LONDON--(BUSINESS WIRE)--Moody’s ESG Solutions announced today that the Private Infrastructure Development Group (PIDG) has selected Moody’s Climate on Demand scoring tool to assess climate risk exposure in its investment projects.

PIDG mobilizes private investment in sustainable and inclusive infrastructure in sub-Saharan Africa and south and south-east Asia. It will use Moody’s data to screen potential new investments for exposure to climate hazards based on their precise location, and to assess the physical climate risk exposure of assets in its existing portfolio. PIDG’s investment teams and project sponsors will also leverage the data to inform due diligence and climate risk management and mitigation measures.

“We need to ensure that new infrastructure is resilient to the changing climate, especially in the most vulnerable countries,” said Marco Serena, Head of Sustainable Development Impact at PIDG. “Using Moody’s data, we look forward to working with project sponsors and investee companies to understand more about the hazards that investments may be exposed to during their lifetime, and to support increased resilience to the impacts of climate change – not just on the assets themselves but also on the communities that use the infrastructure.”

Moody’s Climate on Demand tool provides a forward-looking view on assets’ exposure to physical climate risks including floods, heat stress, hurricanes and typhoons, sea level rise, water stress, and wildfires. It can score exposure to climate hazards out to the 2030-2040 decade for any location in the world. It allows users to examine specific risk drivers and explore the underlying indicators, capturing various dimensions of risk for each hazard.

“Integrating exposure to physical climate hazards into financing and development is essential to ensure the long-term viability of infrastructure assets, and to help inform targeted resilience measures,” said Emilie Mazzacurati, Global Head of Moody’s Climate Solutions. “We are pleased that PIDG has chosen to use our Climate on Demand tool as part of its critical efforts to drive investment in climate resilience.”

To learn more about Moody’s Climate Solutions, visit: https://esg.moodys.io/climate-solutions.

ABOUT MOODY’S ESG SOLUTIONS

Moody’s ESG Solutions Group is a business unit of Moody’s Corporation serving the growing global demand for ESG and climate insights. The group leverages Moody’s data and expertise across ESG, climate risk, and sustainable finance, and aligns with Moody's Investors Service and Moody's Analytics to deliver a comprehensive, integrated suite of ESG and climate risk solutions including ESG scores, analytics, Sustainability Ratings and Sustainable Finance Reviewer/certifier services. For more information, visit https://esg.moodys.io/solutions#solutions.

ABOUT PRIVATE INFRASTRUCTURE DEVELOPMENT GROUP

The Private Infrastructure Development Group (PIDG) is an innovative infrastructure project developer and investor which mobilises private investment in sustainable and inclusive infrastructure in sub-Saharan Africa and south and south-east Asia. PIDG investments promote socio-economic development within a just transition to net zero emissions, combat poverty and contribute to the Sustainable Development Goals (SDGs). PIDG delivers its ambition in line with its values of opportunity, accountability, safety, integrity and impact. Since 2002, PIDG has supported 171 infrastructure projects to financial close which provided an estimated 217 million people with access to new or improved infrastructure. PIDG is funded by the governments of the United Kingdom, the Netherlands, Switzerland, Australia, Sweden, Germany and the IFC. For more information visit www.pidg.org.

Moody’s ESG Solutions:
Lisa Stanton
MD-Global Sales Lead/ESG
+1 (415) 874-6000
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Media inquiries:
Michael Simon
AVP, Communications
+1 (212) 553-0213
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Plan for Approximately 16,000 New Charging Ports Further Reduces a Common Barrier to EV Adoption

SAN FRANCISCO--(BUSINESS WIRE)--Today, Pacific Gas and Electric Company (PG&E) announced it has proposed the next major milestone in building the electric vehicle (EV) charging infrastructure for Northern and Central California. If approved by the California Public Utilities Commission (CPUC), the proposal would continue to drive customer EV adoption as PG&E works to support California’s bold climate and clean air goals.

PG&E’s proposal builds on the success of its recently completed EV Charge Network program by installing new infrastructure for 16,000 additional charging ports including Level 2 EV chargers, supporting multifamily housing residents in particular with onsite, workplace and public destination charging options.

Additionally, PG&E proposes installing both Level 2 EV chargers and fast chargers at publicly accessible locations including shopping centers, local government buildings, and park-and-ride lots. Public charging is critical to increasing EV adoption, as it builds driver confidence in their ability to charge away from home and provides access to drivers who do not have residential charging.

“Expanding the use of electric vehicles is essential for California to achieve its bold climate and clean-air goals. With this proposed program, we believe we can continue doing our part to expand EV charging infrastructure for our customers, which is a critical component of increasing EV adoption. We value our role as an active partner in helping make EVs an option for millions of Californians. Reducing vehicle emissions is good for our state and good for the environment,” said PG&E’s Aaron August, Vice President, Business Development and Customer Engagement.

Details of the Proposal

Should the CPUC approve the program, PG&E would install or rebate the necessary electrical infrastructure to connect parking spaces to the electric grid and, in certain cases, also install the associated EV chargers. PG&E would pay for all or a portion of this work, depending on the customer type.

PG&E’s proposal focuses on supporting equitable EV adoption for all Californians including those who may not have had the option before. These efforts include, but are not limited to:

• Covering 100% of costs for certain multifamily housing customer sites;
• Collecting and incorporating community input on the location of chargers installed through the program;
• Pursuing EV car-share partnerships;
• Providing grants for community-based organizations with ideas for how to drive EV adoption; and
• Allocating at least 50% of infrastructure spending in communities prioritized by Assembly Bill 841 (Ting-2020), which established criteria for future transportation electrification programs in underserved communities.

Why Clean Transportation Matters

More than 360,000 EVs are currently registered in PG&E’s service area, representing nearly 20% of all EVs in the country. Increasing EV adoption is a critical component to making California’s clean air future a reality as transportation is the single largest source of greenhouse-gas emissions in California, contributing nearly 40%. Passenger vehicles alone account for nearly 29% of the state’s total emissions. The state aims to have 100% of California sales of new passenger cars and trucks be zero-emission by 2035.

The electricity fueling EVs in California comes from one of the cleanest energy mixes in the country—about 85% of the electricity PG&E delivers to customers is from greenhouse gas-free resources.

PG&E’s Support for EVs

As part of its first EV charging infrastructure program, EV Charge Network, PG&E installed 4,827 Level 2 EV charging ports at customer sites across Northern and Central California, which accounts for roughly 18% of the total number of Level 2 charging ports in the state. Through the program, PG&E partnered with customers at 192 locations and with 11 EV charging companies throughout its service area including in Bakersfield, Chico, Fresno, Red Bluff, and San Jose. Through September 2021, PG&E has enabled charging for 5.5 gigawatt-hours of electricity, equivalent to over 1,400 traditional cars being taken off the road for a year.

While the EV Charge Network program is complete, PG&E continues to bring EV charging options to customers across its service area.

• EV Fleet Program: Aims to install or rebate make-ready electrical infrastructure at 700 sites by 2024 to support the adoption of 6,500 medium- and heavy-duty electric vehicles.
• EV Fast Charge Program for Public Fast Chargers: Complements state and privately funded initiatives and aims to install more than 50 plazas for Direct Current (DC) fast charging in highway corridor and urban sites. Earlier this year, PG&E installed four fast chargers at its first site at a 7-Eleven convenience store in West Sacramento, California. PG&E has since seen high demand for the program, receiving three times the applications for available funding.
• EV Charge Schools and EV Charge Parks: Will provide charging infrastructure at school facilities and educational institutions, as well as California State Parks and Beaches in support of California’s electrification goals.
• Special Rates, Rebates and Tools: PG&E has electric rate plans tailored for customers who drive EVs and offers tools such as PG&E’s EV Savings Calculator and Fleet Calculator (ev.pge.com and fleets.pge.com) to help customers understand costs when adopting an EV.

For more information, visit pge.com/ev.

About PG&E

PG&E, a subsidiary of PG&E Corporation (NYSE:PCG), is a combined natural gas and electric utility serving more than 16 million people across 70,000 square miles in Northern and Central California. For more information, visit pge.com and pge.com/news.

MEDIA RELATIONS:
415-973-5930

LOUISVILLE, Ky.--(BUSINESS WIRE)--BAE Systems has received a $26 million contract to equip the U.S. Navy’s Constellation class frigates with the fully-automatic 57mm Mk 110 naval gun. The contract awarded earlier this month includes engineering support and calls for two Mk 110s for the USS Constellation (FFG 62) and USS Congress (FFG 63). The new Constellation class of multi-mission guided-missile frigates is designed to operate in blue water and in the littorals, for an increased forward naval presence.

