NYSE: TREX), the world’s #1 brand of wood-alternative decking and railing and leader in high-performance, low-maintenance outdoor living products, was named to FORTUNE Magazine’s 2020 list of the 100 fastest-growing companies worldwide. Trex captured spot #57 and was the highest-ranked building materials manufacturer on this year’s list.

“We are honored to be recognized by FORTUNE as one of the fastest-growing public companies in 2020 and inspired to continue enhancing the lives of people by engineering what’s next in outdoor living,” said Bryan Fairbanks, president and CEO of Trex Company. “Since Trex's inception, we’ve developed and nurtured long-standing relationships with the top specialty material distributors, pro channel dealers and DIY retailers, making Trex the most widely available and purchased brand throughout North America and increasingly around the world. We continue to focus on ensuring these channel partners grow alongside Trex as we invest in our brand and deliver market-leading products that meet the needs of homeowners seeking to improve their outdoor living spaces.”

Trex was founded in the mid-1990s on the premise that ingenuity can help extract value from what was once seen as waste. Today, the entire high-performance Trex decking portfolio is made from a minimum of 95% recycled material that repurposes more than 800 million pounds of recycled plastic and reclaimed wood fiber annually. In fact, Trex is one of the largest recyclers of discarded plastic shopping bags and polyethylene film in North America. Furthermore, the company uses some of the most earth-friendly manufacturing processes in the world, reclaiming factory waste and eliminating the use of harmful chemicals.

“This accolade is especially meaningful to us because it demonstrates that a company can build a successful business model based on recycled materials and ingenious design,” noted Fairbanks. “As proud as I am about our outstanding growth, I am even more excited about our strategic initiative to accelerate the conversion from wood decking to sustainable Trex composite decking – raising the bar for product performance and aesthetics – as well as environmental responsibility.”

FORTUNE measures and ranks the top-performing companies over three years based on revenues, profits and stock returns. Because the methodology evaluates companies over a three-year period, the bulk of the performance results that drove this year’s rankings were accumulated before COVID-19 began affecting the global economy. Trex, however, has continued to grow despite and throughout the pandemic recently reporting a 19% YOY increase in consolidated net sales for Q3 2020.

For more information on the FORTUNE 2020 Fastest-Growing Companies list methodology, visit https://fortune.com/100-fastest-growing-companies/.

For more information about high-performance, low-maintenance Trex products, visit trex.com.

About Trex Company, Inc.

Trex Company, Inc. [NYSE: TREX] is the world’s largest manufacturer of high performance wood-alternative decking and railing, with more than 25 years of product experience. Stocked in more than 6,700 retail locations worldwide, Trex outdoor living products offer a wide range of style options with fewer ongoing maintenance requirements than wood, as well as a truly environmentally responsible choice. For more information, visit trex.com. You also can follow Trex on Twitter (@Trex_Company), Instagram (@trexcompany), Pinterest (trexcompany) or Houzz (trexcompany-inc), “like” Trex on Facebook (@TrexCompany) or view product and demonstration videos on the brand’s YouTube channel (TheTrexCo).

Ben Arens or Sara Tatay
L.C. Williams & Associates
800/837-7123 or 312/565-3900
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TORONTO--(BUSINESS WIRE)--Superior Plus Corp. (TSX:SPB):

November 2020 Cash Dividend - $0.06 per share
Superior Plus Corp. (“Superior”) today announced its cash dividend for the month of November 2020 of $0.06 per share payable on December 15, 2020. The record date is November 30, 2020 and the ex-dividend date will be November 27, 2020. Superior’s annualized cash dividend rate is currently $0.72 per share. This dividend is an eligible dividend for Canadian income tax purposes.

Upcoming Release of 2020 Third Quarter Results and Conference Call
Superior expects to release its 2020 third quarter results on Wednesday, November 11, 2020 after market close. A conference call and webcast to discuss the 2020 third quarter results is scheduled for 10:30 AM EST on Thursday, November 12, 2020. To participate in the call, dial: 1-844-389-8661. Internet users can listen to the call live, or as an archived call, on Superior's website at: www.superiorplus.com under the Events section.

About the Corporation
Superior consists of two primary operating businesses: Energy Distribution includes the distribution of propane and distillates, and Specialty Chemicals includes the production and distribution of specialty chemicals products.

For further information about Superior, please visit our website at: www.superiorplus.com or contact: Beth Summers, Executive Vice President and Chief Financial Officer, Tel: (416) 340-6015, or Rob Dorran, Vice President, Investor Relations and Treasurer, Tel: (416) 340-6003, E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it., Toll Free: 1-866-490-PLUS (7587).

Forward Looking Information
This news release contains certain forward-looking information and statements that are based on Superior’s current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. In this news release, such forward-looking information and statements can be identified by terminology such as “will”, "expects", "annualized", and similar expressions.

In particular, this news release contains forward-looking statements and information relating to: future dividends which may be declared on Superior’s common shares, the dividend payment, the tax treatment thereof, and the receipt of cash dividends. These forward-looking statements are being made by Superior based on certain assumptions that Superior has made in respect thereof as at the date of this news release, regarding, among other things: the success of Superior’s operations; prevailing commodity prices, margins, volumes and exchange rates; that Superior’s future results of operations will be consistent with past performance and management expectations in relation thereto; the continued availability of capital at attractive prices to fund future capital requirements; future operating costs; that any required commercial agreements can be reached; that all required regulatory and environmental approvals can be obtained on the necessary terms in a timely manner. These forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties, including, but not limited to: the regulatory environment and decisions; non-performance of agreements in accordance with their terms; the impact of competitive entities and pricing; reliance on key industry partners and agreements; actions by governmental or regulatory authorities including changes in tax laws and treatment, or increased environmental regulation; adverse general economic and market conditions in Canada, North America and elsewhere; fluctuations in operating results; labour and material shortages; and certain other risks detailed from time to time in Superior’s public disclosure documents including, among other things, those detailed under the heading "Risk Factors" in Superior’s management's discussion and analysis and annual information form for the year ended December 31, 2019, which can be found at www.sedar.com.

Accordingly, readers are cautioned that events or circumstances could cause results to differ materially from those predicted, forecasted or projected. Such forward-looking statements are expressly qualified by the above statements. Superior does not undertake any obligation to publicly update or revise any forward looking statements or information contained herein, except as required by applicable laws.

Beth Summers, Executive Vice President and Chief Financial Officer
Tel: (416) 340-6015
or
Rob Dorran, Vice President, Investor Relations and Treasurer
Tel: (416) 340-6003
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Toll Free: 1-866-490-PLUS (7587)

EAST AURORA, N.Y.--(BUSINESS WIRE)--The Board of Directors of Moog Inc. (NYSE: MOG.A and MOG.B) has declared a quarterly dividend of $.25 per share on the Company’s issued and outstanding shares of Class A common stock and Class B common stock. The dividend will be paid on December 7, 2020 to all shareholders of record as of the close of business on November 20, 2020.

The dividend represents a use of cash of approximately $8 million. Future declarations of quarterly dividends are subject to the determination and discretion of Moog’s Board of Directors.

Moog Inc. is a worldwide designer, manufacturer, and integrator of precision control components and systems. Moog’s high-performance systems control military and commercial aircraft, satellites and space vehicles, launch vehicles, missiles, automated industrial machinery, marine and medical equipment. Additional information about the company can be found at www.moog.com.

Cautionary Statement

Information included or incorporated by reference in this report that does not consist of historical facts, including statements accompanied by or containing words such as “may,” “will,” “should,” “believes,” “expects,” “expected,” “intends,” “plans,” “projects,” “approximate,” “estimates,” “predicts,” “potential,” “outlook,” “forecast,” “anticipates,” “presume” and “assume,” are forward-looking statements. Such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect the Company’s current views with respect to certain current and future events and financial performance and are not guarantees of future performance. This includes but is not limited to, the Company’s expectation and ability to pay a quarterly cash dividend on its common stock in the future, subject to the determination by the board of directors, and based on an evaluation of company earnings, financial condition and requirements, business conditions, capital allocation determinations and other factors, risks and uncertainties. The impact or occurrence of these could cause actual results to differ materially from the expected results described in the forward-looking statements. These important factors, risks and uncertainties include:

COVID-19 Pandemic Risks

• We face various risks related to health pandemics such as the global COVID-19 pandemic, which may have material adverse consequences on our operations, financial position, cash flows, and those of our customers and suppliers.

Strategic Risks

• We operate in highly competitive markets with competitors who may have greater resources than we possess;
• Our new products and technology research and development efforts are substantial and may not be successful which could reduce our sales and earnings;
• Our inability to adequately enforce and protect our intellectual property or defend against assertions of infringement could prevent or restrict our ability to compete; and
• Our sales and earnings may be affected if we cannot identify, acquire or integrate strategic acquisitions, or as we conduct divestitures.

Market Condition Risks

• The markets we serve are cyclical and sensitive to domestic and foreign economic conditions and events, which may cause our operating results to fluctuate;
• We depend heavily on government contracts that may not be fully funded or may be terminated, and the failure to receive funding or the termination of one or more of these contracts could reduce our sales and increase our costs;
• The loss of The Boeing Company as a customer or a significant reduction in sales to The Boeing Company could adversely impact our operating results; and
• We may not realize the full amounts reflected in our backlog as revenue, which could adversely affect our future revenue and growth prospects. 

Operational Risks

• Our business operations may be adversely affected by information systems interruptions, intrusions or new software implementations;
• We may not be able to prevent, or timely detect, issues with our products and our manufacturing processes which may adversely affect our operations and our earnings;
• If our subcontractors or suppliers fail to perform their contractual obligations, our prime contract performance and our ability to obtain future business could be materially and adversely impacted; and
• The failure or misuse of our products may damage our reputation, necessitate a product recall or result in claims against us that exceed our insurance coverage, thereby requiring us to pay significant damages.

Financial Risks

• We make estimates in accounting for over-time contracts, and changes in these estimates may have significant impacts on our earnings;
• We enter into fixed-price contracts, which could subject us to losses if we have cost overruns;
• Our indebtedness and restrictive covenants under our credit facilities could limit our operational and financial flexibility;
• The phase out of LIBOR may negatively impact our debt agreements and financial position, results of operations and liquidity;
• Significant changes in discount rates, rates of return on pension assets, mortality tables and other factors could adversely affect our earnings and equity and increase our pension funding requirements;
• A write-off of all or part of our goodwill or other intangible assets could adversely affect our operating results and net worth; and
• Unforeseen exposure to additional income tax liabilities may affect our operating results.