The Mk 110 gun system, known internationally as the Bofors 57 Mk 3, is the deck gun of choice for the Constellation class. It is a multi-mission, medium-caliber shipboard weapon, effective against air, surface, or ground threats without requiring multiple round types. The system is capable of firing up to 220 rounds per minute at an effective range of more than nine nautical miles using BAE Systems’ six-mode programmable, pre-fragmented, and proximity-fused (3P) ammunition.

“The selection of the Mk 110 for the U.S. Navy’s Constellation class frigates signifies confidence in the gun system and its ability to meet current and future needs in shipboard defense,” said Brent Butcher, vice president of the weapon systems product line at BAE Systems, Inc. “The Mk 110 gun system provides this next-generation frigate with the continued performance that our surface fleet has come to expect from its intermediate caliber guns.”

This contract also includes providing a Mk 110 system to the U.S. Coast Guard’s third Argus Class Offshore Patrol Cutter, USCGC Ingham. Deliveries are expected to begin in 2023 under the contract with Naval Sea Systems Command Integrated Warfare Systems 3C (NAVSEA IWS).

The 57mm Mk 110 is currently in service on the Navy’s Littoral Combat Ship and the U.S. Coast Guard’s National Security Cutter. To date, BAE Systems is providing 39 Mk 110 guns to the Navy and 15 to the Coast Guard. Worldwide, 103 Mk 110/57 Mk 3 naval gun systems are under contract with nine nations.

Michelle Tiemeyer
Mobile: +001 (717) 645-6553
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www.baesystems.com/US
@BAESystemsInc

WALTHAM, Mass.--(BUSINESS WIRE)--The Board of Directors of PerkinElmer, Inc. (NYSE: PKI), declared a regular quarterly dividend of $0.07 per share of common stock October 27, 2021. This dividend is payable on February 11, 2022 to all shareholders of record at the close of business on January 21, 2022.

About PerkinElmer

PerkinElmer, Inc. is a global leader focused on innovating for a healthier world. The Company reported revenue of approximately $3.8 billion in 2020, has about 15,000 employees serving customers in 190 countries, and is a component of the S&P 500 Index. Additional information is available at www.perkinelmer.com.

Investor Relations:
Steve Willoughby
(781) 663-5677
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Media Relations:
Chet Murray
(781) 663-5719
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Sunnova, a leading residential solar and energy storage service provider, will pilot a program to provide Intero clients with greater access to clean and reliable energy

CUPERTINO, Calif.--(BUSINESS WIRE)--#EV--Intero, a Berkshire Hathaway affiliate and wholly owned subsidiary of HomeServices of America, Inc., is proud to announce a partnership with Sunnova Energy International Inc. ("Sunnova") (NYSE: NOVA), one of the leading U.S. residential solar and storage service providers, to provide Intero clients with easy access to reliable solar and energy storage solutions.

With continued stress on the energy grid and the increased adoption of battery-powered vehicles, residents throughout the Bay Area are actively searching for reliable energy solutions. This new partnership will allow Intero agents to help their current and past clients quickly connect with Sunnova so they can receive the unrivaled service that is synonymous with Sunnova’s brand.

“At Intero, we help our agents extend their client relationship beyond the transaction,” said Scott Chase, Chief Operating Officer of Intero. “Our goal is to provide partnerships that differentiate our agents from the competition and improve the client experience. Our local power grid is old and unreliable and anyone who has lived here long enough has experienced outages. New home owners want lower energy costs, back-up battery power and EV charging. After researching this space, it became crystal clear Sunnova was the obvious choice to help us deliver on these concerns.”

“California is a key market for Sunnova, and we look forward to providing Intero’s clients with a convenient clean energy service that can improve the value of their home and help power their energy independence,” said Michael Grasso, Executive Vice President, Chief Marketing and Growth Officer at Sunnova. “With continued blackouts and brownouts due to wildfires in California, now more than ever before new homeowners need reliable and resilient energy services to live life uninterrupted.”

Sunnova can help Intero clients with the following services:

• Home Solar
• Home Solar + Battery Storage
• Home Solar + EV Charger
• Add-on Battery Storage
• Home Solar Protection

For more information on Sunnova’s products and services, please reach out to your local Intero real estate agent in our 23 offices throughout the Bay Area. They will connect you with the Sunnova concierge service that will provide a custom evaluation of your specific home.

About the Intero Brand

Intero, a Berkshire Hathaway affiliate and wholly owned subsidiary of HomeServices of America Inc., serves Northern California and Nevada with 23 offices throughout the greater Silicon Valley, San Francisco, Calaveras County, Western Nevada and the Greater Lake Tahoe Region. The Intero Franchise network is comprised of 38 affiliates located in Alabama, California, Nevada, Tennessee and Texas. The company is headquartered in the heart of California’s Silicon Valley. Find more information about Intero at www.intero.com. Find more information about HomeServices of America at www.homeservices.com.

Find more information about Intero at www.intero.com. Find more information about HomeServices at www.homeservices.com

About Sunnova

Sunnova Energy International Inc. (NYSE: NOVA) is a leading residential solar and energy storage service provider with customers across the U.S. and its territories. Sunnova's goal is to be the source of clean, affordable and reliable energy with a simple mission: to power energy independence so that homeowners have the freedom to live life uninterrupted®.

For more information, please visit sunnova.com.

Intero – A Berkshire Hathaway Affiliate
Derek Overbey, Vice President of Marketing
(408) 342.8650
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Sunnova
Alina Eprimian, Media Relations Manager
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Sunnova Investor Relations
Rodney McMahan, Vice President Investor Relations
281.971.3323
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EL DORADO, Ark.--(BUSINESS WIRE)--The Board of Directors of Murphy USA Inc. (NYSE: MUSA) today declared a quarterly cash dividend on the Common Stock of Murphy USA Inc. of $0.29 per share, or $1.16 per share on an annualized basis. The dividend is payable on December 1, 2021, to stockholders of record as of November 8, 2021.

“With our advantaged business model delivering record financial performance, we will remain disciplined in allocating capital to our highest-return opportunities, which remain new store growth and targeted investments in business improvement initiatives,” said President and CEO Andrew Clyde. “However, with rising free cash flow and a strong balance sheet, in conjunction with our active share repurchase program, we are excited to continue supporting our track record of shareholder returns through a higher dividend.”

“When considering future distributions, we are committed to increasing the dividend, both at an absolute, and per-share level. As business conditions allow, our goal is to increase the cash allocation to dividend distributions by roughly 10% annually for at least the next five years. Consequently, when coupled with ongoing share repurchase, we would expect to deliver a double-digit rate of per-share dividend growth, which maintains our modest yield and aligns more closely with our historical rate of annual share performance since spin.”

About Murphy USA

Murphy USA (NYSE: MUSA) is a leading retailer of gasoline and convenience merchandise with more than 1,650 stations located primarily in the Southwest, Southeast, Midwest, and Northeast United States. The company and its team of nearly 15,000 employees serve an estimated 2.0 million customers each day through its network of retail gasoline and convenience stations in 27 states. The majority of Murphy USA's sites are located in close proximity to Walmart stores. The company also markets gasoline and other products at standalone stores under the Murphy Express and QuickChek brands. Murphy USA ranks 262 among Fortune 500 companies.

Forward-Looking Statements

Certain statements in this news release contain or may suggest “forward-looking” information (as defined in the Private Securities Litigation Reform Act of 1995) that involve risk and uncertainties, including, but not limited to our M&A activity, anticipated store openings, fuel margins, merchandise margins, sales of RINs, trends in the Company’s operations, dividends and share repurchases. Such statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual future results may differ materially from historical results or current expectations depending upon factors including, but not limited to: the Company’s ability to realize projected synergies from the acquisition of QuickChek and successfully expand our food and beverage offerings; the Company’s ability to continue to maintain a good business relationship with Walmart; successful execution of the Company’s growth strategy, including the Company’s ability to realize the anticipated benefits from such growth initiatives, and the timely completion of construction associated with the Company’s newly planned stores which may be impacted by the financial health of third parties; the Company’s ability to effectively manage the Company’s inventory, disruptions in the Company’s supply chain and the Company’s ability to control costs; the impact of severe weather events, such as hurricanes, floods and earthquakes; the impact of a global health pandemic, such as COVID-19, including the impact on the Company’s fuel volumes if the gradual recoveries experienced throughout 2020 stall or reverse as a result of any resurgence in COVID-19 infection rates and government reaction in response thereof; the impact of any systems failures, cybersecurity and/or security breaches, including any security breach that results in theft, transfer or unauthorized disclosure of customer, employee or company information or the Company’s compliance with information security and privacy laws and regulations in the event of such an incident; successful execution of the Company’s information technology strategy; reduced demand for our products due to the implementation of more stringent fuel economy and greenhouse gas reduction requirements, or increasingly widespread adoption of electric vehicle technology; future tobacco or e-cigarette legislation and any other efforts that make purchasing tobacco products more costly or difficult could hurt the Company’s revenues and impact gross margins; changes to the Company’s capital allocation, including the timing, declaration, amount and payment of any future dividends or levels of the Company’s share repurchases, or management of operating cash; the market price of the Company’s stock prevailing from time to time, the nature of other investment opportunities presented to the Company from time to time, the Company’s cash flows from operations, and general economic conditions; compliance with debt covenants; availability and cost of credit; and changes in interest rates. Murphy USA’s SEC reports, including its most recent annual report on Form 10-K and quarterly reports on Form 10-Q, contain other information on these and other factors that could affect our financial results and cause actual results to differ materially from any forward-looking information we may provide. Murphy USA undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events, new information or future circumstances.