Legal and Compliance Risks

• Contracting on government programs is subject to significant regulation, including rules related to bidding, billing and accounting standards, and any false claims or non-compliance could subject us to fines, penalties or possible debarment;
• Our operations in foreign countries expose us to political and currency risks and adverse changes in local legal and regulatory environments;
• Government regulations could limit our ability to sell our products outside the United States and otherwise adversely affect our business;
• We are involved in various legal proceedings, the outcome of which may be unfavorable to us; and
• Our operations are subject to environmental laws, and complying with those laws may cause us to incur significant costs.

General Risks

• The United Kingdom's decision to exit the European Union may result in short-term and long-term adverse impacts on our results of operations;
• Escalating tariffs, restrictions on imports or other trade barriers between the United States and various countries may impact our results of operations;
• Future terror attacks, war, natural disasters or other catastrophic events beyond our control could negatively impact our business; and
• Our performance could suffer if we cannot maintain our culture as well as attract, retain and engage our employees.

These factors are not exhaustive. New factors, risks and uncertainties may emerge from time to time that may affect the forward-looking statements made herein. Given these factors, risks and uncertainties, investors should not place undue reliance on forward-looking statements as predictive of future results. We disclaim any obligation to update the forward-looking statements made in this report.

Ann Marie Luhr
716-687-4225

A Cold Front from the Gulf of Alaska is Forecasted to Arrive on Thursday, Bringing the First Chilly Temperatures, Rainfall and Snow to Portions of Northern California by Friday

SAN FRANCISCO--(BUSINESS WIRE)--Fall’s first real cold front is forecast this week for Northern California and it’s expected to cause temperatures to drop by 15 to 20 degrees and perhaps bring showers and snow to some locations by Friday, so Pacific Gas and Electric Company (PG&E) is urging customers to be cautious when heating their homes.

Electric heating devices, such as space heaters, are a fire hazard when not properly used or monitored. Fuel-burning appliances, such as gas furnaces, stoves and water heaters, can increase the risk of carbon monoxide when they are not working properly. High levels of carbon monoxide, a toxic gas, can be generated by appliances that are defective or improperly installed or maintained. It’s also a good time of year to change the batteries in your smoke alarms and carbon monoxide detectors.

According to PG&E meteorologists, a weather system will move into the region out of the Pacific Northwest Thursday night into Friday, and it will bring precipitation and significantly cooler temperatures with it.

The National Weather Service forecasts that the high temperature in Chico will drop from 81 degrees on Thursday to 58 degrees on Friday. Predicted low temps on Friday will be 44 degrees in San Jose, 43 in Sacramento, 45 in Fresno and 39 in Santa Rosa. In the Lake Tahoe area, by Sunday, the high will be near 35 degrees with a low around 13 degrees.

PG&E urges customers to focus on safely heating their homes as temperatures drop and offers the following tips:

• Place space heaters on level, hard, nonflammable surfaces, not on rugs or carpets.

• Don’t put objects on space heaters or use them to dry clothes or shoes.

• Keep all flammable materials at least three feet away from heating sources and supervise children and pets when a space heater or fireplace is being used.

• Turn off space heaters when leaving the room or going to sleep.

• Never use cooking devices such as ovens or stoves to heat your home, and never use products inside the home that generate dangerous levels of carbon monoxide, such as generators, barbecues, propane heaters and charcoal.

• Install carbon monoxide detectors to warn you if concentration levels are high. As of 2011, all California single-family homes are required to have carbon monoxide detectors. Make sure they are installed near sleeping areas and replace the batteries at least twice a year.

• When using the fireplace to stay warm, make sure the flue is open so that the byproducts of combustion can vent safely through the chimney.

If customers suspect there is a problem with a natural gas appliance inside their home, they should call PG&E at 1-800-743-5000. A gas service representative will be dispatched to do a thorough inspection at no cost to the customer. If you detect carbon monoxide in your home, you should get out immediately and call 911.

About PG&E

Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is one of the largest combined natural gas and electric energy companies in the United States. Based in San Francisco, with more than 23,000 employees, the company delivers some of the nation's cleanest energy to 16 million people in Northern and Central California. For more information, visit pge.com and pge.com/news.

MEDIA RELATIONS:
415-973-5930

Reconfirms 2020 Guidance and Provides 2021 Guidance

Increases Run Rate Production and Financial Guidance

HOUSTON--(BUSINESS WIRE)--Cheniere Energy, Inc. (NYSE American: LNG):

Recent Highlights

Operational

• As of October 31, 2020, more than 1,250 cumulative LNG cargoes totaling over 85 million tonnes of LNG have been produced, loaded and exported from our liquefaction projects.
• In August and September 2020, we coordinated across our liquefaction facilities and with our counterparties to fulfill all of our commercial obligations despite the operational impacts of Hurricane Laura, which included a temporary suspension of operations at the SPL Project (defined below).
• In October 2020, as part of the commissioning process, feed gas was introduced to Train 3 of the CCL Project (defined below).

Financial

• For the nine months ended September 30, 2020, we reported net income¹ of $109 million, Consolidated Adjusted EBITDA² of approximately $2.9 billion, and Distributable Cash Flow² of over $1.0 billion.
• During the three months ended September 30, 2020, in line with our previously announced capital allocation priorities, we prepaid $100 million of outstanding borrowings under the three-year Cheniere Term Loan Facility with available cash. During the nine months ended September 30, 2020, we repurchased an aggregate of 2.9 million shares of our common stock for $155 million under our share repurchase program.
• In July 2020, the Cheniere Term Loan Facility was increased from $2.62 billion to $2.695 billion, and we used borrowings under the facility to (1) redeem all of the remaining outstanding principal amount of the 11.0% Convertible Senior Secured Notes due 2025 issued by Cheniere CCH Holdco II, LLC (the “CCH Holdco II Notes”), subsequent to the $300 million redemption in March 2020, with cash at a price of $1,080 per $1,000 principal amount of notes, (2) repurchase $844 million in aggregate principal amount of outstanding 4.875% Convertible Senior Notes due 2021 issued by Cheniere (the “2021 Convertible Notes”) at individually negotiated prices from a small number of investors, and (3) pay related fees and expenses of the Cheniere Term Loan Facility. The remaining borrowing capacity under the Cheniere Term Loan Facility, approximately $372 million, is expected to be used to repay and/or repurchase a portion of the remaining outstanding principal amount of the 2021 Convertible Notes and for the payment of related fees and expenses.
• In August 2020, Cheniere Corpus Christi Holdings, LLC (“CCH”) issued an aggregate principal amount of $769 million of 3.52% Senior Secured Notes due 2039. The net proceeds of these notes were used to repay a portion of the outstanding borrowings under the CCH Credit Facility, pay costs associated with certain interest rate derivative instruments that were settled, and pay certain fees, costs and expenses incurred in connection with the transactions contemplated thereby.
• In August 2020, Moody’s Investors Service upgraded its rating of CCH’s senior debt from Ba1 (Positive Outlook) to Baa3.
• In September 2020, we issued an aggregate principal amount of $2.0 billion of 4.625% Senior Secured Notes due 2028 (the “2028 Senior Secured Notes”) and used net proceeds to prepay approximately $2.0 billion of the outstanding borrowings under the Cheniere Term Loan Facility.
  
  

Cheniere Energy, Inc. (“Cheniere”) (NYSE American: LNG) reported net loss¹ of $463 million, or $1.84 per share—basic and diluted for the three months ended September 30, 2020, compared to a net loss of $318 million, or $1.25 per share—basic and diluted, for the comparable 2019 period. Net loss increased during the three months ended September 30, 2020 primarily due to decreased total margins⁶, increased loss on modification or extinguishment of debt primarily related to the redemption of the remaining CCH Holdco II Notes and a portion of the 2021 Convertible Notes, and increased loss on our equity method investments, partially offset by increased losses attributable to non-controlling interest, decreased interest expense, and increased income tax benefit. Total margins decreased during the three months ended September 30, 2020 primarily due to the accelerated recognition of revenues in prior periods related to elections by our long-term SPA customers to not take delivery of LNG cargoes that were scheduled to be delivered during the current period, partially offset by an increase in margins per MMBtu of LNG delivered to customers and recognized in income.

Cheniere reported net income of $109 million, or $0.43 per share—basic and diluted for the nine months ended September 30, 2020, compared to a net loss of $291 million, or $1.13 per share—basic and diluted, for the comparable 2019 period. Net income increased during the nine months ended September 30, 2020 primarily due to increased total margins, partially offset by increased operating costs and expenses primarily due to additional Trains in operation and costs incurred in response to the COVID-19 pandemic, increased loss on modification of extinguishment of debt as detailed above, increased interest expense, increased income tax expense, and increased loss on our equity method investments. Total margins increased during the nine months ended September 30, 2020 primarily due to increased LNG revenues including both cargoes delivered to customers and cargoes for which customers notified us that they would not take delivery, primarily as a result of additional Trains in operation and slightly increased margins per MMBtu of LNG delivered to customers and recognized in income, and increased net gains from changes in fair value of commodity derivatives.

Margins per MMBtu of LNG delivered to customers and recognized in income increased during the three and nine months ended September 30, 2020 primarily due to an increase in the proportion of volumes sold pursuant to higher-margin long-term contracts, partially offset by a decrease in market pricing for short-term cargoes sold.

Consolidated Adjusted EBITDA was $477 million for the three months ended September 30, 2020, compared to $694 million for the comparable 2019 period. The decrease in Consolidated Adjusted EBITDA during the three months ended September 30, 2020 was primarily due to the accelerated recognition of revenues in prior periods related to elections by our long-term SPA customers to not take delivery of LNG cargoes that were scheduled to be delivered during the current period.