Investor Contact:
Christian Pikul – Vice President of Investor Relations and FP&A
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Mitchell Freer – Investor Relations Analyst
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DUBLIN--(BUSINESS WIRE)--The "Oil Refining Industry in Iraq 2021" report has been added to ResearchAndMarkets.com's offering.

This downstream energy sector report, "Oil Refining Industry in Iraq" is a complete source of information on Iraq crude oil refining industry.

It provides refinery level information relating to existing and planned (new build) refineries such as insights and forecasts of refinery capacities, refined petroleum products production and consumption, refinery complexity factor and comparison against peer group countries in the respective region.

The report also covers complete details of major players operating in the refining sector in Iraq and in depth analysis of the latest industry news and deals.

Scope

• Outlook of the country's Oil Refining Industry and refined petroleum products beyond 2020
• Forecasts of refined products production and consumption along with major refining companies, and operators.
• Historic and Forecasted Refining capacity and secondary units capacities beyond 2020
• Key Opportunities and Restraints in the country's Refinery market
• Benchmark with five peer group countries on Nelson Complexity Factor.
• Market structure of the country's Refining Industry, companies, capacities and market share.
• Information on planned refineries such as planned capacity, equity structure, Operator Company, expected commissioning date and project cost.
• Refined petroleum products production and demand beyond 2020.
• Refinery level information such as refinery name, commissioned year, primary and secondary units installed capacities along with future capacity expansions, refinery complexity factor, ownership and operator details.
• Company profiles of major refining companies including SWOT Analysis.
• Latest mergers, acquisitions, contract announcements, and all related industry news and deals analysis.

Key Topics Covered:

1 Tables & Figures

2 Introduction to Iraq Refining Markets

2.1 What is This Report About?

2.2 Market Definition

3 Refining Industry in Iraq

3.1 Iraq Refining Market Snapshot, 2020

3.2 Role of Iraq in Global and Regional Refining Markets

3.2.1 Contribution to Middle East and Africa and Global Refining Capacity, 2020

3.2.2 Iraq Average Nelson Complexity Factor (NCF) vs. Middle East and Africa and Global, 2020

4 Iraq Refining Market- Drivers and Restraints

4.1 Iraq Refining Industry: Trends and Issues

4.1.1 Iraq Refining Industry: Major Trends

4.2 Major Restrains of Investing in Iraq Refining Sector

5 Iraq Oil Products Demand and Supply Forecast to 2025

5.1 Iraq Refined Products Demand Forecast to 2025

5.1.1 Iraq Gasoline Demand Forecast to 2025

5.1.2 Iraq Diesel Oil Demand Forecast to 2025

5.1.3 Iraq Kerosene Demand Forecast to 2025

5.1.4 Iraq LPG Demand Forecast to 2025

5.2 Iraq Refined Products Production Forecast to 2025

5.2.1 Iraq Gasoline Production Forecast to 2025

5.2.2 Iraq Diesel Oil Production Forecast to 2025

5.2.3 Iraq Kerosene Production Forecast to 2025

5.2.4 Iraq LPG Production Forecast to 2025

6 Iraq Refinery Capacities Forecast to 2025

6.1 Location, Operator, Ownership, Startup Details of Operational Refineries in Iraq

6.1.1 Refinery Location, Operator, Ownership, Startup Details

6.2 Iraq Total Refining Capacity Historic and Forecast, 2012-2025

6.3 Iraq Refining Capacity Historic and Forecast, 2012-2025

6.4 Iraq Refinery wise Secondary Conversion Unit-1 Capacity, 2012-2025

6.5 Iraq Refinery wise Secondary Conversion Unit-2 Capacity, 2012-2025

6.6 Iraq Refinery wise Secondary Conversion Unit-3 Capacity, 2012-2025

7 Iraq Refining Industry- Future Developments and Investment Opportunities

7.1 Capital Investment Details of All Upcoming Refineries

7.2 Location, Operator, Ownership, Start Up Details of Planned Refineries in Iraq

7.2.1 Refinery Location, Operator, Ownership, Startup Details

7.3 Refinery Capacities of All Upcoming Refineries

8 Key Strategies Iraq Refining Companies

8.1 Iraq Company wise Refining Capacity Forecast, 2012-2025

9 Sonangol Company Profile

10 Iraq Refining Industry Major Contract Announcements

11 Iraq Refining Industry Updates

12 Iraq Refining Industry Deals

For more information about this report visit https://www.researchandmarkets.com/r/se5eys

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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SAN RAMON, Calif.--(BUSINESS WIRE)--The Board of Directors of Chevron Corporation (NYSE: CVX) declared a quarterly dividend of one dollar and thirty-four cents ($1.34) per share, payable December 10, 2021, to all holders of common stock as shown on the transfer records of the Corporation at the close of business November 18, 2021.

Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to achieving a more prosperous and sustainable world. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We are focused on lowering the carbon intensity in our operations and seeking to grow lower carbon businesses along with our traditional business lines. More information about Chevron is available at www.chevron.com.

Sean Comey -- +1 925-842-5509

HOUSTON--(BUSINESS WIRE)--Geospace Technologies Corporation (NASDAQ:GEOS) with its subsidiaries Quantum Technology Sciences and Geospace Technologies Canada announce a Joint Industry Partnership (JIP) with Carbon Management Canada focused on the development of carbon storage monitoring technologies. The partnership features the deployment of SADAR, a seismic acoustic detection and ranging technology originally developed by Quantum for security and surveillance applications.

This JIP will refine and validate the performance of passive seismic technologies for real-time monitoring of underground containment operations. Ensuring stored CO₂ can be accurately monitored helps gas storage companies reduce their risk and increase their operational efficiencies.

Industry Leading Research in Application of Passive Seismic Monitoring

“We’re excited to welcome the Geospace family of companies to our Joint Industry Project. This collaboration marks the first time that compact phased seismic arrays for carbon storage monitoring will be studied,” said Don Lawton, CMC’s Director of the Containment and Monitoring Institute and Professor Emeritus at the University of Calgary. “As the world moves forward developing large-scale CO₂ storage projects, we’ll need passive seismic technologies, like the one being developed by Geospace, to monitor injection operations and help verify secure storage of the CO_2.”

“CMC’s 200-hectare Field Research Station is an ideal environment to evaluate SADAR’s ability to cut through noise and produce real-time results through a reduced, more flexible footprint of sensors,” said Mark Tinker, CEO of Quantum and SADAR innovator. “After more than a decade of applying SADAR to US federal government applications requiring actionable information, we are anxious to apply it to observing the seismic-acoustic expression of subsurface reservoirs experiencing the injection or extraction of fluids.”

Novel Approach to Increase Flexibility and Improve Performance

SADAR’s physical design and analytics enhance signal-to-noise, affording more deployment flexibility in accommodating geographic constraints. Its spatial processing improves noise and clutter rejection. The analytic, real-time processing architecture simultaneously operates in the domains of time, frequency, and space in a reductive process that ultimately produces a bulletin of the events observed.

Walter R. Wheeler, President and CEO of Geospace Technologies said, “Since 1980, Geospace Technologies has been an innovative force in the oil and gas industry’s global search for more energy reserves. Our company is synonymous with paradigm-shifting approaches to engineering challenges in seismic data acquisition. By integrating Quantum’s analytic architectures into our acquisition systems, we are preparing to offer full system solutions for passive seismic monitoring applications in emerging energy markets such as carbon capture and storage, groundwater storage, enhanced geothermal, and steam assisted gravity drainage. By placing the full support of our engineering and software talent behind this project, we send a strong message that Geospace continues to drive innovation in the energy arena.”