Consolidated Adjusted EBITDA was $2.91 billion for the nine months ended September 30, 2020, compared to $1.96 billion for the comparable 2019 period. The increase in Consolidated Adjusted EBITDA during the nine months ended September 30, 2020 was primarily due to increased LNG revenues including both cargoes delivered to customers and cargoes for which customers notified us that they would not take delivery, primarily due to additional Trains in operation and slightly increased margins per MMBtu of LNG delivered to customers and recognized in income, partially offset by increased operating costs and expenses primarily due to additional Trains in operation.

During the three and nine months ended September 30, 2020, we recognized $171 million and $932 million, respectively, in revenues associated with LNG cargoes for which customers have notified us that they will not take delivery, of which $47 million would have otherwise been recognized subsequent to September 30, 2020, if the cargoes were lifted pursuant to the delivery schedules with the customers. LNG revenues during the three months ended September 30, 2020 excluded $458 million that would have otherwise been recognized during the quarter if the cargoes were lifted pursuant to the delivery schedules with the customers, as these revenues were recognized during the three months ended June 30, 2020. Excluding the impact of cargo cancellations related to periods subsequent to September 30, 2020 and those received in prior periods for the current periods, our total revenues would have been $1.87 billion and $6.52 billion for the three and nine months ended September 30, 2020, respectively.

During the three and nine months ended September 30, 2020, 55 and 261 LNG cargoes, respectively, were exported from our liquefaction projects, none of which were commissioning cargoes. Six cargoes exported from our liquefaction projects and sold on a delivered basis were in transit as of September 30, 2020.

“We are once again delivering strong results in the face of challenges, including two major hurricanes which recently impacted the Sabine Pass area, further cementing our reputation for resilience and operational excellence,” said Jack Fusco, Cheniere’s President and Chief Executive Officer. "The stability in our operations, along with a strengthening of LNG market conditions, supports our ability to reconfirm our full year 2020 financial guidance and provide robust financial guidance for full year 2021.”

“As we look ahead to 2021, we expect the global LNG market to continue rebalancing and look forward to the completion of Train 3 at Corpus Christi ahead of schedule and within budget. Today we are also raising our run rate Consolidated Adjusted EBITDA and Distributable Cash Flow guidance. The increases in these guidance ranges are driven by increased expected run-rate LNG production, as we have continued to execute on optimization and debottlenecking opportunities to maximize production from our existing infrastructure.”

LNG Volume Summary

The following table summarizes the volumes of operational and commissioning LNG that were loaded from our liquefaction projects and for which the financial impact was recognized on our Consolidated Financial Statements during the three and nine months ended September 30, 2020:

In addition, during the three and nine months ended September 30, 2020, we recognized the financial impact of 31 TBtu and 79 TBtu of LNG, respectively, on our Consolidated Financial Statements related to LNG cargoes sourced from third parties.

Cargo Cancellation Revenue Summary

The following table summarizes the timing impacts of revenue recognition related to cargoes for which customers elected to not take delivery on our revenues for the three and nine months ended September 30, 2020 (in millions):

Liquefaction Projects Update

Additional Discussion and Analysis of Financial Condition and Results

Details Regarding Third Quarter and Year-to-Date September 30, 2020 Results

Our financial results are reported on a consolidated basis. Our ownership interest in Cheniere Energy Partners, L.P. (“Cheniere Partners”) (NYSE American: CQP) as of September 30, 2020 consisted of 100% ownership of the general partner and a 48.6% limited partner interest.

Income from operations decreased $235 million during the three months ended September 30, 2020, as compared to the comparable 2019 period, primarily due to the decrease in total margins as detailed above. Income from operations increased $1.0 billion during the nine months ended September 30, 2020, as compared to the comparable 2019 period, primarily due to the increase in total margins as detailed above, partially offset by costs incurred in response to the COVID-19 pandemic and increased operating costs and expenses primarily due to additional Trains in operation.

Selling, general and administrative expense included share-based compensation expenses of $16 million and $54 million for the three and nine months ended September 30, 2020, respectively, compared to $22 million and $65 million for the comparable 2019 periods.

Capital Resources

As of September 30, 2020, we had cash and cash equivalents of $2.1 billion on a consolidated basis, of which $1.3 billion was held by Cheniere Partners. In addition, we had current restricted cash of $522 million designated for the following purposes: $157 million for the SPL Project, $145 million for the CCL Project and $220 million for other restricted purposes.

Liquefaction Projects

SPL Project

Through Cheniere Partners, we operate five natural gas liquefaction Trains and are constructing one additional Train for a total production capacity of approximately 30 million tonnes per annum (“mtpa”) of LNG at the Sabine Pass LNG terminal (the “SPL Project”).

CCL Project

We operate two Trains and are commissioning one additional Train for a total production capacity of approximately 15 mtpa of LNG near Corpus Christi, Texas (the “CCL Project”).

Corpus Christi Stage 3

We are developing an expansion adjacent to the CCL Project for up to seven midscale Trains with an expected total production capacity of approximately 10 mtpa of LNG (“Corpus Christi Stage 3”). We expect to commence construction of the Corpus Christi Stage 3 project upon, among other things, entering into an engineering, procurement, and construction contract and additional commercial agreements, and obtaining adequate financing.

Investor Conference Call and Webcast

We will host a conference call to discuss our financial and operating results for the third quarter 2020 on Friday, November 6, 2020, at 11 a.m. Eastern time / 10 a.m. Central time. A listen-only webcast of the call and an accompanying slide presentation may be accessed through our website at www.cheniere.com. Following the call, an archived recording will be made available on our website.

^{___________________________}

About Cheniere

Cheniere Energy, Inc. is the leading producer and exporter of liquefied natural gas (LNG) in the United States, reliably providing a clean, secure, and affordable solution to the growing global need for natural gas. Cheniere is a full-service LNG provider, with capabilities that include gas procurement and transportation, liquefaction, vessel chartering, and LNG delivery. Cheniere has one of the largest liquefaction platforms in the world, consisting of the Sabine Pass and Corpus Christi liquefaction facilities on the U.S. Gulf Coast, with expected total production capacity of approximately 45 million tonnes per annum of LNG operating or under construction. Cheniere is also pursuing liquefaction expansion opportunities and other projects along the LNG value chain. Cheniere is headquartered in Houston, Texas, and has additional offices in London, Singapore, Beijing, Tokyo, and Washington, D.C.

For additional information, please refer to the Cheniere website at www.cheniere.com and Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, filed with the Securities and Exchange Commission.

Forward-Looking Statements

This press release contains certain statements that may include “forward-looking statements” within the meanings of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical or present facts or conditions, included herein are “forward-looking statements.” Included among “forward-looking statements” are, among other things, (i) statements regarding Cheniere’s financial and operational guidance, business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding expectations regarding regulatory authorizations and approvals, (iii) statements expressing beliefs and expectations regarding the development of Cheniere’s LNG terminal and pipeline businesses, including liquefaction facilities, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements, (vi) statements regarding future discussions and entry into contracts, (vii) statements relating to the amount and timing of share repurchases, and (viii) statements regarding the COVID-19 pandemic and its impact on our business and operating results. Although Cheniere believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere’s periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere does not assume a duty to update these forward-looking statements.

Cheniere Energy, Inc.

Investors
Randy Bhatia, 713-375-5479
Megan Light, 713-375-5492
or
Media Relations
Eben Burnham-Snyder, 713-375-5764
Jenna Palfrey, 713-375-5491

LONDON--(BUSINESS WIRE)--#DieselBottledAftermarketFuelAdditivesMarket--Technavio has been monitoring the diesel bottled (aftermarket) fuel additives market and it is poised to grow by USD 167.59 mn during 2020-2024, progressing at a CAGR of 5% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.

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The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Afton Group, BASF SE, Callington Haven Pty. Ltd., Chevron Corp., Cummins Inc., Evonik Industries AG, LIQUI MOLY GmbH, Lucas Oil Products Inc., The Lubrizol Corp., and Total SA are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

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Rising vehicle population and high consumption of diesel bottled fuel additives have been instrumental in driving the growth of the market. However, growing popularity of battery-powered electric vehicles might hamper the market growth.

Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations. Download a Free Sample Report on COVID-19 Impacts

Diesel Bottled (Aftermarket) Fuel Additives Market 2020-2024: Segmentation

Diesel Bottled (Aftermarket) Fuel Additives Market is segmented as below:

• End-user
  • Automotive
  • Oil And Gas
  • Others
• Type
  • Cetane Improvers
  • Cold Flow Improvers
  • Corrosion Inhibitors
  • Anti-icing
  • Others
• Geography
  • North America
  • Europe
  • APAC
  • South America
  • MEA

Diesel Bottled (Aftermarket) Fuel Additives Market 2020-2024: Scope

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The diesel bottled (aftermarket) fuel additives market report covers the following areas:

• Diesel Bottled (Aftermarket) Fuel Additives Market Size
• Diesel Bottled (Aftermarket) Fuel Additives Market Trends
• Diesel Bottled (Aftermarket) Fuel Additives Market Industry Analysis

Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.

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Diesel Bottled (Aftermarket) Fuel Additives Market 2020-2024: Key Highlights

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will assist diesel bottled (aftermarket) fuel additives market growth during the next five years
• Estimation of the diesel bottled (aftermarket) fuel additives market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the diesel bottled (aftermarket) fuel additives market
• Analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of diesel bottled (aftermarket) fuel additives market, vendors

Table of Contents:

Executive Summary

• Market Overview

Market Landscape

• Market ecosystem
• Market characteristics
• Value chain analysis

Market Sizing

• Market definition
• Market segment analysis
• Market size 2019
• Market outlook: Forecast for 2019 - 2024

Five Forces Analysis

• Five Forces Summary
• Bargaining power of buyers
• Bargaining power of suppliers
• Threat of new entrants
• Threat of substitutes
• Threat of rivalry
• Market condition

Market Segmentation by End-user

• Market segments
• Comparison by End-user
• Automotive - Market size and forecast 2019-2024
• Oil and gas - Market size and forecast 2019-2024
• Others - Market size and forecast 2019-2024
• Market opportunity by End-user