About Carbon Management Canada
Carbon Management Canada is a national, not-for-profit organization providing emissions reduction solutions and support to Canadian industry and the research community. We enhance the competitiveness of Canada’s industries by accelerating the development and implementation of technologies that capture, utilize, store, and monitor greenhouse gases. Carbon Management Canada operates the Containment and Monitoring Institute (CaMI) Field Research Station in collaboration with the University of Calgary and is focused on measurement, monitoring and verification technologies for secure containment of CO₂ and other subsurface fluids. www.cmcghg.com

About Geospace Technologies
Geospace principally designs and manufactures seismic instruments and equipment. The company markets seismic products to the oil and gas industry to locate, characterize and monitor hydrocarbon-producing reservoirs. The company also markets seismic products to other industries for vibration monitoring, border and perimeter security and various geotechnical applications. Geospace designs and manufactures other products of a non-seismic nature, including water meter products, imaging equipment and offshore cables. Quantum Technology Sciences, a wholly owned subsidiary of Geospace Technologies, was acquired in 2018. The company leverages Geospace’s core engineering and manufacturing competencies to create novel seismic acoustic technology for security and surveillance solutions.

Geospace Technologies, Caroline Kempf, This email address is being protected from spambots. You need JavaScript enabled to view it., 321.341.9305

Carbon Management Canada, Ruth Klinkhammer, This email address is being protected from spambots. You need JavaScript enabled to view it., 403 852-7651

EL DORADO, Ark.--(BUSINESS WIRE)--Murphy USA Inc. (NYSE: MUSA), a leading marketer of retail motor fuel products and convenience merchandise, today announced financial results for the three and nine months ended September 30, 2021.

Key Highlights:

• Net income was $104.0 million, or $3.98 per diluted share, in Q3 2021 compared to net income of $66.9 million, or $2.27 per diluted share, in Q3 2020

• Total fuel contribution (retail fuel margin plus product supply and wholesale ("PS&W") results including RINs) for Q3 2021 was 26.6 cpg, compared to 22.3 cpg in Q3 2020

• Total retail gallons increased 11.4% in Q3 2021 compared to Q3 2020, while volumes on a same store sales ("SSS") basis increased 1.9%

• Merchandise contribution dollars increased 58.6% to $187.3 million compared to the prior-year quarter, on average unit margins of 19.6% in the current quarter, primarily attributable to the QuickChek acquisition

• Food and beverage contribution margin increased significantly to 14.8% of total merchandise contribution dollars in Q3 2021 compared to 0.9% in the prior year period due to the inclusion of QuickChek in the current period

• During Q3 2021, the Company opened 4 new Murphy Express stores and 3 QuickChek stores. There are 16 new Murphy Express sites, 3 new QuickChek sites, and 12 raze-and-rebuild Murphy USA sites currently under construction

• Common shares repurchased during Q3 2021 were approximately 0.2 million for $33.2 million at an average price of $153.95 per share

• The Company also announced a quarterly cash dividend of $0.29 per Common share, $1.16 on an annualized basis, payable on December 1, 2021 based on a record date of November 8, 2021

“Despite continued supply chain constraints and operational hurdles, Murphy USA’s exceptional third-quarter performance demonstrates our ability to compete and win in a challenging environment," said President and CEO Andrew Clyde. “We grew both fuel volumes and margins versus the prior year, expanded same-store merchandise contribution, and introduced targeted investments in labor to support our employees and help maintain our high standards of customer service. Our outlook for the business remains robust and we expect to generate strong free cash which will enable continued organic growth and shareholder distributions, including share repurchase, and as announced this afternoon, an increase in our quarterly dividend to $0.29 per share from $0.25 per share."

Consolidated Results

Net income and Adjusted EBITDA for Q3 2021 were higher versus the prior period, primarily due to higher all-in fuel contribution, higher merchandise margin contribution, and lower general and administrative expense, partially offset by higher store operating expenses and higher payment fees. Net income was further impacted by higher current-quarter interest, depreciation, and income tax expense. All amounts reported for the quarter and year-to-date 2021 periods include the consolidated results of our wholly-owned subsidiary, Quick Chek Corporation ("QuickChek") from January 29, 2021.

Fuel

Total fuel contribution dollars increased 33.3%, or $73.1 million, in Q3 of 2021 compared to Q3 of 2020. Retail fuel margins in the current period increased to 24.0 cpg, or 26.3% above the prior period despite a rising fuel price environment. Consequently, total retail fuel contribution dollars of $264.4 million increased 40.9% compared to the prior-year quarter, supported by both higher retail fuel margins and volumes. PS&W margin (including RINs) decreased by $3.6 million when compared to Q3 2020 primarily due to negative spot-to-rack margins which were only partially offset by higher RIN prices. In addition, typical timing and price-related impacts of the product supply chain accounted for the remainder of the difference.

Merchandise

Total merchandise contribution increased 58.6% to $187.3 million in Q3 2021 from $118.1 million in the prior year quarter due primarily to the inclusion of QuickChek. Food and beverage contribution, a subset of non-tobacco, experienced a significant increase to 14.8% of the total merchandise contribution primarily due to QuickChek's established prepared food offering.

Other Areas

Store OPEX excluding payment fees and rent were $55.1 million higher versus the year-ago period, primarily attributable to the addition of QuickChek. While QuickChek locations have higher per store operating costs due to the larger format and enhanced food offering, the MUSA network also experienced higher operating expenses, primarily due to higher employee-related expenses and higher maintenance costs, combined with more stores in the network. Total SG&A costs were $6.5 million lower than the year-ago period, primarily due to a charitable donation of $10 million in the prior year period, which was partially offset by the inclusion of QuickChek in third quarter 2021 results.

Store Openings

The Company opened 7 new-to-industry retail locations in Q3 2021, bringing the network total to 1,669. This total consists of 1,151 Murphy USA stores, 360 Murphy Express stores, and 158 QuickChek stores. There are a total of 31 stores currently under construction, including 16 new 2,800 sq. foot Murphy Express stores, 3 QuickChek stores, and 12 raze-and-rebuilds.

Financial Resources

Cash balances as of September 30, 2021 totaled $301.3 million. Long-term debt consisted of approximately $493 million in carrying value of 3.75% senior notes due in 2031, $494 million in carrying value of 4.75% senior notes due in 2029, $297 million in carrying value of 5.625% senior notes due in 2027 and $385 million of term debt. In addition, the Company has approximately $130 million in long-term capital leases. The cash flow revolving facility remained undrawn as of September 30, 2021.

At September 30, 2021, the Company had common shares outstanding of 25,633,198. Common shares repurchased under the $500 million share repurchase program approved in November 2020 were approximately 0.2 million shares for $33.2 million in the current quarter. Common shares purchased for the nine months ended September 30, 2021, were 1.7 million shares for a total of $231.5 million, approximately $143.6 million remains in the share repurchase plan at September 30, 2021.

The effective income tax rate for Q3 2021 was 24.5% compared to 24.1% in Q3 2020.

The Company paid a quarterly dividend of $0.25 per share, or $1.00 per share on an annualized basis, on September 9, 2021, for a total cash payment of $6.4 million.

Today, the Company also announced a quarterly cash dividend of $0.29 per Common share, or $1.16 per share on an annualized basis. This dividend is payable on December 1, 2021 to all shareholders of record as of November 8, 2021.

Earnings Call Information

The Company will host a conference call on October 28, 2021 at 10:00 a.m. Central Time to discuss third quarter 2021 results. The conference call number is 1 (833) 968-2218 and the conference number is 8602898. The earnings and investor related materials, including reconciliations of any non-GAAP financial measures to GAAP financial measures and any other applicable disclosures, will be available on that same day on the investor section of the Murphy USA website (http://ir.corporate.murphyusa.com). Approximately one hour after the conclusion of the conference, the webcast will be available for replay. Shortly thereafter, a transcript will be available.

Source: Murphy USA Inc. (NYSE: MUSA)

Forward-Looking Statements

Certain statements in this news release contain or may suggest “forward-looking” information (as defined in the Private Securities Litigation Reform Act of 1995) that involve risk and uncertainties, including, but not limited to our M&A activity, anticipated store openings, fuel margins, merchandise margins, sales of RINs, trends in our operations, dividends, and share repurchases. Such statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual future results may differ materially from historical results or current expectations depending upon factors including, but not limited to: The Company's ability to realize projected synergies from the acquisition of QuickChek and successfully expand our food and beverage offerings; our ability to continue to maintain a good business relationship with Walmart; successful execution of our growth strategy, including our ability to realize the anticipated benefits from such growth initiatives, and the timely completion of construction associated with our newly planned stores which may be impacted by the financial health of third parties; our ability to effectively manage our inventory, disruptions in our supply chain and our ability to control costs; the impact of severe weather events, such as hurricanes, floods and earthquakes; the impact of a global health pandemic, such as COVID-19, including the impact on the Company's fuel volumes if the gradual recoveries experienced throughout 2020 and 2021 stall or reverse as a result of any resurgence in COVID-19 infection rates and government reaction in response thereof; the impact of any systems failures, cybersecurity and/or security breaches of the company or its vendor partners, including any security breach that results in theft, transfer or unauthorized disclosure of customer, employee or company information or our compliance with information security and privacy laws and regulations in the event of such an incident; successful execution of our information technology strategy; reduced demand for our products due to the implementation of more stringent fuel economy and greenhouse gas reduction requirements, or increasingly widespread adoption of electric vehicle technology; future tobacco or e-cigarette legislation and any other efforts that make purchasing tobacco products more costly or difficult could hurt our revenues and impact gross margins; changes to the Company's capital allocation, including the timing, declaration, amount and payment of any future dividends or levels of the Company's share repurchases, or management of operating cash; the market price of the Company's stock prevailing from time to time, the nature of other investment opportunities presented to the Company from time to time, the Company's cash flows from operations, and general economic conditions; compliance with debt covenants; availability and cost of credit; and changes in interest rates. Our SEC reports, including our most recent annual Report on Form10-K and quarterly report on Form 10-Q, contain other information on these and other factors that could affect our financial results and cause actual results to differ materially from any forward-looking information we may provide. The Company undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events, new information or future circumstances.

Notes

Average Per Store Month (APSM) metric includes all stores open through the date of the calculation, including stores acquired during the period.

Same store sales (SSS) metric includes aggregated individual store results for all stores open throughout both periods presented. For all periods presented, the store must have been open for the entire calendar year to be included in the comparison. Remodeled stores that remained open or were closed for just a very brief time (less than a month) during the period being compared remain in the same store sales calculation. If a store is replaced either at the same location (raze-and-rebuild) or relocated to a new location, it will be excluded from the calculation during the period it is out of service. Newly constructed stores do not enter the calculation until they are open for each full calendar year for the periods being compared (open by January 1, 2020 for the stores being compared in the 2021 versus 2020 comparison). Acquired stores are not included in the calculation of same store sales for the first 12 months after the acquisition. When prior period same store sales volumes or sales are presented, they have not been revised for current year activity for raze-and-rebuilds and asset dispositions.

QuickChek uses a weekly retail calendar where each quarter has 13 weeks and its historical fiscal year end was the Friday nearest to October 31. For the Q3 2021 period, the QuickChek results cover the period from July 3, 2021 to October 1, 2021. For the year-to-date period, the QuickChek results cover the period from January 29, 2021 (the date of acquisition) to October 1, 2021. The difference in timing of the month ends is immaterial to the overall consolidated results.

Investor Contact:
Christian Pikul (870) 875-7683
Vice President, Investor Relations and Financial Planning and Analysis
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KANSAS CITY, Mo.--(BUSINESS WIRE)--CorEnergy Infrastructure Trust, Inc. (NYSE: CORR, CORRPrA) ("CorEnergy" or the "Company") announced today that its Board of Directors declared a third quarter 2021 dividend of $0.05 per share for its common stock, consistent with the preceding quarter. The dividend is payable on November 30, 2021, to shareholders of record on November 16, 2021.

The Board of Directors also declared a cash dividend of $0.4609375 per depositary share for the Company’s 7.375% Series A Cumulative Redeemable Preferred Stock. The preferred stock dividend, which equates to an annual dividend payment of $1.84375 per depositary share, is payable on November 30, 2021, to shareholders of record on November 16, 2021.

Third Quarter 2021 Results Release Date

The Company also announced today that it will report earnings results for its third quarter, ended September 30, 2021, on November 9, 2021.

CorEnergy will host a conference call on Tuesday, November 9, 2021, at 10:00 a.m. Central Time to discuss its financial results. Please dial into the call at +1-201-689-8035 at least five minutes prior to the scheduled start time. The call will also be webcast in a listen-only format. A link to the webcast will be accessible at corenergy.reit.

A replay of the call will be available until 2:00 p.m. Central Time on December 9, 2021, by dialing +1-919-882-2331. The Conference ID is 40743. A replay of the conference call will also be available on the Company’s website.

About CorEnergy Infrastructure Trust, Inc.

CorEnergy Infrastructure Trust, Inc. (NYSE: CORR, CORRPrA) is a real estate investment trust that owns and operates or leases regulated natural gas transmission and distribution and crude oil gathering, storage and transmission pipelines and associated rights-of-way. For more information, please visit corenergy.reit.

Forward-Looking Statements

This press release contains certain statements that may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although CorEnergy 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. 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 CorEnergy's reports that are filed with 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 by law, CorEnergy does not assume a duty to update any forward-looking statement. In particular, any distribution paid in the future to our stockholders will depend on the actual performance of CorEnergy, its costs of leverage and other operating expenses and will be subject to the approval of CorEnergy's Board of Directors and compliance with leverage covenants.

Source: CorEnergy Infrastructure Trust, Inc.

CorEnergy Infrastructure Trust, Inc.
Investor Relations
Debbie Hagen or Matt Kreps
877-699-CORR (2677)
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HAMILTON, Bermuda--(BUSINESS WIRE)--Valaris Limited (NYSE: VAL) (“Valaris” or the “Company”) today issued a quarterly Fleet Status Report that provides the current status of the Company’s fleet of offshore drilling rigs along with certain contract information for these assets. The Fleet Status Report can be found on the “Investors” section of the Company’s website www.valaris.com.

About Valaris Limited

Valaris Limited (NYSE: VAL) is the industry leader in offshore drilling services across all water depths and geographies. Operating a high-quality rig fleet of ultra-deepwater drillships, versatile semisubmersibles and modern shallow-water jackups, Valaris has experience operating in nearly every major offshore basin. Valaris maintains an unwavering commitment to safety, operational excellence, and customer satisfaction, with a focus on technology and innovation. Valaris Limited is a Bermuda exempted company (Bermuda No. 56245). To learn more, visit our website at www.valaris.com.

Cautionary Statements

Statements contained in this press release that are not historical facts are 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. Forward-looking statements include words or phrases such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "project," "could," "may," "might," “should,” “will” and similar words. Such statements are subject to numerous risks, uncertainties and assumptions that may cause actual results to vary materially from those indicated, including the Company’s liquidity and ability to access financing sources, debt restrictions that may limit our liquidity and flexibility, the COVID-19 outbreak and global pandemic, the related public health measures implemented by governments worldwide, the volatility in oil prices caused in part by the COVID-19 pandemic and the decisions by certain oil producers to reduce export prices and increase oil production, and cancellation, suspension, renegotiation or termination of drilling contracts and programs. In particular, the unprecedented nature of the current economic downturn, pandemic, and industry decline may make it particularly difficult to identify risks or predict the degree to which identified risks will impact the Company’s business and financial condition. In addition to the numerous factors described above, you should also carefully read and consider “Item 1A. Risk Factors” in Part I and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II of our most recent annual report on Form 10-K, as updated in our subsequent quarterly reports on Form 10-Q, which are available on the Securities and Exchange Commission’s website at www.sec.gov or on the Investor Relations section of our website at www.valaris.com. Each forward-looking statement speaks only as of the date of the particular statement and we undertake no obligation to update or revise any forward-looking statements, except as required by law.

Investor & Media Contact:
Tim Richardson
Director - Investor Relations
+1-713-979-4619

Initial Solar Projects Realize First Net-Zero Fuel Terminals in the US

FRANKLIN, Tenn.--(BUSINESS WIRE)--Today Eco-Energy LLC, an energy solutions and midstream company with a long history in renewable energy, announced the completion of the first two fuel terminals in the United States to achieve net-zero emissions for on-site operations, in Augusta and Cartersville, Georgia. The emission reductions were realized through the installation of solar arrays by Eco-Energy’s newly created Solar Division.

The Solar Division is a critical component of Eco-Energy’s Carbon Solutions platform, and is actively working on solar projects to realize emission reductions in its own supply chain and in the operations of the customers it serves. Eco’s Carbon Solutions platform is also involved in project development and trading in the voluntary and regulated carbon markets.

“As a leading integrated energy solutions company with more than 25 years of experience in the renewable space, Eco-Energy is uniquely positioned to offer renewable energy and low-carbon solutions to its upstream and downstream customers,” said Brian Simpson, Executive Vice President. “We view the current energy transition as an opportunity to deploy innovative solutions that make sense environmentally and financially.”

As companies face increased environmental scrutiny and ESG imperatives, solar provides an opportunity to reduce emission on an operational level. Together, the projects will offset 8,500 metric tons of CO2 emissions over their 25 year lifespan.