Market Segmentation by Type

• Market segments
• Comparison by Type
• Cetane improvers - Market size and forecast 2019-2024
• Cold flow improvers - Market size and forecast 2019-2024
• Corrosion inhibitors - Market size and forecast 2019-2024
• Anti-icing - Market size and forecast 2019-2024
• Combustion improvers - Market size and forecast 2019-2024
• Deposit controllers - Market size and forecast 2019-2024
• Antioxidants - Market size and forecast 2019-2024
• Others - Market size and forecast 2019-2024
• Market opportunity by Type

Customer landscape

• Overview

Geographic Landscape

• Geographic segmentation
• Geographic comparison
• North America - Market size and forecast 2019-2024
• Europe - Market size and forecast 2019-2024
• APAC - Market size and forecast 2019-2024
• South America - Market size and forecast 2019-2024
• MEA - Market size and forecast 2019-2024
• Key leading countries
• Market opportunity by geography
• Volume driver-Demand led growth
• Market challenges
• Market trends

Vendor Landscape

• Vendor landscape
• Landscape disruption

Vendor Analysis

• Vendors covered
• Market positioning of vendors
• Afton Group
• BASF SE
• Callington Haven Pty. Ltd.
• Chevron Corp.
• Cummins Inc.
• Evonik Industries AG
• LIQUI MOLY GmbH
• Lucas Oil Products Inc.
• The Lubrizol Corp.
• Total SA

Appendix

• Scope of the report
• Currency conversion rates for US$
• Research methodology
• List of abbreviations

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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NEW YORK--(BUSINESS WIRE)--Hess Corporation (NYSE: HES) announced today that it has completed the previously announced sale of its 28% working interest in the Shenzi Field in the deepwater Gulf of Mexico to BHP, the field’s operator, for a total consideration of $505 million, subject to customary adjustments, with an effective date of July 1, 2020.

“This transaction brings value forward in the current low price environment and further strengthens our cash and liquidity position,” CEO John Hess said. “Proceeds will be used to fund our world class investment opportunity in Guyana.”

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

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 use of proceeds from our asset sale and our future financial and operational results. Forward-looking statements are subject to certain known and unknown risks and uncertainties that could cause actual results to differ materially from our historical experience and our current projections or expectations of future results expressed or implied by these forward-looking statements. The following important factors could cause actual results to differ materially from those in our forward-looking statements: fluctuations in market prices of crude oil, natural gas liquids and natural gas; demand for our products, including due to the global COVID-19 pandemic or due to the impact of competing or alternative energy products and political conditions and events; the ability of our contractual counterparties to satisfy their obligations to us; 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 Quarterly Reports on Form 10-Q 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
This email address is being protected from spambots. You need JavaScript enabled to view it.

Media Contact:
Lorrie Hecker
(212) 536-8250
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DENVER--(BUSINESS WIRE)--Whiting Petroleum Corporation (NYSE: WLL) (“Whiting” or the “Company”) today announced third quarter 2020 results.

Third Quarter 2020 Highlights

• Revenue was $184 million for the quarter ending September 30, 2020
• Net income was $278 million, or $7.30 per diluted share for the quarter ending September 30, 2020
• Adjusted EBITDAX was $100 million for the quarter ending September 30, 2020 (see further discussion regarding the presentation of adjusted EBITDAX in "About Non-GAAP Financial Measures" below)
• Emerged from bankruptcy with a strong balance sheet and liquidity position

On September 1, 2020 (the “Emergence Date”) the Company emerged from voluntary bankruptcy under Chapter 11 of the Bankruptcy Code. Beginning on the Emergence Date, the Company applied fresh start accounting, which resulted in a new basis of accounting, and became a new entity for financial reporting purposes. As a result of the application of fresh start accounting and the effects of the implementation of the Company’s chapter 11 plan of reorganization, the consolidated financial statements after September 1, 2020 are not comparable with the consolidated financial statements on or prior to that date. References to “Successor” refer to the Whiting entity after emergence from bankruptcy on the Emergence Date. References to “Predecessor” refer to the Whiting entity prior to emergence from bankruptcy. References to “Successor Period” refer to the period from September 1, 2020 through September 30, 2020. References to “Current Predecessor Quarter” and “Current Predecessor YTD Period” refer to the periods from July 1, 2020 through August 31, 2020 and January 1, 2020 through August 31, 2020, respectively. References to “Prior Predecessor Quarter” and “Prior Predecessor YTD Period” refer to the three and nine months ended September 30, 2019, respectively.

Although GAAP requires that we report on results for the Successor Period and the Current Predecessor Quarter and Current Predecessor YTD Period separately, our operating results are discussed below for the three and nine months ended September 30, 2020 by combining the results of the applicable Predecessor and Successor periods in order to provide the most meaningful comparison of our current results to prior periods. Accordingly, references to “Combined Current Quarter” and “Combined Current YTD Period” refer to the three and nine months ended September 30, 2020, respectively.

Revenue for the Combined Current Quarter decreased $192 million to $184 million when comparing to the quarter ending September 30, 2019. A decrease in total production accounted for approximately $111 million of the change in revenue and decreases in commodity prices realized accounted for approximately $81 million of the change in revenue between periods.

Net income for the Combined Current Quarter was $278 million, or $7.30 per share, as compared to a net loss of $19 million, or $0.21 per share, in the quarter ended September 30, 2019. Adjusted net loss for the Combined Current Quarter was $13 million or $0.34 per share.

Adjusted EBITDAX for the Combined Current Quarter was $100 million compared to $236 million for the quarter ended September 30, 2019.

Liquidity

Since emergence, the Company paid down approximately $25 million on its revolver. As of September 30, 2020, the Company had $400 million outstanding on its revolver and $14 million in cash resulting in total liquidity of $364 million. Whiting expects to fund its operations fully within operating cash flow through at least 2021.

Commodity Price Hedging

Whiting uses commodity hedges in order to reduce the effects of commodity price volatility and to adhere to the requirements of its credit facility. As of October 30, 2020, the Company has approximately 1.9 million Bbls of oil hedged at a weighted-average floor price of approximately $39 per Bbl in 2020, approximately 8.8 million Bbls of oil hedged at a weighted-average floor price of approximately $39 per Bbl in 2021 and approximately 3.5 million Bbls of oil hedged at a weighted-average floor price of approximately $38 per Bbl in 2022. Additionally, the Company has approximately 2.2 billion British thermal units (“Bbtu”) of natural gas hedged at a weighted-average floor price of $2.36 per million British thermal units (“MMbtu”) in 2020, approximately 23.5 Bbtu of natural gas hedged at a weighted-average floor price of $2.65 per MMbtu in 2021 and approximately 12.1 Bbtu of natural gas hedged at a weighted-average floor price of $2.38 per MMbtu in 2022. These floor prices are the weighted-average of swaps and the floors of collared transactions.

G & A

G&A expenses decreased to $27 million in the Combined Current Quarter, which includes $15 million of specific costs related to restructuring. This compares to $28 million in the second quarter 2020 and $30 million in the third quarter 2019, which included $11 million and $8 million of non-recurring items, respectively.

Operations

During the second quarter, the Company filed for bankruptcy, at which time all operations were suspended, except for workover operations. This suspension of operations clearly resulted in a steep decline in production over the past two quarters. During the third quarter of 2020, total production averaged 93.9 thousand barrels of oil equivalent per day (“MBOE/d”), of which 60% was crude oil, a decrease of 5% from the second quarter of 2020. Production for the same period of 2019 was 123 MBOE/d.

During the third quarter the Company turned seven wells to production in the Williston Basin. In the fourth quarter of 2020, Whiting expects to turn five additional wells to production as well as commence completion operations on another five wells at year end that will impact 2021 production. The Company expects capital expenditures of $27 million during the fourth quarter, bringing full year capital expenditures to the midpoint of guidance. Due to the timing of wells put on production during the third and fourth quarters, combined with completion work being done near the end of the year, we anticipate fourth quarter production will decline from the third quarter.

LOE declined to $51 million in the Combined Current Quarter from $53 million in the second quarter of 2020. This 4% decrease is primarily due to the company’s focus on saltwater disposal optimization, lower non-op spending and improved rental agreements. This also marked a 40% decrease from the same period in 2019. Whiting continues to focus on costs to improve margins during the current price environment.

Whiting has consistently outperformed the NDIC requirement for gas capture since the regulatory requirement began. In September, Whiting captured 96% of its gas and continues to explore new technologies to reduce overall emissions.

Outlook for Full-Year 2020

The following table provides guidance for the full-year 2020 based on current forecasts.

Management Comment

Lynn A. Peterson, President and CEO of WLL commented, "The past quarter saw the Company complete its restructuring work and emerge from bankruptcy in September. The Whiting team remained extremely focused during the process and I commend all of our staff for their efforts.”

Peterson added, “We are in a challenging and volatile commodity price environment and we will continue to prioritize cash flow generation. As we look ahead at consensus commodity prices in 2021, our goals will be 1) to maintain production levels near our 2020 exit rate, and 2) operate within internally generated cash flow, which in combination should produce an attractive free cash flow yield. We anticipate holding 2021 spending levels in the same range as our 2020 capital expenditures to achieve these goals. We believe this strategy will create value for the Company's stakeholders while always operating in a safe environment."

Conference Call

WLL will host a conference call on Friday, November 6, 2020 at 11:00 a.m. Eastern time (9:00 a.m. Mountain time) to discuss the results. The call will be conducted by President and CEO Lynn A. Peterson, CFO James Henderson, COO Charles J. Rimer and IR Manager Brandon Day. A Q&A session will immediately follow the discussion of the results for the quarter.

To participate in this call please dial:
Domestic Dial-in Number: (877) 328-5506
International Dial-in Number: (412) 317-5422
Webcast URL: https://dpregister.com/sreg/10149456/dc153f7610

Replay Information:
Conference ID #: 10149456
Replay Dial-In (Toll Free US & Canada): (877) 344-7529 (U.S.), (855) 669-9658 (Canada)
Replay Dial-In (International): (412) 317-0088
Expiration Date: Friday, November 13, 2020

Selected Operating and Financial Statistics

Third Quarter and First Nine Month 2020 Costs and Margins

A summary of cash revenues and cash costs on a per BOE basis is as follows:

Selected Financial Data

For further information and discussion on the selected financial data below, please refer to Whiting Petroleum Corporation’s Quarterly Report on Form 10‑Q for the quarter ended September 30, 2020 to be filed with the Securities and Exchange Commission.