“No other fuel terminal in the United States had yet to achieve net zero status because doing so is a unique engineering challenge. With our new solar division at Eco-Energy, we were able to meet the challenge and are now able to help our customers do the same,” said Brandon Travis, Vice President, Solar at Eco-Energy.

Eco-Energy is an integrated energy marketer and midstream services company with $4 billion in annual revenue. Its core business is the marketing and transportation of ethanol and natural gas across the US, Canada, and abroad. In an evolving, climate-conscious economy, Eco-Energy is leveraging its platform to find solutions for emission reduction through low-carbon renewable energy. With more than 175 employees dedicated to delivering clean energy solutions to the world, Eco-Energy provides a complete portfolio of services that leads the industry, bringing a level of knowledge and expertise that its partners have come to rely on.

For more information, please contact Sarah Filus, Manager of Carbon Solutions, 615-487-8639, This email address is being protected from spambots. You need JavaScript enabled to view it..

Sarah Filus
Manager of Carbon Solutions
615-487-8639
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HOUSTON--(BUSINESS WIRE)--Black Stone Minerals, L.P. (NYSE: BSM) (“Black Stone,” “BSM,” or “the Company”) today declared the distribution attributable to the third quarter of 2021.

Common Distribution

The Board of Directors of the general partner (the “Board”) has approved a cash distribution for common units attributable to the third quarter of 2021 of $0.25 per unit. This distribution level is equal to the combined base distribution plus special distribution paid with respect to the second quarter of 2021, and is 25% greater than the Company’s previously communicated expectations for the third quarter 2021 distribution.

Distributions will be payable on November 19, 2021 to unitholders of record on November 12, 2021.

Earnings Conference Call

As previously announced, the Company is scheduled to release details regarding its results for the third quarter of 2021 after the close of trading on November 1, 2021. A conference call to discuss these results is scheduled for November 2, 2021 at 9:00 a.m. Central time (10:00 a.m. Eastern time). The conference call will be broadcast live in listen-only mode on the company’s investor relations website at www.blackstoneminerals.com. If you would like to ask a question, the dial-in number for the conference call is 877-447-4732 for domestic participants and 615-247-0077 for international participants. The conference ID for the call is 4659348. Call participants are advised to call in 10 minutes in advance of the call start time.

A telephonic replay of the conference call will be available approximately two hours after the call through December 2, 2021, at 855-859-2056 for domestic replay and 404-537-3406 for international replay. The conference ID for the replay is 4659348.

About Black Stone Minerals, L.P.

Black Stone Minerals is one of the largest owners of oil and natural gas mineral interests in the United States. The Company owns mineral interests and royalty interests in 41 states in the continental United States. Black Stone believes its large, diversified asset base and long-lived, non-cost-bearing mineral and royalty interests provide for stable to growing production and reserves over time, allowing the majority of generated cash flow to be distributed to unitholders.

Information for Non-U.S. Investors

This press release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Although a portion of Black Stone Minerals’ income may not be effectively connected income and may be subject to alternative withholding procedures, brokers and nominees should treat 100% of Black Stone Minerals’ distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, Black Stone Minerals’ distributions to non-U.S. investors are subject to federal income tax withholding at the highest marginal rate, currently 37.0% for individuals.

Forward-Looking Statements

This news release includes forward-looking statements. All statements, other than statements of historical facts, included in this news release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Terminology such as “will,” “may,” “should,” “expect,” “anticipate,” “plan,” “project,” “intend,” “estimate,” “believe,” “target,” “continue,” “potential,” the negative of such terms, or other comparable terminology often identify forward-looking statements. Except as required by law, Black Stone Minerals undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this news release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release. All forward-looking statements are qualified in their entirety by these cautionary statements. These forward-looking statements involve risks and uncertainties, many of which are beyond the control of Black Stone Minerals, which may cause the Company’s actual results to differ materially from those implied or expressed by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, those summarized below:

• the Company’s ability to execute its business strategies;
• the scope and duration of the COVID-19 pandemic and actions taken by governmental authorities and other parties in response to the pandemic;
• the volatility of realized oil and natural gas prices;
• the level of production on the Company’s properties;
• overall supply and demand for oil and natural gas, as well as regional supply and demand factors, delays, or interruptions of production;
• conservation measures, technological advances, and general concern about the environmental impact of the production and use of fossil fuels;
• the Company’s ability to replace its oil and natural gas reserves;
• the Company’s ability to identify, complete, and integrate acquisitions;
• general economic, business, or industry conditions;
• competition in the oil and natural gas industry; and
• the level of drilling activity by the Company's operators, particularly in areas such as the Shelby Trough where the Company has concentrated acreage positions.

Black Stone Minerals, L.P.
Jeff Wood
President and Chief Financial Officer

Evan Kiefer
Vice President, Finance and Investor Relations
Telephone: (713) 445-3200
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To Be One of the Largest Anaerobic Digestion-to-RNG Plants in the World

BURLINGTON, Ontario--(BUSINESS WIRE)--Anaergia Inc. (“Anaergia” or the “Company”) (TSX: ANRG) acquired two Danish subsidiaries that will build, own and operate (“BOO”) a new anaerobic digestion facility in Tønder, Denmark. This new facility will take in agricultural waste and convert it to renewable natural gas (“RNG”).

Construction on the new facility is set to begin before the end of this calendar year and is expected to be completed within two years. RNG production is anticipated to begin prior to December 31, 2022, in order to qualify for the Danish Energy Agency’s subsidy program that promotes the production of biogas by providing a guaranteed minimum price. Under the terms of this program, biogas that is upgraded to renewable natural gas for injection into the gas grid receives a subsidy for a period of 20 years. Anaergia expects the facility to produce 1.4 million MMBTU per year of RNG, which would make it one of the largest such plants in the world. It would produce approximately 40% more RNG than that of the Company’s facility in Rialto, California.

This plant is expected to generate sufficient RNG to meet the needs of around 29,000 homes, while reducing the amount of carbon dioxide released into the environment by about 70,000 tonnes per year.

The total cost of this project is expected to exceed C$100 million. The Company anticipates the new venture will produce a positive internal rate of return in the low-double digits on an unlevered pre-tax basis.

“Owing to the initial public offering, we were in a position to expand Anaergia’s operations into Scandinavia earlier than expected. This project dovetails with Denmark’s aspirations to become one of the most climate-friendly countries in the world. Denmark has a climate law that aims to reduce greenhouse gas emissions by 70% below 1990 levels by 2030, with net zero emissions targeted for 2050, and this project will help Denmark achieve these objectives. Our investment in this BOO project underscores our commitment to creating new large-scale facilities that will make a positive difference in the environment around the world,” said Andrew Benedek, Anaergia’s Chairman and CEO.

Update on Potential Projects in Kent County, Michigan; and in Deeside, Wales, UK

At its meeting on October 7, the Board of the Kent County Department of Public Works formally approved starting negotiations for a US$280 million landfill waste diversion facility with Anaergia and partner Continuus Materials. In addition, the State of Michigan allocated US$4 million to Kent County to “assist infrastructure necessary to develop” this project. The facility is expected to be a world-leading recovery facility, achieving the County’s ambitious landfill diversion targets, while supporting its visionary sustainability goals, by recovering RNG, fertilizer, and high value products from the County’s solid waste. The investment by Anaergia and Continuus Materials, in this venture would also serve to improve the economy of western Michigan, creating new jobs needed to produce a range of valuable products from the large quantity of materials to be diverted from the County’s landfill.

This morning, EQTEC plc (EQTEC) announced that it secured a resolution from the Flintshire County (Wales, UK) Council's Planning Committee to grant planning consent for an advanced gasification facility deploying EQTEC technology at its Deeside Refuse Derived Fuel project. This announcement also says that EQTEQ entered into a co-operation agreement with Anaergia to develop a proposal for the delivery of the multi-technology waste-to-energy project at Deeside. This project would include combining a 182,000 tonne waste reception and processing plant along with anaerobic digestion and EQTEC Advanced Gasification Technology.

About Anaergia

Anaergia was created to eliminate a major source of greenhouse gases (“GHGs”) by cost effectively turning organic waste into renewable natural gas (“RNG”), fertilizer and water, using proprietary technologies. With a proven track record from delivering world-leading projects on four continents, Anaergia is uniquely positioned to provide end-to-end solutions for extracting organics from waste, implementing high efficiency anaerobic digestion, upgrading biogas, producing fertilizer and cleaning water. Our customers are in the municipal solid waste, municipal wastewater, agriculture, and food processing industries. In each of these markets Anaergia has built many successful plants including some of the largest in the world. Anaergia owns and operates some of the plants it builds, and it also operates plants that are owned by its customers.

Forward-Looking Statements

This news release may contain forward-looking information within the meaning of applicable securities legislation, which reflects the Company’s current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company’s control. Actual results could differ materially from those projected herein. Anaergia does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required under applicable securities laws.

For further information please see: www.anaergia.com

For media relations please contact: Melissa Bailey, Director, Marketing & Corporate Communications, This email address is being protected from spambots. You need JavaScript enabled to view it.
For investor relations please contact: This email address is being protected from spambots. You need JavaScript enabled to view it.

SAN ANTONIO--(BUSINESS WIRE)--The Board of Directors of Valero Energy Corporation (NYSE: VLO, “Valero”) has declared a regular quarterly cash dividend on common stock of $0.98 per share. The dividend is payable on December 9, 2021 to holders of record at the close of business on November 18, 2021.

About Valero

Valero Energy Corporation, through its subsidiaries (collectively, “Valero”), is an international manufacturer and marketer of transportation fuels and petrochemical products. Valero is a Fortune 500 company based in San Antonio, Texas, and owns 15 petroleum refineries with a combined throughput capacity of approximately 3.2 million barrels per day and 12 ethanol plants with a combined production capacity of approximately 1.6 billion gallons per year. The petroleum refineries are located in the United States (U.S.), Canada and the United Kingdom (U.K.), and the ethanol plants are located in the Mid-Continent region of the U.S. Valero is also a joint venture partner in Diamond Green Diesel, which owns and operates a renewable diesel plant in Norco, Louisiana. Diamond Green Diesel owns North America’s largest biomass-based diesel plant. Valero sells its products in the wholesale rack or bulk markets in the U.S., Canada, the U.K., Ireland and Latin America. Approximately 7,000 outlets carry Valero’s brand names. Please visit www.investorvalero.com for more information.

Investors:
Homer Bhullar, Vice President – Investor Relations and Finance, 210-345-1982
Eric Herbort, Senior Manager – Investor Relations, 210-345-3331
Gautam Srivastava, Senior Manager – Investor Relations, 210-345-3992

Media:
Lillian Riojas, Executive Director – Media Relations and Communications, 210-345-5002

Alkym® Platform’s Industry-Leading Capabilities to Advance Agency’s Digitization and Automation Initiatives

SEJONG-SI, Republic of Korea--(BUSINESS WIRE)--#AsiaPacific--Seabury Solutions, a subsidiary of New York-based Seabury Capital Group LLC and the market leader in delivering aircraft M&E and MRO software solutions for the aviation industry, announced a new client engagement with the Korean National Fire Agency (“KNFA”) to deploy the Alkym® Platform as the backbone of the agency’s "Fire Helicopter Operation Information System.”

The newly established system is intended to enable the KNFA’s 119 Air Traffic Control Center (119-ATC) to manage its fleet of 29 helicopters safely and efficiently, including facilitating the integration of operations, maintenance, and flight crew training and management, as well as ensuring the reliability, safety, and quality of helicopters.

“We are honored to have been selected by the KNFA to deploy Alkym’s industry-leading capabilities to power their Fire Helicopter Operation Information System, which will ensure the smooth operation of helicopters in real-time, while supporting the center’s disaster-relief missions across the nation,” commented Kyungik An, Managing Director of Seabury Solutions’ Korean Office.

Seventeen air corps across the country currently perform maintenance individually, making it challenging to procure repair parts in bulk and perform maintenance that requires specialized equipment and capabilities. As a result, the efficiency of aircraft operations has decreased, and maintenance costs have increased. To address these challenges, the KNFA has set out to create a firefighting aviation maintenance division within the next 5 years that will perform MRO work in-house.

A new Maintenance Information System will enhance the equipment’s operational safety by establishing a systematic connection with the “Fire Helicopter Operation Information System.” Furthermore, the implementation of Alkym will enable the agency not only to deliver accurate maintenance-critical information, but also to respond to disasters in a timelier manner by providing immediate helicopter support.

“We look forward to growing our collaboration with the KNFA to support efforts in digitizing their firefighting aircraft maintenance operations and enhancing the agency’s helicopter maintenance management capabilities,” concluded Kyungik.

ABOUT THE KOREAN NATIONAL FIRE AGENCY

As an organization dedicated to comprehensively responding to any accidents or disasters on land, the Korean National Fire Agency (“KNFA”) focuses its efforts and capabilities on making the Republic of Korea a safer, more comfortable place to live. To better protect people from ever-more complicated, ever-larger accidents and disasters, the KNFA has strengthened the national disaster response system by supplementing the existing workforce, its equipment, and the teams working primarily on site. www.nfa.go.kr/eng

ABOUT SEABURY SOLUTIONS

Seabury Solutions is a leading global aviation software development and consultancy company. It was established in 2002 and is part of Seabury Capital Group LLC. Seabury Solutions has built its reputation in the market by delivering an industry-leading aviation suite of IT solutions that enhance the efficiency and decision-making process for airlines, regulators and MROs.

Seabury Solutions’ integrated aviation software portfolio encompasses the Alkym® Maintenance Systems for airlines & MROs, eAuthority® (a safety management software for aviation authorities), and a range of airline performance analysis tools within the Enterprise Performance Analysis System (EPAS). The EPAS® suite has models that include capabilities in determining current and future route profitability, maintenance performance, budget planning, fuel planning and distribution channel performance. Reference Seabury Solutions at www.seaburysolutions.com.

Media Contact:
Brian Walsh
+353 61 749010

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+1 612 263 6953

ALEXANDRIA, Va.--(BUSINESS WIRE)--VSE Corporation (NASDAQ: VSEC, "VSE", or the "Company"), a leading provider of aftermarket distribution and maintenance, repair and overhaul (MRO) services for land, sea and air transportation assets for government and commercial markets, today announced results for the third quarter 2021.

THIRD QUARTER 2021 RESULTS
(As compared to the Third Quarter 2020)

• Total Revenues of $200.6 million increased 21.2%
• GAAP Net Income of $9.0 million increased 11.3%
• Adjusted Net Income of $9.7 million increased 42.5%
• Adjusted EBITDA of $21.4 million increased 18.7%

For the three months ended September 30, 2021, the Company reported total revenue of $200.6 million, versus $165.5 million for the same period of 2020. Excluding a non-recurring order for pandemic-related personal protective equipment (PPE) in the third quarter 2020, total revenue increased 26.6% on a year-over-year basis in the third quarter 2021, the highest quarterly revenue run-rate since the fourth quarter 2016. The Company reported adjusted net income of $9.7 million or $0.76 per adjusted diluted share, compared to $6.8 million or $0.62 per adjusted diluted share in the prior-year period.

Adjusted EBITDA increased to $21.4 million in the third quarter 2021, versus $18.0 million for the same period in 2020. The Company generated total free cash flow, as defined by operating cash flow less total capital expenditures, of $21.0 million in the third quarter 2021, versus $11.3 million in the same period of 2020.

Aviation segment revenue increased 101.9% on a year-over-year basis, driven by organic growth within both distribution and MRO markets, initial contributions from program implementation of recent contract wins, and market share gains within the business and general aviation (B&GA) market, supported by the acquisition of Global Parts Group completed in July 2021. Aviation distribution and MRO revenue increased 187% and 8%, respectively, in the third quarter 2021 versus the prior-year period, with distribution revenue currently above pre-pandemic levels.

Fleet segment revenue increased 6.4% on a year-over-year basis, excluding a non-recurring order for pandemic-related PPE fulfilled in the prior-year period. Fleet segment growth was driven by higher commercial fleet and e-commerce fulfillment sales, while U.S. Postal Service-related revenue was flat in the period.

Federal & Defense segment revenue increased 2.5% on a year-over-year basis, given contributions from the March 2021 acquisition of HAECO Special Services and recent contract wins.

STRATEGIC UPDATE

VSE continued to successfully execute on its multi-year business transformation and organic and inorganic growth plans during the third quarter. The management team remains focused on accelerating the business transformation through new business wins, product line and service expansion, execution on new program awards, and accretive bolt-on acquisitions supporting and accelerating the strategy.

Aviation segment's B&GA focus driving sustained revenue growth and margin expansion. During the past twelve months, VSE Aviation expanded its base of small and medium sized business jet customers from approximately 100 to more than 3,000 through a combination of new contract wins and complementary, bolt-on acquisitions. These actions have contributed to significant sustaining growth in Aviation segment revenue, together with opportunity for margin expansion. VSE Aviation expects to gain further traction in this market as both new and existing business jet customers leverage the full breadth of the Company’s combined repair and distribution capabilities.

Aviation segment executing multiple program implementations in support of new contract wins. On a year-to-date basis, VSE Aviation has announced more than $100 million of new annualized contract revenue from multi-year distribution agreements with leading global OEMs. During June 2021, VSE Aviation commenced implementation of a 15-year, $1 billion engine accessories distribution agreement in support of B&GA engine operators and maintenance providers located throughout the United States. To date, program implementation and revenue are in line with initial expectations.

Aviation segment continues to secure multi-year contract extensions with OEM customers. In October 2021, VSE Aviation announced a 5-year extension of an existing distribution agreement valued at approximately $125 million with a global aircraft engine manufacturer. Under the terms of the agreement, VSE Aviation will remain the distributor of new fuel control systems and associated spare parts to the B&GA and rotorcraft markets for this leading global OEM. The agreement, which was initially scheduled to terminate in 2024, has been extended through 2029 and builds on VSE Aviation’s multi-year pipeline of higher-value contractual revenue with both new and existing partners.

Fleet segment continues to generate strong revenue growth and diversification across commercial fleet and eCommerce fulfillment businesses. During a period of global supply chain disruption and part shortages, commercial fleets have increased their reliance on VSE's Wheeler Fleet Solutions subsidiary as a critical supplier of parts, including higher-margin private label brands. This dynamic, coupled with strong e-commerce demand, resulted in a 65.9% year-over-year increase in total Fleet segment commercial revenue during the third quarter 2021, as compared to the prior-year period. Commercial revenue represented 34.3% of total Fleet revenue in the third quarter 2021, versus 22.0% in the prior-year period when excluding the non-recurring PPE order, in line with the continued revenue diversification strategy.

Federal & Defense segment building funded backlog through new foreign military sales wins, contract extensions. In conjunction with a programmatic business development focus, Federal & Defense segment has expanded its bidding activity with both the U.S. armed forces and allied foreign militaries. These actions contributed to a 23% year-over-year increase in funded backlog during the third quarter 2021 and a strong qualified pipeline of new business opportunities.

MANAGEMENT COMMENTARY

“We continued to execute on our aftermarket distribution and MRO strategies during the third quarter, while positioning the business to generate above-market revenue growth in higher-margin, niche verticals that leverage our unique value proposition,” stated John Cuomo, President and CEO of VSE Corporation. “New contract wins, long-term program extensions, strong program execution, commercial e-commerce growth, together with contributions from recently completed acquisitions, have created a strong, recurring base of business driving continued growth and margin expansion opportunities for VSE.”

“Our Aviation segment had a strong third quarter, as revenue increased more than 100% versus the prior year period, while Adjusted EBITDA margins grew materially on both a sequential and year-over-year basis, driven by new program wins and improved demand across both our distribution and MRO businesses,” continued Cuomo. “In June, we commenced service under our 15-year, $1 billion engine accessories distribution agreement. This program is currently performing in line with our previously communicated forecasts, driven by strong B&GA customer demand and solid execution from the VSE Aviation team.”

“We remain committed to building upon existing, long-term customer relationships that align with our broader commercial strategy,” continued Cuomo. “In October, we announced VSE Aviation won a five-year extension to an existing distribution agreement valued at approximately $125 million with a global aircraft engine manufacturer. Our ability to both retain and expand upon decades-long partnerships that provide higher-value, multi-year contractual revenue streams is integral to the continued success of our long-term organic growth strategy.”

“Our Fleet segment generated strong revenue growth across commercial and e-commerce channels during the third quarter, serving as a reliable partner to customers during a period of global supply chain disruption,” continued Cuomo. “Fleet adjusted EBITDA margins increased 80 basis points sequentially. Within our Federal and Defense segment, revenue increased year-over-year on several new program awards and extensions, while funded backlog increased more than 20% versus the prior-year period. Our business development teams have built a strong qualified pipeline of high-margin, niche capability opportunities to support the future of this segment,” concluded Cuomo.

“VSE remains focused on improving profitability as we execute our strategic growth initiatives. Our EBITDA margin was 10.7% in the third quarter as the Aviation Segment margin rate grew to 10.0%, up 340 basis points versus the prior year period. VSE generated strong free cash flow in the third quarter of $21 million and ended the period with more than $117 million of liquidity,” stated Stephen Griffin, CFO of VSE Corporation. We remain focused on growing the business both organically and inorganically, and are pleased with the early progress made with the recently completed Global Parts acquisition. We continue to stay focused on achieving our net leverage target of 2.5x by year-end 2022 through meaningful growth in EBITDA as a result of the recent investments in working capital made throughout 2021.”

SEGMENT RESULTS

AVIATION
Distribution & MRO Services

VSE’s Aviation segment provides aftermarket MRO and distribution services to commercial, business and general aviation, cargo, military/defense and rotorcraft customers globally. Core services include parts distribution, component and engine accessory MRO services, rotable exchange and supply chain services.

VSE Aviation segment revenue increased 101.9% year-over-year to $73.1 million in the third quarter 2021. The year-over-year revenue improvement was attributable to contributions from recently announced contract wins and market share gains, specifically within the B&GA markets, as well as contributions from the acquisition of Global Parts. The Aviation segment reported operating income of $3.7 million in the third quarter, compared to $1.6 million in the same period of 2020. Segment Adjusted EBITDA more than doubled on a year-over-year basis to $7.3 million in the third quarter 2021, versus $2.4 million in the prior-year period. Aviation segment Adjusted EBITDA margins were 10.0%, up 340 basis points versus the period year period as the aviation industry recovers and new programs materialize into incremental revenue.

FLEET
Distribution & Fleet Services

VSE's Fleet segment provides parts, inventory management, e-commerce fulfillment, logistics, supply chain support and other services to the commercial aftermarket medium- and heavy-duty truck market, the United States Postal Service (USPS), and the United States Department of Defense. Core services include parts distribution, sourcing, IT solutions, customized fleet logistics, warehousing, kitting, just-in-time supply chain management, alternative product sourcing, engineering and technical support.

VSE Fleet segment revenue increased 6.4% year-over-year to $60.3 million in the third quarter 2021, excluding a $7.1 million non-recurring order for pandemic-related PPE fulfilled in the prior-year period. Revenues from commercial customers increased 66% on a year-over-year basis, driven by growth in commercial fleet demand and the e-commerce fulfillment business. Segment Adjusted EBITDA declined 13.8% year-over-year in the third quarter 2021 to $7.7 million, given lower contributions from USPS-related business, but increased by $0.7 million on a sequential, quarter-over-quarter basis. Fleet segment Adjusted EBITDA margins grew to 12.8%, up 70 basis points versus the second quarter 2021 as the business continues to scale for commercial growth.

FEDERAL & DEFENSE
Logistics & Sustainment Services

VSE's Federal & Defense segment provides aftermarket MRO and logistics services to improve operational readiness and extend the lifecycle of military vehicles, ships and aircraft for the U.S. Armed Forces, federal agencies and international defense customers. Core services include base operations support, procurement, supply chain management, vehicle, maritime and aircraft sustainment services, IT and data management services and energy consulting.

VSE Federal & Defense segment revenue increased 2.5% year-over-year to $67.2 million in the third quarter 2021, driven by contributions from the recent acquisition of HAECO Special Services, contract wins and successful recompetes. Segment Adjusted EBITDA declined 12.0% year-over-year to $6.5 million in the period, in line with previously communicated expectations, as a result of a favorable mix of fixed priced awards in the third quarter 2020. VSE Federal & Defense funded backlog increased 23.2% year-over-year to $218.0 million, as the business continues to execute and focus on higher margin, more technical services.

FINANCIAL RESOURCES AND LIQUIDITY

As of September 30, 2021, the Company had $116.5 million in cash and unused commitment availability under its $350 million revolving credit facility maturing in 2024. The business generated $21.0 million of free cash flow in the quarter and, on a year-to-date basis, has invested more than $50 million in new programs, primarily within the Aviation segment to support long-term growth. As of September 30, 2021, VSE had total net debt outstanding of $294 million and $73.1 million of trailing-twelve months Adjusted EBITDA, which excludes full-year contributions from the recently completed HAECO Special Services and Global Parts acquisitions.

THIRD QUARTER RESULTS

THIRD QUARTER SEGMENT RESULTS

The following is a summary of revenues and operating income (loss) for the three and nine months ended September 30, 2021 and September 30, 2020:

The Company reported $2.4 million and $7.6 million of total capital expenditures for three and nine months ended September 30, 2021, respectively.

NON-GAAP MEASURES

In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), this earnings release also contains Non-GAAP financial measures. These measures provide useful information to investors, and a reconciliation of these measures to the most directly comparable GAAP measures and other information relating to these Non-GAAP measures is included in the supplemental schedules attached.

NON-GAAP FINANCIAL INFORMATION

Reconciliation of Adjusted Net Income and Adjusted EPS to Net Income (Loss)

Reconciliation of Consolidated EBITDA and Adjusted EBITDA to Net Income (Loss)